PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 PSNL19R2RXX5U3QWHI44 2025-06-30 PSNL19R2RXX5U3QWHI44 2024-06-30 PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:Capital ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:CapitaleAzioniOrdinarieMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:CapitaleAltreAzioniMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:SovrapprezziDiEmissioneMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:Reserves ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:RiserveDaUtiliMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:AltreRiserveMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:ValuationReservesMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:EquityInstrumentsMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:Interim_dividends ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:AzioniProprieMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:UtilePerditaDiEsercizioMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-06-30 ifrs-full:NoncontrollingInterestsMember ext:PreviouslyStatedT2 PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:Capital PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:CapitaleAzioniOrdinarieMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:CapitaleAltreAzioniMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:SovrapprezziDiEmissioneMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:Reserves PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:RiserveDaUtiliMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:AltreRiserveMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:ValuationReservesMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:EquityInstrumentsMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:Interim_dividends PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:AzioniProprieMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ext:UtilePerditaDiEsercizioMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember PSNL19R2RXX5U3QWHI44 2023-07-01 2024-06-30 ifrs-full:NoncontrollingInterestsMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:Capital ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:CapitaleAzioniOrdinarieMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:CapitaleAltreAzioniMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:SovrapprezziDiEmissioneMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:Reserves ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:RiserveDaUtiliMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:AltreRiserveMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:ValuationReservesMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:EquityInstrumentsMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:Interim_dividends ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:AzioniProprieMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ext:UtilePerditaDiEsercizioMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2024-06-30 ifrs-full:NoncontrollingInterestsMember ifrs-full:PreviouslyStatedMember PSNL19R2RXX5U3QWHI44 2023-06-30 PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:Capital PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:CapitaleAzioniOrdinarieMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:CapitaleAltreAzioniMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:SovrapprezziDiEmissioneMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:Reserves PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:RiserveDaUtiliMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:AltreRiserveMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:ValuationReservesMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:EquityInstrumentsMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:Interim_dividends PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:AzioniProprieMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ext:UtilePerditaDiEsercizioMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember PSNL19R2RXX5U3QWHI44 2024-07-01 2025-06-30 ifrs-full:NoncontrollingInterestsMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:Capital PSNL19R2RXX5U3QWHI44 2025-06-30 ext:CapitaleAzioniOrdinarieMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:CapitaleAltreAzioniMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:SovrapprezziDiEmissioneMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:Reserves PSNL19R2RXX5U3QWHI44 2025-06-30 ext:RiserveDaUtiliMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:AltreRiserveMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:ValuationReservesMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:EquityInstrumentsMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:Interim_dividends PSNL19R2RXX5U3QWHI44 2025-06-30 ext:AzioniProprieMember PSNL19R2RXX5U3QWHI44 2025-06-30 ext:UtilePerditaDiEsercizioMember PSNL19R2RXX5U3QWHI44 2025-06-30 ifrs-full:EquityAttributableToOwnersOfParentMember PSNL19R2RXX5U3QWHI44 2025-06-30 ifrs-full:NoncontrollingInterestsMember iso4217:EUR
LIMITED COMPANYSHARE CAPITAL €444,680,575
HEAD OFFICE: PIAZZETTA ENRICO CUCCIA 1, MILAN, ITALY
REGISTERED AS A BANK.
PARENT COMPANY OF THE MEDIOBANCA BANKING GROUP.
REGISTERED AS A BANKING GROUP
Consolidated Financial Statements
Mediobanca Group
As at 30 June 2025
Mediobanca S.p.A.
Registered Office: Piazzetta Enrico Cuccia, 1 - Milan, Italy
Tel. +39 02 88291 – Fax +39 02 8829.550
Enrolled in the Bank of Italy Register of Banks as No. 4753
Parent Company of Mediobanca Banking Group
Enrolled in the Register of Banking Groups with ABI code No. 10631.0
www.mediobanca.com;
Tax identification number and Milan-Monza-Brianza-Lodi Companies’ Register Enrolment No. 00714490158
V.A.T. No. 10536040966
Share capital €444,680,575
Member of the Interbank Deposit Guarantee Fund and the National Guarantee Fund Ordinary shares listed on MTA Market
www.mediobanca.com
Translation from the Italian original which remains the definitive version
Corporate Bodies 3
BOARD OF DIRECTORS

|  | Term of
|  | office
Renato Pagliaro | Chairman | 2026
Sabrina Pucci | Deputy Chairman | 2026
Vittorio Pignatti Morano | Deputy Chairman | 2026
Alberto Nagel | Executive Director | 2026
Francesco Saverio Vinci | General Manager | 2026
Mana Abedi | Director | 2026
Virginie Banet | Director | 2026
Laura Cioli | Director | 2026
Angela Gamba | Director and Lead Independent Director | 2026
Marco Giorgino | Director | 2026
Valérie Hortefeux | Director | 2026
Maximo Ibarra | Director | 2026
Sandro Panizza | Director | 2026
Laura Penna | Director | 2026
Angel Vilà Boix | Director | 2026

BOARD OF STATUTORY AUDITORS

Mario Matteo Busso | Chairman | 2026
Elena Pagnoni | Standing Auditor | 2026
Ambrogio Virgilio | Standing Auditor | 2026
Angelo Rocco Bonissoni | Alternate Auditor | 2026
Anna Rita de Mauro | Alternate Auditor | 2026
Vieri Chimenti | Alternate Auditor | 2026

* * *

Massimo Bertolini | Secretary of the Board of Directors
Emanuele Flappini | Financial Reporting Officer

4 Consolidated Financial Statements as at 30 June 2025
TABLE OF CONTENTS

| p.
Consolidated Accounts |
Review of the Mediobanca Group’s Operations as at 30 June 2025 | 7
Mediobanca Group’s Sustainability Report as at 30 June 2025 | 84
Consolidated Financial Statements | 345
Notes to the Accounts | 354
Part A – Accounting Policies | 358
Part B - Information on the Consolidated Balance Sheet | 422
Part C - Information on the Consolidated Profit and Loss Account | 499
Part D – Consolidated comprehensive income | 526
Part E – Information on risks and related hedging policies | 527
Part F - Information on consolidated capital | 650
Part G - Combinations Involving Group Companies or Business Units | 658
Part H – Related-Party Transactions | 659
Part I – Share-based payment schemes | 662
Part L – Segment Reporting | 666
Part M – Disclosure on Leases | 674

Table of Contents 5
Declaration by the Financial Reporting Officer
679
Declaration by the Financial Reporting Officer on the Consolidated Financial Statements
680
Declaration by the Financial Reporting Officer on the Sustainability Report
681
Report of the Independent Auditing Firm
682
Report of the Independent Auditing Firm on the Consolidated Financial Statements
684
Report of the Independent Auditing Firm on the Sustainability Report
695
* * *
Accounts of the Bank
Review of the Bank’s operations as at 30 June 2025
701
Mediobanca S.p.A. Financial Statements
724
Notes to the accounts
732
Part A – Accounting Policies
736
Part B - Information on the Balance Sheet
785
Part C - Information on the Profit and Loss Account
826
Part D – Comprehensive income
842
Part E – Information on risks and related hedging policies
843
Part F - Information on capital
912
Part G - Combinations Involving Group Companies or Business Units
918
Part H – Related-Party disclosure
919
6 Consolidated Financial Statements as at 30 June 2025

Part I – Share-based payment schemes | 922
Part M – Disclosure on Leases | 926
Declaration by Financial Reporting Officer | 930
External auditors’ report | 931
Annexes |
Consolidated Financial Statements: reconciliation of reclassified Statements with Bank of Italy Circular no. 262/2005 Statements | 943
Parent Company’s Individual Financial Statements: reconciliation of reclassified Statements with Bank of Italy Circular no. 262/2005 Statements | 952
A - Breakdown, pursuant to Article 10 of Law No. 72 of 19 March 1983, of assets held by the Group for which revaluations were made | 953
B - Balance sheets and income statements of investments in Group undertakings (including indirect investments) | 954
C - Associated undertakings: balance sheets and income statements(as required under Article 2359 of the Italian Civil Code) | 998
D - Fees paid for auditing and sundry other services | 1009
Other documents |
Glossary | 1010

CONSOLIDATED FINANCIAL STATEMENTS
MEDIOBANCA GROUP REVIEW OF OPERATIONSAS AT 30 JUNE 2025
Management Report 9
MEDIOBANCA GROUP
REVIEW OF OPERATIONS
The Mediobanca Group ended the year with a profit of €1,330.1m, up on the previous year (+4.5%) and showing quarter-on-quarter improvement (€336.9m in the last 3 months), in line with the development path outlined in the “One Brand-One Culture” strategic plan, recently extended to 30 June 2028. The professionalism, independence and strength of the Mediobanca brand made it possible to achieve the objectives set, overcoming the challenges arising on the one hand from a macroeconomic environment weakened by intensifying geopolitical and trade tensions, and on the other from the uncertainty deriving from the bid launched for Mediobanca by MPS.
Group revenue reached a new peak of €3.7bn, with resilient net interest income (€1,971.5m; down 0.7% YoY) and strong growth in fees (up 14.2% YoY). Operating profit rose to €1,875.7m (up 3.5% YoY), with a stable cost/income ratio at 43% and cost of risk declining to 44 bps. Group ROTE remained at 14.2%, while RoRWA increased from 2.7% to 2.9% and EPS rose from 1.53 to 1.64 per share (up 7% YoY).
In view of the above results, the Board of Directors has approved a resolution to submit the following proposal to shareholders at the next Annual General Meeting:
―the distribution of a final dividend of €0.59 per share that, added to the interim dividend paid in May (€0.56), brings the annual dividend to €1.15, equal to a 70% payout and a 7.4% year-on-year increase;
―the launch of the third and final share buyback and cancellation plan for a total amount of €400m (corresponding to about 24m shares, or around 2.9% of the share capital). The plan approved by shareholders at the Annual General Meeting held on 28 October 2024 (final amount of €385m) ended on 2 July with the purchase of 24.1m shares, 20m of which were cancelled by the end of the month (Mediobanca shares outstanding is therefore total 813.3m, of which 6.9 treasury shares).
Commercial performance was strong in all divisions. Assets in Wealth Management continued to be boosted by new annual flows (NNM) (€11bn), of which €6.2bn from 1 January 2025 (despite the uncertainty caused by MPS’ offer on customers and sales force); TFA climbed to over €112.1bn with AUM/AUA up to €81.7bn (up 14.3% and 3% q/q) with a stable ROA (831 bps); deposits grew to €30.4bn (+9%) driven by the rise in the
1 ROA management fees (management fees on average AUM)
10 Consolidated Financial Statements as at 30 June 2025
average COF (1.77%), despite the gradual decline over the last 12 months (after peaking at 1.84% at the end of June 2024). Loans grew to €54.3bn (up 3.6% YoY) with a rebound of Large Corporate volumes (stock: €19.4bn; up €432.5m; ROA: 4.64%) and the steady increase in Consumer finance (stock: €16.1bn; paid disbursement: €9bn; ROA: 9.63%) with 80% of personal loans generated through direct channels and widening lending spreads. Investment banking activities remained solid (over €310m in the year) and were increasingly focused on international (approximately €195m) and specialised customers (Arma’s tech contribution exceeded €160m). The contribution in the last six months amounted to €130m, despite a less positive market environment compared to the first half (end 2024). Finally, the funding position rose to €70.6bn after new issues amounting to €9bn (a new record for primary market activity), with the cost from debt securities down compared to the previous year.
Consolidated revenue rose 3.1% from €3,606.8m to €3,718.8m, reflecting a quarterly contribution of €950.9m (up 3.3% q/q) and a second half of the year contribution of €1,871m (up 1.2% h/h); specifically:
—net interest income remained broadly unchanged from the previous year (€1,971.5m compared to €1,984.8m), with a contribution of €992.6m in the second half of the year, despite falling market rates (3M Euribor: down 116 bps; down 90 bps in the half year) and strong competitive pressure on loans and deposits. Falling rates drove a reduction in loan yields (down 80 bps2 to 5.3% in Q4), despite the positive repricing of the consumer portfolio, only partially offset by a reduction in funding costs, which were less responsive due to the strategic uncertainty caused by MPS’ offer and the promotional campaigns on WM deposits. In contrast, the banking book securities portfolio saw yields rise slightly (to around 3.3%2). Indeed, Consumer revenue rose from €1,043.9m to €1,134.4m (up 8.7% YoY) thanks to higher volumes (up €900m), with the ROA slightly down (9.63%; down 26 bps). Wealth Management revenue fell to €404.7m (down 4.8% YoY) due to stable lending and declining yields, partly driven by prepayments. CIB revenue rose to €328.6m (up 7%), supported by a larger securities portfolio in the Markets business (mainly Certificates and ABS) and recovery in lending volumes in H2. Treasury closed down at €44.7m (from €146.7m), reflecting the impact of lower market rates on assets given the traditionally short duration of the securities in the banking book.
—net fees and other income rose by 14.2% to €1,072.4m, with a quarterly contribution of €253m (down 7.2% q/q). Franchising Wealth Management3 contributed €547.2m (up 12.1%), driven by management fees of €325.1m (up 14%) and up-front fees of
2 Average yield/cost excluding hedges from Q4 2025 to Q4 2024.
3 Franchising WM recurring fees: these refer to management fees including the portion of product factories, banking fees, upfront fees and distribution advisory (MB Premier, CMB and MBPB).
Management Report 11
€118.5m (up 22.7%). Investment banking and corporate services4 totalled €332.8m (up 23.4%), achieving one of the best results in recent years with an international component of €197,9m (up 39%). Finally, credit-related income5 rose from €243m to €247.2m (up 1.7%). By business line, Wealth Management increased from €489.4m to €555.3m (up 13.5%), CIB rose from €360.6m to €432.6m (up 20%). Consumer remained at €143.2m, absorbing end-of-year rappel recovery with a higher BNPL share (€21.7m; up 11%);
—treasury income grew to €178.1m (up 3.4%) due to stronger proprietary trading (from €19.4m to €42m), the Markets division (from €75.6m to €84.2m), and dividends and other income from Principal Investing (from €26.6m to €30.9m), offsetting the expected decline in Holding Functions (€9.2m v €39.2m) linked to lower credit spreads and market rates New desks were launched as part of the Markets Division in the year under review, in particular BTP Specialist (which added €9.4m) and EU Allowance arbitrage operations (€10.8m). The results were also influenced by the lower contribution from the banking book proxy hedges (from €36.2m to €8.3m, together with the other ALM desks). However, the net interest income of the Fixed Income Markets desks increased and the bond OCI reserves recovered (with a positive balance of €66.8m at the reporting date);
—the equity method contribution from Assicurazioni Generali was slightly lower than the previous year (€490.6m v €503m) despite growth across all operating areas (including the non-life segment, which saw a higher proportion of catastrophic events) due to lower capital gains from disposals and lower end-of-period fair value fund valuations. Other IAS 28 investments contributed €6.2m (€7.4m).
Operating costs rose from €1,542.2m to €1,609.8m (up 4.4%), with the usual seasonality in Q4 (€432.6m; up 8.9% q/q). However, the increase was in line with revenue growth and reflects the Group’s expanding operations, as seen in the C/I ratio essentially stable at 43.3%. In detail: labour costs rose from €804.5m to €855.8m (up 6.4%), with 90 FTEs recruited (up to 5,533) and contract renewals. Administrative expenses increased more moderately (up 2.2% from €737.7m to €754m), mainly due to IT spending (up 5.2%, €202m) and increased back-office/operational expenses (up 4.4%, to €212m). Credit recovery costs fell slightly (down 3.2%, to €42m). By business line: Wealth Management costs totalled €640.7m (up 4.4%); CIB €410.4m (up 8%, partly as a result of new initiatives including the opening of the Mid Corporate branch in Frankfurt), and Consumer €394.7m (up 6.8%). On the other hand, the Holding Functions contribution fell from
4 Investment banking and corporate services include corporate finance, ECM, and NPL collections.
5 Credit-related income includes retail credit (consumer credit) and large corporate, including leasing and factoring.
12 Consolidated Financial Statements as at 30 June 2025
€192.3m to €178.2m (down 7.3%), with central structures accounting for 7.2% of total Group costs (7.6% last year).
Loan loss provisions declined from €252.1m to €233.3m (down 7.5%), entailing a cost of risk of 44bps (down 4 bps). Growth in volumes in Consumer (mainly direct personal loans) and CIB (focused on investment-grade customers) was offset by the positive recalibration of PD in the IFRS 9 model for the Large Corporate segment (€11m in net write-backs), and by updated historical series for residential mortgages (€14.4m). The release of overlays was lower than last year (€31.9m v €46.9m) and related almost entirely to Consumer. Lastly, the improvement in the Leasing NPL portfolio (gross deteriorated stock from €79.8m to €57.4m), together with lower disbursements, led to net write-backs of €6.2m. In detail: Consumer value adjustments rose from €249.7m to €269.7m (+8%), with the corresponding CoR for the segment going from 168 to 173 bps (195 bps excluding the aforementioned management overlays). All other divisions posted net write-backs (CIB: up €8.7m; WM: up €21m; HF/leasing: up €6.7m). Overlay stock decreased from €221.6m to €190m, of which €146.1m in Consumer (down from €174.9m in the previous year).
Valuations of investment funds and banking book securities rose to €27.5m (€19.9m last year) based on the latest available NAVs. The IFRS 9 provisioning adjustment amounted to €2.8m (down €3.4m last year).
The profit for the year came in at €1,330.1m (up 4.5%) after:
—non-recurring charges down to €43.7m from €90.2m, due to the lack of resolution fund contributions (€50.7m last year). The balance includes €19.5m from contingent consideration adjustments (€15.4m related to Arma and largely tied to the year’s strong performance). Around €10.7m in costs related to tender offers (MPS and Banca Generali), and around €10.3m in non-recurring charges from managing mortgage prepayments. Lastly, the remaining non-recurring items (around €11m, of which €4.7m in WM and €4.7m in HF) were offset by a significant release of provisions (around €8m) following the favourable resolution of a tax dispute of the Parent Company;
—profit-sharing for Arma class B interest holders, recognised under minority interests, amounting to €76.4m (€22.5m last year);
—income taxes totalling €444.4m corresponding to a tax rate of 24%.
Management Report 13
* * *
On the balance sheet side, total assets stood at €104bn (€99.2bn in June last year), broken down as follows:
—customer loans rose by 3.6% from €52.4bn to €54.3bn, reflecting a recovery in Corporate and Investment Banking (up 2.3%, from €19bn to €19.4bn) driven by Large Corporate, which closed at €17bn (up 5.8%), offsetting the decline in Factoring (down 17.1%, to €2.4bn). Consumer Finance continued to grow (up 5.6%, from €15.2bn to €16.1bn), as did Wealth Management (from €16.9bn to €17.6bn, with Premier loans holding up well (up 2.5%, from €12.6bn to €12.9bn) despite the strong acceleration in prepayments and the fierce competition; Private Banking rose to €4.7bn (up 10.3%) after higher CMB volumes (€3.3bn; up 13.1%). On the other hand, Leasing operations fell to €1.1bn;
—banking book securities remained stable at €11.7bn, split between HTC&S (€5.1bn), HTC (€5.5bn) and Fair Value Options (€1.1bn). Government bonds account for approximately three quarters of the total (€7.9bn), with an average duration of 2.5 years, of which €5.6bn is Italian. Fair value revaluations amounted to €86m, with a positive OCI reserve of €66.8m (down €9.2m last June). The HTC portfolio showed unrealised gains of €82.4m (unrecognised losses of €43.7m last year);
—net treasury loans increased to €10.7bn due to the reduced use of short-term funding instruments, which boosted the Group’s liquidity position, partly linked to the new Markets desks (in particular the BTP specialist desk) and, at the same time, increase in financial instruments held for trading with a diversification of investments also in the commodities category concerning EU Allowances, which are entirely managed by forward sales through futures contracts;
—funding closed at €70.6bn, up approximately €6.9bn on the previous year. The stock of debt securities rose to €31.6bn following strong primary market activity of €9bn (against €5bn in maturities), with the average cost of new issues at around 83 bps (down from 130), reducing the interest rate payable (to 3.5%) and that of total funding (to 3%). Wealth deposits grew from €27.9bn to €30.4bn, with an external cost of 1.77% (up 11 bps, down 17 bps h/h, down 6 bps q/q), in a more competitive market environment following MPS’ bid. Interbank funding remained stable at €8.6bn.
Total Financial Assets (TFA) totalled €112.1bn (up 12.8%) with AUM of €50.5bn (up 16.6%) and net new money (NNM) over the 12 months amounted to €11bn, of which €3.8bn in the last quarter, driven by AUM (€6.5bn, of which €3.3bn in the second half). The market effect was €700m for the year (down €1bn from the beginning of 2025). AUA totalled €31.3bn after net inflows of €2bn (up €1bn market effect). Finally, deposits
14 Consolidated Financial Statements as at 30 June 2025
increased to €30.4bn (up €2.5bn YoY, of which €1.5bn in the last quarter). Private TFA totalled €49.2bn, of which €37.2bn indirect. Premier TFA increased by 14.7% to €47.9bn, of which €29.5bn indirect. Asset Management increased by 14% to €32.3bn, of which €17bn placed by Group networks, and benefited from €2.2bn in NNM from institutional customers, of which €1.7 belonging to Polus mainly related to CLO operations and €740m for the new US programme.
Capital ratios (CET1: 15.1%6 Total capital: 17.9%) confirm a large Maximum Distributable Amount buffer7 of 400 bps, taking into account the adjustment of the Overall Capital Requirement8, which increased to 9.16% after incorporating the full O-SII requirement (0.25% from the beginning of 2025) and the Systemic Reserve Ratio (0.80% from last June).
The CET1 ratio decreased by around 10 bps in 12 months, reflecting the full distribution of profit (280 bps) in the form of a dividend (70% cash payout) and proposed buyback (400m), partially offset by lower RWA under the new Basel 4 rules (55 bps,9 for RWA savings of €1.6bn, mainly due to the reduction of the LGD floor to 40% and the removal of the scaling factor on advanced models for Large Corporate and Retail portfolios). In contrast, RWA increased due to loan growth (-10 bps) and prudential deductions (-50 bps) for the higher book value of the investment in Assicurazioni Generali and new investments in Polus’ Global CLO programme.
The Total Capital ratio increased to 17.9%, factoring in the Tier 2 issue (nominal €300m) to offset amortisation during the period. The leverage ratio was stable at 6.8%, and the MREL ratio stood at 42.6% of RWA and 19.3% of LRE exposures (versus respective minimum requirements for 2025 of 23.92% and 5.91%).
* * *
The divisional performances for the twelve months were as follows:
—Wealth Management (WM): profit totalled €231.5m (up 11%) and RORWA improved (3.8% v 3.6%); fees rose from €489.4m to €555.3m (up 13.5%) and supported revenue (€972.5m; up 5.3%); Cost/Income improved to 65.9%. Business activity remained
6 Considering the Danish Compromise permanent (approx. 100 bps). The fully loaded CET1 ratio for the transitional provision of equity instruments exposures is approximately 14.8 bps.
7 Maximum Distributable Amount (MDA): minimum level of CET1 required, which includes the shortfall on AT1 capital at 30 June 2025 (1.83%).
The Overall Capital Requirement on CET1 includes 56.25% of the additional P2R requirement of 1.75%, the Capital Conservation Buffer (2.50%), the Countercyclical Buffer (0.14% at 31 March 2025), the O-SII requirement (0.25% from 2025) and the systemic risk requirement (0.8%) (in force by June 2025 and equal to 1% of the main exposures).
9 Excluding the application of FRTB, whose implementation was postponed to 1 January 2027, with an expected impact that remains broadly neutral for the Mediobanca Group.
Management Report 15
positive even despite the unfavourable market environment of the last quarter, with net inflows (NNM) of €3.8bn, for total balance of €11bn;
—Corporate and Investment Banking (CIB): this division delivered a profit of €270.4m (up 11%), with RORWA up to 2% (up 60 bps), driven by commission income (€432.6m, up 20%) which accounted for just under 50% of revenue, which increased to €887.8m (up 16.4%) due to net interest income (€328.6m, up 7%) and trading (€126.6m; up 33.3%). The C/I ratio decreased to 46.2% despite higher costs (up 8%, to €410.4m) related to international expansion and product development;
—Consumer Finance (CF): this division earned a profit of €407.8m (up 6.5%) with RORWA of 2.9% (up 12 bps compared to last year); customer loans totalled €16.1bn with ROA of 9.63% supported by a favourable product mix (direct personal loans at 36% of total disbursed). Revenue rose to €1,277.2m (up 7.4%) driven by the growth in net interest income to €1,134.4m (up 8.7%); the C/I ratio fell to below 31% despite major investments in digitalisation (costs equal to €394.7m; up 6.8%); CoR increased by 5 bps to 173 bps with adjustments of €269.7m;
—Insurance - Principal Investing (PI): this division earned a profit of €516.4m and a RORWA of 3.6%. Assicurazioni Generali's contribution amounted to €490.6m, reflecting the Company's good performance in all operating segments with a book value of the equity investment of €3.9bn compared to a market value of €6.2bn; the contribution from equity investments and funds includes €30.9m in dividends and other income (included in other revenue), in addition to fair value gains of €18m;
—Holding Functions (HF): they incurred a loss of €84.6m, which worsened in the last six months (€-54.7m v €-29.9m in H1). This is due to the effects of falling market rates on net interest income (down from €178m to €68.8m) and net treasury income (down from €39.2m to €9.2m). Against this backdrop, the regulatory ratios remained high (LCR at 165%, NSFR at 117% and MREL at 42.6%) and the banking book's securities portfolio appreciated (positive OCI reserves of €66.8m; unrealised HTC gains of €82.4m).
* * *
The significant events of the year may be analysed as follows:
―on 24 January 2025 MPS announced to the market the launch of a voluntary Public Exchange Offer (the “Offer”) for all of Mediobanca’s ordinary shares pursuant to Articles 102 and 106, paragraph 4, of the TUF.
Following MPS’s receipt of the regulatory approvals required for the Offer, on 2 July 2025 Consob approved the offer document with resolution no. 23623 (the “Offer
16 Consolidated Financial Statements as at 30 June 2025
Document”), published on 3 July 2025, which stated that:
−the unit consideration offered for each Mediobanca share subject to the Offer is equal to 2.533 newly issued ordinary MPS shares with regular dividend entitlement and the same characteristics as the ordinary shares already in circulation;
−the Offer is aimed at acquiring Mediobanca’s entire share capital and at delisting Mediobanca shares from trading on Euronext Milan. The Offeror stated that, regardless of whether or not Mediobanca is delisted, MPS does not rule out the possibility of considering in the future, at its discretion, the implementation of other extraordinary and/or corporate and business reorganisation transactions that may be deemed appropriate, in line with the objectives and rationale of the Offer.
On 11 July 2025 Mediobanca’s Board of Directors approved the Statement prepared pursuant to Article 103, paragraphs 3 and 3-bis of Legislative Decree no. 58/1998 and Article 39 of Consob Regulation 11971/1999. Following a careful assessment of the terms and conditions, the Board considered the MPS offer to be hostile and not agreed with the Issuer, lacking a business rationale and not in the interests of Mediobanca shareholders. The Board also considered that the consideration offered by MPS was not fair and was wholly inadequate.
The offer period opened on 14 July 2025 and closed on 8 September 2025, with settlement of the shares tendered on 15 September 2025 and the possibility of the terms of the offer being reopened in the week from 16 to 22 September 2025 (with settlement on 29 September 2025).
On 2 September 2025, MPS gave notice of its decision to increase the Consideration by a cash component, thus taking the consideration offered for each Mediobanca share to 2.533 MPS shares plus an additional €0.90 (the "Additional Consideration"). MPS also chose to waive the threshold condition of 66.7% of the voting rights of Mediobanca.
At a Board meeting held on 4 September 2025, the Directors of Mediobanca met to assess the increase in the Consideration, and reiterated its stance notified in the Issuer Notice published on 11 July 2025: that the Offer was devoid of industrial rationale and was not fair for Mediobanca shareholders, finding further, based inter alia on the support of its financial advisors, that the valuation of Mediobanca reflected by the New Consideration did not adequately recognize the intrinsic value of the Mediobanca stock, including in the light of the updated “One Brand-One Culture” Strategic Plan extended to 2028, and failed to adequately remunerate the contribution that Mediobanca would make to the value of the combined entity, transferring the majority of the risks related to the achievement of the Offer’s strategic objectives as defined by MPS to the shareholders of Mediobanca, risks that had been specifically identified by Mediobanca in the Issuer Notice.
Management Report 17
At the close of the Offer Period on 8 September 2025, a total of 506,633,074 Mediobanca shares had been tendered, equal to approx. 62.3% of the Bank’s share capital, comfortably above the minimum threshold and ensuring MPS de facto control of Mediobanca.
―on 26 June, the Board of Directors updated the Group’s earnings and financial projections for the “One Brand - One Culture” Plan until 30 June 2028. The strategic vision was confirmed, with Wealth Management as the primary segment of development, Corporate & Investment Banking supporting it synergistically in a Private & Investment Banking (“PIB”) model that is the only one of its kind in Italy and Consumer Finance serving as a macro/counterparty risk diversification segment with high sustainable profitability. The Group will pursue sustained growth in revenue (more than €4.4bn, up 20% in the 2025-2028 three-year period), profit (profit at €1.9bn, considering the contribution from the progressive development of the real estate project in the Principality of Monaco10, up 45% in the three-year period), shareholder remuneration (€4.9bn over three years, of which €4.5bn cash and €0.4bn through the completion of the treasury shares buy-back and cancellation plan) and stakeholder satisfaction, while maintaining one of the best risk/return profiles in Europe. Finally, the Plan provides for the optimisation of the capital structure with CET1 at 14% (from 15%) and issuance of AT1 instruments for €750m, bringing Tier 1 capital to 15.5%;
―On 28 April, Mediobanca unveiled a public voluntary exchange offer for 100% of Banca Generali S.p.A. (Generali Group) for a value of €6.3bn paid entirely in Assicurazioni Generali shares. On 21 August this offer was revoked. Indeed, the transaction failed to obtain the majority of votes at the Ordinary Shareholders' Meeting convened that day pursuant to Article 104 of the Consolidated Law on Finance (Passivity Rule);
―on 12 June, Polus Capital Management Group closed its third CLO equity fund (PLI III), subscribed by institutional investors, with €425m of commitments; the close represents one of Europe's largest CLO equity capital raises. PLI III will invest in the equity tranches of the CLOs managed by Polus as well as in other CLO tranches and credit investments.
* * *
10 The construction of CMB new offices in Monaco began during the year with the development of a major residential portion; the project will be completed at the end of 2028 and the sale of the real estate units will start in the first half of 2026.
18 Consolidated Financial Statements as at 30 June 2025
The Mediobanca Group has made significant progress in terms of sustainability, integrating it across all Group operations. As of this year, since the CSRD (Directive (EU) 2022/2464 regarding Corporate Sustainability Reporting Directive, transposed in Italy by Legislative Decree No. 125 of 6 September 2024) has come into force, the Sustainability Reporting has been fully integrated into the Review of Operations contained in the annual Consolidated Financial Statements. Therefore, all information related to ESG issues is disclosed in the relevant section of the Report on the following pages, to which reference should be made.
* * *
Developments on capital markets
In 2024/25, the expansion of the world economy continued at a modest pace amid the ongoing fragmentation of international trade. The monetary policy stance remained prudent given a less rapid deflationary process towards inflation targets compared to the recent past and the tariffs introduced by the US to alter international trade flows.
The uncertainty caused by trade disputes and conflicts (Russian-Ukrainian conflict and Israel's military actions in the Middle East) led to a slowdown in world growth below the long-term average and a recomposition of growth in favour of the less advanced areas.
In the second half of the year, when the new US administration began to implement an aggressive tariff policy to induce more favourable trade treaties, manufacturing activity slowed down in favour of the service sector, which is less affected by the fragmentation of international trade. In particular, the resilience of the US economy (fuelled by significant budget deficits, increasing financial wealth, and resilient employment), the stable growth of the European Union (with promising prospects linked to fiscal spending plans), the stability of China's growth (underpinned by targeted government interventions) and the recovery of Japan's growth after the weakness observed in the previous year, should be noted.
Specifically, in the first half of the year (1 July - 31 December 2024), average cyclical changes in GDP were equal to 0.7% q/q in the US, 1.5% in China, 0.4% in the Eurozone and 0.4% in Japan.
Global growth slowed in Q3 (to 0.7% q/q from 1.0% in Q2) due to the mix of increased uncertainty and the trade fragmentation mentioned above. With respect to the largest economies, growth in the US declined (down to 0.1% q/q in Q3 from 0.6% in Q2), China and Japan recorded a slowdown (to 1.2% q/q and 0.0% q/q from 1.6% and 0.6%, respectively) and the Eurozone accelerated marginally (to 0.6% q/q from 0.3% in Q2).
Management Report 19
In Q4, surveys on confidence in the manufacturing sector confirm a slowdown in the expansion in the services sector and stable activity in the manufacturing one, with no particular change in the growth trajectory. In the first half of 2025, the expected average growth was 0.6% q/q for the United States, 1.5% for China, 0.2% for the European Union and 1.2% for Japan, with a potential generally modest growth in the coming quarters.
Share prices continued to grow during the period (MSCI World Index 14.7% for the year), overcoming even the deep contraction recorded in April (post-Liberation Day). The stock markets of the main economic areas showed synchronous trends (Eurostoxx 5.9% in the year, S&P 13.6%, DCSI 300 13.7% and Nikkei 2.3%).
Credit spreads remained essentially unchanged at historically low levels (at period end, iTraxx Europe was at 55 bps, US high grade at 52bp, iTraxx Cross Over at 283 bps and US High Yield at 321 bps), closely following the stock market in favourable or unfavourable phases.
The general level of government rates also remained broadly stable during the year, both in the US and in Europe. Indeed, the disinflationary process tempered the upward trend in rates fuelled by heavy fiscal spending in both geographical areas. The US 10-year government rate of 4.50% at the start of the year stabilised at 4.35% (after hitting a low of 3.6% in September 2024 and a high of 4.75% in January 2025). A similar trend was recorded in the German 10-year yield, which fell in the first quarter from 2.60% to 2.10%, before fully recovering to the initial level following the emergence of expectations of fiscal spending in Germany.
In China, the still ongoing difficult process of stabilising the real estate sector and consolidating household and business confidence contributed to the fall in rates. The 10-year benchmark rate declined from 2.25% to 1.65% over the year.
The short-term outlook for the world economy depends on the progress of the trade agreement negotiations and the developments in the conflict between Russia and Ukraine. In the medium term, the process of fragmentation of international trade will continue to shape global growth prospects and make the economic cycles of the major geographies increasingly disjointed.
* * *
20 Consolidated Financial Statements as at 30 June 2025
The European economy recorded modest growth, largely driven by the service sector. The manufacturing component of economic activity continued to struggle in the second half of 2024 to recover in early 2025 on the back of a new favourable fiscal spending stance in Germany and, more broadly, in Europe, to address defence commitments. The region's growth has in any case been driven by the Next Generation EU (NGEU) programme, confirming the existence of some critical issues in the transition from the design to the implementation phases.
The growth in GDP was on average equal to 0.3% q/q with prospects for an acceleration during 2025. The growth prospects for Europe in the immediate future continue to be closely linked to the economic consequences of the Russia/Ukraine conflict, as well as to the resolution of tariff disputes with the US.
The disinflation process continued during the year, favoured by the reduction in production costs, also thanks to the contribution of the appreciation of the euro and the moderate wage trend. The harmonised consumer price index of the Eurozone fell from 2.6% YoY to 2.0% in June 2025. Core inflation (net of food and energy prices) went from 2.9% to 2.3%.
Similarly, the ECB cut its key interest rates from 3.75% to 2.00%.
The gradually improving economic outlook, declining inflation, low unemployment in the Eurozone, and the positive performance of risky assets led to the following events during the year:
—rising stock market prices: the Euro Stoxx 600 has risen by 5.5%, the Italian, Spanish and German indexes by between 18.0% and 30.7%, and the French index, having been impacted by the uncertainty surrounding trade and the deterioration of government accounts, virtually unchanged (up 1.4%);
—steady tightening of European government security spreads; the 10-year spread on Italian bonds narrowed by approximately 60 bps to 88 bps, the Spanish spread by about 23 bps to 64 bps and the French spread by about 6 bps to 68 bps;
—significant fluctuations of the euro, leading to an overall appreciation in 2025 up to USD 1.18 per €1 following the unpredictability of the US administration's policies and the concurrent change of pace of the German expansionary policy.
* * *
The growth of the Italian economy slowed down in the second half of 2024 (average growth at 0.08% q/q compared to 0.19% in the previous six months) and recovered in the third quarter thanks to foreign demand in view of the US tariffs (0.26% q/q) to return to
Management Report 21
more modest levels in the fourth quarter (down 0.1% q/q). Resilient employment levels help the dynamics of consumption and strengthen moderate growth which is expected to be around 0.7% YoY for 2025 driven by the use, albeit partial, of the NRRP funds, the stabilisation of growth in trade partners, especially European ones, and a still expansive fiscal policy stance.
Italy's growth prospects are closely linked to the trend in demand for exports, hence, outlet markets, which could be favoured by trade agreements between the US and the EU and the German government's expansive fiscal stance. Domestic demand, after the end of the disinflationary process, will depend on the purchasing power of wages. Italy will benefit extensively from the European draft budget for 2028-2034 which was recently unveiled by the Commission and aimed at economic integration with significant new supranational taxes, the creation of a permanent vehicle to issue supranational debt in the event of a crisis and the application of the structural reform fund principle directly borrowed from the Next Generation EU.
* * *
With respect to the Italian consumer credit market, the Assofin data updated for 1H 2025 confirms that the positive trend which marked 2024 (up 7.5%) has continued: new loans granted in the six months ended 30 June 2025 were up 7.1% on the same period last year, totalling €30.5bn.
The positive market result is attributable to the good performance of personal loans (up 11.0% compared to January-June 2024), both in terms of new disbursements and refinancing operations. Salary- and pension-backed finance fully recovered (up 8.1%), mainly thanks to loans to public and private employees. Car and motorcycle finance also performed well (up 4.2%), supported, in particular, by the second-hand segment. On the other hand, other special purpose loans and payments by credit card declined slightly (down 1.6% and 0.9%, respectively), penalised by weak sales in the household appliances sector and the use of credit alternatives such as Buy Now Pay Later.
22 Consolidated Financial Statements as at 30 June 2025

|  |  | 2023 |  | 2024 |  | 2025 (6 months)
|  |  | €m |  | % |  | €m |  | % |  | €m |  | %
Vehicle credit |  |  | 7,812 |  | 15.0 |  | 8,155 |  | 14.6 |  | 4,421 |  | 14.5
Specific purpose loans |  |  | 6,741 |  | 13.0 |  | 6,878 |  | 12.3 |  | 3,122 |  | 10.3
Personal loans |  |  | 25,980 |  | 49.9 |  | 29,161 |  | 52.2 |  | 16,777 |  | 55.1
Credit cards |  |  | 5,454 |  | 10.5 |  | 5,487 |  | 9.8 |  | 2,653 |  | 8.7
Salary-backed finance |  |  | 6,032 |  | 11.6 |  | 6,140 |  | 11.0 |  | 3,479 |  | 11.4
|  |  | 52.019 |  | 100.0 |  | 55,821 |  | 100.0 |  | 30,452 |  | 100.0

* * *
Mortgage loans saw a recovery in commercial activity also thanks to the improvement in interest rates. Indeed, a total of 10,974 mortgages were executed during the year for a total of €1,550.6m, compared to 8,634 mortgages worth €1,100.6m in the previous year. The share of “green” mortgages relating to class A and B properties rose from 13% last year to 14% this year.
The residential property sector recorded 680 thousand transactions (676 thousand in the previous year; up 0.6%), showing a slight market recovery compared to the previous year. A total of 164 thousand transactions were carried out in the first quarter of 2025, in line with the average of 2024 and increasing over the same quarter of the previous year (up 11.7%).
In 2024, the mortgage market for households to acquire properties saw the disbursement of €44.6bn, showing signs of recovery compared to 2023 (€41.2bn; up 8.1%). Disbursements in the first quarter of 2025 amounted to €13bn, in line with the 2024 average and up 52.6% compared to the same quarter of the previous year.
* * *
With respect to the lease market, more than 701 thousand new leases were agreed in 2024, totalling €33.4bn, down 3.9% and 8.1% in terms of value and number, respectively, compared to the calendar year 2023. In the first half of 2025, more than 405 thousand new leases were agreed, totalling approximately €18bn, up 1.6% and slightly down 0.5% in terms of value and number, respectively, compared to the first half of 2024.
Management Report 23

| 2023 |  | 2024 |  |  | 2025 (6 months)
Leases executed | €m | % | €m | % |  | €m%
Automotive ............................. | 21,087 | 60.6 | 20,500 |  | 61.4 | 11,61064.6
Plant and equipment................ | 10,372 | 29.8 | 9,295 |  | 27.8 | 4,75526.5
Real estate............................... | 2,875 | 8.2 | 3,033 |  | 9.1 | 1,3167.3
Shipping.................................. | 474 | 1.4 | 568 |  | 1.7 | 2891.6
| 34,808 | 100.0 | 33,396 |  | 100.0 | 17,970100.0

Dataforce data compiled by Assilea.
24 Consolidated Financial Statements as at 30 June 2025
Consolidated profit-and-loss/balance-sheet data
The consolidated profit and loss account and balance sheet have been restated – including by business area – based on the structure that provides the most accurate reflection of the Group’s operations.
CONSOLIDATED BALANCE SHEET

|  | 30/6/25 |  | 30/6/24
Assets |  |  |  |
Financial assets held for trading |  | 16,885.6 |  | 15,409.5
Treasury financial assets and cash |  | 12,135.9 |  | 11,102.6
Banking book securities |  | 11,670.5 |  | 11,340.7
Customer loans |  | 54,343.5 |  | 52,447.4
Equity Investments |  | 4,932.1 |  | 4,702.7
Tangible and intangible assets |  | 1,725.1 |  | 1,595.0
Other assets |  | 2,259.5 |  | 2,628.4
Total assets |  | 103,952.2 |  | 99,226.3
Liabilities and net equity |  |  |  |
Funding |  | 70,552.6 |  | 63,669.9
Treasury financial liabilities |  | 9,344.3 |  | 10,584.1
Financial liabilities held for trading |  | 8,987.8 |  | 9,504.7
Other liabilities |  | 3,733.6 |  | 4,066.3
Provisions |  | 133.5 |  | 158.1
Net equity |  | 9,856.2 |  | 9,883.7
Minority interests |  | 14.1 |  | 86.1
Profit for the period |  | 1,330.1 |  | 1,273.4
Total liabilities and net equity |  | 103,952.2 |  | 99,226.3

Management Report 25
Key performance indicators (KPIs) *

|  | 30/6/25 |  | 30/6/24
CET 1 capital |  | 6,937.2 |  | 7,222.5
Total capital |  | 8,270.3 |  | 8,438.0
RWA 1 |  | 46,091.6 |  | 47,622.0
CET1 ratio (phase-in) 2 |  | 15.1% |  | 15.2%
RWA Density 3 |  | 44.3% |  | 48.0%
Total capital ratio |  | 17.9% |  | 17.7%
Leverage ratio 4 |  | 6.8% |  | 7.1%
Gross NPL / Gross loans ratio 5 |  | 2.11% |  | 2.47%
Net NPL / Net loans ratio 6 |  | 0.86% |  | 0.79%
No. shares** (m) |  | 833.3 |  | 832.9

* These are Alternative Performance Measures (APMs), which are in addition to those required as part of the IFRS. Further details are provided in the Annexes (Lists of Restatements) and the Glossary.
** before cancellation of treasury shares (20m shares)
(1) Risk Weighted Assets.
(2) CET1/RWAs.
(3) RWAs/total assets.
(4) CET1/total leveraged exposures.
(5) Gross NPLs/gross loans.
(6) Net NPLs/net loans.
26 Consolidated Financial Statements as at 30 June 2025

|  |  |  |  |  | (€m)
|  | 12 mths ended 30 June 2025 |  | 12 mths ended 30 June 2024 |  | Chg. (%)
Profit-and-loss data |  |  |  |  |  |
Net interest income |  | 1,971.5 |  | 1,984.8 |  | -0.7%
Net treasury income |  | 178.1 |  | 172.2 |  | 3.4%
Net fee and commission income |  | 1,072.4 |  | 939.4 |  | 14.2%
Equity-accounted companies |  | 496.8 |  | 510.4 |  | -2.7%
Total income |  | 3,718.8 |  | 3,606.8 |  | 3.1%
Labour costs |  | (855.8) |  | (804.5) |  | 6.4%
Administrative expenses |  | (754.0) |  | (737.7) |  | 2.2%
Operating costs |  | (1,609.8) |  | (1,542.2) |  | 4.4%
Loan loss provisions |  | (233.3) |  | (252.1) |  | -7.5%
Provisions for other financial assets |  | 20.3 |  | 13.9 |  | 46.0%
Other income (losses) |  | (43.7) |  | (90.2) |  | -51.6%
Profit before tax |  | 1,852.3 |  | 1,736.2 |  | 6.7%
Income tax for the period |  | (444.4) |  | (436.7) |  | 1.8%
Minority interest * |  | (77.8) |  | (26.1) |  | n.m.
Net profit |  | 1,330.1 |  | 1,273.4 |  | 4.5%

(*) This item includes profits credited back to the category B partners of Arma Partners.
Key performance indicators (KPIs) *

|  | 12 mths ended 30 June 2025 |  | 12 mths ended 30 June 2024 |  | Chg. (%)
ROTE adj. 1 |  | 14.2% |  | 13.9% |  | 2.2%
Cost / Income ratio 2 |  | 43% |  | 43% |  | 1.2%.
CoR (bps) 3 |  | 44 |  | 48 |  | -8.3%
EPS 4 |  | 1.64 |  | 1.53 |  | 7.2%
DPS 5 |  | 1.15 |  | 1.07 |  | 7.5%

* These are Alternative Performance Measures (APMs), which are in addition to those required as part of the IFRS. Further details are provided in the Annexes (Lists of Restatements) and the Glossary.
(1) Return On Tangible Equity (adjusted).
(2) Cost/income ratio.
(3) Cost of Risk.
(4) Earnings Per Share (taking into account the cancellation of approximately 20m shares)
(4) Dividend Per Share.
Management Report 27
EARNINGS/BALANCE-SHEET DATA BY DIVISION*

|  |  |  |  |  |  |  |  |  |  |  | (€m)
12 mths ended 30/6/25 |  | Wealth Management |  | Corporate and Investment Banking |  | Consumer Finance |  | Principal Investing |  | Holding Functions |  | Group 1
Profit-and-loss |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | 404.7 |  | 328.6 |  | 1,134.4 |  | (7.1) |  | 68.8 |  | 1,971.5
Net treasury income |  | 12.5 |  | 126.6 |  | — |  | 30.9 |  | 9.2 |  | 178.1
Net fee and commission income |  | 555.3 |  | 432.6 |  | 143.2 |  | (0.7) |  | 4.5 |  | 1,072.4
Equity-accounted companies |  | — |  | — |  | (0.4) |  | 498.4 |  | (1.1) |  | 496.8
Total income |  | 972.5 |  | 887.8 |  | 1,277.2 |  | 521.5 |  | 81.4 |  | 3,718.8
Labour costs |  | (338.4) |  | (239.6) |  | (127.9) |  | (4.5) |  | (145.1) |  | (855.8)
Administrative expenses |  | (302.3) |  | (170.8) |  | (266.8) |  | (1.4) |  | (33.1) |  | (754.0)
Operating costs |  | (640.7) |  | (410.4) |  | (394.7) |  | (5.9) |  | (178.2) |  | (1,609.8)
Loan loss provisions |  | 21.0 |  | 8.7 |  | (269.7) |  | — |  | 6.7 |  | (233.3)
Provisions for other financial assets |  | 0.2 |  | (0.1) |  | 0.1 |  | 18.0 |  | 2.1 |  | 20.3
Other income (losses) |  | (15.8) |  | (1.8) |  | — |  | — |  | (7.3) |  | (43.7)
Profit before tax |  | 337.2 |  | 484.2 |  | 612.9 |  | 533.6 |  | (95.3) |  | 1,852.3
Income tax for the period |  | (103.6) |  | (138.2) |  | (205.1) |  | (17.2) |  | 10.7 |  | (444.4)
Risultato di pertinenza di terzi |  | (2.1) |  | (75.6) |  | — |  | — |  | — |  | (77.8)
Net profit |  | 231.5 |  | 270.4 |  | 407.8 |  | 516.4 |  | (84.6) |  | 1,330.1
Cost/Income (%) |  | 65.9 |  | 46.2 |  | 30.9 |  | n.m |  | n.m |  | 43.3
RORWA |  | 3.8% |  | 2.0% |  | 2.9% |  | 3.6% |  | — |  | 2.9%

Balance-sheet data |  |  |  |  |  |  |  |  |  |  |  |
Loans and advances to customers |  | 17,604.9 |  | 19,425.8 |  | 16,055.8 |  | — |  | 1,257.0 |  | 54,343.5
Risk-weighted assets |  | 6,880.5 |  | 13,240.7 |  | 14,285.6 |  | 7,798.8 |  | 3,885.9 |  | 46,091.6
No. of staff |  | 2,280 |  | 763 |  | 1,600 |  | 9 |  | 881 (449) |  | 5,533

Notes:
* Divisions comprise:
–Wealth Management (WM): this division brings together all portfolio management services offered to the various customer segments, plus asset management. It includes MB Premier; the MBPB and CMB Monaco private banking networks, and the asset management companies (Polus Capital, Mediobanca SGR, Mediobanca Management Company, and RAM Active Investments), plus Spafid;
–Consumer Finance (CF): this division provides retail customers with the full range of consumer credit products, ranging from personal loans to salary-backed finance, to the Pagolight solution (Compass Banca, Compass RE and HeyLight SA);
–Corporate and Investment Banking (CIB): this division provides services to corporate customers in the following areas: Investment Banking (lending, advisory, capital markets activities) and proprietary trading (businesses performed by Mediobanca and Mediobanca International, Mediobanca Securities, Messier et Associés, Arma Partners), and Speciality Finance, which in turn consists of factoring and credit management activities for third parties performed by MBFACTA and MBCredit Solutions;
–Insurance – Principal Investing (PI): this division manages the Group’s portfolio of equity investments and holdings;
–Holding Functions: division which includes Selma, MIS, and other minor companies, plus the following Group units: Treasury and ALM, operations, support and control, as well as the senior management of Mediobanca S.p.A.; for further details please refer to the section “Holding Functions (Central structures, Treasury and Leasing)” of this report.
(1) The sum of the divisional data differs from the Group total due to adjustments/differences arising on consolidation between divisions (€1.7m) and the effects attributable to contingent considerations that have not been allocated to any division (€9.7m taking into account the positive tax effects for €9m).
28 Consolidated Financial Statements as at 30 June 2025

|  |  |  |  |  |  |  |  |  |  |  | (€m)
12 mths ended 30/6/24 |  | Wealth Management |  | Corporate and Investment Banking |  | ConsumerFinance* |  | Principal Investing |  | Holding Functions |  | Group 1 *
Profit-and-loss |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | 425.0 |  | 307.0 |  | 1043.9 |  | (7.1) |  | 178.0 |  | 1,984.8
Net treasury income |  | 9.2 |  | 95.0 |  | 0.2 |  | 26.6 |  | 39.2 |  | 172.2
Net fee and commission income |  | 489.4 |  | 360.6 |  | 145.1 |  | — |  | 6.3 |  | 939.4
Equity-accounted companies |  | — |  | — |  | (0.3) |  | 510.7 |  | — |  | 510.4
Total income |  | 923.6 |  | 762.6 |  | 1,188.9 |  | 530.2 |  | 223.5 |  | 3,606.8
Labour costs |  | (325.1) |  | (215.0) |  | (120.6) |  | (4.1) |  | (139.7) |  | (804.5)
Administrative expenses |  | (288.4) |  | (164.9) |  | (248.9) |  | (1.1) |  | (52.6) |  | (737.7)
Operating costs |  | (613.5) |  | (379.9) |  | (369.5) |  | (5.2) |  | (192.3) |  | (1,542.2)
Loan loss provisions |  | (7.4) |  | 10.6 |  | (249.7) |  | — |  | (5.6) |  | (252.1)
Provisions for other financial assets |  | 1.4 |  | (3.4) |  | — |  | 20.0 |  | (4.1) |  | 13.9
Other income (losses) |  | (3.7) |  | (2.5) |  | 0.1 |  | — |  | (49.4) |  | (90.2)
Profit before tax |  | 300.4 |  | 387.4 |  | 569.8 |  | 545.0 |  | (27.9) |  | 1,736.2
Income tax for the period |  | (91.0) |  | (121.0) |  | (186.9) |  | (23.0) |  | (13.2) |  | (436.7)
Minority interest |  | (0.9) |  | (22.9) |  | — |  | — |  | (2.7) |  | (26.1)
Net profit |  | 208.5 |  | 243.5 |  | 382.9 |  | 522.0 |  | (43.8) |  | 1,273.4
Cost/Income (%) |  | 66.4 |  | 49.8 |  | 31.1 |  | n.s. |  | n.s. |  | 42.8
RORWA |  | 3.6% |  | 1.4% |  | 2.7% |  | 3.8% |  | — |  | 2.7%

Balance-sheet data |  |  |  |  |  |  |  |  |  |  |  |
Loans and advances to customers |  | 16,853.2 |  | 18,993.3 |  | 15,197.6 |  | — |  | 1,403.3 |  | 52,447.4
Risk-weighted assets |  | 6,051.5 |  | 14,857.6 |  | 14,493.2 |  | 8,066.5 |  | 4,153.2 |  | 47,622.0
No. of staff |  | 2,259 |  | 732 |  | 1,563 |  | 9 |  | 880 (443) |  | 5,443

(1) The sum of the divisional data differs from the Group total due to adjustments/differences arising on consolidation between divisions (€4.9m), the RAM brand impairment charge (€31.7m), and other effects attributable to contingent considerations that have not been allocated to any division (€3.1m).
Management Report 29
Balance sheet
The Group's total assets rose from €99.2bn to €104bn, with the Parent Company’s contribution accounting for 58.2% (57.1% last year). The main balance sheet items changed as follows (compared to 30 June 2024):
Funding – funding totalled €70.6bn, up by approximately €6.9bn, thanks to a broad and diversified funding strategy. In particular, there was intense primary market activity, with new issuance of €9bn (€5bn at maturity), involving, in particular, securitisation (revolving facility of Facta receivables for €800m, ABS-SRT and Covered Bonds), €1.4bn of bonds placed largely on third-party networks and a €300m Tier 2 issue. Therefore, the stock rose to €31.6bn with a borrowing rate of 3.5% and a falling average cost of new issues (from 130 bps to 83 bps). Wealth management deposits grew from €27.9bn to €30.4bn, with an external cost of 1.77%, slightly up on the average figure for the previous year (11 bps) and steady quarter-on-quarter decline (down 6 bps in the last 3 months with a peak at 1.95%) despite the strong competition which intensified after MPS’ takeover bid. This was the result of intensive sales activities, with targeted promotions and retention initiatives, in particular in MB Premier (the cost of which could rise from 1.13% to 1.43%, around 10 bps less after the peak of 1.54). Finally, interbank funding remained essentially stable at €8.5bn.

|  | 30/6/25 |  | 30/6/24 |  | Chg.
|  | (€m) |  | % |  | (€m) |  | % |  |
Debt securities (incl. ABS) |  | 31,598.5 |  | 45% |  | 27,619.2 |  | 43% |  | 14.4%
Wealth Management deposits |  | 30,371.4 |  | 43% |  | 27,898.6 |  | 44% |  | 8.9%
Interbank funding (+CD/CP) |  | 8,582.7 |  | 12% |  | 8,152.1 |  | 13% |  | 5.3%
Total funding |  | 70,552.6 |  | 100% |  | 63,669.9 |  | 100% |  | 10.8%

30 Consolidated Financial Statements as at 30 June 2025
Interest rate risk hedging activity, which is implemented for virtually all the Bank’s funding using plain vanilla swaps with qualified market counterparties, serves to transform the funding to floating rate (for bond issues and part of the modelled wealth deposits). The reduction in interest rates over the twelve months drove a decrease in the fair value of fixed-rate funding, the value of which (approximately €-595m) is perfectly offset by the valuations for the derivatives (recognised under other liabilities).
Loans and advances to customers — these totalled €54.3bn (up 3.6%) with Corporate and Investment Banking accounting for €19.4bn (up 2.3%) driven by the rebound in lending in the Large Corporate segment (focusing on the investment grade segment) which rose to €17bn (up 5.8%), offsetting Factoring (down 17.1% from €3bn to €2.4bn), affected by the crisis in the automotive sector. Consumer Finance continued to grow (up 5.6%, from €15.2bn to €16.1bn), driven by personal loans (up 7.2%, from €7.5bn to €8.1bn). Wealth Management also increased, up to €17.6bn from €16.9bn, benefiting from the increase in Premier (up 2.5%, from €12.6bn to €12.9bn) and CMB loans (up 13.1%, from €2.9bn to €3.3bn). Finally, leases dropped to €1.1bn.
Customer loans in Consumer Finance reflect 8.5% growth (from €8.4bn to €9.1bn) on higher personal loans (up 10.3%, from €3.9bn to €4.3bn) above all in the direct channel (up 8.1%, from €3bn to €3.3bn) and the recovery of the indirect channel (up 18.1%, from €877.3m to €1,035.8m) in banking networks (up 22.1%, from €511.9m to €624.8m); new business in BNPL rose to €689m (up 38.8%), while special purpose and car loans remained stable at €1.2bn and €1.4bn, respectively. Corporate and Investment Banking loans picked up sharply, particularly in the Lending and Structured Finance segments (up 62.1%, from €4.4bn to €7.2bn with an investment grade share of €6.6bn), while repayments remained stable at €6.2bn. Factoring turnover stood at €9.9bn, down 17.8%. In Wealth Management, new mortgage loans totalled €1.6bn (almost entirely fixed-rate) up 41% compared to last year against repayments of €1.3bn, more than half of which (€846.6m) were made in advance.
Management Report 31

|  | 30/6/25 |  | 30/6/24 |  | Chg.
| (€m) |  | % |  | (€m) |  | % |
Corporate & Investment Banking |  | 19,425.8 |  | 36% |  | 18,993.3 |  | 36% |  | 2.3%
Consumer Finance |  | 16,055.8 |  | 30% |  | 15,197.6 |  | 29% |  | 5.6%
Wealth Management |  | 17,604.9 |  | 32% |  | 16,853.2 |  | 32% |  | 4.5%
Holding Functions ((leasing and treasury) |  | 1,257.0 |  | 2% |  | 1,403.3 |  | 3% |  | -10.4%
Total loans and advances to customers |  | 54,343.5 |  | 100% |  | 52,447.4 |  | 100% |  | 3.6%

|  |  |  |  |  |  |  |  | (€m)
| 30/6/25 |  | 30/6/24
| Performing | NPL1 | Total |  | Performing | NPL1 | Total
| Stage 1 | Stage 2 |  | Stage 1 | Stage 2
Corporate & Investment Banking | 19,233.4 | 185.6 | 6.8 | 19,425.8 |  | 18,692.9 | 277.1 | 23.4 | 18,993.3
Consumer Finance | 14,382.9 | 1,327.9 | 345.0 | 16,055.8 |  | 13,722.1 | 1,234.0 | 241.4 | 15,197.6
Wealth Management | 16,848.3 | 652.1 | 104.5 | 17,604.9 |  | 15,978.3 | 744.9 | 130.0 | 16,853.2
Holding Functions (leasing and treasury) | 1,177.7 | 67.0 | 12.3 | 1,257.0 |  | 1,308.9 | 75.5 | 18.8 | 1,403.3
Total loans and advances to customers | 51,642.3 | 2,232.6 | 468.6 | 54,343.5 |  | 49,702.3 | 2,331.5 | 413.7 | 52,447.4
As % of total | 95.0% | 4.1% | 0.9% | 100.0% |  | 94.8% | 4.4% | 0.8% | 100.0%

|  | 30/6/25 |  | 30/6/24 |
| Gross | Net |  | Coverage ratio % |  | Gross | Net |  | Coverage ratio %
Corporate Investment Banking |  | 34.9 | 6.8 |  | 80.5% |  | 51.2 | 23.4 |  | 54.4% |
Consumer Finance |  | 895.8 | 345.0 |  | 61.5% |  | 978.0 | 241.4 |  | 75.3% |
Wealth Management |  | 187.0 | 104.5 |  | 44.1% |  | 227.7 | 130.0 |  | 42.9% |
Holding Functions (leasing and treasury) |  | 57.4 | 12.3 |  | 78.5% |  | 79.8 | 18.8 |  | 76.4% |
Total net non-performing loans |  | 1,175.1 | 468.6 |  | 60.1% |  | 1,336.7 | 413.7 |  | 69.1% |
– of which: bad loans |  | 172.0 | 35.5 |  |  |  | 359.6 | 29.6 |  |  |
As % of total loans and advances |  | 2.1% | 0.9% |  |  |  | 2.5% | 0.8% |  |  |

32 Consolidated Financial Statements as at 30 June 2025
Gross NPLs decreased from €1,336.7m to €1,175.1m (down 12%), with the NPL ratio declining to 2.1% (2.5% last year). The reduction affected all business segments: Corporate and Investment Banking recorded €34.9m (€51.2m last year), with Large corporate accounting for €6.4m. Factoring recorded €28.4m (up €2m). NLPs in Consumer Finance decreased from €978m to €895.8m as a result of the adoption of a prudent partial write-off policy for cases at the end of the recovery phase, which reduced the ratio to gross loans to 5.23% (5.93%). NPLs in Wealth Management rose to €187m with the Private division accounting for €44.7m (almost entirely attributable to CMB Monaco); Premier dropped from €155.6m to €142.3m (down 9%). The Leasing segment continued to decline, down to €57.4m (€79.8m last June). The transition to default status for positions with lower risk – mainly due to the expansion of the Consumer Finance scope – led to a reduction in coverage (60.1% v 69.1%) and an increase in net NPLs (from €413.7m to €468.6m), with a very limited impact on net loans (0.9%) and a minimal share of net bad loans (€35.5m).
Net Stage2 positions totalled €2,232.6m (4.1% of net loans), down from last year (€2,331.5m), with different trends according to the business line. Corporate and Investment Banking decreased by 33% (from €277.1m to €185.6m), with the Large Corporate segment falling to €110.8m (down 36.5%) after repayments and improvements to Stage 1; the Factoring segment totalled €74.8m and included €46.1m of positions past due by more than 30 days which, nevertheless, are in the process of being repaid. Wealth Management decreased (down 12.5%, from €744.9m to €652.1m), particularly in the mortgage segment (down 18.1%, from €671.8m to €550.3m), which benefited from updated macro scenarios and PD historical series not affected by forward-looking factors and only partly offset by the increase in CMB (up €28.6m; stock of €101.7m), which shows some late but nevertheless appropriately secured positions. On the other hand, Consumer Finance rose slightly (from €1,234m to €1,327.9m; 8.1% of net loans), reflecting the larger classification of late loans.
The selective lending policy adopted, combined with prudent provisioning, has enabled the Group to keep its coverage levels adequate for the Group's performing loans (1.13% v 1.31%) and Consumer loans (3.25% v 3.67%). The slight decrease is largely due to the reduced stock of overlays (from €221.6m to €189.7m) particularly in the Consumer segment (from €174.9m to €146.1m).
Investment holdings11 — these increased from €4.7bn to €4.9bn, €4bn of which involve the investments accounted for using the equity method, plus €687.3m in investments in funds, and €256m in equities (including equity-like instruments).
11 This item combines the investments covered by IAS 28 and the joint ventures covered by IFRS 11 (MB SpeedUp), including those measured at fair value through other comprehensive income and funds (including seed capital), to be measured at fair value through profit or loss. Equity-accounted investments have been allocated to the Insurance/Private Investing Division with the exception of HeidiPay (Consumer Finance) and MB SpeedUp (Holding
Management Report 33
The book value of Assicurazioni Generali increased from €3,698m to €3,906.8m (in line with the Company's approved balances at 31 March), after profits of €490.6m, the distribution of the dividend (€292.2m) and other increases of €10.3m. The reduced contribution to the profit and loss account compared to the previous year (€503m) is mainly attributable to certain non-recurring items and particularly favourable fair value measurements last year.
The investment in IEO (25.37%) amounted to €38.8m, that in Finanziaria Gruppo Bisazza S.r.l. (22.67%) to €5.7m and the value in MB SpeedUp to €2.4m. The investment in CLI Holdings II Limited decreased to €35.1m, after dividends received (€10.2m) and the profit for the period (€8.3m).
Holdings in funds increased from €657.3m to €687.3m, after net investments of €11.5m and increases of €18.5m; of these, approximately €399.3m involved funds managed by the Group (seed capital), including €234.9m related to Polus Capital.
Equity instruments (including equity-like financial instruments) amounted to €256m, stable during the year.
Functions).
34 Consolidated Financial Statements as at 30 June 2025

|  |  |  | (€m)
| 30/6/25 |  | 30/6/24 |
| Book value | OCI reserve | Book value | OCI reserve
Equity method investments 1 | 3,988.8 | n.a. | 3,789.1 | n.a.
Listed shares | 131.2 | 72.1 | 127.5 | 68.5
Other unlisted shares | 124.8 | 73.5 | 128.7 | 82.7
Seed capital | 399.3 | — | 376.0 | —
Private equity | 198.8 | — | 181.7 | —
Other funds | 89.2 | — | 99.6 | —
Other minor equity investments | — | n.a. | 0.1 | n.a.
Total equity holdings | 4,932.1 | 145.6 | 4,702.7 | 151.2

|  |  |  |  | (€m)
|  |  | 30/6/25 |  | 30/6/24
% ownership |  |
Assicurazioni Generali | 13.52 |  | 3,906.8 |  | 3,698.0
CLI Holdings II | 18.95 | * | 35.1 |  | 37.0
Finanziaria Gruppo Bisazza | 22.67 |  | 5.7 |  | 6.7
Istituto Europeo di Oncologia | 25.37 |  | 38.8 |  | 39.0
HeidiPay | — |  | — |  | 6.6
MB SpeedUP (JV) | 50.0 |  | 2.4 |  | 1.8
Equity Method investments |  |  | 3,988.8 |  | 3,789.1

(*) Percentage calculated based on the nominal value of the notes issued.
The Group’s investment in Assicurazioni Generali at 30 June 2025 had a market value of €6,173.2m (€30.21 per share), which is higher than its book value (€19 per share). As required by IAS 36, the impairment test carried out on the investment was passed successfully. Its value in use, which was calculated in accordance with the Group’s policy, was significantly higher than the book value.
For further details please see the Notes to the Accounts, Assets, section 7 – Equity investments.
Management Report 35
Banking book debt securities — They are stable at €11.7bn, broken down into Hold to Collect & Sell (€5.1bn), Hold to Collect (€5.5bn) and Fair Value Option (€1.1bn). During the year, the Group decided to slow down investments. Indeed, the fall in interest rates generated profits of €52.6m and the combination of narrow spreads and an inverted rate curve indicated a more prudent approach, favouring short-term investments, pending more favourable market conditions. Specifically:
—the HTC&S portfolio decreased by €1.6bn, net, reducing the renewal of the portfolio which is nearing maturity (purchases of €5.4bn compared to €6.3bn nearing maturity); fair value revaluations amounted to €86m;
—the HTC's portfolio recorded a net increase of €1.1bn after purchases of €1.8bn against repayments of €1.2bn. The stock at the end of June did not take into account unrealised gains of €82.4m (in the previous year unrealised losses amounted to €43.7m);
—the fair value option portfolio recorded a €1bn increase in bonds to cover the issuer risk related to certificates which mainly refer to investments in securities highly related to Mediobanca risk.
Government bonds account for approximately €8.1bn (76% of the total), with an average duration of 3 years (respectively €8.9bn and around 2 years). The Italian component amounted to €5.6bn, with an average duration of 2.8 years.

|  |  |  |  | (€m)
| 30/6/25 |  | 30/6/24 |
| (€m) | % |  | (€m) | % |
Hold to Collect | 5,484.5 | 47% |  | 4,550.5 | 40% |
Hold to Collect & Sell | 5,137.0 | 44% |  | 6,649.5 | 59% |
Other (Mandatorily measured at FV) | 1,049.0 | 9% |  | 140.7 | 1% |
Total banking book securities | 11,670.5 | 100% |  | 11,340.7 | 100% |

36 Consolidated Financial Statements as at 30 June 2025

| 30/6/25 |  | 30/6/24
| Book value | FVO |  | Book value | FVO
| HTC | HTC&S |  | HTC | HTC&S
Italian government bonds* | 2,867.3 | 2,739.3 | 34.5 |  | 1,985.7 | 3,394.1 | —
Foreign government bonds* | 753.0 | 1,567.6 | 150.8 |  | 1,228.8 | 2,246.5 | —
Bond issued by financial institutions | 343.8 | 574.1 | 845.8 |  | 353.1 | 706.0 | 140.7
Corporate bonds | 239.1 | 214.3 | 17.9 |  | 240.3 | 224.3 | —
Asset Backet Securities (ABS) | 1,281.3 | 41.7 | — |  | 742.6 | 78.6 | —
Total banking book securities | 5,484.5 | 5,137.0 | 1,049.0 |  | 4,550.5 | 6,649.5 | 140.7

(*) For further details on government bonds, reference should be made to Part E of the Notes to the Accounts.
The ABS portfolio grew to €1.3bn, strengthening the stable yield component through purchases of investment grade senior tranches.
Net treasury assets — these totalled €10.7bn due to the reduced use of short-term funding instruments (down by approximately €1.3bn), largely replaced by medium/long-term sources, boosting the overall liquidity position (up €4.5bn compared to last year). At 30 June, no ECB financing transactions were in place, either on a weekly or quarterly basis, and the liquidity indicators remained in line with regulatory requirements. The increase in financial instruments held for trading (up €1bn) includes significant purchases of commodities related to EU Allowances hedged through futures contracts (which set the sale price and offset fair value changes).
Management Report 37

|  | 30/6/25 |  | 30/6/24 | Chg.
| (€m) |  | (€m)
Financial assets held for trading |  | 16,885.6 |  | 15,409.5 | 9.6%
Treasury financial assets and cash |  | 12,135.9 |  | 11,102.6 | 9.3%
Financial liabilities held for trading |  | (8,987.8) |  | (9,504.7) | -5.4%
Treasury financial liabilities |  | (9,344.3) |  | (10,584.1) | -11.7%
Net treasury assets |  | 10,689.4 |  | 6,423.3 | 66.4%
|  | 30/6/25 |  | 30/6/24 | Chg.
| (€m) |  | (€m)
Equities |  | 4,374.3 |  | 3,880.7 | 12.7%
Bond securities |  | 3,592.5 |  | 3,507.7 | 2.4%
Derivative contract valuations |  | (37.9) |  | (10.7) | n.m
Certificates |  | (1,026.7) |  | (1,728.7) | -40.6%
Commodities |  | 995.6 |  | — | n.m.
Trading loans (*) |  | — |  | 255.9 | n.m.
Financial instruments held for trading | 7,897.8 |  | 5,904.9 | 33.7%
(*) The amount as at 30 June 2024 referred to a position that was closed in the first quarter of the 2024/25 financial year.
|  | 30/6/25 |  | 30/6/24 | Chg.
| (€m) |  | (€m)
Cash and current accounts |  | 1,364.1 |  | 1,232.0 | 10.7%
Cash available at BCE |  | 180.5 |  | 2,608.4 | n.m
Deposits |  | 1,247.0 |  | (3,322.0) | n.m
Net treasury |  | 2,791.6 |  | 518.4 | n.m.

38 Consolidated Financial Statements as at 30 June 2025

| 30/6/25 |  | 30/6/24
(€m) |  | (€m)
| Assets | Liabilities |  | Assets | Liabilities
Italian government bonds | 4,858.5 | (4,099.8) |  | 5,218.2 | (3,998.2)
Foreign government bonds | 2,275.5 | (903.1) |  | 1,360.4 | (734.2)
Bond issued by financial institutions | 1,116.0 | (110.7) |  | 1,400.3 | (167.8)
Corporate bonds | 105.9 | (0.4) |  | 142.6 | (1.2)
Asset Backet Securities (ABS) | 350.6 | — |  | 287.6 | —
Equities | 5,443.8 | (73.9) |  | 3,930.0 | (49.3)
Total securities | 14,150.3 | (5,187.9) |  | 12,339.1 | (4,950.7)
| 30/6/25 |  | 30/6/24
(€m) |  | (€m)
| Assets | Liabilities |  | Assets | Liabilities
Interest rate swaps | 234.1 | (279.6) |  | 572.3 | (658.4)
Foreign exchange | 308.2 | (163.9) |  | 309.0 | (263.3)
Interest rate options/futures | 15.4 | (64.9) |  | 12.1 | (47.4)
Equity swaps e options | 1,965.8 | (2,034.0) |  | 1,784.4 | (1,787.1)
Credit derivatives (others) | 192.1 | (211.1) |  | 287.6 | (220.0)
Derivative contract valuations | 2,715.6 | (2,753.5) |  | 2,965.5 | (2,976.2)
| 30/6/25 |  | 30/6/24
(€m) |  | (€m)
| Assets | Liabilities |  | Assets | Liabilities
Securities lending/repos deposits | 8,536.3 | (7,442.8) |  | 5,187.0 | (9,055.2)
Stock lending deposits | 96.7 | (1,613.0) |  | 188.0 | (636.8)
Other deposits | 2,360.0 | (690.2) |  | 2,405.2 | (1,410.2)
Deposits | 10,993.0 | (9,746.0) |  | 7,780.2 | (11,102.2)

Management Report 39
Tangible and intangible assets – these totalled €1.7bn and reflect the start-up of the real estate initiative in the Principality of Monaco, which involved the purchase of a property adjacent to the one owned (both investments were reclassified to investment property). Furthermore, the goodwill related to HeidiPay was recognised after its acquisition by Compass Banca. Specifically:
—tangible assets increased by €87.9m (from €549.6m to €637.5m); in addition to the Monegasque property, which led to an increase in investment property of €74.4m (of which €52.5m for purchased land and €21.9m to the building under construction), purchases of furniture and equipment amounted to €12.4m, capitalised improvements to €15.8m and leases under IFRS 16 (largely attributable to leases) to €71.3m. Depreciation amounted to €78.6m, of which €56.2m pursuant to IFRS 16 and €22.4m to buildings and other assets;
—intangible assets increased from €1,045.4m to €1,087.7m, mainly as a result of Compass Banca's purchase of HeidiPay AG (already 20% owned). This led to the recognition of initial goodwill of €32.6m, discounting the write-down of Heylight (€4.4m) related to the cancellation of the earn-out mechanism under the new agreements. Purchases of new software amounted to €42.1m, largely offset by the amortisation for the period (€28.8m).
40 Consolidated Financial Statements as at 30 June 2025

|  | 30/6/25 |  | 30/6/24 |  |  | Chg.
| (€m) |  | % |  | (€m) |  | % |  |  |
Land and properties |  | 560.5 |  | 32% |  | 456.0 |  | 29% |  |  | 22.9%
- of which: core |  | 169.3 |  | 10% |  | 169.5 |  | 11% |  |  | -0.1%
buildings RoU ex IFRS16 |  | 257.4 |  | 15% |  | 229.7 |  | 14% |  |  | 12.1%
Other tangible assets |  | 76.9 |  | 4% |  | 93.6 |  | 6% |  |  | -17.8%
- of which: RoU ex IFRS16 |  | 15.4 |  | 1% |  | 15.6 |  | 1% |  |  | -1.3%
Goodwill |  | 856.8 |  | 50% |  | 827.3 |  | 52% |  |  | 3.6%
Other intangible assets |  | 230.9 |  | 14% |  | 218.1 |  | 13% |  |  | 5.9%
Total tangible and intangible assets | 1,725.1 |  | 100% |  | 1,595.0 |  | 100% |  |  | 8.2%

|  |  | (€m)
Transaction | 30/6/25 |  | 30/6/24
Polus Capital | 57.1 |  | 57.7
MB Private Banking | 52.1 |  | 52.1
Messier et Associés | 93.2 |  | 93.2
Arma Partners | 244.2 |  | 246.9
Consumer* | 410.2 |  | 377.4
Total Goodwill | 856.8 |  | 827.3

* Preliminary goodwill subject to PPA process within 12 months.
Reference should be made to the Notes to the Accounts, Assets, section 10, for further details on the Purchase Price Allocation process and the valuations of the tangible and intangible assets tested for impairment as required and provided for by IAS 36 and by the Group Impairment Policy.
Provisions for liabilities – These amounted to €133.5m (€158.1 m), recording a decrease in all their components: “commitments and guarantees” (from €21.4m to €19.8m), “provision for statutory end-of-service payments” (from €20.4m to €19.1m) and “provisions for risks and charges” (from €116.3m to €94.6m).
“Provisions for risks and charges” decreased mainly as a consequence of the releases carried out following the positive outcome of a dispute underway with the tax authorities (€8m), the use of the provision for early retirement (€12.3m) and the uses for disputes with customers (€10.3m). In contrast, total provisions for the period amounted to €27.1m.
Management Report 41
The residual balance refers to tax disputes (€30.3m, related to the Parent Company), indemnities (€15.5m, related to WM), claims (€11.8m, related to the Consumer segment, for €7.5m), personnel provisions (€4.2m) and other risks (€32.8m).
The year-end stock breaks down as follows: Mediobanca €46.1m (€51.8m), Mediobanca Premier €27.8m (€30.9m), Compass €9.9m (€19.9m), Selma €7.1m (€7.3m), MB FACTA €1m (€1m), CMB Monaco €0.7m (€2.6m) and other companies €2m (€2.7m).
For further details, reference is made to section 10 of the Notes to the Accounts.

|  | 30/6/25 |  | 30/6/24 |  |  | Chg.
| (€m) |  | % |  | (€m) |  | % |  |
Commitments and financial guarantees given |  | 19.8 |  | 15% |  | 21.4 |  | 14% |  |  | -7.5%
Provision for statutory end-of-service payments |  | 94.6 |  | 71% |  | 116.3 |  | 74% |  |  | -18.7%
of which: discounted provision for statutory end-of-service payments |  | 19.1 |  | 14% |  | 20.4 |  | 12% |  |  | -6.4%
Provision for statutory end-of-service payments |  | (0.2) |  | n.m. |  | (0.6) |  | n.m. |  |  | n.m
Total provision |  | 133.5 |  | 100% |  | 158.1 |  | 100% |  |  | -15.6%

Net equity – net equity is unchanged at €11.2bn: the profit for the year (€1,330.1m) was indeed absorbed by dividend payments (2024: €463m; 2025 interim dividend: €454.8m) and by the increase in the buy-back reserves after the purchases made during the year (22m shares bought back for €342m); the increase of approximately €30m relates to the difference between the consideration paid to buy back 40% of Selma and the balance of third-party reserves.
42 Consolidated Financial Statements as at 30 June 2025

|  |  |  |  | (€m)
| 30/6/25 |  | 30/6/24 |  | Chg.
Share capital | 444.7 |  | 444.5 |  | n.m.
Other reserves | 10,081.8 |  | 9,929.0 |  | 1.5%
- of which: buy-back reserve | (369.6) |  | (68.8) |  | n.m.
Interim dividend | (454.8) |  | (421.2) |  | 8.0%
Valuation reserves | (215.5) |  | (68.6) |  | n.m.
- of which: Other Comprehensive Income | 163.5 |  | 116.5 |  | 40.3%
cash flow hedge | (65.9) |  | 113.7 |  | n.m.
equity investments | (293.0) |  | (274.4) |  | 6.8%
Profit for the period | 1,330.1 |  | 1,273.4 |  | 4.5%
Total Group net equity | 11,186.3 |  | 11,157.1 |  | 0.3%

The valuation reserves worsened from €-68.6m to €-215.5m, reflecting the effects of the decrease in interest rates on the valuation of securities and derivatives. In particular, the hedging reserve (linked to floating-rate liabilities transformed into fixed-rate liabilities) is negative by €65.9m due to the significant fall in Euribor rates during the year (last June it was positive by €113.7m). On the other hand, the reserve for financial assets recognised at FVOCI increased from €116.5m to €163.5m due to the improvement in the fair value of the instruments in the portfolio, especially bonds, which benefited from a sharp drop in credit spreads (government bond reserve positive at €47.7m).

|  |  |  |  | (€m)
| 30/6/25 |  | 30/6/24 |  | Chg.
Equity shares | 145.6 |  | 151.2 |  | -3.7%
Bonds | 66.8 |  | (9.2) |  | n.m.
of which: Italian government bonds | 47.7 |  | (16.6) |  | n.m.
Tax effect | (48.9) |  | (25.5) |  | n.m.
Total OCI reserve | 163.5 |  | 116.5 |  | 40.3%

Management Report 43
Profit and loss account
Net interest income — net interest income totalled €1,971.5m and is unchanged from the previous year and stable on a quarterly basis (€495.5m v €497.1m). Over the last 12 months, lending volumes began to increase again (up €1.9bn), offsetting the drop in yields (ROA down 63 bps to 5.96%), due to the fall in market rates (3M Euribor: down 116 bps), however strongly mitigated by the resilience of the Consumer segment and the benefit from the turnaround of the banking book securities portfolio. On the other hand, the negative funding rate stood at 3% (down 47 bps over 12 months). Its decrease was offset by the volume growth strategy and strong competition in wealth management. Specifically, the net interest income of the Consumer segment remained the leading contributor with €1,134.4m (up 8.7%), driven by new loans which hit an all-time high (€9.1bn over 12 months), and ROA slightly down (down 26 bps), but still high (9.63%). The net interest income of Wealth Management amounted to €404.7m (down 4.8%), suffering from the lower contribution from Lombard loans, which are more sensitive to interest rates, and from Premier loans, where the strong competition on mortgages continues to squeeze spreads (ROA: 3.68%; down 100 bps over 12 months). The net interest income of the Corporate & Investment Banking (CIB) division increased to €328.6m due to the greater contribution from Markets (up €28m), which offset the performance for the Lending division (down 4.1%, affected by disbursements which are increasingly geared towards investment grade counterparties) and proprietary trading (€4.3m v €11.9m). Net treasury income reduces the contribution to €44.7m (down €102.2m YoY), fully offsetting the narrowing of the Group's lending/borrowing spread, also exacerbated by the policy governing the internal transfer rate (FTP) aimed at supporting the growth of lending on the one hand, without worsening the cost of wealth management funding, which, on the other hand, is more resilient than market rate trends.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg.
Consumer Finance |  | 1,134.4 |  | 1,043.9 |  | 8.7%
Wealth Management |  | 404.7 |  | 425.0 |  | -4.8%
Corporate and Investment Banking |  | 328.6 |  | 307.0 |  | 7.0%
Holding Functions and other (including IC) |  | 103.8 |  | 208.9 |  | -50.3%
Net interest income |  | 1,971.5 |  | 1,984.8 |  | -0.7%

44 Consolidated Financial Statements as at 30 June 2025
Net treasury income — net treasury income grew to €178.1m (up 3.4%) with increasing contributions from Markets (€83.9m; +15%), from Proprietary Trading (from €19.4m to €42m) and Principal Investing (from €26.6m to €30.9m) compared to the decline recorded by the Holding Functions (from €39.2m to €9.2m). Specifically, the performance of the Markets division was driven by the recovery of the Equity segment (from €46.7m to €93.5m) in the management of risks (volatility) in customer portfolios (certificates issued), as well as by the full operation of the BTP specialist team (12-month contribution of €9.4m) and the new operations in EU Allowance arbitrages (€10.8m). In contrast, the other fixed income positions benefited more from the net interest income component (particularly on securities held for correlation hedging purposes). The above-mentioned reduction in Holding Functions is due to tighter credit spreads (10-year BTP spread down from 161 to 91 bps) as these are proxy hedges. Therefore, the performance of ALM portfolios fell from €36.2m to €8.3m, while other assets (securities lending, gains on securities in the banking book and management of interest rate certificates) reduced their net contribution from €3m to €0.9m.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg.
Corporate Investment Banking |  | 126.6 |  | 95.0 |  | 33.3%
of which: market division |  | 83.9 |  | 72.8 |  | 15.2%
Principal Investing |  | 30.9 |  | 26.6 |  | n.m
Holding Functions |  | 9.2 |  | 39.2 |  | -76.5%
Other (including Intercompany) |  | 11.4 |  | 11.4 |  | 0.0%
Net treasury income |  | 178.1 |  | 172.2 |  | 3.4%

Net fee and commission income — this item, which amounted to €1,072.4m (up 14.2%), reflects the rise in Wealth Management (€555.3m, up 13.5%) and Corporate and Investment Banking (€432.6m, up 20%, of which €160m related to Arma). The recurring fees generated by Franchise Wealth Management12 grew to €547.2m (up 11.9%) with management fees of €325.1m, up 14% and ROA at 83 bps, and up-front placements at €118.6m (up 22.8%) which continue to rise quarter-on-quarter (from €20m in Q1 to over €35m in Q4). Performance fees amounted to €21.9m (€16m last year) and fee and commission expenses grew 12.6% to €83.5m. CIB trading rose to €432.6m (up 20%) with the Investment Banking contribution amounting to €313.8m driven by Arma's business. This contributed to increase the share from non-domestic customers (€197.9m v
12 Recurring fees Franchising WM: these refer to management fees including the portion of product factories, banking fees, upfront fees and distribution advisory (MB Premier, CMB and MBPB)
Management Report 45
€142.4m). Corporate debt increased to €94.7m (up 9.1%) with good flows from DCM (€28.8m; up 21%), while Specialty Finance remained stable at €32.6m. Finally, the Consumer segment rose to €143.2m, with the share pertaining to Heylight’s Buy Now Pay Later amounting to €21.7m (up 11.2%). This offset the higher amounts returned to third-party networks (from €15.9m to €26.8m) due to higher disbursements, especially in the second half of the year.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg.
Wealth Management |  | 555.3 |  | 489.4 |  | 13.5%
Corporate & Investment Banking |  | 432.6 |  | 360.6 |  | 20.0%
Consumer Finance |  | 143.2 |  | 145.1 |  | -1.3%
Holding Functions and other (including intercompany) |  | (58.7) |  | (55.7) |  | 5.4%
Net fee and commission income |  | 1,072.4 |  | 939.4 |  | 14.2%

Valuations of insurance and other equity-accounted investments – stood at €496.8m, slightly below the previous year (€510.4m), mainly due to the lower contribution of Assicurazioni Generali (€490.6m versus €503m). All the Company’s business areas delivered operating profit growth, including the non-life segment despite a higher incidence of catastrophic events. The slight decline in net profit was attributable to certain non-recurring factors recognised in the previous period at non-operating level, such as gains on disposals (Generali D. Pensionskasse and TUA Assicurazioni) and particularly favourable fair value valuations of funds. Other investments contributed €6.2m, in particular the former CLI share.
46 Consolidated Financial Statements as at 30 June 2025
Operating costs — these amounted to €1,609.8m (up €4.4m or 8.9% YoY) and reflect the increase in the headcount (FTEs: up 1.7% to 5,533) in all operating divisions: CIB (up 31, particularly for international development purposes), WM (up 21, largely in Premier) and CF (up 37, of whom about half related to an acquisition in BNPL towards the end of the year). The cost/income ratio remained stable at 43%. Specifically:
—labour costs rose to €855.8m (up 6.4%; up 8.2% q/q) with the fixed component (up 6%) reflecting, particularly in retail, the full implementation of the renewal of the national labour contract (approximately €18m), plus increases in resources and seniority. The variable component increased by 12%, in line with the results of CIB and Wealth Management (increasingly focused on capital light). CIB grew to €239.6m (up 11.4%) with an expansion of its scope of operations (up €19m, including the opening of the Frankfurt branch and Arma Partners being fully consolidated). Wealth Management rose to €338.4m (up 4.1%) with commercial expansion (95 new sales members, of whom 78 consultants and 17 bankers). The Consumer segment contributed €127.9m (up 6.1%; 1,600 employees) and Holding Functions €145.1m (up 3.9%);
—administrative expenses increased by 2.2% (from €737.7m to €754m) due to the technology upgrade (projects up 2.2% to €69m) related to business innovation and IT resilience. The growth in operation costs (up 4.4%) reflects the rise in info-provider fees (up 8.6%), the increased volumes managed and the higher cost of the infrastructure of head offices and branches. Technology costs rose from €258.7m to €271m, with an increase in both the ordinary component (up 5.3% to €202.3m) and projects (3.2% after the 7% increase in the first half of the year), which related to common regulatory measures (DORA, ESG, etc.) and division-specific activities (launch of Customer Management Accounts - CMA upgrade of CRM Private and CIB, change of the core banking system in Monaco). With respect to divisions: Wealth Management contributed €302.3m (up 4.8%); Consumer Finance €266.8m (up 7.2%); Corporate and Investment Banking €170.8m (up 3.6%); Holding Functions €33.1m.
Management Report 47

|  |  |  | (€m)
| 12 mths ended 30/6/25 | 12 mths ended 30/6/24 |  | Chg.
Labour costs | 855.8 | 804.5 |  | 6.4%
of which: directors | 7.9 | 9.6 |  | -17.7%
stock option and performance share schemes | 11.2 | 11.6 |  | -3.4%
Sundry operating costs and expenses | 754.0 | 737.7 |  | 2.2%
of which: depreciations and amortizations | 107.4 | 102.9 |  | 4.4%
administrative expenses | 646.6 | 634.8 |  | 1.9%
Operating costs | 1,609.8 | 1,542.2 |  | 4.4%
|  |  |  | (€m)
| 12 mths ended 30/6/25 | 12 mths ended 30/6/24 |  | Chg.
Legal, tax and professional services | 20.6 | 20.0 |  | 3.0%
Other consultancy expenses | 34.8 | 45.4 |  | -23.3%
Credit recovery activities | 42.5 | 43.7 |  | -2.7%
Marketing and communication | 52.4 | 55.4 |  | -5.4%
Rent and property maintenance | 22.1 | 24.0 |  | -7.9%
EDP | 203.1 | 180.4 |  | 12.6%
Financial information subscriptions | 64.6 | 59.5 |  | 8.6%
Bank services, collection and payment commissions | 33.2 | 31.8 |  | 4.4%
Operating expenses | 62.0 | 66.9 |  | -7.3%
Other labour costs | 20.0 | 18.6 |  | 7.5%
Other costs (including charity exp.) | 53.3 | 52.2 |  | 2.1%
Direct and indirect taxes | 38.0 | 36.9 |  | 3.0%
Total administrative expenses | 646.6 | 634.8 |  | 1.9%

Loan loss provisions — these decreased to €233.3m (down 7.5%) with the cost of risk (CoR) down to 44 bps. The asset quality indicators remain adequate despite the slight deterioration recorded in Consumer Finance, which has now returned to pre-pandemic levels, with upward adjustments from €249.7m to €269.7m, reflecting higher loans, focused, inter alia, on direct loans (which are more profitable, but are exposed to more adjustments since the origination stage). The segment's CoR stood at 173 bps, 5 bps up on last year's figure, and supported by the use of overlays of €28.8m (195 bps excluding this effect). On the other hand, the other portfolios recorded net write-backs totalling €36.4m, without affecting the stock of overlays. Specifically, CIB recorded write-backs of €8.7m, boosted by fund releases of €11m following the application of the new PD to IFRS 9 Large Corporate models. Wealth Management posted write-backs of €21m, including €14.4m from the release of provisions after updating the historical series of
48 Consolidated Financial Statements as at 30 June 2025
unconditional PD and €3.5m from the updating of macro scenarios. Leases recorded write-backs of €6.2m in connection with lower disbursements and a significant improvement in impaired items (gross balance €57.4m).

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg.
Corporate & Investment Banking |  | (8.7) |  | (10.6) |  | -17.9%
Consumer Finance |  | 269.7 |  | 249.7 |  | 8.0%
Wealth Management |  | (21.0) |  | 7.4 |  | n.m.
Holding Functions (leasing and treasury) |  | (6.7) |  | 5.6 |  | n.m.
Loan loss provisions |  | 233.3 |  | 252.1 |  | -7.5%
Cost of risk (bps) |  | 44 |  | 48 |  |

Provisions for other financial assets13 – they show a €20.3m positive contribution to the profit and loss account, of which €17.2m related to the fair value adjustment of investment funds and €3.1m to the IFRS 9 funds to protect securities in the banking book after updating ratings and the macroeconomic scenario.

|  |  |  |  | (€m)
| 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg.
Hold-to-Collect securities | 0.4 |  | (1.4) |  | n.m.
Hold-to-Collect & Sell securities | 2.4 |  | (2.0) |  | n.m.
Financial assets mandatorily FVTPL | 17.2 |  | 17.3 |  | -0.6%
Provisions for other financial assets | 20.0 |  | 13.9 |  | n.m.

Other gains/(losses) – other gains amounted to €43.7m (losses of €90.2m), of which €19.5m related to the adjustment to current values (including the discounting effect) of the contingent consideration on minority interests and partnerships (of which €15.4m related to Arma and, in particular, the adjustment of the deferred price share recognised in 2025 with respect to the amount originally estimated at the time of acquisition); €10.7m relates to invoices paid to consultants who assisted the Bank in connection with the MPS and Banca Generali takeover bid; €10.3m relates to advance brokerage and hedging costs arising from the early termination of mortgages; €3.2m relates to direct and legal fees for disputes with
13 Under IFRS 9, the impairment process applies to all financial assets (securities, repos, deposits and current accounts) recognised at cost (Hold to Collect model) and to all bonds recognised at fair value through other comprehensive income (the Hold to Collect and Sell model).
Management Report 49
customers, counterparties and personnel as well as extraordinary expenses pertaining to the WM segment, however offset by the considerable release of tax provisions following the successful outcome of a tax dispute for the Parent Company.
Income taxes – they totalled €444.4m (last year: €436.7m), equivalent to a tax rate of 24% (25.2%). The Mediobanca Group has been admitted to the co-operative compliance programme designed by the Italian revenue authority under Legislative Decree no. No. 128/2015, which, during the year, set the materiality threshold applicable to the interpretative risks of tax regulations. This is a necessary step in order to implement the disclosure and transparency requirements provided for by said regime in order to reach a common assessment of significant tax risks. At the same time, Compass Banca and Mediobanca Premier filed an application for admission to the programme, which was, however, slowed down pending the new regulatory framework envisaged by Ministerial Decree 6/12/2024.
50 Consolidated Financial Statements as at 30 June 2025
Profit-and-loss figures/balance-sheet data by division
WEALTH MANAGEMENT
This division brings together all asset administration and management services offered to the following customer segments:
—Private Banking (Mediobanca Private Banking and CMB Monaco);
—Mediobanca Premier, formerly CheBanca!;
—Asset Management division, primarily captive business (Mediobanca SGR, Polus Capital, RAM Active Investments, Mediobanca Management Company).
This division also includes the results of the fiduciary business carried on by Spafid S.p.A. and Spafid Trust S.p.A..

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg. (%)
Profit-and-loss |  |  |  |  |  |
Net interest income |  | 404.7 |  | 425.0 |  | -4.8
Net trading income |  | 12.5 |  | 9.2 |  | 35.9
Net fee and commission income |  | 555.3 |  | 489.4 |  | 13.5
Total income |  | 972.5 |  | 923.6 |  | 5.3
Labour costs |  | (338.4) |  | (325.1) |  | 4.1
Administrative expenses |  | (302.3) |  | (288.4) |  | 4.8
Operating costs |  | (640.7) |  | (613.5) |  | 4.4
Loan loss provisions |  | 21.0 |  | (7.4) |  | n.m.
Provisions for other financial assets |  | 0.2 |  | 1.4 |  | -85.7
Other income (losses) |  | (15.8) |  | (3.7) |  | n.m.
Profit before tax |  | 337.2 |  | 300.4 |  | 12.3
Income tax for the period |  | (103.6) |  | (91.0) |  | 13.8
Minority interest |  | (2.1) |  | (0.9) |  | n.m.
Net profit |  | 231.5 |  | 208.5 |  | 11.0
Cost/Income (%) |  | 65.9 |  | 66.4 |  |

Management Report 51

|  |  | (€m)
| 30/6/25 |  | 30/6/24
Balance-sheet data |  |  |
Loans and advances to customers | 17,604.9 |  | 16,853.2
of which: |  |  |
MB Premier | 12,880.3 |  | 12,568.0
Private Banking | 4,724.6 |  | 4,285.2
New loans | 1,550.6 |  | 1,100.6
Risk-weighted assets | 6,880.5 |  | 6,051.5
RORWA | 3.8% |  | 3.6%
No. of staff | 2,280 |  | 2,259

Net profit rose to €231.5m (up 11%) after revenue of €972.5m (up 5.3%) and the C/I ratio down slightly to 65.9%. Commission growth remained robust (up 13.5%) with management fees balanced (approximately 70% of the total) and a good margin (ROA: 83 bps). RORWA increased to 3.8%. Contributing to the division's net profit were: Mediobanca Premier with €110.5m (up 24%), Mediobanca Private Banking with €51.8m (up 15.1%), CMB with €58m (down 12%) and the product factories for approximately €13m (up €13.4%).
In 2024/25, the Wealth Management Division operated in a market environment characterised by conflicting forces. In the first half (second half of 2024), the global economy outperformed expectations, driven by the US, where inflation fell and the labour market stabilised. In many countries, inflation was close to target and overall growth, at just over 3%, was in line with the previous year. Unemployment rates remained below pre-pandemic levels. The financial markets reflected this positive scenario: equities benefited from solid growth prospects and expectations of deregulation, while credit spreads remained tight. In 2025, two events marked a change of pace: the change of the US president and the appointment of Friedrich Merz as Chancellor of Germany. These developments triggered a double repricing of assets. In the first quarter, the rapid implementation of the Trump’s agenda - focused on tariffs and reforms - and the disappointing US macro data increased risk aversion, with a negative effect on US equities and the promotion safe haven assets, such as gold and Treasuries. In contrast, Europe attracted capital thanks to rising profits and the announcement of an unexpected fiscal stimulus in Germany. In the second quarter, the postponement of tariffs and the resilience of the global cycle led to a rebound in equity markets and a normalisation of volatility, which also had a positive effect on
52 Consolidated Financial Statements as at 30 June 2025
bonds. With respect to currencies, the US dollar continued to depreciate against the euro.
The well-known events that involved Mediobanca had a major impact on the division in terms of bankers’ resignations (particularly in the private segment) and in the slowdown of the extremely active recruiting process in Premier after the rebranding from CheBanca!. How the situation will develop as a result of Mediobanca becoming part of the Banca MPS group following the public exchange offer remains to be seen.14
The Private segment maintained its focus on the Asset Management offer, a service which, during the year, also included Customised Managed Accounts operations - asset management that allows high customisation through the use of technology - and the placement of certificates and Private Markets investment solutions. In the latter area, the offering was expanded by launching fundraising for evergreen private credit funds in partnership with international firms, namely Blackstone European Private Credit (ECRED), Morgan Stanley European Private Income Fund (EPIF), and Apollo European Private Credit (AEPC), which complement the existing private equity strategies (total fundraising exceeded €260m, of which around €200m in the second half of the year). During the year, the first two investments were launched under the Mediobanca UBS Global Real Estate Co-Investment Opportunities programme, co-investments in international real estate (totalling around €61m) against a soft commitment of €480m.
With regard to Club Deals targeting high-potential Italian SMEs, following the completion of the soft commitment fundraising for the second edition of the TEC 2 programme, the first three investments were made for a total amount of approximately €250m (of which €160m during the year) against a total committed amount of €900m.
The implementation of the Private & Investment Banking model continued. This model considers the liquidity events generated by Investment Banking as one of the most important factors in the growth of assets under management and relies, in particular, on synergies with the CIB division. Around €1.2bn was generated over 12 months through liquidity events, of which around €600m in cross-selling with the CIB division.
As for the Premier segment, the number of Premier and Private customers (portfolio over €500 thousand) is progressively increasing, offering more opportunities to leverage the Group's integrated offer with more recourse to the skills of the Group's
14 At the Offer Closing date on 8 September 2025, MPS had obtained 62.3% of the share capital of Mediobanca.
Management Report 53
product factories and to Corporate and Investment Banking services. The placement of delegated funds managed by the Mediobanca SGR in partnership with leading international asset managers continued: during the year, new strategies were added to the funds already in the catalogue (Mediobanca Schroders Diversified Income Bond, Mediobanca Candriam Global High Yield, Mediobanca AB American Growth Portfolio and Mediobanca DWS Concept K), achieving total net inflows of nearly €500m, of which €225m in the second half. Asset management amounted to €635m AUM, with total net inflows of approximately €250m in the 12 months. Since the beginning of the year, security placements amounted to approximately €1.3bn, of which €540m in BTPs (compared with maturities of €1.5bn), €250m in Group bonds and €240m in certificates.
As for Asset Management Alternative, Polus reached €10.3bn in assets under management, up €1.7bn over the 12-month period. During the year, the first two US CLOs were launched (for a total of around $800m), and European CLOs have continued to grow with two new launches for a total of €850m, partially offset by amortisation/depreciation and maturing positions. Currently, two additional CLOs are in the warehouse phase (US CLO III and CLO XX). In addition, at the end of June, an equity tranche of €425m was placed on the market to serve the issue of further CLOs. It is, to date, one of the largest fundraising for an equity CLO in Europe. As for distressed assets, in September 2024, Polus entered into a strategic partnership with one of the leading sovereign wealth funds, which committed to invest in multiple Special Situation strategies. The strong interest in Master Fund, which reached assets of $1.6bn, continued. At the same time, the Special Situations fund continued to invest, reaching almost $480m on over $600m of committed capital.
RAM AI increased total assets under management to around €1.8bn (net inflows over the 12 months of more than €130m), with inflows into top-performing funds: Emerging Markets Equities (up 15.73% since the beginning of 2025 and NNM of approximately €150m over 12 months) and RAM Mediobanca Strata Credit UCITS (up 2.89% since the beginning of 2025 and NNM of around €60m), ranking in the first decile of the Morningstar Peer Group over 1 year, 3 years and 5 years. Furthermore, the European Market Neutral fund (up 8.44% since the beginning of 2025) ranks in the second decile of the Morningstar Peer Group over 1 year, 3 years and 5 years and won the Best Market Neutral Equity Alternative Fund award at the Mondo Alternative's 2025 Awards.
Overall, the distribution structure consists of 1,394 professionals, 1,246 of whom in Premier banking, split between bankers (553) and FAs (693), working out of 97 branches and 114 offices. During the year, net new hires numbered 95 (78 FAs and
54 Consolidated Financial Statements as at 30 June 2025
17 bankers). Private banking has 148 bankers with 15 outgoing since the MPS takeover bid (for €1.5bn). The programme for developing young talent in-house continued.

| 30/6/25 |  | 30/6/24 |  | Chg (%)
Commercial data |  |  |  |  |
Relationship managers | 553 |  | 536 |  | 3.2%
Financial advisors | 693 |  | 615 |  | 12.7%
No. of branches/agencies MB Premier | 211 |  | 209 |  | 1.0%
Private Banker | 148 |  | 155 |  | -4.5%

Management Report 55
* * *
Customer assets under management (TFA) amounted to €112.1bn (€99.4bn last June), up 12.8% compared to 12 months ago and equal to €12.7bn after taking into account the market effect of €1.7bn due to the balance between AUM and AUA. Specifically, the qualifying component (AUM) rose to €50.5bn (up 16.6%) driven by MB Premier (€18.5bn, up 21.7%). AUA totalled €31.3bn (up 10.7%) thanks, in particular, to CMB and MB Premier (up €1.3bn each). Deposits totalled €30.4bn (up 8.9% YoY). Private contributed €49.2bn to TFA (up 9.6%), of which €37.2bn in AUM/AUA (up 10%) and €11.9bn in deposits (up 8.3%). Premier totalled €47.9bn in TFA (up 14.7%), of which €29.5bn in AUM/AUA (up 18.3%) and €18.4 in deposits (up 9.3%). Asset Management remained in line with March levels (€32.3bn), up 14.4%, of which €17.3bn was placed within the Group.
Net New Money for the year amounted to €11bn (€8.3bn last year), with the second half – despite the turbulence caused by the announced takeover bid – reaching €6.2bn (of which €5.3bn from Private and Premier customers). The strong growth of the AUM component was confirmed (€6.5bn, of which €3.3bn in the half-year). Distribution accounted for €8.8bn in inflows (€7.5bn last year), with a mix favouring AUM (€4.3bn v €1.2bn last year) over AUA (€2bn v €6.6bn), and an in-house product share of 43%. Deposit inflows were also positive (€2.5bn, of which €2.2bn in the last quarter).
56 Consolidated Financial Statements as at 30 June 2025

Net TFAs | 30/6/2025 | 31/12/2024 | 30/6/2024 | June 25 / June 24 | June 25 / Dec 24 |  |  |
Private Banking | 49,170 | 47,167 | 44,867 | 9.6% | 4.2% |  |  |
Premier Banking | 47,953 | 44,826 | 41,820 | 14.7% | 7.0% |  |  |
Asset Management | 32,299 | 31,686 | 28,239 | 14.4% | 1.9% |  |  |
Intercompany | (17,280) | (16,854) | (15,495) | 11.5% | 2.5% |  |  |
Wealth Management | 112,141 | 106,824 | 99,431 | 12.8% | 5.0% |  |  |
|  |  |  | Chg % |  |  |
Deposits | 30/6/2025 | 31/12/2024 | 30/6/2024 | June 25 / June 24 | June 25 / Dec 24 |  |  |
Private Banking | 11,945 | 10,324 | 11,026 | 8.3% | 15.7% |  |  |
Premier Banking | 18,458 | 17,904 | 16,888 | 9.3% | 3.1% |  |  |
Asset Management | — | — | — | n.m. | n.m. |  |  |
Wealth Management | 30,403 | 28,228 | 27,915 | 8.9% | 7.7% |  |  |
|  |  |  | Chg % |  |  |
AUM/AUA | 30/6/2025 | 31/12/2024 | 30/6/2024 | June 25 / June 24 | June 25 / Dec 24 |  |  |
Private Banking | 37,225 | 36,843 | 33,841 | 10.–% | 1.–% |  |  |
Premier Banking | 29,495 | 26,922 | 24,932 | 18.3% | 9.6% |  |  |
Asset Management | 32,299 | 31,686 | 28,239 | 14.4% | 1.9% |  |  |
Intercompany | (17,280) | (16,854) | (15,495) | 11.5% | 2.5% |  |  |
Wealth Management | 81,738 | 78,596 | 71,517 | 14.3% | 4.–% |  |  |
| 2023-2024 | 2024-2025
Net New Money | IQ | IIQ | IIIQ | IVQ | IQ | IIQ | IIIQ | IVQ
Private Banking | 624 | 1,649 | 299 | 1,893 | 946 | 277 | 202 | 2,118
Premier Banking | 163 | 955 | 679 | 1,261 | 1,069 | 1,149 | 1,517 | 1,480
Asset Management | 395 | (82) | 371 | 145 | 553 | 825 | 624 | 239
Wealth Management | 1,182 | 2,522 | 1,349 | 3,299 | 2,568 | 2,251 | 2,344 | 3,837

Loans totalled €17.6bn, up 4.5% from last year (€16.9bn), with the Premier segment increasing (up 2.5%, from €12.6bn to €12.9bn), driven by a recovery in disbursements (€1.6bn, almost entirely at a fixed rate), offsetting total repayments of €1.3bn. Loans in the Private segment also increased (up 10.3%, from €4.3bn to €4.7bn), almost entirely attributable to CMB Monaco (up 13.1%, from €2.9bn to €3.3bn), with new disbursements of €1.5bn (€1.1bn relating to Lombard) particularly in Q4.
Management Report 57
Gross NPLs totalled €187m (€227.7m last year), accounting for 1.1% of total loans, of which €142.3m in Premier mortgage loans and the remainder almost entirely attributable to the Monaco subsidiary. The coverage ratio was 44.1% (65.7% for bad debts), and involves a net loan stock of €104.5m (0.6% of net loans), €61.6m of which related to Mediobanca Premier mortgage loans (with the net bad debts totalling €23.1m), and €42.9m of which attributable to CMB Monaco. Net loans classified as Stage 2 decreased from €744.9m to €652.1m and accounted for approximately 3.7% of the loan stock. Of these, about 84% consist of mortgages, the Private Banking component increasing despite some delays in the repayment of largely guaranteed positions.
The write-backs of the year amounted to €21m (adjustments of €7.4m last year) following the release of provisions of €17.9m, of which €14.4m after updating the historical series of unconditioned PD and €3.5m related to the updating of macro scenarios). The stock of overlays remained adequate at €10.7m (€12m last year).
* * *
58 Consolidated Financial Statements as at 30 June 2025
Revenue increased from €923.6m to €972.5m (up 5.3%). Specifically:
—net interest income amounted to €404.7m, down 4.8% YoY, with a stable quarterly contribution of approximately €100m. The decline in loan profitability continued (ROA down from 4.68% to 3.68%), only partially offset by the increase in volumes (average balance: +1.7%). The fall in interest rates affected in particular CMB (down 18.1%) given the reduction in assets following the extraordinary dividend distribution to the Parent Company (€320m). The Premier segment remained stable at €274.2m (0.1%), offsetting the decline in mortgage profitability (down €21.6m) with an increase in deposits transferred to the Group's centralised treasury, which generated an annual contribution of €23.6m;
—net fee and commission income grew by €489.4m to €555.3 (up 13.5%). The recurring component of franchise (management, banking and placement fees) rose from €488.2m to €547.2m (up 12.1%) with the ROA of management fees stable at 98 bps, despite the significant increase in average assets (up 15%). Specifically, franchise management fees rose from €285.1m to €325.1m (up 14%). Upfront and advisory fees totalled €118.5m (€96.6m last year), with a growing contribution each quarter. Banking fees saw a slight contraction (from €104.6m to €103.6m), largely due to non-recurring factors. The Private segment continues to be the main contributor15 (from €217m to €238.5m; up 10% and stable at €61m over the last three quarters), while Premier Banking totalled €216.6m (up 14.5%, stable over the last quarters). The recurring fees16generated by Asset Management rose from €59.3m to €69.7m (up 19.2%) with Polus' share amounting to €54.8m (up 18.4%), while performance fees contributed €21.9m (€9.8m relating to Polus).
Operating costs rose from €613.5m to €640.7m (up 4.4%, with a C/I ratio at 65.9%). Labour costs increased to €338.4m (up 4.1%), reflecting the increase in the workforce (21 net new hires over 12 months), mainly in the Premier distribution network (up 17), and variable remuneration in line with the strong performance achieved. Administrative expenses rose from €288.4m to €302.3m (up 4.8%), particularly in the Private area due to major investments (including replacement of the core banking system at the Monaco subsidiary), while Premier grew more modestly (up 2%).
The profit for the year is net of non-recurring charges of €15.8m, of which €7m related to the restructuring of mortgage hedges, €2.2m related to litigation fees and approximately
15 Gross of the amounts returned to the Group product factories and performance fees.
16 Excluding the commissions collected by the product factories in connection with the products placed by the Group networks (see note 1).
Management Report 59
€1m in extraordinary labour costs. Furthermore, it benefited from the above-mentioned write-backs of loans of €21m.
CORPORATE AND INVESTMENT BANKING
This division provides services to Corporate customers in the following areas:
—Wholesale Banking: lending, capital market activities, advisory services, and trading (customer and proprietary), performed by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associés and Arma Partners;
—Specialty Finance: factoring, performed by MBFACTA, and credit management, performed by MBCredit Solutions and MBContact Solutions.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg. (%)
Profit-and-loss |  |  |  |  |  |
Net interest income |  | 328.6 |  | 307.0 |  | 7.0
Net treasury income |  | 126.6 |  | 95.0 |  | 33.3
Net fee and commission income |  | 432.6 |  | 360.6 |  | 20.0
Total income |  | 887.8 |  | 762.6 |  | 16.4
Labour costs |  | (239.6) |  | (215.0) |  | 11.4
Administrative expenses |  | (170.8) |  | (164.9) |  | 3.6
Operating costs |  | (410.4) |  | (379.9) |  | 8.0
Loan loss provisions |  | 8.7 |  | 10.6 |  | (17.9)
Provisions for other financial assets |  | (0.1) |  | (3.4) |  | n.m.
Other income (losses) |  | (1.8) |  | (2.5) |  | n.m.
Profit before tax |  | 484.2 |  | 387.4 |  | 25.0
Income tax for the period |  | (138.2) |  | (121.0) |  | 14.2
Minority interest** |  | (75.6) |  | (22.9) |  | n.m.
Net profit |  | 270.4 |  | 243.5 |  | 11.0
Cost/Income (%) |  | 46.2 |  | 49.8 |  |

(*) Includes profits credited back to the category B partners of Arma Partners.
60 Consolidated Financial Statements as at 30 June 2025

| 30/6/25 |  | 30/6/24
Balance-sheet data |  |  |
Loans and advances to customers | 19,425.8 |  | 18,993.3
of which: Corporate | 16,979.8 |  | 16,042.9
Factoring | 2,446.0 |  | 2,950.4
Corporate new loans | 7,194.0 |  | 4,437.5
Factoring turnover | 9,868.2 |  | 12,009.5
Risk-weighted assets | 13,240.7 |  | 14,857.6
RORWA | 2.0% |  | 1.4%
No. of staff | 763 |  | 732
Front Office | 463 |  | 356

The profit for the year amounted to €270.4m, up 11% compared to the previous year. Revenue amounted to €887.8m (up 16.4%); the C/I ratio fell from 49.8% to 46.2%, absorbing the increase in costs (€410.4m; up 8%). RoRWA stood at 2% (1.4% the previous year). Wholesale Banking contributed €241.4m to the profit for the year (up 9.9%), with Arma accounting for €31.8m (€14.6m), taking into account the profit split of the partnership.17 Specialty Finance's contribution amounted to €29m18 (€23.8m).
The European M&A market closed the first half of 2025 with a 9% increase in the volume of announced deals compared to the same period in 2024, driven by strong growth in the first quarter (+24% YoY), which more than offset the weaker performance in the second quarter (down 5% YoY), when the market, especially in April and May, was affected by significant geopolitical and international trade uncertainty. Growth in the half-year was supported by increased activity from private equity players (volumes up 17%) and a second-quarter recovery in corporate strategic activity (up 5%), driven by large transactions (over $500m), whose volumes grew by 14%. At the same time, the number of announced deals declined by 18%, driven by a
17 Under the partnership, Mediobanca's share of the profit is calculated on the basis of revenue, with costs managed by the operating partners.
18 Includes MBCS and MB FACTA.
Management Report 61
24% decrease in small-to-mid transactions (under $500m), while large deals increased by 3%.
The Italian market confirmed its positive trend in recent quarters, with a 52% increase in the volume of announced deals. Volume increases were also observed in Germany (up 12%), while Spain, France and the UK recorded declines of 5%, 12% and 25%, respectively.
In this market environment, the Group confirmed its position as a leading advisor in Italy, participating in the most important announced deals, and strengthened its international profile, completing 101 deals over the 12 months.
The main deals completed in Italy included: in the TMT sector, the acquisition of TIM’s fixed-line assets by KKR and Ardian’s acquisition of TIM’s minority stake in INWIT; in the Energy Transition sector, the sale of 2i Rete Gas to Italgas by F2i SGR and Finavias, and Eni’s sale of 30% of Enilive to KKR; in the Retail sector, the sale of Acqua & Sapone to TDR Capital by H.I.G., the voluntary tender offer for Unieuro by Fnac Darty and Permira’s acquisition of 40% of K-Way from BasicNet; in the Infrastructure sector, the acquisition of Grandi Stazioni Retail by OMERS Infrastructure and DWS Infrastructure and Ardian and Crédit Agricole Assurances’ sale of their stake in 2i Aeroporti to Asterion; in the Industrials sector, Piovan’s acquisition by Investindustrial and IMI Fabi’s acquisition of Elementis’ Talc division; in the Mid-cap segment, the sale of Quid Informatica to Fibonacci Group by Equinox, AMCO’s acquisition of a majority stake in the Exacta group and Ardian’s acquisition of a minority stake in Sicer from Azimut Group.
With regard to Advisory at the European level, the year saw the voluntary public tender offer for Greenvolt by KKR, the acquisition of a majority stake in Terna Energy by Masdar and the acquisition of EYSA Group by Tikehau Capital in the Energy Transition sector; the disposal by Cellnex Telecom of OnTower Austria to a consortium of investors composed of Vauban Infrastructure Partners, EDF Invest and MEAG in the TMT sector; in the French market, the acquisition by CMA CGM of 48% of the share capital of Santos Brasil and the subsequent launch of a public tender offer for the remaining shares in the Infrastructure sector; the sale by Veolia of its sulphuric acid regeneration business to American Industrial Partners; the sale of NBHX Trim Europe by NBHX to Mutares in the Industrials sector; and the sale of a majority stake in Olifan Group to Seven2 in the Financial Institutions sector.
In the Digital Economy sector, Arma Partners confirmed its position as one of Europe’s leading advisors with 34 deals completed in the 12 months. Software was
62 Consolidated Financial Statements as at 30 June 2025
particularly active, with notable deals including the sale of Aareon to TPG and CDPQ by Advent International and Aareal Bank, Hg’s acquisition of a significant minority stake in IFS, Apax Partners’ acquisition of Zellis Group, the sale of 1E to TeamViewer and CPP Investments and Sofina’s investment in team.blue.
Advisory is expected to maintain strong momentum despite a macroeconomic environment marked by high uncertainty, given the announced deals in both domestic and international markets, including: in TMT, the sale of IGT’s Gaming and Digital business units to Apollo Global Management and TIM’s sale of Sparkle to a consortium of MEF and Retelit; in Industrials, Lone Star’s acquisition of RadiciGroup’s Specialty Chemicals and High Performance Polymers divisions; in Healthcare, the acquisition of Genetic by Renaissance Partners and Aurora Growth Capital; in Financial Institutions, BBVA’s tender offer for Banco Sabadell and Bper Banca’s tender offer for Banca Popolare di Sondrio; and in Digital Economy, the sale of Namirial to Bain by Ambienta and the sale of Hornetsecurity to Proofpoint by TA Associates, PSG Equity and Verdane.
The Equity Capital Markets remain affected by continued investor selectivity, especially in IPOs. In this context, the Bank participated in several of the most important domestic market deals, acting as Joint Global Coordinator in the rights issue for Fincantieri and in the rights issue for DoValue.
Mediobanca's commitment to ESG issues has been a feature of the Division’s activities, with a view to supporting customers in their energy transition strategies, and to allocating capital with a focus on ESG issues through deals that demonstrate the Bank's commitment to projects that contribute to environmental and social sustainability. With regard to Advisory activities, in the 12 months the Bank took part in ten announced deals in the domestic and international markets. Pending deals include Eni’s sale of a stake in Plenitude to Ares Management and Enfinity Global’s disposal of 49% of a photovoltaic plant portfolio to SOFAZ.
In Debt Capital Markets, the Bank just completed the best year in its history thanks to its leading position in the segment combined with very intense market activity driven by abundant liquidity. Indeed, over the 12 months Mediobanca participated in some of the largest senior, subordinated and hybrid bond issuances by corporates and financial institutions in Italy (including UniCredit, Prysmian, Stellantis, Nexi, Commerzbank, Assicurazioni Generali, Inwit, Cassa Depositi e Prestiti, doValue, Credit Agricole Italia, Leasys, ENI, SEA, Iren, MCC, Banca Sella Holding, SNAM and Terna) and in other core markets (including Volkswagen, Repsol, Abertis, APRR, Swisscom, Santander, Tikehau, TDF, Banco Comercial Portugues, Commerzbank,
Management Report 63
Criteria Caixa, EDP and Inmobiliaria Colonial). Mediobanca remains at the forefront in placing new and innovative Green, Social and Sustainability-Linked bonds, including the first EU Green Bond in history for A2A, Iccrea Banca’s inaugural green bond, and the dual-tranche Sustainability-Linked Bond for ASPI.
In Lending, in a market environment marked by reduced volumes and strong competition among banks which compressed margins, the Bank complemented fees from underwriting activity – a challenge due to limited acquisition financing deals – with coordination and debt advisory mandates. In this context, the Bank confirmed its leadership in the Italian market and consolidated its presence in Europe, supporting its customers both in ordinary activities like fundraising and refinancing deals (including Enel, Nexi, IGT, Telefonica, APRR/Eiffarie and Volkswagen) and in extraordinary activities (including financing in support of the takeover bid by MFE-MEDIAFOREUROPE for ProSiebenSat.1 Media and the leveraged buyout of Piovan by Investindustrial). In Lending, the Bank also continued its upward trend in ESG financing, including participation in revolving Sustainability-linked credit lines (including Snam) and the largest ESG facility in euros (Enel).
Markets activity offset the reduction in business with institutional customers by improving activities with private and professional customers, continually searching out high-yield investment instruments for customers with substantial liquidity positions exposed to inflation. In particular, during the 12 months, Mediobanca continued to play a prominent role in the placement of Italian government bonds, participating in 61 auction sessions as a specialist. The MEF raised around €545bn in those sessions. Mediobanca brokered more than 4% of the total placed. Moreover, it acted as Co-Lead Manager in six syndicated transactions carried out by the MEF during the same period. The brokerage business with institutional customers remains solid, with more than €21bn traded with domestic and international accounts. The “bespoke” activity on government bonds also saw excellent growth thanks to the expansion of the service to both domestic and international customers. Furthermore, the inaugural €300m 10.5y fixed-to-floating private placement in the ITALY format concluded at the end of May should be noted, in addition to several repack operations with Italian government bonds as the underlying. Mediobanca also further consolidated its presence in the market for European Union Allowances (“EUAs”), with a trading volume of 1.5bn in EUAs over the 12 months.
These results are part of a favourable market environment for European equities, which benefited from an increased appetite for risk on the part of investors during the year, supported by expectations of monetary easing by the ECB and a rotation of investments towards equity, particularly in the technology and industrial sectors. In
64 Consolidated Financial Statements as at 30 June 2025
contrast, the bond segment suffered from the lower attractiveness of long-term securities, with a preference for short-term, low-risk instruments, in a context of still relatively high rates and a broadly flat curve.
Management Report 65
* * *
Over the 12 months, customer loans rose from €19bn to €19.4bn. The growth in the Large Corporate segment (up 5.8%, from €16bn to €16.9bn, of which €13.7bn relating to Lending and Structured Finance) more than offset the decline in Factoring (down 17.1%, from €2.9bn to €2.4bn). Indeed, new business in Lending and Structured Finance was up €7.2bn (of which over 90% to investment grade counterparties), against repayments totalling €6.2bn. Turnover in factoring business amounted to €9.9bn (down 17.8%) despite a slight increase in the customer base (up 6%, from €382m to €407m), 46% of which were classified in the Large Corporate segment (accounting for just under 90% of turnover).

| 30/6/25 | 30/6/24 |  | Chg (%)
(€m) |  | % | (€m) |  | % |  |
Italy | 9,989.3 |  | 51.4% | 9,250.2 |  | 48.7% |  | 8.0%
France | 1,937.7 |  | 10.0% | 2,485.1 |  | 13.1% |  | -22.0%
Spain | 1,940.8 |  | 10.0% | 1,601.9 |  | 8.4% |  | 21.2%
Germany | 1,991.0 |  | 10.2% | 1,796.9 |  | 9.5% |  | 10.8%
U.K. | 1,065.5 |  | 5.5% | 969.0 |  | 5.1% |  | 10.0%
Other non resident | 2,501.5 |  | 12.9% | 2,890.2 |  | 15.2% |  | -13.4%
Total loans and advances to customers CIB | 19,425.8 |  | 100% | 18,993.3 |  | 100% |  | 2.3%
- of which: Specialty Finance | 2,446.0 |  | 12.6% | 2,950.4 |  | 15.5% |  | -17.1%

Gross NPLs decreased from €51.2m to €34.9m, with the Large Corporate segment decreasing significantly (down 74%, from €24.8m to €6.4m) following repayments and a sale on the secondary market, the net stock thus being extremely low (€6.8m).
Gross Stage 2 positions totalled €194.3m (1% of stock) with the contribution of Wholesale Banking and Factoring decreasing to €116.5m (down 35.8%) and €77.9m (down 27.5%), respectively. The coverage ratio stood at 0.2% against a stock of substantially stable overlays at €27m.
Valuations of financial assets are positive for approximately €9m mainly as a result of the release of provisions/ECLs after adjustment of Large Corporate PD on the portfolio (about €11.3m).
The decrease in RWA following the enactment of CRR3 (down €1,236m due to the reduction of the LGD floor to 40% and the removal of the scaling factor on advanced models) contributed to the RORWA growth of 2% (up 60 bps; and up 20 bps q/q).
66 Consolidated Financial Statements as at 30 June 2025
Revenue grew to €887.8m (up 16.4%) with Wholesale and Specialty Finance contributing €807.3m (up 17.5%) and €80.5m (up 6.2%), respectively. Of the latter amount, €53.1m related to MBFacta (up 9%).
The main income items performed as follows:
—net interest income rose 7% YoY (from €307m to €328.6m). Markets contributed €123m (up 30%), supported by the strong performance of the trading book, which partly offset the decline in treasury income. Lending was down 4% YoY to €150.5m. The decrease is due to a derisking operation at the end of the previous year and to a shift in production increasingly toward investment-grade customers, characterised by tighter spreads. Specialty Finance grew to €48.1m (up 12.9%), driven by higher year-end turnover.
—net fee and commission income amounted to €432.6m (up 20%), contributing €233.7m in the first half of the year (€198.9 m last year). As already mentioned, the contribution was affected by the uncertainty linked to the macroeconomic environment. With respect to individual business segments, Advisory grew from €228.2m to €306.3m (of which approximately €129m in the second quarter) due to Arma’s excellent contribution (€160.4m, with a peak of €79.6m in the second half of the year); the Large Corporate segment in Italy performed satisfactorily (up from €50.6m to €71.6m), Messier & Associés (€20.3m) as well as in Spain (€14.7m). Growth in the Mid-Cap segment was more modest (from €35.3m to €36.8m), while ECM, in line with the market, stood at €5.2m. The Debt division increased Lending (from €63.1m to €66m) and DCM (from €23.7m to €28.8m). Lastly, Specialty Finance held steady at €32.6m, of which €26.8m from MBCS;
—Net treasury income totalled €126.6m, up on the previous year (€95m). The increase was evenly split between the proprietary desk, which rose from €19.4m to €42m with good performances in both Equity (from €7.6m to €12.9m) and Fixed Income (from €11.9m to €29.1m), and the Markets Division, whose growth from €72.8m to €83.9m (including €33m in certificates) was driven by the new EU Allowance arbitrage operations and the full operation of the BTP Specialist team, with the Equity segment doubling profits to €93.5m (from €46.7m).

Revenues | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 | Chg. (%)
Capital Market | 34.0 |  | 29.5 | 15.3%
Lending | 216.7 |  | 222.8 | -2.7%
Advisory M&A | 308.5 |  | 229.1 | 34.7%
- of which Arma Partners | 163.8 |  | 68.5 | n.m.

Management Report 67

Trading Prop | 43.5 |  | 27.8 | 56.3%
Market, sales and other gains | 204.6 |  | 177.6 | 15.2%
Specialty Finance | 80.5 |  | 75.8 | 6.2%
Total Revenues | 887.8 |  | 762.6 | 16.4%
Commissions | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 | Chg. (%)
Capital Market, Sales and other gains | 27.7 |  | 36.0 | -22.8%
Lending | 66.0 |  | 63.1 | 4.5%
Advisory M&A | 306.3 |  | 228.2 | 34.2%
- of which Arma Partners | 160.4 |  | 66.9 | n.m.
Specialty Finance | 32.6 |  | 33.3 | -2.1%
Total Commissions | 432.6 |  | 360.6 | 20.0%

Operating costs rose from €379.9m to €410.4m (up 8% and C/I ratio at 46.2%) They reflect the increase in headcount, including the opening of the Mid-Cap branch in Frankfurt (a total of approximately €8m). Administrative expenses increased from €164.9m to €170.8m (up 3.6%), with spending on digitalisation rising 8.4% to €61m and project-related spending (€16.9m, up 7%) including the implementation of the Salesforce CRM platform to support operations in Markets and regulatory investments (DORA and PD Model Change). Operations (including info providers and bank expenses) rose 13% (€36m), with €11m in the quarter due to the usual seasonality.
68 Consolidated Financial Statements as at 30 June 2025

| 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 | Chg. (%)
Wholesale Loans | 7.9 |  | 10.4 | -24.0
Specialty Finance Loans | 0.8 |  | 0.2 | n.m
Other financial assets | (0.1) |  | (3.4) | -97.1%
Total provisions | 8.6 |  | 7.2 | 19.4%

Valuations of financial assets are positive for €8.6m mainly as a result of the release of provisions/ECLs after adjustment of Large Corporate PD on the portfolio (€7.9m).
Net other losses (€-1.8m) include the exit costs of a partner of Messier et Associés (€0.8m).
Management Report 69
CONSUMER FINANCE
This Division provides retail customers with the full range of consumer credit products: personal and special-purpose loans, salary- or pension-backed finance, credit cards, plus the new, innovative Buy Now Pay Later19 solution called “HeyLight”, which includes HeyLight SA operations (formerly HeidiPay Switzerland AG). Also included in Consumer Finance are Compass RE, which reinsures risks linked to insurance policies sold to customers, Compass Rent, which operates in asset rental, and Compass Link, which distributes Compass products and services via external collaborators.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg. (%)
Profit-and-loss |  |  |  |  |  |
Net interest income |  | 1,134.4 |  | 1,043.9 |  | 8.7
Net trading income |  | — |  | 0.2 |  | n.m
Net fee and commission income |  | 143.2 |  | 145.1 |  | (1.3)
Equity-accounted companies |  | (0.4) |  | (0.3) |  | n.m.
Total income |  | 1,277.2 |  | 1,188.9 |  | 7.4
Labour costs |  | (127.9) |  | (120.6) |  | 6.1
Administrative expenses |  | (266.8) |  | (248.9) |  | 7.2
Operating costs |  | (394.7) |  | (369.5) |  | 6.8
Loan loss provisions |  | (269.7) |  | (249.7) |  | 8.0
Provisions for other financial assets |  | 0.1 |  | — |  | n.m
Other income (losses) |  | — |  | 0.1 |  | n.m.
Profit before tax |  | 612.9 |  | 569.8 |  | 7.6
Income tax for the period |  | (205.1) |  | (186.9) |  | 9.7
Net profit |  | 407.8 |  | 382.9 |  | 6.5
Cost/Income (%) |  | 30.9 |  | 31.1 |  |

19 The control over HeidiPay AG (formerly an associate) and its subsidiaries HeidiPay Ltd and Holipay was acquired at year end. Consequently, these companies did not make any economic contribution to the profit for the year.
70 Consolidated Financial Statements as at 30 June 2025

|  | 30/6/25 |  | 30/6/24 |
Balance-sheet data |  |  |  |  |
Loans and advances to customers |  | 16,055.8 |  | 15,197.6 |
- of which: |  |  |  |  |
Personal loans |  | 8,059.4 |  | 7,516.6 |
Salary-backed finance |  | 1,860.0 |  | 1,728.0 |
New loans |  | 9,083.7 |  | 8,370.1 |
Risk-weighted assets |  | 14,285.6 |  | 14,493.2 |
RORWA |  | 2.9% |  | 2.7% |
No. of staff |  | 1,600 |  | 1,563 |
|  | 30/6/25 |  | 30/6/24 |
Commercial data |  |  |  |  |
Branches Consumer |  | 183 |  | 181 |
Agencies Consumer |  | 90 |  | 85 |

The division's profit grew steadily to €407.8m (up 6.5%), with good quarterly growth partly slowed down in the last quarter (€99.8m) due to the seasonality of fees, commissions and costs. RORWA rose to 2.9% with the C/I ratio down to 30.9% and CoR up, as expected, to 173 bps with use of overlays amounting to only €28.8m. Of this amount, €14.7m was released to profit or loss and €14.1m was allocated to increase provisioning to impaired assets.
In 2025, the Italian consumer credit market continued the growth path started in 2024, albeit at a slightly more moderate pace. In the first few months of the year, flows increased 7.1% compared to the same period in 2024. Total disbursements amounted to €30.5bn in the first half of 2025, up from €28.4bn in the previous year. Compass grew 5.5% in the first six months of 2025, with a market share of 13.7%.
The main growth drivers were personal loans and salary-/pension-backed loans. Personal loans rose considerably, up by approximately 11% YoY, confirming a trend that has been going on for months. Salary/pension-backed loans also continued to grow, with flows up by approximately 8.1% YoY.
Special-purpose loans, including cars and motorbikes, grew modestly, showing a slight increase of around 1.8%, affected by the difficulties in the automotive sector and the elimination of some incentives. The use of instalment credit cards decreased (0.9%), suffering from the fiercer competition from the new deferred payment solutions offered in online channels and physical shops.
The direct network continued to grow and currently numbers 335 branches, up 23 in the past two years. The focus on multichannel and digitalisation of the customer experience is confirmed.
New loans were up 8.5% in the twelve months (from €8.4bn to €9.1bn) against more than 2.2m completed deals (up 10.6%). The positive trend involved personal loans (up
Management Report 71
10.3%, from €3,910m to €4,313m), helped by the growth of the direct channel (up 8.1%, from €3,033m to €3,277m), and the recovery of the indirect channel (up 18.1%, from €877.3m to €1,035.8m), in particular the banking channel (up 22.1%, from €511.9m to €624.8m). BNPL loans also grew (up 38.8%, from €496.5m to €689m) with over 550 thousand deals completed. Car and special purpose loans remained substantially stable at €1.4bn and €1.2bn, respectively. Salary-backed loans grew 23.4%, from €414.1m to €511.1m, driven by the recovery of the indirect channel (up 19.5%, from €157.5m to €188.2m).
Asset quality ratios remain robust: coverage on performing loans stood at 3.25%, down from last year (3.67%) due to the gradual release of overlays; gross impaired exposures fell to €895.8m (€978m last year); the reduction in the gross figure is linked not only to the usual stock disposals (€154.4m) but also to the application of a prudent write-off policy for cases at the end of the recovery phase (€238.2m). Consequently, the gross NPLs/gross loans ratio stood at 5.23% (5.93% last year). The default classification of exposures characterised by lower riskiness led to a reduction in the coverage rate to 61.5% (75.3% last year), which is reflected in the increased impact of net impaired exposures of 2.11% (1.59% last year). The stock of overlays amounted to €146.1m, with a gradual decline from last year (€174.9m).
72 Consolidated Financial Statements as at 30 June 2025
* * *
Revenue increased 7.4%, from €1,188.9m to €1,277.2m, outpacing growth in average loan volumes (up 6%). Specifically:
―net interest income hit a new all-time high at €1,134.4m, with the Q4 contribution amounting to €289.2m, up 8.7% YoY and 0.3% q/q. This positive trend was driven by the increase in average volumes (up €900m), while profitability declined slightly from 9.89% to 9.63% (down 26 basis points). This reduction reflects, on the one hand, an increase in the cost of hedging resulting from the renewal of derivatives at rates higher than maturing ones. On the other hand, it was partially offset by an improvement in the portfolio mix, thanks in particular to the larger disbursements of personal loans, up 10.3% YoY. Tensions on hedging costs are expected to recede in the coming year, facilitating the gradual normalisation of profitability;
―net fee and commission income remained broadly stable (€143.2m), despite the increase in the amounts returned to the networks (€26.8m, up 68%) and the decline in the component deriving from insurance products (down 5.5% to €27.9m), offset only in part by the growing contribution from Heylight business (€21.7m, up 6% and stable q/q).
Operating costs (€394.7m, up 6.8%, C/I ratio at 30.9%) reflect the intense product and channel development activity. The increase in staff costs (up 6.1%, from €120.6m to €127.9m) was attributable for more than 50% to the full implementation of the renewal of the national collective labour agreement, in addition to organisational growth (FTEs from 1,563 to 1,600, of which 33 relating to the Heylight scope included at the end of June) and incentive policies. Administrative expenses rose to €266.8m (up 7.2%). More than 40% of the increase is attributable to the technology component (to support the resilience and security of the systems supporting digital sales, up from €50m to €58m, of which €15m in the quarter). The residual balance related to operations costs (up 6%, €66m), credit recovery (up from €63m to €68m) and direct marketing (up from €37m to €39m).
Loan loss provisions rose 8%, from €249.7m to €269.7m, largely due to the different product mix, with a greater share of personal loans (which involve higher provisioning levels starting from the disbursement stage), as well as the expected gradual re-alignment of risk indicators to pre-pandemic levels. The cost of risk came to 173 bps (up 5 bps compared to the previous year), broadly stable in the last quarter. The underlying cost of
Management Report 73
management risk20 increased by approximately 16 bps compared to last year (from 179 bps to 195 bps).
INSURANCE - PRINCIPAL INVESTING
The Insurance – Principal Investing (PI) division comprises the Group’s portfolio of equity investments and holdings, including the 13.52% stake in Assicurazioni Generali. The latter investment has been this division’s main component for many years, and is distinguished for its sound management, consistency of results, high profitability and contribution in terms of diversification and stabilisation to the Group’s revenue. The division includes the Group’s investments in funds and SPVs and/or managed by the Group’s asset management companies (seed capital) based on an approach that combines mid-term profitability for the Group with synergies between the divisions, as well as investment activity in private equity funds managed by third parties.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg. (%)
Profit-and-loss |  |  |  |  |  |
Other incomes |  | 23.1 |  | 19.5 |  | 18.5
Equity-accounted companies |  | 498.4 |  | 510.7 |  | -2.4
Total income |  | 521.5 |  | 530.2 |  | -1.6
Labour costs |  | (4.5) |  | (4.1) |  | 9.8
Administrative expenses |  | (1.4) |  | (1.1) |  | 27.3
Operating costs |  | (5.9) |  | (5.2) |  | 13.5
Provisions for other financial assets |  | 18.0 |  | 20.0 |  | 10.0
Profit before tax |  | 533.6 |  | 545.0 |  | -2.1
Income tax for the period |  | (17.2) |  | (23.0) |  | -25.2
Net profit |  | 516.4 |  | 522.0 |  | -1.1

| 30/6/25 |  | 30/6/24
Balance-sheet data |  |  |
Banking book equity securities | 804.3 |  | 802.2
Equity Method investments | 3,986.3 |  | 3,780.7
Risk-weighted assets | 7,798.8 |  | 8,066.5
RORWA | 3.6% |  | 3.8%

20 Underlying cost of management risk effectively observed without overlays, excluding provisions solely related to the IFRS 9 model update (with PD and LGD unchanged).
74 Consolidated Financial Statements as at 30 June 2025
The division posted a profit of €516.4m, slightly down on the previous year (€522m), with equity method measurements of €498.4m (€510.7m) and profit and loss account impacts from funds and equities (dividends, other income received and fair value measurement) of €49.1m (€39.5m last year). RoRWA went from 3.8% to 3.6%.
The application of the equity method showed the lower contribution from Assicurazioni Generali (down 2.4%, from €503m to €490.6m) due to the non-recurring gains on disposals recognised last year and the fair value measurement of funds. The contribution from other IAS 28 investments (IEO, CLI Holdings II, Finanziaria Gruppo Bisazza) is unchanged at €7.7m.
Dividend and other income from funds and equity securities (included in other revenue) amounted to €30.9m (€26.6m last year), including €11.7m relating to investments in Group funds (seed capital). The valuation of funds mandatorily measured at fair value was positive at €18m, of which €7.9m related to seed capital funds and €9.9m to Private Equity funds after the quarterly update of the NAV, which from this year takes into account prudential adjustments (FVA and IPV) of approximately €5m.
The book value of the Assicurazioni Generali investment increased from €3,698m to €3,906.8m after the profit for the year (€490.6m), dividends received (€292.2m), decreases in valuation reserves (€18.7m) and increases in other equity reserves (€29.1m). The Insurance division contribution for the year to profit or loss reflects the improved performance, in terms of operating results, of all business segments (including the non-life segment despite the increase in catastrophic events), but more than offset by lower gains on disposals (Generali D. Pensionskasse and TUA Assicurazioni) and the lower impact of the fair value measurement of funds.
Other securities rose to €804.3m and included funds for €548.9m (after net disposals of €23.8m and fair value gains of €18m), and equities for €255.4m (broadly stable).
Review of Operations 75
HOLDING FUNCTIONS (CENTRAL, TREASURY AND LEASING)
The Holding Functions comprises Selma, MIS and other minor companies, Group Treasury and ALM21 (with the aim of optimising funding and liquidity management on a consolidated basis, including the securities held as part of the banking book), Group central function costs including the operations, support units (Chief Financial Office, Group Corporate Affairs, Investor Relations, Human Resources), senior management and the control units (Risk Management, Group Audit and Compliance), for the shares not attributable to the business lines.

|  |  |  |  |  | (€m)
|  | 12 mths ended 30/6/25 |  | 12 mths ended 30/6/24 |  | Chg. (%)
Profit-and-loss |  |  |  |  |  |
Net interest income |  | 68.8 |  | 178.0 |  | -61.3
Net trading income |  | 9.2 |  | 39.2 |  | -76.5
Net fee and commission income |  | 4.5 |  | 6.3 |  | -28.6
Equity-accounted companies |  | (1.1) |  | — |  | n.m
Total income |  | 81.4 |  | 223.5 |  | -63.6
Labour costs |  | (145.1) |  | (139.7) |  | 3.9
Administrative expenses |  | (33.1) |  | (52.6) |  | -37.1
Operating costs |  | (178.2) |  | (192.3) |  | -7.3
Loan loss provisions |  | 6.7 |  | (5.6) |  | n.m.
Provisions for other financial assets |  | 2.1 |  | (4.1) |  | n.m.
Other income (losses) |  | (7.3) |  | (49.4) |  | -85.2
Profit before tax |  | (95.3) |  | (27.9) |  | n.m.
Income tax for the period |  | 10.7 |  | (13.2) |  | n.m.
Minority interest |  | — |  | (2.7) |  | n.m.
Net profit |  | (84.6) |  | (43.8) |  | 93.2

21 Group Treasury finances the individual business areas’ operations, applying the funds transfer pricing (FTP) rate based on the relevant curves, with spreads varying depending on the expiries agreed for the respective use of funds.
76 Consolidated Financial Statements as at 30 June 2025

| 30/6/25 |  | 30/6/24
Balance-sheet data |  |  |
Loans and advances to customers | 1,257.0 |  | 1,403.3
Banking book securities | 7,644.9 |  | 9,258.4
No. of staff 1 | 881 (449) |  | 880 (443)
Risk-weighted assets | 3,885.9 |  | 4,153.2

The division has 881 resources (880 last year) broken down as follows: 87 in Selma (91 last year); 50 in Group Treasury and ALM (47); 165 in MIS (155), 209 in operations (230), 174 in support functions (174), 191 in control functions (178) plus 5 in management (senior management and assistants, 5 last year). Of these, the cost of approximately 449 FTEs (430) is recharged to the business lines.
The division posted a loss for the year of €84.6m, down on the previous year (down €43.8m), with a declining quarterly contribution (€-34.9m in the last quarter). Revenue stood at €81.4m, less than half of last year’s figure, significantly affected by market interest rate trends (3M Euribor down 116 bps YoY; down 46 bps over six months), which negatively impacted net interest income (down from €178m to €68.8m, with a contribution of just €8m in the past three months) and trading income (down sharply from €39.2m to €9.2m). However, the rate trend benefited from the valuation reserves on bonds recognised under equity reserves, which at the reporting date were positive at €66.8m, up by €24.6m compared to the last quarter.
Operating costs fell from €192.3m to €178.2m (down 7.3% YoY), with those related to central functions stable at €83.1m, accounting for 7.2% of the Group total (7.6% last year).
The main income items performed as follows:
—Treasury: the net contribution from treasury management decreased to €6m (down €78.2m YoY; down €25m h/h), reflecting the reduction in net interest income (from €146.9m to €44.7m) attributable to falling market rates (3M Euribor: down 116 bps over 12 months; down 46 bps over 6 months) and a certain stickiness in the cost of funding. In particular, the costs relating to the Wealth channel are on average up 11 bps compared to last year in order to fight the strong competition. Furthermore, in order to support new loans and, consequently, lending volumes in the corporate and mortgage segments, the decrease in internal transfer rate was implemented early in order to be competitive with other banks. The Group's ALM position remains balanced, with stable regulatory indicators: MREL: 42.6%, LCR: 165%, NSFR: 117%.
Review of Operations 77
—Leasing22: the profit for the year stood at €8.3m, more than twice the previous year (€4.1m), due to major net write-backs on credit assets (€6.2m) linked to the reduction in gross NPLs (from €79.8m to €57.4m, €12.3m, net).
* * *
22 Last quarter saw the acquisition of 100% of SelmaBipiemme Leasing, previously 60%-owned but fully consolidated, excluding the minority interest.
78 Consolidated Financial Statements as at 30 June 2025
The financial highlights for the other Group Legal Entities in the twelve months under review are shown below:

|  |  |  |  |  | (€m)
Company | Percentageshareholding | Business Line | Totalassets | Loan andadvanced tocustomers | Total net equity 1 | No. of staff
Mediobanca Securities (data in USDm) | 100% | CIB | 8.6 | — | 6.5 | 6
Messier et Associés S.A.S.(*) | 100% | CIB | 34.2 | — | 6.7 | 42
Messier et Associés L.L.C. (data in USDm)(*) | 100% | CIB | 0.7 | — | 0.7 | 3
Mediobanca International | 100% | CIB | 7,626.0 | 5,360.8 | 442.5 | 17
MBFACTA | 100% | CIB | 3,422.3 | 2,445.7 | 248.1 | 51
MBCredit Solutions | 100% | CIB | 53.6 | 0.4 | 37.1 | 145
MB Contact Solutions | 100% | CIB | 1.5 | — | 0.6 | 6
Arma Partners LLP (data in GBPm) | 100% | CIB | 131.9 | — | 111.5 | 101
Arma Partners CF Ltd UK (data in GBPm) | 100% | CIB | 9.8 | — | 0.7 | —
Arma DE GmbH (data in GBPm) | 100% | CIB | 0.9 | — | 0.5 | —
Compass Banca | 100% | CF | 17,406.5 | 16,014.2 | 2,889.4 | 1,555
Quarzo S.r.l. | 90% | CF | 4.2 | — | — | —
Compass RE | 100% | CF | 297.4 | — | 179.5 | 1
Compass Rent | 100% | CF | 11.2 | — | 1.8 | 13
Compass Link | 100% | CF | 3.3 | — | (2.0) | 1
Heylight AG (data in CHFm) | 100% | CF | 60.9 | 57.0 | 1.8 | 11
Heidi Pay Switzerland AG (data in CHFm) | 100% | CF | 11.2 | 10.8 | 11.1 | 1
Heidi Pay Ltd (data in GBPm) | 100% | CF | 4.3 | 0.2 | (16.8) | —
Holipay SRL | 100% | CF | 0.2 | — | 10.5 | —
MB Premier | 100% | WM | 32,744.2 | 12,880.3 | 1,013.4 | 1,599
Mediobanca Covered Bond | 90% | WM | 1.0 | — | 0.1 | —
CMB Monaco | 100% | WM | 8,128.8 | 3,274.2 | 824.2 | 267
Spafid | 100% | WM | 48.3 | — | 41.2 | 37
Polus Capital Management Group Ltd (data in GBPm) (*) - consolidated | 89.07% | WM | 166.0 | — | 110.9 | 76
Polus Capital Management Group Ltd | 89.07% | WM | 93.0 | — | 77.7 | 68
Polus Capital Management Ltd | 89.07% | WM | 31.5 | — | 34.0 | 1
Polus Capital Management (US) Inc. | 89.07% | WM | 41.5 | — | (0.8) | 7
Bybrook Capital Burton Partnership (GP) Limited | 89.07% | WM | — | — | — | —
RAM Active Investments (data in CHFm) (*) | 98.28% | WM | 19.7 | — | 11.6 | 30
RAM UK (in liquidation) (data in CHFm) (**) | 98.28% | WM | — | — | — | —
CMG Monaco | 100% | WM | 7.4 | — | 0.7 | 13
Spafid Trust S.r.l. | 100% | WM | 1.6 | — | 1.2 | 3
Mediobanca SGR S.p.A. | 100% | WM | 84.5 | — | 66.3 | 66
Mediobanca Management Company S.A. | 100% | WM | 13.6 | — | 6.6 | 10
CMB RED | 100% | WM | 154.3 | — | 124.9 | 1
Mediobanca International Immobilière | 100% | HF | 2.2 | — | 2.2 | —
Mediobanca Funding Luxembourg | 100% | HF | 154.7 | 153.4 | 1.0 | —
Selma | 100% | HF | 1,195.6 | 1,109.7 | 126.0 | 87
Mediobanca Innovation Services | 100% | HF | 98.4 | — | 35.6 | 165

(1) Includes the profit for the period.
(*) Taking into account the put and call option; see Part A1 – section 3 – Area and methods of consolidation.
(**) The company was struck off from the company register on 2 August 2025.
Review of Operations 79

|  |  |  |  |  | (€m)
Company | Percentageshareholding | Business Line | Income | Costs | Provisions | Gain/(loss) for theperiod
Mediobanca Securities (data in USDm) | 100% | CIB | 4.7 | (4.4) | — | 0.2
Messier et Associés S.A.S.(*) | 100% | CIB | 19.0 | (28.8) | — | (9.8)
Messier et Associés L.L.C. (data in USDm)(*) | 100% | CIB | — | 0.2 | — | 0.2
Mediobanca International | 100% | CIB | 32.0 | (10.3) | 0.2 | 18.3
MBFACTA | 100% | CIB | 53.1 | (15.4) | 0.5 | 25.4
MBCredit Solutions | 100% | CIB | 27.9 | (22.8) | (0.9) | 2.6
MB Contact Solutions | 100% | CIB | 2.2 | (2.1) | — | —
Arma Partners LLP (data in GBPm) | 100% | CIB | 137.6 | (34.9) | — | 102.7
Arma Partners CF Ltd UK (data in GBPm) | 100% | CIB | 25.5 | (25.5) | — | —
Arma DE GmbH (data in GBPm) | 100% | CIB | 1.7 | (1.6) | — | 0.1
Compass Banca | 100% | CF | 1,258.7 | (382.0) | (267.0) | 409.7
Quarzo S.r.l. | 90% | CF | — | — | — | —
Compass RE | 100% | CF | 28.0 | (0.9) | — | 21.5
Compass Rent | 100% | CF | 2.0 | (5.1) | — | (2.4)
Compass Link | 100% | CF | 1.2 | (1.5) | — | (0.5)
Heylight AG (data in CHFm) | 100% | CF | 2.7 | (4.6) | (2.4) | (4.3)
Heidi Pay Switzerland AG (data in CHFm) | 100% | CF | — | — | — | —
Heidi Pay Ltd (data in GBPm) | 100% | CF | — | — | — | —
Holipay SRL | 100% | CF | — | — | — | —
MB Premier | 100% | WM | 473.3 | (325.7) | 17.6 | 108.9
Mediobanca Covered Bond | 90% | WM | 0.1 | (0.1) | — | —
CMB Monaco | 100% | WM | 174.1 | (103.5) | 1.4 | 56.5
Spafid | 100% | WM | 9.5 | (9.5) | — | 0.4
Polus Capital Management Group Ltd (data in GBPm) (*) - consolidated | 89.07% | WM | 55.8 | (44.9) | — | 7.2
Polus Capital Management Group Ltd | 89.07% | WM | 8.6 | (10.0) | — | (1.7)
Polus Capital Management Ltd | 89.07% | WM | 44.5 | (29.8) | — | 10.9
Polus Capital Management (US) Inc. | 89.07% | WM | 2.7 | (5.1) | — | (2.0)
Bybrook Capital Burton Partnership (GP) Limited | 89.07% | WM | — | — | — | —
RAM Active Investments (data in CHFm) (*) | 98.28% | WM | 12.3 | (14.1) | — | (2.3)
RAM UK (in liquidation) (data in CHFm) (**) | 98.28% | WM | — | — | — | —
CMG Monaco | 100% | WM | 4.5 | (4.3) | — | 0.2
Spafid Trust S.r.l. | 100% | WM | 1.0 | (0.9) | — | —
Mediobanca SGR S.p.A. | 100% | WM | 36.4 | (21.9) | — | 10.2
Mediobanca Management Company S.A. | 100% | WM | 2.9 | (4.1) | — | (1.2)
CMB RED | 100% | WM | 0.7 | — | — | 0.7
Mediobanca International Immobilière | 100% | HF | 0.2 | (0.1) | — | 0.1
Mediobanca Funding Luxembourg | 100% | HF | 0.5 | (0.5) | — | —
Selma | 100% | HF | 27.0 | (20.3) | 6.7 | 8.3
Mediobanca Innovation Services | 100% | HF | 0.1 | 0.1 | — | —

(*) Taking into account the put and call option; see Part A1 – section 3 – Area and methods of consolidation.
(**) The company was struck off from the company register on 2 August 2025.
80 Consolidated Financial Statements as at 30 June 2025
Finally, it should be noted that:
⎯CMB Monaco’s consolidated financial statements at 31 December 2024 show a profit of €47.5m, down from the previous year (€58.3m) - a particularly good year - after the €10m accrual to the provision for risks. Net interest income was down 11% (from €110.5m to €98.0m) as a result of the distribution of a €320m dividend in 2024 and interest rate trends. These effects were only partially offset by the growth in lending volumes (from €2,816m to €3,023m). Fees were up 11% (from €74.2m to €82.4m), as were costs (up 11%, from €97m to €107.6m), mainly due to higher structural costs, particularly the amortisation of IT investments as part of the bank’s digitalisation process and adjustments to regulatory developments. In the 12 months, TFAs rose 9% from €15.8bn to €17.2bn mainly due to the increase in assets under advisory mandates. Direct deposits decreased slightly from €5.7bn to €5.1bn.
Other information
Related party disclosure
The financial transactions carried out by Mediobanca Group companies and related parties are described in Part H of the Notes to the Accounts, along with all the information required in terms of transparency pursuant to Consob resolution no. 17221 issued on 12 March 2010 (amended most recently by resolution no. 21264 of 10 December 2020). All such transactions form part of Group companies’ ordinary operations, are maintained on an arm’s length basis, and are entered into solely in the interests of the companies concerned.
During the year, a significant transaction was the launch of a voluntary Public Exchange Offer for 100% of Banca Generali’s ordinary shares, approved by Mediobanca’s Board of Directors on 27 April, subject to a favourable opinion from the Related Parties Committee, supported by an independent financial advisor. On 21 August the Shareholders’ Meeting did not approve the Board’s proposal, and thus the Transaction lapsed.
No atypical or unusual transactions have been entered into with such counterparties.
Article 15 of Consob’s market regulations
With reference to Article 15 (previously Article 36) of Consob resolution 16191/2007 (Market Regulations) on the subject of prerequisites for listing in respect
Review of Operations 81
of parent companies incorporated or regulated by the laws of EU member states and relevant to the preparation of the consolidated accounts, CMB Monaco is the only Group Legal Entity affected by this provision, and adequate procedures have been adopted to ensure it is fully compliant.
Principal risks facing the Group
In addition to the customary information on financial risks (credit, market, liquidity and operational risks), the notes to the accounts contain a description of the other risks to which the Group is exposed in the course of its business, as they emerged from the ICAAP self-assessment process now required by the regulations in force. In particular, this involves concentration risk versus Italian groups in the Group’s corporate activities, financial risk on the banking book (primarily interest rate risk), strategic or business risk, risk deriving from exposure to volatility on financial markets for the equities held in the banking portfolio, and exposure to sovereign debt.
Research
Economic research is carried out by the Area Studi (research area). The Area Studi’s catalogue includes the customary surveys (“Leading Italian Companies”, “Financial Aggregates”, “Medium-Sized Industrial Companies”) and industrial economic reports on the sectors in which the Italian market is most involved internationally. Research covers the sectors of most importance to Italian manufacturing industry (e.g. “Made-in-Italy” products), and sectors at the cutting edge in technology terms or affected by megatrends. Special attention is also given to production clusters, chains and family business issues.
82 Consolidated Financial Statements as at 30 June 2025
Credit rating
MPS’s takeover bid is currently being assessed by the rating agencies, with possible negative effects for Mediobanca's rating:
―At the end of January, Moody's downgraded the outlook from stable to negative, while maintaining the long-term rating at Baa1 due to the effects of the combination with a group such as MPS with a weaker creditworthiness. The outlook was then raised to Stable on 27th May following the improvement of Italy’s outlook from Stable to Positive.
―S&P, after increasing Mediobanca’s rating from BBB to BBB+ with Stable outlook in April 2025, following the revision of the rating for Italian sovereign debt, posted a Negative Watch rating on 11 September 2025, following the success of MPS’s public exchange offer for Mediobanca, due to the risks associated with the combination with MPS, the latter being considered to have weaker risk profiles and franchises than those of Mediobanca;
― Fitch, which assigned Mediobanca a long-term issuer default rating of BBB, on 4 September placed the rating on Negative Watch in the event of a successful Public Exchange Offer by MPS due to the rating differential between the two banks, the significant execution risks and the potential negative repercussions on Mediobanca’s franchise and performance.
Other reports
The following reports are available on the Bank’s official website at www.mediobanca.com in the Governance section: the “Statement on corporate governance and ownership structure” and the “Group Remuneration Policy and Report” required by Article 123-bis of the Italian Legislative Decree No. 58 of 24 February 1998 (the Italian Finance Act), and the “Disclosure to the public required under Basel III pillar III” (“Pillar III”).
Review of Operations 83
Outlook
The scenario in the coming quarters will continue to reflect the impact of the slowdown in global growth caused by the introduction of trade tariffs triggered worldwide by US government policies: Eurozone growth is expected to remain below 1% until 2026, inflation in the 2% area, and short-term market interest rates around 2%.
In view of the public exchange offer launched by Banca Monte dei Paschi di Siena, Mediobanca and its legal entities are now part of the Monte dei Paschi di Siena banking group. Mediobanca remains committed to ensuring the best possible performance in all areas of activity in order to protect the interests of all its stakeholders, in particular its clients.
84 Consolidated Financial Statements as at 30 June 2025
Reconciliation between the Parent Company’s figures and the consolidated financial statements

| (€'000)
| Shareholders’ equity | Net profit (loss)
Balance at 30/06 as per Mediobanca S.p.A. accounts | 3,871,521 | 1,029,334
Net surplus over book value for consolidated companies | 14,822 | 772,154
Differences on exchange rates originating from conversion of accounts made up in currencies other than the Euro | 13,528 | —
Other adjustments and restatements on consolidation, including the effects of accounting for companies on an equity basis | 5,956,328 | (471,352)
Dividends received during the period | — | —
Total | 9,856,199 | 1,330,136

Milan, 18 September 2025
THE BOARD OF DIRECTORS
MEDIOBANCA GROUP’S SUSTAINABILITY REPORT AS AT 30 JUNE 2025
86 Consolidated Financial Statements as at 30 June 2025
Mediobanca Group’s Sustainability Report
Contents
ESRS 2 - General Information88
Drafting Criteria88
BP-1 General Disclosure and Reporting Scope88
BP-2 Disclosures in relation to specific circumstances90
Governance95
GOV-1 – The role of the administrative, management and supervisory bodies95
GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies113
GOV-3 – Integration of sustainability-related performance in incentive schemes114
GOV-4 – Statement on due diligence116
GOV-5 – Risk management and internal controls over sustainability reporting118
Strategy and Business Model121
SBM-1 – Strategy, business model and value chain121
SBM-2 – Interests and views of stakeholders128
SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model133
Managing impacts, risks, and opportunities151
IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities151
IRO-2163
Sustainability-related policies (MDR-P)170
References for Minimum Disclosure Requirements (MDR) on actions, metrics, and targets related to material sustainability topics187
Information pursuant to Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation)188
EU Taxonomy (Regulation [EU] 2020/852): scenario and reporting requirements188
The Taxonomy Regulation for the Mediobanca Group188
The Taxonomy Regulation in the Mediobanca Group’s corporate strategy and product design192
E1 – Climate change193
Strategy193
E1-1 – Transition plan for climate change mitigation193
E1-2 – Policies related to climate change mitigation and adaptation200
Actions202
E1-3 Actions and resources in relation to climate change policies202
Targets205
E1-4 Targets related to climate change mitigation and adaptation205
Metrics215
E1-5 - Energy consumption and mix215
E1-6 GHG Gross Scopes 1, 2, 3 and total GHG emissions218
E1-7 GHG removals and GHG mitigation projects financed through carbon credits228
E1-8 – Internal carbon pricing228
E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities228
Sustainability Reporting 87
S1 – Own workforce229
Strategy229
S1-1 Policies related to own workforce229
S1-2 – Processes for engaging with own workers and workers’ representatives about impacts232
S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns232
Actions234
S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions.234
Targets243
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities243
Metrics243
S1-6 – Characteristics of the undertaking’s employees243
S1-7 – Characteristics of non-employee workers in the undertaking’s own workforce246
S1-8 – Collective bargaining coverage and social dialogue247
S1-9 – Diversity metrics248
S1-10 – Adequate wages249
S1-11 – Social Protection (phase-in)250
S1-12 – Persons with disabilities250
S1-13 – Training and skills development metrics251
S1-15 – Work-life balance metrics252
S1-16 – Compensation metrics (pay gap and total compensation)252
S1-17 – Incidents, complaints and severe human rights impacts253
S3 – Affected Communities254
Strategy254
S3-1 – Policies related to affected communities254
S3-2 – Processes for engaging with affected communities about impacts255
S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns256
Actions257
S3-4 – Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions257
Targets262
S3-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities262
S4– Consumers and end-users263
Strategy263
S4-1 – Policies related to consumers and end-users263
S4-2 – Processes for engaging with consumers and end-users about impacts265
S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns267
Actions270
S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions270
Targets281
88 Consolidated Financial Statements as at 30 June 2025
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities281
G1 – Business conduct282
Strategy282
G1-1 - Corporate culture and protection of whistle-blowers282
Actions284
Targets285
G1-3 – Prevention and detection of corruption and bribery286
Metrics288
G1-4 – Confirmed incidents of corruption or bribery288
Annexes –Taxonomy Templates290
Sustainability Reporting 89
ESRS 2 - General Information
Drafting Criteria
BP-1 General Disclosure and Reporting Scope
Legislative Decree No. 125 of 6 September 2024 (the “Decree”) transposed Directive (EU) 2022/2464, Corporate Sustainability Reporting Directive (“CSRD”), in Italy introducing the requirement for certain categories of companies to submit an annual sustainability Report compliant with the reporting standards defined by Delegated Regulation (EU) 2023/2772 of 31 July 2023 (European Sustainability Reporting Standards or “ESRS”).
Under these new provisions, the Mediobanca Group (hereinafter also “the Group”), a “Public Interest Entity” (PIE) that meets the mandatory size criteria, is required to publish a Consolidated Sustainability Statement in accordance with the provisions of the Decree starting from financial year 2024-2025. This Report is the first to be prepared in accordance with the new ESRS regulations and standards, replacing the previous Consolidated Non-Financial Statement (pursuant to Legislative Decree No. 254/2016). The Mediobanca Group’s Sustainability Report was prepared on a consolidated basis by the parent company Mediobanca - Banca di Credito Finanziario S.p.A.
The scope adopted for the Consolidated Sustainability Report is aligned with the scope of the Consolidated Financial Statements as at 30 June 2025, and includes the parent company and subsidiaries consolidated on a line-by-line basis, as shown in Table 1. Equity investments in Group Legal Entities are shown in Section 3 – Area and Methods of Consolidation in the Notes to the Consolidated Accounts (to which reference is made). As at 30 June 2025, no associated and/or jointly-controlled investments were subject to operational control.23 However, they were part of the value chain by virtue of their commercial relations with the Group or their share of equity investment. Limited to the topic of climate change, information relating to the above investments is included in the appropriate section (ESRS-E1). As at 30 June 2025, no company included in the sustainability scope was required to prepare a sustainability Report pursuant to the Decree as none of them fell into the category of significant EIPs (i.e. entities with more than 500 employees and financial instruments listed on markets regulated by the European Union).
For all companies included in the sustainability scope, this Report discloses information on impacts, risks, and opportunities (hereinafter, also “IRO”) deemed
23 In line with the GHG protocol, the ESRS includes the concept of operational control, which is defined as the situation where “the undertaking has the ability to direct the operational activities and relationships of the entity, site, operation or asset.” The GHG Protocol adds that the company has full authority to introduce and implement operational policies, which often also involves carrying out such operations. Furthermore, in the context of greenhouse gas emissions, AR 40 in ESRS E1 explains that this occurs when “the undertaking holds the license - or permit - to operate the assets from these associates, joint ventures, unconsolidated subsidiaries (investment entities) and contractual arrangements.”
90 Consolidated Financial Statements as at 30 June 2025
“material” by the Double Materiality analysis and pertaining to internal operations and to direct and indirect business relationships across its value chain. For companies included in the reporting scope, information regarding policies, actions, targets and metrics in relation to material topics and with reference to internal operations and the value chain is presented in the various topical chapters of this document.
The Group’s Sustainability Report covers the value chain both upstream and downstream. Relevant actors in the “upstream” value chain segment include direct suppliers (tier 1), shareholders, bondholders,24 and business partners. The Group has identified its impacts, risks, and opportunities in the “upstream” value chain segment, focusing on the responsible use of natural resources, environmental impact, and promotion of sustainable supply practices.25
The relevant actors in the “downstream” value chain segment mainly include direct customers (private and corporate customers, credit institutions and other financial counterparties), issuers of financial instruments included in the Group’s banking and trading books, as well as in the portfolios of assets under management, associated and jointly-controlled companies and business partners.26
Information on the value chain disclosed in the Consolidated Sustainability Report includes:
―qualitative information on material impacts, risks, and opportunities, described in sections “SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model” and “IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities”;
―policies, actions, and targets, where applicable;
―quantitative metrics relating to indirect Scope 3 greenhouse gas emissions, in relation to specific GHG Protocol categories deemed significant (see the next section for details on categories and calculation methodologies).
In light of the transitional provisions of standard ESRS 1, the Group has chosen not to report the disclosure requirements introduced gradually and which may be omitted in the first reporting year under ESRS standards. Pursuant to the same transitional provisions,
24 These actors are considered in the “upstream” value chain due to their contribution of financial resources to the Group. Shareholders holding a stake greater than 3% were included in the analysis of actors in the value chain.
25 For further information on this subject, please refer to the following section “Double Materiality Analysis” and to the reference chapters for specific sustainability issues.
26 For further information on this subject, please refer to the following section “Double Materiality Analysis” and to the reference chapters for specific sustainability issues.
Sustainability Reporting 91
the Group reported information on value chain policies, actions, and targets using information previously available internally or publicly.
The Mediobanca Group has not failed to state any specific information regarding material topics, such as intellectual property, know-how, or innovative results, nor has it used the exemption from disclosing information on upcoming developments or issues under negotiation.
BP-2 Disclosures in relation to specific circumstances
Time horizons used
The Consolidated Sustainability Report includes forward-looking information. The Group has chosen to use a time horizon consistent with its ESG strategy (in particular the strategic plan “One Brand – One Culture” at 2028), risk assessments, and other regulatory disclosures (e.g., NetZero targets and transition plan in response to regulatory changes). Time horizons have been defined as follows:
―Short-term: up to 3 years from the end of the accounting period/financial year;
―Medium-term: 3 to 5 years;
―Long-term: over 5 years.
Use of estimates
In its Sustainability Report, the Group examines and reports quantitative metrics related to its upstream and downstream value chain to meet disclosure requirements E1-6 “Scope 3 Gross Greenhouse Gas (GHG) Emissions and Total GHG Emissions.” Mapped and reported categories are reviewed regularly (at least before each annual reporting period), as are the qualitative metrics related to defined policies, actions, and targets, if any.
Reporting of quantitative data may depend on information to be requested directly from counterparties (e.g., customers, suppliers, and business partners). The Group’s ability to obtain such information may vary depending on several factors:
―complexity of the value chain, characterized by numerous actors and different types of services;
92 Consolidated Financial Statements as at 30 June 2025
―lack of appropriate standards for the financial industry, including specific reference to value chain data and information for banking and financial intermediaries;
―limited use of IT tools by counterparties for ESG data and information collection;
―large number of counterparties, including large international corporations and small and medium-sized enterprises, which may not have the necessary information at their disposal in a timely fashion or the technical expertise to monitor sustainability data.
In accordance with ESRS 1, the Group made all reasonable efforts to directly acquire quantitative data from significant counterparties, particularly data related to climate change. Specifically, with regard to GHG emissions data, where it was not possible to collect data directly, the Group used estimation techniques based on the best available information, such as proxies, industry data, and other indirect sources. These sources included third-party information providers that also provide data based on economic indicators related to the counterparties. The Group used a hierarchical classification to ensure the accuracy and reliability of the data obtained, prioritizing reported data over estimated data. If data was not available from the information provider, a manual search was performed. When calculating quantitative data, the Group referred to internationally recognized frameworks, ensuring consistency and comparability across the various reference periods. These frameworks include the criteria and methodologies of the Greenhouse Gas (GHG) Protocol for calculating indirect emissions from upstream and downstream activities in the value chain (except Category 15) and the Partnership for Carbon Accounting Financials (PCAF) for estimating Scope 3 emissions related to Category 15 - Financial Investments.
The methodological recommendations for estimating Scope 3 emissions provided by Associazione Bancaria Italiana (ABI, Italian banking association) in its Linee Guida di settore (industry guidelines) were also considered.
Taking into account the above and following a financial and emissions materiality analysis for applicable Scope 3 categories, the Group included the most significant categories in its Sustainability Report in relation to Tier 1 counterparties which emerged from the mapping of value chain actors. The scope and methodologies applied for each identified and reported category are described below:
―Purchase of goods and services (Category 1): emissions were primarily reported in regard of tax, legal, and professional consulting, marketing and communication expenses, data processing, information providers, administrative expenses (limited to consulting for recruiting and internal company conventions), and other operating expenses. Emissions were calculated using the GHG Protocol’s spend-based
Sustainability Reporting 93
method, which applies specific emission factors to the amount of expenditure incurred, depending on the nature of the expense, derived from the Environmental Extended Input Output (EEIO) analysis.
―Business travel (Category 6): emissions were reported in regard of employee business travel using vehicles owned or operated by third parties, such as aeroplanes, trains, buses, and cars. Emissions were calculated using the distance-based method, estimating the distance depending on the means of transportation used and applying the corresponding emission factor. The emission factors recommended in “Linee Guida sull’applicazione in banca degli indicatori Ambientali del GRI” (Guidelines on the adoption of GRI (Global Reporting Initiative) environmental indicators for banks) released by Associazione Bancaria Italiana (ABI) and by the Italian Greenhouse Gas Inventory 1990-2019 – National Inventory Report 2021 – Istituto Superiore per la Protezione e la Ricerca Ambientale (ISPRA), were used for indirect emissions of company cars. The emissions for each individual route published by the Group’s travel agencies were used for indirect emissions deriving from air and train travel. If these were unavailable, the emissions factors recommended in the ABI guidelines compiled respectively by the ICAO (International Civil Aviation Organization) and the UIC (Union Internationale des Chemins de Fer) via Ecopassenger, were used.
―Financial investments (Category 15): emissions from the banking book not held for trading or for sale (equity securities, debt securities, loans to customers, including exposures relating to mortgages to individuals and vehicle financing, and investments in associates and joint ventures) are reported. In addition to the previously reported GHG data collection criteria, the data for counterparties that do not report emissions and are not estimated by information providers are estimated using the PCAF method, which uses different formulas and data depending on the relevant asset class and type of data available. In general, financed emissions are calculated by multiplying an attribution factor by an emission factor, which considers the GHG emissions from the loan or investment attributable to the financed counterparty or the issuer of the financial instrument.
For more detailed information on the calculation methods adopted, estimates made, and reporting scope of Scope 3 emissions, please refer to topical chapter E1 – Climate Change.
Quantitative metrics calculated using estimates are, by their very nature, subject to greater risk of uncertainty than data calculated based on primary sources. In this context, the use of reasonable assumptions and estimates, including proxies and industry data, is an essential part of the information disclosure process.
94 Consolidated Financial Statements as at 30 June 2025
The accuracy of metrics calculated using sector-specific proxies is guaranteed by nationally and internationally recognized authoritative sources (such as the Environmental Extended Input Output (EEIO), the Bank of Italy, the European Environmental Agency, the Istituto Superiore per la Protezione e la Ricerca Ambientale (ISPRA) or the Global GHG Accounting and Reporting Standard, drafted by the Partnership for Carbon Accounting Financials (PCAF).
The quantification of physical and transition risk on banking book (secured and unsecured) exposures is based on internal estimation methods. Advanced geospace mapping tools are used to analyse the physical risk associated with climate and environmental changes, allowing the company to locate and assess risks at the individual asset level. Geolocation is the central element of the assessment:
―in case of secured loans, the analysis refers to the geographic location of the property pledged as collateral;
―for corporate counterparties, the assessment is based on the location of the financed company’s production assets.
The processing of forward-looking information is based on assumptions regarding future events and the Group’s possible actions, and is subject to estimation. Due to uncertainties surrounding the occurrence of future events, any deviations between actual figures and forward-looking information could be significant.
The Group is committed to continuously improving the accuracy of reported data with the aim of gradually reducing the use of estimates in favour of actual data, in accordance with good market practices. In particular, the Group is committed to encouraging customers and suppliers and, where this is not possible, external information providers to provide more accurate and direct data by refining its estimation processes over time.
Mediobanca regularly reviews and updates the methodologies used, in line with the latest standards and market developments. Sustainability Reporting is subject to review by independent external auditors, thus ensuring the accuracy and transparency of the data reported.
Sustainability Reporting 95
Disclosures required by other legislation or generally accepted sustainability reporting provisions
This Sustainability Report does not include additional information arising from applicable legislation, with the exception of information required by Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council (see Disclosure pursuant to Article 8 of Regulation (EU) 2020/852 - EU Taxonomy Regulation).
Inclusion by reference
The only requirements included by reference in the Sustainability Report are certain references to information included elsewhere in the Consolidated Financial Statements (particularly, risk information included in Part E of the Notes to the Consolidated Accounts).
Use of transitional provisions in accordance with Appendix C of ESRS 1
Since the Mediobanca Group had an average number of employees exceeding 750 at the reporting date, it was unable to take advantage of the transitional provisions contained in Appendix C of ESRS 1 regarding the omission of information from ESRS E4 – Biodiversity and Ecosystems, ESRS S1 – Own Workforce, ESRS S2 – Workers in the Value Chain, ESRS S3 – Affected Communities, or ESRS S4 – Consumers and End-Users. The relevant information, where significant impacts, risks, and opportunities were identified, is reported in the appropriate chapters.
96 Consolidated Financial Statements as at 30 June 2025
Governance
GOV-1 – The role of the administrative, management and supervisory bodies
Governance model
Mediobanca Banca di Credito Finanziario S.p.A. is a company listed on the Milan Stock Exchange. It is among the largest and most complex Italian banks, subject to the supervision of the European Central Bank (ECB) and classified as a “large company” according to the Corporate Governance Code for listed companies. As the parent company, Mediobanca manages and coordinates the companies that belong to the Group. These activities include planning, issuing policies, regulations, and directives, risk management, functional reporting relationships between the Parent Company and subsidiaries, establishing Group Committees with coordination and supervisory duties and issuing rules in compliance with instructions imparted by the Supervisory Authorities.
The governance model adopted is the traditional model with a Board of Directors and a Statutory Audit Committees, appointed by the shareholders’ meeting. This system combines efficient management with effective control, fostering engagement between the Board’s executive and strategic supervisory units. The control body participates in Board discussions, is invited to meetings of all Board Committees, and in particular holds joint meetings with the Risk Committee.
Members of the administrative, management, and supervisory bodies
The traditional governance model adopted by Mediobanca provides for a clear distinction between the duties and responsibilities of the corporate bodies, as required by the Bylaws.
Strategic oversight is entrusted to the Board of Directors, who make decisions on the Bank’s strategic direction and oversee its implementation, including by approving the acquisition and divestment of significant shareholdings.
Corporate management is the responsibility of the Chief Executive Officer, who is responsible for implementing the Group’s strategic direction.
Mediobanca’s Board of Directors comprises 15 directors, 80% of whom are independent, 2 are executive directors, and 13 are non-executive directors (87%).
Coordination of the independent Directors is entrusted to a Lead Independent Director, who has the following duties:
Sustainability Reporting 97
―convening and chairing meetings of the independent Directors to discuss issues of interest to the operation of the Board of Directors;
―acting as the contact person to coordinate the independent Directors’ concerns;
―collaborating with the Chairman of the Board of Directors to ensure complete and timely information flows;
―acting as the contact person for the Board evaluation process regarding the operation, size, and composition of the Board of Directors and its Committees;
―performing any additional tasks assigned by the Board of Directors, particularly regarding strategic issues and/or extraordinary transactions.
Supervisory duties are entrusted to the Statutory Audit Committee appointed by the Shareholders’ Meeting; the task of auditing company accounts is assigned by the Ordinary Shareholders’ Meeting upon reasoned proposal from the Statutory Audit Committee in accordance with applicable regulations.
In line with the recommendations of the Corporate Governance Code and the Bank of Italy’s Provisions on Corporate Governance, and pursuant to Article 20 of the Bylaws, the Board of Directors has established six internal committees: Risks, Related Parties, Remuneration, Appointments, Sustainability, and the Committee pursuant to Article 18, paragraph 4 of the Bylaws. These committees perform the following duties:
―Risk Committee: this committee supports the Board on risk matters, including assessing and monitoring ESG risks, the internal control system, and accounting disclosures. All five members are independent;
―Related-Party Committee: this committee expresses binding opinions on the adoption and changes, if any, to the related party procedure, as well as a reasoned opinion on the bank’s interest in carrying out transactions with related parties; it comprises 5 independent members;
―Remuneration Committee: supports the Board on remuneration policies, setting the compensation of senior positions, employee remuneration, and incentive and loyalty plans; it comprises 5 independent members;
―Appointments Committee: the five members of this committee (80% of whom independent) support the Board in the process of appointing Directors (in the event of co-opting new members), in the process of submitting a list of candidate Directors by the expiring Board of Directors, in the Board of Directors’ self-assessment process, and in the preparation of succession plans for top management positions;
98 Consolidated Financial Statements as at 30 June 2025
―Sustainability Committee: this committee comprises six members (83% independent) and carries out investigative tasks on sustainability matters to be submitted to the Board of Directors for approval;
―Committee pursuant to Article 18, paragraph 4, of the Bylaws: this committee comprises 5 members (60% of whom independent), and approves the decisions to be made regarding the appointment of corporate bodies at the shareholders’ meetings of listed companies in which the Group’s stake simultaneously represents at least 10% of the investee company’s capital and exceeds 5% of the Group’s consolidated regulatory capital.
The current members of the Board of Directors reflect an appropriate combination of competences and professional skills, in line with the “Report on the qualitative and quantitative composition of the Board of Directors”.
Their competencies include:
―Mediobanca Business: knowledge of the Mediobanca Group’s banking business sectors (Corporate Investment Banking, Wealth Management, Consumer Finance), including from a strategic standpoint;
―Risk governance (including environmental risks);
―Internal supervisory system: legal compliance, anti-money laundering, and internal audit;
―Banking governance;
―Planning, including strategic regulatory and economic capital allocation and risk measurement;
―Managerial skills and entrepreneurial experience;
―Bank accounting and reporting;
―Legal and regulatory expertise;
―Macroeconomics/international economics;
―Sustainability issues;
―Information technology and security;
―Human resources, remuneration systems and policies.
Sustainability Reporting 99
73% of the members of the Board of Directors have competencies and experience in sustainability issues, in particular with reference to aspects relevant to the Group.
100 Consolidated Financial Statements as at 30 June 2025
High/very high level of specific skills in various areas
How the expertise of members of the Board of Directors covers each category is shown below, including with respect to the minimum target set in the Report on the Qualitative and Quantitative Composition of the Board of Directors 2023.

| Mediobanca Business | Management of risks | Internal control system | Banking governance | Planning | Managerial skills | Banking accounting | Legal expertise | Macroeconomics | Sustainability | Information technology and security | Human resources and remuneration
Renato PAGLIARO | X | X | X | X | X | X | X | X | X | X |  | X
Alberto NAGEL | X | X | X | X | X | X | X | X | X | X |  | X
Francesco Saverio VINCI | X | X | X | X | X | X | X | X | X | X | X | X
Angela GAMBA | X | X | X | X | X | X |  |  |  |  |  |
Vittorio PIGNATTI MORANO | X | X | X | X | X | X | X |  | X | X |  | X
Sabrina PUCCI | X | X | X | X | X |  | X |  |  | X |  | X
Mana ABEDI | X | X | X | X |  | X |  |  |  |  |  |
Virginie BANET | X | X | X | X | X | X | X |  | X | X |  | X
Laura CIOLI | X | X | X | X | X | X |  |  | X | X | X | X
Marco GIORGINO | X | X | X | X | X |  | X | X |  | X | X | X
Valérie HORTEFEUX | X | X | X | X | X | X |  |  | X |  |  | X
Maximo IBARRA | X | X | X | X | X | X |  |  | X | X | X | X
Sandro PANIZZA | X | X | X | X |  | X | X | X | X | X |  | X
Laura PENNA | X | X | X | X | X | X | X |  |  | X |  | X
Angel VILA BOIX | X |  | X |  | X | X |  |  | X |  |  |

Sustainability Reporting 101
The Board promotes induction and training programmes for members of the corporate bodies, ensuring the necessary resources. Induction meetings aim to provide knowledge that ensures informed participation in the discussions and resolutions of the Board of Directors.
Induction programmes are planned for newly appointed members to align their knowledge. These meetings, attended by the heads of the relevant corporate units, are open to all Directors and Statutory Auditors.
Training programmes aim to update members on general banking topics. Training sessions are also open to Directors and Statutory Auditors from other banks in the Group.
During the financial year, the following meetings were organized:
―four induction meetings on the following topics: Basel IV (CRR3 adoption); Wealth Management (WM) cost and funding analysis; Risk Management dashboard; MPS OPS – Issuer’s Statement;
―five training meetings on the following topics: Artificial Intelligence: uses within the Group, opportunities, regulatory implications and risks, DORA (Digital Operational Resilience Act) regulation; ESG: current and future scenarios – policy and regulatory evolution; cybersecurity issues; geopolitical scenarios.
102 Consolidated Financial Statements as at 30 June 2025
Diversity of members of the administrative, management, and supervisory bodies
The composition of the Board of Directors and its committees complies with regulatory requirements and the guidelines “Qualitative and Quantitative Report of the Board of Directors,” including diversity requirements (age, geographic area, and gender).
As at the date of approval of this document, the Board of Directors was adequately diverse in terms of gender (47% women, above the minimum standard of 40% required by law, with a ratio of 0.88 of women to men),27 age (80% between 50 and 65, 20% over 65), and geographic origin (33% from countries other than Italy).
Composition of the Risk Committee:
―All members meet the independence requirements pursuant to Legislative Decree No. 58/1998, to the Italian Civil Code, and to Decree No. 169/2020 of the Ministry of Economy and Finance, supplemented by Article 19 of the Bylaws (with a percentage of 100%).
―Gender diversity: 40% women, with a ratio of 0.66 of women to men.
―All members have expertise in risk governance and internal control system (with a percentage of 100%). Furthermore, 100% have experience in sustainability (ESG) issues.
Composition of the Related Parties, Appointments, Remuneration, and Sustainability Committees:
―At least 80% of the members meet the independence requirements pursuant to Legislative Decree No. 58/1998, to the Italian Civil Code, and to Decree No. 169/2020 of the Ministry of Economy and Finance, supplemented by Article 19 of the Bylaws;
―All members have adequate knowledge, skills, and experience to perform their duties.
With regard to gender, age, and geographic diversity as at the date of approval of this document:
―Related-Party Committee: 40% women, with a female/male ratio of 0.66; 60% between 50 and 65, 40% over 65; 60% from countries other than Italy;
―Appointments Committee: 80% women, with a female/male ratio of 4; 80% between 50 and 65, 20% over 65; 20% from countries other than Italy;
27This ratio was calculated by dividing the number of female members by the number of male members.
Sustainability Reporting 103
―Remuneration Committee: 40% women, with a female/male ratio of 0.66; 80% between 50 and 65, 20% over 65; 40% from countries other than Italy;
―Sustainability Committee: 67% women, with a female/male ratio of 2; 100% between 50 and 65 years of age; 33% from countries outside Italy;
―Committee pursuant to Article 18, paragraph 4, of the Bylaws: 20% women, with a female/male ratio of 0.25; all between 50 and 65 years of age; 40% from countries outside Italy.
The Statutory Audit Committee comprises three standing auditors and three alternate auditors, appointed by shareholders at the Annual General Meeting held on 28 October 2023 and in office for the 2024, 2025 and 2026 financial years. The mechanism for appointments provides that the Chairman of the Statutory Audit Committee shall be chosen from the minority list. The Committee’s composition complies with the legal requirements in terms of gender representation. 33% women, with a female/male ratio of 0.5; 33% between 50 and 65, 67% over 65.
There is no representation of employees28 or other workers29 within the administrative, management, and supervisory bodies.
28 “Employee” means a natural person who, in accordance with national law or practice, has an employment relationship with the company.
29 Worker representatives” means: trade union representatives, designated or elected by the unions in accordance with national laws and practices, and freely elected representatives of workers, independent of the employer’s control and in compliance with national laws or collective bargaining agreements. Such representatives do not engage in union-only activities nor is their position within the Group compromised as a result of such activities.
104 Consolidated Financial Statements as at 30 June 2025
Duties and responsibilities of the administrative, management, and supervisory bodies and Senior Management regarding sustainability
The Organizational Policy adopted by the Group defines the duties and responsibilities of the administrative, management, and supervisory bodies of the business units involved in incorporating and applying ESG factors in business processes. This Policy reflects the risk management requirements within a model requiring “three lines of defence” (operational departments, Risk Management and Compliance Units, and Internal Audit Unit), as required by the Group Policy on the Internal Control System.
The Group’s Sustainability Policy defines the guidelines for the business units involved in sustainability issues in line with the principles laid down in the Group’s Code of Ethics. The various business units progressively incorporate sustainability concerns into their business processes and participate in management committees to contribute to the process of identifying and assessing impacts, risks, and opportunities, updating the administrative body on targets and results achieved.
The duties and responsibilities described in the Group’s governance policy in relation to sustainability issues are defined in the Group ESG Directive. The following is a summary of the responsibilities and duties of the main bodies and units with regard to sustainability issues.
The Board of Directors, in its capacity as strategic management and oversight body, determines the company’s strategic direction and targets, including sustainability targets, and oversees their implementation by defining Mediobanca’s overall governance and organizational structure.
Specifically, the Board of Directors:
―approves the company’s ESG strategy and monitors its implementation;
―defines and approves strategic risk-taking guidelines, risk governance policies, and overall risk objectives, including climate and environmental risks;
―approves the Group’s Remuneration and Incentive Policy, including performance indicators related to sustainability and ESG issues, to be submitted for approval to the Annual General Meeting, reviews them at least annually, and ensures their proper implementation.
During scheduled meetings, the Board of Directors discusses and approves documents related to sustainability issues, the ICAAP, RAS, and RAF, exercising oversight over climate-related risks and opportunities in the Group’s banking and investment operations,
Sustainability Reporting 105
as well as any impacts generated directly (i.e., through its own operations) and indirectly (through banking, investment, and consulting activities).
Two Board Committees have specific duties and responsibilities related to sustainability issues: the Sustainability Committee and the Risk Committee. The former assesses the Group to ensure it is correctly positioned relative to its strategy for sustainable growth over time, staff improvement, sensitivity to social issues, and reduction of direct and indirect impact on the environment. It is responsible for investigating sustainability matters for submission to the Board of Directors, including: Group sustainability policies; ESG strategy, on the proposal of the CEO; and Double Materiality analysis.
The Risk Committee monitors, instructs, and supports the Board of Directors in defining the guidelines for the internal control and risk management system, including ESG risks (particularly climate-related and environmental risks). It is informed on ESG issues that may have an impact on the Group’s risk profile and liaises with the Sustainability Committee regarding sustainability disclosures. Specifically, it examines the Sustainability Reporting content relevant to the internal control and risk management system.
The Board of Directors has entrusted the CEO, with the support of the ESG Management Committee, with oversight of sustainability activities and actions to be implemented and monitored, ensuring the Group’s correct stance on these issues in the various areas to be addressed.
Thanks to his organizational position, the CEO acts as a catalyst, ensuring effective communication between the Board and management in all decision-making processes.
Participation in key Committee meetings ensures a secure and comprehensive flow of information, allowing the CEO to monitor and maintain clear visibility of the company’s risks and opportunities, including sustainability issues.
106 Consolidated Financial Statements as at 30 June 2025
The Statutory Audit Committee:
―monitors compliance with regulations, proper administration, adequacy of organizational and accounting units, and methods of implementing corporate governance rules;
―monitors the financial reporting and Sustainability Reporting process and submits recommendations or proposals aimed at ensuring their appropriateness;
―monitors the completeness, adequacy, functionality, and reliability of the internal control system, the RAF, and the internal capital adequacy assessment process (referred to as “ICAAP”).
As provided for in Article 20 of the Bylaws, the Board of Directors has established a number of management committees, defining their composition and powers, to be exercised in accordance with the policies approved by the Board of Directors. These include:
The Group Risk Management Committee defines and updates the framework for managing the impacts of ESG risk factors (not including greenwashing), assesses its implementation in terms of regulatory risks, and regularly evaluates the methodological framework, monitoring the overall effectiveness of the measures adopted.
The Conduct Committee guides, oversees, and passes resolutions on conduct risks (compliance and greenwashing, money laundering, and terrorist financing) for Mediobanca and the Group.
The Credit and Markets Committee reviews the ESG risk profile of counterparties in loan resolution proposal.s, based on Risk Management analyses.
The Group’s Non-Financial Risks Committee monitors and mitigates non-financial risks at the Group level, including IT, fraud, third-party, legal, tax, and other non-financial risks, not including conduct risk. It regularly reviews the non-financial risk profile of the Parent Company and its main subsidiary companies, analysing the most significant non-financial risks, including operational and reputation risks related to ESG factors.
Finally, the Chief Executive Officer establishes Management Committees, tasked with supporting him in the performance of his duties and responsibilities in certain areas of management, in line with the Group's strategies. These include the Group ESG Committee, which oversees social responsibility issues and ensures the Group's correct positioning on these issues. This Committee is responsible for:
Sustainability Reporting 107
―defining Group Sustainability Policies and overseeing their implementation in the policies of subsidiary companies, as well as promoting the implementation of consistent practices at the Group level;
―expressing prior opinions on significant ESG initiatives of Subsidiary Companies and evaluating their dissemination before public disclosure, if any;
―making a proposal in regard of the Group-wide Corporate Social Responsibility (CSR) budget and monitoring its progress;
―supervising activities aimed at preparing the Sustainability Report, including updating the Double Materiality analysis; expressing a prior opinion on draft documents that the Group is required to publish in compliance with the Principles for Responsible Banking and as a member of the Net Zero Banking Alliance (defining the related dissemination methods); and approving the Group’s Climate transition plan;
―choosing the Group’s solidarity initiatives and monitoring their progress;
―expressing a prior opinion on PAI (“Principal Adverse Impact”) reduction targets for individual portfolio management services, i.e., the main adverse sustainability impacts resulting from investment decisions;
―expressing a prior opinion on the Group’s portfolio carbon footprint reduction plan and on sector-specific targets defined in compliance with the requirements of the Net Zero Banking Alliance;
―evaluating products that, due to their characteristics, contribute to the Group’s ESG offering, monitoring the Group’s stance in these areas through qualitative and quantitative mapping of ESG products and their contribution to the Group’s results.
The Group has integrated ESG considerations into its banking processes, engaging all departments and business units and promoting ongoing commitment to sustainability issues. This approach aims to support customers in their sustainable transition process, strengthen investor, market, and stakeholder confidence, enhance corporate reputation by combating activities that are incompatible with the Group’s principles, and manage ESG risks effectively.
As part of the governance processes established to monitor, manage, and control impacts, risks, and opportunities, the Group’s operational structures (business units) also have specific duties and responsibilities related to sustainability issues. Below is a description of the main organizational units involved in the integration and application of ESG factors in business operations, with an indication of their respective roles and responsibilities.
108 Consolidated Financial Statements as at 30 June 2025
The Group Chief Financial Officer contributes to defining the Group’s strategy, oversees the data consolidation process and monitors the quantitative ESG targets and KPIs included in the strategic plan and in the budget. The same prepares the public disclosures required by the Authorities on ESG issues (Pillar III) and collaborates with Group HR and Group Sustainability in defining and monitoring remuneration targets, reporting to the Remuneration Committee on the results achieved.
The Group Chief Financial Officer also acts as Head of Company Financial Reporting, and oversees the tasks governed by Article 154-bis of the Italian Law on Finance (TUF) and is responsible for the risk management and internal control system established in relation to the financial reporting process. The same oversees the administrative data collection procedures required for Sustainability Reporting, in collaboration with Group Sustainability, to ensure adequate governance and transparency in the processes.
Group Sustainability oversees sustainability-related activities and the management of social responsibility issues, including the definition of ESG strategies, ensuring the Group’s proper stance in the various areas of reference. Specifically, the same:
―outlines the Group’s sustainability policies;
―prepares and coordinates the collection of Sustainability Reporting information under the supervision of the Head of Company Financial Reporting (in compliance with Legislative Decree No. 125 of 6 September 2024, transposing the Corporate Sustainability Reporting Directive), the documents that the Group is required to publish in compliance with the Principles for Responsible Banking and as a member of the Net Zero Banking Alliance, as well as other disclosures required by applicable legislation;
―plans and manages the activities of the Group ESG Committee and liaises with Group Corporate Affairs for the activities of the Board Sustainability Committee, preparing the content to be reviewed;
―identifies solidarity projects to be proposed, oversees their implementation, coordinates communication, and manages the dedicated budget;
―supports the development of ESG-related financial products and services across the various business lines, engaging with key stakeholders and monitoring indirect impacts on the Group;
―supports the business areas in the operational implementation of the ESG strategy and, specifically, assists them in the environmental and climate sectors, together with the
Sustainability Reporting 109
Group Risk Management unit, in assessing the transition plans of portfolio counterparties;
―oversees, monitors, and updates the Group’s Climate transition plan and, in particular, identifies short and medium to long-term targets, coordinates the units involved, and supports the implementation of the Plan’s targets;
―coordinates the dissemination of CSR issues through the Group’s various channels;
―establishes portfolio alignment targets to achieve the goals set by the ESG protocols which the Bank has joined (and in particular by the Net Zero Banking Alliance);
―supports the CFO, Risk Management, and Front Office in conducting impact simulations during planning/budgeting to understand the impact of the ESG strategy on the business and Group HR in defining and monitoring ESG corporate performance metrics;
―supports the Insurance Division - Principal Investing in verifying compliance with the negative screening criteria set forth in the Group ESG Policy, particularly with regard to proprietary investment transactions.
Group Risk Management is responsible for integrating ESG principles into corporate risk management processes (particularly in the definition of the Risk Appetite Framework, in the internal capital adequacy assessment process (ICAAP), and in operating stress tests), monitors ESG risks and draws up the related reports. Specifically:
―it defines and implements the method for assessing the materiality of the Group’s exposures to climate-related and environmental risks (Climate and environmental materiality assessment), and participates in the financial materiality analysis to identify significant sustainability risks;
―contributes to defining the Group’s ESG strategy and ESG risk appetite. It defines the ESG metrics in the Risk Appetite Framework and related risk thresholds, supplements the risk map with ESG risks, and prepares the ICAAP Report. It also drafts management reports for the integrated monitoring of Group risks;
―it evaluates the exposure to ESG risks of the credit portfolio and proprietary investments, including on a forward-looking basis, for strategic planning processes;
―it conducts qualitative assessments of physical risk in terms of business continuity of the Group’s facilities and major outsourcers.
110 Consolidated Financial Statements as at 30 June 2025
Regarding remuneration, the Group Human Capital, Organization and Change unit actively collaborates with Group Sustainability and the Group CFO to define targets consistent with the Group’s strategies and monitor them regularly. Furthermore, it organizes and delivers training sessions on ESG topics to promote corporate culture.
The Group Data Office defines ESG data governance controls in line with the Group’s Data Governance framework.
Group IT Governance & Digital Innovation is responsible for designing, implementing, and maintaining the ESG reporting framework and supporting tools (e.g., heatmaps, ESG credit risk questionnaires), ensuring the consistency of data used by the various departments.
Other units perform additional controls according to the methods and tools defined in internal regulations.
In particular, the Group Compliance & AML30 unit monitors regulations relevant to ESG compliance profiles, in line with its tasks. Finally, the Group Audit unit performs a third-level audit of the Group’s ESG activities, verifying their compliance with the Regulator’s requirements and their alignment with the initiatives adopted by the Group and changes in the market environment.
An intra-group, cross-departmental working group called “ESG Programme”, a process aimed at adapting to changes in the ESG regulatory environment, has been in place since 2021. Day-to-day activities are managed at the individual workstream level (Risk Management, Disclosure & Reporting, ESG Strategy) in Workstream Leader Meetings called for the purpose of monitoring and implementing operational decisions. The Business Leader Committee, comprising the Project Sponsors and Business Leaders of the departments involved (both from the Parent Company and from the Legal Entities), makes the key project-related decisions and, where necessary, submits cross-cutting issues to the Steering Committee, comprising the relevant Top Management (on a bimonthly basis). The Steering Committee provides strategic direction and monitors the entire programme, with an increasing focus on integrating the ESG strategy into business operations, consistent with regulatory expectations and with the Group’s commitment to decarbonization.
The activities carried out during financial year 2024–25 were aimed at strengthening actions cutting across all of the Group’s divisions and Legal Entities in line with the strategic and regulatory targets in the areas of risk and sustainability. The main results achieved included:
30 Anti Money Laundering
Sustainability Reporting 111
―Launch of the first Business Environment Scan (BES), integrated into the planning and budgeting processes;
―Activation and monitoring of the decarbonization plan, in line with the net-zero targets declared to the market (-35% by 2030 on the CIB portfolio; neutrality by 2050);
―First draft of this section of the Financial Statement (Sustainability Statement pursuant to the CSRD);
―Continuation of remediation activities regarding the findings of the ECB Operational Act, with a focus on developing the Climate and environmental materiality assessment and integrating ESG elements into the business strategy;
―Development of transition plans to support customers (new green products, customer education through the activation of client engagement actions, and review of pricing terms);
―Enhanced materiality analysis and engagement models, including the extension to reputation risk, use of forward-looking projections, and strengthening of the set of ESG KPIs;
―Enhancement of the Group’s ESG database and ESG data quality controls (for internal data and data from information providers).
The ESG working group meetings, during which Mediobanca and the Group’s main companies kept each other updated on regulatory developments and market trends, continued in order to seize business opportunities generated by the dissemination of sustainability issues and to align the Group with best practices.
Duties of the administrative, management and supervisory bodies in corporate conduct
Mediobanca’s Board of Directors approves, verifies, and ensures the dissemination and implementation of corporate values contained in the Code of Ethics and Code of Conduct (the “Codes”). All corporate bodies and employees are required to respect and comply with the Codes, which lay down the fundamental principles underlying the Group’s reputation and the values that guide daily operations, describing the required standards of conduct.
In the context of growing attention to corporate governance, in addition to the creation of an organizational, corporate, and group policy to manage business risk effectively, the Board of Directors has formalized and disseminated the Group’s ethical principles. Fair and transparent conduct enhances and protects the Group’s reputation, credibility, and
112 Consolidated Financial Statements as at 30 June 2025
acceptance among market operators, authorities, and institutions over time — which are key aspects for the development of the Group’s business.
Business conduct is defined in the Code of Ethics, in the Code of Conduct, and in the Organization, Management, and Control Policy (pursuant to Article 6 of Legislative Decree No. 231/01). These three documents have been approved by the Board of Directors, the body responsible for the Group’s strategic oversight.
These Codes contain references and guiding principles, complementary to legal and self-regulatory obligations, which guide conduct consistent with the Group’s mission and core values. All conduct, even if not expressly addressed in the Codes, should be guided by legality, transparency, common sense, and personal ethics, consistent with the company’s values, guiding principles, and procedures, in the awareness that, otherwise, the Group could be exposed to regulatory and reputation risks.
The Code of Ethics applies to Mediobanca and to the Group’s main Legal Entities. The following smaller companies are currently not included within the scope of the Codes: MB Funding Luxembourg, Compass RE, Mediobanca International Immobiliere, Polus Capital Management Group Limited, Polus Capital Management US, Bybrook Capital Burton Partnership GP Limited, Messier et Associes LLC, CMB Real Estate Development, Arma Partners Corporate Finance, Arma Deutschland, and HeidiPay AG. The Code of Conduct does not currently apply to Mediobanca International Immobiliere, MB Funding LUX, Polus US, and Heylight.31
The Organization, Management, and Control Policy adopted by Mediobanca and by the Group’s Italian companies constitutes the set of operating rules and ethical standards adopted by the relevant company to prevent the commission of crimes governed by the Decree. The Policy is inspired by the ethical principles of the Code of Ethics and Guidelines of trade associations. Supervision of the operation of and compliance with the Policy is entrusted to the Supervisory Body, which has independent powers of initiative and control and meets adequate requirements of professionalism and integrity.
The Supervisory Body maintains and ensures adequate reporting flows to the Board of Directors. These include:
―submitting the Annual Report on activities performed;
―promoting the updating of the Policy.
31 These companies are insignificant in terms of employee numbers, or are the most recently acquired companies.
Sustainability Reporting 113
The Statutory Audit Committee performs a legality control function to ensure the proper management of the Bank, also verifying the adequacy of the organizational structure and internal control system.
With regard to the Board of Directors and the Statutory Auditors Committee, all new members receive a copy of the Organization, Management and Control Policy, Code of Ethics and Code of Conduct adopted by the Mediobanca Group.32 Furthermore, any updates to these documents and other relevant policies are approved by the Board of Directors.
32 This communication is also made to other Group Legal Entities based in Italy.
114 Consolidated Financial Statements as at 30 June 2025
GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
Financial year 2024-2025 marked the Group’s first experience with preparing a Double Materiality analysis fully aligned with the requirements of the CSRD framework. For this reason, internal regulations and the approval process and reporting flows to the Board of Directors and Committees were updated.
The Board’s Sustainability Committee has been continuously monitoring the evolution of the Double Materiality process and progress of work to align with the new ESRS Standards.
The Statutory Audit Committee has been informed about the progress of activities and coordination with the independent auditor on a continuous basis.
With regard to this Report, on 5 May 2025, the Sustainability Committee expressed a favourable opinion on the Double Materiality analysis. It was also submitted to the Risk Committee, which stated that it was consistent with the 2025 Climate and Environmental Materiality Assessment. The IROs that were found to be material were discussed and approved by the Board of Directors on 8 May 2025.
Based on these information flows, the administrative, management, and supervisory body reviews the complete list of material impacts, risks, and opportunities, as well as the criteria and methodologies underlying the analysis. These topics, integrated into the Group’s sustainability strategy, guide its policies, actions, and targets regarding various ESG issues. Furthermore, policy updates to address emerging regulatory issues or ensure their coverage in reporting have also been submitted to the Sustainability Committee and to the Board of Directors.
Through the Sustainability Committee, which supports the Board in defining and evaluating sustainability guidelines, and the Risk Committee, which monitors, educates, and supports the Board in managing risks (including ESG risks, particularly climate and environmental factors), initiatives and actions with ESG impacts are monitored, and the assessment, management, and mitigation of risks relevant to sustainability are ensured.
Sustainability Reporting 115
GOV-3 - Integration of sustainability-related performance in incentive schemes
As part of the performance evaluation process related to its remuneration and incentive policy, the Group pays special attention to achieving ESG targets, including climate-related targets. These targets are structured according to individual areas of responsibility and take into account the incentive systems applied to the individuals and/or divisions involved.
Mediobanca has updated its remuneration and incentive policies and practices to encourage behaviour consistent with its climate-related and environmental approach, as well as with its optional commitments, guiding the beneficiaries’ behaviour toward long-term value creation.
Specifically, the following remuneration elements have been identified:
―short-term remuneration, with performance assessed on an annual basis: linked to business targets set at the beginning of the financial year (budget targets and quantitative KPIs), also including non-financial/qualitative criteria aimed at promoting long-term value creation. A cap is applied to reduce risk appetite;
―long-term remuneration, with a performance evaluation time frame linked to the multi-year strategic plan: performance targets aiming to ensure a sound capital base, adequate liquidity ratios, profitable results, and appropriate risk management (2023-26 Long-Term Incentive Plan LTI).
The 2023-26 Long-Term Incentive Plan (LTI Plan) includes qualitative and quantitative targets, with 50% of the total variable compensation for the CEO and General Manager depending on the achievement of such targets. The system has been extended to other strategic positions within the Group. Approximately 20% of the LTI Plan’s targets are ESG-related and equally focus, with a 10% weighting, on indicators related to climate change (portfolio decarbonization) and diversity and inclusion (% of women executives at Group level). The Plan was approved by the shareholders at the Annual General Meeting held on 28 October 2023.
The annual target sheets (short-term incentives) for the Group’s CEO and General Manager include both financial and non-financial ESG targets, to be assessed over a one-year time horizon:
―financial targets represent up to 10% of the quantitative component and refer to annual ESG targets contained in the strategic plan for the Group’s main businesses, with financial KPIs, for example, relating to growth in the volume of “green” products (CIB,
116 Consolidated Financial Statements as at 30 June 2025
Consumer, and WM) or percentage of funds under Articles 8 and 9 SFDR included in client portfolios;
―the annual target sheets for the CEO and Group General Manager also include non-financial ESG targets, whose impact on the financial component may vary from a 5% decrease to a 7.5% increase for each identified target. Qualitative targets have equal weight and should be assessed individually.
The short-term incentive system for other senior positions (key management personnel and heads of key business lines) includes quantitative and measurable ESG indicators with weightings of up to 10%, both individually and as part of the assessments to define divisional bonus pools.
All targets included in the target sheets guarantee an overall weighting of 100%, as follows:
―85% of overall weighting refers to financial KPIs, with 10% reserved on a fixed basis for ESG financial targets;
―15% refers to non-financial qualitative indicators, predefined and expressed in the evaluation drivers.
At the approval level, the Board of Directors compiles the remuneration and incentive policy and submits it to shareholders in Annual General Meeting at least once a year, and is responsible for ensuring it is properly implemented. Remuneration policies, together with compensation plans based on financial instruments for the benefit of Directors, employees, and collaborators of the Group, as well as the criteria for calculating compensation in the event of early termination of the employment relationship or office, are approved by the Annual General Meeting in accordance with the terms of applicable regulatory provisions.
The Remuneration Committee proposes the compensation of personnel whose remuneration falls under the responsibility of the Board of Directors. The Committee has advisory duties regarding compensation criteria for all key personnel and assesses the adequacy of rules governing the remuneration of heads of corporate control units and of the Head of Company Financial Reporting, in close coordination with the Statutory Audit Committee.
Sustainability Reporting 117
GOV-4 – Statement on due diligence
Due diligence includes all the processes and procedures adopted to identify, prevent, mitigate, and communicate how actual and potential adverse impacts on the environment and people resulting from an entity’s activities are addressed and managed.
The Group integrates due diligence practices into its strategy and business model, thus enabling it to identify and manage adverse impacts effectively and consistently with corporate targets.
During its annual Double Materiality analysis conducted, the Group identified significant positive and negative impacts, subjecting the findings to a thorough assessment by top management and external stakeholders. The findings of these analyses were approved by the corporate bodies.
The adverse impacts identified and assessed as material are detailed in the “List of material IROs” table (see section “SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model”).
The Group constantly monitors the effectiveness of its strategies and reports the progress achieved clearly and comprehensively, thus strengthening its responsibility towards stakeholders.
The following table shows the main due diligence elements described in this Sustainability Report:
118 Consolidated Financial Statements as at 30 June 2025
Table 1: Mapping of information provided in the Report regarding the due diligence process

Key due diligence elements | Sections in the Sustainability Report
a) Integrating due diligence into governance, strategy, and business model | General Section - ESRS 2 SBM–1 – Strategy, business model and value chainGeneral Section - GOV–2 Governance structureGeneral Section - SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
b) Involving stakeholders in all key due diligence stages | General Section - ESRS 2 SBM-2 Interests and views of stakeholdersGeneral Section - IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities
c) Identifying and assessing negative impacts | General Section - IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities
d) Intervening to address negative impacts | Climate change - E1-1 Transition plan for climate change mitigationOwn workforce - S1-1 Policies related to own workforce - Diversity, Equity and Inclusion CodeOwn workforce - S1-14 Our actionsBusiness conduct - G1-1 - Corporate culture and protection of whistle-blowersBusiness conduct – 1.2 Actions
e) Monitoring the effectiveness of actions and communicating | Climate Change – E1- 4 Climate Change Mitigation Objectives – Own Operations – Financed EmissionsOwn workforce - S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Sustainability Reporting 119
GOV-5 – Risk management and internal controls over Sustainability Reporting
The Group has implemented a structured internal control system to ensure the accuracy and reliability of sustainability reporting, meeting the qualitative characteristics required by ESRS1 Appendix B.33 This system ensures compliance with applicable regulations, integration with corporate strategies, and mitigation of risks associated with the disclosure of sustainability information. The approach adopted involves using internationally recognized methodological standards, including the Internal Control of Sustainability Reporting Framework (hereinafter Co.SO. ICSR Framework), and the adoption of continuous monitoring and review tools to strengthen the effectiveness of the Group’s governance and control system. The Group Regulations for the Head of Company Financial Reporting and the Group Financial Disclosure Policy have also been updated to incorporate the implications linked to the Sustainability Reporting process. An Operating Procedure for Sustainability Reporting has also been developed.
The Group has adopted an internal control system to ensure effective monitoring of strategic decisions and the operating balance of individual components. Procedures have been formalized to ensure an effective risk management process and coordination between subsidiaries and the Parent Company for all areas of activity.
The key elements of the risk management model for Sustainability Reporting purposes are similar to those adopted for financial reporting purposes and include:
―Company-Level Controls (CLC): controls relating to compliance with general supervisory corporate governance rules, including Group-wide regulations, rules, and control mechanisms, including IT systems. These controls concern the company’s organization and influence financial reporting, sustainability reporting, and disclosure objectives.
―Administrative Model: organizational processes (activities, risks, controls) that generate the significant information included in financial statements, Sustainability Reporting, and financial reporting to the market.
―IT General Controls: general rules for governing application technologies and developments common to IT architectures and to applications instrumental to financial and Sustainability Reporting.
33 Appendix B defines the qualitative characteristics that information presented in sustainability reports prepared in accordance with ESRS should meet: relevance, faithful representation, comparability, verifiability, and comprehensibility.
120 Consolidated Financial Statements as at 30 June 2025
The Sustainability Reporting operational risk management process is structured into the following steps:
1.Identification of risks related to processes relevant to the processing and collection of qualitative and quantitative ESG information to be reported and to compliance with relevant regulations;
2.Definition of control mechanisms and adoption of corrective measures to reduce the risk of unintentional errors;
3.Supervision of processes for performing system performance tests.
This approach includes identifying processes that have a significant impact on Sustainability Reporting, from the identification of the reporting scope, to the analysis and mapping of relevant stakeholders in the value chain, to the Double Materiality assessment, to the collection of information and data to be reported, and to the reconciliation of ESG information between financial and Sustainability Reporting. Furthermore, this approach involves identifying first-level controls and the persons responsible for them, through the drafting/updating of process design descriptions and of the risk and control matrix.
Regarding qualitative and quantitative information, the risks associated with assertions34 are identified, including the qualitative characteristics of information and the relevant controls related thereto. Second-level control activities are performed to ensure that such controls are implemented in accordance with the Italian Law No. 262/05 framework adopted by the Group.
Through this process, the Group is able to identify the most significant risks and adopt targeted strategies to reduce their impact on reporting quality by:
―Monitoring ESG data collection and analysis models to ensure compliance with sustainability standards;
―Updating corporate policies and processes based on the results of risk assessments and implemented controls;
―Training the business units involved in ESG reporting to improve awareness of the required quality and reliability criteria.
34Explicit or implicit characteristics incorporated into sustainability information used to consider the different types of potential errors that could occur.
Sustainability Reporting 121
The business units involved in the ESG data drafting and collection process provide certifications regarding the completeness and accuracy of the data being contributed, following the effective implementation of controls.
The Head of Company Financial Reporting, with the support of the units reporting to the same and the relevant business units, supervises and evaluates, including through testing, the administrative procedures for collecting and selecting the data required by law. This ensures that the sustainability Report included in the Review of Operations is prepared in accordance with applicable reporting standards (as required by Article 81-ter, paragraph 1, of Consob Regulation No. 11971/1999).
These measures ensure that the internal control system remains effective and aligned with best sustainability governance practices.
The results of activities carried out in this process are reported to the corporate bodies in accordance with the reporting time frame established by law, ensuring effective oversight of the Sustainability Reporting process and promoting constant improvement in the quality and transparency of the information being reported.
Furthermore, to incorporate the sustainability reporting process, the Group Regulation of the Head of Company Financial Reporting and the Group Financial Disclosure Policy have been updated. An Operating Procedure for Sustainability Reporting has been prepared as well.
Finally, the Group Audit function performs third-level controls in the ESG area, verifying, as already indicated, compliance with regulations, Group initiatives, and market developments.
122 Consolidated Financial Statements as at 30 June 2025
Strategy and Business Model
SBM-1 – Strategy, business model and value chain
Strategy and business model
For almost eighty years the Group has sought to help its clients grow, offering them high-level advisory services and a full range of credit products ranging from traditional products to the most sophisticated solutions.
The Mediobanca Group’s business model is characterized by a holistic and synergistic approach between operations and services. The 2023-2026 strategic plan, “One Brand – One Culture,” aims to consolidate the Group as a leader in Wealth Management, leveraging synergies with Corporate & Investment Banking to offer sophisticated solutions and manage complex transactions. On 27 June 2025, the Board of Directors approved the 2028 plan update, confirming the Group’s strategic development lines.
The Group operates through four specialized divisions, which contribute to corporate performance in a balanced manner, diversifying revenues and allocating capital to meet the needs of different client segments.
―Wealth Management (WM): contributed 26.2% of consolidated revenues during the year, providing savings products and investment and wealth management services for individuals. This includes:
―Private banking for HNWI (High Net Worth Individuals) and UHNWI (Ultra High Net Worth Individuals) clients through Mediobanca Private Banking and CMB Monaco.
―Savings management for Premier clients through Mediobanca Premier, launched following the rebranding of CheBanca! in 2024.
―Product factories such as Mediobanca Asset Management (Mediobanca SGR, RAM Active Investments, Polus Capital Management, and Mediobanca Management Company), which offers distinctive services.
This division also includes Spafid’s trust business, fund management for institutional clients, and financing.
―Corporate & Investment Banking (CIB): this division, which contributed 23.9% of consolidated revenues during the year, provides financial advisory services and capital markets transactions for medium-sized and large companies. This includes:
Sustainability Reporting 123
―Wholesale Banking: lending, capital market activities and advisory services, and trading – client and proprietary – performed by Mediobanca, Mediobanca International, Mediobanca Securities, Messier et Associés, and Arma Partner.
―Specialty Finance: factoring and credit management performed by MBFACTA, MBCredit Solutions and MBContact Solutions.
Over the past fifteen years, Mediobanca has expanded its investment banking operations in Europe, becoming a leading player in France, Spain, the United Kingdom, with offices and branches in New York, Luxembourg, and Frankfurt.
―Consumer Finance (CF): contributing 34.3% of consolidated revenues, this division supports households with personal loans, credit cards, salary-backed loans, and HeyLight BNPL (Buy Now Pay Later) solutions. Compass Banca stands out for its solidity and innovation, focusing on direct distribution (32,764 points of sale throughout Italy) and digital channels (220 Compass Link agents). This division includes Compass RE, which reinsures risks linked to insurance policies, Compass Rent, which operates in long-term hire in the automotive and furnishings sectors, Compass Link, which distributes Compass products and services, and HeyLight AG, previously known as HeidiPay, which focuses on the BNPL segment in Switzerland.
―Insurance & Principal Investing: this division manages the Group’s equity investments, including Assicurazioni Generali.
―Holding Functions: these units support the Group’s operations, including Selma, MIS and other smaller companies, Group Treasury and ALM, the Group’s central cost units, and control units.
Geographically, Europe, as shown in the table below, is the region with the largest workforce.
124 Consolidated Financial Statements as at 30 June 2025
Table 2: Number of employees by geographical area

Geographical area | Number of employees (by headcount) 2024/2025
Europe | 5,516
North America | 17
Other countries | —
Total employees | 5,533

Finally, the Group has no operation in the fossil fuel industry.
Sustainability as a strategic enabler
The Mediobanca Group places sustainability at the heart of its strategy, pursuing a balance between economic development, social well-being, and environmental preservation.
To promote a culture based on ethics, integrity, and sustainability, the Group has adopted a Code of Ethics and a Code of Conduct, the Group Sustainability Policy, and the Group ESG Policy. These documents outline the Group’s governance and management of direct and indirect impacts, drawing inspiration from international declarations and standards such as the Universal Declaration of Human Rights, the International Labour Organization (ILO) Declaration, and the Rio Declaration. Furthermore, they refer to globally recognized principles and frameworks, including the 10 Global Compact principles (which the Group adheres to) and the United Nations Sustainable Development Goals (SDGs).
The Sustainability Policy focuses on priority areas such as the fight against corruption, the protection of human rights, diversity, equity and inclusion, the environment and climate change, and financial inclusion and health.
The Group’s ESG Policy defines the reference principles and exclusion criteria, establishing a ban on doing business with counterparties convicted of serious environmental crimes or human rights violations and/or involved in the sector of unconventional weapons. Further restrictions apply to various operations, such as proprietary financing and investments, with strengthened controls and limitations for critical sectors such as coal, tobacco (from which the Group has committed to exit by 2026 and 2030, respectively), and unconventional gas and oil.
The Group’s responsible approach is testified by the inclusion of sustainability among the enabling factors of the strategic plan “One Brand - One Culture”, which includes specific ESG targets, with the aim of contributing to the achievement of 8 of the 17
Sustainability Reporting 125
Sustainable Development Goals, committing to generating positive change at a global level.
Sustainable finance
Mediobanca recognizes that effectively managing its indirect social and environmental impacts is essential to creating shared value. For this reason, it has signed the Principles for Responsible Banking (PRB), committing to establishing sustainable development goals and measuring the impact of its operations on people and the planet.
Within the Group, Mediobanca SGR, RAM AI, and Polus Capital Management have signed the Principles for Responsible Investment (PRI), promoted by the UN to develop a more responsible global financial system by integrating sustainability considerations into investment decisions and shareholder engagement. Furthermore, RAM has joined the Swiss Sustainable Finance initiative.
In line with market standards and its own strategy, the Group has continued to support the offering of sustainable products, both as part of client activity, and in terms of the diversification of ESG sources of financing. The Group’s ESG Product Catalogue35 describes the range of sustainable products in detail, also providing information on volumes and their evolution over time.
The green transition of the Bank’s portfolio has been confirmed in the strategic plan “One Brand One Culture”, which contains increasingly ambitious targets in terms of portfolio percentage and contribution to the Group’s earnings results. Specifically, through its divisions, Mediobanca is pursuing the following sustainable finance initiatives:
―Wealth Management: Mediobanca Premier provides mortgages for the purchase and/or renovation of homes with energy efficiency ratings of A or B. This division also offers clients the opportunity to invest in products and services meeting ESG characteristics (e.g., mutual funds—including ETFs—pursuant to Articles 8/9 of the SFDR Regulation).36
―Corporate & Investment Banking: Mediobanca and Mediobanca International provide green/ESG loans to corporate counterparties. In the Debt Capital Markets segment, Mediobanca acts as Bookrunner and/or Structuring Advisor for the placement of bonds meeting green/ESG characteristics. Furthermore, in the Corporate Finance segment,
35 https://www.mediobanca.com/static/upload_new/esg/esg-catalogo-post-comitato-sost--ita-.pdf
36 Article 8 of the SFDR applies to financial products meeting environmental or social characteristics, or a combination thereof, provided that the companies in which the investments are made comply with good governance practices. Article 9, however, applies to financial products that specifically target sustainable investments and for which a relevant benchmark has been designated or, if no benchmark has been specified, an explanation of how the sustainable investment objective has been achieved.
126 Consolidated Financial Statements as at 30 June 2025
the Energy Transition unit supports the structuring of transactions related to energy transition issues.
―Consumer Finance: Compass Banca provides green and socially responsible ESG loans;
A portion of these commitments flows into the pool supporting the Green, Social and Sustainability Bond Framework, as part of which Mediobanca issues sustainable bonds.
Through the resources generated by its human/organizational, financial, relational and infrastructural capital, the Group’s business model contributes to generating:
―Economic value: sustainable revenue creation, shareholder remuneration, adequate compensation for workers, and local investments;
―Social and environmental value: promoting financial inclusion, supporting households and businesses, and addressing direct environmental impacts and climate risk in portfolios;
―Innovation and digitalization: ongoing investments in technology and digital channels to improve customer experience and strengthen operational efficiency;
―Financial strength and resilience: managing financial, reputation, and environmental risks, with the aim of ensuring long-term operations and trust.
Sustainability Reporting 127
Value chain
The Group has conducted an analysis of the main counterparties with which it develops and maintains commercial or financial relationships instrumental to its business model.
―Upstream Segment – The main spending categories and procurement counterparties include:
―shareholders and counterparties for direct and indirect bank funding that provide the financial resources necessary for the Group’s activities;
―providers of key products and services, including: data processing and information technology (hardware, maintenance, system licensing, and IT consulting); real estate (rents, condominium fees, premises maintenance and cleaning, security services); marketing and communications; (tax, legal, notary) consulting and operational services (operations; employee benefit insurance and travel expenses);
―regulators and compliance bodies: banks are required to operate within a strict regulatory framework. Instructions from regulatory bodies, such as central banks and financial authorities, determine how banks manage risk, capital adequacy, and liquidity;
―upstream business partners: for example, payment and credit card services, including prepaid cards, contactless payment solutions, international payments, and real-time transactions. These services are provided through electronic payment systems, such as SEPA27 and Swift28, and mobile payment systems;
―Downstream segment - Typical banking transactions were analysed to identify the relevant player, including the granting of loans to retail and corporate customers, consumer credit, financial advisory services, and asset management. Financial products and services are distributed through a multichannel model, including qualified professionals, financial advisors, private bankers, branches, and financial offices, integrated with B2C and B2B digital collaboration tools. The use of advanced digital technologies and platforms ensures sophisticated, high-quality services; the existence of product factories allows the Group to offer exclusive products and maximize the benefits of internalizing the value chain.
The Group serves a diversified customer base, including:
―Private customers (Retail): customers with a portfolio of less than €500,000, who benefit from more standardized services to manage their savings, including funds, within a guided open architecture, asset management, and advanced advisory services. These services include banking products (transactional accounts and deposit accounts,
128 Consolidated Financial Statements as at 30 June 2025
as well as consumer credit) and loans (mortgages and loans with financial assets as collateral).
―HNWI (High Net Worth Individual) and UHNWI (Ultra High Net Worth Individual) private customers: individuals with significant assets who are offered more sophisticated and personalized savings management solutions, such as private market products and wealth management characterized by a high level of customization, alongside the range of traditional banking services, as well as loans and mortgages.
―Corporate Customers: SMEs, large companies and financial institutions are offered services ranging from treasury management to financial consultancy for extraordinary financial transactions (M&A and IPOs) to Research covering both equity and fixed income, as well as the provision of medium/long-term loans.
Finally, the Group also considered Assicurazioni Generali S.p.A. among the key players in the value chain, given the significance of its equity investment and its contribution to the Group’s consolidated operating income, as well as its economic contribution to the Insurance division.
Sustainability Reporting 129
SBM-2 – Interests and views of stakeholders
With the aim of creating shared value for the Group and all its stakeholders, Mediobanca incorporates the demands expressed by all parties involved in its activities into its sustainability strategy. Taking into account stakeholder requests allows the Group to maintain a relationship of trust and transparency in the social and economic context in which it operates, while also strengthening its reputation.
To identify all stakeholders who influence or are influenced by the Group’s strategic objectives, Mediobanca has mapped the stakeholder categories with which it interacts.
Such mapping represents a crucial step in the Double Materiality analysis and ensures classifying internal and external stakeholders as “users of sustainability statements” or “affected stakeholders” in line with ESRS Standard 1:
―Affected stakeholders: categories of individuals or groups whose interests can be directly or indirectly affected by Mediobanca’s activities and business relationships along the entire value chain. This includes customers, communities, the environment, suppliers, and business partners;
―Users of sustainability statements: stakeholder groups interested in financial and non-financial sustainability information, such as current and potential investors, analysts, trade unions, and public bodies and institutions.
The following table shows the overall map of stakeholders with whom Mediobanca engaged to identify and monitor their needs and perspectives in relation to the priority areas of impact, risk, and opportunity.
130 Consolidated Financial Statements as at 30 June 2025

Stakeholders | Type
Agents and advisors | Affected stakeholder
Environment | Affected stakeholder
Customers | Users of sustainability statements
Community | Affected stakeholder
Employees | Affected stakeholder
Entities and Public Institutions | Users of sustainability statements
Suppliers and business partners | Affected stakeholder
Investors and analysts | Users of sustainability statements
Trade union organizations | Users of sustainability statements

For details on the engagement with the identified stakeholder categories, please refer to the specific sections below.
In order to take into account the interests and opinions of the Group’s relational universe, the most relevant and pertinent stakeholder categories in terms of association with the Group’s strategy and business model were selected in the Double Materiality assessment.
In the impact materiality analysis, the Group structured its stakeholder engagement into two distinct phases:
―First phase: the Group Sustainability unit structured and assessed the relevance of the entire list of impacts. Subsequently, some of the Group’s Legal Entity (LE) units and representatives rated the materiality of impacts in appropriate interviews;
―Second phase: impacts that scored above a threshold defined in the first phase were submitted via questionnaire to additional internal (e.g., a selected cluster of employees) and external (e.g., customers, suppliers, and business partners, non-profit organizations, and relevant institutions and bodies) stakeholders for evaluation.
Similarly, when assessing opportunities, the Group engaged internal and external stakeholders focusing on economic and strategic aspects. The list of opportunities was analysed by the Group Strategy unit, which expressed an opinion on all the opportunities, later submitted to external stakeholders (corporate clients) for evaluation via an online questionnaire. Their assessments were weighted against that of Group Strategy to find a final value of material opportunities.
Regarding risks, given the specific expertise required, the Group involved specific internal units only, coordinated by Group Risk Management.
Sustainability Reporting 131
Following the stakeholder engagement phases for impact materiality and financial materiality assessments, two key steps were completed:
―Meetings with shareholders and investors: appropriate meetings with a select group of shareholders and investors to illustrate the preliminary findings regarding the impacts, risks, and opportunities (IROs) identified as material. Participants were able to express their views on sustainability issues. All critical issues or dissenting opinions were collected and incorporated into the process of consolidating the Double Materiality analysis;
―Involvement of top management: the Group’s Key Function Holders37 were involved in a workshop to present the preliminary findings and main considerations that emerged from meetings with shareholders and investors. The contribution of top management was essential in order to consolidate the analysis and integrate an informed and strategic vision.
The Double Materiality analysis process, supervised by the Head of Company Financial Reporting, is approved through several stages involving both the ESG Management Committee and the Sustainability and Risk Board Committees. The aim is to ensure a comprehensive and shared understanding of the findings and assess the robustness of the conclusions reached. Subsequently, a comprehensive report of the analyses conducted was presented to the Board of Directors, which approved the plan on 8 May 2025. For more information on the information and approval process, please see section IRO 1 – Description of the process to identify and assess material impacts, risks, and opportunities below.
37 Non-Board members who have significant influence on the management of the Bank and/or the Group.
132 Consolidated Financial Statements as at 30 June 2025
Interests and views of stakeholders - Own workforce
The relevance of workers as a key stakeholder group and their involvement in the Group’s strategy and business model is evident in the approach of the strategic plan “One Brand – One Culture.” The plan emphasizes ongoing training and involvement of all staff in ESG initiatives, paying special attention to human rights and the protection of individuals. Management is called upon to translate these strategic objectives into practice through professional development programmes, assessment of key skills necessary for sustainable transition, and promotion of an inclusive corporate culture.
Interests and views of stakeholders - Affected communities
The Group demonstrates a concrete commitment to affected communities, integrating their rights and interests into its corporate strategy to promote a positive impact on local communities. Mediobanca is committed to ensuring dignity and social inclusion by promoting diversity, equity, and respect in all its activities, supporting projects that foster social integration and the growth of vulnerable communities. The Group collaborates with non-profit organizations and other institutions to develop initiatives that contribute to building a stronger social fabric, such as the “Orizzonti” project, which helps young prisoners reintegrate into society. Mediobanca is also committed to pre-empting risks linked to human rights in its communities by supporting initiatives such as the protection of refugee women in collaboration with the United Nations High Commissioner for Refugees (UNHCR).
Interests and views of stakeholders - Consumer and end-users
Mediobanca is firmly committed to respecting the rights and interests of consumers, orienting its strategy and business model to ensuring maximum customer protection. A key aspect of this commitment is transparency: the Group provides clear and easily accessible information about its products and services. Furthermore, the Group continuously collects consumer feedback through customer satisfaction surveys that allow it to monitor service quality and identify areas for improvement.
The Group also adopts fair business practices, avoiding misleading advertising and contractual clauses that are harmful to consumers. It is committed to protecting customer rights through specific policies and effective professional complaint management practices.
Finally, the integration of ESG principles into the Group’s product range is one of its distinctive features. Mediobanca uses tools such as Direct Email Marketing (DEM) to send informative “ESG tips” to clients, raising their awareness of sustainability issues. The Sustainability Weekly Newsletter provides weekly updates on ESG initiatives, helping to
Sustainability Reporting 133
offer sustainable solutions that comply not only with legal regulations but also with high ethical standards regarding consumer rights, keeping them constantly informed about the Group’s environmental and social policies.
The Parent Company’s administrative, management, and supervisory bodies receive regular updates on the opinions and interests of key stakeholders regarding sustainability issues. The same take this information into consideration when performing their tasks and defining the Group’s strategy.
Specifically, the various sustainability initiatives launched are presented to the Board Committees with the aim of addressing the needs of specific stakeholder groups, where appropriate, such as communities, employees, and sustainable and responsible investors (SRI).
Furthermore, the Committees were presented with the results of the Dual Materiality analysis with a specific focus on investors, who were given a key role in the process of identifying priority issues.
134 Consolidated Financial Statements as at 30 June 2025
SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
For the purpose of drafting its consolidated Sustainability Report, the Group conducted an analysis of the main relevant sustainability issues (Double Materiality Analysis), considering the (positive or negative, actual or potential) impacts of its business on the economy, the environment, and people.
The analysis also includes an assessment of the impact on human rights issues and on areas where disclosure could be beneficial to stakeholders. Furthermore, risks and opportunities that have, or could have, significant financial impacts on the Group’s business performance are assessed.
The Double Materiality assessment for financial year 2024-2025 was conducted in accordance with the regulatory framework established by the ESRS under the supervision of the Head of Company Financial Reporting (Group CFO). This assessment aims to identify material sustainability issues from two perspectives: Impact Materiality and Financial Materiality.
Regarding the impacts, risks, and opportunities (IROs) considered material, the Group took into account its operations and upstream and downstream value chains in the geographical areas in which it operates.
The identification of IROs was carried out at Group level, taking into account the different specificities of the business model.
The following table summarizes the Double Materiality analysis, showing the priority topics for the Mediobanca Group with respect to financial materiality and impact materiality, specifying the segments of the value chain where impacts, risks, and opportunities arise.
The analysis carried out for the 2024-2025 financial year reveals that the issues relating to climate change (E1), own workforce (S1), communities (S3), customer management (S4), and governance (G1) are material.
The results are detailed below:
Sustainability Reporting 135
Table 3: Double Materiality (DM) analysis with respect to ESRS standards

STANDARD | DM | IMPACT MATERIALITY | FINANCIAL MATERIALITY
IMPACTS | OPPORTUNITIES | RISKS
OO | UVC | DVC | OO | UVC | DVC | OO | UVC | DVC
E1 - Climate Change |  |  |  |  | N/A | N/A |  |  | N/A |
E2 - Pollution |  |  | N/A |  | N/A | N/A |  | N/A | N/A |
E3 – Water and marine resources |  |  | N/A |  |  | N/A |  | N/A | N/A |
E4 - Biodiversity and ecosystems |  | N/A | N/A |  | N/A | N/A |  | N/A | N/A |
E5 - Circular economy |  |  | N/A |  |  | N/A |  |  | N/A |
S1 - Own workforce |  |  | N/A | N/A |  | N/A | N/A |  | N/A | N/A
S2 - Employeesin the value chain |  | N/A |  |  | N/A |  |  | N/A |  |
S3 - Affectedcommunities |  |  | N/A |  |  | N/A |  | N/A | N/A |
S4 - Consumers and end-Users |  |  | N/A |  |  | N/A |  |  | N/A |
G1 - Business Conduct |  |  |  |  |  |  |  |  |  |

Legend:
OO: Own Operations
UVC: Upstream Value Chain
DVC: Downstream Value Chain
A description of impacts, risks and opportunities relevant to each topic and sub-topic, stating their impact (positive or negative) and type of effect (current or potential), as well as the time horizon in which the effect could emerge is provided below.
Table 4: List of material impacts, risks, and opportunities

ESRS TOPIC | SUB TOPIC | IROS | TYPE OF IROS | TYPE OF IMPACT | POSITIVE/NEGATIVE | OWN OP/VALUE CHAIN | TIME HORIZON

Climate Change adaptation
Integration of ESG criteria into new investment/loan evaluation processes.
Impact
Current
Positive
Value Chain
Medium/long-term
Scope 1 and 2 emissions generated by the Group’s operating activities.
Impact
Current
Negative
Own operations
Short/medium-term
Promotion of sustainable mobility by increasing the number of the bank’s hybrid vehicles.
Impact
Current
Positive
Own operations
Medium/long-term
136 Consolidated Financial Statements as at 30 June 2025
Integration of ESG criteria into the reassessment of purchasing and supplier selection processes.
Impact
Current
Positive
Value Chain
Medium/long-term
Generation of indirect Scope 3 GHG emissions from the use of materials such as paper or plastic (category 1), from business mobility (business travel - category 6), and other Scope 3 categories.
Impact
Potential
Negative
Value Chain
Medium/long-term
Membership in industry-wide initiatives such as the Net Zero Banking Alliance (NZBA), confirming the Group’s intent to play an active role in the green transition with a commitment to achieving net-zero emissions for its lending and investment portfolios by 2050, in line with the targets set by the Paris Agreement on climate change.
Impact
Current
Positive
Value Chain
Medium/long-term
Promotion of sustainable business development through the development of ESG credit products and ESG client performance assessment processes.
Impact
Current
Positive
Value Chain
Medium/long-term
Subsidized loans for companies using renewable energy sources, contributing to the bank’s positioning in the sustainable and renewable energy sector (improving reputation).
Opportunities
N/A
N/A
Value Chain
Medium/long-term
Customer loyalty actions resulting from expanding the product range by developing products aligned with the needs of energy customers (e.g., green mortgages and loans aimed, for example, at energy efficiency improvements or clean energy production).
Opportunities
N/A
N/A
Value Chain
Medium/long-term
E1 - Climate Change
Climate change mitigation
Energy
Credit risk (physical and transition) resulting from the counterparties’ worsened credit quality due to physical events
Risk
N/A
N/A
Value Chain
Long-term
Sustainability Reporting 137
related to extreme weather events or natural disasters, and/or regulatory, political, or economic changes related to the transition to a low-carbon economy.
Improvement of the Group’s ability to manage the fight against crime through effective governance and tax transparency through compliance with applicable regulations (including through the implementation of the internal tax risk control system).
Impact
Current
Positive
Own operations
Short/medium-term
Association in crimes and human rights violations through financing/investment in companies in sectors/countries that may negatively contribute to this area.
Impact
Potential
Negative
Value Chain
Short/medium-term
Increased trust among stakeholders (e.g., shareholders, customers, employees, local communities) through the distribution of economic value.
Impact
Current
Positive
Own operations
Short/medium-term
Attraction of new investors/customers thanks to a strong corporate culture and consolidation thereof.
Opportunities
N/A
N/A
Own operations
Value Chain
Medium/long-term
G1 - Business Conduct
G1 - Business Conduct
Corporate Culture
Improved Group reputation resulting from a positive ESG score profile by leading sustainability rating agencies.
Opportunities
N/A
N/A
Own operations
Medium/long-term
138 Consolidated Financial Statements as at 30 June 2025
Reputation risk related to inappropriate conduct (e.g., corruption, money laundering, market abuse, mis-selling, conflicts of interest, green-washing, social-washing, etc.).
Risk
N/A
N/A
Own operations
Value Chain
Short/medium-term
Corruption and bribery
Unfair implementation of internal policies and strategies related to the prevention of corruption for all stakeholders and the market in which the Group operates.
Impact
Potential
Negative
Own operations
Short/medium-term
Protection of whistleblowers
Implementation of whistleblower protection practices to promote a transparent and safe corporate environment, facilitating the emergence of any ethical violations.
Impact
Current
Positive
Own operations
Short/medium-term
Enhanced diversity through the promotion of a culture of inclusion where diversity and personal and cultural perspectives are respected and considered key success factors.
Impact
Current
Positive
Own operations
Short/medium-term
Increase in diversity gaps (e.g., pay gap, career growth opportunities) due to failure to implement policies and actions promoting diversity and equal opportunities.
Impact
Potential
Negative
Own operations
Short/medium-term
Establishment of evaluation and remuneration criteria exclusively based on professional skills to reflect the principles of gender neutrality and ensure equal treatment regardless of gender and any other form of diversity.
Impact
Current
Positive
Own operations
Short/medium-term
S1 - Own Workforce
Equal Treatment and opportunities for all
Creation of a safe and respectful work environment that
Impact
Current
Positive
Sustainability Reporting 139
improves employee well-being through the implementation of policies against violence and harassment.
Own operations
Short/medium-term
Enhancement of the Group’s strategic professional skills through employee training and retention initiatives.
Impact
Current
Positive
Own operations
Short/medium-term
Equal Treatment and opportunities for all
Improved customer loyalty and reputation of the Group thanks to improved working conditions for employees (e.g., diversity and inclusion initiatives).
Opportunities
N/A
N/A
Own operations
Medium/long-term
Promotion of a work environment that is attentive to the needs and rights of its workers in terms of safe employment, adequate wages, representation rights, and freedom of association.
Impact
Current
Positive
Own operations
Short/medium-term
S1 - Own Workforce
S1 - Own Workforce
Working conditions
Attraction of talent resulting from the stakeholders’ positive view of the Bank as a sound employer.
Opportunities
N/A
N/A
Own operations
Medium/long-term
140 Consolidated Financial Statements as at 30 June 2025
Other work-related rights
Creation of an ethical and transparent work environment that ensures respect for human rights and promotes trust and motivation among employees.
Impact
Current
Positive
Own operations
Short/medium-term
Creation of shared value over time in the communities where the Group operates through actions and investments with a positive impact.
Impact
Current
Positive
Own operations
Value Chain
Medium/long-term
S3 - Affected communities
Communities’ economic, social and cultural rights
Improvement of the bank’s standing and reputation by consolidating its position within its local communities through the expansion of training initiatives, financial inclusion, and sustainability projects.
Opportunities
N/A
N/A
Own operations
Value Chain
Medium/long-term
Improvement of customer experience and customer satisfaction through the implementation of new technologies and IT solutions.
Impact
Current
Positive
Value Chain
Medium/long-term
Attraction of new customers and increase in customer loyalty by offering increasingly digitalized products and channels aimed at creating an intuitive and innovative customer experience.
Opportunities
N/A
N/A
Value Chain
Medium/long-term
S4 - Consumers and end users
Social inclusion of consumers and/or end-users
Creation of social value by directing customer
Impact
Current
Positive
Own operations
Sustainability Reporting 141
investment capital towards ESG-dedicated products.
Value Chain
Medium/long-term
Reduction of social inequalities in gaining access to bank debt thanks to the success of financial inclusion and education initiatives.
Impact
Current
Positive
Own operations
Value Chain
Short/medium-term
IT attacks and/or external fraud committed against the Group’s ICT systems, including through third-party service providers (e.g. servers), with possible negative impacts on company operations and reputation, including the loss of personal data
Risk
N/A
N/A
Own operations
Short/medium-term
Increase in customer satisfaction resulting from the quality of products and services offered.
Impact
Current
Positive
Own operations
Value Chain
Medium/long-term
S4 - Consumers and end users
Information-related impacts for consumers and/or end-users
Improvement of customer loyalty thanks to clear, transparent communication that includes sustainability issues.
Opportunities
N/A
N/A
Own operations
Value Chain
Medium/long-term
Mediobanca’s commitment to areas such as the mitigation of, and adaptation to, climate change, promotion of a strong and responsible corporate culture, protection of whistleblowers, and social inclusion of consumers represents a concrete opportunity to strengthen the Group’s positioning as a responsible and sustainable player. The focus on equal treatment, equal opportunities, improved working conditions, and the protection of the economic, social, and cultural rights of communities not only creates a more equitable and motivating working environment, but also contributes to employee and customer loyalty, enhancing the Group’s reputation. Furthermore, effective and transparent management of consumer information represents an opportunity to strengthen the company’s trust and credibility in the market.
On the other hand, certain factors could translate into concrete risks if not adequately addressed. In terms of climate change mitigation and adaptation, providing loans to counterparties highly exposed to the development of non-renewable energy sources or responsible for significant environmental impacts could pose regulatory and reputation risks. In terms of corporate culture, the lack of initiatives aimed at employee inclusion and engagement could lead to demotivation and lower human capital retention, with adverse impacts on productivity. Finally, managing information addressed to consumers is crucial
142 Consolidated Financial Statements as at 30 June 2025
for transparency, but any potential weaknesses in communication and data protection processes could undermine stakeholder trust and generate reputation and legal risks.
The relevant impacts, risks, and opportunities are closely linked to the corporate strategy and operating model and are integrated into the Group’s strategic planning. The strategic plan “One Brand – One Culture” includes clear sustainability targets to address specific impacts or material risks and pursue significant opportunities. To promote the energy transition and mitigate climate change, the Plan includes targets related to reducing the environmental footprint (e.g., carbon neutrality by 2050 and 35% reduction in the carbon intensity of loans by 2030).
Likewise, favourable working conditions, inclusion, and employee well-being are a strategic pillar for the Group. The Plan includes specific targets related to the promotion of workforce diversity, equal treatment, and well-being (e.g. >33% female presence in managerial positions by 2028). The Group also plays an active role in supporting the socio-economic development of communities, promoting innovation and financial inclusion and investing in new digital platforms to ensure transparent information to consumers, data protection, and the digitalization of services.
The effects of these material impacts are expected over different time horizons—short, medium, and long-term—in accordance with the time horizons established by ESRS 1. For further specific details for each significant IRO, please refer to the table above.
For each significant impact identified, the Group has assessed whether it arises from its own operations or from upstream and downstream segments of the value chain. Material impacts, risks, and opportunities were identified by considering all operations, activities, entities, and processes involved in the life cycle of the services offered, both upstream and downstream. Counterparties were also considered, such as direct suppliers (tier 1), shareholders and business partners for the upstream segment and direct customers (private and corporate customers, credit institutions, and financial counterparties), as well as issuers of financial instruments included in the banking book and in the portfolios of assets under management. Overall, the Double Materiality assessment process revealed material IROs, with reference to the value chain, primarily in relation to the operating sectors to which the Group is most exposed: manufacturing, energy, construction, wholesale trade and transportation, information technology and communication services, financial and real estate activities, professional and scientific activities, and business support services.
During financial year 2024-2025, Mediobanca assessed the financial effects of climate and environmental risks through its Climate and Environmental Materiality Assessment process. This included analysing the impact of the transmission of these risk factors at Group level on traditional risks, i.e. credit, market, operational and reputation risks. Both transition and physical risks were considered, assessing the overall impact on the scope of
Sustainability Reporting 143
significant investments and loans. The materiality threshold has been set at 0.5% of CET1. Credit, market, operational, and reputation risks were assessed quantitatively in terms of monetary loss in relation to three different time horizons and three different scenarios.38 Regarding credit risk, this loss is expressed in terms of change in expected credit loss. In relation to climate risks, liquidity was not analysed at this level due to its nature, which prevents a direct comparison with other risks.
Following the materiality test, credit risk was found to be material for the “current policies” and “delayed transition” scenarios over a long-term time horizon, Regarding the impact of climate risk on other traditional risks (market, operational, and reputation), the analysis found effects significantly below the identified threshold and therefore these risks were not considered material.
For the purpose of quantifying the expected credit loss, an overlay of €9.9m (5% of total overlays) was estimated in the Group’s Consolidated Financial Statements as at 30 June 2025, considering both main types of C&E risk (transition, physical) and distributed across the following asset classes: corporate (43% - after leases), consumer credit (32%), and real estate and leasing exposures (25%). More specifically, they were estimated taking into account the impacts quantified in the Climate and Environmental Materiality Assessment for the short-term horizon.
For further details, please refer to the Notes to the Consolidated Accounts, Part E – Information on Risks and Related Hedging Policies, Section 2 - Consolidated Prudential Risks.
Environmental risks other than climate risk were analysed only in relation to impacts transmissible through the credit risk channel. No material financial impacts were found. Consistently, they were not considered material risks in the Double Materiality analysis.
For risks other than environmental and climate risks, the financial effects were not considered, but a qualitative assessment was performed on the magnitude and probability components. Risks considered material included the risk of potential cyber-attacks and/or external fraud affecting the Group’s ICT systems and the loss of personal data (cybersecurity), as well as reputation risk related to inappropriate conduct, such as corruption, money laundering, market abuse, mis-selling, conflicts of interest, green-washing, social-washing, etc.
Regarding opportunities, there are currently no direct financial impacts, as their identification and assessment are closely linked to the Group’s strategic planning, particularly the strategic plan “One Brand – One Culture”.
38 Current Policies, Delayed Transition and NetZero 2050.
144 Consolidated Financial Statements as at 30 June 2025
Regarding the resilience of the Group’s corporate strategy and business model in its ability to address material impacts and risks and exploit opportunities, the Group has made such considerations with respect to the topic of climate change. Please refer to the report contained in the following section “Climate Change - Material Impacts, Risks, and Opportunities and Their Interaction with the Strategy and Business Model”.
The material impacts, risks, and opportunities identified for the purposes of this Report emerged following the first-time adoption of the Double Materiality approach required by the new European ESRS reporting standards. Therefore, they are not comparable with the impact materiality analyses of the previous Consolidated Non-Financial Statement. Mediobanca has implemented a new process in line with ESRS 1 - Chapter 3 Double Materiality as the basis for ESRS sustainability reporting, taking into account the “Implementation Guidance” issued by EFRAG (IG 1: Materiality Assessment Implementation Guidance e IG 2: Value Chain Implementation Guidance).
For this Report, the Group has found no material IROs related to entity-specific topics.
Sustainability Reporting 145
SBM-3 (E1) Climate Change - Material impacts, risks and opportunities and their interaction with strategy and business model
As mentioned in the description of the Group’s strategic positioning, scenario analyses are conducted regularly to incorporate climate risks and opportunities and outline the Group’s approach to decarbonization. These analyses describe plausible future projections based on various assumptions and allow the Group to evaluate its approach on a forward-looking basis.
The effective management of climate risks is essential to maintaining a medium/long-term economic, social, and environmental balance. Specifically, the Mediobanca Group views climate and environmental risks as factors that dynamically interact with traditional risk categories, such as credit, market, operational, liquidity, and reputation risks. The integration of climate risks into the Group’s risk management framework is divided into:
―Climate and environmental materiality assessment: this identifies and assesses the materiality of climate and environmental (physical and transition) risk factors with respect to the various products/portfolios (corporate lending, leasing, factoring, real estate mortgages, consumer credit) of the Group Legal Entities and for the types of traditional risk (credit, market, operational, reputation, and liquidity);
―Monitoring exposure: climate and environmental risks considered material are monitored through specific key risk indicators (KRI) defined in the Risk Appetite Statement (RAS);
―Stress test: the Group’s resilience to climate risks is tested for ICAAP purposes in the short, medium and long term;
―Climate risk management across different type of risks:
―Credit:
―Integration of ESG risks into the credit approval process, from initial assessment to approval.
―Development of a due diligence methodology that includes qualitative and quantitative assessments of how ESG factors impact the counterparty’s credit risk profile.
―Market:
―Use of tools such as the “ESG Heatmap” to monitor ESG risks in banking and trading portfolios.
146 Consolidated Financial Statements as at 30 June 2025
―Volatility analysis by transition risk (carbon-intensive sectors) and physical risk (sovereign bonds).
―Daily monitoring of issuers’ compliance with ESG standards and triggering of escalation processes if limits are exceeded.
Operational:
―Integration of climate risks into operational risk analyses and business continuity plans.
―Continuous updating of physical threat maps (e.g., floods, landslides) by the Cyber Security & Resilience unit.
ESG risks are integrated into the reputation and liquidity risk management framework, verifying whether liquidity reserves to cover potential financial impacts transmitted through the channels identified by the Group are adequate.
In the Climate and Environmental Materiality Assessment, climate and environmental risk drivers that may have an impact on the Group are identified taking into account the business context and corporate strategy. Subsequently, during the exposure identification phase, the transmission channels through which climate and environmental risk drivers may have an impact on the Group’s financial and risk profile are identified. Consequently, key risk indicators (KRIs) are defined to measure these effects. The definition of materiality thresholds makes it possible to establish the materiality of each risk factor and to set up actions aimed at managing these areas.
The Risk Appetite Framework integrates and translates the material climate and environmental risk areas into specific controls. Given the materiality found, during the year, exposures to climate risks linked to credit risk considered material were monitored. Specific Key Risk Indicators (KRIs) established in the Risk Appetite Statement (RAS) were adopted for the physical climate and transition risk components of loans to non-financial corporations.
Mediobanca incorporated any impacts related to exposure to climate risk factors into its capital planning process and in particular into its Internal Capital Adequacy Assessment Process (ICAAP).
Credit risk assessments of the transition climate risk factor require projecting the effects on the financial statements of non-financial counterparties (corporate portfolio) and on the energy efficiency of real properties (real estate portfolio), thereby assessing changes in their creditworthiness profile or impairment of collateral. With regard to physical climate risk, the geolocation of properties (real estate portfolio) and production sites of
Sustainability Reporting 147
non-financial companies (corporate portfolio) was taken into account, assessing the impact of various acute and/or chronic climate events such as droughts, storms, hurricanes and thunderstorms (corporate portfolio), floods and landslides (corporate and real estate portfolio), earthquakes and coastal erosion (real estate portfolio) in relation to the area in which the residential or production units are located, respectively. These assessments are based on a forward-looking approach that involves three time horizons: short, medium and long term.39 The scenarios used are those aligned with Phase V of the Network for Greening the Financial System (NGFS), such as “Current Policies”, “Net Zero 2050” and “Delayed Transition”, which have been appropriately integrated with impacts on the value chain and impacts linked to geolocation. The elements described were considered in the estimation of overlays in the determination of expected credit loss as at 30 June 2025. A brief description of the scenarios considered is provided below.
The “hot house world” scenario is based on the NGFS “Current Policies” scenario and assumes no new climate policies are implemented: European emissions gradually decrease, but global emissions increase until 2080, leading to warming of approximately 3°C. Unchecked global warming leads to serious physical risks and subsequent extremely high costs. In the above scenario, transition risks are negligible since the green transition is assumed to never occur. However, the lack of transition costs is largely offset by the negative economic impact of extreme physical risk.
The “Orderly” scenario is based on the NGFS Net-Zero 2050 scenario and envisages the immediate introduction of gradually more stringent climate policies. Net CO2 emissions reach zero around 2050, with at least a 50% chance of limiting global warming to below 1.5°C by the end of the century, with no, or only a small, overshoot. In this scenario, physical and transition risks are the lowest among the European Central Bank’s scenarios: the gradual nature of the energy transition reduces its costs, while limiting global warming to 1.5°C mitigates the physical risk.
The “Disorderly” scenario builds on the NGFS “Delayed Transition” scenario and assumes that new climate policies are not introduced before 2030. As a result, annual global emissions are projected to decline rapidly after 2030, ensuring a 67% probability of limiting global warming to below 2°C. After 2030, strong policies are needed to limit warming to below 2°C, and carbon prices need to be set higher than in the Orderly scenario to compensate for the time lost. The availability of carbon removal technologies is assumed to be low, further pushing carbon prices higher. Due to the delayed implementation of policies, this scenario envisages higher physical and transition risks than the orderly transition scenario, due to a greater increase in global average temperature.
39 The time horizons considered in the scenario analyses are as follows: short term, less than 3 years; medium term, 3 to 5 years; long term, over 10 years.
148 Consolidated Financial Statements as at 30 June 2025
In light of the scenarios considered above and as more fully explained in section SBM-3 – Material Impacts, Risks and Opportunities and Their Interaction with Strategy and Business Model and the thresholds mentioned above the assessed financial impact on the credit risk profile was found to be material for the “current policies” and “delayed transition” scenarios over a long-term time horizon, while the analysis revealed immaterial effects regarding the impact of climate risk on other traditional risks (market, operational and reputation).
During the financial year, liquidity reserve adequacy analyses were introduced as part of the Internal Liquidity Adequacy Assessment Process (ILAAP). These forward-looking analyses of climate and environmental risks aim to assess the impact on the Group’s liquidity over a 1-3 year time frame.
Aware of the challenges posed by climate change-related risk factors, the Group actively manages these risks while seizing the inherent opportunities.
During the financial year, a Business Environment Scan (BES) was conducted for the first time to identify the influence of climate issues on the socio-economic context and integrate the impact thereof into strategic planning. This action ensures the resilience of the business model in the face of unforeseen events (such as acute physical events) and established trends (such as chronic physical and transition risks) related to climate change.
Activities focused on credit exposures to corporate counterparties of Mediobanca and Mediobanca International and on mortgage loans of Mediobanca Premier, i.e., the most exposed portfolios and counterparties to climate risks, which, at the same time, offer new opportunities to be explored. To this end, climate scenarios were integrated into the budget at 30 June 2026 and the related effects were estimated in terms of generated volumes, profit margins, and ECL of such business areas. In the short term, no critical issues are expected and the performance of both portfolios is expected to remain steady. In the medium to long term, growing attention to the carbon intensity of financed counterparties in the corporate sector and the increasingly significant presence of energy class A or B properties in the retail portfolio will emerge.
Sustainability Reporting 149
SBM-3 (S1) Own workforce – Material Impacts, risks and opportunities and their interaction with strategy and business model
The positive and negative impacts within the Group’s own workforce, identified in the Double Materiality analysis, concern working conditions and equal treatment and opportunities for all Group employees. Regarding training, the focus was on Group employees.
The impact on the diversity gap (e.g., pay gap and career growth opportunities), which may affect all employee categories most influenced by diversity and inclusion issues, is adequately prevented and managed, as described in the sections below.
The Group’s main activities for the purpose of proactively managing its workforce include employee training and retention initiatives, promoting an inclusive culture, skill-based evaluation and remuneration criteria, policies against violence and harassment, and raising awareness of human rights issues. The Double Materiality analysis showed impacts that involve the Group’s entire workforce.
The analysis revealed the following opportunities resulting from positive impacts:
―improvement of customer loyalty and perception of the Group thanks to improved working conditions for employees (e.g., diversity and inclusion initiatives);
―attraction of talent thanks to the positive awareness of the Group as a sound employer.
These opportunities apply to the Group’s entire workforce.
The Group’s transition plan has no material impact on the workforce, as it focuses on strategies aimed at achieving defined targets in the most significant sectors of the portfolio counterparties, linking initiatives to specific business opportunities and metrics.
150 Consolidated Financial Statements as at 30 June 2025
SBM-3 (S3) Affected Communities - Material impacts, risks and opportunities and their interaction with strategy and business model
Mediobanca ensures that all communities affected by material risks and opportunities through direct activities, products, services, or commercial relationships, are analysed and fully included in the disclosure. This approach extends to all communities affected by the Group’s activities, upstream and downstream in the value chain. In particular, the Group focuses on three main areas: urban and local communities, vulnerable communities, and refugee or migrant communities. These initiatives are supported by the London Benchmarking Group (LBG) measurement and management model, which ensures transparent reporting of community investments, distinguishing between charitable donations, investments in local projects, and core business activities with social impact.
With reference to the positive impacts and material opportunities for the communities involved, the Group generates shared and lasting value in the communities in which it operates, thanks to positive impact initiatives and investments that include social and inclusion initiatives specifically aimed at vulnerable and at-risk groups. These actions create tangible benefits for communities and at the same time constitute a significant opportunity to strengthen the Group’s reputation, consolidating its role in local communities and further expanding training programmes, financial inclusion, and sustainability projects. The following may be noted among the main initiatives:
―Support for foundations and social projects, such as the grant to the Vidas Foundation for the paediatric hospice, Cometa for young people in need, and project “Together” for socially vulnerable groups at risk of exclusion.
―Educational and inclusion projects, such as the financial education programme “Conta sul Futuro”, scholarships for deserving students, and support for refugee women through the project with UNHCR.
―Volunteering and charitable initiatives, such as the grant to Sport Senza Frontiere ONLUS to promote inclusion through sport, and awareness-raising activities such as those organized by St. Mungos (UK) to support the homeless.
Sustainability Reporting 151
SBM-3 (S4) Consumers and end-users – Material impacts, risks and opportunities and their interaction with strategy and business model
The Group includes all end users who may be significantly affected by its operations and value chain in its disclosure, particularly with regard to the need for clear and accessible product information, and vulnerable consumers, such as young people or those with financial difficulties. The Group is committed to ensuring transparency, security, and financial education to adequately protect the rights and opportunities of these groups, including the protection of data in digital services.
The Group has identified a number of positive impacts and material opportunities for its end consumers, relating to technological innovation, improved customer experience, and the offering of inclusive products and services. New digital solutions and sustainable financial products have a positive impact, improving customer access and experience, particularly for those who are more vulnerable or have difficulty accessing traditional services.
Mediobanca is aware that some consumers and end users may be exposed to material risks related to digital transactions, particularly regarding cybersecurity and data protection. Consumers who use online services, especially those handling confidential information, are more exposed to the risk of fraud and cyberattacks. In general, the potential impact on business operations and reputation, as well as the potential loss of personal data should be considered when discussing the risk of cyber-attacks against the Group’s ICT systems. In the event of a cyber-attack, the main aspects of IT security may be compromised, in whole or in part:
―confidentiality, due to the risk of disclosure of sensitive customer information (privacy) or confidential Company data;
―data integrity, due to the risk of unauthorized tampering with information;
―system availability, which may be compromised - for example, through DDoS attacks - thus leading to service disruptions that may result in financial and reputation damage;
―authenticity, as in the case of spoofing attacks, in which an attacker impersonates a legitimate entity thereby deceiving users or customers in order to commit fraud or make unauthorized transactions.
In response to this ever-changing environment, the Group has strengthened its ICT risk and security management strategy by setting up a unit specializing in risk lifecycle management. These operations are based on an ICT risk framework structured into specific policies and procedures (e.g., ICT and Security Risk Management Policy, Information
152 Consolidated Financial Statements as at 30 June 2025
Security Policy, IT and Security Risk Management Methodological Manual), tools, standards, rules, and controls.
IT and security risk is constantly assessed, categorizing potential implications into three areas:
―Business area (malfunctions that cause disruptions),
―Strategic area (events that compromise operations or the achievement of strategic objectives),
―Reputation.
Finally, processes and procedures ensure a continuous and structured relationship of strong collaboration with the Group’s specialized operational security unit, which is equipped with significant resources and expertise to identify vulnerabilities that could potentially be exploited to compromise the Group’s information system or proactively block threats
Sustainability Reporting 153
Managing impacts, risks, and opportunities
IRO-1 - Description of the process to identify and assess material impacts, risks and opportunities
The Group followed a multi-phase approach to identify the final list of impacts, risks, and opportunities (IROs), starting with an analysis of the context, business model, and industry, engaging stakeholders to incorporate their expectations into the identification and assessment of material IROs. The process was conducted in accordance with ESRS 1 “General Requirements” of the EFRAG IG1, Materiality Assessment Implementation Guidance. The Group’s Double Materiality analysis follows a top-down approach divided into five key phases:
1.Understanding the context: in this initial phase, analysis activities were conducted to understand the context in which the Group operates, including:
―mapping of the value chain players and exposures to the various operating segments, considering the Group Legal Entities’ operations;
―analysis of internal sources to identify a preliminary mapping of derivable IROs (such as the 2023-2024 DCNF, the Code of Ethics, Group policies, the Green, Social and Sustainability Bond Framework, the ESG product catalogue, the transition plan);
―analysis of national and international external sources which may provide examples of externally generated IROs applicable to the Group (such as benchmark analysis, S&P Global Dow Jones Sustainability Index, MSCI ESG Indexes, Principles for Responsible Banking (PRB), UNEP FI, Sector Map, World Economic Forum);
―mapping of the Group’s key internal and external stakeholders, considering relationships with suppliers, customers, and internal and external stakeholders (such as employees, investors, and affected communities), focusing primarily on Italy, where the Group conducts most of its activities.
2.Identifying Impacts, Risks, and Opportunities: the impacts arising from the Group’s activities or its commercial relationships were identified through a preliminary document analysis (preliminary IRO list) and subsequently assessed in the Double Materiality process with inputs from the stakeholders involved. The preliminary list was supplemented by further analyses (e.g., industry benchmarks and internal due diligence processes).
This approach led to the final IRO list, structured in accordance with AR 16 of ESRS Standard 1, identifying impacts, risks, and opportunities for each topic and subtopic. The
154 Consolidated Financial Statements as at 30 June 2025
selection process took into account the specifics of the Group’s operating model, expanding the analysis with insights from the value chain mapping. In particular, the Mediobanca Group implemented a process aimed at identifying and assessing impacts along the entire value chain, including three key areas:
―Own operations: impacts resulting from the Group’s internal processes and resources;
―Upstream value chain: impacts related to suppliers, business partners, and shareholders;
―Downstream value chain: impacts related to customers (financial and non-financial counterparties), issuers of financial instruments, financed counterparties, and business partners.
As part of this process, the correlation between impacts, risks, and opportunities was assessed to understand how an environmental, social, or governance impact may generate or amplify business risks or, conversely, create favourable conditions for the development of new financial opportunities.
The final mapping was consolidated through interviews and meetings with internal operational units, which helped classify each IRO by type (impact, risk, or opportunity), nature (positive or negative), and time horizon (short, medium, or long term).
3.Materiality assessment: at this stage, an engagement process was initiated, both internally and externally, as described in section SBM-2 “Interests and Views of Stakeholders”, to assess the materiality of IROs based on the relevant assessment components. After mapping and classifying its main stakeholders, Mediobanca developed targeted strategies for their engagement, adopting diverse tools such as thematic workshops, online surveys, and one-on-one meetings, with the aim of gathering opinions and views.
Impact materiality: to assess the negative or positive, current or potential, impacts with short-, medium-, or long-term effects on the various stakeholders, the Group adopted an approach in line with the standard that combines the following factors:
―Scale or magnitude: magnitude of (positive or negative) impacts on the environment, people, or other stakeholders, defined using a rating scale ranging from “very low” (hardly recognizable) to “very high” (with critical consequences);
―Scope or extent: extent of the impact, i.e., its geographic distribution or relative to the number of affected stakeholders, defined using a rating scale from “highly localized” to “global”;
Sustainability Reporting 155
―Irremediable nature: extent to which the impact can be avoided. For negative impacts only, this is defined using a rating scale that represents the impact’s irremediable nature (i.e., how difficult it is to restore the situation to the condition prior to the occurrence of an actual or potential negative impact, considering the availability of resources to address the impact’s effects and the effectiveness of mitigation actions); the rating scale ranges from “very low” to “very high.”
―Likelihood: for potential impacts only, this refers to the probability that the impact may occur based on a rating scale ranging from very unlikely (very rare or hypothetical) to extremely likely (frequent in the short term).
Each factor was analysed separately using a 1 to 5-point scale. Severity, i.e. the average value of scale, scope, and, for negative impacts, irremediable nature, were calculated to obtain an overall score representative of the impact’s materiality. The severity value was then multiplied by the likelihood of the event materializing (with a score of 1 to 5), according to the following formula:
SEVERITY [AVERAGE VALUE OF SCALE & EXTENT & IRREMEDIABILITY SCORES] X LIKELIHOOD
Time horizons were considered in the assessment of scale, irremediable nature, and likelihood, using short-, medium-, and long-term approaches consistent with the Group’s strategic planning and risk assessment.
The overall score shows the final level of impact materiality. The impact materiality threshold was defined using a heatmap that combines the results of the severity assessment (as above) and the likelihood of occurrence. Impacts are considered material if they achieve an overall score equal to or above the defined threshold of 10, on a scale of 1 to 25, representing areas in the highest severity and likelihood quadrants of the heatmap.
156 Consolidated Financial Statements as at 30 June 2025
In case of potential negative impacts on human rights, the materiality of the impact (magnitude, extent, and irremediable nature) takes on greater weight than likelihood, in line with ESRS requirements; this approach was incorporated into the assessment method adopted.
Following the analyses conducted, the Group identified material impacts, as specified in the table in the previous section (“SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model”), through direct activities (own operations) or through commercial relationships (upstream and downstream value chain).
Financial materiality: this assessment is performed in conjunction with the impact materiality assessment, identifying any interactions and connections.
As part of the Group’s financial materiality assessment, risks and opportunities were assessed using a qualitative and quantitative methodology. This approach is based on two key measures established by the standards: magnitude and likelihood, which respectively provide insight into the extent of positive (opportunity) or negative (risk) effects, the likelihood of such effects occurring, and their impact on stakeholders.
Regarding opportunities:
―Magnitude: this is the extent of the benefit an opportunity could bring in terms of financial impacts arising from sustainability-related issues, which include environmental, social, and governance aspects. The assessment is conducted on a scale of 1 to 5, where 1 denotes marginal benefits, and 5 shows opportunities with extremely material impacts on the company’s growth and sustainability.
―Likelihood: this shows the likelihood that the opportunities will materialize within a given time horizon. This assessment takes into account both internal company factors and market dynamics, using a scale of 1 to 5, where a low score indicates that the opportunity is very unlikely and a high score reflects a strong likelihood of materializing.
Regarding risks:
―Magnitude: this consists in the severity of the risk in terms of economic and financial consequences, considering the potential impact on the company’s stability and ability to gain access to finance. The assessment uses a scale of 1 to 5, with 1 corresponding to negligible or marginal effects and 5 indicating risks with extremely material impacts, capable of significantly affecting the company’s economic and financial situation.
―Likelihood: this shows the probability of the risk materializing within a given period, evaluating not only internal factors but also market conditions and the regulatory
Sustainability Reporting 157
environment. On a scale of 1 to 5, a score of 1 suggests that the risk is very unlikely, while a score of 5 indicates a high probability of materializing.
Risk assessment covered the Group’s own operations and the (upstream and downstream) value chain.
To identify and prioritize risks related to sustainability issues in the downstream segment of the value chain, the Group used different methodologies to assess the different risk categories.
The analyses and results obtained from the Climate and Environmental Materiality Assessment Framework and the Group ESG Heatmap were used for climate and environmental risks, taking into account the quantitative materiality threshold (i.e. 0.5% of CET1), which was then converted to a 1-5 rating scale based on the magnitude and likelihood components.
To assess risks relating to other environmental issues (other than climate change), the Group used the Nature-Related Risk (NRR) Heatmap, which assigns a weighted score (1-5) to the portfolio based on its counterparties’ exposure to risk, taking into account the time horizons in which it may materialize.
The assessment process for risks of exposed counterparties in resource and waste management sectors, as well as for risks related to the Social and Governance pillars, was based on the association of risks with the most critical NACE sectors according to the UNEP-FI approach. The risk magnitude was found by combining the risk sectors with the UNEP-FI classification and the Bank’s actual exposure, analysed by using the Group ESG Heatmap. This method assigns a specific score to each NACE code associated with the risk, weighted by the Bank’s exposure to that sector. For more detailed information on the Double Materiality assessment process for environmental issues, please refer to the appropriate sections below.
With regard to the Group’s own operations, to certain social and governance risks, and to the upstream segment, the assessment of the magnitude and likelihood of ESG risks was based on the analysis of risks described in the ESG Risk Catalogue 2023/24 conducted by the Group Risk Management unit and updated for this financial year. The scores resulting from applying a 1-to-5 rating scale were defined by internal units (Risk Owners) based on the ESG Risk Assessment.
Please see the sections below for more details on the analyses conducted to identify risks.
158 Consolidated Financial Statements as at 30 June 2025
Opportunities were assessed considering the ESG initiatives, policies, and strategies defined by the Group.
Similar to impact materiality, the materiality threshold for risks and opportunities was defined using a heatmap that combines the results of the assessment of the magnitude of financial impacts and likelihood of materializing. In such heatmap, the scores are organized into a two-dimensional system that enables the identification of the relevant areas with a colour gradient ranging from light blue (less material financial impacts) to gold (more critical impacts).
Risks are considered material from a financial materiality perspective if they achieve an overall score equal to or above the defined threshold of 10 (on a scale of 1 to 25), representing the areas located in the quadrants of highest magnitude and likelihood.
4.Consolidation of results and approval of double materiality: The Group has adopted a structured decision-making process to consolidate and verify material impacts, risks, and opportunities. Following the analyses conducted, a summary mapping of IROs identified, key findings, and outcomes achieved was prepared. The IRO mapping was reviewed, agreed upon, and consolidated by the Group’s internal offices and operational units (e.g., Group Sustainability, Group Risk Management, Group Strategy). In particular, with regard to risks, the assessments previously carried out by Group Risk Management as part of other risk analyses were taken into consideration.
Regarding the identification and management of opportunities, including through discussions with the Group Strategy unit, the Group took into account the strategic objectives defined in the strategic plan “One Brand - One Culture”.
After completing the impact and financial materiality analyses under the supervision of the Head of Company Financial Reporting, the list of material topics is preliminarily shared with the ESG Management Committee, chaired by the Group CEO, and the Risk Committee (RC). The Sustainability Committee issues an opinion on the Double Materiality analysis, the results of which are approved by the Board of Directors.
The process is supported by an internal control system that defines duties, responsibilities, and operational controls to support the various phases, thus ensuring methodological consistency and information quality.
5.Reporting: thereafter, for reporting purposes, the information requirements were associated with each material IRO based on the information provided in EFRAG document ID 177 - Mapping Sustainability Matters with Disclosure Requirements, to guide the preparation of the Sustainability Report.
Sustainability Reporting 159
The process will be updated annually and revised depending on any regulatory changes.
A summary representation of Double Materiality outcomes is provided in SBM-3 “Material Impacts, Risks, and Opportunities and Their Interaction with Strategy and Business Model,” to which reference should be made.
The following topical paragraphs describe the impacts, risks, and opportunities identified and assessed as material for each topic.
160 Consolidated Financial Statements as at 30 June 2025
IRO-1 (E1) Climate change - Impacts, risks, and opportunities
The impacts, risks, and opportunities under ESRS E1 – Climate Change are identified by considering the Group’s specific characteristics, the context in which it conducts its operations and business transactions related to climate change (e.g., “Sustainability Policy”, “ESG Policy”, Climate and Environmental Materiality Assessment Framework, and the Group ESG Heatmap, the strategic plan “One Brand - One Culture”, and the transition plan), the measures defined and implemented by the Group to combat climate change, as well as an assessment of transition and physical risks to which the Group could be exposed.
Analyses were conducted by assessing the materiality of impacts, risks, and opportunities identified for each of the three subtopics of ESRS E1, namely: “Climate Change Mitigation”, “Climate Change Adaptation”, and “Energy”, covering all types of energy production and consumption along the entire value chain.
To identify and assess material climate and environmental impacts, the Group involved the relevant company units by topic, gathering in-depth information and carefully considering the business model, company size, and organizational structure. In particular, based on information collected from internal and external sources, the Group Sustainability and Energy Environment & System Efficiency unit identified climate impacts and recognized that the Group’s activities and business could generate greenhouse gas emissions, directly through its energy consumption (Scopes 1 and 2) and indirectly through its upstream and downstream activities (Scope 3).
Furthermore, the Group is also actively contributing to the green transition by promoting awareness and engagement related to climate change (thus generating positive impacts). Participation in initiatives launched by industry associations, such as the Net Zero Banking Alliance (NZBA), and promotion of sustainable corporate development through the development of ESG credit products have confirmed the Group’s intention to play an active role in the country’s ecological transition, while also helping to improve the Group’s ESG positioning and fostering loyalty among customers interested in the development of green or sustainable products.
As mentioned above, in order to identify and assess physical and transition climate risks downstream in the value chain, and specifically how they impact traditional banking credit and market risks, the Group leveraged the assessments and analyses of the Group’s Risk Management units, particularly the 2025 Climate and Environmental Materiality Assessment.
Such report assesses the materiality of climate and environmental risks at two levels:
Sustainability Reporting 161
―Level 1 (Comparative analysis of traditional risks): this provides the aggregate result of climate and environmental risk (including the physical and transition risk component) to be assessed against the materiality threshold defined as 0.5% of CET1. The aggregate assessment of climate risk against this threshold is broken down into three scenarios (current policies, delayed transition, and net zero 2050) and by time horizon.
―Level 2 (Analysis at single-risk category): the second threshold enables the assessment of intra-risk materiality to verify the marginal impact of environmental/climate factors on single traditional risks. Also at this level, a disaggregated assessment is provided for three scenarios (current policies, delayed transition, and net zero 2050) and by time horizon, and is compared with a different threshold.
The aggregate assessment used in materiality assessments can be disaggregated into additional drivers of interest, thus facilitating the adoption of appropriate mitigation and monitoring measures.
For the assessment of climate risk for the Group’s own operations (in terms of operational and reputation risk) and for the upstream segment of the value chain, the Group relied on the ESG Risk Catalogue. Starting from the most recent Group ESG Risk Assessment available, a process was undertaken to align the rating scales used by company units (risk owners) with those defined for the magnitude and likelihood components (scale of 1 to 5). This alignment aimed to ensure methodological consistency and comparability between the various risk assessment tools. Subsequently, the risk owners who participated in the initial assessment of the Group’s ESG Risk Assessment confirmed/revised such assessments; in the event of conflicting assessments, the highest score was chosen as a precaution, to ensure a more conservative approach and adequate risk management. Likelihood was estimated by analysing the past trend of materialized risks, using a scale that considers the frequency with which it has materialized in the past (associating such past trend with the 1-5 rating scale).
Based on this assessment, no material risks emerged with respect to the Group’s operations or the upstream segment of the value chain.
Finally, opportunities that have, or can be expected to have, a material financial impact on the Group were analysed for the purpose of assessing financial materiality.
With regard to climate change adaptation and mitigation, no material opportunities emerged either with respect to internal operations or along upstream and downstream value chains.
162 Consolidated Financial Statements as at 30 June 2025
With regard to energy transition, particularly in the energy sector, the following opportunities were assessed as material:
―opportunities arising from customer loyalty actions resulting from expanding the product range by developing products aligned with the needs of energy customers (e.g., green mortgages and loans aimed, for example, at energy efficiency improvements or clean energy production);
―linked to subsidized loans for companies using renewable energy sources, contributing to the bank’s positioning in the sustainable and renewable energy sector (improving reputation).
IRO-1 (E2, E3, E4, E5) Pollution; Water and marine resources; Biodiversity and ecosystems; Resource use and circular economy: Impacts, risks, and opportunities
In addition to climate, the Group conducted an in-depth analysis of its operations and upstream and downstream value chain to assess current and potential impacts, risks, and opportunities related to other environmental factors: pollution, water consumption, biodiversity, and waste management.
With regard to the Group’s own operations, the screening process considered several factors, including pollution resulting from business operations at its operating sites. Although the Group’s core activities do not produce significant impacts in terms of pollution, water use, or waste production, the Group is committed to monitoring its environmental impact in this regard.
With regard to the Group’s value chain, a screening of its relations with counterparty was conducted, based on the NRR Heatmap approach. This approach is used to assess Nature-Related Risks (NRR) in the Group’s loan and investment portfolios and to identify which sectors are the most exposed to nature-related risks by analysing their impacts and dependencies. For each topic, time horizon, and scenario, the NRR Heatmap classifies the portfolio into a score (from 1 to 5) based on the risk incurred by counterparties to which the Group is exposed. The distribution percentages for each time horizon are weighted with respect to the portfolio, generating a weighted value for each risk level. The sum of these values provides a weighted score for each horizon, which is then averaged to obtain the final score, representing the credit risk magnitude associated with each topic. When assessing the likelihood of nature-related credit risks assessed via heatmaps, a level-3 likelihood was assigned as an average value to take into account the fact that the risk may occur in different scenarios and time horizons.
Sustainability Reporting 163
The analyses performed were deemed sufficient, given the nature of the business and its specificities, as no evidence emerged requiring further investigation.
In this regard, given the Group’s limited exposure to business sectors exposed to these factors, no significant impacts, risks, or opportunities emerged in relation to environmental issues other than climate. The same conclusion was reached in the Climate and Environmental Materiality Assessment, where nature-related risk was deemed non-material. Therefore, given the nature of the Group’s operations and its limited exposure in its business sectors, these aspects were not classified as material.
IRO-1 (G1) Business conduct – Impacts, risks, and opportunities
To identify impacts related to business conduct issues, the Group began an in-depth analysis of its internal structure, policies, and business model in 2024. The process considered factors such as internal corporate culture, the approach to combating corruption and bribery, supplier relationships, payment practices, and compliance with whistleblowing procedures.
The analysis identified potential negative impacts related to loans to, or investments in, companies operating in business sectors or geographical areas exposed to the risk of human rights violations or to the failure or incorrect implementation of internal anti-corruption policies and regulations.
The analysis also revealed several opportunities, including improving the Group’s ability to manage the fight against crime through effective governance and tax transparency, through regulatory compliance and implementation of an effective internal tax risk control system. Furthermore, the improvement of the Group’s reputation stemming from a positive ESG score on the part of leading sustainability rating agencies, as well as the attraction of new investors and customers thanks to a strong corporate culture, also emerged.
As part of the Double Materiality process, a material risk was identified in relation to reputation risk associated with inappropriate conduct (e.g., corruption, money laundering, market abuse, mis-selling, conflicts of interest, green-washing, social-washing, etc.). This risk was identified and assessed according to the magnitude and probability components based on five compliance risks included in the Reputational Materiality Risk Assessment. These components show the regulatory areas, on an aggregate basis, associated with a greater impact on reputation (along with data breaches) during regular risk assessment activities conducted by the Compliance Unit. These five compliance risks were also assessed as highly material in the Reputational Materiality Risk Assessment:
164 Consolidated Financial Statements as at 30 June 2025
―Serious mis-selling/conflicts of interest;
―Direct or indirect involvement in money laundering;
―Involvement in market abuse;
―Green- and social-washing;
―Involvement in corruption.
Each of these events was found to be highly material in terms of potential impacts on key reputation stakeholders (e.g., supervisory authorities, media, investors, customers), on the Group’s reputation values (e.g., transparency, fairness, service excellence, sustainability), and on the strength of its corporate governance. Their convergence and common nature as “business conduct” topics led to the methodological choice of aggregating them into a single material reputation risk related to unethical or non-compliant behaviour. This aggregation allowed for a more comprehensive representation of the Group’s exposure to events that could compromise market and stakeholder trust at a reputation level.
Sustainability Reporting 165
IRO-2
The Group identifies information to be reported based on the results of the Double Materiality analysis; namely
―All information to be mandatorily disclosed, regardless of the results of the Double Materiality analysis, has been included in this document in the specific topical sections/chapters, following the structure required by the standards;
―All information relating to material topics and impacts, risks, and opportunities has been reported in the topical chapters, with the exception of:
―Optional information, unless it constituted additional information deemed interesting and useful to the Group’s stakeholders;
―Information whose disclosure is being phased in gradually (phase-in information);
―Information that, due to the nature of the requirement and to the nature of the Group’s business, is not applicable (referred to as “conditional” information); conversely, information that, while not conditional, is not applicable to the Group, is still required to be reported.
The following index lists the disclosure obligations that Mediobanca has fulfilled based on the results of the Double Materiality assessment and process described above, specifying the page numbers of the consolidated sustainability Report where the relevant information can be found.
166 Consolidated Financial Statements as at 30 June 2025
Table 4: Content Index

Topic | Disclosure requirement /datapoint | Reference in the document
General information | ESRS 2 BP-1 General basis for preparation of sustainability statements |
ESRS 2 BP-2 Disclosures in relation to specific circumstances |
ESRS 2 GOV-1 – The role of the administrative, management and supervisory bodies |
ESRS 2 GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies |
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes |
ESRS 2 GOV-4 - Statement on due diligence |
ESRS 2 GOV-5 – Risk management and internal controls over sustainability reporting |
ESRS 2 SBM-1 – Strategy, business model and value chain |
ESRS 2 SBM-2 Interests and views of stakeholders |
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model |
ESRS 2 IRO-1 - Description of the process to identify and assess material impacts, risks and opportunities |
ESRS 2 IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement |
Climate change | ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes |
ESRS E1-1 Transition plan for climate change mitigation |
ESRS 2 SBM-3 E1 Material impacts, risks and opportunities and their interaction with strategy and business model |
ESRS 2 IRO-1 E1 Description of the process to identify and assess material impacts, risks and opportunities |
ESRS E1-2 Policies related to climate change mitigation and adaptation |
ESRS E1-3 Actions and resources in relation to climate change policies |
ESRS E1-4 Targets related to climate change mitigation and adaptation |
ESRS E1-5 Energy consumption and mix |
ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions |
ESRS E1-7 GHG removals and GHG mitigation projects financed through carbon credits |
ESRS E1-8 Internal carbon pricing |
ESRS E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | Phased-in
Pollution | ESRS 2 IRO-1 E2 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities |

Sustainability Reporting 167
Water and marine resources
ESRS 2 IRO-1 E3 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities
Biodiversity and ecosystems
ESRS 2 IRO-1 E4 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities
Resource use and circular economy
ESRS 2 IRO-1 E5 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities
ESRS 2 SBM-2 S1 Interests and views of stakeholders
ESRS 2 SBM-3 S1 Material impacts, risks and opportunities and their interaction with strategy and business model
ESRS S1-1 Policies related to own workforce
ESRS S1-2 Processes for engaging with own workers and workers’ representatives about impacts
ESRS S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns
ESRS S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions
ESRS S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
ESRS S1-6 Characteristics of the undertaking’s employees
ESRS S1-7 Characteristics of non-employee workers in the undertaking’s own workforce
ESRS S1-8 Collective bargaining coverage and social dialogue
ESRS S1-9 Diversity metrics
ESRS S1-10 Adequate wages
ESRS S1-11 Social protection
ESRS S1-12 Persons with disabilities
ESRS S1-13 Training and skills development metrics
ESRS S1-15 Work-life balance metrics
ESRS S1-16 Compensation metrics (pay gap and total compensation)
Own workforce
ESRS S1-17 Incidents, complaints and severe human rights impacts
ESRS 2 SBM-2 Interests and views of stakeholders
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
S3-1 Policies related to affected communities
S3-2 Processes for engaging with affected communities about impacts
S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns
S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions
Affected communities
S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
ESRS 2 SBM-2 Interests and views of stakeholders
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
Consumers and end-users
S4-1 Policies related to consumers and end-users
168 Consolidated Financial Statements as at 30 June 2025
S4-2 – Processes for engaging with consumers and end-users about impacts
S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
ESRS 2 GOV-1 G1 The role of the administrative, management and supervisory bodies
ESRS 2 IRO-1 G1 Description of the process to identify and assess material impacts, risks and opportunities
ESRS G1-1 Corporate culture and business conduct policies and corporate culture
ESRS G1-3 Prevention and detection of corruption and bribery
Business conduct
ESRS G1-4 Confirmed incidents of corruption or bribery
Sustainability Reporting 169
The following table contains all datapoints that derive from other EU legislation listed in Appendix B to ESRS 2 and where they can be found in the consolidated sustainability Report, including those that Mediobanca has assessed as not material. The above datapoints whose information was omitted by Mediobanca in the first reporting year (referred to as phased-in) are also specified.
Table 5: Datapoints that derive from other EU legislation

Disclosure Requirement and related datapoint | Page
ESRS 2 GOV-1 Board’s gender diversity - Paragraph 21 (d) |
ESRS 2 GOV-1 Percentage of board members who are independent - Paragraph 21 (e) |
ESRS 2 GOV-4 Statement on due diligence - Paragraph 30 |
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities - Paragraph 40 (d) i |
ESRS 2 SBM-1 Involvement in activities related to chemical production - Paragraph 40 (d) ii |
ESRS 2 SBM-1 Involvement in activities related to controversial weapons - Paragraph 40 (d) iii |
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco - Paragraph 40 (d) iv |
ESRS E1-1 Transition plan to reach climate neutrality by 2050 - Paragraph 14 |
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks - Paragraph 16 (g) |
ESRS E1-4 GHG emission reduction targets - Paragraph 34 |
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) - Paragraph 38 |
ESRS E1-5 Energy consumption and mix - Paragraph 37 |
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors - Paragraphs 40 to 43 |
ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions - Paragraph 44 |
ESRS E1-6 Gross GHG emissions intensity - Paragraphs 53 to 55 |
ESRS E1-7 GHG removals and carbon credits - Paragraph 56 |
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks - Paragraph 66 | Phased-in
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk - Paragraph 66 (a) | Phased-in
ESRS E1-9 Location of significant assets at material physical risk - Paragraph 66 (c) | Phased-in
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes - Paragraph 67 (c) | Phased-in
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities - Paragraph 69 | Phased-in
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil - Paragraph 28 | Non-material
ESRS E3-1 Water and marine resources - Paragraph 9 | Non-material
ESRS E3-1 Dedicated policy - Paragraph 13 | Non-material
ESRS E3-1 Sustainable oceans and seas - Paragraph 14 | Non-material
ESRS E3-4 Total water recycled and reused - Paragraph 28 (c) | Non-material
ESRS E3-4 Total water consumption in m3 per net revenue on own operations - Paragraph 29 | Non-material
ESRS 2- SMB-3 - E4 Paragraph 16 (a) | Non-material

170 Consolidated Financial Statements as at 30 June 2025

ESRS 2- SBM-3 - E4 Paragraph 16 (b) | Non-material
ESRS 2- SBM-3 - E4 Paragraph 16 (c) | Non-material
ESRS E4-2 Sustainable land / agriculture practices or policies - Paragraph 24 (b) | Non-material
ESRS E4-2 Sustainable oceans / seas practices or policies - Paragraph 24 (c) | Non-material
ESRS E4-2 Policies to address deforestation - Paragraph 24 (d) | Non-material
ESRS E5-5 Non-recycled waste - Paragraph 37 (d) | Non-material
ESRS E5-5 Hazardous waste and radioactive waste - Paragraph 39 | Non-material
ESRS 2- SBM3 - S1 Risk of incidents of forced labour - Paragraph 14 (f) | Non-material
ESRS 2- SBM3 - S1 Risk of incidents of child labour - Paragraph 14 (g) | Non-material
ESRS S1-1 Human rights policy commitments - Paragraph 20 | [x]
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 - Paragraph 21 |
ESRS S1-1 Processes and measures for preventing trafficking in human beings - Paragraph 22 |
ESRS S1-1 Workplace accident prevention policy or management system - Paragraph 23 |
ESRS S1-3 Grievance/complaints handling mechanisms - Paragraph 32 (c) |
ESRS S1-14 Number of fatalities and number and rate of work- related accidents - Paragraph 88 (b) and (c) | Non-material
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness - Paragraph 88 (e) | Non-material
ESRS S1-16 Unadjusted gender pay gap - Paragraph 97 (a) |
ESRS S1-16 Excessive CEO pay ratio - Paragraph 97 (b) |
ESRS S1-17 Incidents of discrimination - Paragraph 103 (a) |
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines - Paragraph 104 (a) |
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain - Paragraph 11 (b) | Non-material
ESRS S2-1 Human rights policy commitments - Paragraph 17 | Non-material
ESRS S2-1 Policies related to value chain workers - Paragraph 18 | Non-material
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines - Paragraph 19 | Non-material
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 - Paragraph 19 | Non-material
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain - Paragraph 36 | Non-material
ESRS S3-1 Human rights policy commitments - Paragraph 16 | Non-material
ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines - Paragraph 17 | Non-material
ESRS S3-4 Human rights issues and incidents - Paragraph 36 | Non-material
ESRS S4-1 Policies related to consumers and end-users - Paragraph 16 |
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines - Paragraph 17 |

Sustainability Reporting 171
ESRS S4-4 Human rights issues and incidents - Paragraph 35
ESRS G1-1 United Nations Convention against Corruption - Paragraph 10 (b)
ESRS G1-1 Protection of whistle-blowers - Paragraph 10 (d)
ESRS G1-4 Fines for violation of anti- corruption and anti-bribery laws - Paragraph 24 (a)
ESRS G1-4 Standards of anti- corruption and anti-bribery - Paragraph 24 (b)
172 Consolidated Financial Statements as at 30 June 2025
Sustainability-related policies (MDR-P)
The topics and sub-topics found to be material in the Double Materiality analysis have been addressed in detail in at least one of the Group policies described below. Each policy includes the essential factors, a description of the content, the person responsible for implementation, and the stakeholder engagement methods.
All policies, codes of conduct, and ethical principles of conduct are submitted to the Group’s Board of Directors for approval. All internal regulations are made available on the Group’s intranet.
The Directives are approved by the Chief Executive Officer, the General Manager, or the relevant Committee, depending on the delegated powers and the scope of application of the Directive itself.
Group Sustainability Policy
Growth and sustainability are the distinctive features of the Group, whose development strategy is based on the belief that ethics and profit should not be in conflict, as long-term economic development cannot be pursued without social and environmental considerations. Correct, transparent, and responsible conduct improves and protects reputation, credibility, and consensus, which are essential for sustainable business development and the creation of value for all stakeholders. The Group has adopted a strategy focused on sustainable growth, on empowering people, on awareness of the social context, and on the reduction of direct and indirect environmental impacts. To achieve these objectives, the Group has adopted an approach aimed at identifying, assessing, preventing, and reducing potential reputation and operational impacts.
―The Group Sustainability Policy regulates the Group's direct impacts, identifying the roles, responsibilities, and sustainability issues considered to be priorities, including: Anti-corruption standards
―Protection of human rights
―Diversity, equity and inclusion
―Inclusion and financial soundness
―Environment and climate change
The Policy applies to the entire Group in the countries in which it operates and is consistent with the Group’s Code of Ethics, the Code of Conduct, the Organizational Policy under Law No. 231 (where applicable), as well as all its other corporate policies,
Sustainability Reporting 173
guidelines, procedures, directives, and related provisions. In some countries, specific regulations have been introduced, such as the Polus Capital Management Transparency Statement in compliance with the UK Modern Slavery Act 2015.
When drafting its Sustainability Policy, the Group drew inspiration from the Ten Principles of the Global Compact, of which it is a member, undertaking to sharing and applying principles deriving from the Universal Declaration of Human Rights, the ILO Declaration, the Rio Declaration, and the United Nations Convention against Corruption.
The Group monitors and communicates its performance transparently, raising employee awareness through information and training programmes and evaluating suppliers based on sustainability parameters. The Policy is available on the company intranet and on the corporate website, in Italian and English.
The Group Sustainability unit is responsible for preparing, implementing, and updating the Policy. This unit reports to the CEO, supporting him in managing sustainability issues and ensuring the Group’s correct stance on these issues across its various operational areas. The Board of Directors, the Group’s highest decision-making body, approves the Policy. The Group ensures that the Policy is constantly aligned with international best practices so as to meet stakeholder expectations, even if they are not directly involved in the updating process.
Group ESG Policy
The Group has incorporated environmental, social, and governance principles into its management criteria to identify, assess, prevent, and reduce potential reputation and operational risks arising from loans and investments in assets and/or counterparties operating in business sectors deemed not to be socially responsible. This Policy defines the general principles and guidelines for assessing ESG factors in business decision-making processes. Specifically, the guiding principles of the Policy aim to:
―promote awareness and adoption of responsible lending and investment principles and processes within the Group;
―reduce any indirect risks and impacts associated with the Group’s activities;
―avoid the Group’s involvement in activities that violate the principles of ethics and integrity that are the foundation of its way of operating.
The Policy, proportionally and gradually, applies to the following Group activities:
―lending and credit line operations for credit and counterparty risk;
174 Consolidated Financial Statements as at 30 June 2025
―corporate and investment banking operations (equity and debt capital markets, M&A and debt advisory, and capital market solutions);
―proprietary investments in financial instruments;
―investments on behalf of customers through portfolio management services on an individual or on a collective basis;
―advice on investments;
―structuring complex products and disseminating non-personalized recommendations.
The following are outside the scope of the Policy:
―products passively managed by Group Legal Entities that replicate the performance of a specific index (e.g., ETFs);
―individual and collective asset management with benchmarks, whose exclusion criteria are assessed to limit the distorting effects of the non-replicability of the benchmark;
―(individual or collective) asset management mandates to third parties external to the Group in place as at 1 October 2021;
―feeder funds managed by Group Legal Entities established before 1 July 2024;
―proprietary investments in the trading context.
Strengthened controls have been established in areas where the Group has set up controls for activities where it may have a greater impact, such as loans and proprietary investments. These controls apply to sectors that may be most impacted and/or may be impactful from a social and environmental standpoint, such as forestry, agriculture, livestock farming, fishing, mining, energy, oil and gas, infrastructure, and transport.
When drafting this Policy, the Group drew inspiration from the following principles: Universal Declaration of Human Rights; the Ten Principles of the United Nations Global Compact; International Labour Organization (“ILO”) Declaration on Fundamental Principles and Rights at Work; Eight ILO Conventions on Human Rights; ILO Convention 169 on the Rights of Indigenous and Tribal Peoples; Rio Declaration on Environment and Development; United Nations Convention against Corruption; 17 UN Sustainable Development Goals (SDGs); UN Guiding Principles on Business and Human Rights; OECD Guidelines for Multinational Enterprises; European Pillar of Social Rights; Principles for Responsible Banking, which the Group has subscribed to, and the objectives of the Net Zero Banking Alliance, of which it is a member.
Sustainability Reporting 175
On 30 July 2025, the Board of Directors of Mediobanca approved an updated version of the Group’s ESG Policy, monitoring the implementation thereof. Policies are generally updated annually.
Human Resources Management Policy
The Group has adopted a Human Resources Management Policy and disseminated to all employees. This policy ensures that staff have the necessary skills to carry out their responsibilities. The Policy describes the tasks and responsibilities of the units and bodies involved in personnel management, from the Board of Directors to the Chief Executive Officer, from the General Manager to the Group HR unit, in line with other relevant policies and codes.
The Human Resources Management Policy applies to all Mediobanca Group Legal Entities and is based on fundamental principles of equal importance: sustainability, human rights, ethics and integrity, dignity and freedom, meritocracy, diligence, equality and inclusion, health and safety, confidentiality and privacy.
The following topics are addressed in the Human Resources Management Policy:
―Personnel selection: each selection process encourages applications from qualified individuals and is exclusively based on merit, pursuing gender pay equity;
―Resource management and inclusion: the Group pursues gender balance at all corporate levels and appreciates the value of people with disabilities, regardless of their age and length of service, nationality, culture, or religious background, ensuring a positive and respectful work environment. Group Legal Entities also pursue policies to facilitate a balance between personal life and organizational needs;
―Human resource assessment, career advancement process, and succession planning: professional development is essential to the growth of the Group and its people, who benefit from appropriate training, practical experience, mobility across positions, performance evaluations, and a merit-based process for career advancement and promotion;
―Staff remuneration and incentive policy: the Group aims to attract and retain highly professional and ethical resources;
―Training: professional training and development are key elements in the process of developing people;
―Staff health, safety, and well-being: worker health and safety are a priority for the Group.
176 Consolidated Financial Statements as at 30 June 2025
The policy is inspired by the principles of the fundamental conventions of the ILO (International Labour Organization), the UN Guiding Principles on Business and Human Rights, the principles of the United Nations Environment Programme Finance Initiative (UNEP FI), and the Rio Convention.
Diversity, Equity and Inclusion Code
The Group has adopted a Group Diversity, Equity and Inclusion Code (the “Code”) with the aim of promoting an inclusive corporate culture that protects diversity and equity while avoiding all forms of discrimination. The Code protects gender and pay equality and promotes the employment and inclusion of people with disabilities. To this end, the Group has drawn up a number of measures to prevent violence and harassment in the workplace.
The principles of the Code apply to all Group employees, including apprentices, interns, staff employed through temporary employment agencies, financial advisors, members of the administrative, supervisory, and control bodies, as well as visitors, customers, and suppliers.
The Board of Directors is the highest level of management within the Group and is responsible for approving the Policy and the Code. The Group HR & Organization unit is responsible for implementing these policies. Within Group HR and Organization, the Diversity, Equity, Inclusion & Belonging unit is responsible for enhancing all forms of diversity within the Group. Furthermore, the Group Disability Manager is in charge of empowering people with disabilities, improving their working conditions and acting as their contact person within the Group.
Group Directive on discriminatory and oppressive behaviour, bullying, and harassment
In February 2025, the Group updated its Group Directive on discriminatory and oppressive behaviour, bullying, and harassment, pursuing the aim to ensure equal treatment for its employees and all resources with a professional relationship with the Group (apprentices, interns, freelancers, temporary workers, etc.), as well as candidates for professional positions, and to protect their health and physical and mental well-being.
This Directive, disseminated, made available in Italian and English and accessible to all personnel on the company intranet and on the Mediobanca Group website, applies to Group employees hired under permanent or fixed-term contracts, full-time or part-time, apprenticeships, temporary workers or staff leasing, and interns. Furthermore, the obligations contained in the Directive apply to all acts committed or suffered by workers within or outside the Group, whether during work or during social interactions.
Sustainability Reporting 177
Although the directive is based on best practices (to address the potential emergence of such events with a procedure), it has not been structured according to any standard nor does it take inspiration from any specific initiatives. The need to monitor this issue emerged through engagement/survey initiatives, following which the Group took steps to implement a procedure.
The General Manager is the highest level of management within the Group and is responsible for approving the Directive. Group Human Capital, Organization and Change has the task of verifying compliance with the Policy.
Group Policy on Transparency in Customer Relations and Consumer Protection
This Policy defines the rules and principles of transparency and fairness in customer relations, which underpin the Group’s operations, linking the general principles of external regulations (regarding transparency and consumer protection) with those laid down in corporate regulations.
The goal is to protect customers, considered a key stakeholder, promote a culture of regulatory compliance to mitigate legal and reputation risks, and increase public trust in banking and financial institutions, thus contributing to the stability of the financial system.
The Policy is addressed to all employees and collaborators. Group Legal Entities apply it according to the principle of proportionality and depending on their own operations, developing additional operating procedures as necessary.
The Board of Directors approves the Policy, subject to the favourable opinion of the Risk Committee. The Compliance unit is responsible for its review and for any amendments, as defined in the Group Regulations.
The Heads of operational areas and corporate units promote the dissemination and compliance with the Policy among their staff.
Group Complaints Management Policy
This Policy lays down the general principles, approach, and rules for handling customer complaints, ensuring that the process is consistent, harmonized, and standardized, while maintaining the flexibility necessary for the specific needs of individual companies.
The Policy complies with Supervisory Measures on the transparency of banking and financial transactions and services, which require a complaints management policy to be
178 Consolidated Financial Statements as at 30 June 2025
approved and regularly reviewed by the strategic supervisory body, which is also responsible for its proper implementation. The EBA-ESMA-EIOPA Joint Committee Guidelines (2018) on complaints management, Testo Unico Bancario (TUB, Italian Consolidated Banking Act), the Bank of Italy’s provisions on transparency and customer protection, the CONSOB regulation on Arbitro per le Controversie Finanziarie (ACF, Financial Dispute Arbitration Service), Testo Unico della Finanza (TUF, Italian Consolidated Law on Finance) and the implementing regulations on financial intermediaries, the regulation on payment services and private insurance (IVASS), the PRIIPs Regulation, and Delegated Regulation (EU) 2017/565 (MiFID II), are also relevant.
Each Mediobanca Group Company subject to complaints regulations under national law has prepared a similar document and adopted appropriate operating procedures.
The Compliance unit reviews the document and evaluates any amendments, as defined in the Group Regulations approved by the Board of Directors.
Sustainability Reporting 179
Group Information Security Policy
This Policy describes the goals and general principles adopted by the Mediobanca Group to protect its IT system and information assets, ensuring security and compliance with internal and external regulations. The objective is to protect the availability, authenticity, integrity, and confidentiality of the Group’s and its customers’ data, services, and IT assets, ensuring the quality of financial services even in case of adverse events.
The Policy covers: organizational aspects of security; information security training and awareness; physical and environmental security; logical access control; information systems management; telecommunications network management; acquisition, development, and maintenance of information systems; third-party management; IT incident management; security in business continuity management; compliance; and lastly IT asset management.
The Policy complies with applicable regulations, including: Bank of Italy Circular No. 285/2013, with reference to the EBA Guidelines on ICT risks and outsourcing; Regulation (EU) 2016/679 (GDPR) and its national amendments (Legislative Decrees No. 196/2003 and No. 101/2018); Regulation (EU) 2022/2554 (DORA) and Delegated Regulation (EU) 2024/1774 on digital operational resilience; Legislative Decree No. 231/2001 on the administrative liability of entities; Legislation on industrial and intellectual property (Legislative Decree No. 30/2005, Law No. 633/1941, Legislative Decree No. 518/1992); Law No. 262/2005 on the protection of savings; Law No. 547/1993 on computer crime.
The Policy, approved by the Board of Directors, applies to all Group processes and resources, including external collaborators and partners involved in managing the information processed by the Group. The principles apply to all Group Legal Entities and are embodied in security measures proportionate to the activities performed and findings of the IT risk analysis.
180 Consolidated Financial Statements as at 30 June 2025
Group IT Risk Management Policy
This Policy defines the organizational and methodological framework for managing IT risks (ICT and security), in line with the DORA Regulation on digital operational resilience for the financial industry. The objective is to effectively protect IT resources and tailor mitigation measures to the appropriate level of risk. The Policy lays down the general principles and organizational process for assessing and managing IT risks; the methods for implementing and documenting risk management measures; the rules for managing residual risks and monitoring vulnerabilities and threats; and the integration of IT risk management with business and digital operational resilience strategies.
The Policy, approved by the Board of Directors, which takes on overall responsibility for directing and supervising the IT risk management process, is addressed to all Group Legal Entities, which apply its provisions according to the principle of proportionality, taking into account the size, operational complexity, and nature of their business activities.
Code of Ethics
The Code of Ethics contains references and guiding principles, complementary to legal and self-regulatory obligations, which guide conduct consistent with the Group’s mission and core values. Mediobanca is committed to complying with applicable legislation in every geographical area and field of activity, and with the principles of international conventions on human rights, labour protection, fight against corruption, organized crime, and international terrorism.
The principles of the Code of Ethics govern relationships with customers, shareholders, employees, suppliers, public institutions, and other third parties. These principles include:
―Fairness and honesty: pursuit of fair conduct, professional ethics, credit quality, and prevention of corruption.
―Impartiality: the Group avoids any form of discrimination based on age, gender, racial or ethnic origin, nationality, political opinions, religious or sexual orientation, or health status.
―Professionalism and resource development: constant commitment to improvement and innovation, with professionalism, passion, and collaboration from staff.
―Confidentiality: protection of personal data and information, in compliance with privacy regulations.
Sustainability Reporting 181
―Conflicts of interest: proper management of actual or potential conflicts of interest, ensuring the necessary transparency to the market.
―Transparency and completeness of information: dissemination of truthful, complete, transparent, and accurate information to enable recipients to make informed decisions.
―Health protection: as a guarantee of a safe and healthy work environment, in compliance with applicable legislation.
―Environmental protection: awareness of environmental protection as a primary asset, ensuring compatibility between business initiatives and environmental needs.
―Copyright and industrial property protection: pursuit of a culture of compliance with the law, regulations, and corporate standards regarding copyright and industrial property protection.
―Use of company assets: dissemination of the principles of integrity, fairness, and responsibility to safeguard the Group’s assets, preventing their fraudulent or inappropriate use.
The Code of Ethics applies to Directors, Statutory Auditors, managers, employees, interns, temporary workers, and all parties with whom the Bank enters into supply and consulting agreements.
Updates to the Code, approved by the Board of Directors, are disseminated to recipients and the public through paper and/or electronic communications, the company intranet system, and publication on the websites of Group Legal Entities.
182 Consolidated Financial Statements as at 30 June 2025
Code of Conduct
Together with the Code of Ethics, the Code of Conduct defines the fundamental principles underlying the Group’s reputation and the values that inspire its daily operations. It describes the standard of conduct required of all employees and collaborators, including suppliers and consultants, of Mediobanca and of the companies that have adopted it.40
The Board of Directors approves the Code of Conduct and any relevant updates, which are then published on the Bank’s intranet and notified by email to all interested parties. All the Bank’s employees and collaborators, including suppliers and consultants (jointly, the “Recipients”), should be aware of the Code of Conduct and ensure their behaviour is based on the principles and values set forth therein. In particular, they are required to:
―comply with external and internal regulations applicable to their activities or tasks;
―complete training initiatives organized by the Bank on relevant regulations;
―pursue the dissemination of a culture of ethics, serving as a positive role model for their colleagues;
―promptly report any violations and cooperate in in-depth investigations.
The heads of the organizational units are required to ensure that the recipients under their supervision maintain the highest ethical and professional standards.
Principles of Tax Conduct
The correct adoption of applicable tax regulations is vital for the Group and its stakeholders. Maintaining fair, transparent, and responsible conduct enhances and protects reputation, credibility, and consensus over time. For this reason, the Group has adopted the “Principles of Tax Conduct” approved by Mediobanca’s Board of Directors.
This document provides guidelines for all Group Legal Entities to apply tax regulations in Italy and abroad. The Group’s tax strategy is a key component of the Tax Control Framework (TCF), which is needed in order to be granted permission to apply the collaborative compliance regime under Legislative Decree No. 128/2015, which aims to strengthen collaboration between the Italian Revenue Agency and taxpayers.
40 The companies currently excluded from the scope of the Code of Conduct are: Heylight, MB funding Lux, MB international Immobiliere and Polus Capital Management US INC.
Sustainability Reporting 183
Mediobanca S.p.A. has been given permission to apply this tax regime, whereas the TCF has been adopted by Compass Banca and Mediobanca Premier, which submitted an application for adoption of this regime.
The principles of tax conduct take inspiration from the Code of Conduct and the Code of Ethics, an integral part of the Organization, Management and Control Policy pursuant to Legislative Decree No. 231/2001, which establishes standards of conduct for the Group’s employees. The system of regulations and procedures conforms to the tax compliance requirements set by the Bank of Italy and draws inspiration from the highest control levels recommended by the OECD.
The Chief Executive Officers and the Administrative Directors (or equivalent figures) of the individual Group Legal Entities are responsible for applying these principles to decisions on tax matters and related administrative activities. The document is published on the Bank’s corporate website and is regularly reviewed by Mediobanca’s Board of Directors with the support of the Group Tax unit.
Non-Compliance Risk Management Policy
Mediobanca has adopted a Non-Compliance Risk Management Policy, which defines the principles and process to manage compliance risk for Mediobanca and its Subsidiaries within the banking Group (encompassing its subsidiaries as of 1 July 2025). The policy has also been implemented by the main Group Legal Entities41 and published on the company intranet.
The Board of Directors defines the guidelines for the internal control system, ensuring that they are consistent with the chosen strategic direction and risk appetite, and that they are capable of capturing the evolution of corporate risks and their interaction. The Board is responsible for the overall direction and supervision of the non-compliance risk management system and, after approving the Policy, it lays down the rules for managing non-compliance risks.
All employees, including interns, temporary workers, and collaborators, are primarily responsible for preventing a risk of non-compliance by appropriately applying internal regulations and complying with the following principles:
―acting with integrity, diligence, and professionalism;
41 The subsidiaries Messier et Associes LTD, MIS, Mediobanca Covered Bond, Quarzo, Spafid Trust, Polus Capital Management Group, CMB Real Estate Development, Arma Partners Corporate Finance, Arma Deutschland, MB Speedup, MB Funding Lux, and Mediobanca International Immobiliere have not adopted this policy.
184 Consolidated Financial Statements as at 30 June 2025
―knowing and complying with internal regulations and the general principles of external regulations;
―participating in training initiatives organized on compliance issues.
Sustainability Reporting 185
Fraud Risk Management Policy
The Group Fraud Risk Management Policy establishes applicable principles and measures for the definition of a fraud management framework within the Group. It describes the macro-phases of the management framework adopted, the organizational process setting forth the responsibilities and duties of corporate bodies and company units, and the information flows established. The types of fraud covered by the Policy include:
―unauthorized activities;
―fraud and theft by internal and external personnel;
―system security attacks;
―corruption;
―embezzlement;
―financial reporting fraud.
By implementing the Policy, the Group complies with existing external regulations regarding fraud risk management. The document, prepared by the Group Risk Management unit and approved by Mediobanca’s Board of Directors, is addressed to employees and collaborators of the Parent Company and other Group Legal Entities. The latter apply these provisions according to the principle of proportionality, taking into account the size, operating context, and nature of their business activities. The Policy is published on the Group’s corporate website.
Group Anti-Corruption Directive
The Anti-Corruption Directive defines the principles for identifying and preventing potential corruption incidents, thus protecting the Group’s integrity and reputation. It outlines the established anti-corruption process, general principles, tasks and responsibilities of the relevant units, and internal controls adopted.
The Directive, published on the company intranet, applies to the Group’s Italian companies,42 which adapt its content based on their specific business needs and local regulatory requirements. The Directive’s recipients are employees, temporary workers, interns, consultants, and agents working in Group Legal Entities, as well as collaborators whose relationships require them to be included in the company organization.
42 Mediobanca, Mediobanca Premier, Compass Banca, Compass link, Compass Rent, MB Solutions, MBCredit Solutions, MBFacta, MB SGR MIS, Quarzo, Selma, Spafid, and Spafid Trust.
186 Consolidated Financial Statements as at 30 June 2025
The Directive was drafted on the basis of international standards for combating corruption, with particular reference to the United Nations Convention against Corruption and the Organisation for Economic Co-operation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
The General Manager of Mediobanca is responsible for fostering a culture of corruption risk management within the Group. By approving the Directive, the same plays an active role in defining and enforcing the standards of behaviour to combat corruption, ensuring ongoing supervision of the required conduct.
Whistleblowing Policy
The Whistleblowing Policy, approved by the Board of Directors and published on the company intranet, establishes the principles, methods, and safeguards for the proper management of reports, ensuring the confidentiality of the individuals involved. The Policy specifically applies to the following violations:
―offences relating to services, products, and financial markets; prevention of money laundering and terrorist financing; consumer protection; privacy and personal data protection; network and information system security; environmental protection; public procurement;
―fraud against the (Italian) State or the EU; violations of competition and corporate tax rules;
―relevant offences under Legislative Decree No. 231/2001 and violations of the Organization and Management Policy drawn up by the Company.
Complaints related to personal interests concerning the reporting party’s employment relationship do not fall within the scope of whistleblowing channels. Any reports regarding HR issues (e.g., harassment, bullying, equal opportunities) are handled according to internal regulations, which are consistent with the established whistleblowing measures according to the principle of proportionality.
The Policy applies to all Group employees, regardless of their contractual status, including temporary staff, interns, consultants, and collaborators who operate on the basis of relationships that determine their inclusion within the company organization. It is published on the company intranet. The procedures for submitting reports through dedicated channels, which are also open to non-employees, are published on the company website. Furthermore, reports from suppliers, shareholders, members of corporate bodies, candidates during the selection process, and individuals who no longer have relationships
Sustainability Reporting 187
with the Company (if the report concerns events that occurred while the relationship was still in place) are managed in accordance with the principles set forth in the Policy.
The companies falling within the scope of industry whistleblowing regulations (Mediobanca, Spafid, MIS, CMB Monaco, Mediobanca International, Compass Banca, Mediobanca Premier, MB Credit Solutions, Selma, Mediobanca Securities, MB Facta, Polus Capital Management, Mediobanca Management Company, Mediobanca SGR, RAM Active Investments, Messier et Associes SAS, and Arma Partners LLP) have transposed the Parent Company’s Policy and established channels for internal reporting. External reporting is also possible through the channels established by the Supervisory Authorities responsible for supervising the companies’ activities. Instructions for submitting reports and the reference websites of the Supervisory Authorities are available on the Mediobanca website.
The Policy has been drafted in accordance with external regulations (specifically, Article 52-bis of the Consolidated Banking Act, Article 4-undecies of the Consolidated Law on Finance, Article 6 of Legislative Decree No. 231/2001, Article 48 of Legislative Decree No. 231/2007, section VIII, chapter 3, Bank of Italy Circular No. 285/2013). The Compliance unit reviews the Policy at least annually to assess whether any changes are needed in accordance with Group Regulations.
Anyone who engages in retaliatory, discriminatory, or unfair conduct toward the reporting party and other persons involved in the report may be subject to disciplinary action, where applicable.
Group Conflict of Interest Management Policy
The Policy, drafted in accordance with the provisions of the relevant legislation, describes the methods for identifying and managing conflicts of interest, including potential conflicts, which could harm the interests of the company, or of one or more of its customers, by impacting its ability to act independently.
Given its diverse business models and customer types, the Group has adopted a decentralized approach that assigns the responsibility for identifying and, where necessary, managing any conflicts of interest that arise internally to each subsidiary, where required by applicable legislation. However, information flows have been established between Group Legal Entities that perform activities relevant to this Policy to ensure the identification of potential conflicts of interest arising from the various entities’ activities.
The Compliance Unit is, among other things, responsible for ensuring adequate awareness among the relevant departments and, at least annually or otherwise when significant changes are made to the business model or regulatory changes are enacted, for
188 Consolidated Financial Statements as at 30 June 2025
verifying that the Policy and the established conflict management model are capable of adequately protecting customer interests and, if necessary, proposing any necessary amendments.
Group Money Laundering and Terrorist Financing Risk Management Policy
The Group’s Money Laundering and Terrorist Financing Risk Management Policy, drafted in accordance with applicable regulations, defines the Mediobanca Group’s money laundering and terrorist financing risk governance model in terms of: general principles of the risk management model, operational principles in risk management, organizational model adopted, and responsibilities and duties of the corporate bodies and corporate units of the parent company Mediobanca.
At least annually, the General Manager, with the support of the Group Anti-Money Laundering Unit, reviews the Policy to assess any changes to be made in accordance with Group Regulations.
The Policy is addressed to all employees and collaborators of the Bank and of the Group Legal Entities it addresses.43 Each employee is therefore responsible for compliance with the regulations in the performance of their duties.
The Heads of operational areas and corporate units promote the dissemination of, and compliance with, the Policy among their Employees, with the support of the appointed Head of Company Anti-Money Laundering.
43 Arma Partners, CMB Monaco, CMG Monaco, Compass Banca, Compass Link, Compass RE, HeyLight AG, MB Credit Solutions, MB Contact Solutions, MB Facta, Mediobanca Premier, Mediobanca SICAV, Mediobanca S.p.A., MB Securities USA, Mediobanca International (Lux), Mediobanca Management Co., Mediobanca SGR, Messier et Associés SAS, Polus Capital Management Limited, Polus Special Situations Fund GP Sarl, Polus Special Situations, Fund SCPs, Polus Special Situations Fund, Polus Investment Funds ICAV.
Sustainability Reporting 189
Regulation on the Management of Confidential and Inside Information
The Regulation, drafted in accordance with applicable legislation, contains provisions regarding the management of confidential information and the management and disclosure of inside information, pursuant to the EU Regulation on Market Abuse, concerning Mediobanca, the Group, and Mediobanca’s customers and counterparties. The Group Legal Entities have adopted similar provisions to ensure the appropriate management of confidential and inside information generated within their scope, in particular with reference to information that may be relevant to financial instruments issued by Mediobanca.
The Compliance Unit reviews the document and evaluates any amendments, as defined in the Group Regulations approved by the Board of Directors.
In reference to all the policies described above, more detailed information in relation to each material topic, as well as information on actions and targets, can be found in the topical chapters.
The methodologies and significant assumptions behind the metrics used by the Group related to material topics are also discussed in detail in each topical chapter of reference.
References for Minimum Disclosure Requirements (MDR) on actions, metrics, and targets related to material sustainability topics
Information on the actions and targets related to the policies adopted by the Group to manage material sustainability topics is illustrated and described in detail in the relevant topical ESRS.
The methodologies and significant assumptions behind the metrics used by the Group related to material topics are also discussed in detail in each topical chapter of reference.
It should be noted that none of the metrics reported herein have been validated by an external body other than the entity issuing the compliance certificate.
190 Consolidated Financial Statements as at 30 June 2025
Information pursuant to Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation)
EU Taxonomy (Regulation [EU] 2020/852): scenario and reporting requirements
Regulation (EU) 2020/852 (referred to as “Taxonomy Regulation”) forms part of the regulatory framework put in place by the European Union with the aim of accepting the challenges posed by climate change and ensuring the continent’s transition towards carbon neutrality by 2050.
Recognizing the decisive role played by the financial sector in mobilizing the funds necessary in order to reach these ambitious objectives, through the Taxonomy Regulation the European Commission’s intention is to create a common language for the benefit of all market operators. In it, economic activities that contribute to at least one of the six environmental targets44 set by the regulations are defined as environmentally sustainable, provided that they: do not materially damage any of the other objectives; are performed in accordance with the minimum guarantees in terms of safeguarding human rights and meet the criteria set out in the Delegated Acts to the Taxonomy Regulation.
The Taxonomy Regulation for the Mediobanca Group
The Group discloses Key Performance Indicators (KPIs)45 and publishes the templates required by the regulations, , as set out in Annex I – Taxonomy Template of this document.
The disclosure is to be considered as “obligatory”, as the KPIs are calculated based on actual data recorded in the Group’s accounting and management system and information made available directly by the counterparties, without using proxies or estimates.
Finally, it should be noted that, as required by regulations, these indicators were calculated with reference to the consolidation scope required by prudential regulations for reporting purposes (Corep reporting) and considering all on-balance sheet assets reported in accordance with the provisions of legislation governing Finrep reporting.
Key Performance Indicators (KPIs)
44 The six environmental objectives are as follows: climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and prevention of biodiversity and ecosystems.
45 As required by Regulation (EU) 2021/2178, which is part of the regulatory Framework on EU Taxonomy.
Sustainability Reporting 191

Eligibility Indicators | Description | Value(KPI CapEx) | Value(KPI Turnover)
Proportion of exposures to financing taxonomy-eligible activities as compared to total covered assets | Exposures to financing taxonomy-eligible activities/Total covered assets | 24.81% | 22.83%
Proportion of exposures to financing taxonomy-eligible activities as compared to total assets | Exposures to financing taxonomy-eligible activities/Total assets | 19.92% | 18.33%
Proportion of exposures to financing taxonomy non-eligible activities as compared to total covered assets | Exposures to financing taxonomy non-eligible activities/Total covered assets | 31.18% | 33.16%
Proportion of exposures to financing taxonomy non-eligible activities as compared to total assets | Exposures to financing taxonomy non-eligible activities/total assets | 25.03% | 26.62%

Other Indicators
Description
Value
Proportion of exposures to central governments, central banks and supranational issuers as compared to total assets
Exposures to central governments, central banks and supranational issuers/Total assets
8.58%
Proportion of exposures in derivatives as compared to total covered assets
Exposures to derivatives/Total covered assets
0.39%
Proportion of exposures to undertakings that are not obliged to publish non-financial information as compared to total covered assets
Exposure to undertakings that are not obliged to publish non-financial information/Total covered assets
27.21%
Proportion of on demand interbank loans as compared to total covered assets
On demand interbank loans/Total covered assets
0.85%
Proportion of trading portfolio as compared to total assets
Trading portfolio/Total assets
15.11%
192 Consolidated Financial Statements as at 30 June 2025
With regard to the methods used to calculate the reported indicators, it should be noted that, in general:
—“Total Covered Assets” represent 80.29% of “Total Assets”, and have been calculated by subtracting exposures to central governments, central banks and supranational issuers and the trading portfolio, from total assets;46
—it has been decided to calculate the KPIs using “Total Assets” as the denominator for the indicators referring to the trading portfolio and to exposures to central governments, central banks, and supranational issuers, as such exposures are not included in the definition of “Total Covered Assets”;
―the values for the exposures refer to the Gross Carrying Amount.47
The exposures that contribute to the numerator for calculating the proportion of Taxonomy-eligible and Taxonomy-aligned compared to total loans consist of:
―retail exposures: in detail, “mortgage loans” and “car loans”, for which the Group has analysed the technical screening criteria and “Do No Significant Harm” (DNSH) criteria outlined in Annex I of the Climate Delegated Act, as follows. With regard to mortgage loans, exposures to properties meeting the following characteristics were considered aligned with the Taxonomy:
―construction date prior to 31/12/2020;
―inclusion in the top 15% of the national/regional pool in terms of energy requirements, which may include the Italian territory – also in line with the analysis conducted in 2022 by an external technical body (CRIF) to identify Mediobanca's portfolio of green buildings pursuant to Mediobanca Green, Social and Sustainability Bond Framework 2022 – energy classes A, B, and C;
―no or low exposure to physical climate risks (landslides or flooding).
―exposures in debt securities, loans and credit, and equity instruments versus corporate counterparties subject to CSRD/NFRD disclosure, for which the Group has decided to use an info-provider to obtain the eligibility and alignment percentages published by the counterparties themselves in their sustainability disclosures.
46As clarified by the European Commission in the FAQs published in February 2022 (ref. FAQ 21).
47Under IFRS for debt instruments at amortized cost, the gross carrying amount shall be the carrying amount before adjusting for any loss allowance and for debt instruments at fair value through other comprehensive income; the gross carrying amount is the amortized cost before adjusting for any loss allowance.
Sustainability Reporting 193
Finally, with regard to the completion of the templates in Annex I, please note that:
—due to their negligible amount, exposures in specialized lending and to local public entities have not been considered for the purpose of finding the numerator in the calculation of GAR;
—with reference to loans and credit granted to financial and non-financial counterparties, all such exposures have been treated as general lending;
—the info-provider does not provide the eligibility percentages of some counterparties for the individual environmental objectives,48 but only the total percentage. Therefore, the sum of the columns for the individual targets may not coincide with the figures stated in the Total column.
The following table shows the consolidated KPIs, broken down by business area in which the Group operates:

| Revenue | Proportion of total group revenue | KPI turnover based | KPI CapEx based | KPI turnover based weighted | KPI CapEx based weighted
Banking | 105,190,838.– | 79.72% | 2.61% | 3.38% | 2.08% | 2.69%
Asset Management | 26,760,051.97 | 20.28% | 0.79% | 0.78% | 0.16% | 0.16%
Total | 131,950,889.97 | 100% |  |  |  |
Average KPI |  |  |  |  | 2.24% | 2.85%

Exposures to nuclear and fossil gas related activities
The Mediobanca Group provides the requested information on exposures eligible for the Taxonomy to counterparties involved in economic activities related to nuclear energy and fossil gas, as well as the percentage of total exposures to the sector. For further details, please refer to Annex I – Taxonomy Template.
48 The “environmental objectives” are as follows: Climate Change Mitigation (CCM), Climate Change Adaptation (CCA), Water and Marine Resources (WMR), Circular Economy (CE), Pollution (P), and Biodiversity and Ecosystems (BE).
194 Consolidated Financial Statements as at 30 June 2025
The Taxonomy Regulation in the Mediobanca Group’s corporate strategy and product design
As mentioned in the Report, the Group has included qualitative and quantitative sustainability targets in its strategic plan “One Brand-One Culture” which contribute to the achievement of 8 of the 17 Sustainable Development Goals (SDGs), are focused in particular on the following SDGs: 8 – Decent work and economic growth, 11 – Sustainable cities and communities, 12 – Responsible consumption and production, 13 – Climate action, and 16 - Peace, justice and strong institutions.
Mediobanca’s determination to pursue ESG objectives, is further demonstrated by its application of the Green, Social and Sustainable Bond Framework, which defines rules and procedures to identify eligible projects and initiatives eligible for financing and refinancing through the proceeds raised. The framework is aligned with the Green Bond Principles (2021), the Social Bond Principles (2021) and the Sustainability Bond Guidelines (2021) issued by the ICMA (International Capital Market Association). Mediobanca will take into account and pursue, where currently feasible and on a best effort basis, alignment with the technical screening criteria set out in the EU Taxonomy Delegated Acts and any future relevant updates applicable from time to time to the Framework, including any other regulatory updates or new standards proposed by the European authorities.
Numerous organizational and training initiatives have been implemented to raise awareness and increase capabilities in the Taxonomy area within the Group, for the purpose of perfecting the reporting process concerning Taxonomy-eligible and aligned assets, including through IT developments and internal training activities to increasingly incorporate the technical standards established in the EU Taxonomy Regulation delegated acts into the definition of the ESG products.
For further details on the representation of the indicators in the above tables, please refer to Annex I – Taxonomy Templates.
Sustainability Reporting 195
E1 - Climate Change
Strategy
E1-1 - Transition plan for climate change mitigation
The Group has become a member of the Net-Zero Banking Alliance (NZBA), with the objective of reaching net zero emissions by 2050 or sooner, in line with the targets set by the Paris Climate Agreement. The strategic plan “One Brand One Culture” includes an interim target for cutting the financed emissions intensity for the loan book by 2030, by which date the Group expects its operations in the coal industry to be phased out entirely. The Group has also committed to maintaining carbon neutrality on market-based Scope 1 and 2 emissions.
In 2025, Mediobanca also neutralized its market-based Scope 1 and 2 GHG emissions for financial year 2023-2024, amounting to 2,602 tCO2eq, thanks to the purchase of carbon credits to finance the “Larimar Wind Farm” energy project, certified according to the VCS-Verra standard. For further details, please see section E1-7.
Regarding Scope 3 emissions, particularly financed emissions (category 15), the Group monitors its portfolio’s carbon footprint in accordance with its commitments to the Task Force on Climate-related Financial Disclosures (TCFD), the PRB, and the Net Zero Banking Alliance (NZBA), and in line with the targets and ESG risk disclosure framework defined by Basel III with Pillar III disclosures (paragraph 8 drafted in accordance with the Guidelines published by the EBA and transposed into Regulation (EU) 2022/2453). The goal is to align the portfolio with the 1.5°C trajectory established by the Paris Agreement and achieve climate neutrality by 2050. This includes setting specific targets for business sectors with carbon-intensive processes or value chains, identified by the NZBA as priorities: automotive, energy, cement and aviation, oil & gas, steel, maritime transport, and chemicals.
The Group also grants medium- to long-term loans that cannot be repaid early unless customers meet their obligations. This could lead to a risk of “locked-in” emissions, particularly emissions financed by counterparties with “hard-to-abate” emissions. The adoption of preventive controls on the transition plans of the most carbon-intensive customers and negative screening of the ESG Policy mitigate this risk, preventing high-risk counterparties from compromising the achievement of climate-related targets. For further details on the targets, please refer to section E1-4.
With regard to direct emissions, in addition to reporting that the impact is immaterial, the Group believes that there is no risk that direct emissions could compromise the
196 Consolidated Financial Statements as at 30 June 2025
achievement of carbon neutrality, as its emissions are expected to reduce in line with the technological evolution projected in national and international scenarios.
Mediobanca supports the transformation of high-impact business sectors by continuing to finance them in the short term to help them implement an adequate ecological transition and develop replacement technologies. The “managed phase-out” approach allows the credit system to play an active role in reducing the carbon footprint of the real economy, assuming responsibility for it. The Group applies stringent criteria when granting loans to counterparties operating in sustainability-sensitive sectors, to ensure the pursuit of Net-Zero targets and eliminate the risk of greenwashing.
For NZBA sectors, the Group aims to invest in counterparties that are actively committed to setting sustainability targets, particularly climate-related ones. Through engagement activities, Mediobanca verifies whether and how counterparties are actually taking action to align with net-zero emissions.
In a constantly evolving regulatory environment, Mediobanca implemented its first transition plan, approved by the ESG Management Committee in September 2024, in line with its commitment to align its credit and investment portfolios with net-zero emissions by 2050. The Plan, which may be revised and further developed in the coming years in line with any regulatory developments, is based on three cornerstones:
―Strategic plan “One Brand – One Culture”;
―Integration of ESG initiatives already launched internally;
―Corrective actions required by the regulator, ESG investors, or market best practices.
The Glasgow Financial Alliance for Net Zero (GFANZ) recommends implementing specific actions across five sections for an effective, science-based transition plan. Mediobanca has identified specific levers for each section, aligned with its business model and strategy, , as illustrated below, defining short-term (annual) and long-term (with different horizons, even beyond the strategic plan) objectives.
Sustainability Reporting 197
Lever 1 – Targets and priorities
Mediobanca is committed to carbon neutrality, undertaking to using only renewable electricity for its registered utilities and reducing the carbon intensity of its loans by 35% by 2030, with an intermediate target of 18% by 2026. It has joined the NZBA and integrates ESG criteria into its lending and investment strategies, as well as in supplier selection.
Qualitative and quantitative sustainability targets are integrated into the strategic plan “One Brand – One Culture” and form the basis of the Group’s climate transition strategy.
Sound, well-integrated financial planning will strengthen the resilience of Mediobanca’s business model, aligning its Net-Zero targets with strategic and corporate decisions.
Mediobanca is addressing this issue by implementing the “Business Environmental Scan” project (described in section SBM-3, para. “Climate Change - Material Impacts, Risks, and Opportunities and Their Interaction with Strategy and Business Model”), which guides the Group’s efforts to manage climate change-related risks and opportunities, integrating them into its corporate strategy.
Lever 2 – Products and services
The growing focus on climate issues offers new opportunities for banks. Mediobanca has developed financial products that incentivize low-carbon investments, such as green bonds, green mortgages, energy efficiency loans, ESG funds, and other products listed in the Group’s ESG Product Catalogue. It also pursues the dissemination of sustainable products through the Green and Sustainability Bond Framework, which lays down criteria for the inclusion of green and socially responsible exposures in sustainable bond instruments.
Using existing innovative products and services, Mediobanca supports the transition efforts of customers and companies in its portfolio toward the 1.5°C goal, integrating net-zero targets into decision-making and assessment processes.
The Group has defined criteria for mapping the green assets in its portfolio, achieving the transition plan short-term target by 30 June 2025.
198 Consolidated Financial Statements as at 30 June 2025
Lever 3 - Activities and decision-making
Mediobanca has taken into consideration the key environmental factors in its Risk Appetite Framework (RAF), aiming for prudent management of climate risk to ensure long-term sustainability and profitability. The goal is not to eliminate risks, but to identify and manage them effectively.
To monitor the transition to a low-carbon economy, the Group has introduced two specific indicators in its RAF:
―Exposure to corporate counterparties with high environmental risk, monitored through the “ESG Heatmap” tool;
―Intensity of financed emissions in the corporate portfolio.
To monitor physical risk associated with extreme events, two specific indicators have been introduced in the RAF:
―Indicator based on the physical risk of mortgage exposures;
―Indicator based on the physical risk of corporate exposures.
The portfolios and risks included in the Risk Appetite Framework have been identified in accordance with the Climate and Environmental Materiality Assessment.
Mediobanca has prepared an integrated ESG database, which can be updated in real time to adapt to regulatory and environmental changes. It has automated processes such as the GAR EU Taxonomy and the ESG Heatmap to improve data management.
Finally, to better assess environmental and climate risks in non-financial counterparties, the Group has strengthened its due diligence process, introducing quantitative criteria into the credit analyses of corporate counterparties to enable more informed and responsible decisions, thus achieving one of the short-term targets of the transition plan.
Sustainability Reporting 199
Lever 4 – Policies and conditions
On 30 July 2025, Mediobanca’s Board of Directors approved the updated Group ESG Policy, which defines the guidelines for integrating ESG criteria into all lending, investment, and advisory activities.
A new section on combating climate change makes specific reference to the transition plan and describes the targets and engagement approach adopted with respect to Corporate and Investment Banking customers.
Over the years, the Group has progressively refined its specifications for environmentally sensitive business sectors and strengthened restrictions in the coal and unconventional oil/gas industries, in line with its transition plan, setting the target of fully phasing out its operations in the coal sector by 2030. To this end, it has excluded all financial support for the most impactful initiatives and introduced strict criteria for financing and investing in companies operating in coal extraction and exploitation and unconventional oil and gas.
Lever 5 – Portfolio customers and companies
Mediobanca supports the customers and companies in its portfolio along their path towards net-zero emissions, promoting engagement to mitigate environmental and climate risks.
The Group has launched an engagement framework by selecting the most relevant counterparties based on their emissions intensity and their impact on the portfolio, to support them in the transition to a more responsible business model, thus aligning investments with net-zero targets.
With reference to the work carried out by the Corporate Finance Energy Transition team, the short-term target set in the transition plan was achieved by arranging for 80% of transactions (annual advisory transactions announced by the Bank) related to the energy transition.
Mediobanca SGR and RAM have joined the non-disclosure campaign promoted by the Carbon Disclosure Programme (CDP), while RAM is a member of the Institutional Investors Group on Climate Change (IIGCC) and Climate Action 100+ group.
The Mediobanca Equity Research team conducts research and consulting for institutional investors, publishes industry analyses and organizes events, such as the Mediobanca Energy Transition Conference, to foster discussions between companies and investors on the energy transition.
200 Consolidated Financial Statements as at 30 June 2025
Levers 6 and 7 – Financial sector and governments and the public sector
Mediobanca believes constructive and transparent relationships with public bodies, institutions, and industry associations are essential to improving its environmental impact and addressing climate change.
The most significant initiatives include:
― “Study on the Sustainability of Italian SMEs”: the Mediobanca Research Department, in collaboration with the Tagliacarne Study Centre and Unioncamere, analysed the sensitivity of medium-sized Italian family businesses to green and net-zero issues, involving approximately 4,100 manufacturing companies. With the completion of the survey, the short-term target of the transition plan is considered complete.
―Participation in industry associations: Mediobanca SGR has subscribed to Assogestioni’s Italian Stewardship Principles to promote sustainable practices among its investee companies, while the Group is a member of ABI (Italian Association of Banks), contributing to ESG training initiatives for other banks.
―Investor Engagement Policy: the Group engages constantly with its investors on sustainability and climate issues. Furthermore, since 2022, it has adopted a policy to manage engagement with investors and proxy advisors.
These initiatives have confirmed the Group’s commitment to fostering engagement for a sustainable transition in the financial and industrial systems.
Sustainability Reporting 201
Lever 8 – Metrics and targets
Mediobanca has defined a comprehensive set of metrics and targets to monitor and guide the transition to net zero emissions in the short, medium, and long term. The primary objective is to align financial activities with the decarbonization of the real economy, ensuring that all investments and financial services support this transformation. Specifically, this is achieved by:
―measuring and monitoring financed emissions, with detailed transition plans for key sectors;
―defining sector-by-sector targets, as previously set, for automotive, energy, cement and aviation, oil & gas, iron and steel, maritime transport, and chemicals;
―aligning with the criteria set by the Basel Framework and by the EBA Guidelines on ESG - Pillar III criteria to ensure consistency and transparency in sustainability reporting;
―targeting investments in counterparties in alignment with sustainability and net-zero targets, assessing their commitment through engagement practices.
These measures ensure accountability and transparency, confirming Mediobanca as a key player in the transition to a low-carbon economy.
202 Consolidated Financial Statements as at 30 June 2025
Levers 9 and 10 - Tasks, responsibilities, and remuneration, and ESG skills and culture
To achieve net-zero goals, Mediobanca is reviewing its climate governance, redefining tasks and responsibilities. The transition plan is regularly updated to incorporate relevant developments, manage implementation risks, and align remuneration incentives to foster commitment to sustainability. This is made possible through:
―continuous management training and refresher courses on climate issues, involving supply chain stakeholders in the training sessions;
―strategic use of ESG data from information providers to improve analysis and transparency in reporting;
―ongoing strengthening of data governance, assigning clear responsibilities for key metrics such as GHG emissions, transition and physical risks, and compliance with EU regulations (Pillar III and EU Taxonomy Regulation).
These measures ensure greater data accuracy and reliability and improved monitoring of the sustainability strategy. For information on the financial resources used, please refer to section E1-3.
Regarding the targets of the Group’s Climate transition plan, it should be noted that as at 30 June 2025, all the short-term targets defined had been achieved.
Finally, it should be emphasized that the Mediobanca Group is not excluded from the EU benchmark indices aligned with the Paris Agreement.
E1-2 - Policies related to climate change mitigation and adaptation
The Group’s climate change policies cover IROs identified as material in relation to climate change mitigation, climate change adaptation, and energy efficiency.
The Group has adopted an approach aimed at identifying, assessing, preventing, and reducing potential direct reputation and operational impacts, as well as indirect impacts resulting from financing, and investing in, activities deemed to pose serious risks to the environment and society.
The Group recognizes the environment as a primary resource for human well-being and guides its decisions to ensure compatibility between economic initiatives and environmental needs in compliance with regulations and corporate governance codes.
As outlined in the Group Sustainability Policy, the Group has identified the following areas of action for the purpose of improving its environmental performance:
Sustainability Reporting 203
―reduction of direct environmental impact (Scope 1 and 2 emissions): energy savings, increased electricity supply from renewable sources, reduction of CO2 emissions, and pursuit of sustainable mobility;
―reduction of indirect environmental impact (Scope 3 emissions): integration of environmental, social, and governance criteria, including through the evaluation of the Group’s main suppliers using ESG criteria;
―responsible management of natural resource consumption: reduction of consumption, use of recycled and/or FSC-certified paper, and gradual elimination of plastic.
Additionally, the Group has adopted a Group ESG Policy that defines the general principles and guidelines for assessing ESG factors in business decision-making processes relating to activities performed on its own account and those performed on behalf of its customers. The Group does not engage in business activities that are contrary to its values or that violate principles and regulations, exposing it to serious regulatory or reputation risks.
Mediobanca has also defined a combination of negative and positive screening actions. For example, business activities involving companies convicted of serious environmental damage (e.g., releases of harmful substances, deforestation, ecosystem damage) are excluded. The Group does not finance or invest in, under any circumstances, initiatives that have a negative impact on biodiversity-sensitive areas.
Specific restrictions apply to companies operating in coal mining or companies that generate more than 10% of their revenues from operations related to thermal coal and unconventional oil and gas (investigated across the entire value chain). Furthermore, the Group does not grant new loans nor does it renew loans granted to counterparties that have not formalized a commitment to phasing out their operations in the coal industry by 2030.
204 Consolidated Financial Statements as at 30 June 2025
Actions
E1-3 Actions and resources in relation to climate change policies
Climate change poses significant challenges that require concrete actions and immediate solutions to pursue the transition to a low-carbon economy. As described in the transition plan (section E1-1), Mediobanca is committed to achieving net-zero emissions by 2050, maintaining market-based neutrality for Scope 1 and Scope 2 emissions. This commitment has been confirmed by the Group in multiple decarbonization initiatives, including participation in the Net-Zero Banking Alliance and inclusion of qualitative and quantitative ESG targets into the strategic plan “One Brand – One Culture.” The initiatives undertaken during the reporting period in line with long-term targets are listed below.
Own operations and direct and indirect energy consumption
The Group’s energy consumption is primarily driven by the use of heating and air conditioning systems, the operation of data centres and server rooms, office lighting, and recharging of electric vehicles in the company’s car fleet. The entire Group exclusively uses electricity from renewable sources for all its registered utilities, including data centres.
During the financial year, new initiatives were implemented to reduce consumption, including: improvements to the air conditioning systems and relamping of the electrical systems at the Via Filodrammatici headquarters, achieving savings of 22 and 7 tons of CO2, respectively, for a total of 29 tons of CO2. With the initiatives also planned at the Filodrammatici and Piazzetta Cuccia headquarters, a further reduction by approximately 27 tons of CO2 of energy consumption emissions is expected in financial year 2025-2026.
Moreover, the following initiatives continued:
―use of videoconferencing and e-learning courses to reduce employee travel;
―reduction in the use of private transportation thanks to the company shuttle service to the Compass office in Milan (Via Caldera) and the MIS shuttle service (Mediobanca MISposto) with prior booking;
―company fleet management using criteria that promote respect for the environment. The Group’s car fleet consists of vehicles with low-CO2 emissions, electric cars, and plug-in hybrids;
―inclusion of all Group Legal Entities operating in the Milan area in the standing agreement with ATM.
Sustainability Reporting 205
To support electric mobility, the following number of charging points for electric and plug-in hybrid cars have been installed in recent years, available to company car users: 30 at the Compass Caldera headquarters, 30 at the MIS headquarters, 30 at the Mediobanca Premier headquarters, and 5 at the Mediobanca headquarters.
During financial year 2024-25, the initiatives mentioned above did not entail significant amounts of CapEx and OpEx necessary to implement the actions undertaken, nor were any planned.
In the IT and Data Governance area, the following initiatives should be noted:
―New developments of the ESG Heatmap Tool (Group):
―automation of existing manual tasks and aggregation of Group data;
―implementation for corporate lending/investments;
―creation of reporting tools.
―Development of indicators to monitor transition risks (e.g., complaints about green products) and social and governance risks;
―Climate and environmental materiality assessment / climate stress test:
―engine for aggregating data from different risk areas;
―construction of an ESG datamart by risk type (credit, market, liquidity) to monitor ESG data across the various supply chains;
―Physical and transition risk analysis:
―preparation of a single Group-wide dataset to feed calculation engines;
―archiving of granular output in DWH and availability for Climate and Environmental Materiality Assessment processes;
―implementation of the Data Governance framework with 15 new controls;
―Support for data integration:
―data integration from info providers and internal sources into DWH, flow management;
―actions on the volatility analysis tool and ICAAP management stress test.
206 Consolidated Financial Statements as at 30 June 2025
For IT and Data Governance initiatives related to climate change, financial resources totalling €0.9m were used in the 2024-2025 financial year, divided into €0.3m in CapEx, attributable to the item “Intangible assets” and €0.6m in OpEx (attributable to the item “Other administrative expenses”).
Financed emissions
To achieve climate neutrality in the financed industries, the Mediobanca Group has implemented a Climate transition plan with short-term and long-term targets, aimed at managing climate risk arising from financed counterparties. Details of these initiatives are provided in section E1-1.
The Group has identified portfolio decarbonization targets for the most impactful industries, reporting the evolution of this trend in section E1-4.
Sustainability Reporting 207
Targets
E1-4 Targets related to climate change mitigation and adaptation
Own emissions:
As formalized in the strategic plan “One Brand – One Culture”, the Mediobanca Group is committed to reducing its direct impact by using 100% renewable electricity and offsetting market-based Scope 1 and Scope 2 emissions. This metric is measured in relative percentage terms to verify coverage of the use of the total amount within scope identified. The baseline year is aligned with reporting for the year at 30 June 2023. The Group intends to continue offsetting (thus pursuing this target) as long as market-based Scope 1 and 2 GHG emissions remain.
The Group believes it is a priority to focus on reducing financed emissions (Scope 3) representing over 99% of total emissions that are truly relevant to the Group’s core business. All other categories report negligible GHG values.
Financed emissions:
In line with the NZBA goals and its own policies, the Group has established a number of targets for impactful industrial sectors relevant to its lending and investment portfolios for the following Group Legal Entities, which represent nearly all of its exposures: Mediobanca S.p.A., Mediobanca International, CMB Monaco, Mediobanca Premier S.p.A, Compass Banca S.p.A, MBFACTA S.p.A and Selma. In terms of emissions, the targets cover 30% of the Group’s GHG emissions reported in section E1-6. Of the remaining portfolio issues, 37% are attributable to just two counterparties, not included in high-impact sectors. It should be noted that, in terms of gross book value, the Group hedged 78% of exposures falling within the most impactful sectors required by the NZBA.
At present, it is not considered necessary to update the targets, as sectoral exposures as at 30 June 2025, were in line with previous years.
The targets were defined using the Sectoral Decarbonization Approach (SDA), developed by the Science-Based Targets initiative (SBTi), which offers a scientific approach to measuring and defining carbon-intensity targets based on global emissions reduction efforts.
The choice of the target baseline took into account the recommendations of the SBTi framework, which requires the identification of the “most recent” year after 2020. Therefore, reference to 31/12/2022, as used by the Group, complies with these
208 Consolidated Financial Statements as at 30 June 2025
recommendations, having overcome the distorting phase of emissions generated by the pandemic.
In the event that the counterparty or subsector was not covered by the SDA, or physical intensity data were unavailable, a methodology based on economic intensity (GEVA measured in tCO2eq/revenues) was applied, leading to a reduction in emissions in relation to the company’s financial performance.
Both methodologies reference the International Energy Agency (IEA) Net Zero by 2050 scenario, in line with the NZBA criteria and as required by Regulation (EU) 2022/2453 governing ESG disclosures to be published under Pillar III, thus ensuring comparability of targets and reporting.
Mediobanca identified the counterparties to be included in the analysis using NACE (Nomenclature of Economic Activities) codes.
After identifying the counterparties, Mediobanca assessed the availability and adequacy of their publicly disclosed metrics, analysing them by using data provided by an information provider.
The Group favoured the SDA method because it is based on targets stated directly by the counterparties or on more robust estimation methodologies. In contrast, the GEVA method, which is subject to greater volatility caused by the methodological approach itself49 and by the concentration of the Group's Corporate portfolio in a few large counterparties. Furthermore, the Group uses percentage reductions derived from estimates and “forcefully” assigns them to the counterparties valued using this approach. The Group uses the GEVA method primarily to monitor and increase coverage of the volumes analysed.
The Group recognizes that the baseline and targets may vary over time due to updates to EBA instructions on Pillar III50 requirements or NZBA instructions, scenario updates, expanded scope of analysis, or other factors. In the event of such changes, adequate disclosure of the changes and related reasons will be provided with a possible recalculation of the baseline or targets, if necessary.
The targets for each relevant NZBA51 sector are provided below.
49The GEVA (Greenhouse gas Emissions per unit of Value Added) method calculates greenhouse gas emissions per unit of value added, usually in tons of CO2 equivalent per dollar or euro of value added, by combining data on total greenhouse gas emissions with data on the economic value added of a sector or company.
50 Information required in «Template 3: Banking portfolio — Indicators of potential transition risk related to climate change: alignment metrics»,
51 The Group is not exposed to the coal mining sector, while there is an insignificant exposure to the agriculture sector. With regard to commercial real estate, household mortgages represent a significant financial exposure. However, the
Sustainability Reporting 209
Automotive sector
The automotive sector, representing 31% of total investment and lending exposure in the sectors defined in Pillar III52 Template 3, amounts to approximately €1.4bn in terms of gross book value. The analysis covered a total volume equivalent to 95% of the automotive portfolio, with 38% of cases examined using the SDA method and 62% assessed using the economic intensity method.53

SDA automotive sector | Date | Value (UoM: gCO2eq/vkm)
Baseline | 31/12/2022 | 139.23
Final | 30/6/2025 | 158.22
Target | 30/6/2030 | 85.44

The table shows the SDA portfolio baseline and the SDA targets at 2030, which implies a reduction in emissions intensity of 39%, compared to the 31/12/2022 baseline, i.e. 139.23 gCO2eq/vkm. The annual percentage reduction target for the automotive sector is 4.9%.
As at 30 June 2025, the Group achieved 158.22 (gCO2eq/vkm), substantially in line with monitoring for the previous year.
This sector has recently suffered a setback in transition-related issues, primarily due to concerns about the economic slowdown, which prompted many automakers to optimize operating costs and transition expenditures. Also following the revision of the European decarbonization targets for the sector, many companies revised downward their industrial targets for the production of electric cars and commercial vehicles, as well as their decarbonization targets. This partly explains the increase in value recorded with respect to prior years, although the scope of counterparties included in the portfolio remained essentially unchanged. At the same time, it should be noted that the actual figure remained below the value of the scenario trajectory.
Energy sector
related financed issues do not exceed 2% of the Group's overall emissions. The weak leverage with these counterparties and the lack of flexibility in terms of decarbonization strategy to be applied to the assets have led the Group to consider this sector immaterial and to exclude it from the target-setting process. Corporate mortgages also constitute a marginal share, both in terms of gross book value and financed issues.
52 The sectors required by Template 3 are the following: Shipping, Power, Oil and gas, Steel, Cement, Aviation, Coal, Aviation and Automotive.
53 It should be noted that a significant portion of the counterparties considered belong to subsectors not covered by the SDA method, such as vehicle component manufacturers, and were monitored using the GEVA methodology. A 42.8% reduction in the GEVA target by 2030 would translate into a decrease in the tCO2eq (Scope 1 + Scope 2)/$ (revenues) ratio of automotive sector counterparties from 48.4 in the baseline to 25.5 in 2030. As at 30 June 2025, the Group achieved an intensity of 68.18 tons of CO2 per €million financed. As explained above, the GEVA method is subject to greater volatility, caused by the methodological approach itself and by the highly concentrated nature of the Group's corporate portfolio.
210 Consolidated Financial Statements as at 30 June 2025
The energy sector represents 27% of total investments and credit exposure in sectors listed in Template 3 of Pillar III. In terms of gross book value, this percentage equates to €1.2bn. The total volume covered and analysed using the two methods described above is 93% of the exposure to the energy sector, with 62% analysed using the SDA method and 38% using the economic intensity method.54

SDA Energy sector | Date | Value (UoM: tCO2eq/ MWh)
Baseline | 31/12/2022 | 0.34
Final | 30/6/2025 | 0.20
Target | 30/6/2030 | 0.16

The table shows the SDA portfolio baseline and the SDA portfolio targets at 2030, which imply a reduction of 53% in emissions intensity compared to 2022, with a baseline value of 0.34 gCO2eq/vkm. The annual percentage reduction target for the energy sector is 6.6%.
As at 30 June 2025, the Group achieved 0.2 (tCO2eq/MWh), in slight but constant decrease compared to the monitoring of the previous year.
As in the automotive sector, the emissions intensity of the energy sector in the Group’s reference portfolio is healthier than the IEA’s global reference data. The defined target reflects a greater achievement than the values in the 2026 and 2030 scenarios.
Actual data for 2024 show a sharp decline in intensity, due to the inclusion of new medium-low carbon intensity counterparties in the portfolio. Although the target has improved beyond short-term expectations, exposure is expected to normalize over time, in line with the previous trend. In the medium term, the impact of EU regulations could accelerate or slow down energy transitions and lending trends for energy companies.
54It should be noted that many of the counterparties considered belong to sub-sectors not covered by the SDA methodology (for example, companies operating not in energy generation, but in distribution and transmission infrastructures).
Sustainability Reporting 211
Aviation sector
The aviation sector, representing 5% of total investments and lending exposure in the sectors specified in Pillar III Template 3, amounts to €244m in gross book value. The analysis covered a total volume equivalent to 98% of the aviation portfolio, with 7% examined using the SDA method and 93% assessed using the economic intensity method, as the Group’s portfolio is primarily active in the airport sector, to which the SDA method does not apply.55

SDA Aviation sector | Date | Value (UoM: tCO2eq/pkm)
Baseline | 31/12/2022 | 93.80
Final | 30/6/2025 | 83.33
Target | 30/6/2030 | 83.97

The table shows the SDA portfolio baseline and the SDA targets at 2030, which implies a reduction of 10% in emissions intensity, compared to the 31/12/2022 baseline, i.e. 93.8 gCO2eq/vkm. The annual percentage reduction target for the aviation sector is 1.3%.
As at 30 June 2025, the Group achieved 83.33 (tCO2eq/pkm), in slight decrease compared to the monitoring of the previous year.
As in the energy sector, the Group’s emissions intensity is healthier than the IEA’s global baseline. The defined target reflects a greater ambition than the value in the 2025 scenario.
The current good positioning of reported data is explained by the number of counterparties covered by the SDA method, which is currently very limited. These few airlines have set net-zero emissions targets. The GEVA target (also exceeding expectations) includes airport companies, which have recently witnessed a more than proportional increase in revenue compared to Scope 1 and 2 emissions.
55 A 42.8% reduction in the GEVA target by 2030 would result in a reduction in the tCO2eq (Scope 1 + Scope 2)/$ (revenues) ratio of aviation sector counterparties from 69.7 in the baseline to 36.7 in 2030. As at 30 June 2025, the Group achieved an intensity of 19.56 tons of CO2 per €million financed. As explained above, the GEVA method is subject to greater volatility, caused by the methodological approach itself and by the highly concentrated nature of the Group's Corporate portfolio. In particular, for this sector, it should be noted that during the year there was an increase in exposure to a counterparty operating in the airport sector with low intensity (mainly due to significant revenues recorded in the financial year under review).
212 Consolidated Financial Statements as at 30 June 2025
Cement sector
The cement sector, representing approximately 2% of total investment and lending exposure in the sectors defined in Pillar III Template 3, amounts to approximately €70m in gross book value. The analysis covered a total volume equivalent to 98% of the portfolio, with 44% of cases examined using the SDA method and 56% assessed by using the economic intensity method.56

SDA Cement sector | Date | Value (UoM: tCO2eq/ t)
Baseline | 31/12/2022 | 0.66
Final | 30/6/2025 | 0.60
Target | 30/6/2030 | 0.50

The table shows the SDA portfolio baseline and the SDA target at 2030, which implies a reduction in emissions intensity of 25%, compared to the 31/12/2022 baseline, i.e. 0.66 gCO2eq/vkm.
The annual percentage reduction target for the cement sector is 3.1%.
As at 30 June 2025, the Group achieved 0.6 (tCO2eq/ton), in line with monitoring for the previous year.
The target trajectory remains above the scenario, due to the sector’s difficulties in reducing its impact in the medium term, given the lack of affordable low-emissions technology solutions.
Mediobanca is currently supporting this crucial sector, favouring counterparties with more effective disclosures and clear long-term net-zero targets.
Oil & Gas sector
The Oil & Gas sector represents 17% of total investments and credit exposure in sectors specified in Template 3 of Pillar III. In terms of gross book value, this percentage equates to €744m. The total volume covered and analysed using the two methods described
56 A 42.8% reduction in the GEVA target by 2030 would translate into a reduction in the tCO2eq (Scope 1 + Scope 2)/$ (revenues) ratio of cement sector counterparties, from 214 at the baseline to 112 in 2030. As at 30 June2025, the Group achieved an intensity of 1,668 tons of CO2 per €million financed. As mentioned above, the GEVA method is subject to greater volatility, caused by the methodological approach itself and by the highly concentrated nature of the Group's Corporate portfolio. In particular, for this sector, a counterparty with a high emission intensity entered the portfolio, with significant exposure. This counterparty obtained target validation from the SBTi. Therefore, a reduction in GHG emissions is expected in the coming years.
Sustainability Reporting 213
above is 89%, with 38% analysed using the SDA method and 62% using the economic intensity method.57

SDA Oil&Gas sector(gCO2eq/MJ) | Date | Value
Baseline | 31/12/2022 | 67.2
Final | 30/6/2025 | 65.64
Target | 30/6/2030 | 55.4

The table shows the SDA portfolio baseline and the SDA targets at 2030, which implies a reduction of 18% in emissions intensity, compared to the 31/12/2022 baseline, i.e. 67.2 gCO2eq/MJ. The annual percentage reduction target for the aviation sector is 2.3%.
As at 30 June 2025, the value reached 65.62 (gCO2eq/MJ), showing a constant decrease also compared to the monitoring of the previous year.
It is worth noting that the Group’s emissions intensity is higher than the IEA’s global baseline data.
The Group’s emissions intensity exceeds the global baseline. The concrete short-term reductions and the proximity of the 2030 targets compared to the IEA scenario, demonstrate that the targets of counterparties included in the SDA analysis are more ambitious in the short and medium term than the values in the 2030 scenario.
With a credible decarbonization plan, the Group supports the transition of high-impact sectors by providing temporary financing to avoid an immediate shutdown that could potentially extend the harmful lifetime of assets. This approach, called “exit management,” allows the credit system to actively reduce its carbon footprint in the real economy, assuming responsibility rather than shifting it.
57It should be noted that some counterparties considered belong to subsectors not covered by the SDA method (for example, companies operating in the oil and gas transport infrastructure). However, the two main counterparties that actually operate in the Oil & Gas production process are covered by the SDA approach. The reduction of the GEVA target by 42.8% by 2030 would translate into a decrease in the tCO2eq (Scope 1 + Scope 2)/$ (revenues) ratio of O&G sector counterparties, from 292 at the baseline to 167 in 2030. As at 30 June 2025, the Group achieved an intensity of 133.52 tonnes of CO2 per €million financed.
214 Consolidated Financial Statements as at 30 June 2025
Chemical sector
The chemical sector, representing approximately 15% of total investment and lending exposure in the sectors defined in Pillar III Template 3, amounts to €692m in gross book value. The analysis covered a total volume equivalent to 87% of the chemical portfolio, using the economic intensity method only.
A reduction of 42.8%% in the GEVA target by 2030 would result in a decrease in the ratio tCO2eq (Scope 1 + Scope 2)/$ (revenues) of chemical sector counterparties, from a baseline of 74 to 42.3 in 2030. As at 30 June 2025, the Group achieved an intensity of 95.15 tons of CO2 per €million financed. As mentioned above, the GEVA method is subject to greater volatility, due to the methodological approach itself and to the Group's concentration in a limited number of counterparties in the Corporate portfolio. Specifically, for this sector, 10% of the exposure, arising from just four constantly monitored counterparties, had an intensity between 181 and 1,285.
Sea transport sector
The sea transport sector, representing approximately 0.8% of total investment and lending exposure in the sectors defined in Pillar III Template 3, amounts to approximately €37m in gross book value. The analysis for both SDA and GEVA covered an insignificant volume, as the loans to SMEs were generally small in amount.
A reduction of 42.8%% in the GEVA target by 2030 would result in a decrease in the ratio tCO2eq (Scope 1 + Scope 2)/$ (revenues) of sea transport sector counterparties, from a baseline of 21.3 to 12.2 in 2030.
The Group considered the findings of the analysis conducted as at 30 June 2025 to be inconsistent, given the current low unrepresentative value of exposures to this sector. The Group is committed to constantly monitoring and assessing alignment (in the event of new counterparties entering the portfolio for significant amounts) also for subsequent financial years.
Sustainability Reporting 215
Iron and steel sector
The iron and steel sector, representing approximately 1.6% of total investment and lending exposure in the sectors defined in Pillar III Template 3, amounts to €70m in gross book value. The analysis for both SDA and GEVA covered an insignificant volume, as the loans to SMEs were generally small in amount.
A reduction of 42.8%% in the GEVA target by 2030 would result in a decrease in the ratio tCO2eq (Scope 1 + Scope 2)/$ (revenues) of iron and steel sector counterparties, from a baseline of 172 to 98.3 in 2030.
The Group considered the findings of the analysis conducted as at 30 June 2025 to be inconsistent, given the current low unrepresentative value of exposures to this sector. The Group is committed to constantly monitoring and assessing alignment (in the event of new counterparties entering the portfolio for significant amounts) also for subsequent financial years.
Portfolio-level intensity targets
The Group has set a target to reduce the emissions intensity of its portfolio, taking into account Scope 1, 2, and 3 greenhouse gas emissions from the Corporate counterparties of Mediobanca and Mediobanca International.
For the baseline, emissions based on portfolio data as at 31 December 2022, i.e. approximately 7 MtCO2eq in emissions relating to an exposure of €14,609m, were calculated. By dividing the greenhouse gas emissions considered by the corresponding exposure of companies within scope, it is possible to calculate the emissions intensity of the reference portfolio, which is equal to 482 tCO2eq/€m for the baseline.
Starting from this baseline, the strategic decarbonization plan aims to reduce emissions intensity by 18% by 2026 and by 35% by 2030.
The reduction percentage, equal to an annual decrease of 5.3%, was identified according to the international IEA NZE (Net Zero Emissions by 2050) scenario, which envisions achieving global Net Zero Emissions by 2050 while limiting the temperature increase to 1.5°C. The reduction was calculated indirectly from the change in intensity between CO2 and (global) GDP between 2021 and 2030. The total reduction was then recalculated on a straight-line basis and adjusted to the 2026 target.
This target is an integral part of the LTI for the Chief Executive Officer, as specified in section GOV-3 of ESRS 2.
216 Consolidated Financial Statements as at 30 June 2025

Portfolio intensity | Date | Value (UoM: tCO2/ €M)
Baseline | 31/12/2022 | 482
Final | 30/6/2025 | 394
Target | 30/6/2026 | 398

The target was achieved one year ahead of schedule thanks to:
―financing choices favouring counterparties with lower-than-average carbon intensity;
―improved emissions data quality of counterparties within scope;
―improved emissions performance of the counterparties.
Levers for achieving the portfolio’s decarbonization targets
Among the measures identified, a key role is played by engagement with customers operating in high-impact sectors, particularly those not aligned with net-zero targets, in order to share the transition plan’s targets with them and raise awareness of the importance of reducing their emissions.
The Group believes it necessary to support the transformation of impactful sectors by continuing to finance them in the short term, so that replacement technologies can be developed, thus acting as an enabling entity.
In particular, a process is underway to understand and evaluate the transition strategies of entities financed by the Corporate and Investment Banking division (which represent nearly all of the Group’s financed emissions) or with which it is considering establishing a credit relationship. The results of these analyses are being integrated into the decision-making process for granting or renewing loans to verify their consistency with the portfolio’s alignment targets with the Paris Agreement goals. Specific engagement actions are also being developed to ensure that counterparties operating in high-impact sectors adopt decarbonization plans.
Sustainability Reporting 217
Metrics
E1-5 - Energy consumption and mix
This section presents metrics relating to energy consumption in the Group’s own operations.
The Group’s energy consumption derives primarily from the use of heating and air conditioning systems, the operation of data centres and server rooms, office lighting systems, and recharging of electric cars in the Group’s fleet.
The Group currently uses electricity from 100% renewable sources for its registered utilities, as well as for its data centre.
Furthermore, Mediobanca Innovation Services (MIS) has signed a Power Purchase Agreement (PPA) to stabilize electricity costs under a long-term contract for the supply of energy from new solar plants.
The Group actively involved the relevant corporate units in the metrics reporting process, ensuring specialized and targeted contributions. The methodologies and assumptions adopted are aligned with ESRS and applicable regulations, ensuring transparency, consistency with European sustainability standards, and accurate and reliable reporting.
Calculations have been performed following industry guidelines, specifically those of ABI Lab on the adoption of ESRS for environmental matters 2024, and the GHG Protocol.
The table below shows the Group’s energy consumption for financial year 2024-2025, providing a detailed representation of the energy consumed by processes owned or controlled by the Group. Total energy consumption is broken down by fossil, nuclear, and renewable sources and includes the Group’s own production of renewable and non-renewable energy. Moreover, since two companies (Mediobanca International Immobiliere S.A.R.L. and CMB Real Estate Development S.A.M.) with high climate impact NACE classifications (real estate sector) are included in the reporting scope, the Group’s entire fossil fuel energy consumption is further broken down by type.
218 Consolidated Financial Statements as at 30 June 2025

Table 6: Energy consumption and mix (in MWh)Energy consumption and mix | UoM | 2024/2025
1. Fuel consumption from coal and coal products | Megawatt-hour | —
2. Fuel consumption from crude oil and petroleum products | Megawatt-hour | 7,010
3. Fuel consumption from natural gas | Megawatt-hour | 9,008
4. Fuel consumption from other fossil sources |  | —
5. Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources | Megawatt-hour | 3,852
6. Total consumption of fossil fuel | Megawatt-hour | 19,870
Share of fossil sources in total energy consumption | Percentage | 48.–%
7. Consumption from nuclear sources | Megawatt-hour | 14
Share of consumption from nuclear sources in total energy consumption | Percentage | —
8. Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) | Megawatt-hour | —
9. Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | Megawatt-hour | 21,756
10. Consumption of self-generated non-fuel renewable energy | Megawatt-hour | —
11. Total consumption of renewable energy | Megawatt-hour | 21,756
Share of renewable sources on total energy consumption | Percentage | 52.–%
Total consumption of energy | Multiple values | 41,640

For real estate, energy consumption was calculated for each building belonging to Group Legal Entities within the reporting scope, based on the financial control approach. These included the Group’s own properties used for business and investment purposes, rental properties (including properties leased out for residential purposes), and properties repossessed under lease agreements.
Consumption data for registered utilities are taken from bills. If bills were not received by the due date, consumption was estimated based on the latest data available. Similarly, fuel consumption for unavailable company cars was estimated. In financial year 2024-2025, data also include consumption, where available, from charging electric cars outside the company premises using “fuel cards”.
When energy consumption data was unavailable (for example, for unregistered users), estimation methodologies based on energy efficiency certificates were used, if available; otherwise, consumption was estimated using proxies that take into account the size and geographic location of the properties. Total consumption thus calculated was then proportioned between electricity and natural gas according to market conventions. If natural gas consumption was included in condominium fees, the estimate was based on the occupied surface area or according to the property’s thousandths. Energy consumption from natural gas for condominium fees was calculated using the total gas price per cubic meter published by Agenzia di Regolazione per Energia Reti e Ambiente (ARERA, Regulatory Agency for Energy, Networks and the Environment). However, in some cases,
Sustainability Reporting 219
consumption based on historical trends was considered to avoid distortions related to gas price volatility.
The net revenues shown in Table 7 were measured by taking into account the provisions of Article 43, para. 2, sub-para. C), of Directive (EEC) 86/635 of the European Council, including the following items drawn from the profit and loss account, prepared in accordance with Circular No. 262 of 22 December 2005, issued by the Bank of Italy, “Bank financial statements: templates and rules for preparation,” as amended.
―Heading 10: Interest and similar income;
―Heading 40: Commission income;
―Heading 70: Dividends and similar income;
―Heading 80: Net trading income;
―Heading 90: Net hedging income (expense);
―Heading 100: Gains (losses) on disposal/repurchase (only positive components);
―Heading 110: Net income from other financial assets and liabilities measured at fair value through profit or loss (only positive components);
―Heading 160: Net income from insurance services (only positive components);
―Heading 170: Balance of financial revenues and costs from insurance operations (only positive components);
―Heading 230: Other operating income/charges (only income).
The headings listed above were included in the calculation only if their amount was greater than zero (positive).
It should be noted that two companies (Mediobanca International Immobiliere and CMB Real Estate Development) with a high climate impact NACE (real estate sector) are included within the reporting scope. The consumption to be reported was irrelevant at the reporting date, as was energy intensity, practically zero, since they have no employees and merely own the properties, while the revenues of the two companies amounted to €47,000 in total.
Table 7: Reconciliation of net revenue from activities in high climate impact sectors (in Euro million)
220 Consolidated Financial Statements as at 30 June 2025

| FY 2024/2025
Net revenues from activities in sectors with high climate impact to calculate energy intensity | —
Net revenues (other sectors) | 5,895
Net revenues | 5,895

E1-6 GHG Gross Scopes 1, 2, 3 and total GHG emissions
The following table shows the Group’s direct and indirect greenhouse gas emissions. The Bank is committed to maintaining carbon neutrality for market-based Scope 1 and Scope 2. For Scope 3, as outlined in section E1-4, intensity reduction targets have been defined (only for exposures related to sectors covered by the NZBA) for a portion of Category 15, the most relevant given the Group’s business model. Therefore, the table does not include absolute reduction targets or annual reduction percentages.
Sustainability Reporting 221

Table 8: Greenhouse gas emissions (in tCO2) | 2024/2025
Scope 1 greenhouse gas emissions |
Gross Scope 1 greenhouse gas emissions | 3,978
Scope 2 greenhouse gas emissions |
Gross location-based Scope 2 GHG emissions (tCO2eq) | 7,652
Gross market-based Scope 2 GHG emissions | 1,630
Significant Scope 3 greenhouse gas emissions |
Total gross indirect (Scope 3) GHG emissions | 17,728,505
1. Purchased goods and services | 87,818
2. Capital goods | N/A
3. Fuel and energy-related activities (not included in Scope1 or Scope 2) | N/A
4. Upstream transportation and distribution | N/A
5. Waste generated in operations | N/A
6. Business traveling | 2,676
7. Employee commuting | N/A
8. Upstream leased assets | N/A
9. Downstream transportation | N/A
10. Processing of sold products | N/A
11. Use of sold products | N/A
12. End-of-life treatment of sold products | N/A
13. Downstream leased assets | N/A
14. Franchises | N/A
15. Investments | 17,638,011
Total greenhouse gas emissions |
Total (location-based) GHG emissions | 17,740,135
Total (market-based) GHG emissions | 17,734,113

The calculation of GHG emissions includes the climate-altering gases CO2, CH4 and N2O. Biogenic CO2 emissions resulting from the combustion or biodegradation of biomass, biofuels, biogas, or other Scope 1 bioenergy sources consumed by the Group—based on available information—are equal to 0 tCO2e or, in any case, negligible. For Scope 2, biogenic CO2 emissions from the combustion or biodegradation of biomass, biofuels, biogas, or other bioenergy sources—based on available information—are also 0 tCO2e. For Scope 3, there is currently no information available along the entire value chain allowing for mapping and reporting. The Group is committed to improving monitoring after assessing the relevance and availability of data.
222 Consolidated Financial Statements as at 30 June 2025
Scope 1 and 2 direct emissions
Scope 1 includes emissions from sources owned or controlled by the Group, such as direct energy consumption, vehicle use, refrigerant gas leaks from office cooling equipment, gas for heating, and diesel fuel consumption for generators. Scope 2 includes indirect emissions from purchased electricity, steam, and heating/cooling consumed by equipment or systems owned or controlled by the Group.
For financial year 2024-2025, the percentage of contractual instruments used by the Group for energy purchases and sales with reference to Scope 2 GHG emissions was 97%; the percentage of “bundled” contractual instruments was 81%, while the percentage of “unbundled” instruments was 19%.
Currently, the contractual instruments used by the Group to certify the use of this type of energy are Guarantee of Origin Certificates58 (GOs) and Power Purchase Agreements (PPAs).59
The Group follows the principle of financial control for the classification of greenhouse gas emissions. Therefore, Scopes 1 and 2 also include emissions from properties repossessed under lease contracts and from properties rented by third parties for residential purposes.
To calculate Scope 1 emissions, the emission factors stated in the ABI Lab Guidelines on the adoption of the European Sustainability Reporting Standards (ESRS) in environmental matters (2024 edition) were used, together with the GHG Conversion Factors for Company Reporting published by the UK Government (DEFRA 2024). The quantities of energy sources used by the Group were considered, in the respective units of measurement, and multiplied by the corresponding emission factors required by the banking sector Guidelines. Lastly, no additional assumptions were made to estimate GHG emissions and the method adopted was selected in accordance with the instructions provided in the banking sector Guidelines.
The emission factors reported in the “Supplier mix” section of the ABI 2024 were used to calculate Scope 2 emissions according to the location-based method, considering the entire volume of electricity purchased by the Group, subsequently multiplied by the relevant specific emission factors.
The share of electricity purchased by the Group without Guarantees of Origin (GO) was considered to calculate Scope 2 emissions according to the market-based method,
58A certificate that confirms that a specified amount of electricity has been produced from renewable sources.
59A long-term electricity purchase contract concluded between an energy producer and a buyer, with a multi-year duration.
Sustainability Reporting 223
multiplied by the specific emission factors of the “Residual mix” specified in the AIB 2024. No assumptions were made or specific tools used to calculate emissions. GHG emissions other than CO2, such as CH4 and N2O, were not considered because they were not available in the emission factors used.
To calculate Scope 1 and 2 emissions from repossessed properties and properties leased by third parties for residential purposes, the Group used estimates based on various approaches, depending on the available data.
For repossessed properties, the input data consisted in:
―the property’s energy certification;
―climate zone, based on the municipality where the property was located;
―emissions intensity in kgCO2/m2, based on the climate zone, energy class (if available), and property type;
―surface area in m2, if available; otherwise, an indicator of average portfolio surface area was estimated.
For properties rented by third parties for residential purposes, the input data consisted in:
―energy consumption per vector, if available; otherwise, this figure was estimated from:
―energy intensity;
―surface area: estimate of an average surface area indicator (e.g., average surface area of properties used for residential purposes);
―average emission factor, if available; otherwise, this figure was estimated by assuming a breakdown of total consumption by individual energy source.
If data relating to energy consumption by source and/or using an average emission factor are not available and could not be estimated, the input data mentioned for repossessed properties were used.
224 Consolidated Financial Statements as at 30 June 2025
Scope 3 indirect emissions
As part of the reporting process of other indirect emissions (Scope 3), the Group’s relevant categories as required by the GHG Protocol were identified in financial year 2024-2025, supplementing the disclosures provided in previous years. In particular, the following categories were quantified, in line with industry best practices: Category 1 - Purchased goods and services;
―Category 6 - Business travelling;
―Category 15 - Investments.
74% of emissions relating to reported Scope 3 categories were calculated using primary data (data made available by the counterparties).
For other Scope 3 indirect emission categories governed by the GHG Protocol, the Bank conducted internal assessments to verify whether they were applicable and material based on its business model. Following these analyses, categories deemed not applicable, non-material, or difficult to quantify due to the complexity of obtaining input data were excluded from the reporting process. The reporting process will be refined annually, incorporating any currently excluded emission sources, if deemed relevant. The following is a list of categories excluded and reasons for their exclusion:
―Category 2, “Capital Goods”: not calculated because not significant compared to total emissions generated and reported under Scope 3;
―Category 3, “Fuel and Energy-Related Activities (Not Included in Scopes 1 or 2)”: not deemed relevant for a financial institution;
―Category 4, “Upstream Transportation and Distribution”: not deemed relevant for a financial institution;
―Category 5, “Waste Generated in Operations”: not calculated as the Group does not generate significant waste in its business activities;
―Category 7, “Employee Commuting”: estimated through a questionnaire addressed to employees in Milan regarding mobility, confirming that emissions were not material compared to total Scope 3 emissions;
―Category 8, “Upstream Leased Assets”: having opted for an approach focused on financial control for reporting period 2024-2025, as required by ESRS, the Group provided no report on this category; emissions were calculated and classified within Scope 2;
Sustainability Reporting 225
―Category 9, “Downstream Transportation and Distribution”: not calculated as not significant compared to total emissions generated and reported under Scope 3;
―Category 10, “Processing of Sold Products”: not applicable as the Group provides financial, insurance, and investment services, mapped in Category 1 – Services;
―Category 11, “Use of Sold Products”: not applicable as the Group provides financial, insurance, and investment services, mapped in Category 1 – Services;
―Category 12, “End-of-Life Treatment of Sold Products”: not applicable to the Group, as its primary business consists of providing financial, insurance, and investment services mapped in Category 1 – Services;
―Category 13, “Downstream Leased Assets”: having opted for an approach focused on financial control for reporting period 2024-2025, as required by ESRS, the Group provided no report on this category; emissions were calculated and classified within Scope 2;
―Category 14, “Franchises”: not applicable to the Group, as it does not engage in franchising activities.
Scope 3 categories reported and their calculation methodologies are shown below:
―Category 1 “Purchased Goods and Services”: emissions were quantified using the “Spend-Based Method,” in line with the GHG Protocol. The input data were expenditures in euros for goods and services purchased by the Group, as reported in the Consolidated Financial Statements as at 30 June 2025. Some expense items were excluded to avoid a double-counting risk with emissions previously reported under Scopes 1, 2, and 3 (e.g., “Travel Expenses” or “Real Estate Expenses”), or because they could not be classified as purchases of goods and services (e.g., “Other Expenses” or “Indirect Taxes and Duties”). Emission factors, shown in tCO2e/currency unit, were associated with the various expense categories (emission factor source: Environmental Extended Input Output - EEIO);
―Category 6 “Business Travelling”: This category includes emissions resulting from employee transportation for company activities in vehicles owned or operated by third parties, such as aeroplanes, trains, buses, and cars. Emissions resulting from transportation in vehicles owned or controlled by the company were accounted for under Scope 1 (for fuel consumption) or Scope 2 (for electricity consumption). Emissions were quantified using the “Distance-Based Method” in line with the GHG Protocol, estimating kilometres travelled and type of vehicle used. The emission factors were taken from the HBEFA, Copert, and TREMOD databases for car travel; for air
226 Consolidated Financial Statements as at 30 June 2025
and train travel, individual route emissions, made available by travel agencies, were used. If these were not available, the emission factors from ABI guidelines, prepared by the International Civil Aviation Organization (ICAO) and by the Union Internationale des Chemins de Fer (UIC) through Ecopassenger, were used.
―Category 15, “Investments”: financed emissions reported by the Group reflect a wide, representative coverage of financial instruments in the banking portfolio: equity debt securities (government bonds and securities issued by financial and non-financial corporate counterparties), as well as (corporate and retail) customer loans.
Table 9: Scope 3 GHG emissions, category 15, by asset class

Category 15 (Scope 3) – Financed emissions per Asset class60 | 2024/2025
tCO 2eq
Debt instruments | 2,350,371
Equity instruments | 223,246
Loans and advances | 15,048,369
Investments in subsidiaries, joint ventures and associates | 16,025
Total emissions | 17,638,011

Mediobanca based its calculation of financed emissions (Scope 1, 2, and 3) on information from its counterparties, including with the support of third-party providers. Information on greenhouse gas emissions was collected in accordance with the Global GHG Accounting and Reporting Standard, prepared by the Partnership for Carbon Accounting Financials (PCAF), using the following methodologies:
―emissions from primary data: data disclosed by companies in publicly available documents (Non-Financial Reports under CSRD, or prior Non-Financial Statements, Sustainability Reports), retrieved directly from the Group or through data providers;
―emissions based on physical activities: estimate based on the counterparty’s production data multiplied by specific emission factors, mainly estimated and supplied by data providers using proprietary methodologies;
―estimated emissions from economic activities: data estimated using methodologies aligned with best market practices through sector-specific proxies calculated according to the emissions intensity of the business sector, country/geographical area, and counterparty size.
60Includes all types of counterparties: banks and financial companies, non-financial companies, households, and central governments.
Sustainability Reporting 227
For each category of loans and investments included in Scope 3 Category 15, the table below shows the percentage covered by primary data reported with respect to financial items (in terms of gross carrying amount):
For financed emissions relating to loans to corporate counterparties, the emission factor was directly obtained from the counterparties and from information providers; the data quality level corresponded to PCAF scores 1 and 2. As part of a refinement process, business sector averages arising from declared data were used when homogeneous and statistically significant samples were available. If neither reported data nor estimates were available, the Group used economic emissions intensity factors. The value of financed emissions in this category is equal to 14.7 million tons of CO2. The actual coverage of primary data was 85%, while the remaining 15% was based on estimated data.
For financed emissions relating to exposures secured by real estate collateral, the calculation was performed following the PCAF guidelines, estimating consumption based on emission factors (calculated according to the property’s area in square metres, the existence of an energy performance certificate, and its intended use) and assigning, as an attribution factor, the gross book value compared to the value of the property as per the appraisal. If no energy performance certificate was available, consumption estimates were based on an average portfolio factor meeting the same characteristics as the property (e.g., geographic area and type). The value of financed emissions in this category stood at 300,000 tons of CO2. The actual coverage of primary data was 92%, while the remaining 8% was based on estimated data.
For loans for vehicle purchases, emissions were calculated according to the total value of the vehicle, estimated distance travelled, and specific emission factor for each engine type (hybrid, electric, etc.).
The value of financed emissions in this category stood at 476,000 tons of CO2. The actual coverage of primary data was 73%, while the remaining 27% was based on estimated data.
Emissions linked to the securities portfolio, in line with the PCAF, included banking book financial instruments (listed and unlisted equities and bonds, and government bonds) with total emissions value of tCO2 223,246, and equity investments (equity investments in associated companies and joint ventures with a total emissions value of tCO2 16,025, mainly related to the investment in Assicurazioni Generali. With regard to financial instruments relating to the banking book, the calculation was carried out on the basis of the counterparties’ (or countries’) emissions - reported or estimated - also through data providers and the attribution factor calculated via the ratio between the gross accounting exposure (Gross Carrying Amount) and the company value obtained from accounting data (Enterprise Value Including Cash or, if not available, Total Assets).
228 Consolidated Financial Statements as at 30 June 2025
The following financial instruments were excluded from the calculation of Scope 3 emissions:
―cash exposures and cash equivalents;
―financial assets held for trading:
―investments underlying investment funds (so-called look-through);
―off-balance sheet exposures (AUM and financial guarantees);
―derivative financial instruments.

Table 10: Emissions intensity rate | 2024/2025
Net revenues (in Euro million) | 5,895
Total location-based GHG emissions intensity (total GHG emissions with respect to net revenues) - tCO2 / revenues in Euro million | 3,009
Total market-based GHG emissions intensity (total GHG emissions with respect to net revenues) - tCO2 / revenues in Euro million | 3,008

Sustainability Reporting 229
Table 11: Reconciliation of total net revenues used to calculate GHG intensity (in Euro million)

| 2024/2025
Net revenues for the calculation of GHG intensity | 5,895
Net revenues (other) | —
Total net revenues | 5,895

For the definition of revenues, please refer to “section E1-5: Energy consumption and mix”
230 Consolidated Financial Statements as at 30 June 2025
E1-7 GHG removals and GHG mitigation projects financed through carbon credits
As stated in section E1-4, the Group is committed to reducing emissions and consumption. It purchases market-based carbon credits to offset residual Scope 1 and Scope 2 emissions. At the beginning of 2025, the Mediobanca Group had offset its remaining CO2 emissions for financial year 2023-24, amounting to 2,602 metric tons of Co₂eq. This offsetting was carried out in collaboration with Rete Clima, a technical organization that supports companies on their sustainability and decarbonization journeys. The initiative involved the purchase of carbon credits certified according to the Verified Carbon Standard (VCS), the most widely used greenhouse gas emissions certification programme in the world. The carbon credits purchased by Mediobanca in 2025 were linked to the “Larimar Wind Farm” energy project. Through the purchase of credits, Mediobanca participated in financing two wind farms in the Dominican Republic Enriquillo region, thus contributing to the reduction of greenhouse gas emissions in an electricity grid heavily dependent on fossil fuel power plants.
The Group intends to continue its market-based Scope 1 and 2 emissions offsetting activities. Therefore, it has planned to purchase carbon credits to neutralize 5,608 tCO2 emitted during financial year 2024-2025. The supply has not yet been formalized under contract. It should be noted that the increase in emissions to be offset was primarily due to the change (required by the ESRS) in the standard for classifying greenhouse gas emissions (now financially controlled). Therefore, during financial year 2024-2025, emissions from properties repossessed under lease agreements, from rented properties, and gas consumption of non-registered users (e.g., condominium consumption in third-party properties, where a Group branch is located under a lease agreement) were also included in Scope 1 and 2.
E1-8 - Internal carbon pricing
As at the reporting date, the Mediobanca Group did not apply internal carbon pricing systems.
E1-9 - Anticipated financial effects from material physical and transition risks and potential climate-related opportunities
Mediobanca used transitional rules for the expected financial effects.
Sustainability Reporting 231
S1 - Own Workforce
Strategy
S1-1 Policies related to own workforce
The Mediobanca Group is aware of the fact that change, essential to addressing market challenges, must necessarily involve empowering people, developing their skills, and implementing an effective talent retention programme. People are the Group’s key assets and an essential prerequisite for its competitiveness. For this reason, protecting their health and safety, whether physical or mental, is a priority.
The Group’s relationship of trust with employees, which is the foundation of the employment relationship, is governed by a system of corporate policies and procedures, formalized and approved by the relevant corporate bodies or internal offices. To address these issues, the Group has adopted a Human Resources Management Policy, a Diversity, Equity, and Inclusion Code, and a Sustainability Policy, in addition to the relevant ethical principles and standards.
The Group’s Human Resources Management Policy addresses several key areas, including:
―Merit-based personnel selection, with a focus on gender pay equity;
―Management and inclusion aimed at ensuring equal opportunities for everyone, appreciating the value of diversity of gender, age, ability, and culture, and promoting a positive and flexible work environment;
―Professional assessment and development through training, experience, mobility, merit-based promotions, and succession planning;
―Remuneration and incentive policies to attract and retain qualified talent;
―Continuing training as a key driver for personal growth;
―Protection of health, safety, and well-being as a corporate priority.
The Group’s Diversity, Equity and Inclusion Code, which encompasses the principles contained in other Group documents (Code of Ethics, Code of Conduct, Disciplinary Code, Human Resources Management Policy, Group Remuneration and Incentive Policy), expressly defines the tasks and responsibilities, general principles and scope, HR processes adopted, as well as measures to prevent and censure inappropriate behaviour, especially towards the most vulnerable individuals. The Code also includes a specific
232 Consolidated Financial Statements as at 30 June 2025
commitment to the workforce who are at greatest risk of vulnerability, in particular by appreciating the value of skill differences.
The Code specifically defines grounds for discrimination, including age, gender, sexual orientation, marital status, religion, language, racial, ethnic, geographic, or national origin, physical or mental disability, pregnancy, maternity, and paternity, political opinion, personal beliefs, trade union membership, as well as any other form of discrimination covered by EU and national legislation.
The principles and provisions of the Code apply, and are disseminated, to all Group employees, apprentices, interns, staff employed through temporary employment agencies, financial advisors, members of administrative, supervisory, and control bodies, as well as other partners, such as visitors, customers, and suppliers. In this way, the Code reflects the Group’s commitment to preventing all forms of discrimination by pursuing inclusive behaviour.
Respect for human rights is a fundamental requirement for the Mediobanca Group. For this reason, the Group protects and promotes respect for these rights when carrying out its activities, particularly when managing relationships with customers, suppliers, and business partners, as well as in its relations with its employees. The Group is guided by the principles established in the “UN Guiding Principles on Business and Human Rights,” “The OECD Guidelines for Multinational Enterprises,” the “International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work,” and the Rio Declaration. These principles are contained in the Group Sustainability Policy which is divided into five priority areas:
―Anti-corruption standards;
―Protection of human rights;
―Inclusion and financial soundness;
―Diversity, equity and inclusion;
―Environment and climate change.
By adopting this Policy, and especially with reference to the topic of human rights, the Group is committed to preventing every type of discrimination, from the selection process to the setting of remuneration, from opportunities for professional development to the conclusion of the working relationship and to safeguarding the right and freedom of association, collective bargaining, strikes and assembly, communication and trade union advocacy. Moreover, the Bank ensures that no preferential treatment or penalization takes place based on a worker’s trade union affiliation.
Sustainability Reporting 233
As further confirmation of the Group’s attention to industrial relations, the trade unions are involved in round tables to discuss relevant issues, such as: health and safety in the workplace, training, corporate restructuring, mergers, acquisitions and/or collective redundancies.
To prevent and penalize inappropriate behaviour and encourage employees to report it, a specific internal policy has been adopted, published on the Mediobanca website and disseminated to all staff. Dedicated training on this policy has been provided to all employees.
With reference to relations with customers and suppliers, the Group avoids engaging in relations with parties implicated in unlawful activities which could be linked to potential breaches or abuses in order to minimize any impacts and risks related to the protection of internationally recognized human rights.
Lastly, under this Policy, the Group emphasizes its rejection of forced, child labour, and any kind of harassment, whether physical, verbal, sexual or psychological, abuse, threatening or intimidatory behaviour in the workplace, guaranteeing respectful and favourable working conditions in the countries in which it operates.
Human rights protection actions have also been strengthened in the Group’s ESG Policy, which prohibits accepting business proposals involving individuals convicted of serious crimes, including human rights violations. Furthermore, the mandatory “Sustainability and Human Rights” training course raises awareness among all employees regarding the risk of human rights violations, including the Group’s indirect impacts through customer and supplier relationships, as well as regarding the Group’s existing policies.
234 Consolidated Financial Statements as at 30 June 2025
S1-2 - Processes for engaging with own workers and workers’ representatives about impacts
The expectations of the Group’s workforce are surveyed directly throughout the year for multiple purposes without the involvement of representatives.
First, they are considered in the Double Materiality assessment process, via an online questionnaire administered to a sample of Group employees to gauge their perspectives on the Group’s most significant impacts, risks, and opportunities. This activity, coordinated by the Group Sustainability unit, is conducted at least once a year.
The D&I Employee Engagement & Internal Communication unit schedules biennial climate analyses for all Group employees. In financial year 2023-2024, the Group conducted two climate analyses: the first one was focused on Diversity, Equity & Inclusion issues and the second one on employee well-being and satisfaction.
With regard to the latter, the level of staff engagement, measured by the response rate to the online questionnaire, was 75%, in line with previous surveys, demonstrating the effective involvement of the company population. Employee participation in company initiatives is consistently positive, as testified by corporate volunteering and other engagement initiatives, including sports-related initiatives.
The next climate analysis has been scheduled for FY 2025-26.
The Mediobanca Group has promoted the creation of several Employee Resource Groups (ERGs) to increase their sense of belonging and facilitate connections between people from different units and with different cultural backgrounds.
S1-3 - Processes to remediate negative impacts and channels for own workers to raise concerns
During financial year 2024-2025, an internal communications campaign was launched for all Group employees to raise their awareness of violence and harassment in the workplace and how to recognize and resist it.
The Group has established internal whistleblowing channels available to Group employees (including temporary workers, interns, consultants, and other collaborators), suppliers, shareholders, and members of corporate bodies.
These channels are also accessible to those who do not yet fall into one of the above categories if the violation has occurred during the selection process, and to those who no
Sustainability Reporting 235
longer entertain relationships with the Bank if the violation occurred while the relationship was still in place.
The Mediobanca website includes a section containing instructions on how to file reports internally (which can be done in person or anonymously) or to the authorities, ensuring confidentiality and protection from retaliation for the whistleblower and other parties involved, as required by applicable legislation and as explained in the Group Whisteblowing Policy (for which please refer to section G1-1).
The reporting process also addresses potential adverse impacts related to any type of physical, verbal, sexual, or psychological harassment, abuse, threats, or intimidation in the workplace. To enable inappropriate conduct to be prevented, reported and sanctioned accordingly, specific internal regulations have been drawn up and published on Mediobanca’s official website; the directive has also been distributed to all staff, who have received specific training on the issues contained therein. Since late 2023, an annual monitoring system for internal (verbal, moral, physical, and sexual) violence risk indicators has been in place for all of the Group’s Italian companies. This system is managed by the Safety & Physical Security unit and monitors the existence and progression of harassing behaviour in the workplace.
236 Consolidated Financial Statements as at 30 June 2025
Actions
S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions.
To implement the policies described and achieve the targets set, the Group has planned and implemented specific actions and initiatives aimed at all employee categories, in accordance with material impacts and opportunities. The following is a description of such actions, results achieved, and financial resources already deployed or planned.
Initiatives in the DE&I area
In recent years, the Group has developed a structured governance process to define and implement its diversity, equity, and inclusion (DE&I) strategy. Specifically, the position of Group Diversity and Inclusion Manager was established within Group HR, a Diversity, Equity & Inclusion Committee, comprising senior management figures, was appointed and approximately 1,000 inclusion ambassadors were chosen to spread the values of a fair and inclusive culture.
DE&I initiatives have become part of the Group’s ESG strategy and are integrated into the entire employee life cycle (hiring, development, departure) both in Italy and abroad.
In this context, the cultural change process, launched in early 2022 and called toDEI, continues with multiple internal and external training and awareness-raising initiatives.
A mandatory training programme was launched in the areas of Diversity, Equity & Inclusion and ESG wealth management, which generated a network of inclusion agents tasked with promoting a working style based on recognition, respect, inclusion, and appreciation of diversity. An internal handbook was drafted to disseminate the core principles of inclusive behaviour.
Various training activities, held in person and remotely, have been conducted, involving the entire Group workforce. These programmes focused on recognizing and managing bias, preventing and combating various forms of gender-based violence, and developing inclusive leadership. The initiatives served the purpose of improving internal decision-making processes, mitigating unconscious bias, and creating a more respectful and inclusive work environment. Training activities were supported by an internal and external communications plan, which led the Group to play an active role in its community, participating in round tables, workshops, and initiatives with a high social impact.
Sustainability Reporting 237
The Group reaffirmed its support for diversity and inclusion, confirming its membership in Parks – Liberi e Uguali, a non-profit association that supports companies in promoting an inclusive work environment, with a focus on the LGBTQ+ community, for financial year 2024-2025. Furthermore, the Group’s founding membership in PARI, a business association that aims to promote culture and combat gender-based violence, was formalized.
As part of the toDEI initiatives to support female leadership, for the third consecutive year, the Mediobanca Group supported the WomenX Impact Summit project, encouraging female colleagues to sign up for this international event on female leadership, empowerment, and the future of work.
In connection with employer branding, meetings with young female talent continued through the Ladies in Banking Breakfast initiative, with the aim of connecting university students or young professionals with corporate role models to share experiences and growth prospects in the financial industry.
To promote intragenerational engagement, the mentoring project pairing senior resources (mentors), selected according to their professional experience, with talented people (mentees) continued. The pairs participated in group workshops, buddy coaching sessions, and one-on-one meetings moderated by a consultant.
The W.O.R.D.S. (Win Over Radicated Diversified Stereotypes) project on inclusive language continued throughout the financial year. The third phase of the project was based on the findings of the first two phases (qualitative and quantitative analysis) and led to the creation of the book “W.O.R.D.S.,” edited by Alexa Pantanella and published by the Mediobanca Group. The dissemination of inclusion initiatives was supported by an ongoing internal communications campaign, using new channels to foster communication with employees, especially Gen Z and millennials. The campaign was implemented using the following methods: monthly newsletters, podcasts, toDEI weeks (on initiatives to raise employee awareness of inclusion issues), and communities on the Group’s intranet platform (including one on diversity & inclusion and one on women at the Mediobanca Group).
One of the main results achieved was the inclusion in the Gender Equality certification, compliant with the UNI/PdR 125:2022 standards, of Compass and Mediobanca Premier, following the award to Mediobanca S.p.A. last year.
As part of the toDEI project, quantitative targets have been defined and integrated into the strategic plan “One Brand – One Culture” (section S1-5), with a significant short-term improvement in the “Women Managers” target, which underwent an increase of 3 percentage points over a period of two years.
238 Consolidated Financial Statements as at 30 June 2025
The toDEI process will also continue over the next three years with the same training and awareness-raising activities as those launched in recent years, aimed at creating a working environment conducive to the development of female leadership. In this regard, the plan’s targets have been revised, with the goal of reaching 33% women in managerial positions by the end of June 2028.
Outside Italy, CMB Monaco promoted women’s empowerment by participating in the Femmes à Monaco event and Digital Women’s Day.
During the financial year, the Group invested approximately €0.2m in implementing initiatives related to the toDEI project. This amounts is attributable to the item “Other administrative expenses” in the Group’s Profit and Loss Account.
Work-life balance
The Mediobanca Group recognizes the importance of an adequate work-life balance for the well-being and productivity of its employees. To pursue this goal, the Group offers systems and tools that support work-life balance, encouraging greater flexibility and improving access to family benefits. The following initiatives, accessible to all Group employees, were confirmed for financial year 2024-2025:
―Part time option: available depending on the tasks performed, with priority being given to workers with difficult family or personal situations. Working part-time in no way constitutes grounds for discrimination in working relationships and/or professional development;
―Time bank: annual time bank consisting of a number of hours’ paid absence in addition to ordinary leave and permits, to be used by staff in serious personal and/or family circumstances. This is funded by the company and its employees, who may voluntarily donate their hours;
―Flexi-time: available for most staff who work regular working hours, to limit overtime work, which is otherwise governed by the provisions of their contracts and employment legislation;
―Parental leave policies: ten days of paid paternity leave guaranteed, in addition to those required by local law. The company welfare system offers a variety of benefits, such as vouchers and expense refunds for prevention, counselling and seminars on parent/ child relationships, and how to manage parenthood. In addition to the provisions of applicable legislation and of the National Collective Bargaining Agreement, further leave is available for childcare, nursery and/or preschool placement, specific learning
Sustainability Reporting 239
disabilities (SLD), granting equal rights to cohabiting partners, and adoption and foster care;
―Volunteering: additional hours for volunteer work involving Mediobanca Premier and Compass employees;
―Breastfeeding: specific leave available at Mediobanca Premier for mothers who may benefit from a two-hour breastfeeding leave;
―Telecommuting: agreement formalized at Compass and MB Credit Solutions to allow employees experiencing family or personal hardship to predominantly work remotely.
The multi-year programme Un Fiocco in Azienda has been confirmed in order to assist parents in facing the birth of a child without anxiety and facilitate returning to the company, by providing a series of dedicated services:
―Training/educational webinars: to manage the changes that come with motherhood and fatherhood without anxiety, improve communications with one’s partner, and recognize the signs of any psychological difficulties;
―Nutrimamma (prenatal nutrition programme): to encourage healthy eating and reduce the rate of complications in pregnancy due to excessive weight gain and/or poor diet;
―Paediatrics card: service enabling users to locate a paediatrician promptly in emergency situations throughout the child’s first year of life.
To complement the range of its parenting support actions, the Group has launched a programme open to both parents, offering training and information on healthy nutrition, childcare, and time management. The virtual programme is accessible from the company intranet, where a corporate community sharing ideas and advice is also active. A psychological counselling service is also available for new mothers and fathers.
Following the award of the #RiParto tender, an initiative promoted by the Department for Family Policies of the Presidency of the (Italian Government) Council of Ministers, the MoM (Mothers of Mediobanca Group) programme was launched during the financial year. The goal is to facilitate the return of mothers from maternity leave through various services, including personalized coaching, training content, childcare services, and vouchers for online psychological sessions.
Demonstrating its commitment to employee well-being, the Group partnered with Unobravo, offering three free sessions with professionals to explore personal growth opportunities. Additionally, the third webinar of the Onda Foundation’s HFC 2024 training programme, titled “Mental Health and Technologies”, was published online. “Have a Safe
240 Consolidated Financial Statements as at 30 June 2025
Day”, a series of meetings to raise employee awareness on issues related to prevention, physical and mental health, and daily safety, was also launched.
The goal of these initiatives is to improve employee work-life balance and well-being.
The Employee Engagement & Internal Communication D&I unit collects and analyses data concerning the implementation of initiatives and monitors the effectiveness of the actions undertaken.
A comparison between the 2024 corporate climate analyses and the previous one shows a significant improvement in the index measuring gender equality as perceived within the company, which rose from 6.9 to 7.2. Based on the benchmark, Mediobanca shows a satisfaction index higher than the banking industry average (83% vs. 76%).
During financial year 2024-2025, as part of the “Winning Equality” project, Mediobanca received the “Ethics and Inclusion” award from the Lombardy Regional Council for Equal Opportunities, which testifies to the Group’s best practices in equal opportunities, flexibility, and work-life balance.
Moreover, Mediobanca received the Gender Equality Award from IKN and the Women Winning Institute. Another prize was awarded to Mediobanca by the Onda ETS Foundation, which recognized it as a Health-Friendly Company for its commitment to employee health.
Sustainability Reporting 241
Staff training and development
The Mediobanca Group promotes the growth and development of its workforce through a structured and effective optional and mandatory training system, including specialized managerial and technical content, considering it an important opportunity to strengthen employee skills.
During the financial year, mandatory courses on various topics were provided to all Group employees, including: Organizational Policy under Legislative Decree No. 231/01, anti-corruption, anti-money laundering, data protection, market abuse, cyber-security, business continuity, MiFID II, IVASS, PSD2, code of conduct, cash management, personal health and safety, ESG and DAC6. Private bankers are required to attend a mandatory IVASS training session of 60 hours and an annual refresher course of 30 hours. The issues covered included the following areas: legal, contractual, technical, insurance and reinsurance, and management administration.
As stated in the strategic plan, “One Brand – One Culture”, a new training unit called Mediobanca Academy was established with the aim of streamlining and centralizing the Group’s training and knowledge management. The Academy offers courses, conferences, and events to enhance the technical and managerial skills of its human capital.
The Academy, which is addressed to Group employees and also involves key partners, aims to be a centre of excellence for financial education, culture, and managerial ethics, disseminating Mediobanca’s values and promoting sustainable and inclusive economic and social development.
Mediobanca Academy is divided into three schools:
―School of Innovation & Technology: this school defines skills and expertise, promoting innovation and the acquisition of new knowledge through technology;
―School of Business & Markets: this school aims to foster excellent financial skills and disseminate ethics and integrity in customer care, combining theory and practice;
―School of People & Culture: this school guides people’s growth paths by promoting inclusion and managerial ethics, core values of the Mediobanca Group, and by creating a work environment that celebrates the value of each individual and the strength of teamwork.
Throughout the financial year, courses were offered to improve the quality of work by analysing the most relevant soft skills. The initiatives, addressing the entire Group, included: raising awareness of diversity and inclusion issues; developing public speaking, written and oral communication, negotiation, and conflict management skills; time
242 Consolidated Financial Statements as at 30 June 2025
management and emotional intelligence; team building activities; and individual and team coaching and mentoring.
Numerous initiatives were also implemented to raise awareness of ESG issues. The entire corporate population of Mediobanca and the main Group Legal Entities took part in a training course on aspects of Sustainability and ESG issues to provide an overview of the regulatory scenario and market trends in terms of sustainable products, and provide a description of the Group’s positioning and ESG activities.
The cost of ESG training is included in the broader annual training budget, which amounted to over €4.7 million, with an investment of €845 per employee. This amount is attributable to the item “Other administrative expenses” in the Consolidated Profit and Loss Account.
Each training initiative is monitored to assess satisfaction and effectiveness, ensuring alignment with established training targets and achievement of quality standards.
The Group values individual skills, aptitudes, and abilities, offering opportunities for professional growth. The “Performance Evaluation” system assigns clear and measurable targets, with interim and final feedback, to ensure transparency and professional development.
Performance Evaluation is a system that meets the need for objectivity in terms of assessing individual performances and defining responsibilities. At the start of each financial year the respective line managers assign and discuss their team members’ targets with them (professional, operational, personal development and corporate) based on their professional profile, position within the organization and the strategic objectives of the unit to which they belong. Individual targets are weighted according to the priorities assigned to each resource and are clearly established, measurable where possible, achievable but challenging and time-bound. Intermediate feedback, although not mandatory, is provided to share the degree of achievement of the targets. At the end of the financial year, the line managers make their assessment of the individual staff members as part of an objective discussion of individual performances, ensuring that the organization and each employee reach their targets while respecting the Group’s corporate values, and that transparency is assured in the area of training opportunities, professional development and evaluation criteria.
Each employee’s Performance Evaluation form contains two mandatory targets relating to holding socially responsible behaviour and adopting organizational approaches based on understanding, respecting, and appreciating diversity, with particular attention to gender.
Sustainability Reporting 243
In addition to Performance Evaluation, all staff can benefit from the use of another instrument known as Continuous Feedback, which provides immediate constructive feedback on specific activities or projects carried out in cooperation with other Group colleagues.
The Group monitors the effectiveness of the evaluation process through internal analyses conducted by the HR Business Partner unit.
For the purpose of attracting new young talent, the Mediobanca Group has ongoing co-operations with the best universities in Italy and other countries, participating in on-campus selection and employer branding activities. During the course of financial year 2024/25, the Bank participated again in a Career Day to facilitate the recruitment of people with disabilities and candidates from protected categories. Furthermore, a talent programme and a graduate programme aimed at young talent were launched to bridge educational gaps and foster professional growth.
During the financial year, all recurring employer branding activities dedicated to female talent were continued and new ones were launched, including: partnerships with the Woman & Tech Association; Women in STEM (Science, Technology, Engineering, and Mathematics), a series of interviews with Group employees with degrees in STEM disciplines; and the Woman Empowerment Programme (WEP), a women’s mentoring programme with successful young professionals from other industries.
All the partnerships with other universities and associations that support female talent were renewed, both in Italy and abroad, to further expand the selection base of candidates. Specifically, in financial year 2024-25, new collaborations were launched with: King’s College, SKEMA Business School, University of Bath, the Association of Mathematical Engineers of PoliMi (Polytechnic University of Milan), and the JE CATT Association of the Catholic University.
In addition to the annual event Ladies in Banking Breakfasts, which offers helpful advice to young women interested in a career in investment banking, a similar initiative focusing on IT career paths was introduced during the financial year: Ladies in Tech Breakfasts.
Mediobanca also completely revised its selection process and internship pathway for junior staff members in Corporate & Investment Banking, allowing candidates from all university faculties to apply and offering more varied apprenticeships in terms of training contents and networking events.
244 Consolidated Financial Statements as at 30 June 2025
To make the selection process more impartial, the wording of job postings was revised and the assessment of potential candidates interested in investment banking and private banking was entrusted to external consulting firms.
The Group offers students the possibility of completing internships to complete their academic training, giving them an opportunity to use this experience to draft their university thesis. Mediobanca expanded its actions on the main social networks, with particular attention being paid to LinkedIn, where a specific section was created to attract young talent.
Agreements were renewed with the Sant’Anna University of Pisa, the Polytechnic University of Milan, and the Polytechnic University of Turin to support deserving students from economically disadvantaged backgrounds, facilitating their entry in the world of work through career guidance and internship opportunities. One of these initiatives, Girls@POLIMI, aims to reduce the gender gap in STEM fields and provides scholarships to female students enrolling in courses with a low female presence at the Polytechnic University of Milan.
Moreover, some of the scholarships agreed with the Sant’Anna University of Pisa are exclusively reserved for talented female students, with a sponsorship titled “Mediobanca for Women’s Talent”.
To help improve the level of engagement and sense of belonging among employees, the digital sports challenge TeamUp4Good was run again, with once more all the Mediobanca Group Legal Entities involved, both in Italy and elsewhere, in an interregional sports championship. Colleagues from various Italian and international cities competed in four sports: seven-a-side football, padel, tennis, and beach volleyball. The number of hours in which employees carried out physical activities generated credits that were converted into a donation, matched by Mediobanca, to the non-profit organization Sport Senza Frontiere, the programme’s technical partner.
Furthermore, female departures are monitored, assessing their reasons, the internal climate, and the balance of the company’s workforce. Finally, the analysis of compensation packages compared to the market ensures the retention of resources, especially talented individuals.
Since the dual materiality analysis did not reveal any negative impacts, this aspect may be confirmed as managed effectively, which testifies to the fact that the processes currently in place ensure that this aspect is not material.
Reference to procurement, sales, and data usage practices was deemed irrelevant to the Group’s business operations.
Sustainability Reporting 245
Targets
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
The Group has set specific targets for its employees, with the aim of pursuing an inclusive and sustainable corporate culture. Such targets, developed as part of the toDEI initiative, were defined by engaging some employees in specific working groups. The best strategies and opportunities to improve employee well-being and increase diversity and equity within the organization were evaluated during such meetings, in line with the principles set forth in the Diversity, Equity, and Inclusion Code.
The goal of reducing the gender gap is part of the strategic plan “One Brand - One Culture” and applies to all Group Legal Entities. Specifically, the goal is to reach 33% women in managerial positions by 2028. In June 2025, this figure stood at 31%.
The targets were defined in percentage terms with the aim of aligning with internationally recognized metrics, measuring the Group’s positive trends and monitoring progress clearly and measurably.
The benchmark values concern the ratio of number of women to men in the Group, a variable constantly monitored via company applications.
In addition to the annual report included in the strategic plan, the targets are constantly monitored internally by the Diversity, Equity & Inclusion Management Committee.
Objective monitoring includes the involvement of employee representatives through scheduled meetings. This allows the Group to verify whether the agreements reached have been respected and to receive useful guidance and suggestions for achieving the specified targets.
The targets, developed in line with international best practices, are regularly reviewed to ensure alignment with employee needs, thus strengthening the role of sustainability as a strategic lever for corporate success.
Metrics
S1-6 – Characteristics of the undertaking’s employees
As at 30 June 2025, the Group employed 5,533 people, a steadily growing figure compared to prior years, with the female share remaining steadily at 42% of the total.
Table 12: Number of employees by gender
246 Consolidated Financial Statements as at 30 June 2025

Gender | Number of employees 2024/2025
Men | 3,226
Women | 2,307
Other | —
Not disclosed | —
Total employees | 5,533

Italy is the country with the largest workforce, i.e. 4,793 employees, confirming its strong local roots: it is the only country where the Group has more than 50 employees, representing at least 10% of the total.
Of the contracts in force, 97% are permanent, 41% of which are for women; women represent 40% of the Group’s full-time employees and 95% of the staff employed part-time. The following shows a breakdown of the Group’s workforce by gender and contract type.
Para. 50 (b)
Sustainability Reporting 247
Table 13: Number of employees by contract type, broken down by gender

| 2024/2025
| number
Total employees | 5,533
Men | 3,226
Women | 2,307
Other | —
Not disclosed | —
Permanent contracts (total) | 5,393
Men | 3,155
Women | 2,238
Other | —
Not disclosed | —
Fixed—term contracts (total) | 140
Men | 71
Women | 69
Other | —
Not disclosed | —
Variable—time contracts (total) | —
Men | —
Women | —
Other | —
Not disclosed | —
Full—time contracts (total) | 5,333
Men | 3,216
Women | 2,117
Other | —
Not disclosed | —
Part—time contracts (total) | 200
Men | 10
Women | 190
Other | —
Not disclosed | —

Metrics are reported in number of people and concern the headcount of employees across the entire Group, including foreign companies, as at 30 June 2025. Apprentices (if any) are included in the category of permanent contracts. The average number of employees in the Group is 5,517. For a breakdown by employee category, please refer to the table included in Section 12.2 Administrative Expenses of the Consolidated Financial Statements.
A total of 272 people left the Group’s employment during the financial year, in line with the previous reporting period. Total outgoing turnover rate was 4.9%. The voluntary turnover rate was 4.6%. Other departures included: terminations by mutual consent, expiries of temporary contracts, and early retirements. The employee turnover rate for the reporting period was calculated by dividing the number of employees who left the Group at 30 June 2025 in the reference year by the total number of employees, including foreign companies. Employees who left the Group by voluntary resignation (retirement, termination by mutual consent), dismissal, or death were included in the number of terminated employees, while expiries of fixed-term contracts were excluded. It should be noted that the Group’s workforce continued to grow, with an increase of approximately 2% compared to the previous year, while all other human resources figures remained substantially unchanged.
248 Consolidated Financial Statements as at 30 June 2025
S1-7 - Characteristics of non-employee workers in the undertaking’s own workforce
As at 30/6/2025, a total of 1,231 people were engaged to work on behalf of the Bank under a variety of contractual arrangements (internships, self-employed work, other collaborations, etc.), in accordance with the legal and regulatory provisions in force in this area and in relation to the business requirements. Among these, 810 financial advisors from the Mediobanca Premier network and the Compass and Compass Link agents should be noted.
Table 14: Number of non-employees by type

Total non-employees | 30 June 2025
number
Total non-employees | 1,231
Interns | 297
Self-Employed Workers (Financial Advisors and agents) | 810
Temporary Workers | 40
Other (temporary workers) | 84

The information provided was reported using the headcount method at the end of the reporting period.
Sustainability Reporting 249
S1-8 - Collective bargaining coverage and social dialogue
The industry’s National Collective Bargaining Agreement covers 100% of employees in Italy and defines the minimum period of consultation with trade unions for the implementation of significant organizational changes. Collective bargaining agreements are also active in all other countries where the Group operates, with the exception of the UK and the US. Where national collective bargaining agreements are not in place, the employment contract complies with best market practices.
With reference to the entire Group, collective bargaining covers 94% of thecompany workforce. In particular, there is one type of collective bargaining agreement for each country in which the Group operates, while there are 3 collective bargaining agreements for Italy. This percentage was calculated by dividing the number of employees covered by collective bargaining agreements by the total number of employees of all Group Legal Entities included in the sustainability scope at the reporting date.
Furthermore, pursuant to the law, 100% of employeesin Italy are covered by union representatives, who enjoy special protection within the Group, including against unfair dismissal to avoid retaliation for their union activities.
Furthermore, second-level agreements have been signed at Group Legal Entities with union representatives, supplementing the national collective bargaining agreement and existing company regulations, as explained in the section on social protection.
There are no agreements in place with employee representatives of the European Works Council (EWC), the European Company (EC) Works Council, or the European Cooperative Society (ECS) Works Council. There are agreements in place with national employee representatives of all employees of Group Legal Entities with offices in Italy that apply the National Collective Bargaining Agreement for the Credit Industry.
250 Consolidated Financial Statements as at 30 June 2025
S1-9 – Diversity metrics
The table below shows the gender distribution at the top management level. According to internal regulations, the Mediobanca Group’s top management includes the Chief Executive Officer and the General Manager, who are also members of the Board of Directors.
Top management also includes Key Function Holders, i.e. individuals who are not members of the Board but have significant influence on the management of the Bank and/or the Group, as listed below.
Table 15: Number and percentage of top managers by gender

Gender | no. | %
Men | 16 | 80.–%
Women | 4 | 20.–%
Total | 20 | 100.–%

A gender gap among Key Function Holders can be attributed to the limited number of positions available and their long-established nature, with a low turnover rate. However, the Group is strongly committed to promoting gender diversity, actively seeking qualified female candidates on the market whenever opportunities for change arise.
The following table shows the distribution of employees by age group (under 30; between 30 and 50; over 50) and by employee category.
Table 16: Number and percentage of employees by age group

Age | Total
| no. | %
Under 30 | 635 | 11.5%
Between 30 and 50 | 3,521 | 63.6%
Over 50 | 1,377 | 24.9%
Total | 5,533 | 100.–%

The majority of employees (64%) are between thirty and fifty years of age, while the average age is around 43 years, in line with the two previous years. Consistent with the content of section S1-6, the information reported consists in the actual figure at the end of the reporting period.
Sustainability Reporting 251
S1-10 – Adequate wages
The Mediobanca Group guarantees fair compensation for all employees by adopting robust governance processes and constantly benchmarking against the market. This prevents disparities across different levels of the corporate organization within all Group Legal Entities. The Group constantly monitors the positioning of its employees’ compensation packages against the market, also with the support of specialized consultants.
Adequate wages are defined in accordance with applicable benchmarks and in full compliance with national collective bargaining agreements, if any. In countries where no collective bargaining agreements are in place (for example, the UK and the US), the employment contract complies with best market practices and local regulations, ensuring adequate wages.
To maintain the competitiveness of the compensation package offered and retain the best resources in terms of performance and potential, Mediobanca conducts regular annual benchmarking activities to assess the compensation positioning of the Group’s personnel compared to the reference market for each business division.
This activity is conducted with the assistance of leading, independent specialized consulting firms and takes into account the resources’ affiliation to a specific business area. In order to take into account specific market dynamics, their geographic location is compared with a significant reference sample differentiated for each Group division:
―the positioning of the Corporate and Investment Banking Division is benchmarked with that of Bulge Brackets Investment Banks, independent advisory firms, and CIB Divisions of major European commercial banks;
―for the WM HNW Division (MB Private Banking), the sample set refers to the market of Italian and foreign operators working in Private Banking in Italy;
―for the Consumer Finance (Compass) and WM Premier (Mediobanca Premier) Divisions, the main commercial players operating in the Italian market are taken into account;
―for Group Legal Entities engaged in asset management, independent companies belonging to banking groups or insurance companies operating in the relevant geographic areas are taken as a benchmark;
―for HF Divisions, the main commercial players operating in the Italian market are taken into consideration.
252 Consolidated Financial Statements as at 30 June 2025
S1-11 – Social protection (phase-in)
In accordance with Italian law, the Mediobanca Group guarantees social coverage of its employees’ income in the event of illness, unemployment, occupational accidents, disability, parental leave, and retirement. All Group employees enjoy these forms of social protection.
The Group offers various insurance policies to ensure employee protection:
―Accident insurance and permanent disability insurance: these cover accidents due to professional and non-professional activities and/or disability resulting from illness;
―Life insurance: this provides eligible beneficiaries (all employees) with insured capital in the event of the employee’s death;
―Long-term care insurance: this provides an annual lifelong annuity in the event of permanent loss of independence in performing basic daily activities.
The 12 employees of Heylight, with registered office in Switzerland, are the only ones excluded from social security coverage, as the company was included in the scope only recently. Its English and Italian subsidiaries, Heidi Pay and Holypay, both have local coverage, as required by law. The Group is committed to supplementing the social security coverage provided for other employees.
S1-12 – Persons with disabilities
For example, information about the impact of different legal definitions of persons with disabilities in the different countries in which the undertaking has operations. Inclusion is ensured through constant attention to providing work tools and an environment suited to their needs, ensuring participation in training and social initiatives with the necessary support.
The Group’s corporate website is provided with all functionalities necessary to make contents more user-friendly for people with different kinds of disabilities. Thanks to the use of AI, the website facilitates surfing on the part of epileptic, short-sighted and blind users, users with cognitive or motor disabilities, and users with attention deficit disorders.
As mentioned above, the Group Disability Manager is responsible for empowering people with disabilities by monitoring relevant regulations, promoting initiatives and solutions to improve their working conditions, and acting as their corporate contact person, especially during the delicate hiring phase.
Sustainability Reporting 253
At the end of the reporting period, the Group had 287 employees with disabilities, unchanged from the previous year, representing 5% of the total.
In Italy, the classification of people with disabilities is defined by Law No. 68/1999, Article 1. The number of employees with disabilities for other countries has not been reported since there is no formal classification.
S1-13 - Training and skills development metrics
The Group uses a constructive approach to professional development which is geared to achieving results over the long term. As a testament to this commitment, instruments to support staff assessment have been adopted, for the purpose of constructing development and training pathways that are consistent and effective for the business.
To facilitate access and enjoy the benefits of the above-mentioned Performance Evaluation campaign, a new application called ZPerformance & Skills was launched. It has enabled the evaluation of 5,300 people (59% men and 41% women) during the reporting year, representing approximately 96% of the company’s workforce, substantially in line with the instructions laid down in the Procedure, which requires a mandatory annual evaluation for each employee.61 Calculation of these percentages is based on the Group’s total number of employees.
Table 17 - Average number of training hours

Professional category | Men | Women | Other | Not reported | Total
Executives | 26.– | 24.4 | — | — | 25.7
Middle managers | 44.6 | 41.2 | — | — | 43.5
Other employees | 62.2 | 63.– | — | — | 62.6
Total | 47.4 | 52.7 | — | — | 49.6

61All company employees are subject to performance evaluations. Each year, a small percentage are not evaluated due to long absences or because they were hired towards the end of the financial year.
254 Consolidated Financial Statements as at 30 June 2025
S1-15 Work-life balance metrics
During the reporting period, 158 employees took parental leave, 56% of whom were men and 44% women.
This Report analyses only mandatory leave, specifically:
―Mandatory maternity leave is a period of leave from work granted to female employees during pregnancy and the postpartum period;
―Mandatory paternity leave for working fathers is a period of paid leave from work granted to employed fathers. In Italy, it applies for a maximum period of 10 days, to be used within the first 5 months of the child’s birth, adoption, or commencement of foster care. For foreign countries, local regulations apply.
Based on the above criteria, the number of employees entitled to this type of leave was 178.
In Italy, this period is regulated by the Consolidated Law on Maternity and Paternity (Legislative Decree No. 151/2001). It lasts a total of 5 months, with the option to take 2 months before and 3 months after child birth, or 1 month before and 4 months after. For countries abroad, please refer to local regulations.
S1-16 – Compensation metrics (pay gap and total compensation)
The Group’s Remuneration and Incentive Policy reflects the principles of neutrality, ensuring equal treatment regardless of gender and any other form of diversity. Evaluation and remuneration criteria are exclusively based on merit and professional skills.
The Group has adopted a granular model for analysing data on compensation relative to the position held, which takes account of the responsibilities and complexity inherent in the various positions.
The Gender Pay Gap (GPG) is measured and monitored in accordance with the industry regulations in force and the instructions of the Bank of Italy. The Group’s Gender Pay Gap (GPG) indicator as at 30 June 2025 stood at 47%. This indicator was calculated by dividing the difference between the average gross hourly wages of male and female employees by the average gross hourly wages of male employees. In addition to the gender pay gap (GPG), the Group also calculates and monitors the Equal Pay Gap (EPG).
The ratio of total annual compensation of the highest-paid individual to the total annual compensation median of all employees, excluding the highest-paid individual, is 67.6
Sustainability Reporting 255
(including all compensation components, as well as non-monetary benefits and fair value of the share component as per the Issuers’ Regulation).
S1-17 - Incidents, complaints and severe human rights impacts
During the financial year, no reports of potential episodes of discrimination were received, not even through the whistleblowing channels active on the Group Legal Entities websites.
Table 18 - Human rights incidents

| 2024/2025
Number of reported incidents of discrimination, including harassment | —
Number of complaints filed through channels established for workers to raise concerns | —
Which includes: | —
Number of complaints filed with the OECD National Contact Points for Multinational Enterprises
Amount of fines, penalties, and damages (in Euro thousand) resulting from discrimination incidents and complaints filed | —
Number of serious human rights incidents related to the Group’s own workforce | —
which includes: | —
Number of incidents of non-compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises
Number of serious human rights incidents which the Group helped remedy for the benefit of those affected | —
Amount of fines, penalties and compensation for damages (in Euro thousand) for serious human rights incidents affecting the Group’s own workforce | —

The indicator “Number of complaints submitted through channels established for workers to raise concerns” measures the number of complaints submitted by Group employees through corporate channels established for expressing their concerns on various social issues, such as working conditions, equal treatment, and fundamental workers’ rights.
256 Consolidated Financial Statements as at 30 June 2025
S3 – Affected Communities
Strategy
S3-1 – Policies related to affected communities
The Group plays an active role in the community in which it operates by pursuing growth and value creation objectives which are sustainable over the long term for all its stakeholders and are respectful of people, the environment and society. These communities include individuals, businesses, institutions, and civil society organizations with whom the Group actively engages and collaborates, promoting initiatives that generate positive impact and shared development in the local areas where it operates.
Aware of the impacts a financial institution may have on human rights, the Bank is committed to aligning its activities with internationally recognized principles, according to the following guidelines:
―conducting business activities and managing relationships with customers, suppliers, business partners, and collaborators;
―maximizing positive impacts through awareness-raising initiatives, human rights training, range of financial products, and philanthropic activities.
The commitment to protecting human rights in communities is reflected in the Group’s Sustainability Policy, which incorporates the principles of the Universal Declaration of Human Rights, the ILO Declaration, and the UN Guiding Principles on Business and Human Rights. The Group has set sustainability targets for itself as part of its strategic plan “One Brand – One Culture”, with the intention of contributing to eight of the seventeen macro Sustainable Development Goals to generate positive change at a global level.
No cases of non-compliance with the principles of the Policy or serious incidents involving human rights were found.
The Group is an integral part of the community in which it operates, generating positive social and environmental impacts. In addition to pursuing careful management of resources to reduce its ecological footprint, the Bank is committed to corporate social responsibility activities by supporting scientific and economic research, enhancing the country’s architectural heritage, and promoting an inclusive and supportive society. The Group actively collaborates with institutions, non-profit organizations, associations, and other local stakeholders to develop projects aimed at strengthening the social and economic fabric.
Sustainability Reporting 257
Through strategic partnerships, sponsorships, and targeted projects, Mediobanca engages younger generations and vulnerable communities.
The Group has a positive impact on its community through its range of sustainable finance products by granting vulnerable groups access to financial services, supporting SMEs, and providing financial support to large companies for ESG projects.
The Group is committed to providing basic financial education to its customers in Italy and abroad, disseminating simple and clear information about its products and services.
S3-2 Processes for engaging with affected communities about impacts
The Group pursues ongoing engagement with local communities, recognizing their strategic importance in developing and maintaining its sustainable business model. Community engagement is developed through:
―ongoing communication with organizations, bodies, and regulators representing stakeholder interests;
―identification of areas of intervention with high social, cultural, and civil impact;
―definition of actions consistent with the engagement activities and dialogue being developed.
Communities are involved through meetings, events, collaborations, partnerships, engagement campaigns, and information exchange with key local stakeholders. The development of Corporate Social Responsibility projects is monitored constantly to ensure the achievement of the targets specified. After each initiative, particularly those addressed to the most vulnerable groups, stakeholder feedback is collected to assess whether their expectations have been met and to plan new developments. An example of stakeholder engagement is the first Mediobanca CSR Conference held on 20 December 2024, entitled “Migrazioni e inclusione, l’accoglienza dei minori stranieri non accompagnati” (Immigration and Inclusion: The Reception of Unaccompanied Foreign Minors), with the participation of the United Nations High Commissioner for Refugees and other representatives of the Third Sector.
Discussions resulted in the renewal of financial support to the UNHCR for 2025 and in an analysis of the economic impacts of immigration conducted by Mediobanca’s Research Area in April last. The Sustainability Board Committee is responsible for assessing the Group’s positioning in its strategy of sustainable growth, people empowerment, social responsibility, and reduction of environmental impacts. The Group Sustainability unit, on the other hand, manages the engagement process, identifying
258 Consolidated Financial Statements as at 30 June 2025
solidarity projects, overseeing their implementation, coordinating communications, and managing the budget assigned to it.
S3-3 - Processes to remediate negative impacts and channels for affected communities to raise concerns
As mentioned in the chapter on the Group’s own workforce, the Group has established internal and external reporting channels which however, to date, are not yet available to affected communities.
Sustainability Reporting 259
Actions
S3-4 - Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions
The Group’s commitment is embodied in actions and investments that generate positive impacts for communities, consolidating its position in the areas in which it operates. For major initiatives, the Group Sustainability unit defines and monitors specific KPIs to assess the achievement of specified target. The performance and results of these indicators are regularly shared with the ESG Management Committee.
The following illustrates the Group’s main initiatives, categorized by focus area:
Environment and territory:
In a context of growing concern for environmental impacts, the Group pursues responsible resource management to reduce its ecological footprint. An example of this is the market-based Scope 1 and 2 CO2 emissions neutralization initiative (2,602 tons for financial year 2023-24), included in the strategic plan “One Brand – One Culture”.62
Other initiatives include:
―Support for Fondo Ambiente Italiano: Mediobanca is one of the “FAI 200”, a group of companies that support the FAI (Fondo Ambiente Italiano), whose mission is to protect and take care of the historical, artistic and environmental heritage of Italy;
―Urban reforestation project: implemented by Mediobanca Premier in collaboration with the association Rete Clima, it is intended to offset the environmental impact linked to publication of the corporate magazine “Stepsmag”. During their life cycle, the plants neutralize the entire CO2 emissions generated by the annual publication of the magazine. Compass supports reforestation projects too, as part of the Italian national campaign Foresta Italia (Italian forests).
62For further information, please refer to sections E1-4 and E1-7.
260 Consolidated Financial Statements as at 30 June 2025
Culture, research and innovation:
The Group is aware of the company’s social responsibility, on a civil, social, and economic level. Since its early years, Mediobanca has been promoting publishing initiatives and enhancing its architectural and documentary heritage. Focus on scientific and economic research is the hallmark of the Group.
Current activities include:
―Area Studi Mediobanca (RRS, Mediobanca Research Area): a centre specializing in economic and financial analysis and research, focusing on manufacturing companies and the industrial economy. The RRS has its own database which is fed with the results of balance sheet restatements acquired from official sources. Research is divided into two main areas: the business sectors of excellence of the Italian manufacturing industry and its Made-in-Italy products, and manufacturing activities located close to the technological frontier. The investment incurred annually by Mediobanca for the Research Department’s activity, measured exclusively by giving-back criteria, amounts to around €3.5m;
―“Vincenzo Maranghi” Historical Archive: now online, this archive preserves the Bank’s wealth of documents and makes it accessible. In 2014, the Archive was considered of “particularly important historical interest”;
―Mediobanca Historical Library: officially opened in 2014, it makes available to the public the collections on the history of Italian and international economic analysis collated by Enrico Cuccia, Vincenzo Maranghi and Ariberto Mignoli over the years. The collection holds over 12,000 volumes;
―Istituto Europeo di Oncologia: the IEO was founded in Milan in 1994 at the initiative of Mediobanca which is a leading shareholder almost 25% of the share capital. The IEO is the leading private comprehensive cancer centre in Italy, combining clinical work with research. It also owns the Istituto Monzino, the leading specialist cardiology centre in Milan. The IEO-CCM Foundation has raised over €60m in support of research over the past ten years, funding scholarships for talented young people, refresher courses for medical and paramedical staff, and the purchase of cutting-edge equipment and machinery.
Outside Italy, CMB Monaco continues to support cultural initiatives that benefit the community; its partnership with the Grimaldi Forum, the Principality’s main cultural centre, has been renewed, reaffirming the company’s commitment to the vibrant Monegasque arts scene.
Sustainability Reporting 261
Social inclusion and financial education
Social inclusion
The Group pursues social inclusion as a fundamental principle for creating value for communities. Everyone can contribute to the development of their local area and community, but the support and presence of a strong and inclusive social network is necessary. With this belief, the Group supports numerous social inclusion initiatives in various areas, including:
―Programme for the protection of refugee children in Italy: Mediobanca supports the programme managed by UNHCR, the United Nations High Commissioner for Refugees, which aims to assist unaccompanied foreign minors upon their arrival in Italy. The programme helps young people overcome obstacles such as learning the language, building social relationships, understanding one’s rights, integrating into school, and finding employment opportunities. It also promotes the role of the “voluntary guardian,” which is essential for supporting minors during the delicate reception phase;
―Project INSIEME (Together): Mediobanca, Compass, and Mediobanca Premier cooperate with CUS Milano Rugby and the Milan city council to promote opportunities for sport among young people forming part of the weakest layers of society at risk of exclusion in certain peripheral neighbourhoods of Milan. The initiative, which began in 2017 in the Milanese suburb of Quarto Oggiaro, subsequently extended to the Via Padova and Baggio areas. The Group also financed the refurbishment of the sports facilities most in need of upgrade and has renewed its support for a third three-year period (2023-26);
―Mediobanca Group Sport Camp: a multi-sport camp for young inmates, offering a week of sports, competition, respect for the rules, and fair play. In 2025, Mediobanca carried out this project at the Istituto Penale Minorile (Juvenile Detention Centre) in Nisida, Naples, for the second consecutive year, with the active participation of Group employees;
―Cometa Foundation: Mediobanca supports the training of students at Cometa’s Oliver Twist school in the textile processing sector. This initiative aims to train young people for employment in textile production, especially focusing on digital skills and environmental sustainability, crucial challenges for the industry’s development. The three-year project called “Tessiamo il Futuro” (Let Us Weave the Future), will be involving 300 students and 55 teachers, with a focus on vulnerable situations and women’s empowerment;
262 Consolidated Financial Statements as at 30 June 2025
―Opera San Francesco per i Poveri: the partnership with this foundation continues, providing free, basic shelter to those in need of food, clothing, personal hygiene, and medical care, restoring their dignity and hope through sharing and solidarity initiatives;
―VIDAS: Mediobanca supports VIDAS, the association that offers free comprehensive social and healthcare assistance to terminally ill patients at home and at the Casa Vidas hospice in Milan. The Bank decided to support Casa Sollievo Bimbi which provides care and relief for children and adolescents at advanced stages of incurable cancer and their families;
―Association Bambini del Danubio (Danube Children): for the second consecutive year, Mediobanca made a donation to provide medical care to sick children from disadvantaged families in the Danube-Balkan region.
Financial education
The Group is committed to providing basic financial education to its customers in Italy and abroad and implementing financial inclusion projects, especially for disadvantaged groups and those at risk of exclusion.
Mediobanca Private Banking offers financial education to its customers locally to promote awareness and knowledge of the products and services offered.
The multi-year project “Conta sul Futuro!” (Count on the Future!), developed by Mediobanca, Mediobanca Premier, and Compass, in collaboration with Junior Achievement Italia,63 offers a financial education and guidance programme for lower secondary school children. During the financial year, the programme, available free of charge to schools throughout Italy, involved 109 schools, 580 classes, 11,584 students, 394 teachers, and 128 volunteers, including 86 from the Mediobanca Group, reaching an additional 105,890 students through digital content.
Other social responsibility projects
Mediobanca Premier renewed its commitment in favour of children sponsoring long-term projects able to generate a lasting impact on the relevant communities. During the financial year, the company continued the partnerships it had established in previous years with recognized organizations that work to benefit children and families, actively involving its employees as well.
63 The largest non-profit organization in the world dedicated to economic and entrepreneurial education in schools.
Sustainability Reporting 263
In particular, it supported the Dynamo Camp ETS Foundation through an initiative called “Solidarity Gifts”, contributing to recreational therapy, leisure, and vacation activities for children and young people with serious or chronic illnesses and their families.
As well as working with entities which have a broader reach, Mediobanca Premier continued to support specific local associations and charities which focus on supporting the development of children and young people.
In the United Kingdom, the Mediobanca London branch office renewed its partnership with the local charity St Mungo’s, including volunteering activities by some of the branch colleagues to help the homeless find secure housing.
The Monaco-based CMB Monaco renewed its support for numerous associations and initiatives dedicated to children, including the Francesca Rava Foundation and Heroes of Light, which helps children and young people in difficulty. Also worth noting in this respect is the company’s support for the Fight Aids Cup, a local event to raise funds for the battle against HIV.
The Group disbursed approximately €6.4m in total, attributable to the heading “Other administrative expenses in the Group’s Consolidated Profit and Loss Account, during financial year 2024-2025 to support all the above-mentioned initiatives, as expenses for core business activities (e.g., Mediobanca Research Area), research and development expenses, charitable donations, and gifts. These amounts are attributable to the item “Other administrative expenses” in the Group’s Profit and Loss Account.
It should be noted that for financial year 2024-2025, no serious incidents involving the Group’s communities were found.
264 Consolidated Financial Statements as at 30 June 2025
Targets
S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
To promote numerous initiatives with a social impact, including through donations and solidarity support, the Group gave contributions of approximately €6.4m to communities in Italy and in the countries in which it operates in financial year 2024-2025, as reported in section S3-4.
The calculation was made using management data in part based on estimates, following the guidance of the London Benchmarking Group (LBG), the global standard in measuring corporate community investment.
The inclusion of the more socially vulnerable categories and those at the greatest risk of exclusion, especially young people, is a key issue for the Bank. For this reason, the Group included the goal of contributing over €20m over the three-year period 2023-2026 in its strategic plan “One Brand – One Culture” and reaching €35m by 2028 as the plan is rolled out. The LBG Guidelines were also used to measure the final achievement of the target.
The need to set such a goal emerged from the Group’s ongoing discussions with third-sector organizations and entities, even though they were not directly involved in selecting and quantifying the target. In any case, the target set by the Group and its progress are made public, allowing communities to access information on progress made and contribute to finding potential areas for improvement.
Table 19: Targets in relation to the affected communities (Euro thousand)

Description of the target | Baseline year 30 June 2023 | Total at 30 June 2025 (2 years) | Total at 30 June 2028 (5 years - target year)
Support for projects with social and environmental impact | — | 13,400 | 35,000

Sustainability Reporting 265
S4– Consumers and End-Users
Strategy
S4-1 – Policies related to consumers and end-users
Customers are one of the key stakeholders for the Mediobanca Group. For this reason, the Group recognizes the importance of protecting and promoting the human rights of the people with whom it interacts through its products and services. Mediobanca is committed to operating ethically and responsibly, ensuring conditions of access to information and processing, transparency, and protection of customer information, in accordance with the Group’s Code of Ethics and Code of Conduct, which reflect leading international standards, including the United Nations Guiding Principles on Business and Human Rights.
In financial year 2024-25, no significant violations of these principles were found in relation to customers.
The Group is committed to creating and developing relationships of trust and satisfaction with its customers. The transparency and clarity of services provided are guaranteed by ongoing relationships with bankers and by regular official communications, in compliance with legal obligations. The Group is committed to improving its customers’ cybersecurity awareness by providing constant updates on evolving threats and cyber-attack methods.
Active engagement through digital channels and social media is also increasingly strategic. To ensure a transparent relationship with customers, the Group has drawn up specific Policies governing access to products and services, access to quality information, and privacy. For further details, please refer to the section MDR-P Policies in the ESRS 2 General Information chapter.
When performing its activities, the Group pursues the objective of combining profitability and competitiveness with scrupulous business ethics, based on principles of honesty, professionalism, transparency and fairness towards its customers. The Group’s Sustainability Policy outlines the ethical principles applied to customers. In particular, the Group is committed to protecting personal data, ensuring the confidentiality, availability, and integrity thereof. In line with these principles, the Group has adopted a business model that respects the financial soundness of its customers and is committed to generating positive impacts in terms of inclusion and financial soundness, pursuing dissemination and accessibility, including through digital channels and innovative technology solutions.
266 Consolidated Financial Statements as at 30 June 2025
To ensure the security of processed data and information, the Group’s Information Security Policy defines the principles adopted by the Group to safeguard the availability, authenticity, integrity, and confidentiality of data, services, information, and digital assets, both for the Group and for its customers. This commitment extends to the protection of the IT infrastructure and networks that underpin the Group’s continuous high-quality provision of financial services, including in critical or unforeseen situations. Protection of the Group’s information assets also applies to interactions with customers, ensuring the adoption of specific security criteria that govern relationships in contractual and in operational terms. The formalization of information security rules is complemented by the Group’s IT Risk Management Policy, which defines the organizational and methodological framework adopted by the Group to manage ICT and security risks. This ensures the effectiveness and efficiency of IT resource protection measures and aligns mitigation measures based on the level of IT risk. The IT risk management process involves continuous and rigorous monitoring of the company’s risk profile, conducted monthly, to ensure constant and timely controls. The results of such monitoring activities are collected in detailed reports, shared quarterly with the Risk Committee and the Board of Directors, ensuring transparency as required by applicable regulations.
To further strengthen the Group’s commitment to fairness towards customers, the Group Transparency Policy has the primary objective of protecting consumers by defining the principles of fairness to be pursued in banking, insurance, and investment products and services, including those being offered off-site. Specifically, unfair commercial practices, whether ambiguous or aggressive, forms of advertising that could mislead consumers, and contract clauses that may create a significant imbalance of rights and obligations to the detriment of the customer are prohibited.
With a view to actively engaging and continuously improving relations with customers, the Group’s Complaints Management Policy defines the general principles, approach, and governance rules for handling customer complaints. Mediobanca ensures that all end users are granted the ability to file a complaint and that the complaints management process is conducted according to criteria of consistency, uniformity, and standardization, while maintaining the appropriate flexibility due to the specific business and operational characteristics of individual companies. For more information on the complaints management process, please refer to section S4-3.
To support the integration of sustainability into the Group’s core business, the ESG Policy defines the guidelines for integrating ESG criteria into financing, investment, and advisory activities, ensuring that the products and services offered, and related information, are transparent and easily accessible to all consumers and end users. Mediobanca assigns a central role to transparency and accuracy of information, considering them essential for customer protection. The ESG Policy aims to disseminate
Sustainability Reporting 267
the criteria used by the Group to identify funding and investments in assets and/or counterparties operating in non-socially responsible sectors.
S4-2 Processes for engaging with consumers and end-users about impacts
The Group recognizes the importance of building and maintaining strong, satisfying relationships with its customers through ongoing dialogue and direct engagement. This approach allows the Group to proactively gather the perspectives of customers and end users, guiding the its strategic and operational decisions in managing the significant impacts that products, services, and activities may have on them, with a view to ongoing engagement and responsible improvement.
Compass and Mediobanca Premier have launched structured processes for recording customer satisfaction, using internationally-recognized methodologies in order to gain a real picture of their clients’ perceptions, thus allowing any critical issues found to be dealt with on a priority basis. Quantitative and qualitative monitoring of the level of customer satisfaction and brand loyalty is performed annually via specific surveys that monitor indicators, such as the Customer Satisfaction Index (CSI) and the Net Promoter Score (NPS), with reference to the world of investments especially.
Mediobanca Private Banking by contrast does not use surveys in view of the importance which confidentiality has in relations with its customers. However, the ongoing dialogue between advisors and customers, which is crucial to the division’s business model, makes it possible to pursue maximum customer satisfaction levels while at the same time making the service offered more efficient and innovative.
268 Consolidated Financial Statements as at 30 June 2025
Compass Banca
Compass interacts with its customers through various contact channels, including paper mail, text messages, email, contact centres, social networks, and a comprehensive app. It promotes engagement activities, through content on its various products and services, and awareness-raising campaigns on cyber fraud (e.g., phishing risks, safe use of credentials, etc.).
Compass conducts annual customer satisfaction surveys. During the financial year, approximately 1,500 people were involved, demonstrating a high level of customer satisfaction, especially in the credit card and personal loans sectors.
The Customer Satisfaction Index (CSI) was 89.9 out of 100 and the Net Promoter Score (NPS) was 66 out of 100, both slightly decreasing compared to the previous year.
Compass also conducts telephone customer satisfaction surveys for its inbound calling service. Voluntary responses from approximately 88,000 customers showed a 88% satisfaction level. Furthermore, a monthly telephone survey was conducted throughout the year to assess personal loan customer satisfaction: on average, 87% expressed complete satisfaction (a score of 9-10) with their in-branch or online experience. A similar survey on 1,500 customers who had subscribed to the new HeyLight product at physical stores and via e-commerce website revealed that over 80% of those interviewed would recommend the product and would repeat the experience.
Since late 2023, a sample-based survey has been instituted to measure the satisfaction levels and ascertain the degree of awareness of the terms and conditions applied to rolling-credit products. The results of the survey are reported regularly and included in the Conduct Risk Report, presented to the Board of Directors.
Compass Banca has also carried out research studies starting this year, as part of the Compass monitoring centre project which collects merchants’ perceptions of the current market scenario and future prospects and of the behaviour of end-consumers and their purchasing choices. These studies also provide an overview of the CRIF data on vehicle credit and other loans.
Sustainability Reporting 269
Mediobanca Premier
The Bank reaches customers and users through its digital platforms (corporate website, customer areas, Mediobanca Premier app) and its main communication channels, offering service, engagement, and financial education content.
Ongoing customer satisfaction surveys are conducted with the support of a third-party research firm. Two surveys were conducted in financial year 2024-2025: a tactical survey to assess perceptions of the specific services offered by the Bank, and a strategic survey, including a benchmark analysis of a panel of selected competitors. The responses collected were compared to show customer satisfaction, customer loyalty, and areas for improvement, in order to maintain high standards of excellence.
The Premier segment indicators being monitored included the Customer Satisfaction Index and the Net Promoter Score, which stood at 82 and 49 during the reporting year, respectively.
The marketing offices oversee the proposal and development of new products, including those catering to traditionally underserved customer segments, supporting all sales channels. They also ensure market analysis, product governance, and customer satisfaction monitoring.
S4-3 - Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
The Group recognizes the importance of giving its customers a voice and therefore, in accordance with applicable regulations, it has activated specific channels for the purpose of collecting complaints and claims. These channels are handled confidentially and in compliance with applicable regulations.
Although complaint management does not guarantee customers protection from potential retaliation through specific internal policies, free and unlimited access to these channels does provide protection. Furthermore, the operating processes implemented for this purpose, in addition to addressing customer needs and requirements, ensure compliance with the most relevant standards. The Group’s Complaints Management Policy (see section S4-1) governs the processes for ensuring active customer engagement. The Group recognizes the importance of proper complaints management throughout the value chain and has initiated coordination initiatives with business partners and product companies to find and manage complaints within their respective jurisdictions, as well as to establish operational procedures for handling complaints within their sphere of responsibility.
270 Consolidated Financial Statements as at 30 June 2025
Compass, Mediobanca Premier and Mediobanca Private Banking have been promoting the visibility of contact and reporting channels, describing how complaints are mapped in appropriate sections of their websites, including details regarding the nature of the complaints, the communication channels activated, the means by which they are managed, and the organizational units responsible. These elements represent a useful tool for monitoring any issues raised and addressed. The Group evaluates the effectiveness of activated channels by analysing data from direct engagement with users and supporting continuous improvement of existing processes.
The frequency and nature of reports received are an indicator of the awareness and effective use of such tools. Although there are currently no structured mechanisms for assessing customer awareness, the Group constantly monitors the volume and content of reports to find potential areas for improvement.
Compass Banca
Compass customers can express their dissatisfaction orally, by calling the toll-free number or customer service, or in writing, via social media, through review platforms, the reserved area of the website, or by using the app, sending an email or certified email, or writing a letter. Reports received via the digital, physical and telephone channels are handled by customer support, which analyses them and responds to the customer in a timely manner. Should grievances meet the characteristics of a formal complaint, they are forwarded to the Complaints Office, which handles them according to applicable regulations, the instructions of the Bank of Italy, and the Group’s corporate procedures.
Through ongoing briefing on the types of complaint received, the Complaints Committee and the offices involved analyse the most common issues, structuring process revisions to improve the customer’s experience.
Reports handled by Customer Service are mapped in reports that analyse trends, types and response service levels. Complaints received by the Bank are classified by macro-area, category, and subject. A report is then prepared detailing the related complaints management activities, including the average response time and outcome. Detailed information is available in the relevant section of the Compass website (“On the consumers’ side”, “Transparency and Accessibility”).
Sustainability Reporting 271
Mediobanca Premier
Mediobanca Premier maximizes engagement with its customers through all channels available: local branches and offices, customer areas, app, email and social networking.
Complaints are recorded and managed using a specific tool, to be filled in using the criteria defined by ABI and CONSOB. The Complaints Office extracts data from the tool to prepare regular reports that shows the main issues being raised. The Risks Committee and the Conduct Risk Committee also regularly monitor complaints management and trends, examining the most frequent causes and any remediation actions implemented.
In addition to the Complaints Management Policy, a procedure has been activated that ensures swift and exhaustive responses, promotes resolution of issues raised, and safeguards the quality of relations with customers.
The dedicated section of the bank’s corporate website describes the procedure to file a complaint, gives confirmation of receipt, and provides annual reports on complaints management activity, including the related figures. Moreover, wide-ranging information on how to make a complaint is also provided, including the Practical Guide to the Banking and Financial Arbitrator, and the other documents required by the regulations in force.
Mediobanca Private Banking
Customers can file complaints using various channels, such as: registered mail, regular or certified email, or hand delivery with a receipt being issued.
Once a complaint has been received, the Bank will confirm receipt to the customer and provide a response within the time frame required by applicable regulations. If the complaint is deemed justified, the Bank will communicate in writing the action it intends to take. If not, it will explain the reasons for its rejection.
Complaints management is entrusted to the Group Legal, General Counsel & Institutional Relations organizational unit, which is responsible for analysing complaints and preparing an annual report, thus ensuring maximum transparency.
272 Consolidated Financial Statements as at 30 June 2025
Actions
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
In order to concretely implement the policies described above, pursue the targets defined in the strategic plan “One Brand – One Culture,” and manage customer-related impacts, risks, and opportunities, the Group has implemented a number of targeted initiatives, which may be categorized into several streams. The following section illustrates the main actions undertaken by the Group or by specific divisions, the results achieved, where available, and the resources already deployed or planned.
Financial inclusion and information transparency
The Group pursues and appreciates the value of its customers’ financial awareness by implementing an education model based on the dissemination of simple and clear information about its products and services. This approach helps improve customer relations, strengthening their trust, and fosters financial inclusion by reducing inequalities in access to debt and raising awareness of sustainability issues.
Compass Banca
Compass’s contribution to financial inclusion and accessibility is embodied in the following initiatives:
―communications for commercial purposes available also in English, French, Spanish, Filipino and Romanian, as well as Italian;
―website sections in English, Spanish, Filipino, and Romanian;
―Compass app also available in English;
―audio guide versions for people with disabilities;
―accessibility statements for Compass, Compass Rent, Compass Quinto and HeyLight websites and apps published as per AgID Guidelines;
―multichannel approach to meet all customer needs: physical POS, agents who can reach customers everywhere, online loans that can be applied for using any device, from any place and at any time (24/7);
Sustainability Reporting 273
―HeyLight (formerly PagoLight), the BNPL product allows merchants to grant their customers free payment deferrals for the purchase of goods or services. HeyLight allows customers to defer larger amounts over a longer time period. This is complemented by the new consumer credit product HeyLight Finanziamento Digitale (Digital Loan). This solution has allowed Compass to expand its range of both merchants and customers, ensuring rapid access to credit among younger customers as well, by means of a simple process available at both physical POS and online. Over 450,000 transactions have been completed through this service in financial year 2024-25;
―“ImpAct” (formerly “RisparmIO”), the project explores issues concerning household budget management, environmental sustainability, and well-being. The contents are available in a dedicated section of the company’s website and are sent to customers via Direct Electronic Marketing (DEM) campaigns, and published on the main corporate social media. Over 28 million DEMs have been distributed since launch in July 2023.
Mediobanca Premier
Mediobanca Premier consistently promotes financial inclusion and the accessibility of its channels and services. Through its communication channelsand a dedicated section on its company website, it conducts financial education campaigns and distributes its quarterly proprietary magazine, Markets&Strategy, which contains in-depth articles for investor clients. During financial year 2024-2025, a special edition on portfolio sustainability, ESG investments, the circular economy, and the blue economy was published. The Bank has also been launching bimonthly educational campaigns for the safe use of digital channels, with content available on its corporate website.
Moreover, Mediobanca Premier pays particular attention to the financial inclusion of women and younger generations: to increase women’s involvement in financial planning processes, it has launched a programme in collaboration with the Italian Private Banking Association (AIPB) and Doxa. With the Next Wealth Generation programme, the bank also aims to progressively develop products and services for children, adolescents, and young adults. Family credit cards were launched in financial year 2024–2025. Mediobanca Premier also promotes financial inclusion at the local level. During the year, eight finance-themed conferences were held in various Italian cities, involving over 800 participants and gathering contributions from industry experts, asset managers, and trade associations to spread financial literacy.
During financial year 2024-2025, the Bank focused on the accessibility of its digital channels, launching a training programme for employees and implementing technical solutions on its corporate website to facilitate access to content. The Bank constantly monitors the accessibility of its digital channels through regular assessment processes
274 Consolidated Financial Statements as at 30 June 2025
conducted by independent certification bodies. The Accessibility Statement is regularly updated on its website.
As required by law, a dedicated email channel is available for reporting critical issues, to which the Bank responds within 30 days. A multidisciplinary team manages reports and accessibility gaps.
Last May, Mediobanca Premier participated in the Accessibility Days, organized in collaboration with AccessibleEU64 and AgID65 to raise awareness of digital accessibility in the industry and engage with other operators.
Mediobanca Private Banking
Mediobanca Private Banking promotes and appreciates the value of its customers’ financial awareness by providing clear and simple information about its products and services. Advisors offer ongoing financial education, allowing customers to make informed decisions about the solutions and services offered. Training events on topical issues are organized to this end.
Supply of sustainable products
In line with market standards and its own strategy, the Group has continued to offer sustainable products, both as part of customer operations, and in terms of the diversification of ESG sources of financing. The Group ensures the creation of social value by directing its customers’ investment capital towards ESG-related products, increasing customer satisfaction thanks to the quality of the products and services offered.
Following the BCE’s guidelines, the green transition of the Bank’s portfolio has been made possible due to the strategic plan “One Brand - One Culture”, which contains increasingly ambitious targets in terms of portfolio percentage and contribution to the Group’s earnings results. For further details on ESG-related lending targets and the progress of their achievement, please see section S4-5.
The Wealth Management division offers a wide range of ESG products and services.
Mediobanca Private Banking, Mediobanca Premier, and CMB Monaco offer investment solutions in funds that promote environmental and social characteristics or have sustainable targets (pursuant to Articles 8 or 9 of the SFDR Regulation).
64This is the flagship initiative of the European Commission’s Strategy for the Rights of Persons with Disabilities 2021-2030.
65 Agenzia per l’Italia Digitale.
Sustainability Reporting 275
As at 30 June 2025, the assets of Mediobanca Private Banking, Mediobanca Premier, and CMB Monaco customers invested in funds pursuant to Articles 8 and 9 of the SFDR (including 30 Group funds) amounted to approximately €12bn, an 18% increase compared to the previous year.
Mediobanca Premier offers favourable terms for green mortgages. During the financial year, Mediobanca Premier and CMB Monaco issued loans secured by energy class A and B properties totalling €350m, i.e. 19% of total new business.
Within the Corporate & Investment Banking division, the provision of ESG loans continued, exceeding €2.8bn as at 30 June 2025 (11% of which green and 89% KPI-linked).
In the Debt Capital Market segment, Mediobanca acted as Bookrunner and/or Structuring Advisor during the financial year in the placement of 22 ESG-labelled bonds, for a total value of approximately €13.5bn. Of these, 80% were Green, Sustainable, or Social bonds, while the remaining 20% were Sustainability-linked bonds.
The “Energy Transition Team” has been active within the Corporate Finance division since 2023, focusing on transactions supporting the energy transition, leveraging its consolidated experience in M&A in the utilities and oil & gas sectors. Over the past year, the team completed numerous transactions in areas such as renewable energy, green utilities, circular economy, electric mobility, and battery energy storage systems (BESS), contributing to the progressive replacement of fossil fuel assets with sustainable solutions.
In its Consumer Finance division, Compass provided green loans (for sustainable mobility and energy efficiency) and social loans (for example, to SMEs in areas with low per-capita GDP, for medical expenses or training, or salary-secured loans to low-income retirees) for a total of €388m, a 34% increase compared to last year.
Innovation and digitalization of solutions provided
The “Digital Agenda”, one of the pillars of the strategic plan “One Brand - One Culture”, envisions a comprehensive transformation process that has a vertical impact throughout business divisions and cuts across the various corporate areas, such as the insourcing of highly qualified digital personnel (e.g., AI, data science, and cloud computing specialists), technology platforms, and solutions to support the daily work of the Group’s employees.
The initiatives stated in the three-year roadmap aim to strengthen the Group’s technological ecosystem, developing distinctive solutions with respect to the market and transforming existing systems. This will improve customer experience and customer
276 Consolidated Financial Statements as at 30 June 2025
satisfaction. The adoption of innovative paradigms and partnering with the leading national and international market players constitute an opportunity to enhance the Group’s product range offered to its customers through innovative solutions across all channels, thus contributing to reach the Plan targets.
The Group’s IT Evolution Plan for 2025-2028 includes approximately 25 transformation programmes, with over 300 project initiatives and a total investment of €260m over the three-year period, i.e. an average annual increase of 13% compared to the previous plan. The main programmes include:
―Digital Wealth Platform: technology consolidation to maximize synergies between individual companies and improve overall digital performance, along with the enhancement of the Customized Management Account (CMA) platform for customized wealth management;
―Accelerating Innovation in CIB: innovation plan to strengthen business competitiveness by leveraging data, automating processes with artificial intelligence, and using cutting-edge platforms;
―Digitally Driven CF: enhancement of the digital product range with new channels (e.g., BNPL), new products (e.g., instant lending), and expansion into foreign markets, with the consolidation of the Swiss market (HeidiPay);
―Data measurement platform: consolidation of the Group’s data management platform to improve business development, encourage cross-selling and integration of ESG factors, as well as meet regulatory requirements using real-time analysis and AI;
―Smart automation platform: development of a shared technology platform to support all smart automation initiatives (RPA, AI, Low Code) and dematerialization initiatives (e.g. electronic signatures);
―Journey to Cloud: adoption of a hybrid cloud approach, combining the existing “on-premise” systems with the advantages of the Cloud (on-demand capacity and system upgrades).
A significant portion of the budget is earmarked for strengthening the product range with cutting-edge solutions capable of delivering a more effective and consistent customer journey across all channels. The evolution of digital platforms supporting the sales force and operations units aims to maximize efficiency while reducing cost-to-serve thanks to the adoption of automation and artificial intelligence solutions. For the Wealth Management division, the development of a digital platform harmonized at Group level will be completed in order to strengthen synergies between the divisions and make the
Sustainability Reporting 277
investments more effective. The Group plans to increasingly adopt automation and Artificial Intelligence solutions to reduce service costs. These include Copilot (Microsoft’s AI-based assistant integrated into applications such as Word, Excel, Outlook, and Teams), and specialized AI agents to enable intelligent automation and optimize operational processes.
The Plan also includes cross-divisional initiatives for the systematic adoption of cloud computing solutions, strengthening the measures put in place to guard against cyber-security, modernizing systems, and making the required adaptations to new regulations, to be developed in the course of the three years.
This partnership will provide a boost to the Group’s digital ecosystem in line with the strategic plan. Through this joint venture, Mediobanca will invest in innovation in financial services by supporting fintech startups and contributing to the development of Italy’s start-up ecosystem.
The digitalization issue has been developed consistently within the Group according to different approaches. Details are provided below.
278 Consolidated Financial Statements as at 30 June 2025
Compass Banca
Over the past financial year, Compass improved its Instant Lending product range with innovative initiatives in process and technology to enhance the customer experience. Some products can now be requested exclusively through the MyCompass app, which averages over 60,000 monthly installations. The digital process automatically assesses creditworthiness and provides the customer with a decision within minutes.
Improvements have been made to the online lending flow, redesigned with a mobile-first approach to improve usability. This service generated more than €180m in new loans during the financial year.
Mediobanca Premier
During the financial year, Mediobanca Premier continued to develop digital services to improve customer relationships. The operations of delegated parties on the Premier Account and Securities Dossier were digitalized, allowing them to manage relationships directly from the Customer Area and the Mediobanca Premier App.
The adoption of the Qualified Electronic Signature continued, gradually replacing traditional paper-based processes and modernizing services. Furthermore, the Contact Centre migrated to an advanced platform to offer more effective customer support.
Finally, employees were involved in efficiency and productivity initiatives through Artificial Intelligence and Copilot solutions, demonstrating the commitment to digital transformation.
Mediobanca Private Banking
The main project activities included in the IT strategic plan are as follows:
―development of the existing digital platform to support staff and the salesforce, thus maximizing the efficiency and scalability of commercial activities while at the same time reducing cost-to-serve. The aim is to enhance remote channel digitalization and complete the IT platform used to manage customer relations;
―expansion of communication channels through the launch of a new Reserved Area for customers in order to improve communication in terms of security and effectiveness.
The Mediobanca corporate website guarantees accessibility to persons with disabilities. Thanks to the use of artificial intelligence, the website simplifies the browsing experience for epileptic, visually impaired and blind users, and people with cognitive disorders and attention deficit disorders or motor disabilities.
Sustainability Reporting 279
The digital initiatives implemented by the Group during the financial year involved the disbursement of over €2.4m, attributable to the item “Other administrative expenses” in the Group’s Consolidated Profit and Loss Account.
Cybersecurity and information protection
The protection of customer information is fundamental to the Group, which is committed to mitigating the risk of cyberattacks and/or external fraud that may affect ICT systems, thus minimizing potential negative impacts on business operations and reputation.
The Group Data Protection unit, within the Compliance unit, and the ICT & Security Risk unit, within the Risk Management unit, each prepare ongoing reports on issues related to the protection of personal data and information, as well as cybersecurity, within their respective areas of responsibility. The Risk Committee and the Board of Directors are briefed annually by the Group Data Protection unit through an annual report, and quarterly by means of a dashboard that includes data protection-related issues and when material events occur. The ICT & Security Risk unit briefs the Board of Directors annually on IT and security risk issues with a specific report, except for incidents that require prompt disclosure.
The information managed concerns transactions, contracts, confidential customer data, and employee data. The Group undertakes to protect such data from unauthorized or accidental alteration, loss or unauthorized disclosure. Furthermore, it ensures the availability and integrity of information and data, which must be reliable, usable, and up-to-date.
The regulations on personal data protection are applied within the Mediobanca Group according to the following model:
―Mediobanca, as the controller of personal data for a variety of data subjects (e.g. customers, employees, visitors and suppliers) in the European Union, and all the Italian Group Legal Entities that process personal data, are required to apply the GDPR and the Italian data privacy regulations in full (cluster 1);
―foreign Legal Entities established in the European Union that process personal data, and those not established in the Union that process personal data for the purpose of supplying goods or services (even partially) to individuals in the Union or monitoring their behaviour in the Union, are required to apply the GDPR and applicable local legislation (cluster 2);
280 Consolidated Financial Statements as at 30 June 2025
―foreign Legal Entities not falling under the previous categories that process personal data fall into cluster 3.
Each Group Legal Entity guarantees the protection of the personal data for which it is the controller, identifying the relevant security objectives and principles.
Governance of risks associated with the processing of personal data is guaranteed through adoption of the general measures contained in the Personal Data Protection Policy and appointment of the same Data Protection Officer for cluster 1, and through co-ordination between the Data Protection Officer of Mediobanca and the local compliance officer, or the Data Protection Officer of the company concerned for clusters 2 and 3.
During the course of the financial year, the Mediobanca Group continued to consolidate the necessary activities to comply with the provisions of the GDPR and the measures issued by the national and EU authorities.
In particular, the Mediobanca Group and its Italian subsidiaries undertook several initiatives to protect personal data:
―Assessment of the security of access to banking data, reviewing access rights and implementing differentiated control thresholds;
―Participation in industry-wide discussions on relevant issues such as metadata and password retention;
―Promotion of the principles of privacy by design and by default in data processing design and management, especially with artificial intelligence-based technologies;
―Strengthened coordination with foreign Legal Entities through a risk assessment model based on quantitative and qualitative analyses;
―Strengthened internal awareness-raising activities through targeted campaigns, topical newsletters, and operational communications to consolidate a culture of personal data protection throughout the Group.
Regarding data security, data exchange and access protection is ensured through the adoption of secure, clear, and certified communication protocols issued by certified authorities (e.g., Global Trust Certification Authority). Data access occurs in compliance with the need-to-know and least-privilege principles.
In recent years, the Group has strengthened its personal data protection security measures, such as encryption of databases that contain confidential data (data at rest), and masking of data stored in development and testing environments. Mediobanca has
Sustainability Reporting 281
improved logical data security adopting several measures, including network segregation, access tracking, implementation of advanced malware identification and blocking solutions (NDR - Network Detection and Response), data centre communications protection, and an Active Directory protection and recovery system.
In the training area, all staff, including interns and staff employed on temporary contracts by the Italian Group Legal Entities, attended a refresher course on GDPR issues, including a final assessment test, plus tips on data breaches and on the privacy-by-design/privacy-by-default principles. Furthermore, specific training on managing supplier privacy profiles has been strengthened for outsourced activity managers and supply managers, for newly appointed System Administrators on the requirements set forth in the relevant provision of the Data Protection Authority, and for the Complaints and Customer Service Departments of Group Legal Entities on the handling of complaints and requests from data subjects regarding privacy.
The annual Information Security Awareness programme addressed to all staff, including interns and contract staff, is now consolidated and is updated annually in line with the developments in cyber threats. The main programme activities were as follows:
―mandatory course on cyber security and IT security risk issues on the Group’s online platform, with final test and dedicated sessions for critical positions (e.g. assistant bankers, IT developers);
―security awareness signage produced; security bulletins sent via specific communications, to update users regarding the principal risks faced and phishing campaign simulations to check their security awareness levels;
―early warnings sent for suspicious events;
―regular training for Directors of Mediobanca (Board induction sessions).
For retail and private customers, specific communications have been developed to raise their awareness of the main IT threats, and the guidelines to be followed for use of digital channels have been illustrated.
With regard to personal data protection, the Italian Legal Entities have adopted ex-ante and ex-post controls locally and maintain formalized reporting flows between the Group Data Protection unit and the Group Legal Entities.
During the financial year, the Cyber Security, Resilience & IT Regulation unit carried out the following activities on behalf of all Group Legal Entities, which will be repeated on an annual basis:
282 Consolidated Financial Statements as at 30 June 2025
―phishing/smishing simulations in order to verify the users’ ability to recognize these types of cyber-attacks and apply the correct IT security procedures;
―technical security checks (vulnerability assessment and penetration test) carried out after major application and/or infrastructural updates;
During 2025, the Group launched a Data Loss Prevention (DLP) system, a set of processes, models, rules, and tools to protect corporate information assets and prevent the unauthorized disclosure of confidential information. This system is applied to key communication and collaboration tools, such as email and sharing platforms.
Starting in March, a feature that alerts users to potential policy violations was activated and a second authorization level was required for higher-risk operations. The system is designed to offer an integrated and intuitive user experience, supporting employees in the secure management of information.
The Mediobanca Group has adopted an integrated approach to monitoring and evaluating the effectiveness of initiatives addressed to customers with the aim of ensuring a positive, measurable impact on end-user experience and awareness. The activities promoted, which include financial education programmes, transparent communication, the launch of innovative financial solutions with ESG features, and information campaigns on personal data protection, are regularly analysed, including through direct customer feedback.
These monitoring activities allow the Group to identify opportunities for improvement, consolidate customer trust, and guide the evolution of actions with a view to continuous engagement and creation of shared value. Although structured ex-post evaluation tools are not always available, analysing existing data and engaging with stakeholders remain essential for assessing the effectiveness of initiatives and identifying new opportunities for action.
Sustainability Reporting 283
Targets
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
As part of the strategic plan “One Brand – One Culture”, the Group defined specific ESG Culture and Offer targets, strengthening its strong commitment to sustainability.
With the 2028 plan update, the targets apply to the three-year period 2025-2028, with financial year 2024-2025 being the baseline year.
The ESG targets related to customer activities have been aggregated as follows:
―≥ 5bn in ESG transactions originated by 2028: sum of structured ESG bonds (share attributable to Mediobanca), ESG loans from the CIB division (Green, Social, and ESG-linked), Consumer division (ESG loans), and Wealth Management division (green mortgages);
―̴ 50% of ESG products in the customer portfolio calculated as the share of ESG mutual funds (pursuant to Articles 8/9 of the SFDR) in total funds held. As at 30 June 2025, the share stood at 49%;
―issuance of at least three sustainability bonds in the three-year period 2025-2028.
The following initiatives also continued:
―direct emails with ESG content from Compass, with a target of approximately 35 million emails between 1 July 2023 and 30 June 2026. In the two-year period ended, 27 million emails were sent;
―the Group’s evolutionary IT Plan for the three-year period 2025-2028 envisions a total investment of €260m, with average annual growth of 13% compared to the previous plan.
To define the targets, the Group relied on benchmark analyses, industry best practices, compliance with regulatory requirements, and investor feedback on ESG issues compared to previous targets. The criteria used to structure the targets took into account national and European Union regulations and policy objectives.
The targets were not defined by involving the key stakeholders (e.g., investors). However, following the publication of the strategic plan, the targets and underlying rationales were shared with the market, which showed appreciation. All targets included in the strategic plan are monitored and communicated quarterly.
284 Consolidated Financial Statements as at 30 June 2025
G1 - Business Conduct
Strategy
G1-1 - Corporate culture and protection of whistle-blowers
Fairness, professional ethics, and the dissemination of corporate culture and values are the foundations that define the Group’s integrity. Responsibility for the ethical principles that guide the Group’s actions is also reflected in its commitment to protecting whistleblowers.
As also stated in the Sustainability Policy, the Group operates according to the highest ethical standards and does not tolerate any form of bribery or corruption. Business relationships are exclusively based on the quality of services provided and on customer needs, avoiding behaviour that may appear to be aimed at obtaining or offering improper advantages. The objective is to prevent incidents of corruption during business transactions. To ensure compliance with regulations and combat corruption, the Group has implemented internal regulations, procedures, and controls, also ensuring regular training. These measures aim to mitigate reputation risk associated with inappropriate conduct such as corruption, money laundering, market abuse, mis-selling, conflicts of interest, green-washing, and social-washing. Proactively managing these risks is essential in order to maintain stakeholder trust and ensure long-term sustainability.
The Group has adopted an “Organization, Management and Control Policy” pursuant to Legislative Decree No. 231/2001, which defines the general principles of conduct and identifies measures to prevent the risk of illegal activities, including corruption and financial crimes.
The Group’s activities comply with the principles contained in the policies described in ESRS 2.
Mediobanca’s Code of Ethics and Code of Conduct are fundamental tools for guiding the behaviour of its recipients in line with the Group’s values. The Code of Ethics and Code of Conduct pursue ethical and transparent conduct, requiring all parties involved, including suppliers and consultants, to comply with applicable regulations and actively participate in the corporate culture, reducing the risk of wrongdoing and strengthening the Group’s reputation and sustainability in line with the IROs. The Group has adopted policies to manage the risk of non-compliance with regulations and fraud risk, as well as a directive to combat corruption. These policies are the cornerstones of Mediobanca’s internal control system and contribute to the prevention of unlawful conduct, the protection of corporate integrity, and the promotion of an ethical and transparent culture. The non-compliance risk management policy establishes a procedure to ensure compliance with
Sustainability Reporting 285
internal and external regulations by all personnel, strengthening compliance and preventing violations. The fraud risk management policy defines the framework for preventing and managing fraud, including corruption, embezzlement, and system attacks, while also protecting whistleblowers.66 The anti-corruption directive regulates measures to combat corruption, strengthening individual and organizational responsibility in risk management. All three policies contribute to managing reputation risk, respecting human rights, and strengthening stakeholder reputation and trust, positively influencing the management of IROs and the Group’s ESG positioning.
Mediobanca has adopted a Group Policy on the Management of Conflicts of Interest to identify, prevent, and manage situations in which the Bank could harm the interests of a customer for the benefit of another customer, its own interests, or the personal interests of employees or members of corporate bodies. The Regulation on Transactions with Related Parties and Their Associates ensures transparency, fairness, objectivity, and impartiality, respecting prudential limits for risk-bearing activities.
The Group’s Money Laundering and Terrorist Financing Risk Management Policy aims to prevent the products and services supplied from being used for criminal money laundering or terrorist financing purposes, ensuring compliance with regulations, including international sanctions.
The Regulation on the Management of Confidential and Inside Information defines measures for the proper handling of confidential information, ensuring confidentiality and management through authorized channels exclusively. It includes prohibitions on trading in financial instruments for parties in possession of inside information.
The Group Policy on Transparency in Customer Relations and Consumer Protection ensures that the information provided to customers, including information on ESG characteristics, is clear and understandable, facilitating informed choices and prohibiting deceptive or aggressive commercial practices. With regard to greenwashing, a dedicated Directive was adopted. It describes the duties and responsibilities of the various Bodies, Departments, and Organizational Units for the mitigation of the risk of greenwashing.
To prevent mis-selling practices, the general principles of good conduct and transparency are supported by specific rules contained in the Product Governance Policy for product development and distribution, ensuring compliance with industry regulations.
66 The Group Fraud Risk Management Policy applies to: MBCredit Solutions; MB Facta; CMB; Compass Banca; Mediobanca International; Mediobanca Management Company; Mediobanca Premier; Mediobanca SGR; MIS; Selma; Spafid; and Spafid Trust.
286 Consolidated Financial Statements as at 30 June 2025
All of these policies aim to minimize the risk of non-compliance and promote fair and transparent corporate conduct, contributing to the management of reputation risks arising from inappropriate conduct.
The Group encourages timely reporting, including anonymously, of any violation of external or internal regulations, in accordance with the Whistleblowing Policy. Each legal entity has a manager responsible for the internal whistleblowing channel, who manages reports while ensuring the confidentiality of the personal data of the individuals involved. Protection of confidentiality also applies to facilitators, the reported parties, any parties involved, and other individuals named in the report. Measures are in place to protect whistleblowers from retaliation and discrimination. Whoever engages in retaliatory conduct may be subject to disciplinary action. The whistleblower will not be subject to disciplinary action for unfounded reports, except in cases of wilful misconduct or gross negligence. The whistleblower’s facilitators, family members, and colleagues are also protected from retaliation.
To ensure that the fight against corruption is carried out effectively and regulations are complied with, the Group has developed internal rules, procedures, and controls, along with training and auditing activities.
Mediobanca and the Group Legal Entities provide appropriate anti-corruption training, either through e-learning or classroom methods, to employees and senior management, including initiatives for new resources and regular refresher courses.
Although the units that are more exposed to the risk of corruption are business unit, purchasing and supplier management offices, and human resources, Mediobanca and the Group Legal Entities consider all employees potentially at risk of corruption and, therefore, eligible for training on this issue.
Actions
The Group actively promotes a culture of fairness and ethics among its employees, disseminating corporate principles and values and supporting initiatives to strengthen a solid corporate culture.
The requirement for all Group employees to be aware of regulations and attend training courses constitutes a prevention and awareness-raising tool that encourages fair and transparent behaviour and contributes to the creation of a shared culture of legality.
The ongoing dissemination of a corporate culture also occurs through the publication of news on the company intranet, keeping employees updated on regulatory developments.
Sustainability Reporting 287
The Academy unit monitors course attendance and sends reminders to ensure the completion of training sessions.
During the year, the above safeguards relating to corporate conduct and minimizing non-compliance risk were further strengthened, with refinements involving several internal regulatory documents. The aim is to keep the company’s regulatory framework constantly updated with respect to regulatory, organizational, and business developments, and to adopt dedicated regulations, such as the Group Greenwashing Directive.
The Mediobanca Group considers managing greenwashing risk a priority, adopting governance, strategy, and internal control measures to prevent it.
The Group Greenwashing Directive describes the model for preventing such risk, defining general principles, tasks and responsibilities of internal departments and controls, as well as guidelines for areas where ESG integration has a consolidated history. Mediobanca has also drafted a Group Greenwashing Manual with the aim of defining the principles for identifying, managing, and preventing such risk.
Regarding training, an online course on combating corruption was launched during the year with the aim of ensuring coverage of all at-risk units. Therefore, in the next financial year, training activities will be focusing on the remaining units not yet covered by this initiative.
Furthermore, the Group will be starting activities during the year to review and update the Code of Conduct, with the aim of incorporating regulatory amendments made after the previous issue and keeping the document aligned with industry best practices, including international practices.
Targets
No measurable targets regarding the impacts, risks, and opportunities associated with business conduct and tax compliance have been set for the time being. However, the Group monitors the effectiveness of its sustainability policies and actions through structured processes, including a whistleblowing system available to internal and external stakeholders. This system ensures the reporting and evaluation of any conduct that does not conform to corporate values, guaranteeing transparency, integrity, and effective monitoring of compliance with ethical and regulatory standards.
Furthermore, regarding tax conduct, the Group constantly raises employee awareness of proper tax compliance, with the aim of avoiding administrative tax penalties or disputes with the tax authorities. During the financial year, the Tax Risk Management and Compliance unit (TRM), in collaboration with Group HR, provided tax training courses,
288 Consolidated Financial Statements as at 30 June 2025
including: 2025 Budget Law; Tobin Tax; Collaborative Compliance Regime relating to Mediobanca’s entry into cooperative compliance.
G1-3 – Prevention and detection of corruption and bribery
To fight against corruption and comply with regulations, the Group has implemented internal rules, procedures, and controls, ensuring regular training activities. All Group Legal Entities subject to the Anti-Corruption Directive have adopted specific policies and procedures.
Preventing the risk of corruption and bribery is a key priority for the Group. As stated in the Policies mentioned above, the Group is committed to conducting its business according to the highest ethical standards, and does not tolerate any form of bribery or corruption.
At the same time, the Group’s Organization, Management, and Control Policy (hereinafter also the “Policy”) pursuant to Legislative Decree No. 231/2001 promotes a culture of legality within the company, preventing the commission of crimes related to company operations. This Policy includes principles of conduct and organizational measures that are binding on all recipients, with monitoring entrusted to the Supervisory Body, supported by the Group’s professional units, such as the Group Audit and Compliance & Group AML units and the Tax Risk Management unit, which carries out annual checks on some predicate offences under Law-Decree No. 231 and provides reports to the Boards of Mediobanca, Mediobanca Premier and Compass Banca.
This Policy, which is aligned with the industry’s best practices and the Guidelines of the Italian Banking Association (ABI) and Confindustria, constitutes a key element of the Group’s preventive control system. The document was drafted and implemented locally by each of the Group’s Italian Legal Entities, with the exception of Quarzo e Mediobanca Covered Bond, which are the special purpose vehicles of Compass and Mediobanca Premier.
The Policy rules apply to:
―Persons performing representation, administration, or management tasks within the company;
―Persons who exercise management and control over the company;
―All Company employees subject to management or supervision of the above-mentioned individuals;
Sustainability Reporting 289
―Self-employed workers, consultants, professionals, (business/financial) partners, suppliers, agents, and third parties acting on behalf, or in the interest, of the Company. Suppliers, business partners, and external networks are required to comply with the Code of Ethics and the Policy when signing the relevant contract, in accordance with corporate regulations.
An extract of the updated version of the Policy is available to all employees on the websites of the Parent Company and its subsidiaries, if they have an independent website, while the full version may be viewed on the respective Intranets.
Supervision of the operation of and compliance with the Policy is entrusted to the Supervisory Body, which has independent powers of initiative and control and meets adequate requirements of professionalism and integrity. The managers of the Group Legal Entities are required to cooperate with the Supervisory Body to prevent the commission of unlawful acts. The Supervisory Body maintains information flows to the Board of Directors, monitoring the effectiveness and adequacy of the Policy with respect to the company structure and its ability to prevent predicate offences. It ensures that the Policy maintains its robustness and functionality over time, adapting to new regulations and activities. It proposes updates to the Policy, collaborating with the relevant offices. In the event of violations, it promptly informs the Risk Committee (if any) and the Board of Directors.
The Policy also refers to the Whistleblowing Policy, which also ensures the reporting of possible cases of bribery and corruption. As required by the Policy, specific controls have been adopted to prevent the person receiving the report (i) from being hierarchically or functionally subordinate to the reported person, (ii) from being the alleged person responsible for the violation or (iii) from having a potential interest related to the report that could compromise his/her impartiality and independence of judgement. At Mediobanca, the person responsible for internal reporting systems is the Head of the Compliance unit.
The process for disclosing findings depends on whether the report is justified. If a report is found to be groundless, it is archived by the Manager with a note being sent to the Body with operational responsibilities and to the Head of Group Audit. If the report has been made in bad faith (i.e., with wilful intent or gross negligence), the Manager will inform the Head of Human Resources to assess possible disciplinary action.
If the report is found to be justified, the Manager will prepare an explanatory note with a proposal for action (e.g., initiation of disciplinary proceedings, possible measures to prevent the recurrence of such incidents, reporting to the judicial authorities) to be submitted to the Body with operational responsibilities and, if applicable, to the local HR representative.
290 Consolidated Financial Statements as at 30 June 2025
In more significant cases, the Manager will brief the Chairman of the Board of Directors and the Statutory Audit Committee. If the matter concerns the predicate offences governed by Policy under law No. 231/01, the Supervisory Body will also be notified.
To maintain a corruption-free corporate environment, the Bank has adopted various initiatives.
Mediobanca ensures adequate training on combating corruption for employees and senior management, with initiatives for new resources and regular refresher courses. The Compliance unit and HR department may arrange for further initiatives to raise awareness of this issue.
The Group provides a training course (e-learning) with a final test on the fight against corruption, on the Decree and on the Policy adopted. It also includes classroom sessions or other types of training, differentiated according to the recipients’ qualifications, risk level of the area in which they operate67, and the representation tasks performed on behalf of the Bank. 96% of these duties are the subject of training courses.
The Group’s senior management are also subject to specific training on this topic, and specific induction meetings may be organized at the time of Policy updates. The Board of Directors approves the Organization, Management, and Control Policy, the Code of Ethics, and the Code of Conduct.
During financial year 2024-2025, the Mediobanca Group received tax-related administrative penalties for negligible amounts attributable to mere operating errors. No significant instances of non-compliance with laws or regulations were noted in regard of tax matters. With regard to pending tax disputes, please refer to the Notes to the Accounts, Section 10. Provisions for risks and charges - Heading 100. Part B - Information on the Consolidated Balance Sheet.
Metrics
G1-4 – Confirmed incidents of corruption or bribery
In financial year 2024-2025, no incidents of corruption nor evidence that could lead to assuming the occurrence of such phenomena were found. No convictions or fines were reported for violations of the regulations against corruption and bribery.
67 The positions most at risk of corruption and bribery are generally business positions, the offices responsible for purchases and supplier management, and human resources.
Sustainability Reporting 291
The reports received through the whistleblowing channel did not, under any circumstance, concern issues related to potential incidents of corruption.
292 Consolidated Financial Statements as at 30 June 2025
Annexes – Taxonomy Templates
ANNEX VI: KPI GAR E KPI OFF-BALANCE-SHEET
Template 0: Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation

|  | Total environmentally sustainable assets (Turnover) | Total environmentally sustainable assets (CapEx) | Turnover KPI | CapEx KPI | % coverage (over total assets)
Main KPI | Green asset ratio (GAR) stock | 2,202 | 2,853 | 2.61% | 3.38% | 80.29%
| Total environmentally sustainable activities (Turnover) | Total environmentally sustainable activities (CapEx) | KPI | KPI | % coverage (over total assets)
Additional KPIs | GAR (flow) | 650 | 1,092 | 3.27% | 5.49% | 18.89%
Trading book* |  |  |  |  |
Financial guarantees | — | — | —% | —% |
Assets under management | 191 | 187 | 0.79% | 0.78% |
Fees and commissions income** |  |  |  |  |

Sustainability Reporting 293
Template 1: GAR Covered Assets (Turnover) (1 of 2)

Million EURTurnover based template | 2024-2025 |
Gross Carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE) | Total gross carrying amount
Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible)
| Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
| GAR - Covered assets in both numerator and denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 47,289 | 18,987 | 2,201 | — | 59 | 565 | 13 | 1 | — | 1 | 18 | — | — | — | 67 | — | — | — | 50 | — | — | — | — | — | — | — | 19,283 | 2,202 | — | 59 | 566 | 44,190
2 | Financial undertaking - GAR | 10,456 | 945 | 163 | — | 21 | 83 | — | — | — | — | 1 | — | — | — | 11 | — | — | — | — | — | — | — | — | — | — | — | 1,091 | 163 | — | 21 | 83 | 8,459
3 | Credit institutions | 3,048 | 698 | 60 | — | 20 | 2 | — | — | — | — | — | — | — | — | 4 | — | — | — | — | — | — | — | — | — | — | — | 702 | 60 | — | 20 | 2 | 3,557
4 | Credit institutions - Loans and advances | 2,409 | 520 | 46 | — | 18 | — | — | — | — | — | — | — | — | — | 3 | — | — | — | — | — | — | — | — | — | — | — | 523 | 46 | — | 18 | — | 2,904
5 | Credit institutions - Debt securities, including UoP | 640 | 178 | 14 | — | 2 | 2 | — | — | — | — | — | — | — | — | 1 | — | — | — | — | — | — | — | — | — | — | — | 179 | 14 | — | 2 | 2 | 653
6 | Credit institutions - Equity instruments | — | — | — |  | — | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | —
7 | Other Financial corporation | 7,408 | 247 | 102 | — | 1 | 81 | — | — | — | — | 1 | — | — | — | 7 | — | — | — | — | — | — | — | — | — | — | — | 389 | 102 | — | 1 | 81 | 4,902
8 | Of which investment firms | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
9 | Of which investment firms - Loans and advances | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
10 | Of which investment firms - Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
11 | Of which investment firms - Equity instruments | — | — | — |  | — | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | —
12 | Of which management companies | 303 | 38 | 20 | — | — | 17 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 47 | 20 | — | — | 17 | 194
13 | Of which management companies - Loans and advances | 92 | 29 | 18 | — | — | 15 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 38 | 18 | — | — | 15 | 44
14 | Of which management companies - Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
15 | Of which management companies - Equity instruments | 210 | 9 | 2 |  | — | 2 | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | 9 | 2 |  | — | 2 | 150
16 | Of which insurance undertakings | 205 | — | 10 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 35 | 10 | — | — | — | 602
17 | Of which insurance undertakings - Loans and advances | 5 | — | — | — | — | 0 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1 | — | — | — | — | 580
18 | Of which insurance undertakings - Debt securities, including UoP | 200 | — | 10 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 34 | 10 | — | — | — | 22
19 | Of which insurance undertakings - Equity instruments | — | — | — |  | — | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | — |  | — | — | —
20 | Non-Financial undertakings | 4,967 | 1,596 | 747 | — | 7 | 482 | 13 | 1 | — | 1 | 17 | — | — | — | 56 | — | — | — | 50 | — | — | — | — | — | — | — | 1,746 | 748 | — | 7 | 483 | 4,888
21 | NFCs subject to NFRD disclosure obligations - Loans and advances | 4,723 | 1,528 | 722 | — | 7 | 479 | 13 | 1 | — | 1 | 17 | — | — | — | 54 | — | — | — | 50 | — | — | — | — | — | — | — | 1,676 | 723 | — | 7 | 480 | 4,712
22 | NFCs subject to NFRD disclosure obligations - Debt securities, including UoP | 127 | 61 | 17 | — | — | 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 61 | 17 | — | — | 3 | 144
23 | NFCs subject to NFRD disclosure obligations - Equity instruments | 117 | 8 | 8 |  | — | — | — | — |  | — | — | — |  | — | 2 | — |  | — | — | — |  | — | — | — |  | — | 9 | 8 |  | — | — | 32
24 | Households | 31,851 | 16,447 | 1,291 | — | 31 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,447 | 1,291 | — | 31 | — | 30,817
25 | Of which loans collateralised by residential immovable property | 12,825 | 12,825 | 1,256 | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,2825 | 1,256 | — | — | — | 12,505
26 | Of which building renovation loans | — | — | — | — | — | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — | — | — | — | — | —
27 | Of which motor vehicle loans | 3,625 | 3,621 | 35 | — | 31 | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,621 | 35 | — | 31 | — | 3,632
28 | Local governments financing | 14 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 26
29 | Housing financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
30 | Other local government financing | 14 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 26

294 Consolidated Financial Statements as at 30 June 2025
Template 1: GAR Covered Assets (Turnover) (2 of 2)

Million EURTurnover based template | 2024-2025 |
Gross Carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE) | Total gross carrying amount
Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible) | Of which towards taxonomy relevant sectors (Taxonomy-eligible)
| Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned) |  | Of which environmentally sustainable (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 56 | 56 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 56 | — | — | — | — | 53
32 | Assets excluded from the numerator for GAR calculation (covered in the denominator) - GAR | 37,108 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 28,820
33 | Financial and Non-Financial undertaking - GAR | 12,239 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,456
34 | SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations | 10,737 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,584
35 | Loans and advances | 10,458 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,257
36 | of which loans collateralised by commercial immovable property | 640 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 866
37 | of which building renovation loans | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
38 | SMEs and NFCs (other than SMEs) not subject to NFRD - Debt securities | 187 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 148
39 | SMEs and NFCs (other than SMEs) not subject to NFRD - Equity instruments | 93 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 179
40 | Non-EU country counterparties not subject to NFRD disclosure obligations | 1,502 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,872
41 | Non-EU country counterparties not subject to NFRD disclosure obligations - Loans and advances | 1,486 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,863
42 | Non-EU country counterparties not subject to NFRD disclosure obligations - Debt securities | 16 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9
43 | Non-EU country counterparties not subject to NFRD disclosure obligations - Equity instruments | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
44 | Derivatives | 330 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 560
45 | On demand interbank loans | 717 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 629
46 | Cash and cash-related assets | 122 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 118
47 | Other categories of assets (e.g. Goodwill, commodities etc.) | 23,700 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,056
48 | Total GAR assets | 84,453 | 19,043 | 2,201 | — | 59 | 565 | 13 | 1 | — | 1 | 18 | — | — | — | 67 | — | — | — | 50 | — | — | — | — | — | — | — | 19,340 | 2,202 | — | 59 | 566 | 73,063
49 | Assets not covered for GAR calculation | 24,918 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,539
50 | Central governments and supranational issuers | 8,414 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,108
51 | Central banks exposure | 614 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,021
52 | Trading book | 15,890 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,409
53 | Total assets | 105,191 | 19,043 | 2,201 | — | 59 | 565 | 13 | 1 | — | 1 | 18 | — | — | — | 67 | — | — | — | 50 | — | — | — | — | — | — | — | 19,340 | 2,202 | — | 59 | 566 | 100,602
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations |
54 | Financial guarantees | 251 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,013
55 | Assets under management | 26,760 | 692 | 181 | — | 20 | 79 | 54 | 7 | — | 7 | 1 | Not in scope - from 2026 | — | Not in scope - from 2026 | 56 | Not in scope - from 2026 | — | Not in scope - from 2026 | 28 | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | 919 | 190 | — | 22 | 101 | 5,777
56 | Of which debt securities | 14,865 | 108 | 42 | — | 5 | 15 | 8 | 5 | — | 5 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | 5 | Not in scope - from 2026 | — | Not in scope - from 2026 | 0 | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | 180 | 47 | — | 5 | 20 | 1,557
57 | Of which equity instruments | 5,938 | 354 | 67 | — | 10 | 29 | 44 | — | — | — | — | Not in scope - from 2026 | — | Not in scope - from 2026 | 4 | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | — | Not in scope - from 2026 | 412 | 68 | — | 10 | 30 | 814

Template 1: GAR Covered Assets (CapEx)(1 of 2)
Million EUR
2024-2025
Sustainability Reporting 295
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WMR)
Circular economy (CE)
Pollution (P)
Biodiversity and Ecosystems (BE)
TOTAL (CCM + CCA + WMR + CE + P + BE)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Capex based template
Gross Carrying amount
Of which Use of proceeds
Of which transitional
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which transitional
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which transitional
Of which enabling
Total gross carrying amount
GAR - Covered assets in both numerator and
denominator
1
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation
47,289
20,250
2,850
—
62
988
158
3
—
1
40
—
—
—
72
—
—
—
8
—
—
—
1
—
—
—
20,955
2,853
—
62
989
44,190
2
Financial undertaking - GAR
10,456
1,840
209
—
22
115
1
—
—
—
1
—
—
—
10
—
—
—
—
—
—
—
—
—
—
—
2,030
209
—
22
115
8,459
3
Credit institutions
3,048
730
67
—
21
9
—
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
—
—
—
—
733
67
—
21
9
3,557
4
Credit institutions - Loans and advances
2,409
543
46
—
18
—
—
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
—
—
—
—
546
46
—
18
—
2,904
5
Credit institutions - Debt securities, including UoP
640
187
21
—
3
8
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
188
21
—
3
8
653
6
Credit institutions - Equity instruments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7
Other Financial corporation
7,408
1,110
142
—
1
106
1
—
—
—
1
—
—
—
7
—
—
—
—
—
—
—
—
—
—
—
1,297
142
—
1
106
4,902
8
Of which investment firms
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9
Of which investment firms - Loans and advances
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10
Of which investment firms - Debt securities, including UoP
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
11
Of which investment firms - Equity instruments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
12
Of which management companies
303
10
23
—
—
18
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
51
23
—
—
18
194
13
Of which management companies - Loans and advances
92
—
19
—
—
16
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
41
19
—
—
16
44
14
Of which management companies - Debt securities, including UoP
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
15
Of which management companies - Equity instruments
210
10
4
—
—
2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
11
4
—
—
3
150
16
Of which insurance undertakings
205
—
14
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
37
14
—
—
—
602
17
Of which insurance undertakings - Loans and advances
5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1
—
—
—
—
580
18
Of which insurance undertakings - Debt securities, including UoP
200
—
14
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
36
14
—
—
—
22
19
Of which insurance undertakings - Equity instruments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
20
Non-Financial undertakings
4,967
1,963
1,350
—
9
873
157
3
—
1
39
—
—
—
62
—
—
—
8
—
—
—
1
—
—
—
2,479
1,353
—
9
874
4,888
21
NFCs subject to NFRD disclosure obligations - Loans and advances
4,723
1,927
1,287
—
9
866
157
3
—
1
39
—
—
—
61
—
—
—
8
—
—
—
1
—
—
—
2,375
1,290
—
9
867
4,712
22
NFCs subject to NFRD disclosure obligations - Debt securities, including UoP
127
37
57
—
—
7
1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
84
57
—
—
7
144
23
NFCs subject to NFRD disclosure obligations - Equity instruments
117
—
6
—
—
—
—
—
—
—
—
—
—
—
2
—
—
—
—
—
—
—
—
—
—
—
20
6
—
—
—
32
24
Households
31,851
16,447
1,291
—
31
—
16,447
1,291
—
31
—
30,817
25
Of which loans collateralised by residential immovable property
12,825
12,825
1,256
—
—
—
12,825
1,256
—
—
—
12,505
26
Of which building renovation loans
—
—
—
—
—
—
—
—
—
—
—
—
27
Of which motor vehicle loans
3,625
3,621
35
—
31
—
3,621
35
—
31
—
3,632
28
Local governments financing
14
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
26
29
Housing financing
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
30
Other local government financing
14
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
26
31
Collateral obtained by taking possession: residential and commercial immovable properties
56
56
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
56
—
—
—
—
53
296 Consolidated Financial Statements as at 30 June 2025
Template 1: GAR Covered Assets (CapEx) (2 of 2)
2024-2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WMR)
Circular economy (CE)
Pollution (P)
Biodiversity and Ecosystems (BE)
TOTAL (CCM + CCA + WMR + CE + P + BE)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-aligned)
Million EUR
Capex based template
Gross Carrying amount
Of which Use of proceeds
Of which transitional
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which transitional
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which enabling
Of which Use of proceeds
Of which transitional
Of which enabling
Total gross carrying amount
GAR - Covered assets in both numerator and
denominator
32
Assets excluded from the numerator for GAR
calculation (covered in the denominator) - GAR
37,108
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
28,820
33
Financial and Non-Financial undertaking - GAR
12,239
12,456
34
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
10,737
9,584
35
Loans and advances
10,458
9,257
36
of which loans collateralised by commercial immovable property
640
866
37
of which building renovation loans
—
—
38
SMEs and NFCs (other than SMEs) not subject to NFRD - Debt securities
187
148
39
SMEs and NFCs (other than SMEs) not subject to NFRD - Equity instruments
93
179
40
Non-EU country counterparties not subject to NFRD disclosure obligations
1,502
2,872
41
Non-EU country counterparties not subject to NFRD disclosure obligations - Loans and advances
1,486
2,863
42
Non-EU country counterparties not subject to NFRD disclosure obligations - Debt securities
16
9
43
Non-EU country counterparties not subject to NFRD disclosure obligations - Equity instruments
—
—
44
Derivatives
330
560
45
On demand interbank loans
717
629
46
Cash and cash-related assets
122
118
47
Other categories of assets (e.g. Goodwill, commodities etc.)
23,700
15,056
48
Total GAR assets
84,453
20,306
2,850
—
62
988
158
3
—
1
40
—
—
—
72
—
—
—
—
8
—
—
—
1
—
—
—
21,011
2,853
—
62
989
73,063
49
Assets not covered for GAR calculation
24,918
27,539
50
Central governments and supranational issuers
8,414
9,108
51
Central banks exposure
614
3,021
52
Trading book
15,890
15,409
53
Total assets
105,191
20,306
2,850
—
62
988
158
3
—
1
40
—
—
—
72
—
—
—
—
8
—
—
—
1
—
—
—
21,011
2,853
—
62
989
100,602
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
251
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,013
55
Assets under management
26,760
518
177
—
12
86
23
8
—
6
1
Not in scope - from 2026
—
Not in scope - from 2026
38
Not in scope - from 2026
—
—
Not in scope - from 2026
15
Not in scope - from 2026
—
Not in scope - from 2026
1
Not in scope - from 2026
—
Not in scope - from 2026
757
187
—
14
117
5,777
56
Of which debt securities
14,865
182
51
—
5
21
7
5
—
5
—
Not in scope - from 2026
—
Not in scope - from 2026
—
Not in scope - from 2026
—
—
Not in scope - from 2026
—
Not in scope - from 2026
—
Not in scope - from 2026
—
Not in scope - from 2026
—
Not in scope - from 2026
249
56
—
5
30
1,557
57
Of which equity instruments
5,938
28
11
—
—
10
—
—
—
—
—
Not in scope - from 2026
—
Not in scope - from 2026
2
Not in scope - from 2026
—
—
Not in scope - from 2026
—
Not in scope - from 2026
—
Not in scope - from 2026
1
Not in scope - from 2026
—
Not in scope - from 2026
38
11
—
—
11
814
Sustainability Reporting 297
Template 2: GAR Sector information (Turnover)68(1 of 7)

| Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
| Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
| [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
| Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
1 | C17.12 Manufacture of paper and paperboard |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
2 | C17.21 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
3 | C20.11 Manufacture of industrial gases |  | 16 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 16 | — |
4 | C20.16 Manufacture of plastics in primary forms |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
5 | C22.11 Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres |  | 12 | 3 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 12 | 3 |
6 | C22.19 Manufacture of other rubber products |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
7 | C22.21 Manufacture of plastic plates, sheets, tubes and profiles |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
8 | C22.29 Manufacture of other plastic products |  | — | — |  |  | — | — |  |  | — | — |  |  | 69 | — |  |  | — | — |  |  | — | — |  |  | 69 | — |
9 | C23.13 Manufacture of hollow glass |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
10 | C23.51 Manufacture of cement |  | 30 | 2 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 30 | 2 |
11 | C23.91 Production of abrasive products |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |

68) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
298 Consolidated Financial Statements as at 30 June 2025
Template 2: GAR Sector information (Turnover)69 (2 of 7)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
12 | C24.31 Cold drawing of bars | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
13 | C24.42 Aluminium production | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
14 | C24.53 Casting of light metals | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
15 | C25.11 Manufacture of metal structures and parts of structures | 5 | 2 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 5 | 2 |
16 | C25.12 Manufacture of doors and windows of metal | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
17 | C25.40 Manufacture of weapons and ammunition | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
18 | C25.93 Manufacture of wire products, chain and springs | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
19 | C26.12 Manufacture of loaded electronic boards | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
20 | C26.51 Manufacture of instruments and appliances for measuring, testing and navigation | 15 | 6 |  |  | — | — |  |  | — | — |  |  | 15 | — |  |  | — | — |  |  | — | — |  |  | 15 | 6 |
21 | C26.60 Manufacture of irradiation, electromedical and electrotherapeutic equipment | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
22 | C27.31 Manufacture of fibre optic cables | 285 | 60 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 285 | 60 |
23 | C27.32 Manufacture of other electronic and electric wires and cables | 2 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 2 | — |

69) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
Sustainability Reporting 299
Template 2: GAR Sector information (Turnover)70 (3 of 7)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
24 | C27.40 Manufacture of electric lighting equipment |  | 1 | — |  |  | — | — |  |  | — | — |  |  | 1 | — |  |  | — | — |  |  | — | — |  |  | 1 | — |
25 | C27.51 Manufacture of electric domestic appliances |  | — | — |  |  | — | — |  |  | — | — |  |  | 32 | — |  |  | — | — |  |  | — | — |  |  | 32 | — |
26 | C27.90 Manufacture of other electrical equipment |  | 50 | 33 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 50 | 33 |
27 | C28.14 Manufacture of other taps and valves |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
28 | C28.15 Manufacture of bearings, gears, gearing and driving elements |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
29 | C28.21 Manufacture of ovens, furnaces and furnace burners |  | 20 | 13 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 20 | 13 |
30 | C28.25 Manufacture of non-domestic cooling and ventilation equipment |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
31 | C28.29 Manufacture of other general-purpose machinery n.e.c. |  | — | — |  |  | — | — |  |  | — | — |  |  | 185 | — |  |  | — | — |  |  | — | — |  |  | 185 | — |
32 | C28.41 Manufacture of metal forming machinery |  | 1 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 1 | — |
33 | C28.91 Manufacture of machinery for metallurgy |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |

70) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
300 Consolidated Financial Statements as at 30 June 2025
Template 2: GAR Sector information (Turnover)71 (4 of 7)

| Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
| Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
| [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
| Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
34 | C28.92 Manufacture of machinery for mining, quarrying and construction |  | 1 | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | 1 | — |
35 | C28.93 Manufacture of machinery for food, beverage and tobacco processing |  | — | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
36 | C29.10 Manufacture of motor vehicles |  | 428 | 31 |  |  | — | — |  |  | — | — |  | 9 | — |  |  | — | — |  |  | — | — |  |  | 441 | 31 |
37 | C30.91 Manufacture of motorcycles |  | 20 | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | 20 | — |
38 | D35.11 Production of electricity |  | 495 | 147 |  |  | — | — |  |  | 362 | — |  | 351 | — |  |  | 11 | — |  |  | — | — |  |  | 495 | 147 |
39 | D35.12 Transmission of electricity |  | 115 | 99 |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | 115 | 99 |
40 | D35.22 Distribution of gaseous fuels through mains |  | 228 | 45 |  |  | — | — |  |  | 125 | — |  | — | — |  |  | — | — |  |  | — | — |  |  | 228 | 45 |
41 | D35.30 Steam and air conditioning supply |  | 4 | 1 |  |  | — | — |  |  | 4 | — |  | — | — |  |  | 4 | — |  |  | — | — |  |  | 4 | 1 |
42 | E36.00 Water collection, treatment and supply |  | 11 | 2 |  |  | — | — |  |  | 11 | — |  | — | — |  |  | 11 | — |  |  | — | — |  |  | 11 | 2 |
43 | E38.11 Collection of non-hazardous waste |  | — | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
44 | E38.21 Treatment and disposal of non-hazardous waste |  | — | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
45 | F41.10 Development of building projects |  | — | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
46 | F41.20 Construction of residential and non-residential buildings |  | — | — |  |  | — | — |  |  | — | — |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |

71) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
Sustainability Reporting 301
Template 2: GAR Sector information (Turnover)72 (5 of 7)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
47 | F42.11 Construction of roads and motorways | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
48 | F42.12 Construction of railways and underground railways | 7 | 3 |  |  | 7 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 7 | 3 |
49 | F42.21 Construction of utility projects for fluids | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
50 | F42.22 Construction of utility projects for electricity and telecommunications | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
51 | F42.91 Construction of water projects | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
52 | F43.21 Electrical installation | 109 | 94 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 109 | 94 |
53 | F43.22 Plumbing, heat and air-conditioning installation | — | 2 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 12 | 2 |
54 | H49.10 Passenger rail transport, interurban | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
55 | H49.41 Freight transport by road | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
56 | H49.50 Transport via pipeline | 9 | 1 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 9 | 1 |
57 | H50.10 Sea and coastal passenger water transport | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
58 | H52.21 Service activities incidental to land transportation | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
59 | H52.22 Service activities incidental to water transportation | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |

72) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
302 Consolidated Financial Statements as at 30 June 2025
Template 2: GAR Sector information (Turnover)73 (6 of 7)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
60 | H53.10 Postal activities under universal service obligation | 29 | 1 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 29 | 1 |
61 | H53.20 Other postal and courier activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
62 | J59.11 Motion picture, video and television programme production activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
63 | J60.20 Television programming and broadcasting activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
64 | J61.10 Wired telecommunications activities | 52 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 52 | — |
65 | J61.20 Wireless telecommunications activities | — | — |  |  | 43 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 43 | — |
66 | J61.90 Other telecommunications activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
67 | J62.01 Computer programming activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 2 | — |
68 | J62.02 Computer consultancy activities | 47 | 1 |  |  | — | — |  |  | — | — |  |  | 47 | — |  |  | — | — |  |  | — | — |  |  | 47 | 1 |
69 | J62.09 Other information technology and computer service activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
70 | J63.11 Data processing, hosting and related activities | 10 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 10 | — |
71 | K65.12 Non-life insurance | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
72 | L68.10 Buying and selling of own real estate | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |

73) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
Sustainability Reporting 303
Template 2: GAR Sector information (Turnover)74 (7 di 7)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
73 | L68.20 Rental and operating of own or leased real estate | 3 | — |  |  | — | — |  |  | — | — |  |  | 3 | — |  |  | — | — |  |  | — | — |  |  | 3 | — |
74 | L68.31 Real estate agencies | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
75 | M71.12 Engineering activities and related technical consultancy | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 1 | — |
76 | M72.11 Research and experimental development on biotechnology | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
77 | M72.19 Other research and experimental development on natural sciences and engineering | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
78 | M72.20 Research and experimental development on social sciences and humanities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |
79 | N77.11 Rental and leasing of cars and light motor vehicles | 69 | 1 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 69 | 1 |
80 | P85.42 Tertiary education | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |

74) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
304 Consolidated Financial Statements as at 30 June 2025
Template 2: GAR Sector information (CapEx)75(1 of 6)

| Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
| Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
| [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
| Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
1 | C17.12 Manufacture of paper and paperboard | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
2 | C17.21 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
3 | C20.11 Manufacture of industrial gases | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
4 | C20.16 Manufacture of plastics in primary forms | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
5 | C22.11 Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres | 5 | 3 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 12 | 3 |  |
6 | C22.19 Manufacture of other rubber products | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
7 | C22.21 Manufacture of plastic plates, sheets, tubes and profiles | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
8 | C22.29 Manufacture of other plastic products | 69 | — |  |  | — | — |  |  | — | — |  |  | 69 | — |  |  | — | — |  |  | — | — |  |  | 69 | — |  |
9 | C23.13 Manufacture of hollow glass | 14 | — |  |  | 14 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 14 | — |  |
10 | C23.51 Manufacture of cement | 30 | 3 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 30 | 3 |  |
11 | C23.91 Production of abrasive products | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
12 | C24.31 Cold drawing of bars | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
13 | C24.42 Aluminium production | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
14 | C24.53 Casting of light metals | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |

75) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
Sustainability Reporting 305
Template 2: GAR Sector information (CapEx)76(2 of 6)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WMR)
Circular economy (CE)
Pollution (P)
Biodiversity and Ecosystems (BE)
TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
Non-Financial corporates (Subject to NFRD)
SMEs and other NFC not subject to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Breakdown by sector - NACE 4 digits level (code and label)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCA)
Mn EUR
Of which environmentally sustainable (CCA)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM)
Mn EUR
Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
Mn EUR
Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
15
C25.11 Manufacture of metal structures and parts of structures
—
2
—
—
—
—
—
—
—
—
—
—
5
2
16
C25.12 Manufacture of doors and windows of metal
—
—
—
—
—
—
—
—
—
—
—
—
—
—
17
C25.40 Manufacture of weapons and ammunition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
18
C25.93 Manufacture of wire products, chain and springs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
19
C26.12 Manufacture of loaded electronic boards
—
—
—
—
—
—
—
—
—
—
—
—
—
—
20
C26.51 Manufacture of instruments and appliances for measuring, testing and navigation
15
7
—
—
—
—
15
—
—
—
—
—
15
7
21
C26.60 Manufacture of irradiation, electromedical and electrotherapeutic equipment
—
—
—
—
—
—
—
—
—
—
—
—
—
—
22
C27.31 Manufacture of fibre optic cables
285
185
—
—
—
—
—
—
—
—
—
—
285
185
23
C27.32 Manufacture of other electronic and electric wires and cables
2
1
—
—
—
—
—
—
—
—
—
—
2
1
24
C27.40 Manufacture of electric lighting equipment
1
—
—
—
—
—
—
—
—
—
—
—
1
—
25
C27.51 Manufacture of electric domestic appliances
13
—
—
—
—
—
13
—
—
—
—
—
32
—
26
C27.90 Manufacture of other electrical equipment
50
19
—
—
—
—
—
—
—
—
—
—
50
19
27
C28.14 Manufacture of other taps and valves
—
—
—
—
—
—
—
—
—
—
—
—
7
—
76) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
306 Consolidated Financial Statements as at 30 June 2025
Template 2: GAR Sector information (CapEx)77(3 of 6)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
28 | C28.15 Manufacture of bearings, gears, gearing and driving elements | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
29 | C28.21 Manufacture of ovens, furnaces and furnace burners | 20 | 8 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 20 | 8 |  |
30 | C28.25 Manufacture of non-domestic cooling and ventilation equipment | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
31 | C28.29 Manufacture of other general-purpose machinery n.e.c. | 185 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 185 | — |  |
32 | C28.41 Manufacture of metal forming machinery | 1 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 1 | — |  |
33 | C28.91 Manufacture of machinery for metallurgy | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
34 | C28.92 Manufacture of machinery for mining, quarrying and construction | 1 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 1 | — |  |
35 | C28.93 Manufacture of machinery for food, beverage and tobacco processing | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
36 | C29.10 Manufacture of motor vehicles | 428 | 146 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 441 | 146 |  |
37 | C30.91 Manufacture of motorcycles | 20 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 20 | — |  |  | 20 | — |  |
38 | D35.11 Production of electricity | 446 | 322 |  |  | — | — |  |  | 362 | — |  |  | 362 | — |  |  | 351 | — |  |  | — | — |  |  | 495 | 322 |  |
39 | D35.12 Transmission of electricity | 115 | 114 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 115 | 114 |  |
40 | D35.22 Distribution of gaseous fuels | 228 | 131 |  |  | 103 | 1 |  |  | 125 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 228 | 132 |  |

77) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
Sustainability Reporting 307
through mains
Template 2: GAR Sector information (CapEx)78(4 of 6)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
41 | D35.30 Steam and air conditioning supply | 4 | 3 |  |  | — | — |  |  | 4 | — |  |  | 4 | — |  |  | — | — |  |  | — | — |  |  | 4 | 3 |  |
42 | E36.00 Water collection, treatment and supply | 11 | 8 |  |  | — | — |  |  | 11 | — |  |  | 11 | — |  |  | — | — |  |  | — | — |  |  | 11 | 8 |  |
43 | E38.11 Collection of non-hazardous waste | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
44 | E38.21 Treatment and disposal of non-hazardous waste | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
45 | F41.10 Development of building projects | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
46 | F41.20 Construction of residential and non-residential buildings | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
47 | F42.11 Construction of roads and motorways | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
48 | F42.12 Construction of railways and underground railways | 7 | 5 |  |  | 7 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 7 | 5 |  |
49 | F42.21 Construction of utility projects for fluids | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
50 | F42.22 Construction of utility projects for electricity and telecommunications | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
51 | F42.91 Construction of water projects | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
52 | F43.21 Electrical installation | 109 | 104 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 109 | 104 |  |
53 | F43.22 Plumbing, heat and air-conditioning installation | — | 7 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 12 | 7 |  |
54 | H49.10 Passenger rail transport, interurban | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |

78) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
308 Consolidated Financial Statements as at 30 June 2025
Template 2: GAR Sector information (CapEx)79(5 of 6)

| Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
| Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
| [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
| Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
55 | H49.41 Freight transport by road | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
56 | H49.50 Transport via pipeline | 9 | 3 |  |  | 9 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 9 | 3 |  |
57 | H50.10 Sea and coastal passenger water transport | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
58 | H52.21 Service activities incidental to land transportation | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
59 | H52.22 Service activities incidental to water transportation | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
60 | H53.10 Postal activities under universal service obligation | 29 | 1 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 29 | 1 |  |
61 | H53.20 Other postal and courier activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
62 | J59.11 Motion picture, video and television programme production activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
63 | J60.20 Television programming and broadcasting activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
64 | J61.10 Wired telecommunications activities | 84 | — |  |  | 52 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 84 | — |  |
65 | J61.20 Wireless telecommunications activities | 43 | — |  |  | 43 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 43 | — |  |
66 | J61.90 Other telecommunications activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
67 | J62.01 Computer programming activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 2 | — |  |

79) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
Sustainability Reporting 309
Template 2: GAR Sector information (CapEx)80(6 of 6)

Breakdown by sector - NACE 4 digits level (code and label) | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount
Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCA) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE) | Mn EUR | Of which environmentally sustainable (CCM + CCA + WMR + CE + P + BE)
68 | J62.02 Computer consultancy activities | 47 | 1 |  |  | — | — |  |  | — | — |  |  | 47 | — |  |  | — | — |  |  | — | — |  |  | 47 | 1 |  |
69 | J62.09 Other information technology and computer service activities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
70 | J63.11 Data processing, hosting and related activities | 10 | — |  |  | 10 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 10 | — |  |
71 | K65.12 Non-life insurance | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
72 | L68.10 Buying and selling of own real estate | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
73 | L68.20 Rental and operating of own or leased real estate | 3 | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 3 | — |  |
74 | L68.31 Real estate agencies | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
75 | M71.12 Engineering activities and related technical consultancy | — | 1 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 1 | 1 |  |
76 | M72.11 Research and experimental development on biotechnology | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
77 | M72.19 Other research and experimental development on natural sciences and engineering | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
78 | M72.20 Research and experimental development on social sciences and humanities | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |
79 | N77.11 Rental and leasing of cars and light motor vehicles | 69 | 1 |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | 69 | 1 |  |
80 | P85.42 Tertiary education | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |  | — | — |  |

80) The Group specifies that for SPVs and holding companies, the NACE of the parent company of the SPV and of the debtor receiving the financing was considered, respectively, in line with the content of point 4 of Regulation (EU) 2022/2453.
310 Consolidated Financial Statements as at 30 June 2025
Template 3: GAR KPIs Stock (Turnover)

% (compared to total covered assets in the denominator)Turnover based template |  | 2024-2025
Climate Change Mitigation (CCM) |  |  |  |  |  | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | Proportion of total assets covered
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which adaptation | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling |
| GAR - Covered assets in both numerator and denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 22% | 3% | —% | —% | 1% | 0% | 0% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 23% | 3% | —% | —% | 1% | 45%
2 | Financial undertakings | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 10%
3 | Credit institutions | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | 0% | —% | —% | —% | 3%
4 | Loans and advances | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | 0% | —% | —% | —% | 2%
5 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 0% | 0% | —% | —% | —% | 1%
6 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
7 | Other Financial corporation | —% | —% | —% | —% | —% | —% | —% | —% | —% | 0% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 7%
8 | Of which investment firms | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
9 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
10 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
11 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
12 | Of which management companies | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
13 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
14 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
15 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | 0% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
16 | Of which insurance undertakings | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
17 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
18 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
19 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
20 | Non-Financial undertakings | 2% | 1% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 2% | 1% | —% | —% | 1% | 5%
20.1 | NFCs subject to NFRD disclosure obligations | 2% | 1% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 2% | 1% | —% | —% | 1% | 5%
21 | Loans and advances | 2% | 1% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 2% | 1% | —% | —% | 1% | 4%
22 | Debt securities, including UoP | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
23 | Equity instruments | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | —% | —% | —% | —% | —% | —%
24 | Households | 19% | 2% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 19% | 2% | —% | —% | —% | 30%
25 | Of which loans collateralised by residential immovable property | 15% | 1% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 15% | 1% | —% | —% | —% | 12%
26 | Of which building renovation loans | —% | —% | —% | —% | —% | —% | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —% | —% | —% | —% | —% | —%
27 | Of which motor vehicle loans | 4% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 4% | —% | —% | —% | —% | 3%
28 | Local governments financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
29 | House financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
30 | Other local government financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
31 | Collateral obtained by taking possession: residential and commercial immovable properties | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
32 | Total GAR assets | 23% | 3% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 23% | 3% | —% | 0% | 1% | 80%

Sustainability Reporting 311
Template 3: GAR KPIs Stock (CapEx) (1 of 2)

% (compared to total covered assets in the denominator)CapEx based template |  |  | 2024-2025
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE) | Proportion of total assets covered
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which adaptation | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling |
| GAR - Covered assets in both numerator and denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 24% | 3% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 25% | 3% | —% | —% | 1% | 45%
2 | Financial undertakings | 2% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 2% | —% | —% | —% | —% | 10%
3 | Credit institutions | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 3%
4 | Loans and advances | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 2%
5 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 0% | —% | —% | —% | —% | 1%
6 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
7 | Other Financial corporation | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 2% | —% | —% | —% | —% | 7%
8 | Of which investment firms | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
9 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
10 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
11 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
12 | Of which management companies | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
13 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
14 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
15 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
16 | Of which insurance undertakings | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
17 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
18 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
19 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%

312 Consolidated Financial Statements as at 30 June 2025
Template 3: GAR KPIs Stock (CapEx) (2 of 2)

% (compared to total covered assets in the denominator)CapEx based template | 2024-2025
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE) | Proportion of total assets covered
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which adaptation | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling |
| GAR - Covered assets in both numerator and denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
20 | Non-Financial undertakings | 2% | 2% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 3% | 2% | —% | —% | 1% | 5%
21 | Loans and advances | 2% | 2% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 3% | 2% | —% | —% | 1% | 4%
22 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 0% | 0% | —% | —% | —% | —%
23 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
24 | Households | 19% | 2% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 19% | 2% | —% | —% | —% | 30%
25 | Of which loans collateralised by residential immovable property | 15% | 1% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 15% | 1% | —% | —% | —% | 12%
26 | Of which building renovation loans | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | —% | —% | —% | —% | —% | —%
27 | Of which motor vehicle loans | 4% | —% | —% | —% | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4% | —% | —% | —% | —% | 3%
28 | Local governments financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
29 | House financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
30 | Other local government financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
31 | Collateral obtained by taking possession: residential and commercial immovable properties | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
32 | Total GAR assets | 24% | 3% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 25% | 3% | —% | —% | 1% | 80%

Sustainability Reporting 313
Template 4: GAR KPIs Flow (Turnover)

% (compared to flow of total eligible assets)Turnover based template) |  |  | 2024-2025
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE) | Proportion of total new assets covered
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which adaptation | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
| GAR - Covered assets in both numerator and denominator
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 18% | 3% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 19% | 3% | —% | —% | 1% | 91%
2 | Financial undertakings | 2% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 2% | —% | —% | —% | —% | 36%
3 | Credit institutions | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 5%
4 | Loans and advances | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 5%
5 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
6 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
7 | Other Financial corporation | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 31%
7,1 | of which others | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 31%
7,2 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 31%
7,3 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
7,4 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
8 | Of which investment firms | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
9 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
10 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
11 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
12 | Of which management companies | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
13 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
14 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
15 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
16 | Of which insurance undertakings | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
17 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
18 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
19 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
20 | Non-Financial undertakings | 5% | 2% | —% | —% | 1% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 6% | 2% | —% | —% | 1% | 14%
21 | Loans and advances | 5% | 2% | —% | —% | 1% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 6% | 2% | —% | —% | 1% | 14%
22 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | —% | —% | —% | —% | —% | —%
23 | Equity instruments | —% | —% | —% | —% | —% | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —% | —% | —% | —% | —% | —%
24 | Households | 11% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 11% | 1% | —% | —% | —% | 41%
25 | Of which loans collateralised by residential immovable property | 5% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 5% | 1% | —% | —% | —% | 5%
26 | Of which building renovation loans | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
27 | Of which motor vehicle loans | 6% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 6% | —% | —% | —% | —% | 6%
28 | Local governments financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
29 | House financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
30 | Other local government financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
31 | Collateral obtained by taking possession: residential and commercial immovable properties | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
32 | Total GAR assets | 18% | 3% | —% | —% | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 18% | 3% | —% | —% | 1% | 100%

314 Consolidated Financial Statements as at 30 June 2025
Template 4: GAR KPIs Flow (CapEx)

% (compared to flow of total eligible assets)CapEx based template |  | 2024-2025
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE) | Proportion of total new assets covered
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which adaptation | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which adaptation | Of which enabling |
| GAR - Covered assets in both numerator and denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 24% | 5% | —% | —% | 3% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 25% | 5% | —% | —% | 3% | 91%
2 | Financial undertakings | 6% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 6% | —% | —% | —% | —% | 36%
3 | Credit institutions | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 5%
4 | Loans and advances | 1% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 1% | —% | —% | —% | —% | 5%
5 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
6 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
7 | Other Financial corporation | 5% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 5% | —% | —% | —% | —% | 31%
8 | Of which investment firms | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
9 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
10 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
11 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
12 | Of which management companies | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
13 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
14 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
15 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
16 | Of which insurance undertakings | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
17 | Loans and advances | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
18 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
19 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
20 | Non-Financial undertakings | 7% | 5% | —% | —% | 3% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 8% | 5% | —% | —% | 3% | 14%
21 | NFCs subject to NFRD disclosure obligations | 7% | 5% | —% | —% | 3% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 8% | 5% | —% | —% | 3% | 14%
22 | Debt securities, including UoP | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
23 | Equity instruments | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —% |  | —% | —% | —%
24 | Households | 11% | 1% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 11% | 1% | —% | —% | —% | 41%
25 | Of which loans collateralised by residential immovable property | 5% | 1% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | 5% | 1% | —% | —% | —% | 5%
26 | Of which building renovation loans | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% |  |  |  |  | —% | —% | —% | —% |  |  |  |  |  |  |  |  | —% | —% | —% | —% | —% | —%
27 | Of which motor vehicle loans | 6% | —% | —% | —% | —% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6% | —% | —% | —% | —% | 6%
28 | Local governments financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
29 | House financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
30 | Other local government financing | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
31 | Collateral obtained by taking possession: residential and commercial immovable properties | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —%
32 | Total GAR assets | 24% | 5% | —% | —% | 3% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% | 24% | 5% | —% | —% | 3% | 100%

Sustainability Reporting 315
Template 5: FinGar, AuM KPIs – Stock (Turnover)

|  |  | 2024-2025
% (compared to total eligible off-balance sheet assets)Turnover based template - stock | Total (gross) carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
Off-balance sheet exposures - Undertakings subject to NFRD
54 | Financial guarantees (FinGuar KPI) | 0.93% | —% | —% | —% | —% | —% | —% | —% | —% | —% | —% |  | —% |  | —% |  | —% |  | —% |  | —% |  | —% |  | —% |  | —% | —% | —% | —% | —%
55 | Assets under management (AuM KPI) | 99.07% | 2.56% | 0.67% | —% | 0.07% | 0.29% | 0.20% | 0.03% | —% | 0.02% | —% | Not in scope - from 2026 | —% | Not in scope - from 2026 | 0.21% | Not in scope - from 2026 | —% | Not in scope - from 2026 | 0.10% | Not in scope - from 2026 | —% | Not in scope - from 2026 | —% | Not in scope - from 2026 | —% | Not in scope - from 2026 | 3.40% | 0.71% | —% | 0.08% | 0.37%

Template 5: FinGar, AuM KPIs – Stock (CapEx)

|  |  | 2023-2024
% (compared to total eligible off-balance sheet assets)CapEx based template - stock | Total (gross) carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
Off-balance sheet exposures - Undertakings subject to NFRD
54 | Financial guarantees (FinGuar KPI) | 0.93% | —% | —% |  | —% | —% | —% | —% |  | —% | —% |  |  |  | —% |  |  |  | —% |  |  |  | —% |  |  |  | —% | —% |  | —% | —%
55 | Assets under management (AuM KPI) | 99.07% | 1.92% | 0.66% |  | 0.04% | 0.32% | 0.09% | 0.03% |  | 0.02% | —% | Not in scope - from 2026 |  | Not in scope - from 2026 | 0.14% | Not in scope - from 2026 |  | Not in scope - from 2026 | 0.05% | Not in scope - from 2026 |  | Not in scope - from 2026 | —% | Not in scope - from 2026 |  | Not in scope - from 2026 | 2.80% | 0.69% |  | 0.05% | 0.43%

316 Consolidated Financial Statements as at 30 June 2025
Template 5: FinGar, AuM KPIs – Flow (Turnover)

|  |  | 2024-20252024-2025
% (compared to total eligible off-balance sheet assets)Turnover based template - Flow | Total (gross) carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
Off-balance sheet exposures - Undertakings subject to NFRD
54 | Financial guarantees (FinGuar KPI) | 0.29% | —% | —% |  | —% | —% | —% | —% |  | —% | —% |  |  |  | —% |  |  |  | —% |  |  |  | —% |  |  |  | —% | —% |  | —% | —%
55 | Assets under management (AuM KPI) | 99.71% | 2.75% | 0.71% |  | 0.09% | 0.36% | 0.24% | 0.04% |  | 0.04% | —% |  |  |  | 0.28% |  |  |  | 0.12% |  |  |  | —% |  |  |  | 2.31% | 0.59% |  | 0.04% | 0.34%

Template 5: FinGar, AuM KPIs – Flow (CapEx)

|  |  | 2024-2025
% (compared to total eligible off-balance sheet assets)CapEx based template - Flow | Total (gross) carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WMR) | Circular economy (CE) | Pollution (P) | Biodiversity and Ecosystems (BE) | TOTAL (CCM + CCA + WMR + CE + P + BE)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |  | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
|  | Of which Use of proceeds | Of which transitional | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which enabling |  |  | Of which Use of proceeds | Of which transitional | Of which enabling
Off-balance sheet exposures - Undertakings subject to NFRD
54 | Financial guarantees (FinGuar KPI) | 0.29% | —% | —% |  | —% | —% | —% | —% |  | —% | —% |  |  |  | —% |  |  |  | —% |  |  |  | —% |  |  |  | —% | —% |  | —% | —%
55 | Assets under management (AuM KPI) | 99.71% | 2.09% | 0.77% |  | 0.05% | 0.36% | 0.10% | 0.04% |  | 0.04% | 0.01% |  |  |  | 0.17% |  |  |  | 0.06% |  |  |  | 0.01% |  |  |  | 3.06% | 0.82% |  | 0.05% | 0.47%

Sustainability Reporting 317
ANNEX XII: DISCLOSURES ON NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (GAR STOCK)
Template 1: Nuclear and fossil gas related activities

Row | Nuclear energy related activities
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | NO
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | YES
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | YES
Row | Fossil gas related activities
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | YES
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous | YES
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES

318 Consolidated Financial Statements as at 30 June 2025
Template 2: Taxonomy-aligned economic activities (denominator) – Turnover

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 345.– | —% | 345.– | —% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 29,770.– | 0.04% | 29,770.– | 0.04% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3,720.– | —% | 3,720.– | —% |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3,720.– | —% | 3,720.– | —% |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 2,164,606.– | 2.56% | 2,163,498.– | 2.55% | 1,108.– | —%
8 | Total applicable KPI | 2,202,161.– | 2.61% | 2,201,053.– | 2.59% | 1,108.– | —%

Sustainability Reporting 319
Template 2: Taxonomy-aligned economic activities (denominator) – CapEx

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 341.– | —% | 341.– | —% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 37,212.– | 0.04% | 37,212.– | 0.04% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 6,320.– | 0.01% | 6,320.– | 0.01% |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3,720.– | —% | 3,720.– | —% |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 2,805,394.– | 3.32% | 2,802,613.– | 3.30% | 2,781.– | —%
8 | Total applicable KPI | 2,852,987.– | 3.38% | 2,850,206.– | 3.36% | 2,781.– | —%

320 Consolidated Financial Statements as at 30 June 2025
Template 3: Taxonomy-aligned economic activities (numerator) – Turnover

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 1,360.– | 0.06% | 1,360.– | 0.06% |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 33,854.– | 1.54% | 33,854.– | 1.54% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 2.– | —% | 2.– | —% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 614.– | 0.03% |  |  | 614.– | 0.03%
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 2,166,331.– | 98.37% | 2,165,837.– | 98.35% | 494.– | 0.02%
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 2,202,161.– | 100.–% | 2,201,053.– | 99.95% | 1,108.– | 0.05%

Sustainability Reporting 321
Template 3: Taxonomy-aligned economic activities (numerator) – CapEx

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 443.– | 0.02% | 443.– | 0.02% |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 43,663.– | 1.53% | 43,663.– | 1.53% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 221.– | 0.01% | 221.– | 0.01% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 2,808,660.– | 98.45% | 2,805,879.– | 98.35% | 2,781.– | 0.10%
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 2,852,987.– | 100.–% | 2,850,206.– | 99.90% | 2,781.– | 0.10%

322 Consolidated Financial Statements as at 30 June 2025
Template 4: Taxonomy-eligible but not Taxonomy-aligned economic activities - Turnover81

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 47,424.– | 0.06% | 47,424.– | 0.06% |  |
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 73,458.– | 0.09% | 73,458.– | 0.09% |  |
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 3,719.– | —% | 3,719.– | —% |  |
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 16,729,507.– | 19.81% | 16,717,352.– | 19.68% | 12,155.– | 0.01%
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 16,854,108.– | 19.96% | 16,841,953.– | 19.83% | 12,155.– | 0.01%

81 As the data supplied by the info-provider do not always refer to the eligibility percentages versus the individual environmental objectives (because such data is not disclosed in the CNFS of the counterparties analysed), the templates will be published only at the TOTAL level.
Sustainability Reporting 323
Template 4: Taxonomy-eligible but not Taxonomy-aligned economic activities - CapEx82

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 2.– | —% | 2.– | —% |  |
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 42,350.– | 0.05% | 42,216.– | 0.05% | 134.– | —%
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 95,520.– | 0.11% | 95,520.– | 0.11% |  |
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 3,728.– | —% | 3,728.– | —% |  |
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 17,469,788.– | 20.69% | 17,314,353.– | 20.39% | 155,435.– | 0.18%
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 17,611,388.– | 20.85% | 17,455,819.– | 20.55% | 155,569.– | 0.18%

82 As the data supplied by the info-provider do not always refer to the eligibility percentages versus the individual environmental objectives (because such data is not disclosed in the CNFS of the counterparties analysed), the templates will be published only at the TOTAL level.
324 Consolidated Financial Statements as at 30 June 2025
Template 5: Taxonomy non-eligible economic activities - Turnover

| Economic activities – Turnover based | Amount | %
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
2 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 178.– | —%
3 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1,373.– | —%
4 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
5 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
6 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 65,168,245.– | 77.16%
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 65,169,796.– | 77.17%

Sustainability Reporting 325
Template 5: Taxonomy non-eligible economic activities - CapEx

| Economic Activities – CapEx based | Amount | %
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
2 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
3 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1,326.– | —%
4 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
5 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
6 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 63,496,748.– | 75.19%
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 63,498,074.– | 75.19%

326 Consolidated Financial Statements as at 30 June 2025
ANNEX XII: DISCLOSURES ON NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (GAR FLOW)
Template 1: Nuclear and fossil gas related activities

Row | Nuclear energy related activities
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | NO
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | YES
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | YES
Row | Fossil gas related activities
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | YES
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous | YES
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES

Sustainability Reporting 327
Template 2: Taxonomy-aligned economic activities (denominator) – Turnover

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 140.– | —% | 140.– | —% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 29,696.– | 0.15% | 29,696.– | 0.15% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3,711.– | 0.02% | 3,711.– | 0.02% |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3,711.– | 0.02% | 3,711.– | 0.02% |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 613,112.– | 3.08% | 612,762.– | 3.08% | 350.– | —%
8 | Total applicable KPI | 650,370.– | 3.27% | 650,020.– | 3.27% | 350.– | —%

328 Consolidated Financial Statements as at 30 June 2025
Template 2: Taxonomy-aligned economic activities (denominator) – CapEx

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 136.– | —% | 136.– | —% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 37,119.– | 0.19% | 37,119.– | 0.19% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 6,310.– | 0.03% | 6,310.– | 0.03% |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3,711.– | 0.02% | 3,711.– | 0.02% |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 1,044,711.– | 5.26% | 1,043,559.– | 5.25% | 1,152.– | 0.01%
8 | Total applicable KPI | 1,091,987.– | 5.49% | 1,090,835.– | 5.49% | 1,152.– | 0.01%

Sustainability Reporting 329
Template 3: Taxonomy-aligned economic activities (numerator) – Turnover

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 1,361.– | 0.21% | 1,361.– | 0.21% |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 11,017.– | 1.69% | 11,017.– | 1.69% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 2.– | —% | 2.– | —% |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 637,990.– | 98.10% | 637,640.– | 98.04% | 350.– | 0.05%
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 650,370.– | 100.–% | 650,020.– | 99.95% | 350.– | 0.05%

Template 3: Taxonomy-aligned economic activities (numerator) – CapEx
Amount and proportion (the information is to be presented in monetary amounts and as percentages)
CCM + CCA
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Economic activities – CapEx based
Amount
%
Amount
%
Amount
%
330 Consolidated Financial Statements as at 30 June 2025

1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 16,035.– | 1.47% | 16,035.– | 1.47% |  |
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI |  | —% |  |  |  |
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 1,075,952.– | 98.53% | 1,074,800.– | 98.43% | 1,152.– | 0.11%
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 1,091,987.– | 100.–% | 1,090,835.– | 99.89% | 1,152.– | 0.11%

Template 4: Taxonomy-eligible but not Taxonomy-aligned economic activities - Turnover83
83 As the data supplied by the info-provider do not always refer to the eligibility percentages versus the individual
Sustainability Reporting 331

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 29,683.– | 0.15% | 29,683.– | 0.15% |  |
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 56,072.– | 0.28% | 56,072.– | 0.28% |  |
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 3,710.– | 0.02% | 3,710.– | 0.02% |  |
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 2,849,105.– | 14.33% | 2,845,235.– | 14.32% | 3,870.– | 0.02%
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 2,938,570.– | 14.78% | 2,934,700.– | 14.77% | 3,870.– | 0.02%

Template 4: Taxonomy-eligible but not Taxonomy-aligned economic activities - CapEx84
environmental objectives (because such data is not disclosed in the CNFS of the counterparties analysed), the templates will be published only at the TOTAL level.
84) Se footnote above.
332 Consolidated Financial Statements as at 30 June 2025

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  | —% |  |  |  |
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 2.– | —% | 2.– | —% |  |
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 37,926.– | 0.19% | 37,792.– | 0.19% | 134.– | —%
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 39,105.– | 0.20% | 39,105.– | 0.20% |  |
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 3,718.– | 0.02% | 3,718.– | 0.02% |  |
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 3,578,901.– | 18.01% | 3,529,426.– | 17.76% | 49,475.– | 0.25%
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 3,659,652.– | 18.41% | 3,610,043.– | 18.16% | 49,609.– | 0.25%

Template 5: Taxonomy non-eligible economic activities - Turnover
Economic activities – Turnover based
Amount
%
Sustainability Reporting 333

1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
2 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 178.– | —%
3 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 744.– | —%
4 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
5 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
6 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 16,109,985.– | 81.05%
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 16,110,907.– | 81.06%

334 Consolidated Financial Statements as at 30 June 2025
Template 5: Taxonomy non-eligible economic activities - CapEx

| Economic Activities – CapEx based | Amount | %
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
2 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
3 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 207.– | —%
4 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
5 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
6 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |  |
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 14,877,540.– | 74.85%
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 14,877,747.– | 74.85%

Sustainability Reporting 335
ANNEX XII: DISCLOSURES ON NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (AuM KPI)
Template 1: Nuclear and fossil gas related activities

Row | Nuclear energy related activities
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | YES
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | YES
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | YES
Row |  |
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | YES
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous | YES
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES

336 Consolidated Financial Statements as at 30 June 2025
Template 2: Taxonomy-aligned economic activities (denominator) – Turnover

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 3.09 | —% | 3.09 | —% | — | —%
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 4,211.91 | 0.02% | 4,209.03 | 0.02% | — | —%
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 8,002.91 | 0.03% | 8,002.91 | 0.03% | — | —%
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 28.34 | —% | 28.34 | —% | — | —%
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 152.46 | —% | 138.59 | —% | 4.77 | —%
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 68.53 | —% | 68.53 | —% | — | —%
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 178,460.64 | 0.67% | 168,155.60 | 0.63% | 7,442.68 | 0.03%
8 | Total applicable KPI | 190,448.36 | 0.71% | 180,606.10 | 0.67% | 7,447.46 | 0.03%

Sustainability Reporting 337
Template 2: Taxonomy-aligned economic activities (denominator) – CapEx

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 7.83 | —% | 7.83 | —% | — | —%
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 4,030.25 | 0.02% | 4,030.25 | 0.02% | — | —%
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 10,208.66 | 0.04% | 10,208.66 | 0.04% | — | —%
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 195.98 | —% | 195.98 | —% | — | —%
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 489.43 | —% | 489.43 | —% | — | —%
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the denominator of the applicable KPI | 95.96 | —% | 93.39 | —% | 2.57 | —%
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 172,312.55 | 0.64% | 162,054.83 | 0.61% | 8,376.60 | 0.03%
8 | Total applicable KPI | 187,184.85 | 0.70% | 177,080.36 | 0.66% | 8,379.17 | 0.03%

338 Consolidated Financial Statements as at 30 June 2025
Template 3: Taxonomy-aligned economic activities (numerator) – Turnover

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 387.67 | 0.20% | 387.67 | 0.20% | — | —%
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 4,479.46 | 2.34% | 4,479.46 | 2.35% | — | —%
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 9,728.81 | 5.10% | 9,728.77 | 5.11% | 0.04 | —%
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 11.04 | 0.01% | 11.04 | 0.01% | — | —%
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 3,329.61 | 1.75% | 3,290.62 | 1.73% | 38.61 | 0.02%
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 128.26 | 0.07% | 128.26 | 0.07% | — | —%
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 172,435.26 | 90.54% | 162,580.28 | 85.37% | 7,408.80 | 3.89%
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 190,448.36 | 100.–% | 180,606.10 | 94.83% | 7,447.46 | 3.91%

Sustainability Reporting 339
Template 3: Taxonomy-aligned economic activities (numerator) – CapEx

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 26.75 | 0.01% | 26.75 | 0.01% | — | —%
2 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 6,268.64 | 3.35% | 6,268.64 | 3.35% | — | —%
3 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 7,038.– | 3.74% | 7,013.31 | 3.75% | 24.69 | 0.01%
4 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 152.42 | 0.08% | 152.42 | 0.08% | — | —%
5 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 3,908.73 | 2.09% | 3,908.73 | 2.09% | — | —%
6 | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/ 2139 in the numerator of the applicable KPI | 1,448.87 | 0.77% | 1,448.87 | 0.77% | — | —%
7 | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 168,371.62 | 89.95% | 158,261.63 | 84.55% | 8,354.48 | 4.46%
8 | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 187,184.85 | 100.–% | 177,080.36 | 94.60% | 8,379.17 | 4.48%

340 Consolidated Financial Statements as at 30 June 2025
Template 4: Taxonomy-eligible but not Taxonomy-aligned economic activities - Turnover85

| Economic activities – Turnover based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 202.33 | —% | 202.33 | —% | — | —%
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 205.80 | —% | 205.80 | —% | — | —%
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 612.03 | —% | 612.03 | —% | — | —%
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 6,870.72 | 0.03% | 6,784.27 | 0.03% | 0.13 | —%
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 57,495.62 | 0.21% | 12,580.95 | 0.05% | 38.62 | —%
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 445.14 | —% | 413.94 | —% | — | —%
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 662,790.36 | 2.48% | 490,196.59 | 1.83% | 46,506.04 | 0.17%
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 728,606.13 | 2.72% | 510,995.91 | 1.91% | 46,544.78 | 0.17%

85 As the data supplied by the info-provider do not always refer to the eligibility percentages versus the individual environmental objectives (because such data is not disclosed in the CNFS of the counterparties analysed), the templates will be published only at the TOTAL level.
Sustainability Reporting 341
Template 4: Taxonomy-eligible but not Taxonomy-aligned economic activities - CapEx86

| Economic activities – CapEx based | Amount and proportion (the information is to be presented in monetary amounts and as percentages)
| CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA)
| Amount | % | Amount | % | Amount | %
1 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 56.37 | —% | 56.37 | —% | — | —%
2 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1.53 | —% | 1.53 | —% | — | —%
3 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 163.26 | —% | 163.26 | —% | — | —%
4 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 3,746.05 | 0.01% | 3,613.20 | 0.01% | 68.94 | —%
5 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 34,534.77 | 0.13% | 9,812.85 | 0.04% | — | —%
6 | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 797.32 | —% | 779.36 | —% | — | —%
7 | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 530,821.61 | 1.98% | 326,112.12 | 1.22% | 14,749.82 | 0.06%
8 | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 570,120.93 | 2.13% | 340,538.69 | 1.27% | 14,818.76 | 0.06%

Template 5: Taxonomy non-eligible economic activities - Turnover
86 As the data supplied by the info-provider do not always refer to the eligibility percentages versus the individual environmental objectives (because such data is not disclosed in the CNFS of the counterparties analysed, the templates will be published only at the TOTAL level.
342 Consolidated Financial Statements as at 30 June 2025

Row | Economic activities – Turnover based | Amount | %
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 73.29 | —%
2 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 584.19 | —%
3 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1,030.14 | —%
4 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 28.48 | —%
5 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 3,854.06 | 0.01%
6 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 74.98 | —%
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 25,835,352.35 | 96.54%
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 25,840,997.49 | 96.57%

Sustainability Reporting 343
Template 5: Taxonomy non-eligible economic activities - CapEx

Row | Economic Activities – CapEx based | Amount | %
1 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0.52 | —%
2 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 912.51 | —%
3 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 497.48 | —%
4 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 12.23 | —%
5 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 739.41 | —%
6 | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1.51 | —%
7 | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 26,000,582.54 | 97.16%
8 | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 26,002,746.19 | 97.17%

344 Consolidated Financial Statements as at 30 June 2025
ANNEX XII: DISCLOSURES ON NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (FinGar KPI)
Template 1: Nuclear and fossil gas related activities

Row | Nuclear energy related activities
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | NO
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | NO
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | NO
Row | Fossil gas related activities
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | NO
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous | NO
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | NO

Sustainability Reporting 345
ANNEX IV TEMPLATE: TEMPLATE FOR KPIs OF ASSET MANAGERS
Annex IV - Asset Managers template

The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below: | The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities, with following weights for investments in undertakings per below:
Turnover-based: 0.79% | Turnover-based: 190,448.36
CapEx—based: 0.78% | CapEx-based: 187,184.85
The percentage of assets covered by the KPI relative to total investments (total AuM). Excluding investments in sovereign entities | The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.
Coverage ratio: 89.79% | Coverage: 24,028,528.45
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI. | The value in monetary amounts of derivatives:.
0% | 0
The proportion of exposures to EU financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: For non-financial undertakings: | Value of exposures to EU financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: 29.14% | For non-financial undertakings: 7,001,833.50
For financial undertakings: 5.18% | For financial undertakings: 1,244,293.88
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | Value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: 34.38% | For non-financial undertakings: 8,261,414.95
For financial undertakings: 6.78% | For financial undertakings: 1,629,544.36
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: 6.27% | For non-financial undertakings: 1,506,500.96
For financial undertakings: 2.36% | For financial undertakings: 567,161.89
The proportion of exposures to other counterparties over total assets covered by the KPI: | Value of exposures to other counterparties:
15.89% | 3,817,778.90
The value of all the investments that are funding economic activities that are not taxonomy-eligible relative to the value of total assets covered by the KPI: | Value of all the investments that are funding economic activities that are not taxonomy-eligible:
46.90% (Turnover); 43.89% (CapEx) | 11,269,421.39 (Turnover); 10,545,403.59(CapEx)
The value of all the investments that are funding taxonomy-eligible economic activities, but not taxonomy-aligned relative to the value of total assets covered by the KPI: | Value of all the investments that are funding Taxonomy- eligible economic activities, but not taxonomy- aligned:
3.03% (Turnover); 2.37% (CapEx) | 728,606.13 (Turnover); 570,120.93 (CapEx)
Additional, complementary disclosures: breakdown of numerator of the KPI

346 Consolidated Financial Statements as at 30 June 2025

The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: | For non-financial undertakings:
Turnover-based: 0.50% | Turnover-based: 120,747.95
Capital expenditures-based: 0.72% | Capital expenditures-based: 171,986.80
For financial undertakings: | For financial undertakings:
Turnover-based: 0.11% | .Turnover-based: 26,891.61
Capital expenditures-based: 0.03% | Capital expenditures-based: 8,000.87
The proportion of taxonomy-aligned exposures to other counterparties in over total assets covered by the KPI: | Value of taxonomy-aligned exposures to other counterparties:
Turnover-based: 0.18% | Turnover-based: 42,808.80
Capital expenditures-based: 0.03% | Capital expenditures-based: 7,197.18
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities –:
1. Climate change mitigation | Turnover: 0.75% | Transitional activities: 0.08%; 0.05% (Turnover; CapEx)
CapEx: 0.74% | Enabling activities: 0.33%; 0.36% (Turnover; CapEx)
2. Climate change adaptation | Turnover: 0.03% | Transitional activities: NA
CapEx: 0.03% | Enabling activities: 0.03%; 0.03% (Turnover; CapEx)
3. The sustainable use and protection of water and marine resources | Turnover: NA | Transitional activities: NA
CapEx: NA | Enabling activities: NA
4. The transition to a circular economy | Turnover: NA | Transitional activities: NA
CapEx: NA | Enabling activities: NA
5. Pollution prevention and control | Turnover: NA | Transitional activities: NA
CapEx: NA | Enabling activities: NA
6. The protection and restoration of biodiversity and ecosystems | Turnover: NA | Transitional activities: NA
CapEx: NA | Enabling activities: NA

CONSOLIDATED FINANCIAL STATEMENTS
348 Consolidated Financial Statements as at 30 June 2025
Consolidated Balance Sheet

|  | (€’000)
Asset items | 30 June 2025 | 30 June 2024
10. Cash and Cash Equivalents | 1,033,735 | 3,361,150
20. Financial assets measured at fair value through profit or loss | 18,241,006 | 16,787,866
a) financial assets held for trading | 15,889,997 | 15,409,451
b) financial assets designated at fair value | 1,659,448 | 719,215
c) other financial assets mandatorily measured at fair value | 691,561 | 659,200
30. Financial assets measured at fair value through other comprehensive income | 5,393,024 | 6,905,703
40. Financial assets measured at amortized cost | 70,315,458 | 64,158,936
a) due from banks | 5,132,240 | 5,527,291
b) due from customers | 65,183,218 | 58,631,645
50. Hedging derivatives | 329,708 | 705,549
60. Value adjustment to generic hedging financial assets (+/-) | — | —
70. Equity investments | 3,988,826 | 3,789,216
80. Insurance business | — | —
a) issued insurance contracts that constitute assets | — | —
a) reinsurance contracts ceded that constitute assets | — | —
90. Tangible assets | 637,479 | 549,617
100. Intangible assets | 1,087,593 | 1,045,432
Which includes: |  |
goodwill | 856,839 | 827,313
110. Tax assets | 627,067 | 754,812
a) current | 323,696 | 350,699
b) prepaid | 303,371 | 404,113
120. Non-current assets and asset groups held for sale | — | —
130. Other assets | 2,298,276 | 1,167,993
Total assets | 103,952,172 | 99,226,274

Consolidated Financial Statements 349

|  | (€’000)
Liabilities and net equity | 30 June 2025 | 30 June 2024
10. Financial liabilities measured at amortized cost | 75,183,290 | 70,321,563
a) due to banks | 12,347,364 | 10,962,115
b) due to customers | 34,091,725 | 34,104,548
c) securities in issue | 28,744,201 | 25,254,900
20. Trading financial liabilities | 8,987,758 | 9,504,710
30. Financial liabilities designated at fair value | 5,046,671 | 4,239,199
40. Hedging derivatives | 1,037,377 | 1,431,642
50. Value adjustment to generic hedging financial liabilities (+/-) | — | —
60. Tax liabilities | 706,702 | 749,647
a) current | 345,029 | 359,882
b) deferred | 361,673 | 389,765
70. Liabilities associated with assets held for sale | — | —
80. Other liabilities | 1,574,007 | 1,488,427
90. Provision for statutory end-of-service payments | 18,905 | 20,445
100. Provisions for risks and charges | 114,597 | 137,691
a) commitments and guarantees issued | 19,754 | 21,396
b) post-employment and similar benefits | 241 | —
c) other provisions for risks and charges | 94,602 | 116,295
110. Insurance liabilities | 82,422 | 89,765
a) issued insurance contracts that constitute liabilities | 82,422 | 89,765
a) reinsurance contracts ceded that constitute liabilities | — | —
120. Revaluation reserves | (215,469) | (68,578)
130. Redeemable shares | — | —
140. Equity instruments | — | —
150. Reserves | 8,142,436 | 7,380,974
160. Share premium | 1,854,182 | 2,195,606
170. Capital | 444,681 | 444,515
180. Treasury shares (-) | (369,631) | (68,828)
190. Equity attributable to minority interests (+/-) | 14,108 | 86,114
200. Profit (Loss) for the year (+/-) | 1,330,136 | 1,273,382
Total liabilities and net equity | 103,952,172 | 99,226,274

350 Consolidated Financial Statements as at 30 June 2025
Consolidated Profit and Loss Account

|  | (€’000)
Items | 30 June 2025 | 30 June 2024
10. Interest and similar income | 3,901,898 | 3,973,022
of which: interest income calculated according to the effective interest method | 3,276,459 | 3,237,324
20. Interest and similar charges | (2,050,130) | (2,025,489)
30. Interest margin | 1,851,768 | 1,947,533
40. Commission income | 1,172,369 | 992,546
50. Commission expenses | (220,764) | (181,406)
60. Net fee income | 951,605 | 811,140
70. Dividends and similar income | 172,782 | 138,027
80. Net trading income | 220,373 | 39,684
90. Net hedging income (expense) | (9,623) | 2,083
100. Gains (losses) on disposal/repurchase of: | 48,669 | 8,090
a) financial assets measured at amortized cost | (1,668) | 606
b) financial assets measured at fair value through other comprehensive income | 53,549 | 6,431
c) financial liabilities | (3,212) | 1,053
110. Net income from other financial assets and liabilities measured at fair value through profit or loss | (196,108) | 34,129
a) financial assets and liabilities designated at fair value | (214,838) | 12,041
b) other financial assets mandatorily measured at fair value | 18,730 | 22,088
120. Total revenues | 3,039,466 | 2,980,686
130. Net value adjustments/write-backs for credit risk: | (230,244) | (248,274)
a) financial assets measured at amortized cost | (232,657) | (246,276)
b) financial assets measured at fair value through other comprehensive income | 2,413 | (1,998)
140. Gains (losses) from contractual modifications without derecognition | (191) | (159)
150. Net income from financial operations | 2,809,031 | 2,732,253
160. Income from insurance services | 21,231 | 21,365
A) insurance revenues from insurance contracts issued | 29,714 | 30,851
b) costs for insurance services arising from insurance contracts issued | (8,483) | (9,486)
c) insurance revenues from insurance contracts ceded | — | —
d) costs for insurance services arising from insurance contracts ceded | — | —
170. Balance of financial revenues and costs from insurance operations | (243) | (143)
a) financial costs / revenues relating to insurance contracts issued | (243) | (143)
b) financial costs / revenues relating to insurance contracts ceded | — | —
180. Net profit from financial and insurance activities | 2,830,019 | 2,753,475
190. Administrative expenses: | (1,639,342) | (1,592,999)
a) personnel costs | (856,521) | (807,070)
b) other administrative expenses | (782,821) | (785,929)
200. Net transfers to provisions for risks and charges | (5,442) | (2,968)
a) commitments and guarantees issued | 1,641 | 765
b) other net provisions | (7,083) | (3,733)
210. Net value adjustments to /write-backs of tangible assets | (78,619) | (71,112)
220. Net value adjustments to /write-backs of intangible assets | (28,803) | (80,474)
230. Other operating expense / income | 205,756 | 195,683
240. Operating costs | (1,546,450) | (1,551,870)
250. Gains (losses) on equity investments | 496,821 | 510,406
260. Net income from fair value measurement of tangible and intangible assets | (373) | (1,610)
270. Value adjustments to goodwill | (4,385) | —
280. Gains (losses) on disposal of investments | (50) | 90
290. Profit (Loss) on ordinary operations before tax | 1,775,582 | 1,710,491
300. Income tax for the year on ordinary operations | (444,446) | (433,972)
310. Profit (Loss) on ordinary operations after tax | 1,331,136 | 1,276,519
320. Gains (losses) of ceded operating assets, after tax | — | —
330. Profit (Loss) for the year | 1,331,136 | 1,276,519
340. Profit (Loss) for the period attributable to minority interests | (1,000) | (3,137)
350. Net profit (loss) for the period attributable to Mediobanca | 1,330,136 | 1,273,382

Consolidated Financial Statements 351
Statement of Consolidated Comprehensive Income
(€’000)

| 30 June 2025 | 30 June 2024
10.Profit (Loss) for the year | 1,331,136 | 1,276,519
Other income items after tax without transfers through profit or loss | 11,369 | (32,081)
20.Equity securities designated at fair value through other comprehensive income | (1,598) | 10,438
30.Financial liabilities designated at fair value through profit or loss (changes in own credit risk) | 7,695 | (27,509)
40.Hedging of equity securities designated at fair value through other comprehensive income | — | —
50.Tangible assets | — | —
60.Intangible assets | — | —
70.Defined benefit plans | (117) | 258
80.Non-current assets and asset groups held for sale | — | —
90.Portion of valuation reserves of equity-accounted investments | 5,389 | (15,268)
100.Financial costs or revenues relating to insurance contracts issued | — | —
Other income components after taxes with reversal to the income statement | (155,986) | (90,705)
110.Foreign investment hedges | — | —
120.Currency exchange gains/losses | (3,179) | 6,515
130.Cash flow hedges | (179,718) | (158,734)
140.Hedging instruments (non-designated items) | — | —
150.Financial assets (other than equity securities) measured at fair value through other comprehensive income | 50,895 | 42,847
160.Non-current assets held for sale | — | —
170.Portion of valuation reserves of equity-accounted investments | (23,984) | 18,667
180.Financial costs or revenues relating to insurance contracts issued | — | —
190.Financial costs or revenues relating to insurance contracts ceded | — | —
200.Total other income items after tax | (144,617) | (122,786)
210Comprehensive income (Item 10+200) | 1,186,519 | 1,153,733
220.Consolidated comprehensive income attributable to minority interests | 1,045 | 3,118
230.Consolidated comprehensive income attributable to Mediobanca | 1,185,474 | 1,150,615

352 Consolidated Financial Statements as at 30 June 2025
Statement of Changes in Consolidated Net Equity
(€’000)
Changes for the year
Allocation of profit (loss) for the previous period
Net equity transactions
Total net equity at 30/6/2024
Reserves
Dividends and other allocations
Changes in reserves
Newly issued shares
Treasury shares purchased
Interim dividends
Extraordinary dividend payouts
Changes to equity instruments
Treasury share derivatives
Stock options
Changes in equity investments
Comprehensive income for the year
Total net equity at 30/6/2025
Net equity attributable to the Group at 30/6/2025
Net equity attributable to minority interests at 30/6/2025

Capital: | 461,144 |  | — | — | — | 166 | — | — | — |  | — | — | — | (16,591) | — | 444,719 | 444,681 | 38
a) ordinary shares | 461,144 |  | — | — | — | 166 | — | — | — |  | — | — | — | (16,591) | — | 444,719 | 444,681 | 38
b) other shares | — |  | — | — | — | — | — | — | — |  | — | — | — | — | — | — | — | —
Share premium | 2,197,454 |  | — | — | 935 | — | (342,359) | — | — |  | — | — | — | — | — | 1,856,030 | 1,854,182 | 1,848
Reserves: | 7,866,640 |  | 855,369 | (463,007) | 32,968 | — | 323,688 | — | (24,000) | (2) | — | — | 16,748 | — | — | 8,608,405 | 8,597,212 | 11,193
a) retained earnings | 7,775,891 |  | 855,369 | (463,007) | 30,739 | — | — | — | (24,000) | (2) | — | — | — | — | — | 8,174,993 | 8,164,427 | 10,566
b) other | 90,748 |  | — | — | 2,229 | — | 323,688 | — | — |  | — | — | 16,748 | — | — | 433,412 | 432,785 | 627
Revaluation reserves | (68,594) |  | — | — | (2,229) | — | — | — | — |  | — | — | — | — | (144,617) | (215,440) | (215,469) | 29
Capital instruments | — |  | — | — | — | — | — | — | — |  | — | — | — | — | — | — | — | —
Interim dividends | (421,150) | (1) | — | 421,150 | — | — | — | (454,777) | — |  | — | — | — | — | — | (454,777) | (454,777) | —
Treasury shares | (68,828) |  | — | — | — | — | (300,803) | — | — |  | — | — | — | — | — | (369,631) | (369,631) | —
Profit (Loss) for the year | 1,276,519 |  | (1,276,519) | — | — | — | — | — | — |  | — | — | — | — | 1,331,136 | 1,331,136 | 1,330,136 | 1,000
Total net equity | 11,243,185 |  | (421,150) | (41,857) | 31,674 | 166 | (319,474) | (454,777) | (24,000) |  | — | — | 16,748 | (16,591) | 1,186,519 | 11,200,443 | X | X
Net equity attributable to the Group | 11,157,071 |  | (421,150) | (41,857) | 33,531 | 166 | (319,474) | (454,777) | — |  | — | — | 16,748 | 30,603 | 1,185,474 | X | 11.186.335 | X
Net equity attributable to minority interests | 86,114 |  | — | — | (1,857) | — | — | — | (24,000) |  | — | — | — | (47,194) | 1,045 | X | X | 14,108

(1)This refers to the advance payout of May 2024. This represents the effects of the purchases of treasury shares under the approved buyback plan.
(2)This represents the extraordinary distribution of reserves made by Selma.
Consolidated Financial Statements 353
Statement of Changes in Consolidated Net Equity
(€’000)
Changes for the year
Allocation of profit (loss) for the previous period
Net equity transactions
Total net equity at 30/6/2023(*)
Reserves
Dividends and other allocations
Changes in reserves
Newly issued shares
Treasury shares purchased
Interim dividends
Extraordinary dividend payouts
Changes to equity instruments
Treasury share derivatives
Stock options (1)
Changes in equity investments
Comprehensive income for the year
Total net equity at 30/6/2024
Net equity attributable to the Group at 30/6/2024
Net equity attributable to minority interests at 30/6/2024

Capital: | 460,798 | — | — | — | 346 | — |  | — | — | — | — | — | — | — | 461,144 | 444,515 | 16,629
a) ordinary shares | 460,798 | — | — | — | 346 | — |  | — | — | — | — | — | — | — | 461,144 | 444,515 | 16,629
b) other shares | — | — | — | — | — | — |  | — | — | — | — | — | — | — | — | — | —
Share premium | 2,197,454 | — | — | — | — | — |  | — | — | — | — | — | — | — | 2,197,454 | 2,195,606 | 1,848
Reserves: | 7,759,051 | 1,029,020 | (713,361) | (23,999) | (346) | (198,548) |  | — | — | — | — | 15,703 | — | — | 7,866,640 | 7,802,124 | 64,516
a) retained earnings | 7,914,545 | 1,029,020 | (713,361) | (453,087) | (346) | — |  | — | — | — | — | — | — | — | 7,775,891 | 7,712,002 | 63,889
b) other | (155,494) | — | — | 429,088 | — | (198,548) |  | — | — | — | — | 15,703 | — | — | 90,748 | 90,121 | 627
Revaluation reserves | 62,130 | — | — | (7,938) | — | — |  | — | — | — | — | — | — | (122,786) | (68,594) | (68,578) | (16)
Capital instruments | — | — | — | — | — | — |  | — | — | — | — | — | — | — | — | — | —
Interim dividends | — | — | — | — | — | — |  | (421,150) | — | — | — | — | — | — | (421,150) | (421,150) | —
Treasury shares | (78,876) | — | — | — | — | 10,048 | (2) | — | — | — | — | — | — | — | (68,828) | (68,828) | —
Profit (Loss) for the year | 1,029,020 | (1,029,020) | — | — | — | — |  | — | — | — | — | — | — | 1,276,519 | 1,276,519 | 1,273,382 | 3,137
Total net equity | 11,429,577 | — | (713,361) | (31,937) | — | (188,500) |  | (421,150) | — | — | — | 15,703 | — | 1,153,733 | 11,243,185 | X | X
Net equity attributable to the Group | 11,325,434 | — | (713,361) | (10,790) | — | (188,500) |  | (421,150) | — | — | — | 15,703 | — | 1,150,615 | X | 11,157,071 | X
Net equity attributable to minority interests | 104,143 | — | — | (21,147) | — | — |  | — | — | — | — | — | — | 3,118 | X | X | 86,114

(*) The figures relating to the previous financial year were restated following the retrospective adoption of the accounting standard IFRS 17 – Insurance Contracts
(1) This represents the effects of performance shares.
(2) This concerns the cancellation (on 11 June 2024, by resolution dated 28 October 2023) of 17,000,000 treasury shares without reduction of the share capital.
354 Consolidated Financial Statements as at 30 June 2025
Consolidated Cash Flow Statement Direct Method
(€’000)
Amount

|  | 30 June 2025 | 30 June 2024
A. | CASH FLOWS FROM OPERATING ACTIVITIES |  |
1. | Waste | (658,046) | 1,062,621
| Interest collected | 5,017,764 | 6,130,322
| interest paid (-) | (3,619,558) | (3,367,714)
| - dividends and similar income (+) | 151,402 | 131,426
| - net fees and commission income (+/-) | 308,856 | 337,141
| - personnel costs (-) | (627,739) | (620,371)
| - net revenues collected and costs paid on insurance contracts issued and ceded (+/-) | (9,110) | (9,943)
| - other costs (-) | (1,457,958) | (1,147,871)
| - other revenues (+) | 149,696 | 108,893
| - taxes and duties (-) | (571,399) | (499,262)
| - expenses/income from asset groups held for sale after tax effect (+/-) | — | —
2. | Cash inflow/outflow from financial assets | (835,657) | (4,755,400)
| - financial assets held for trading | (48,950) | (4,854,086)
| - financial assets designated at fair value | (882,745) | (112,950)
| - financial assets mandatorily measured at fair value | (23,566) | (70,780)
| - Financial assets measured at fair value through other comprehensive income | 1,614,801 | (734,747)
| - financial assets measured at amortized cost | (1,863,862) | 1,849,078
| - other assets | 368,665 | (831,915)
3. | Cash inflow/outflow from financial liabilities | 267,237 | 4,106,320
| - financial liabilities measured at amortized cost | 738,076 | 3,339,104
| - financial liabilities held for trading | (906,895) | (745,520)
| - financial liabilities designated at fair value | 308,744 | 1,446,306
| - other liabilities | 127,312 | 66,430
4. | Cash inflow/outflow arising from insurance contracts issues and ceded | 23,490 | 25,967
| - insurance contracts issued that constitute assets/liabilities(+/-) | 23,490 | 25,967
| - insurance contracts ceded that constitute assets/liabilities(+/-) | — | —
| Net cash inflow/outflow from operating activities | (1,202,976) | 439,508
B. | CASH FLOWS FROM INVESTING ACTIVITIES |  |
1. | Cash generated from: | 303,119 | 371,626
| - disposal of shareholdings | — | 100,001
| - dividends received in respect of equity investments | 302,867 | 271,497
| - disposals of tangible assets | 252 | 128
| - disposals of intangible assets | — | —
| - disposals of subsidiaries or business units | — | —
2. | Cash outflows arising from: | (145,598) | (352,578)
| - purchases of shareholdings | — | (264,967)
| - purchases of tangible assets | (103,545) | (51,161)
| - purchases of intangible assets | (42,053) | (36,505)
| - purchases of subsidiaries or business units | — | 55
| Net cash inflow/outflow from investing activities | 157,521 | 19,048
C. | CASH FLOWS FROM FUNDING ACTIVITIES |  |
| - issue/purchase of treasury shares | (342,359) | (187,595)
| - issue/ purchase of capital instruments | 3,183 | 6,252
| - distribution of dividends and other purposes | (942,784) | (1,153,045)
| - sales/acquisition of control by minority interests | — | —
| Net cash inflow/outflow from funding activities | (1,281,960) | (1,334,388)
| NET CASH INFLOW/OUTFLOW DURING THE PERIOD | (2,327,415) | (875,832)

Consolidated Financial Statements 355
Reconciliation
(€’000)
Accounting items
Amount

| 31 June 2025 | 30 June 2024
Cash and cash equivalents: balance at start of period | 3,361,150 | 4,236,982
Total cash inflow/outflow during the period | (2,327,415) | (875,832)
Cash and cash equivalents: exchange rate effect | — | —
Cash and cash equivalents: balance at end of period | 1,033,735 | 3,361,150

NOTES TO THE ACCOUNTS
Table of Contents 357
NOTES TO THE ACCOUNTS

Part A - Accounting Policies | 358
A.1 – General Part | 358
Section 1 - Statement of Compliance with IAS/IFRS | 358
Section 2 - General Basis of Preparation | 359
Section 3 - Area and Methods of Consolidation | 367
Section 4 - Events Subsequent to the Reporting Date | 373
Section 5 - Other Aspects | 373
A.2 - Significant Accounting Policies | 375
A.3 - Information on transfers between financial asset portfolios | 401
A.4 - Information on Fair Value | 402
A.5 - Disclosure on “day one profit/loss” | 421
Part B - Notes to the Consolidated Balance Sheet | 422
Assets | 422
Section 1 - Heading 10: Cash and Cash Equivalents | 422
Section 2 - Heading 20: Financial Assets Measured at Fair Value through Profit or Loss | 423
Section 3 - Heading 30: Financial Assets Measured at Fair Value through Other Comprehensive Income | 427
Section 4 - Heading 40: Financial Assets Measured at Amortized Cost | 430
Section 5 - Heading 50: Hedging Derivatives | 433
Section 7 - Heading 70: Equity Investments | 435
Section 9 - Heading 90: Property, Plant and Equipment | 442
Section 10 - Heading 100: Intangible Assets | 448
Section 11 - Asset Heading 110 and Liability Heading 60: Tax Assets and Liabilities | 461
Section 13 - Heading 130: Other Assets | 468
Liabilities | 469
Section 1 - Heading 10: Financial Liabilities Measured at Amortized Cost | 469
Section 2 - Heading 20: Trading Liabilities | 472
Section 3 - Heading 30: Financial Liabilities Designated at Fair Value | 473
Section 4 - Heading 40: Hedging Derivatives | 475
Section 6 - Heading 60: Tax Liabilities | 477
Section 7 - Heading 70: Liabilities associated with assets being discontinued | 477
Section 8 - Heading 80: Other Liabilities | 477
Section 9 - Heading 90: Provision for Statutory End-of-Service Payments | 478
Section 10 - Heading 100: Provisions for Risks and Charges | 479
Section 11 - Heading 110: Technical Reserves | 484
Section 13 - Headings 120, 130, 140, 150, 160, 170 and 180: Net Equity | 489
Section 14 - Heading 190: Net Equity Attributable to Minority Interests | 491

358 Consolidated Financial Statements as at 30 June 2025

Other Information | 492
Part C - Notes to the Consolidated Profit and Loss Account | 499
Section 1 - Headings 10 and 20: Net Interest Income | 499
Section 2 - Headings 40 and 50: Net fee and commission income | 501
Section 3 - Heading 70: Dividends and Similar Income | 503
Section 4 - Heading 80: Net Trading Income | 504
Section 5 - Heading 90: Net Hedging Income (Expense) | 505
Section 6 - Heading 100: Net Gains (Losses) on Disposals/Repurchases | 505
Section 7 - Heading 110: Net income from other financial assets and liabilities measured at fair value through profit or loss | 506
Section 8 - Heading 130: Net value adjustments for credit risk | 507
Section 9 - Heading 140: Net gains (losses) from modifications without derecognition | 509
Section 10 - Heading 160 - Income from insurance services | 510
Section 11 - Heading 170 - Balance of financial revenues and costs relating to insurance activities | 512
Section 12 - Heading 190: Administrative Expenses | 514
Section 13 - Heading 200: Net Transfers to Provisions | 515
Section 14 - Heading 210: Net Adjustments to Tangible Assets | 516
Section 15 - Heading 220: Net Adjustments to Intangible Assets | 517
Section 16 - Heading 230: Other Operating Income (Expense) | 518
Section 17 - Heading 250: Gains (Losses) on Equity Investments | 519
Section 18 - Heading 260: Net income from fair value measurement of tangible and intangible assets | 520
Section 19 - Heading 270: Write-downs to goodwill | 521
Section 20 - Heading 280: Gains (losses) upon disposal of investments | 521
Section 21 - Heading 300: Income Tax on Ordinary Activities | 522
Section 23 - Heading 340: Profit (loss) for the year attributable to minority interests | 524
Section 25 - Earning per Share | 525
Part D – Consolidated comprehensive income | 526
Part E - Information on Risks and Related Hedging Policies | 527
Introduction | 527
Section 1 – Consolidated Accounting Risks | 527
Section 2 – Consolidated Prudential Risks | 537
Part F - Information on Consolidated Capital | 650
Section 1 - Consolidated capital | 650
Section 2 - Own Funds and Banking Supervisory Ratios | 652
Part G - Combinations Involving Group Companies or Business Units | 658
Part H – Related-Party Transactions | 659

Table of Contents 359

Part I - Share-Based Payment Schemes | 662
Part L - Segment Reporting | 666
Part M – Disclosure on Leases | 674

360 Consolidated Financial Statements as at 30 June 2025
Part A - Accounting Policies
A.1 - General Part
SECTION 1
Statement of Compliance with IAS/IFRS
The consolidated financial statements as at 30 June 2025, as required by Italian Legislative Decree No. 38 of 28 February 2005, were drawn up in accordance with the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB), and the respective interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), which were adopted by the European Commission in accordance with the procedure laid down in Article 6 of Regulation (EC) No. 1606/2002 issued by the European Parliament and Council on 19 July 2002. In particular, account was taken of the “Instructions on preparing statutory and consolidated financial statements for banks and financial companies which control banking groups” issued by the Bank of Italy under Circular No. 262 of 22 December 2005 - eighth update of 17 November 2022,87 which define the structure to be used in compiling and preparing the financial statements and the contents of the notes to the accounts. This report was drawn up in accordance with the provisions of Article 154-ter of Legislative Decree No. 58 of 24 February 1998 (Italian Consolidated Law on Finance).
87 The eighth update published on 17 November 2022 transposed the regulatory changes of IFRS 17 "Insurance Contracts".
Notes to the Accounts| Part A - Accounting Policies 361
SECTION 2
General Basis of Preparation
These consolidated financial statements comprise:
―Consolidated balance sheet;
―Consolidated income statement;
―Consolidated statement of other comprehensive income;
―Statement of changes to consolidated net equity;
―Consolidated cash flow statement, drawn up using the direct method;
―Notes to the accounts.
All the statements have been drawn up in conformity 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 that for the previous financial year in the case of balance-sheet figures or the corresponding period of the previous financial year for profit-and-loss data.
* * *
Effective 1 July 2024, the following Regulations of the European Commission came into force for the Group without producing any impact:
―Regulation (EU) 2023/2468 of 8 November 2023, adopting amendments to IAS 12 “Income Taxes.” These amendments added a temporary exception to account for deferred taxes resulting from the implementation of OECD Pillar II rules, as well as targeted disclosures for the entities involved.
―Regulation (EU) 2023/2579 of 20 November 2023 adopting amendments to IFRS 16 “Leases”. In particular, such amendments specify how the transferor/lessee should subsequently measure the value of sale and leaseback transactions.
―Regulation (EU) 2023/2822 of 19 December 2023, adopting amendments to IAS 1 “Presentation of Financial Statements.” These amendments improve the information a company should provide when its right to defer settlement of a liability for at least 12 months is subject to covenants.
362 Consolidated Financial Statements as at 30 June 2025
―Regulation (EU) 2024/1317 of 15 May 2024, adopted “Supply financing arrangements”, which amends IAS 7 Cash Flow Statement and IFRS Financial Instruments: Additional Information. The document introduces disclosure requirements regarding a company’s supply financing arrangements.
During the year under review, the European Commission approved the following regulations, which include certain changes to accounting standards already in force. There was no impact for the Group:
—Regulation (EU) 2024/2862 of 12 November 2024 (published in the Official Journal of the European Union on 13 November 2024), amended IAS 21. 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 financial years beginning on or after 1 January 2025 (for the Group, 1 July 2025);
—Regulation (EU) 2025/1047 of 27 May 2025 (published in the Official Journal of the European Union on 28 May 2025), brought some amendments to IFRS 9 and IFRS 7. These amendments provide certain clarifications regarding the classification of financial assets meeting environmental, social, and governance (ESG) and similar characteristics, and changes to the methods for settling liabilities through electronic payment systems. They also impose disclosure requirements aimed at increasing investor transparency regarding investments in equity instruments measured at fair value through other comprehensive income and in financial instruments with contingent characteristics, such as those related to ESG targets. These amendments are effective for financial years beginning on or after 1 January 2026 (for the Group, 1 July 2026);
—Regulation (EU) 2025/1266 of 30 June 2025 (published in the Official Journal of the European Union on 1 July 2025), brought some amendments to IFRS 9 and IFRS 7. Amendments to the two standards were made to help companies better disclose the financial effects of contracts related to nature-dependent electricity, often structured as power purchase agreements. These amendments are effective for financial years beginning on or after 1 January 2026 (for the Group, 1 July 2026).
* * *
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
Notes to the Accounts| Part A - Accounting Policies 363
supplement the measures contained in the latest financial statements at 30 June 2024 are shown below. Please refer to the above financial statements for more details.
On 24 October 2024, ESMA published the annual statement “European Common Enforcement Priorities for 2024 Corporate Reporting” outlining the priorities on which listed companies must focus when preparing the annual reports as at 31 December 2024. ESMA, in particular, recommends that financial statements should include: the required disclosures on liquidity risk (IAS 7 for the Cash Flow Statement regarding supply financing arrangements (SFA) and IFRS 7 for covenants) to enable the users of financial statements to understand the liquidity risks that the company may face; disclosures on the main accounting policies adopted and discretionary assessments of risks and uncertainties associated with accounting estimates, which should be as entity-specific as possible and consistent with the rest of the disclosures; and disclosures in Sustainability Statements (formerly CSRD), which should be aligned with the requirements of the new ESRS principles issued by EFRAG, whether regarding dual materiality and the value chain, or the structure of the Report. It also emphasizes the most common errors in ESEF tagging, providing guidance on how to avoid repeating them. Finally, it provides some more general guidance on the connection between financial and sustainability reporting and the importance of publishing Alternative Performance Measures (APMs).
On 20 December, CONSOB published Notice No. 2/24, reiterating the ESMA Recommendations of 24 October and focusing primarily on the importance of providing clear and complete disclosures on the impacts of climate change in in financial and in sustainability reporting, ensuring consistency between the two disclosure documents. The Group took CONSOB’s requests into account when preparing Part E, “Information on risks and related hedging policies.”
Finally, on 6 March, CONSOB and the Bank of Italy published a joint document regarding crypto-assets and related financial disclosures. Given that the entry into force of Regulation (EU) 2023/1114 (MiCAR) completed the regulatory framework applicable to crypto-assets in the European Union, the Bank of Italy and CONSOB, in accordance with their respective jurisdictions, required issuers purchasing crypto-assets to provide information in their financial statements that is useful for understanding the effects of such activities on their financial position, results of operations, and cash flows, where relevant. Specifically, it is required to assess whether the crypto-assets held fall within the classification of cryptocurrencies governed by IFRS IC and therefore qualify as intangible assets under IAS 38, or whether, if held for sale in the ordinary course of business, they qualify as inventories to be accounted for under IAS 2. The document recommends exercising particular caution when measuring cryptocurrencies in the financial statements and providing all necessary information to enable users of the financial statements to understand the risks associated with these assets and the accounting policies adopted. However, the specific characteristics of crypto-assets that do not fall under the
364 Consolidated Financial Statements as at 30 June 2025
cryptocurrency category should be verified to determine their appropriate accounting treatment and, where relevant, adequate disclosure should be provided in the financial statements, along with the nature and risks that could arise for the issuer’s financial position and results of operations. Finally, the authorities required issuers to provide relevant information on the assumptions used to measure the relevant financial values. It should be noted that the Group is not involved in cryptocurrency activities at 30 June 2025
Notes to the Accounts| Part A - Accounting Policies 365
Going-concern statement
With reference to the requirements of the Bank of Italy, CONSOB and ISVAP under Joint Document No. 4 of 3 March 2010, the Group’s consolidated financial statements at 30 June 2024 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’s going-concern assumption. The Directors consider that the Group has a reasonable expectation of continuing to operate in the foreseeable future.
For information on the Group’s risks and related safeguards, please refer to the contents of “Part E - Information on risks and related hedging policies” in these Notes to the Accounts and in the Group’s 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 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);
366 Consolidated Financial Statements as at 30 June 2025
c)use of valuation models to measure the fair value of financial instruments not listed on active markets;
d)estimates of liabilities deriving from company defined benefit retirement plans;
e)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.
* * *
Bilateral Advance Pricing Agreement (BAPA)
At the end of financial year 2023/2024, Mediobanca and Mediobanca International S.A. (MBIL) submitted an application for a bilateral advance pricing agreement (BAPA)88 between the Italian Revenue Agency and the competent Luxembourg authority.
The two applications were finalized in accordance with the Transfer Pricing Documentation and concerned the main intragroup transactions, specifically:
—provision of guarantees by Mediobanca to MBIL, such as sureties on loans granted by MBIL to third parties and guarantees on MBIL’s funding;
—loans;
—derivative instruments;
—bonds issued by MBIL and subscribed by Mediobanca;
—equalization mechanism for transactions between Mediobanca and MBIL.
88 A BAPA (Bilateral Advance Pricing Agreement) is an agreement that aims to establish a dialogue with the Financial Administrations for the purpose of providing certainty in advance regarding the transfer pricing methods adopted for specific transactions in a certain period of time and to combat double taxation due to transfer pricing adjustments, thus avoiding the taxation of the same income for different entities.
Notes to the Accounts| Part A - Accounting Policies 367
During financial year 2024/2025, the BAPA Report concerning transactions updated to 31 December 2024 was submitted to the Italian tax authorities and forwarded to the Administration des Contributions Directes (“ACD”) in Luxembourg.
Once the preliminary investigation is completed, the agreement will be binding on the signatory parties and will remain in effect for the tax year in progress on the date of submission of the application and for four subsequent tax years, with the option to request renewal for an additional five years.
Hybrid Mismatch Documentation
The Ministerial Decree dated 6 December 2024 – implementing Article 61 of Legislative Decree No. 209/2023 – regulates the penalty protection regime for hybrid mismatches by specifying the content, terms, and methods for preparing and filing the supporting documentation of analyses conducted with regard to the adoption of legislation combating hybrid mismatches.
In generally, within its Principles of Conduct in Tax Matters, Mediobanca defined the behaviour that the Group undertakes to adopt, both in its own business and in its transactions on behalf of customers, for the purpose of formal and substantive compliance with all domestic, international, and supranational tax laws, regulations, and practices of the countries in which it operates.
Within the context described, Mediobanca followed specific processes to identify potentially relevant incidents for the purpose of legislation to combat hybrid mismatches, such as direct hybrids and imported hybrids. Analyses were conducted by Mediobanca under the collaborative compliance regime for the purpose of appropriately fulfilling the disclosure and transparency obligations set forth in paragraph 3.2, including those referred to in point 3.2, sub-para. d), no. iii), of the Decision of the Director of the Italian Revenue Agency, ref. 101573, dated 26 May 2017. In particular, all incidents potentially impacted by this legislation were analysed within the evidentiary documentation, regardless of the materiality thresholds.
In compliance with the provisions of Article 61 of Legislative Decree No. 209/2023 regarding documentation relating to regulations to combat hybrid mismatches, as amended by Article 5 of Law-Decree No. 84/2025, for financial years 2020-2021 to 2022-2023, the documentation was prepared by affixing a timestamp on 16 July 2025. The documentation for financial years 2023-2024 and 2024-25 will be completed by the 2025 tax return filing deadlines.
368 Consolidated Financial Statements as at 30 June 2025
Finally, the existing operating procedure is currently being updated to incorporate the regulatory changes described above.
Notes to the Accounts| Part A - Accounting Policies 369
SECTION 3
Area 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 operates.
Based on the combined provisions of IFRS 10 “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements” and IFRS 12 “Disclosure of Interests in Other Entities”, the Group has proceeded to consolidate its Legal Entities on a line-by-line basis, and its associates and joint arrangements using the net equity method.
During the financial year, two significant transactions were carried out:
—In March, the acquisition of a minority stake in Selmabipiemme Leasing89 (40% held by Banco BPM) was finalized following the distribution of a special dividend (€60m in total). The repurchase resulted in a write-back that, in accordance with accounting rules, was recognized directly in net equity. The transaction did not result in a change in the scope of consolidation as Selma was already a subsidiary;
—In June, the acquisition of control of HeidiPay AG (a company already owned by Compass with a stake of approximately 20% since July 2022) was finalized, with an ownership percentage of 80.9%. At the same time, the subsidiaries of HeidyPay AG were also acquired: HeidiPay Ltd. (99.96% owned) and Holipay S.r.l. (wholly owned). The agreements also included a put and call option90 on the remaining 19.1%.
Finally, it should be noted that the scope of consolidation changed due to the closure of Bybrook Capital Management Limited, a wholly-owned subsidiary of Polus Capital Management Group (previously in liquidation), and the merger of Spafid Family Office SIM into Spafid. RAM AI UK (previously in liquidation), a wholly-owned subsidiary of RAM AI Switzerland, was removed from the Register of Companies on 2 August 2025.
89 The company name SelmaBipiemme Leasing (abbreviated to Selma) will be changed in the coming months amending its Articles of Association and Bylaws and implementing the merger of MB Facta; see Section 4 “ Events subsequent to the reporting date.”
90 The put option may be exercised from June 2030 and the call option from October 2030.
370 Consolidated Financial Statements as at 30 June 2025
1.Equity Investments in Group Legal Entities

| Company name | Registered address | Type of relationship (1) | Ownership | Voting rights in % (2)
| Controlling entity | % shareholding
A. | COMPANIES INCLUDED IN AREA OF CONSOLIDATION |  |  |  |  |
A.1 | Metodo integrale |  |  |  |  |
1. | MEDIOBANCA - Banca di Credito Finanziario S.p.A. | Milano | 1 | — | — | —
2. | SPAFID S.P.A | Milano | 1 | A.1.1 | 100,— | 100,—
3. | MEDIOBANCA INNOVATION SERVICES - S.C.P.A. | Milano | 1 | A.1.1 | 100,— | 100,—
4. | CMB MONACO S.A.M. | Montecarlo | 1 | A.1.1 | 100,— | 100,—
5. | CMG MONACO S.A.M. | Montecarlo | 1 | A.1.4 | 99,92 | 99,92
6. | MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. | Lussemburgo | 1 | A.1.1 | 99,— | 99,—
|  |  | 1 | A.1.7 | 1,— | 1,—
7. | COMPASS BANCA S.P.A. | Milano | 1 | A.1.1 | 100,— | 100,—
8. | MEDIOBANCA PREMIER S.P.A. | Milano | 1 | A.1.1 | 100,— | 100,—
9. | MBCREDIT SOLUTIONS S.P.A. | Milano | 1 | A.1.7 | 100,— | 100,—
10. | SELMABIPIEMME LEASING S.P.A. | Milano | 1 | A.1.1 | 100,— | 100,—
11. | MB FUNDING LUXEMBOURG S.A. | Lussemburgo | 1 | A.1.1 | 100,— | 100,—
12. | MEDIOBANCA SECURITIES USA LLC | New York | 1 | A.1.1 | 100,— | 100,—
13. | MB FACTA S.P.A. | Milano | 1 | A.1.1 | 100,— | 100,—
14. | QUARZO S.R.L. | Milano | 1 | A.1.7 | 90,— | 90,—
15. | MEDIOBANCA COVERED BOND S.R.L. | Milano | 1 | A.1.8 | 90,— | 90,—
16. | COMPASS RE (LUXEMBOURG) S.A. | Lussemburgo | 1 | A.1.7 | 100,— | 100,—
17. | MEDIOBANCA INTERNATIONAL IMMOBILIERE S. A R.L. | Lussemburgo | 1 | A.1.6 | 100,— | 100,—
18. | POLUS CAPITAL MANAGEMENT GROUP LIMITED | Londra | 1 | A.1.1 | 89,07 (*) | 65,13
19. | POLUS CAPITAL MANAGEMENT LIMITED | Londra | 1 | A.1.18 | 100,— | 100,—
20. | POLUS CAPITAL MANAGEMENT (US) INC. | Wilmington (USA) | 1 | A.1.18 | 100,— | 100,—
21. | POLUS CAPITAL MANAGEMENT INVESTMENTS LIMITED (non operativa) | Londra | 1 | A.1.18 | 100,— | 100,—
22. | POLUS INVESTMENT MANAGERS LIMITED (non operativa) | Londra | 1 | A.1.18 | 100,— | 100,—
23. | Bybrook Capital Burton Partnership (GP) Limited | Grand Cayman | 1 | A.1.18 | 100,— | 100,—
24. | SPAFID TRUST S.R.L. | Milano | 1 | A.1.2 | 100,— | 100,—
25. | MEDIOBANCA MANAGEMENT COMPANY S.A. | Lussemburgo | 1 | A.1.1 | 100,— | 100,—
26. | MEDIOBANCA SGR S.P.A. | Milano | 1 | A.1.1 | 100,— | 100,—
27. | RAM ACTIVE INVESTMENTS S.A. | Ginevra | 1 | A.1.1 | 98,30 (**) | 93,—
28. | MESSIER ET ASSOCIES S.A.S. | Parigi | 1 | A.1.1 | 100,—(***) | 88,40
29. | MESSIER ET ASSOCIES L.L.C. | New York | 1 | A.1.28 | 100,—(***) | 50,—
30. | MBCONTACT SOLUTIONS S.R.L. | Milano | 1 | A.1.9 | 100,— | 100,—
31. | COMPASS RENT S.R.L. | Milano | 1 | A.1.7 | 100,— | 100,—
32. | COMPASS LINK S.R.L. | Milano | 1 | A.1.7 | 100,— | 100,—
33. | RAM ACTIVE INVESTMENTS LIMITED (UK) (in liquidazione) (1) | Londra | 1 | A.1.27 | 100,— | 100,—
34. | CMB REAL ESTATE DEVELOPMENT S.A.M. | Montecarlo | 1 | A.1.4 | 60,— | 60,—
|  |  | 1 | A.1.1 | 40,— | 40,—
35. | ARMA PARTNERS LLP | Londra | 1 | A.1.1 | 100,— | 100,—
36. | ARMA PARTNERS CORPORATE FINANCE LTD | Londra | 1 | A.1.35 | 100,— | 100,—
37. | ARMA DEUTSCHLAND GmbH | Monaco | 1 | A.1.35 | 100,— | 100,—
38. | HEYLIGHT SA | Ginevra | 1 | A.1.7 | 100,— | 100,—
39. | SPV PROJECT 2224 S.R.L. (2) | Milano | 4 | Altra | — | —
40. | HEIDI PAY AG | Ginevra | 1 | A.1.7 | 100,—(****) | 80,90
41. | HEIDI PAY LTD | Londra | 1 | A.1.40 | 100,— (****) | 99,96
42. | HOLIPAY S.R.L. | Cervia | 1 | A.1.41 | 100,— (****) | 100,—

(*) 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) The company was cancelled from the register of companies on 2 August 2025.
(2) 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.
Notes to the Accounts | Part A – Accounting Policies
371
2.Considerations and significant assumptions used to determine consolidation area
The area of consolidation is defined on the basis of IFRS 10, “Consolidated Financial Statements”, which provides that control occurs when the following three conditions apply:
―when the investor has power over the investee, defined as having substantive rights over the investee’s relevant activities;
―when the investor has exposure, or rights, to variable returns from its involvement with the investee; and
―when 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’s investment and its share of the Group Legal Entity’s equity after minority interests are eliminated against the addition of that company’s assets and liabilities, income and expenses to the parent company’s 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 IFRS 11, 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.
372 Consolidated Financial Statements as at 30 June 2025
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 interim statement as at 30 June 2025:

CURRENCY | ITEM CHANGES IN BALANCE SHEET | ITEM CHANGES IN PROFIT AND LOSS ACCOUNT
(CHF) SWISS FRANC | 0.9347 | 0.9425
US DOLLAR (USD) | 1.1720 | 1.0880
BRITISH POUND (GBP) | 0.8555 | 0.8405

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 IFRS 12, 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).
Notes to the Accounts | Part A – Accounting Policies
373
3.Investments in Group Legal Entities with significant minority interests
Nothing to report.
Significant restrictions
The Group considers that no restrictions currently in force, under the terms of its Articles of Association, shareholders’ agreements or external regulations, would prevent it or otherwise limit its ability to access its assets or settle its liabilities.
The Group 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 the Parent Company’s financial year ends. In cases where Group 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 Group Legal Entities have been drawn up based on the same accounting principles used at Group level.
Associates which have reporting periods ending on different dates compared to the Parent Company 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 IAS 28 (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.
374 Consolidated Financial Statements as at 30 June 2025
SECTION 4
Events subsequent to the reporting date
No events after the reporting period as defined by IAS 10 that have occurred since 30 June 2025 would cause the results illustrated in the Consolidated Review of Operations for the financial year ended 30 June 2025 to be altered.
On 19 June 2025, the Boards of Directors of SelmaBipiemme and MBFACTA approved plans for the latter to be merged into the former, with effect from the later of the two registrations of the deed of merger in the Companies’ Register, or such later date as may be stipulated in the deed of merger itself. For tax and accounting purposes the merger will be effective as from 1 July 2025.
On 15 September 2025, following the public exchange offer launched by Banca Monte dei Paschi di Siena on 24 January 2025, Banca MPS has become the controlling shareholder of Mediobanca. A total of 506,633,074 Mediobanca shares were tendered under the terms of the offer, or 62.3% of the Bank’s share capital, without prejudice to further increases after the terms of the offer were reopened. Following the change of control, the MPS group will take over strategic direction and co-ordination of Mediobanca and its legal entities.
In view of the changes to the ownership structure and the new authorization framework this entails, the share buyback and cancellation programme announced on 31 July 2025 has been withdrawn.
SECTION 5
Other Aspects
In compliance with Directive (EC) 2004/109 (the “Transparency Directive”) and Delegated Regulation (EU) 2019/815 (the “ESEF Regulation”), this document was drawn up in XHTML and the consolidated financial statements were “marked up” using the integrated computer language iXBRL, approved by ESMA.91
The entire document was lodged at the company offices and with the competent institutions as pursuant to the law.
91 However, issuers may still continue to publish their Financial Statements in other formats (i.e. PDF).
Notes to the Accounts | Part A – Accounting Policies
375
The consolidated financial statements are accompanied by the Declaration by Financial Reporting Officer pursuant to Article 154-bis of the Italian Consolidated Law on Finance and are subject to a limited audit by the independent auditing firm EY S.p.A., according to the provisions of Legislative Decree No. 39 of 27 January 2010.
376 Consolidated Financial Statements as at 30 June 2025
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.92
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 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 instruments will be measured through profit or loss when the right to collect them becomes effective.
92 The IFRS Interpretation Committee’s clarification rules out any possibility of such instruments being treated as equities.
Notes to the Accounts | Part A – Accounting Policies
377
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’s 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.
2 - Financial assets measured at fair value through other comprehensive income
These are financial instruments, mostly debt securities, which meet both the following conditions:
—the 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;
—the 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
378 Consolidated Financial Statements as at 30 June 2025
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 IAS 32, 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.
Notes to the Accounts | Part A – Accounting Policies
379
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:
—the 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 provided for in the contract;
—such 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 IFRS 16 (see below), even though the impairment rules introduced by IFRS 9 apply for valuation purposes.
The Group’s 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:
— operating procedure adopted by management in the performance evaluation process;
— risk type and procedure for managing risks taken, including indicators for portfolio rotation;
— means for determining remuneration mechanisms for risk-takers.
The business model is based on expected reasonable scenarios (without considering “worst case” and “stress case” 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.93
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 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
93 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.
380 Consolidated Financial Statements as at 30 June 2025
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 – calculated using the effective interest rate method – 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.
In accordance with the provisions of IFRS 9, 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’s credit quality, to which different criteria for measuring expected losses apply. Accordingly, financial assets are split into the following categories:
—Stage 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;
Notes to the Accounts | Part A – Accounting Policies
381
—Stage 2: this includes exposures which, while not classified as impaired 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;
—Stage 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, which are 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.
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’s NPL strategy considers that such assets should be recovered through sale on the market.
The Group’s 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’s scale, or a corresponding internal PD estimate.
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.
Following initial recognition, all financial assets measured at amortized cost are subject to the impairment model based on the expected loss, i.e. performing as well as non-performing exposures.
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’s 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
382 Consolidated Financial Statements as at 30 June 2025
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).
4 - Hedging
With reference to hedging transactions, the Group has chosen to adopt the provisions of IFRS 9 and not to make use of the exception granted, i.e. to continue to apply the IAS 39 rules to these transactions, with the exception of the specific cases set forth in IFRS 9 (para. 6.1.3)94 and not governed by the same.
The types of hedges used by the Group are the following:
–fair 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;
–cash 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;
–hedges 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 the Group.
Hedge derivatives are measured at fair value as follows:
–for 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
94 IFRS 9 par. 6.1.3: “For a fair value hedge of the interest rate exposure of a portfolio of financial assets or financial liabilities (and only for such a hedge), an entity may apply the hedge accounting requirements in IAS 39 instead of those in this Standard. In that case, the entity must also apply the specific requirements for the fair value hedge accounting for a portfolio hedge of interest rate risk and designate as the hedged item a portion that is a currency amount (see paragraphs 81 A, 89 A and AG114–AG132 of IAS 39).”
Notes to the Accounts | Part A – Accounting Policies
383
the profit and loss account, should a difference emerge as a result of the partial ineffectiveness of the hedge;
–for 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, the Group 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:
–the effect of the credit risk does not prevail over the changes in value resulting from the economic relationship;
–the 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 the Group actually uses 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 Bank has chosen to measure changes in fair value through OCI. The hedge profit or loss on the hedged item is recorded as an adjustment to the book value of the hedge with a matching entry through the income statement, 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
384 Consolidated Financial Statements as at 30 June 2025
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:
—the 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.
—the cash flow reserve is adjusted to the lower of:
— the cumulative gain or loss on the hedge instrument since the hedge’s inception; and
— 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’s 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.
Notes to the Accounts | Part A – Accounting Policies
385
Foreign currency investment hedges
As far as it complies with eligibility criteria, a cash flow hedge is accounted for in the following ways:
―the portion of gain or loss on the hedging instrument that results in an effective hedge is booked into Other Comprehensive Income; and
―the ineffective share is booked through profit or loss.
The cumulative gain or loss on the hedging instrument related to the effective part of the hedge which had been accumulated into the foreign currency exchange rate reserve will be reclassified from net equity to profit and loss as a reclassification adjustment (see IAS 1), as required by par. 48 and 49 of IAS 21 regarding the partial or total disposal of the foreign investment.
5 - Investments
This heading consists of interests95 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 “potential” voting rights) or for which – despite holding a lower share of the voting rights – 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’s 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 application of the net equity method, if there is objective evidence that the
95 As specified in IAS 28, the stake in an associated company is the book value of the investment in the affiliated company calculated using the equity method together with any other long-term stake which, in substance, represents the entity’s 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.
386 Consolidated Financial Statements as at 30 June 2025
value of an investment may have reduced, estimates are made of its recoverable value, taking into account the value of the discounted future cash flows which the investment might generate, including the final sale value of the investment itself.
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 recognized in the income statement.
Notes to the Accounts | Part A – Accounting Policies
387
6 - Tangible assets
This heading comprises land, core and investment properties, plant, furniture, fittings and equipment of all kinds. It also includes the RoU assets acquired under leases and related use of tangible assets (for lessees) and assets used under the terms of finance leases, 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 Bank’s main activities and/or are chiefly leased out to third parties.
The heading also includes tangible assets classified pursuant to IAS 2 – 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.
Such assets are recognized at historical 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’s value, while ordinary maintenance charges are recorded in the profit and loss account.
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. Properties built on land owned by the Bank are recorded separately on the basis of valuations prepared by independent experts.
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.
7 - Intangible assets
These chiefly comprise goodwill, long-term computer software applications and other intangible assets deriving from business combinations subject to IFRS 3R.
388 Consolidated Financial Statements as at 30 June 2025
Goodwill may be recognized where this is representative of the investee company’s ability to generate future income. At each reporting date, goodwill recorded as an asset is tested for impairment.96 Any reduction in value due to impairment is calculated as 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. 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 realizable value of the asset is estimated if there is evidence of impairment.97 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.
8 - Non-current assets and asset groups as held for sale (IFRS 5)
Under assets heading “Non-current assets and asset groups as held for sale” and under liability heading “Liabilities associated with assets held for sale” the Group classifies non-current assets or groups of assets/liabilities whose booking value will be presumably
96 The Group has adopted a policy for the impairment testing process in line with the provisions of Organismo Italiano di Valutazione (OIV), Impairment test dell’avviamento in contesti di crisi finanziaria (Impairment test of goodwill during financial crises) of 14 June 2012, Principi Italiani di Valutazione (PIV, Italian Valuation Standards) published in 2015, Discussion Paper of 22 January 2019, Discussion Paper no. 01/2021 issued on 16 March 2021 by Organismo Italiano di Valutazione (O.I.V.) “L’uso di informazione finanziaria prospettica nella valutazione d’azienda” (Use of forward-looking financial information in company valuation), Discussion Paper no. 02/2021 issued on 16 March 2021 by Organismo Italiano di Valutazione (O.I.V.) “Linee Guida per l’Impairment Test dopo gli effetti della pandemia da Covid-19” (Guidelines for Impairment Tests after the effects of the Covid-19 pandemic), with suggestions published by ESMA, the guidelines of the joint document Bank of Italy, Consob, IVASS (document no.4 of 3 March 2010 and no.8 of 21 December 2018) and various Consob communications and warning notices, as well as the IOSCO (International Organization Of Securities Commissions) Document containing “Recommendations on Accounting for Goodwill”, published in December 2023.
97 Under IAS 36, impairment testing, i.e. tests to ascertain whether or not there has been a loss in the value of individual tangible and intangible assets, must be carried out at least once a year, in conjunction with preparation of the financial statements, or more frequently if events have taken place or materialized that would indicate there has been a reduction in the value of such assets (known as “impairment indicators”).
Notes to the Accounts | Part A – Accounting Policies
389
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 IFRS 9) for which IFRS 5 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 “320. Gains (losses) of discontinued operating assets, after tax”.
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.
390 Consolidated Financial Statements as at 30 June 2025
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 – without time limits – 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 Bank’s 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 IFRIC 21.
Notes to the Accounts | Part A – Accounting Policies
391
10 - Provisions for risks and charges
These regard risks linked to loan commitments and guarantees issued, and to the Group’s 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 IAS 37 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 permitted by IAS 37, paragraph 92, no precise indication has been given of any contingent liabilities where this could compromise the company in any way.
392 Consolidated Financial Statements as at 30 June 2025
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 IFRS 16 and which are subject to the impairment rules under IFRS 9. 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’ 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.
Notes to the Accounts | Part A – Accounting Policies
393
13 - Financial liabilities designated at fair value
These include the value of financial liabilities measured at fair value through profit or loss, on the basis of the option granted to companies (referred to as “fair value option”) by IFRS 9 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 IFRS 9:
― changes in fair value attributable to changes in one’s credit quality must be recognized in the Statement of Other Comprehensive Income (Net Equity);
― other changes in fair value must be recognized through profit or loss;
― 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’s 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’s credit quality, must be measured through profit or loss.98
In compliance with the provisions of IFRS 9, the correlation between assets and liabilities is monitored on an ongoing basis.
98 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.
394 Consolidated Financial Statements as at 30 June 2025
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.
15 - Insurance assets and liabilities
Insurance assets and liabilities that fall within the scope of IFRS 17 “Insurance Contracts” are classified in this category.
In particular, the asset item “80. Insurance assets” or the liability item “110. Insurance liabilities” include insurance contracts, reinsurance contracts, and investment contracts with issued discretionary profit-sharing features, as defined and regulated by IFRS 17, 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 contract99 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 – “PVFCF”) which include the so-called Contractual Service Margin – “CSM”, i.e. the present value of expected future profits and the Risk adjustment (“RA”) 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.
99 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).
Notes to the Accounts | Part A – Accounting Policies
395
There are two measurement models: General Model - applicable in principle to all contracts, and Variable Fee Approach (“VFA”) - applicable in particular to direct profit-sharing contracts. An optional simplified model (Premium Allocation Approach - “PAA”) is also provided for the purpose of measuring the residual coverage liability for contracts with a coverage period lasting one year or longer 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 representing the effects of changes in the profit and loss account or in shareholders’ equity (referred to as Other Comprehensive Income Option - OCI).
Lastly, IFRS 17 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.
396 Consolidated Financial Statements as at 30 June 2025
16 - Other Information
Financial liabilities recognized 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 “80. Other liabilities” of balance sheet, must be recognized at the present value of the redemption amount.
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 IFRS 9. In such cases the Group 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 continues to exist. It is necessary to check that basically all risks and benefits have been 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 the Group retains virtually all risks and benefits, the financial asset must continue to be recorded.
If the Group 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 the Group 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 continue to accrue entirely to the end-investor.
When a financial asset measured at amortized cost is renegotiated, the Group derecognizes 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’s 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).
Notes to the Accounts | Part A – Accounting Policies
397
In cases where the renegotiation does not result in substantially different cash flows, the Group 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).
Leases (IFRS 16)
An agreement is classified as a lease100 (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) – the “Right of Use” (RoU) – 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 “Tangible assets”, 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 “Financial liabilities measured at amortized cost”, 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’s 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.
100 Leases in which the Group 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.
398 Consolidated Financial Statements as at 30 June 2025
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 value in use.
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.
Notes to the Accounts | Part A – Accounting Policies
399
Stock Options, Performance Shares and Long-Term Incentives
Stock 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 the Group 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 “non-vesting conditions” 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, the Group records 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.
400 Consolidated Financial Statements as at 30 June 2025
Treasury 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.
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 the Group considers to be entitled in return for the service rendered.
For revenue recognition purposes, the Group 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. The Group also takes 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 IFRS 15, the Group 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 IFRS 15 to expense the costs immediately in cases where their amortization period would be complete within twelve months.
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 IAS 28.
Notes to the Accounts | Part A – Accounting Policies
401
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.
Related parties
Related parties are defined, inter alia in accordance with IAS 24, as follows:
a) individuals or entities which, directly or indirectly, exercise significant influence over the Bank;
b) shareholders with stakes of 3% or more in the Bank’s share capital;
c) legal entities controlled by the Bank;
d) associated companies, joint ventures and entities controlled by the same;
e) key management personnel, that is, individuals with powers and responsibilities, directly or indirectly, for the planning, direction and control of the Parent Company’s activities, including the members of the Board of Directors and Statutory Audit Committee;
f) entities controlled or jointly controlled by one or more of the entities listed under the foregoing letters a) and e) and the joint ventures of entities referred to under letter a);
g) close family members of the individuals referred to in letters a) and e) above, that is, individuals who may be expected to influence them or be influenced by them in their relations with Mediobanca (this category includes children, spouses and their children, partners and their children, dependants, spouses’ dependants and their partners’ dependants), as well as any entities controlled, jointly controlled or otherwise associated with such individuals.
402 Consolidated Financial Statements as at 30 June 2025
A.3 – Information on transfers between financial asset portfolios
A.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
At 30 June 2025, there were no data to be reported for any of three sections above.
Notes to the Accounts | Part A – Accounting Policies
403
A.4 – Information on Fair Value
QUALITATIVE 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 (IFRS 13, §24).
Fair value, therefore, is “the 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”.
The Fair Value hierarchy of an instrument is a direct consequence of the Fair 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).
The Group has laid down precise guidelines regarding three key aspects: independent calculation of Fair Value, conducted by the Group’s 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 income statement, the Group is required to make prudent valuation adjustments 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
404 Consolidated Financial Statements as at 30 June 2025
compliance with the main international regulations (IFRS 13101, CRR art 105102); the main activities for calculating the exit price of the financial instruments in the portfolio are shown below.103
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 to measure fair value and, consequently, to quantify Additional Valuation Adjustments (AVA). In accordance with the provisions of Regulation (EU) 575/2013, as amended (including CRR3), in particular Article 105 and with the Regulatory Technical Standards issued by the EBA implementing such article, 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:
–formalizing control methodologies;
–defining the validation approach of market parameters;
–setting materiality thresholds and acceptability criteria;
–implementing escalation and reporting procedures to control units and Senior Management.
The process applies to all positions measured at fair value in the Group’s trading and banking books.
101IFRS 13 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).
102 The guiding principles of the IPV and PVA processes are defined in the CRR Directive, Article 105.
103 It should be emphasized that the accuracy and consistency of these guidelines are subject to rigorous supervision by the Group Audit unit, which verifies the effectiveness and adequacy thereof. Furthermore, a specific internal validation unit has been established, i.e. the Quantitative Risk Methodologies (QRM), which focuses on the validation of the quantitative methods used.
Notes to the Accounts | Part A – Accounting Policies
405
Independent price verification is based on a comparison of market data used for valuation with alternative sources deemed reliable, such as:
–external information providers (e.g., Bloomberg, Refinitiv);
–indicative quotes provided by primary brokers;
–market consensus data;
–implied 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 IFRS 13. 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:
—Daily reviews: on all Group positions, with reference to actual prices, yield curves, volatility surfaces, and other relevant market parameters;
—Monthly reviews: on selected asset classes, for which market data is available less frequently or through consensus services;
—Annual 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
406 Consolidated Financial Statements as at 30 June 2025
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 Group’s Profit and Loss Account, 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 IFRS 13, 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 the Group 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. In particular:
—Inputs based on Bid and Ask Prices - §70: when measuring an asset or liability at fair value and having at one’s 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. The Group uses bid or ask prices in order to align with the closing price.
—Inputs derived from Bid and Ask Prices - §71: 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 Group’s approach preference is given to the adoption of 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.
Notes to the Accounts | Part A – Accounting Policies
407
The scope of fair value adjustments includes the following categories:
—Market Price Uncertainty (MPU): this consists in uncertainties in valuations based on market quotations;104
—Closed-Out Cost (COC): this indicates uncertainties regarding the liquidity cost that the Group may incur in the event of a partial or total sale of an asset measured at fair value;
—Model 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;
—Concentrated 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);
—additional 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’s credit risk and the Group’s credit quality. CVA represents a negative amount that takes into account cases where the counterparty could go bankrupt before the Group / Bank, with a positive market value against the counterparty. DVA represents an amount that takes into account the cases in which the Group / 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:
—Expected Positive (EPE) and Expected Negative (ENE) Exposure, derived from simulations, which reflect the positive and negative valuation exposures of derivatives;
—Probability of Default (PD), which may be derived from historical default probabilities or implied in the market prices of Credit Default Swaps or bonds;
104 With regard to corrections to UCITS funds, the FVA process is structured by applying a “Performance Simulation Model”, 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.
408 Consolidated Financial Statements as at 30 June 2025
—Loss Given Default (LGD) is based on the estimated value of expected recovery in the event of the counterparty’s default, as defined by specific analyses conducted by the Group, or recovery rates conventionally used for Credit Default Swap quotations.
Furthermore, the fair value of non-collateralized derivatives may be affected by the Group’s 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) – Observability and materiality of inputs
The Observability Levelling and Day-one Profit Directive, as specified in IFRS 13, requires a hierarchy of levels reflecting the significance of inputs used in the valuations. These inputs, called “valuation inputs,” are the market data used to estimate the fair value of financial instruments. The term “valuation input” refers to the market data used to estimate the fair value of instruments. To estimate the fair value of instruments, the Group uses valuation techniques that are adequate to the circumstances and for which sufficient data are available. Valuation techniques can be based on various approaches:
—market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
—cost approach (or current replacement method), which reflects the amount that would currently be required to replace an asset’s service capacity;
—income 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 “observable inputs”. In other cases, the information is considered observable when the valuation is based on market information obtained from sources independent of the Group or from actual transactions. In accordance with IFRS 13, para. B34, some examples of markets from which observable inputs can be derived include the following:
—exchange markets: in an exchange market, closing prices are both readily available and generally representative of fair value (for example regulated stock markets).
—dealer 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
Notes to the Accounts | Part A – Accounting Policies
409
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;
—brokered 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;
—principal-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 “unobservable inputs” and, in particular, when the information on which the valuation techniques are based reflects the Group’s judgement formulated using the best information available in such circumstances.
In accordance with IFRS 13, 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 “Level 1 instrument” 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
410 Consolidated Financial Statements as at 30 June 2025
advantageous one for the Group 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:
—quoted prices for similar assets or liabilities in active markets;
—quoted 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:
—the condition or location of the asset;
—the extent to which inputs relate to items that are comparable to the asset or liability;
—the 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
Notes to the Accounts | Part A – Accounting Policies
411
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. The Group 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 the Group’s 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,
412 Consolidated Financial Statements as at 30 June 2025
particularly in stressed market conditions. The difference between the accounting fair value (exit price) and the prudent value is called the 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:
—Market Price Uncertainty (MPU): this is the valuation uncertainty based on market prices, calculated at the level of the exposure being measured;105
—Close-out Costs (CoC): these consist in the uncertainty of the exit price, calculated at the level of the exposure being measured;
—Model Risk (MR): this refers to the valuation uncertainty arising from the uncertainty of the model used and/or of the calibration thereof used by various market participants;
—Unearned Credit Spreads (UCS): this consists in uncertainty in the measurement necessary to include the present value of expected losses in the event of counterparty default on derivative positions;
—Investing and Funding Costs (IFC): this is the uncertainty of the valuation of funding costs used in the valuation of the exit price in accordance with the applicable accounting standards;
—Concentrated Positions (CP): these refer to the uncertainty of the exit price for positions defined as concentrated;
—Future and Administrative Costs (FAC): this considers 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;
—Early Termination (ET): this considers contingent losses arising from non-contractual early terminations of the clients’ trading positions;
—Operational Risk (OR): this considers contingent losses that may be incurred as a result of the operational risks associated with the measurement processes.
105 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.
Notes to the Accounts | Part A – Accounting Policies
413
This framework applies to all assets and liabilities measured at fair value in the Group’s trading and banking books, as required by IFRS and EBA RTS. However, some types of transactions are excluded or treated differently:
—instruments measured at amortized cost: excluded as they are not subject to fair value;
—instruments whose fair value is exclusively based on observable prices (Level 1): these do not require AVA, given the absence of valuation uncertainty;
—perfectly hedged (back-to-back) transactions: in the presence of zero economic risk, AVA may be negligible;
—non-significant positions: subject to materiality thresholds, particularly for banks adopting the simplified approach.
The Group has implemented an internal Prudent Valuation Policy and Directive in line with regulatory requirements, ensuring 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.
414 Consolidated Financial Statements as at 30 June 2025
A.4.1 Valuation processes and sensitivity analysis
As required by IFRS 13, quantitative information on the significant non-observable inputs used for the assessment of Level 3 instruments is provided below.
Uncertainties of the inputs and impact on the Fair Value method

Non-observable inputs | Quantification of parameter uncertainty (change in the associated risk parameter by 1 bp) | MtM +/- delta(€’000)30/6/25 | MtM +/- delta(€’000)30/6/24
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. | (12.3) | (49.8)
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. | (8.1) | (11.0)
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) | (0.5)

Notes to the Accounts | Part A – Accounting Policies
415
Measurement techniques - Equity - receivables - interest rate - exchange rate products

Product | Measurement technique | Non-observable inputs | Fair value (*) Assets30/6/25(€m) | Fair value (*)Liabilities 30/6/25(€m) | Fair value (*) Assets30/6/24(€m) | Fair value (*)Liabilities 30/6/24(€m)
OTC bond option | Black-Scholes model | Implied volatility1 | 0.63 | (0.57) | 0.73 | (0.42)
OTC equity single nameoptions, Variance swap | Black-Scholes model | Implied volatility1 | — | (0.41) | 8.60 | —
OTC equity basket options, best of/ worst of, equity autocallable multi-asset options | Black-Scholes model, local volatility model | Implied volatilityEquity-equity correlation2 | 0.29 | (16.43) | 19.10 | (19.32)
Fund Gap Option | Black-Scholes model | Implied volatility1 | 0.02 | — | — | —
CDS on Single Names with Recovery Rate 0 | Arbitrage Free Credit Spread Model | Recovery Rate | 1.05 | — | 0.05 | —
Put options securingthe financial yield of pension funds | Black-Scholes model | Projection of future premium flows and death rates of policy holders3 | 0.49 | (24.24) | 0.23 | (23.58)
Forex barrier option | Black-Scholes model | Uncertainty of valuation model4 | — | — | 0.02 | —
Financial Guarantee | Arbitrage Free Credit Spread Model | Credit Spread and Recovery Rate5 | — | (0.04) | 0.85 | (1.08)

(*)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 maturities are considered too long or moneyness far from the At-The-Money spot).
2Equity-equity correlation is a measurement of the correlation between two equity-based underlying instruments. Changes in the correlation levels may impact an instrument’s 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’s 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.
416 Consolidated Financial Statements as at 30 June 2025
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
The Group uses the exception provided under IFRS 13, para. 48 from measuring fair value of financial assets and liabilities on a net basis by offsetting market and counterparty credit risks.
Notes to the Accounts | Part A – Accounting Policies
417
QUANTITATIVE INFORMATION
A.4.5 Fair value hierarchy
A.4.5.1Assets and liabilities measured at fair value on a recurring basis, breakdown by fair value hierarchy

|  |  |  |  |  | (€’000)
Financial assets/liabilities measured at fair value | 30 June 2025 | 30 June 2024
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
1. Financial assets measured at fair value through profit or loss | 14,106,071 | 3,307,411 | 827,524 | 12,496,458 | 3,084,722 | 1,206,686
a) financial assets held for trading | 13,001,239 | 2,444,461 | 444,297 | 12,181,393 | 2,421,602 | 806,456
b) financial assets designated at fair value | 882,836 | 776,612 | — | 127,231 | 578,774 | 13,210
c) other financial assets mandatorily measured at fair value | 221,996 | 86,338 | 383,227 | 187,834 | 84,346 | 387,020
2. Financial assets measured at fair value through other comprehensive income | 5,124,260 | 102,838 | 165,926 | 6,414,948 | 284,208 | 206,547
3. Hedging derivatives | — | 329,708 | — | — | 705,549 | —
4. Tangible assets | — | — | — | — | — | —
5. Intangible assets | — | — | — | — | — | —
6. Other assets (1) | 995,642 | — | — | — | — | —
Total | 20,225,973 | 3,739,957 | 993,450 | 18,911,406 | 4,074,479 | 1,413,233
1. Financial liabilities held for trading | 6,033,270 | 2,920,064 | 34,425 | 5,796,689 | 3,608,630 | 99,391
2. Financial liabilities designated at fair value | — | 4,468,634 | 578,037 | — | 3,858,906 | 380,293
3. Hedging derivatives | — | 1,037,377 | — | — | 1,431,642 | —
Total | 6,033,270 | 8,426,075 | 612,462 | 5,796,689 | 8,899,178 | 479,684

(1) EUA listed Certificates - Commodities.
The Group’s trading book is mainly concentrated on liquid transactions with a low level of uncertainty. A residual, more complex part remains which, however, even in this context of greater volatility and uncertainty, has not undergone significant changes.
Level 3 assets held for trading halved to €444.3m due to the unwinding of loan underwriting transactions for market syndication (€256m), with no impact on the Profit and Loss Account, as well as due to the decline in unlisted convertible preferred shares (from €171.4m to €71.5m) following the change in the conversion factor compared to the listed stock. The remainder is primarily represented by securitized stock (€363m).
As at 30 June 2025, Level 3 liabilities held for trading primarily concerned autocallable basket equity certificates (down from €99.4m to €34.1m).
418 Consolidated Financial Statements as at 30 June 2025
Financial assets mandatorily measured at fair value, consisting in investments in funds, remained essentially steady at €383.2m.
Level 3 financial liabilities measured at fair value increased from €380.3m to €578m, due to an increase in single-name multi-asset equity certificates (+€197m).
Financial assets measured at fair value through other comprehensive income (bonds, equities, and SFPs) decreased from €206.5m to €166m due to sales and reimbursements.
Notes to the Accounts | Part A – Accounting Policies
419
A.4.5.2 Annual changes in financial assets measured at fair value on a recurring basis (Level 3)

|  |  |  |  |  |  | (€’000)
| 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 | 1,206,680 | 806,456 | 13,210 | 387,014 | 206,548 | — | — | —
2. Increases | 207,832 | 168,922 | — | 38,910 | 10,080 | — | — | —
2.1 Purchases | 186,983 | 164,498 | — | 22,485 | 5,420 | — | — | —
2.2 Profits recognized in: | 19,943 | 3,518 | — | 16,425 | 4,473 | — | — | —
2.2.1 Profit and loss account | 19,943 | 3,518 | — | 16,425 | 3,782 | — | — | —
- of which, capital gains | 2,892 | 2,892 | — | — | — | — | — | —
2.2.2 Net equity | — | — | — | — | 691 | — | — | —
2.3 Transfers from other levels | — | — | — | — | — | — | — | —
2.4 Other increases | 906 | 906 | — | — | 187 | — | — | —
3. Decreases | (586,988) | (531,081) | (13,210) | (42,697) | (50,702) | — | — | —
3.1 Disposals | (419,175) | (401,075) | (13,186) | (4,914) | (20,642) | — | — | —
3.2 Redemptions | (13,391) | (13,391) |  | — | (25,539) | — | — | —
3.3 Losses recognized in: | (111,180) | (74,562) | — | (36,618) | (4,521) | — | — | —
3.3.1 Profit and loss account | (111,180) | (74,562) |  | (36,618) | — | — | — | —
- of which: capital losses | (74,502) | (74,502) |  | — | — | — | — | —
3.3.2 Net equity | — | — |  | — | (4,521) | — | — | —
3.4 Transfers to other levels | (9,600) | (9,600) |  | — | — | — | — | —
3.5 Other decreases | (33,642) | (32,453) | (24) | (1,165) | — | — | — | —
4. Closing balance | 827,524 | 444,297 | — | 383,227 | 165,926 | — | — | —

.
420 Consolidated Financial Statements as at 30 June 2025
A.4.5.3 Annual changes in liabilities measured at fair value on a recurring basis (Level 3)

(€’000)
| Financial assets held for trading | Financial assets designated at fair value | Hedging derivatives
1. Opening balance | 99,391 | 380,293 | —
2. Increases | 23,132 | 387,421 | —
2.1 Issues | 7,275 | 384,055 | —
2.2 Losses recognized in: | 1,871 | — | —
2.2.1 Profit and loss account | 1,871 | — | —
- of which, capital losses | 1,871 | — | —
2.2.2 Net equity | — | — | —
2.3 Transfers from other levels | 3,931 | 3,366 | —
2.4 Other increases | 10,055 | — | —
3. Decreases | (88,098) | (189,677) | —
3.1 Redemptions | (44,845) | (144,254) | —
3.2 Buybacks | — | — | —
3.3 Profits recognized in: | (5,770) | (29,832) | —
3.3.1 Profit and loss account | (5,770) | (29,832) | —
- of which: capital gains | (3,301) | — | —
3.3.2 Net equity | — | — | —
3.4 Transfers to other levels | (37,483) | (15,591) | —
3.5 Other decreases | — | — | —
4. Closing balance | 34,425 | 578,037 | —

Notes to the Accounts | Part A – Accounting Policies
421
A.4.5.4 Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by fair value hierarchy

|  |  |  |  |  | (€’000)
Assets/liabilities not measured at fair value or measured at fair value on a non-recurring basis | 30 June 2025 | 30 June 2024
Carrying amount | Level 1 | Level 2 | Level 3 | Carrying amount | Level 1 | Level 2 | Level 3
1. Financial assets measured at amortized cost | 70,315,458 | 3,508,196 | 24,981,995 | 43,768,067 | 64,158,936 | 3,663,867 | 15,945,116 | 43,894,197
2. Tangible assets held for investment purposes | 124,236 | — | — | 207,027 | 47,998 | — | — | 125,045
3. Non-current assets and asset groups held for sale | — | — | — | — | — | — | — | —
Total | 70,439,694 | 3,508,196 | 24,981,995 | 43,975,094 | 64,206,934 | 3,663,867 | 15,945,116 | 44,019,242
1. Financial liabilities measured at amortized cost | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 | 70,321,563 | 1,403,249 | 68,911,567 | 33,072
2. Liabilities associated with assets held for sale | — | — | — | — | — | — | — | —
Total | 75,183,290 | 1,638,674 | 73,658,516 | 79,036 | 70,321,563 | 1,403,249 | 68,911,567 | 33,072

422 Consolidated Financial Statements as at 30 June 2025
A.5 - Disclosure on “day one profit/loss”
Pursuant to accounting standard IFRS 7, paragraph 28, the “Day-one Profit/Loss” 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. This difference may be positive (day-one profit) or negative (day-one loss).
According to IFRS 13, paragraph 73, 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. Conversely, a day-one loss resulting from unobservable inputs will be prudentially recognized immediately through profit or loss.
The Group applies the day-one profit suspension rule 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, the Group applied the day-one profit principle to the following two types of transaction:
•CLO 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 parameters, gains of €5.6m to be released pro rata over time (€6.9m in the previous year), after increases of €2.8m in new operations and releases of €4.1m, were suspended on a notional amount of approximately €258m (from last June’s €171m due to the entry of nine transactions.
•Certificates with underlying equity and credit strategies: approximately €4.2m in gains related to the issuance of former autocallable equity certificates with a nominal amount of €406m (€3.1m in June 2024 on a nominal value of €242m) and €1.2m in gains on callable credit-linked certificates with an issued notional amount of approximately €50m (€0.3m in June 2024 on a nominal value of €22m were suspended).106
106 A DOP is released either upon expiry of the issue or due to early closure or when transitioning from level 3 to 2 (in the latter case, the transition to level 2 should be confirmed in three consecutive monthly surveys).
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 423
Part B – Notes to the Consolidated Balance Sheet (*)
Assets
SECTION 1
Heading 10: Cash and cash equivalents
1.1 Cash and cash equivalents: breakdown

| Total | Total
| 30 June 2025 | 30 June 2024
a) Cash | 121,703 | 118,477
b) Current accounts and demand deposits with Central Banks | 180,506 | 2,603,174
c) Current accounts and demand deposits with banks | 731,526 | 639,499
Total | 1,033,735 | 3,361,150

(*) Figures in €’000.
424 Consolidated Financial Statements as at 30 June 2025
SECTION 2
Heading 20: Financial assets measured at fair value(**) through profit or loss
2.1 Financial assets held for trading: product breakdown

Items/Values | Total | Total
30 June 2025 | 30 June 2024
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
A. Cash assets |  |  |  |  |  |
1. Debts securities | 7,919,062 | 424,524 | 363,035 | 7,627,757 | 435,729 | 345,789
1.1 Structured securities | 30,108 | 5,845 | 155,883 | 11,722 | 15,892 | 52,252
1.2 Other debt securities | 7,888,954 | 418,679 | 207,152 | 7,616,035 | 419,837 | 293,537
2. Equity securities (1) | 4,217,223 | — | 73,005 | 3,753,655 | — | 171,736
3. UCIT units | 153,026 | — | 4,836 | 361 | — | 4,198
4. Loans | — | — | — | — | — | 255,901
4.1 Reverse repos | — | — | — | — | — | —
4.2 Other(2) | — | — | — | — | — | 255,901
Total (A) | 12,289,311 | 424,524 | 440,876 | 11,381,773 | 435,729 | 777,624
B. Derivative instruments |  |  |  |  |  |
1. Financial derivatives | 711,928 | 1,829,648 | 1,730 | 799,620 | 1,754,764 | 27,981
1.1 Trading | 711,928 | 1,829,648 | 1,730 | 799,620 | 1,754,764 | 27,981
1.2 related to the fair value option | — | — | — | — | — | —
1.3 other | — | — | — | — | — | —
2. Credit derivatives | — | 190,289 | 1,691 | — | 231,109 | 851
2.1 trading | — | 190,289 | 1,691 | — | 231,109 | 851
2.2 related to the fair value option | — | — | — | — | — | —
2.3 other | — | — | — | — | — | —
Total (B) | 711,928 | 2,019,937 | 3,421 | 799,620 | 1,985,873 | 28,832
Total (A+B) | 13,001,239 | 2,444,461 | 444,297 | 12,181,393 | 2,421,602 | 806,456

(1) Equities include shares committed in securities lending transactions totalling €2,398,018 at 30 June 2025 and €1,015,975 at 30 June 2024.
(2) These positions resulting from syndicated loan underwriting commitments were closed in early July 2024.
(**) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A – Accounting Policies.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 425
2.2 Financial assets held for trading: by borrower/issuer

Items/Values | 30 June 2025 | 30 June 2024
A. Cash assets |  |
1. Debts securities | 8,706,622 | 8,409,275
a) Central Banks | — | —
b) General Governments | 7,125,458 | 6,578,666
c) Banks | 985,496 | 1,167,423
d) Other financial companies | 490,571 | 526,748
of which: insurance companies | 15 | 2,832
e) Non-financial corporations | 105,097 | 136,438
2. Equity instruments | 4,290,228 | 3,925,391
a) Banks | 873,296 | 622,756
b) Other financial companies | 1,078,847 | 786,722
Which includes: Insurance companies | 183,269 | 132,406
c) Non-financial corporations | 2,338,085 | 2,515,913
d) Other issuers | — | —
3. UCIT units | 157,862 | 4,559
4. Loans | — | 255,901
a) Central Banks | — | —
b) General Governments | — | —
c) Banks | — | —
d) Other financial companies (1) | — | 255,901
of which: insurance companies | — | —
e) Non-financial corporations | — | —
f) Households | — | —
Total (A) | 13,154,712 | 12,595,126
B. Derivative instruments |  |
a) Central Counterparties | 89,859 | 448,621
b) Other | 2,645,426 | 2,365,704
Total (B) | 2,735,285 | 2,814,325
Total (A+B) | 15,889,997 | 15,409,451

(1) These are positions purchased as part of the underwriting activity whose syndication ended in early July 2024.
426 Consolidated Financial Statements as at 30 June 2025
2.3 Financial assets designated at fair value: product breakdown (*)

Items/Values | Total | Total
30 June 2025 | 30 June 2024
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
1. Debt securities(1) | 882,836 | 166,134 | — | 127,231 | — | 13,210
1.1 Structured securities | — | — | — | — | — | —
1.2 Other debt securities | 882,836 | 166,134 | — | 127,231 | — | 13,210
2. Loans | — | 610,478 | — | — | 578,774 | —
2.1 Structured | — | — | — | — | — | —
2.2 Other | — | 610,478 | — | — | 578,774 | —
Total | 882,836 | 776,612 | — | 127,231 | 578,774 | 13,210

(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A – Accounting Policies.
(1) These offset Fair Value Option liabilities.
2.4 Financial assets designated at fair value: breakdown by borrower/issuer

Items/Values | 30 June 2025 | 30 June 2024
1. Debts securities (1) | 1,048,970 | 140,441
a) Central Banks | — | —
b) General Governments | 185,359 | 13,210
c) Banks | 713,737 | 115,282
d) Other financial companies | 132,019 | 2,017
of which: insurance companies | — | —
e) Non-financial corporations | 17,855 | 9,932
2. Loans | 610,478 | 578,774
a) Central Banks | — | —
b) General Governments | — | —
c) Banks | — | —
d) Other financial companies | 610,478 | 578,774
of which: insurance companies | 610,478 | 578,774
e) Non-financial corporations | — | —
f) Households | — | —
Total | 1,659,448 | 719,215

(1) These offset Fair Value Option liabilities.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 427
2.5 Other financial assets mandatorily measured at fair value (*): product breakdown

Items/Values | 30 June 2025 | 30 June 2024
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
1. Debts securities | — | — | — | — | 295 | 4
1.1 Structured securities | — | — | — | — | — | —
1.2 Other debt securities | — | — | — | — | 295 | 4
2. Equity instruments | — | — | 9,632 | — | — | 8,554
3. UCIT units | 221,996 | 82,086 | 373,595 | 187,834 | 82,412 | 378,462
4. Loans | — | 4,252 | — | — | 1,639 | —
4.1 Reverse repos | — | — | — | — | — | —
4.2 Other | — | 4,252 | — | — | 1,639 | —
Total | 221,996 | 86,338 | 383,227 | 187,834 | 84,346 | 387,020

(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A – Accounting Policies.
2.6 Other financial assets mandatorily measured at fair value: breakdown by borrower/issuer

Items/Values | 30 June 2025 | 30 June 2024
1. Equity instruments | 9,632 | 8,554
of which: banks | — | —
of which: other financial companies | 9,632 | 8,554
of which: non-financial corporations | — | —
2. Debts securities | — | 299
a) Central Banks | — | —
b) General Governments | — | 295
c) Banks | — | —
d) Other financial companies | — | 4
of which: insurance companies | — | —
e) Non-financial corporations | — | —
3. UCIT units | 677,677 | 648,708
4. Loans | 4,252 | 1,639
a) Central Banks | — | —
b) General Governments | — | —
c) Banks | — | —
d) Other financial companies | 4,252 | 1,639
of which: insurance companies | 4,252 | 1,639
e) Non-financial corporations | — | —
f) Households | — | —
Total | 691,561 | 659,200

428 Consolidated Financial Statements as at 30 June 2025
SECTION 3
Heading 30: Financial assets measured at fair value (*) through other comprehensive income
3.1 Financial assets measured at fair value through other comprehensive income: product breakdown

Items/Values | 30 June 2025 | 30 June 2024
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
1. Debts securities | 4,992,497 | 102,838 | 41,701 | 6,286,677 | 284,208 | 78,578
1.1 Structured securities | — | — | — | — | — | —
1.2 Other debt securities | 4,992,497 | 102,838 | 41,701 | 6,286,677 | 284,208 | 78,578
2. Equity instruments | 131,763 | — | 124,225 | 128,271 | — | 127,969
3. Loans | — | — | — | — | — | —
Total | 5,124,260 | 102,838 | 165,926 | 6,414,948 | 284,208 | 206,547

(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A – Accounting Policies.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 429
3.2Financial assets measured at fair value through other comprehensive income: by borrower/issuer

Items/Values | 30 June 2025 | 30 June 2024
1. Debts securities | 5,137,036 | 6,649,463
a) Central Banks | — | —
b) General Governments | 4,323,537 | 5,651,809
c) Banks | 466,105 | 617,946
d) Other financial companies | 120,262 | 171,013
of which: insurance companies | 29,290 | 21,972
e) Non-financial corporations | 227,132 | 208,695
2. Equity instruments | 255,988 | 256,240
a) Banks | 111 | 122
b) Other issuers: | 255,877 | 256,118
- other financial companies | 46,054 | 45,289
of which: insurance companies | — | —
- non-financial corporations | 209,823 | 210,829
- other | — | —
3. Loans | — | —
a) Central Banks | — | —
b) General Governments | — | —
c) Banks | — | —
d) Other financial companies | — | —
of which: insurance companies | — | —
e) Non-financial corporations | — | —
f) Households | — | —
Total | 5,393,024 | 6,905,703

430 Consolidated Financial Statements as at 30 June 2025
3.3 Financial assets measured at fair value through other comprehensive income: gross value and overall value adjustments

|  | Gross value | Overall value adjustments |
|  | Stage 1 | Of which: Low credit risk instruments (*) | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Overall partial write-offs
Debts securities | 5,139,213 | 50,951 | — | — | — | 2,177 | — | — | — | —
Loans | — | — | — | — | — | — | — | — | — | —
Total | 30 June 2025 | 5,139,213 | 50,951 | — | — | — | 2,177 | — | — | — | —
Total | 30 June 2024 | 6,637,344 | 845,204 | 19,772 | — | — | 6,996 | 657 | — | — | —

(*) As required by Bank of Italy circular no. 262, starting from its fifth amendment, the column headed “of which” must show the gross value of the low credit risk instruments as defined by IFRS 9, paras. B5.5.29. For the Mediobanca Group, the concept of “low credit risk” is equivalent to that of rating, hence low credit risk applies to the case of counterparties rated as investment grade.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 431
SECTION 4
Heading 40: Financial assets measured at amortized cost
4.1Financial assets measured at amortized cost: product breakdown of amounts due from banks

| Total | Total
| 30 June 2025 | 30 June 2024
Transaction Type/Values | 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 | 433,920 | — | — | — | 433,920 | — | 417,902 | — | — | — | 417,902 | —
1. Term deposits | 99,989 | — | — | X | X | X | 100,015 | — | — | X | X | X
2. Compulsory reserves | 333,931 | — | — | X | X | X | 317,887 | — | — | X | X | X
3. Reverse repos | — | — | — | X | X | X | — | — | — | X | X | X
4. Other | — | — | — | X | X | X | — | — | — | X | X | X
B. Due from banks | 4,698,320 | — | — | 73,644 | 4,637,640 | 47,193 | 5,109,389 | — | — | 121,688 | 4,981,350 | 105,045
1. Loans | 4,624,492 | — | — | — | 4,637,640 | 47,193 | 4,984,711 | — | — | — | 4,981,350 | 105,045
1.1 Current accounts | — | — | — | X | X | X | — | — | — | X | X | X
1.2. Term deposits | 153,774 | — | — | X | X | X | 214,600 | — | — | X | X | X
1.3. Other loans: | 4,470,718 | — | — | X | X | X | 4,770,111 | — | — | X | X | X
- Reverse repos | 2,205,077 | — | — | X | X | X | 2,165,150 | — | — | X | X | X
- Finance leases | 62 | — | — | X | X | X | 157 | — | — | X | X | X
- Other | 2,265,579 | — | — | X | X | X | 2,604,804 | — | — | X | X | X
2. Debts securities | 73,828 | — | — | 73,644 | — | — | 124,678 | — | — | 121,688 | — | —
2.1 Structured securities | — | — | — | — | — | — | — | — | — | — | — | —
2.2 Other debt securities | 73,828 | — | — | 73,644 | — | — | 124,678 | — | — | 121,688 | — | —
Total | 5,132,240 | — | — | 73,644 | 5,071,560 | 47,193 | 5,527,291 | — | — | 121,688 | 5,399,252 | 105,045

(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A – Accounting Policies.
432 Consolidated Financial Statements as at 30 June 2025
4.2 Financial assets measured at amortized cost: product of amount due from customers

Transaction Type/Values | Total | Total
30 June 2025 | 30 June 2024
Carrying amount | Fair value (*) | Carrying amount | Fair value (*)
Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired(1) | L1 | L2 | L3 | Stages 1 and 2 | Stage 3 | Purchased or originated credit impaired assets(1) | L1 | L2 | L3
1. Loans | 59,198,494 | 384,464 | 189,624 | — | 18,576,290 | 43,002,595 | 53,714,970 | 374,084 | 116,777 | — | 10,270,405 | 43,222,814
1.1. Current accounts | 2,887,045 | 36 | — | X | X | X | 2,681,717 | 76 | — | X | X | X
1.2. Reverse repos | 6,427,908 | — | — | X | X | X | 3,209,855 | — | — | X | X | X
1.3. Mortgages | 29,029,863 | 64,003 | — | X | X | X | 27,496,204 | 95,162 | — | X | X | X
1.4. Credit cards, personal loans and salary-backed finance | 10,165,221 | 210,012 | 189,150 | X | X | X | 9,585,699 | 165,150 | 116,682 | X | X | X
1.5 Finance leases | 1,048,257 | 12,003 | — | X | X | X | 1,175,294 | 18,465 | — | X | X | X
1.6. Factoring | 2,507,566 | 5,636 | — | X | X | X | 2,711,129 | 2,762 | — | X | X | X
1.7. Other loans | 7,132,634 | 92,774 | 474 | X | X | X | 6,855,072 | 92,469 | 95 | X | X | X
2. Debts securities | 5,410,636 | — | — | 3,434,552 | 1,334,145 | 718,279 | 4,425,814 | — | — | 3,542,179 | 275,459 | 566,338
2.1. Structured securities | — | — | — | — | — | — | — | — | — | — | — | —
2.2. Other debt securities | 5,410,636 | — | — | 3,434,552 | 1,334,145 | 718,279 | 4,425,814 | — | — | 3,542,179 | 275,459 | 566,338
Total | 64,609,130 | 384,464 | 189,624 | 3,434,552 | 19,910,435 | 43,720,874 | 58,140,784 | 374,084 | 116,777 | 3,542,179 | 10,545,864 | 43,789,152

(*) For the criteria used to determine fair value and the classification of financial instruments in the three fair value ranking levels, see Part A – 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.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 433
4.3 Financial assets measured at amortized cost: breakdown of amount due from customers by borrower/issuer

Transaction Type/Values | Total | Total
30 June 2025 | 30 June 2024
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. Debts securities | 5,410,636 | — | — | 4,425,814 | — | —
a) General Governments | 3,620,297 | — | — | 3,213,981 | — | —
b) Other financial companies | 1,613,856 | — | — | 1,040,510 | — | —
of which: insurance companies | 193,977 | — | — | 184,242 | — | —
c) Non-financial corporations | 176,483 | — | — | 171,323 | — | —
2. Loans to: | 59,198,494 | 384,464 | 189,624 | 53,714,970 | 374,084 | 116,777
a) General Governments | 291,315 | 1,045 | 116 | 243,635 | 1,182 | —
b) Other financial companies | 12,284,446 | 58 | — | 7,912,073 | 66 | —
of which: insurance companies | 685,045 | — | — | 439,722 | — | —
c) Non-financial corporations | 16,492,037 | 63,667 | 354 | 16,614,572 | 84,890 | 94
d) Households | 30,130,696 | 319,694 | 189,154 | 28,944,690 | 287,946 | 116,683
Total | 64,609,130 | 384,464 | 189,624 | 58,140,784 | 374,084 | 116,777

4.4 Financial assets measured at amortized cost: gross value and total accumulated impairment

| Gross value | Total accumulated impairment |
| Stage 1 | Of which includes: Low credit risk instruments | Second stage | Stage 3 | Purchased or originated credit impaired(*) | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Overall partial write-offs
Debts securities | 5,476,411 | 168,424 | 16,480 | — | — | 1,817 | 6,610 | — | — | —
Loans | 62,433,288 | 83,820 | 2,419,720 | 1,015,802 | 283,205 | 303,532 | 292,570 | 631,338 | 93,579 | —
Total 30 June 2025 | 67,909,699 | 252,244 | 2,436,200 | 1,015,802 | 283,205 | 305,349 | 299,180 | 631,338 | 93,579 | —
Total 30 June 2024 | 61,706,854 | 1,935,071 | 2,641,718 | 1,208,750 | 218,858 | 304,928 | 375,569 | 834,666 | 102,081 | 961

(*) approximately €238.2m of which attributable to Compass Banca.
434 Consolidated Financial Statements as at 30 June 2025
SECTION 5
Heading 50: Hedging derivatives
5.1 Hedging derivatives: by hedge type and level

| Fair Value | Notional value30 June 2025 | Fair Value | Notional value30 June 2024
| 30 June 2025 | 30 June 2024
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
A. Financial derivatives |  |  |  |  |  |  |  |
1. Fair value | — | 328,549 | — | 27,610,141 | — | 556,345 | — | 27,121,183
2. Cash flows | — | 1,159 | — | 50,000 | — | 149,204 | — | 9,926,000
3. Foreign investments | — | — | — | — | — | — | — | —
B. Credit derivatives |  |  |  |  |  |  |  |
1. Fair value | — | — | — | — | — | — | — | —
2. Cash flows | — | — | — | — | — | — | — | —
Total | — | 329,708 | — | 27,660,141 | — | 705,549 | — | 37,047,183

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 435
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 | 14,898 | — | — | — | X | X | X | 1,159 | X | X
2. Financial assets measured at amortized cost | 233,943 | X | — | — | X | X | X | — | X | X
3. Portfolio | X | X | X | X | X | X | — | X | — | X
4. Other transactions | — | — | — | — | — | — | X | — | X | —
Total assets | 248,841 | — | — | — | — | — | — | 1,159 | — | —
1. Financial liabilities | 79,708 | X | — | — | — | — | X | — | X | X
2. Portfolio | X | X | X | X | X | X | — | X | — | X
Total liabilities | 79,708 | — | — | — | — | — | — | — | — |
1. Expected transactions | X | X | X | X | X | X | X | — | X | X
2. Financial assets and liabilities portfolio | X | X | X | X | X | X | — | X | — | —

436 Consolidated Financial Statements as at 30 June 2025
SECTION 7
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
A. Entities under significant influence |  |  |  |  |  |
1. Assicurazioni Generali S.p.A. | Trieste | Trieste | 2 | Mediobanca S.p.A. | 13.19 | 13.52
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. | 50.0 | 50.0

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’s treasury shares in the denominator. The latter is the percentage used for the purposes of consolidation by the Net 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 “Section 3 – Part A – Accounting Policies”, to which reference is made.
All the equity investments have been measured using the Net Equity method, as required by the reference accounting standard (IAS 28 and IFRS 11), 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’s book value.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 437
7.2 Significant investments: book values, fair values and dividends received

Company Name | Carrying amount | Fair value (*) | Dividend received (**)
A. Entities under significant influence/Joint venture |  |  |
1. Assicurazioni Generali S.p.A. | 3,906,759 | 6,616,583 | —
2. Istituto Europeo di Oncologia S.r.l. | 38,815 | n.a. | n.a.
3. CLI Holdings II Ltd | 35,064 | n.a. | 10,205
4. Finanziaria Gruppo Bisazza S.r.l. | 5,664 | n.a. | 453
5. MB SpeedUp | 2,364 | n.a. | n.a.
Total (1) | 3,988,666 |  |

(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 (€160,000).(*) 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 – Accounting Policies of the Notes to the Accounts).
As at 30 June, the book value carried under the “Equity investments” heading totalled €3,988.7m.
The stake in Assicurazioni Generali increased from 13.02% to 13.19%, taking into account last April’s cancellation of treasury shares. If calculated on the basis of outstanding shares, the economic interest stood at 13.52% (13.17% last year) due to the buyback plan approved by the 2024 Shareholders’ Meeting and finalized in December 2024. During the year, the book value increased from €3,698m to €3,906.8m after profits of €490.6m, changes in assets of €10.3m taking into account the ex-dividend (€-292.2m).
Regarding other equity investments: IEO (25.37%) remained steady at €38.8m, recording a slight loss (€0.2m); Finanziaria Gruppo Bisazza S.r.l. (22.67%) stood at €5.7m, recording a slight loss of €0.4m (€6.7m was the value of the stake last year); CLI Holdings II Limited dropped from €37m to €35.1m after the collection of dividends (€10.2m) and profits for the period (€8.3m).
438 Consolidated Financial Statements as at 30 June 2025
Impairment test on equity investment
The value of equity investments has been tested for impairment as required by the accounting standards used (IAS 28, IAS 36, IFRS 10 and IFRS 11), 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:
—Quantitative indicators: the investee company’s stock market value falling below its net asset value for stocks quoted on active markets;
—Qualitative 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).
IAS 28 paragraph 41A stipulates that:
⎯impairment losses are incurred for an asset if the book value is higher than the recoverable amount, defined under IAS 36 as the higher between the asset’s fair value (less costs of disposal) and its value in use;
⎯to measure fair value (governed by IFRS 13), reference must be made to:
—stock market prices, if the investee company is listed on an active market;
—valuation models generally recognized by the market, including market multiples for transactions, especially if deemed significant;
⎯to measure value in use (as governed by IAS 28 paragraph 42), the methodologies are either:
—the discounted value of cash flows generated by the investee company, both as cash flows generated from the company’s assets and as income deriving from the disposal of the same assets; or
—the 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
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 439
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
(€m)

Company Name | Entities under significant influence
Assicurazioni Generali S.p.A. | Istituto Europeo di Oncologia S.r.l.
Cash and Cash Equivalents | X | X
Financial assets | 494,340 | 52
Non-financial assets | 44,307 | 293
Financial liabilities | 45,710 | 100
Non-financial liabilities | 459,842 | 265
Total revenues | 28,596 | 437
Profit (Loss) on ordinary operations before tax | 6,041 | 8
Profit (Loss) on ordinary operations after tax | 4,167 | 5
Profit (Loss) on held-for-sale assets after tax | — | —
Profit (Loss) for the period (1) | 4,167 | 5
Other profit (loss) components after tax (2) | (276) | —
Total profit (loss) for the period (3) = (1) + (2) | 3,891 | 5

440 Consolidated Financial Statements as at 30 June 2025
7.4 Non-significant investments: accounting data

|  |  |  | (€’000)
Company Name | Entities under significant influence
CLI Holdings II Ltd | Finanziaria Gruppo Bisazza S.r.l. | MB SpeedUp
Book value of investments | 35,064 | 5,664 | 2,364
Total assets | 185,891 | 34,168 | 4,150
Total liabilities | 185,887 | 6,961 | —
Total revenues |  |  |
Profit (Loss) on ordinary operations after tax | 1 | (748) | —
Profit (Loss) on operations after tax | — | — | —
Profit (Loss) for the year (1) | 1 | (748) | —
Other profit (loss) components after tax (2) | — | — | —
Comprehensive income (3)=(1) + (2) | 1 | (748) | —

The table below shows a reconciliation between the book value of the investments and the data used for valuation purposes.

|  |  |  |  |  |  | (€m)
Entities under significant influence | Aggregate net equity | Pro rata net equity | Differences arising upon consolidation | Consolidated book value
Assicurazioni Generali S.p.A. | 28,948.6 | (1) | 3,912.8 |  | (6.0) | (2) | 3,906.8
Istituto Europeo di Oncologia S.r.l. | 153.0 | (3) | 38.8 |  | — |  | 38.8
CLI Holdings II Ltd | 198.7 | (4) | 37.7 |  | — |  | 35.1
Finanziaria Gruppo Bisazza S.r.l. | 25.0 |  | 5.7 |  | — |  | 5.7
MB SpeedUp | 4.2 |  | 2.1 |  | — |  | 2.4

(1) Total net equity includes the dividends paid in May 2025 (€2,172m).
(2) The differences upon consolidation refer to the Mediobanca shares held by Assicurazioni Generali as part of its securities portfolio (€44.9m, pro rata €6m).
(3) Net equity as at 31 March 2025 of €145.7m (pro rata: €36.9m) was adjusted to reflect the property asset revaluations after depreciation and amortization charges accruing (pro rata: €4.5m).
(4) Total net equity includes the dividends paid in April 2025 (€2.6m).
For the nature of the relationships, please refer to section 7.1 above.
As at 30 June, the market value of the Assicurazioni Generali investment was €6,162.3m (€30.16 per share), higher than its book value (€3,906.8m). In line with
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 441
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 (€32.3 medium price per share).
Regarding Istituto Europeo di Oncologia, this investment has a book value in line with the entity’s Net Asset Value adjusted to reflect the property values being realigned to their market values at acquisition. As at 30 June 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 net equity) do not show critical issues such as to require proceeding with an impairment test.
Finally, the investment in MB SpeedUp confirmed the carrying amount and showed no evidence of the need to proceed with an impairment testing exercise.
442 Consolidated Financial Statements as at 30 June 2025
7.5 Equity investments: changes during the period

| 30 June 2025 | 30 June 2024
A. Balance at start of period | 3,789,216 | 3,563,831
B. Increases | 511,658 | 513,019
B.1 Purchases | 2,400 | 1,750
B.2 Write-backs | — | —
B.3 Write-ups | — | —
B.4 Other changes | 509,258 | 511,269
C. Decreases | 312,048 | 287,634
C.1 Sales | — | —
C.2 Value adjustments | — | —
C.3 Write-offs | — | —
C.4 Other changes (1) | 312,048 | 287,634
D. Balance at end of period | 3,988,826 | 3,789,216
E. Total revaluations | — | —
F. Total adjustments | 733,478 | 733,478

(1)This includes dividends collected.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 443
SECTION 9
Heading 90: Property, plant and equipment
9.1 Core tangible assets: breakdown of assets stated at cost

Assets/Values | Total | Total
30 June 2025 | 30 June 2024
1. Property assets | 230,904 | 247,498
a) land | 116,829 | 116,829
b) buildings | 52,782 | 52,667
c) furniture | 31,268 | 34,588
d) electronic systems | 8,556 | 7,609
e) other | 21,469 | 35,805
2. Right-of-use assets acquired through lease | 272,800 | 245,266
a) land | — | —
b) buildings | 257,444 | 229,664
c) furniture | — | —
d) electronic systems | — | —
e) other | 15,356 | 15,602
Total | 503,704 | 492,764
of which: obtained by enforcement of collateral | 65 | 67

9.2 Properties held for investment purposes: breakdown of assets stated at cost

Assets/Values | Total | Total
30 June 2025 | 30 June 2024
Carrying amount | Fair value | Carrying amount | Fair value
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
1. Property assets | 124,236 | — | — | 207,027 | 47,998 | — | — | 125,045
a) land | 78,460 | — | — | 115,177 | 25,253 | — | — | 59,272
b) buildings | 45,776 | — | — | 91,850 | 22,745 | — | — | 65,773
2. Right-of-use assets acquired through lease | — | — | — | — | — | — | — | —
a) land | — | — | — | — | — | — | — | —
b) buildings | — | — | — | — | — | — | — | —
Total | 124,236 | — | — | 207,027 | 47,998 | — | — | 125,045
of which: obtained by enforcement of collateral | 25,848 |  | — | 38,670 | 24,791 |  | — | 36,320

444 Consolidated Financial Statements as at 30 June 2025
9.3 Core tangible assets: breakdown of written-up assets
At 30 June 2025, this item was not present within the Group.
9.4 Tangible assets held for investment purposes: composition of activities measured at fair value
At 30 June 2025, this item was not present within the Group.
9.5 Inventories pursuant to IAS 2: breakdown

Items/Values | Total | Total
30 June 2025 | 30 June 2024
1. Inventories of tangible assets arising from the enforcement of guarantees received | 9,539 | 8,855
a) land | 313 | 313
b) buildings | 9,226 | 8,542
c) furniture | — | —
d) electronic systems | — | —
e) other | — | —
2. Other inventories of tangible assets | — | —
Total | 9,539 | 8,855
of which: measured at fair value less costs to sell | — | —

The above includes assets received under leasing contracts, which were originally recorded as Investment Property (under IAS 40), and have now been restated as Inventories in accordance with IAS 2 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.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 445
9.6 Core assets: changes during the year

| Land | Buildings | Furniture | Electronic systems | Other | Total
A. Gross opening balance | 116,829 | 498,312 | 94,912 | 50,305 | 124,965 | 885,323
A.1 Decreases in total net value | — | (215,981) | (60,324) | (42,696) | (73,559) | (392,560)
A.2 Net opening balance | 116,829 | 282,331 | 34,588 | 7,609 | 51,406 | 492,763
B. Increases: | — | 102,358 | 4,917 | 3,107 | 15,747 | 126,129
B.1 Purchases | — | — | 4,217 | 3,107 | 5,048 | 12,372
- of which, business combinations | — | — | — | — | — | —
B.2 Capitalized improvement costs | — | 15,840 | — | — | — | 15,840
B.3 Write-backs | — | — | — | — | — | —
B.4 Positive changes in fair value allocated to | — | — | — | — | — | —
a) net equity | — | — | — | — | — | —
b) profit & loss | — | — | — | — | — | —
B.5 Currency exchange gains | — | 62 | 1 | — | 8 | 71
B.6 Transfers from investment properties | — | — | — | — | — | —
B.7 Other changes | — | 86,456 | 699 | — | 10,691 | 97,846
C. Decreases: | — | 74,463 | 8,237 | 2,160 | 30,328 | 115,188
C.1 Sales | — | — | 56 | — | 196 | 252
- of which, business combinations | — | — | — | — | — | —
C.2 Depreciation | — | 51,726 | 8,181 | 2,154 | 14,887 | 76,948
C.3 Impairment losses allocated to | — | — | — | — | — | —
a) net equity | — | — | — | — | — | —
b) profit & loss | — | — | — | — | — | —
C.4 Negative changes in fair value allocated to | — | — | — | — | — | —
a) net equity | — | — | — | — | — | —
b) profit & loss | — | — | — | — | — | —
C.5 Currency exchange losses | — | 270 | — | — | 63 | 333
C.6 Transfers to: | — | — | — | — | — | —
a) assets held for investment purposes | — | — | — | — | — | —
b) non-current assets and assets groups held for sale | — | — | — | — | — | —
C.7 Other changes | — | 22,467 | — | 6 | 15,182 | 37,655
D. Net closing balance | 116,829 | 310,226 | 31,268 | 8,556 | 36,825 | 503,704
D.1 Decreases in total net value | (24,512) | (248,924) | (68,402) | (44,860) | (85,186) | (471,884)
D.2 Gross closing balance | 141,341 | 559,150 | 99,670 | 53,416 | 122,011 | 975,588
E. Measured at cost | — | — | — | — | — | —

446 Consolidated Financial Statements as at 30 June 2025
Core operating assets stood at €503.7m (€492.7m last year), of which €272.8m were due to IFRS 16. During the year, purchases of €12.4m, capitalized improvements of €15.8m (€12.7m under IFRS 16), and other increases of €97.8m, almost entirely attributable to lease transactions (conclusion and/or renewal of IFRS 16 agreements), should be noted. Decreases totalled €115.2m, of which the amount of €77m was attributable to depreciation (€56.2m under IFRS 16 and €20.8m on property, plant and equipment) and €37.7m in other changes (mainly due to lease transactions).
9.7 Assets held for investment purposes: changes during the year

| Total
| Land | Buildings
A. Opening balance | 25,253 | 22,745
B. Increases | 53,207 | 24,703
B.1 Purchases | 52,527 | 21,867
- of which, business combinations | — | —
B.2 Capitalized improvement costs | — | —
B.3 Positive changes in fair value | — | —
B.4 Write-backs | — | —
B.5 Currency exchange gains | — | —
B.6 Transfers from core tangible assets | — | —
B.7 Other changes | 680 | 2,836
C. Decreases | — | 1,672
C.1 Sales | — | —
- of which, business combinations | — | —
C.2 Depreciation | — | 1,671
C.3 Negative changes in fair value | — | —
C.4 Write-downs | — | —
C.5 Currency exchange losses | — | —
C.6 Transfers to: | — | —
a) core tangible assets | — | —
b) non-current assets and assets groups held for sale | — | —
C.7 Other changes | — | 1
D. Closing balance | 78,460 | 45,776
E. Measured at fair value | 115,177 | 91,850

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 447
Investment assets increased from €48m to €124.2m. This increase is due to the launch of a real estate project in the Principality of Monaco which involved the purchase of land adjacent to the owned property and to the start of construction operations of a new building. Depreciation for the period amounted to €1.7m.
These consist of the following properties:

Location of Property | Sqm. | Book value(€’000) | Book value per sqm (€’000)
Rome | 10,015 | 28,565 | 0.4
Lecce | 21,024 | 12,027 | 1.7
Bologna (*) | 6,913 | 4.622 | 1.5
Pavia | 2,250 | 998 | 2.3
Trieste | 2,550 | 2,244 | 1.1
Monaco | 25 | 1,248 | —
Monaco (**) | — | 74,360 | —
Total | 42,777 | 124,064 |

(*) These include warehouses and office facilities.
(**) As at 30 June 2025, the surface area in square metres of the real estate project in the Principality of Monaco was not available .
448 Consolidated Financial Statements as at 30 June 2025
9.8 Inventory of tangible assets pursuant to IAS 2: changes for the year

| Inventories of tangible assets arising from the enforcement of guarantees received | Other inventories of tangible assets | Total
| Land | Buildings | Furniture | Electronic systems | Other
A. Opening balance | 313 | 8,542 | — | — | — | — | 8,855
B. Increases | — | 1,953 | — | — | — | — | 1,953
B.1 Purchases | — | — | — | — | — | — | —
B.2 Write-backs | — | — | — | — | — | — | —
B.3 Currency exchange gains | — | — | — | — | — | — | —
B.4 Other changes | — | 1,953 | — | — | — | — | 1,953
C. Decreases | — | 1,269 | — | — | — | — | 1,269
C.1 Sales | — | 897 | — | — | — | — | 897
C.2 Write-downs | — | — | — | — | — | — | —
C.3 Currency exchange losses | — | — | — | — | — | — | —
C.4 Other changes | — | 372 | — | — | — | — | 372
D. Closing balance | 313 | 9,226 | — | — | — | — | 9,539

Inventories governed by IAS 2, entirely attributable to Selma, amounted to €9.5m, i.e. an increase of €2m during the financial year due to foreclosed assets, partially offset by the sale of a property for €0.9m and other decreases of €0.4m.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 449
SECTION 10
Heading 100: Intangible assets
Intangible assets with indefinite duration consist of Goodwill, Brands and Contracts acquired as part of business combinations, whereas those with definite duration are software programs and client lists similarly acquired in extraordinary transactions. For details on the methods by which Intangible assets are valued, reference is made to Part A – Accounting Policies.
10.1 Intangible assets: breakdown by type of asset

Assets/Values | Total | Total
30 June 2025 | 30 June 2024
Definite life | Indefinite life | Definite life | Indefinite life
A.1 Goodwill | X | 856,839 | X | 827,313
A.1.1 attributable to the group | X | 856,839 | X | 827,313
A.1.2 attributable to minority interests | X | — | X | —
A.2 Other intangible assets | 88,357 | 142,397 | 75,035 | 143,084
of which: software | 70,415 | — | 52,601 | —
A.2.1 Assets measured at cost: | 88, 357 | 142,397 | 75,035 | 143,084
a) Intangible assets generated internally | — | — | — | —
b) Other assets | 88, 357 | 142,397 | 75,035 | 143,084
A.2.2 Assets measured at fair value: | — | — | — | —
a) Intangible assets generated internally | — | — | — | —
b) Other assets | — | — | — | —
Total | 88, 357 | 999,236 | 75,035 | 970,397

Intangible assets increased from €1,045.4m to €1,087.6m; the €42.2m increase is largely attributable to goodwill of €37m arising from Compass’s acquisition of a majority stake in HeidiPay AG, which will be subject to purchase price allocation over the next 12 months. This was partially offset, under the same agreements, by a simultaneous €4.4m write-off of Heylight’s goodwill following the write-off of the related deferred payment. Software purchases totalling €42.1m, partially offset by adjustments for the period totalling €28.8m (of which €24.5m relating to software amortization and €3.7m to amortization of customer lists ex PPA) and net exchange rate adjustments of goodwill and intangible assets denominated in foreign currencies totalling €-3.7m should be added to these.
450 Consolidated Financial Statements as at 30 June 2025
10.2 Intangible assets: breakdown by type of asset

| Goodwill | Other intangible assets generated internally | Other intangible assets: other | Total
| Definite life | Indefinite life | Definite life | Indefinite life
A. Opening balance | 827,313 | — | — | 392,051 | 143,084 | 1,362,448
A.1 Decreases in total net value | — | — | — | 317,016 | — | 317,016
A.2 Net opening balance | 827,313 | — | — | 75,035 | 143,084 | 1,045,432
B. Increases | 37,168 | — | — | 42,261 | 366 | 79,795
B.1 Purchases | 37,003 | — | — | 42,142 | — | 79,145
- of which, business combinations | 37,003 | — | — | 88 | — | 37,091
B.2 Increases of internal intangible assets | X | — | — | — | — | —
B.3 Write-backs | X | — | — | — | — | —
B.4 Positive changes in fair value | — | — | — | — | — | —
- net equity | X | — | — | — | — | —
- to P&L | X | — | — | — | — | —
B.5 Currency exchange gains | 165 | — | — | 105 | 366 | 636
B.6 Other changes | — | — | — | 14 | — | 14
C. Decreases | 7,642 | — | — | 28,939 | 1,053 | 37,634
C.1 Sales | — | — | — | — | — | —
- of which, business combinations | — | — | — | — | — | —
C.2 Value adjustments | 4,385 | — | — | 28,803 | — | 33,188
- Depreciation | X | — | — | 28,212 | — | 28,212
- Write-downs | 4,385 | — | — | 591 | — | 4,976
+ net equity | X | — | — | — | — | —
+ to P&L | 4,385 | — | — | 591 | — | 4,976
C.3 Negative changes in fair value: | — | — | — | — | — | —
- net equity | X | — | — | — | — | —
- to P&L | X | — | — | — | — | —
C.4 Transfer to non-current assets held for sale | — | — | — | — | — | —
C.5 Currency exchange losses | 3,257 | — | — | 136 | 1,053 | 4,446
C.6 Other changes | — | — | — | — | — | —
D. Closing balance | 856,839 | — | — | 88,357 | 142,397 | 1,087,593
D.1 Adjustment of net total values | — | — | — | 350,357 | — | 350,357
E. Gross closing balance | 856,839 | — | — | 438,712 | 142,397 | 1,437,948
F. Measurement at cost | — | — | — | — | — | —

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 451
Information on intangible assets and goodwill
On 3 June this year, Compass Banca completed its acquisition of control of the holding company HeidiPay AG, over which the company had been exercising significant influence since July 2022. Compass acquired an additional 59.8% of the company’s capital, thus reaching an effective ownership percentage of 80.9% at closing.
The purchase price of 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%. The transaction generated total goodwill of CHF 34.6m (€37m at the exchange rate effective 30 June 2025), which, as mentioned, will be subject to purchase price allocation over the next twelve months.
The company HeidiPay AG, with registered office in Geneva, which was the subject of the acquisition, held 99.96% of HeidiPay Ltd, a company with registered office in London that provides IT support services for managing online payment processes. HeidiPay Ltd, in turn, wholly owned Holipay S.r.l.
A table summarizing the effects of the PPA process for all the acquisitions carried out by the Group over years is shown below:
Table 1: Summary of PPA effects: ITALIAN acquisitions

| Linea | IFID | Spafid Connect | Barclays(*) | Esperia | Soisy
Acquisition date | 27 June 2008 | 01 August 2014 | 18 June 2015 | 26 August 2016 | 06 April 2017 | 10 October 2022
Price paid | 406,938 | 3,600 | 5,124 | (240,000) | 233,920 | 5,999
of which: ancillary charges | 2,000 | 200 | — |  | — | —
Liabilities | — | — | — | 80,000 | — | —
Finite life intangible assets | (44,200) | (700) | (3,250) | (26,000) | (4,508) | (1,056)
no. of years amortization | 8 | 7 | 10 | 5 | 5 | 5
Trademarks | (6,300) | — | — | — | (15,489) | —
Fair value adjustments | — | — | — | 84,200 | 11,232 | —
Imbalance of other assets (liabilities) | (2,659) | 420 | (466) | 98,300 | (176,585) | 1,152
Tax effects | 12,155 | 220 | 934 | 3,500 | 6,613 | 349
Total goodwill | 365,934 | 3,540 | 2,342 | — | 55,183 | 6,444

(*) The deal generated badwill.
Table 1: Summary of PPA effects: NON-ITALIAN acquisitions
452 Consolidated Financial Statements as at 30 June 2025

| Cairn | RAM(1) | MMA | Bybrook (Cairn) (2) | Arma Partners LLP | 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 | — | — | — | — | — | —
Liabilities | 20,813 | 46,850 | 54,540 | — | 11,400 | 4,098
Intangible assets, indefinite life | — | — | — | (58,903) | (24,600) | —
Finite life intangible assets | — | (2,398) | (11,330) | (8,455) | (5,300) | (2,530)
no. of years amortization | — | 5 | 8 | 10 | 7 | 10
Trademarks | — | (37,395) | (10,230) | — | — | —
Fair value adjustments | — | — | — | — | — | —
Imbalance of other assets (liabilities) | (8,345) | (6,853) | (13,353) | (3,759) | — | (96)
Tax effects | — | 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’s business and shares were acquired by Polus Capital Management (formerly Cairn Capital), in which Mediobanca S.p.A. holds an 89.07% stake.
The situation for the Group’s other main acquisitions is as follows:
⎯the Linea transaction (June 2008) generated goodwill of €365.9m, which is now the only amount still recorded in the books following the write-off of the brands with the useful life of the intangible assets having ended;
⎯the acquisition of the Barclays Italy business unit (August 2016) entailed payment by the seller of €240m which, during the Purchase Price Allocation process, was allocated to contingent liabilities for €59m, to mortgage adjustment provisions for €21m, of which approximately half for impaired positions, and to intangible assets with a finite life for €26m linked to a list of customers with assets under management and administration (now fully amortized);
⎯the acquisition of 50% of Banca Esperia shares held by Banca Mediolanum (April 2017) through payment of €141m resulted in goodwill of €52.1m divided into the Private Banking CGU (€29.4m) and the MidCap CGU (€22.7m); a trademark of €15.5m linked to the Private Banking activity and a customer list (originally valued
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 453
at €4.5m);
⎯the acquisition of 69.4% of RAM AI (February 2018) led to goodwill of CHF 172.1m, a trademark with an indefinite life worth CHF 41.9m and a customer list worth CHF 2.7m (fully amortized). As at 30 June 2025, only the recoverable value of the trademark, amounting to CHF 11.5m, remained outstanding;
⎯the acquisition of a 66.4% stake in Messier Maris & Associés – MMA (April 2019), for €107.9m, settled with 11,600,000 Mediobanca shares held, along with a put and call agreement on the remaining capital. This resulted in the recognition of goodwill of €134.2m, in addition to the €27.2m trademark. Over the years, goodwill has been reduced to €93.2m (compared to a reduction in future liabilities107 following the departure of one of the two founding partners), while the trademark has been restored to its individual value of €17m;
⎯the acquisition of Cairn Capital (December 2015), which resulted in goodwill of £37.1m; the Bybrook Capital LLP transaction was subsequently completed (August 2021), resulting in the recognition of intangible assets related to asset management contracts totalling £67.4m (of which £58.9m with an indefinite life and £8.5m with a finite life to be amortized over 10 years) and an increase of £11.7m in goodwill. As at 30 June, outstanding goodwill amounted to £48.8m, intangible assets totalled £64.1m, and liabilities totalled £23.3m. During the financial year, a partnership agreement was entered into with a leading sovereign wealth fund, which, in exchange for a significant commitment, led to the issuance of special shares valued according to a trigger;
⎯the acquisition by Compass of 100% of Soisy S.p.A (October 2022), which led to a list of customers with a finite useful life worth €1.1m (amortization in 5 years), while the residual goodwill amounted to €6.4m. The company later merged in Compass Banca;
⎯the acquisition of a controlling interest (100% of Interest A) in the English company Arma Partners LLP108 (October 2023), which led to a trademark worth £24.6m and customer relationship worth £5.3m (useful life of 7 years); residual
107 As at 30 June 2025 the future liability amounted to €14m.
108 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 “A” - assigned to Mediobanca - which give the right to receive an initial percentage of 30% (35% from the fourth year) of Arma’s 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 “B” shares, which are held by the Partners and give them the right to receive the residual percentage of Arma’s 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’ economic rights.
454 Consolidated Financial Statements as at 30 June 2025
goodwill amounted to £209m (converted to €244.3m). At 30 June 2025, the consideration liability, after payment of the second tranche, amounted to £83.4m; goodwill remained unchanged, while other intangible assets amounted to £28.6m;
⎯the acquisition by Compass Banca S.p.A. of 100% of the share capital of Heidi Pay Switzerland AG (October 2023, subsequently renamed HeyLight AG), led to customer relationship worth CHF 2.5m (useful life of 10 years), and residual goodwill of CHF 4.9m (converted to €5m); as at 30 June 2025 goodwill amounted to CHF 0.8m (with no impact on the Profit and Loss Account, having been absorbed by the cancellation of the deferred consideration liability).
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 455
* * *
The tables below show a list of the intangible assets with indefinite and finite useful lives acquired as part of M&A transactions and summarizing the goodwill recognized in the accounts as broken down both by deal and cash-generating unit (CGU).
Table 2: Other intangible assets acquired as a result of extraordinary transactions

Type | Deal | 30 June 2025 | 30 June 2024
Customer relationships |  | 86,730 | 91,911
| CMB | 1,962 | 2,613
| Polus | 74,946 | 76,753
| Messier et Associés | 2,480 | 3,896
| Soisy | 462 | 634
| HeyLight | 2,241 | 2,429
| Arma Partners LLP | 4,639 | 5,586
Trademarks |  | 56,545 | 56,490
| MB Private Banking | 15,489 | 15,489
| RAM Active Investments (1) | 12,302 | 11,936
| Arma Partners (1) | 28,754 | 29,065
Total PPA intangible assets |  | 143,275 | 148,401

(1) Increase entirely attributable to the currency exchange effect.
456 Consolidated Financial Statements as at 30 June 2025
Table 3: Goodwill

Deal | 30 June 2025 | 30 June 2024
Consumer credit | 410,191 | 377,415
- of which Soisy | 6,444 | 6,444
- of which: Compass-Linea | 365,934 | 365,934
- of which HeyLight (2) | 810 | 5,037
- of which HeidiPay AG (3) | 37,003 | —
Polus Capital Management (1) | 57,098 | 57,715
MB Private Banking | 52,103 | 52,103
Messier et Associés | 93,153 | 93,153
Arma Partners LLP | 244,294 | 246,927
Total goodwill | 856,839 | 827,313

(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 (€2.6m) 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 | 30 June 2025 | 30 June 2024
Consumer credit | 410,191 | 377,415
- of which HeyLight (2) | 810 | 5,037
Polus Capital Management (1) | 57,098 | 57,715
MB Private Banking + AM | 29,453 | 29,453
MB Mid corporate | 22,650 | 22,650
Messier et Associés | 93,153 | 93,153
Arma Partners (1) | 244,294 | 246,927
Total goodwill | 856,839 | 827,313

(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.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 457
Information on impairment testing
As stated in the Accounting Policies section, IAS 36 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.
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’s 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.
The Group adopted a policy, which was recently updated to refine the valuation methods of recognized intangibles, in particular with reference to the valuation of brands and intangibles with a finite life, 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’s 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 IAS 36, certain parameters common to all CGUs have been used, namely:
458 Consolidated Financial Statements as at 30 June 2025
—the 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;
—the 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);
—the growth rate (g), to calculate the terminal value, using the so-called “perpetuity” methodology, established taking into account the inflation rate expected over the long term in the country where the specific CGU is based; in some cases, however, other factors are also considered, such as the real growth scenario in the sector where the CGU operates;
—the 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 Finance CGU, by at least 1.50%.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 459
Table 5: Cost of equity parameters per CGU

30 June 2025
CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate
| Rf | Erp | b | to | Ke | g
Consumer credit | 3.48 | 5.44 | 1.03 | — | 9.09 | 2.00
MB Private Banking | 3.48 | 5.44 | 1.03 | 1.50 | 10.56 | 2.00
MB Mid corporate | 3.48 | 5.44 | 1.18 | 1.50 | 11.42 | 2.00
Polus Capital Management | 4.55 | 5.44 | 1.26 | 3.20 | 14.59 | 2.00
RAM Active Investments | 0.31 | 5.44 | 1.26 | 3.20 | 10.35 | 2.04
Messier et Associés | 3.23 | 5.44 | 1.18 | 1.50 | 11.18 | 1.94
Arma Partners LLP | 4.55 | 5.44 | 1.18 | 1.50 | 12.49 | 2.00

30 June 2024

CGU | Risk-free rate | Equity risk premium | Beta 2y | Coefficient | Cost of equity | Expected growth rate
Rf | Erp | b | to | Ke | g
Consumer credit | 3.95 | 5.23 | 1.03 | — | 9.35 | 2.00
MB Private Banking | 3.95 | 5.23 | 1.03 | 1.50 | 10.84 | 2.00
MB Mid corporate | 3.95 | 5.23 | 1.14 | 1.50 | 11.41 | 2.00
Polus Capital Management | 4.14 | 5.23 | 1.23 | 3.20 | 13.78 | 2.00
RAM Active Investments | 0.71 | 5.23 | 1.23 | 3.20 | 10.34 | 1.93
Messier et Associés | 3.16 | 5.23 | 1.14 | 1.50 | 10.63 | 1.71
Arma Partners LLP | 4.14 | 5.23 | 1.14 | 1.50 | 11.61 | 2.00

Compared to the previous year, the Cost of Equity of all CGUs, with the exception of the Polus, Messier & Associés and Arma Partners CGUs, was steady or slightly declining despite an increase in the Equity Risk Premium (approximately 20 bps). Risk-free rates (calculated - in line with the previous financial year - as the one-month average at the impairment testing date of daily yields upon maturity of the 10-year government benchmarks where the CGU being valued is located) decreased slightly for Italy (from 3.95% to 3.48%), while they increased for France (from 3.16% to 3.23%) and the United Kingdom (from 4.14% to 4.55%). 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. 5.44%; approximately 20 bps higher) as representative of the premium associated with the global investment in the market stock. The Betas were all slightly up except for the Consumer and Private Banking CGUs of Mediobanca, both of which stood at 1.03. Finally, the growth rate (g), equal to the expected long-term inflation rate in the
460 Consolidated Financial Statements as at 30 June 2025
countries of residence of the CGUs, was set at 2% for Italy and the UK, at 2.04% for Euro Area, and 1.94% 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. In this regard, it should be noted that terminal value was obtained by capitalizing the average of distributable profits over the last three years of the Plan, which, on a prudential basis, was considered the value that best reflected a normalized cash flow that takes into account the income prospects of individual CGUs according to an across-the-cycle approach. The only three exceptions were the Consumer CGU, for which the distributable profit in the last year of the Plan was used as it was lower than the average value, and by the CGU Messier & Associés, for which it was deemed appropriate to use the historical average in order to normalize the volatility of its business, and by the RAM CGU, whose 5-year historical average was prudently used in order to consider the company’s current performance and current phase of business relaunch.
All of the Group’s CGUs passed the impairment test as their value in use exceeded the carrying amount as at 30 June 2025.
This situation is borne out by the sensitivity analysis conducted on the following variables:
—Cost of equity +/- 0.25%, with an overall increase and decrease of up to 50 bps;
—Long-term growth rate +/- 0.20%, with an overall increase and decrease of up to 60 bps;
—Flow 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’s 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 IFRS 3) and the value of the operating income. The terminal value of the Private Banking (€15.5m), RAM (€12.3m), Messier et Associès (€17m) and Arma Partners (€29.3m) 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 Finance, Wealth Management and Corporate and Investment Banking), taking into account the allocation of all the corporate costs of the Holding Functions, was higher than
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 461
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 the Group’s 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 (30 June 2025) the stock was listed at €19.7, well above the Group’s net equity per share.
462 Consolidated Financial Statements as at 30 June 2025
SECTION 11
Assets heading 110 and liabilities heading 60: Tax assets and liabilities
11.1 Advance tax assets: breakdown

| Total | Total
| 30 June 2025 | 30 June 2024
- Against Profit and Loss | 256,222 | 383,359
- Against Net Equity | 47,149 | 20,754
Total | 303,371 | 404,113

All advance taxes qualifying as “ineligible” were subjected to a “probability test”, i.e. an annual assessment as to the probability of recovering them, taking into account whether they fall within the scope of the National Tax Consolidation of the companies to which they refer.
In this regard, it should be noted that:
—the estimate of the forecast taxable income for the periods beyond the time horizon of business plans was made on a prudential basis, assuming the opening result to be substantially consistent with that of the previous financial year;
—temporary decreases were examined by using the above period for decreases whose release period is governed by regulatory provisions, while a time horizon of 5 or 10 years was used for other cases depending on the type of item.
Taking into account the Group’s and the individual entities’ forward-looking plans, the above analyses confirmed the “probability of recovery” of such decreases while applying the prudential corrections described above and taking into account the large income-earning capacity demonstrated by the Group in its long history.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 463

| 30 June 2025 | 30 June 2024
A- Gross advance tax assets | 303,371 | 404,113
Loan loss provisions (*) | 128,832 | 242,217
Provisions for sundry risks and charges | 15,172 | 15,194
Goodwill and other intangible assets (**) | 90,081 | 99,787
Financial instruments recognized at FVOCI | 57,868 | 22,367
Tax losses | 635 | 1,029
Other | 10,783 | 23,519
B- Offset by deferred tax liabilities | — | —
C- Net advance tax assets | 303,371 | 404,113

(*) Among other figures, this item includes: i) prepaid taxes recognized on write-downs and losses on loans to customers, which will be absorbed by 30 June 2030 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 IFRS 9 FTA, which will be absorbed in tenths by 30 June 2030.
(**) This figure mainly includes goodwill redemptions on the Compass / Linea merger transaction (€85.2m), of which €72.8m pursuant to Article 110 of Law-Decree No. 104/2020 with an amortization period of 18 years and €12.4m pursuant to Article 176 of Presidential Decree No. 917/1986.
11.2 Deferred tax liabilities: breakdown

| Total | Total
| 30 June 2025 | 30 June 2024
- Against Profit and Loss | 288,873 | 280,972
- Against Net Equity | 72,800 | 108,793
Total | 361,673 | 389,765

464 Consolidated Financial Statements as at 30 June 2025
11.3 Changes in advance tax during the period (against profit and loss)

| Total | Total
| 30 June 2025 | 30 June 2024
1. Opening balance | 383,359 | 493,245
2. Increases | 11,332 | 23,950
2.1 Prepaid taxes recorded during the year | 9,953 | 21,543
a) relating to prior years | — | —
b) due to changes in accounting policies | — | —
c) write-backs | — | —
d) other | 9,953 | 21,543
2.2 New taxes or increases in tax rates | — | —
2.3 Other increases | 1,379 | 2,407
3. Decreases | 138,469 | 133,836
3.1 Prepaid taxes derecognized during the year | 131,678 | 127,563
a) reversals | 131,254 | 126,555
b) write-downs due to non-recoverable items | — | —
c) changes in accounting policies | — | —
d) other | 424 | 1,008
3.2 Reductions in tax rates | — | —
3.3 Other decreases: | 6,791 | 6,273
a) conversion into tax receivables pursuant to Italian Law No. 214/2011 | — | —
b) other | 6,791 | 6,273
4. Closing balance | 256,222 | 383,359

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 465
11.4 Changes in prepaid taxes pursuant to Italian Law No. 214/11 (*)

| Total | Total
| 30 June 2025 | 30 June 2024
1. Opening balance | 232,891 | 342,562
2. Increases | — | —
3. Decreases | 103,708 | 109,671
3.1 Reversals | 97,839 | 103,474
3.2 Conversion into tax receivables deriving from: | — | —
a) losses for the year | — | —
b) tax losses | — | —
3.3 Other decreases | 5,869 | 6,197
4. Closing balance | 129,183 | 232,891

(*) 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.
466 Consolidated Financial Statements as at 30 June 2025
11.5 Changes in deferred taxes (against profit and loss)

| Total | Total
| 30 June 2025 | 30 June 2024
1. Opening balance | 280,972 | 286,804
2. Increases | 26,011 | 10,110
2.1 Deferred taxes for the year | 3,117 | 3,126
a) relating to prior years | — | —
b) due to changes in accounting policies | — | —
c) other | 3,117 | 3,126
2.2 New taxes or increases in tax rates | — | —
2.3 Other increases | 22,894 | 6,984
3. Decreases | 18,110 | 15,942
3.1 Deferred taxes derecognized in the year | 7,799 | 9,125
a) reversals | 3,005 | 4,744
b) due to changes in accounting policies | — | —
c) other | 4,794 | 4,381
3.2 Reductions in tax rates | — | —
3.3 Other decreases | 10,311 | 6,817
4. Closing balance | 288,873 | 280,972

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 467
11.6 Changes in prepaid taxes during the period (against net equity) (*)

| Total | Total
| 30 June 2025 | 30 June 2024
1. Opening balance | 20,754 | 31,136
2. Increases | 76,091 | 87,373
2.1 Prepaid taxes recorded during the year | 76,051 | 87,173
a) relating to prior years | — | —
b) due to changes in accounting policies | — | —
c) other | 76,051 | 87,173
2.2 New taxes or increases in tax rates | — | —
2.3 Other increases | 40 | 200
3. Decreases | 49,696 | 97,755
3.1 Prepaid taxes derecognized during the year | 48,302 | 97,568
a) reversals | 47,775 | 97,020
b) write-downs due to non-recoverable items | — | —
c) due to changes in accounting policies | — | —
d) other | 527 | 548
3.2 Reductions in tax rates | — | —
3.3 Other decreases | 1,394 | 187
4. Closing balance | 47,149 | 20,754

(*) Tax mainly arising from cash flow hedges and valuations of financial instruments recognized at fair value through Other Comprehensive Income.
468 Consolidated Financial Statements as at 30 June 2025
11.7 Changes in deferred taxes (against net equity)

| Total | Total
| 30 June 2025 | 30 June 2024
1. Opening balance | 108,793 | 163,620
2. Increases | 213,913 | 169,921
2.1 Deferred taxes for the year | 213,846 | 161,078
a) relating to prior years | — | —
b) due to changes in accounting policies | — | 86
c) other | 213,846 | 160,992
2.2 New taxes or increases in tax rates | — | —
2.3 Other increases | 67 | 8,843
3. Decreases | 249,906 | 224,748
3.1 Deferred taxes derecognized in the year | 249,640 | 224,407
a) reversals | 249,640 | 224,407
b) due to changes in accounting policies | — | —
c) other | — | —
3.2 Reductions in tax rates | — | —
3.3 Other decreases | 266 | 341
4. Closing balance | 72,800 | 108,793

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 469
SECTION 13
Heading 130: Other assets
13.1 Other assets: breakdown

| 30 June 2025 | 30 June 2024
1. Gold, silver, precious metals and commodities (2) | 997,722 | 2,087
2. Accrued income other than capitalized income on the related assets | 94,389 | 70,009
3. Trade receivables or invoices to be issued | 367,703 | 315,625
4. Amounts due from tax revenue authorities (not recorded under Heading 110) | 548,145 | 380,295
5. Other items: | 291,709 | 401,369
- bills for collection | 66,501 | 240,727
- amounts due in respect of premiums, grants, indemnities, and other items in respect of lending transactions | 9,082 | 7,692
- advance payments on deposit commissions | 2,521 | 2,447
- other items in transit | 129,902 | 85,149
- sundry other items (1) | 83,703 | 65,354
Total other assets | 2,298,276 | 1,167,993

(1) Includes accrued income.(2) Includes trading in EUAs listed certificates, for 995.6m entirely backed up by forward sales with futures contracts.
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 Group tax ceiling. The book value was €213m (€152m as at 30 June 2024) after purchases of €181m and offsets of €112m with tax liabilities of the individual entities. The nominal value as at 30 June 2025 was €235m, of which €186m referable to the ‘Superbonus 110’ discount pursuant to Article 119 of Law-Decree No. 34/2020, which may be offset in the next 3 years. As of the date hereof, the residual Superbonus 110% credit amounted to €186m, 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.
With reference to Law-Decree No. 39/2024, no impacts were found.
470 Consolidated Financial Statements as at 30 June 2025
Liabilities
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
30 June 2025 | 30 June 2024
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 | — | X | X | X | 1,313,202 | X | X | X
2. Amounts due to banks | 12,347,364 | X | X | X | 9,648,913 | X | X | X
2.1 Current accounts and demand deposits | 245,193 | X | X | X | 278,565 | X | X | X
2.2 Term deposits | 49,983 | X | X | X | 16,493 | X | X | X
2.3 Loans | 11,985,932 | X | X | X | 9,331,957 | X | X | X
2.3.1 Repos | 7,469,669 | X | X | X | 5,342,646 | X | X | X
2.3.2 Other | 4,516,263 | X | X | X | 3,989,311 | X | X | X
2.4 Liabilities in respect of commitments to repurchase own equity instruments | — | X | X | X | — | X | X | X
2.5 Lease liabilities | 531 | X | X | X | 745 | X | X | X
2.6 Other liabilities | 65,725 | X | X | X | 21,153 | X | X | X
Total | 12,347,364 | — | 12,347,364 | — | 10,962,115 | — | 10,962,115 | —

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 471
1.2Financial liabilities measured at amortized cost: composition of due to customers

Transaction Type/Values | Total | Total
30 June 2025 | 30 June 2024
Book value | Fair Value | Book value | Fair Value
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
1. Current accounts and on demand deposits | 20,539,664 | X | X | X | 18,725,078 | X | X | X
2. Term deposits | 10,160,256 | X | X | X | 10,290,506 | X | X | X
3. Loans | 3,113,491 | X | X | X | 4,792,458 | X | X | X
3.1 Repos | 2,776,740 | X | X | X | 4,754,334 | X | X | X
3.2 Other | 336,751 | X | X | X | 38,124 | X | X | X
4. Liabilities in respect of commitments to repurchase own equity instruments | — | X | X | X | — | X | X | X
5. Lease liabilities | 251,673 | X | X | X | 212,155 | X | X | X
6. Other liabilities (1) | 26,641 | X | X | X | 84,351 | X | X | X
Total | 34,091,725 | — | 34,091,725 | — | 34,104,548 | — | 34,104,548 | —

(1) The item includes liabilities related to the purchase of MBFACTA’s unfunded loans.
1.3Financial liabilities measured at amortized cost: composition of debt securities in issue

Type of security/Amounts | 30 June 2025 | 30 June 2024
Carrying amount | Fair value* | Carrying amount | Fair value*
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
A. Securities |  |  |  |  |  |  |  |
1. bonds | 27,284,351 | 1,638,674 | 25,838,701 | — | 24,015,355 | 1,403,249 | 22,638,329 | —
1.1 structured | 5,078,837 | — | 5,097,649 | — | 4,068,358 | — | 4,082,184 | —
1.2 other | 22,205,514 | 1,638,674 | 20,741,052 | — | 19,946,997 | 1,403,249 | 18,556,145 | —
2. other securities | 1,459,850 | — | 1,380,726 | 79,036 | 1,239,545 | — | 1,206,575 | 33,072
2.1 structured | — | — | — | — | — | — | — | —
2.2 other | 1,459,850 | — | 1,380,726 | 79,036 | 1,239,545 | — | 1,206,575 | 33,072
Total | 28,744,201 | 1,638,674 | 27,219,427 | 79,036 | 25,254,900 | 1,403,249 | 23,844,904 | 33,072

* Fair value amounts are shown after deducting issuer risk, which at 30 June 2025 suggested a capital gain of €221.5m (€204.3m as at 30 June 2024).
Bonds increased from €24bn to €27.3bn after new issues of €5,4bn covered by redemptions and repurchases of €2.5bn (realizing losses of €1.7m), to which other
472 Consolidated Financial Statements as at 30 June 2025
increases of €0.4bn (exchange rate adjustment, amortized cost and effect of hedges) should be added.
The bonds in issue include €2.6bn (nearly all of which issued by the subsidiary Mediobanca International and guaranteed by the parent company) related to arbitrage strategies leveraging derivative basis indexes (skew) linked to credit derivatives, commodity derivatives, interest rate arbitrage and inflation. All these issues involve payment of interest in the form of a coupon (including a premium – 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 IFRS 9, 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
During the financial year, a subordinated loan of €300m was issued with a 10-year maturity at a mixed rate (fixed 4.25% until 18/9/2030 and variable EUSA 5Y+1.75 until maturity).

Issue | 30 June 2025
ISIN code | Nominal Value | Carrying amount
MB SUBORDINATO TV with min 3% 2025 | IT0005127508 |  | 498,740 | 500,301
MB SUBORDINATO 3.75% 2026 | IT0005188351 |  | 299,448 | 295,362
MB SUBORDINATO 1.957% 2029 | XS1579416741 |  | 50,000 | 50,648
MB SUBORDINATO 2.3% 2030 | XS2262077675 |  | 243,420 | 242,257
MB SUBORDINATO TF 10Y Callable | XS2577528016 |  | 299,550 | 307,177
MB SUBORDINATO 5.25 22 APR 2034 | IT0005580573 |  | 299,200 | 307,065
MB SUBORDINATO 4.25% 18 SET 35 | IT0005640260 |  | 299,900 | 301,872
Total subordinated securities |  | 1,990,258 | 2,004,682

1.6 Lease liabilities
Amounts due under leases are calculated by applying the criteria set forth in IFRS 16.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 473
SECTION 2
Heading 20: Trading financial liabilities
2.1 Trading financial liabilities: product breakdown

Transaction Type/Values | 30 June 2025 | 30 June 2024
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. Amounts due to banks | 2,034,097 | 1,999,281 | 35,308 | — | 2,034,590 | 1,744,377 | 1,696,621 | 3,688 | — | 1,700,309
2. Due to customers | 3,126,809 | 3,153,293 | — | — | 3,153,293 | 3,337,805 | 3,216,770 | 33,759 | — | 3,250,529
3. Debts securities | — | — | — | — | — | — | — | — | — | —
3.1 Bonds | — | — | — | — | — | — | — | — | — | —
3.1.1 Structured | — | — | — | — | X | — | — | — | — | X
3.1.2 Other bonds | — | — | — | — | X | — | — | — | — | X
3.2 Other securities | — | — | — | — | — | — | — | — | — | —
3.2.1 Structured | — | — | — | — | X | — | — | — | — | X
3.2.2 Other | — | — | — | — | X | — | — | — | — | X
Total (A) | 5,160,906 | 5,152,574 | 35,308 | — | 5,187,883 | 5,082,182 | 4,913,391 | 37,447 | — | 4,950,838
B. Derivative instruments |  |  |  |  |  |  |  |  |  |
1. Financial derivatives | — | 880,695 | 2,545,655 | 32,474 | — | — | 883,298 | 3,183,440 | 98,311 | —
1.1 Trading | X | 880,695 | 2,503,647 | 32,474 | X | X | 883,298 | 3,183,382 | 98,311 | X
1.2 Related to the fair value option | X | — | — | — | X | X | — | — | — | X
1.3 Other | X | — | 42,008 | — | X | X | — | 58 | — | X
2. Credit derivatives | — | — | 339,101 | 1,951 | — | — | — | 387,743 | 1,080 | —
2.1 Trading | X | — | 339,101 | 1,951 | X | X | — | 387,743 | 1,080 | X
2.2 Related to the fair value option | X | — | — | — | X | X | — | — | — | X
2.3 Other | X | — | — | — | X | X | — | — | — | X
Total (B) | X | 880,695 | 2,884,756 | 34,425 | X | X | 883,298 | 3,571,183 | 99,391 | X
Total (A+B) | X | 6,033,269 | 2,920,064 | 34,425 | X | X | 5,796,689 | 3,608,630 | 99,391 | X

* Fair value computed by excluding variations due to changes in the issuer’s credit score following the date of emission.
474 Consolidated Financial Statements as at 30 June 2025
SECTION 3
Heading 30: Financial liabilities designated at fair value
3.1 Financial liabilities designated at fair value: product breakdown

Transaction Type/Values | Total | Total
30 June 2025 | 30 June 2024
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. Amounts due to banks | — | — | — | — | — | — | — | — | — | —
1.1 Structured | — | — | — | — | X | — | — | — | — | X
1.2 Other | — | — | — | — | X | — | — | — | — | X
Of which includes: |  |  |  |  |  |  |  |  |  |
- loan commitments | — | X | X | X | X | X | X | X | X | X
- financial guarantees issued | — | X | X | X | X | X | X | X | X | X
2. Due to customers | 1,070,606 | — | 982,056 | — | 982,056 | 1,269,999 | — | 1,168,714 | — | 1,168,714
2.1 Structured | 1,070,606 | — | 982,056 | — | X | 1,269,999 | — | 1,168,714 | — | X
2.2 Other | — | — | — | — | X | — | — | — | — | X
Which includes: |  |  |  |  | — |  |  |  |  | —
- loan commitments | — | X | X | X | X | X | X | X | X | X
- financial guarantees issued | — | X | X | X | X | X | X | X | X | X
3. Debts securities | 3,911,290 | — | 3,486,578 | 578,037 | 3,911,207 | 3,092,613 | — | 2,690,192 | 380,293 | 3,070,485
3.1 Structured | 3,873,376 | — | 3,447,178 | 578,037 | X | 3,011,665 | — | 2,608,292 | 380,293 | X
3.2 Other | 37,914 | — | 39,400 | — | X | 80,948 | — | 81,900 | — | X
Total | 4,981,896 | — | 4,468,634 | 578,037 | 4,893,263 | 4,362,612 | — | 3,858,906 | 380,293 | 4,239,199

(*) Fair value computed by excluding variations due to changes in the issuer’s credit score following the date of emission.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 475
The item Financial liabilities designated at fair value increased from €4,239.2m to €5,046.7m due to new operations in certificates (420 new issues for a value of €1,539.3m, including €656.9m credit linked and €882.4m with underlying shares).
As at 30 June, the total amount of certificates increased from €2,888.9m to €3,731.2m, which includes €1,615.1m in credit-linked and fixed-rate, €1,433.2m in equity, and €682.9m delta-one, i.e., without Mediobanca risk. The positions classified at Level 3 amounted to €578m, which includes €442.3m in autocallable equity.
Finally, there were securitized issues for €333.4m, which includes €24.8m callable.
476 Consolidated Financial Statements as at 30 June 2025
SECTION 4
Heading 40: Hedging derivatives
4.1 Hedging derivatives: by hedge type and level

| 30 June 2025 | 30 June 2024
| Fair value | Nominal Value | Fair value | Nominal Value
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
A. Financial derivatives | — | 1,037,377 | — | 53,368,622 | — | 1,431,642 | — | 46,968,086
1) Fair value | — | 891,617 | — | 42,075,298 | — | 1,430,774 | — | 46,938,086
2) Cash flow | — | 145,760 | — | 11,293,324 | — | 868 | — | 30,000
3) Foreign investments | — | — | — | — | — | — | — | —
B. Credit derivatives | — | — | — | — | — | — | — | —
1) Fair value | — | — | — | — | — | — | — | —
2) Cash flow | — | — | — | — | — | — | — | —
Total | — | 1,037,377 | — | 53,368,622 | — | 1,431,642 | — | 46,968,086

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 477
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 | 183,776 | — | — | — | X | X | X | 16,778 | X | X
2. | Financial assets measured at amortized cost | 11,186 | X | — | — | X | X | X | — | X | X
3. | Portfolio | X | X | X | X | X | X | — | X | — | X
4. | Other transactions | — | — | — | — | — | — | X | — | X | —
Total assets | 194,962 | — | — | — | — | — | — | 16,778 | — | —
1. | Financial liabilities | 696,656 | X | — | — | — | — | X | 128,679 | X | X
2. | Portfolio | X | X | X | X | X | X | — | X | — | X
Total liabilities | 696,656 | — | — | — | — | — | — | 128,679 | — | —
1. | Expected transactions | X | X | X | X | X | X | X | 302 | X | X
2. | Financial assets and liabilities portfolio | X | X | X | X | X | X | — | X | — | —

478 Consolidated Financial Statements as at 30 June 2025
SECTION 6
Heading 60: Tax liabilities
Please see asset section 11.
SECTION 7
Heading 70: Liabilities associated to assets held for sale
Please see asset section 12.
SECTION 8
Heading 80: Other liabilities
8.1 Other liabilities: breakdown

| 30 June 2025 | 30 June 2024
1. Working capital payables and invoices pending receipt | 326,179 | 345,606
2. Amounts due to revenue authorities | 222,085 | 177,766
3. Amounts due to staff | 320,952 | 295,225
4. Other items | 704,791 | 669,830
- bills for collection | 31,359 | 35,426
- coupons and dividends pending collection | 80,537 | 71,072
- available sums payable to third parties | 458,167 | 435,897
- premiums, grants, and other items in respect of lending transactions | 20,006 | 18,508
- sundry items (1) | 114,722 | 108,927
Total other liabilities | 1,574,007 | 1,488,427

(1) This includes the liability in respect of the put-and-call agreements relating to Polus Capital, RAM AI and MA.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 479
SECTION 9
Heading 90: Provision for statutory end-of-service payments
9.1 Provision for statutory end-of-service payments: changes during the period

| Total | Total
| 30 June 2025 | 30 June 2024
A. Opening balance | 20,445 | 20,584
B. Increases | 13,427 | 12,802
B.1 Provision for the year | 5,688 | 6,063
B.2 Other changes | 7,739 | 6,739
- of which, business combinations | — | —
C. Decreases | 14,967 | 12,941
C.1 End-of-service payments | 4,482 | 2,523
C.2 Other changes (1) | 10,485 | 10,418
- of which, business combinations | — | —
D. Closing balance | 18,905 | 20,445
Total | 18,905 | 20,445

(1) This includes €3,657 in transfers to external, defined contribution pension schemes (€3,310 at 30 June 2024).
The Provision for statutory end-of-service payments concerns Group companies residing in Italy; for a detailed explanation of the accounting standards adopted, please refer to Part A – 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. For some of the assumptions used, reference has been made directly to the Group’s own experience (e.g. estimates of disability incidence, frequency of early retirement, annual increase in rate of remuneration, frequency with which advance withdrawals from the provision are requested, etc.), while for the others, account has been taken of the relevant best practice (e.g. the mortality rate has been determined using the IPS55 life tables, whereas the retirement age has been determined taking into account the most recent legislation in this area); for the discount rate, the iBoxx Eurozone Corporate AA index as at 30 June 2025 has been used for similar companies to those being valued (equal to 3.20%, compared with 3.47% at end-June 2022), while the inflation rate is 2%.
480 Consolidated Financial Statements as at 30 June 2025
SECTION 10
Heading 100: Provisions for risks and charges
10.1 Provisions for risks and charges: breakdown

Items/Components | 30 June 2025 | 30 June 2024
1. | Provisions for credit risk related to commitments and financial guarantees issued | 19,171 | 20,791
2. | Provision to other commitments and other guarantees issued | 583 | 605
3. | Retirement plans (1) | 241 | —
4. | Other provisions for risks and charges | 94,602 | 116,295
| 4.1 | legal and tax disputes | — | —
| 4.2 | Personnel expenses | 6,818 | 16,932
| 4.3 | other | 87,784 | 99,363
Total | 114,597 | 137,691

(1) 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 30 June, the item “Provisions for risks and charges” amounted to €115m, with no significant changes in the component of commitments and financial guarantees (€19.2m), but this led to a decrease in “Other provisions for risks and charges” (from €116.3m to €94.6m) following utilizations of €38.5m and releases to the Profit and Loss Account of €9.2m (relating to releases for tax disputes and surpluses from provisions encouraging turnover), partially offset by new provisions (€26.2m).
Specifically, these provisions cover tax disputes (€30.3m), potential personnel costs for guarantees and indemnities (€15.5m), provisions to hedge against specific risks arising from complaints (€11.8m), operations with agents and consultants (€13.2m), as well as provisions created to encourage staff turnover (€4.2m), and other miscellaneous risks (€19.6m).
The stock at the end of the year was divided as follows: Mediobanca €46.1m (€51.8m), Mediobanca Premier €27.8m (€30.9m), Compass Banca €9.9m (€19.9m), Selma €7.1m (€7.3m), MB FACTA €1m (unchanged), CMB Monaco €0.7m (€2.6m) and other companies €2m (€2.7m).
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 481
With reference to the main legal proceedings, the following should be noted:
⎯with regard to disputes on the reimbursement of charges following early repayment of debt (referred to as Lexitor affair), for early repayments prior to the publication date of Constitutional Court Ruling No. 263/2022, Compass Banca continued to reimburse upfront charges upon written request from customers by using the risk provision that had been set aside in previous years to cover this contingent liability. This provision, which stood at €2.6m during the financial year, was also used to cover litigation regarding other matters, which, however, did not require further provisions;
⎯disputes related to the hiring of bankers and financial advisors and to the indemnity policy were covered by provisions of €15.5m;
⎯in the factoring business, MB Facta was involved in a dispute for the return of proceeds from credit transfers during the year preceding the seller’s bankruptcy filing. Last July, the Court upheld the revocation application, pursuant to the special Factoring Law, brought for the seller’s bankruptcy for the entire amount collected (€6.3m). Thereafter, an agreement was reached with the counterparty and the dispute was settled amicably with the payment of a smaller amount.
Lastly, it should be noted that the dispute between Messier & Associés and a former partner, regarding the recognition of prior property rights, covered by a specific allocation, was settled amicably in August.
With regard to disputes pending with the Italian Tax Authorities, the following should be noted:
⎯three 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 of €53.7m in disputed taxes, plus penalties and interest), awaiting a hearing to be set 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.
⎯two disputes relating to failure to reimburse interest accrued on VAT credits in leasing transactions (for a value of just under €3m);
⎯five disputes involving direct and indirect tax amounts and at different stages of the ruling process, involving a total assessed amount of €300,000 in tax.
482 Consolidated Financial Statements as at 30 June 2025
Regarding Mediobanca’s alleged failure to withhold taxes from interest paid under a secured financing transaction between 2014 and 2018 (for a total of €8.9m plus interest and penalties), the case was closed on a final basis after the Italian Revenue Agency completely cancelled the tax assessment reports for the following three tax years in light of the favourable outcome for the company in the first two.
The provisions for risks and charges set aside in the financial statements adequately cover the amount mentioned above.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 483
10.2 Provisions for risks and charges: changes during the period

| Provision to other commitments and other guarantees issued | Retirement plans | Other provisions for risks and charges: Obligations for employees | Other provisions for risks and charges: Other | Total
A. Opening balance | 605 | — | 16,932 | 99,363 | 116,900
B. Increases | 12 | 1,030 | 4,037 | 23,102 | 28,181
B.1 Provision for the year | 12 | 905 | 1,408 | 17,477 | 19,802
B.2 Changes due to the passage of time | — | — | — | — | —
B.3 Changes due to discount rate differences | — | — | — | — | —
B.4 Other changes | — | 125 | 2,629 | 5,625 | 8,379
- of which, business combinations | — | — | — | — | —
C. Decreases | 34 | 789 | 14,151 | 34,681 | 49,655
C.1 Use in the exercise | 34 | — | 14,151 | 32,817 | 47,002
C.2 Changes due to discount rate differences | — | — | — | — | —
C.3 Other changes | — | — | — | 1,864 | 2,653
- of which, business combinations | — | 789 | — | — | —
D. Closing balance | 583 | 241 | 6,818 | 87,784 | 95,426

10.3 Provisions for credit risk related 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 | 16,003 | 2,256 | 308 | — | 18,567
Financial guarantees issued | 604 | — | — | — | 604
Total | 16,607 | 2,256 | 308 | — | 19,171

10.5 Defined benefit company retirement pension schemes
This refers to the defined benefit company retirement pension scheme operated by Caisse Bâloise 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.
484 Consolidated Financial Statements as at 30 June 2025
In particular, the “technical” 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 14109 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 (30 June 2025):

| CHF/1000 |  | EUR/1000
IAS 19 Net obligation | 30 June 2025 | 30 June 2024 |  | 30 June 2025 | 30 June 2024
Present value of defined benefit obligation | (21,729) | (17,692) |  | (23,248) | (18,364)
Present value of assets servicing the fund | 20,817 | 17,806 |  | 22,272 | 18,483
Surplus/(deficit) | (912) | 115 |  | (976) | 119
IFRIC14 adjustment | — | (115) |  | — | (119)
Net accounting (liability)/asset | (912) | — |  | (976) | —

A sensitivity analysis is performed on the DBO to measure its sensitivity to changes in the main assumptions adopted.
109 Paragraph 64 of IAS 19 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 IAS 19 defines the asset ceiling as ‘the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan’. 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 “operational” changes to the fund generating a better economic condition but from changes in valuation rates that had an impact on “Actuarial Gains and Losses” resulting in the reduction and cancellation of the liability without recognizing an asset.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 485
SECTION 11
Heading 110: Insurance liabilities
As required by the eighth update to Circular No. 262/2005 of the Bank of Italy, this section contains the tables required by Resolution No. 121 of 7 June 2022 updating decisions issued by IVASS under ISVAP Regulation No. 7 of 13 July 2007 in order to incorporate the new rules introduced by accounting standard IFRS17 on insurance contracts.
486 Consolidated Financial Statements as at 30 June 2025
11.2 Trend in the book value of insurance contracts issued – Premium Allocation Approach (PAA) – liabilities for residual coverage and for claims incurred – Motor Non-Life Segment

30 June 2025
Items/Liabilities | Liabilities for residual coverage | Liabilities for claims incurred | Total
after Loss | Loss | Current value of cash flow | Adjustment for financial risk
A. initial recognition book value |  |  |  |  |
1. Insurance contracts issued that constitute liabilities | — | — | — | — | —
2. Insurance contracts issued that constitute assets | — | — | — | — | —
3. Net book value at 1 July | 79,252 | — | 10,489 | 24 | 89,765
B. Insurance revenues | — | — | — | — | —
C. Costs for insurance services |  |  |  |  |
1. Claims incurred and other directly attributable costs | — | — | 6,506 | — | 6,506
2. Changes in liabilities for claims incurred | — | — | (2,560) | 1,360 | (1,200)
3. Losses and related recoveries on contracts for consideration | — | — | — | — | —
4. Amortization of contract acquisition costs | 3,177 | — | — | — | 3,177
5. Total | 3,177 | — | 3,946 | 1,360 | 8,483
D. Income from insurance services (B+C) | (26,537) | — | 3,946 | 1,360 | (21,231)
E. Net financial costs/revenues |  |  |  |  |
1. Relating to insurance contracts issued | — | — | 243 | — | 243
1.1 Recorded through profit or loss | — | — | 243 | — | 243
1.2 Recorded through other comprehensive income | — | — | — | — | —
2. Effects associated with changes in exchange rates | — | — | — | — | —
3. Total | — | — | 243 | — | 243
F. Investment components | — | — | — | — | —
G. Total amount of changes recorded through profit or loss and other comprehensive income (D+E+F) | (26,537) | — | 4,189 | 1,360 | (20,988)
H. Other changes | — | — | — | (735) | (735)
I. Cash handling |  |  |  |  |
1. Premiums collected | 23,490 | — | — | — | 23,490
2. Payments in connection with contracts acquisition costs | (2,362) | — | — | — | (2,362)
3. Claims paid and other cash outflows | — | — | (6,748) | — | (6,748)
4. Total | 21,128 | — | (6,748) | — | 14,380
L. Net book value at 30 June (A.3+G+H+I.4) | 73,843 | — | 7,930 | 649 | 82,422
M. Final book value |  |  |  |  |
1. Insurance contracts issued that constitute liabilities | 73,843 | — | 7,930 | 649 | 82,422
2. Insurance contracts issued that constitute assets | — | — | — | — | —
3. Net book value at 30 June | 73,843 | — | 7,930 | 649 | 82,422

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 487

30 June 2024
Items/Liabilities | Liabilities for residual coverage | Liabilities for claims incurred | Total
after Loss | Loss | Current value of cash flow | Adjustment for financial risk
A. initial recognition book value |  |  |  |  |
1. Insurance contracts issued that constitute liabilities | — | — | — | — | —
2. Insurance contracts issued that constitute assets | — | — | — | — | —
3. Net book value at 1 July | 86,787 | — | 9,507 | — | 96,294
B. Insurance revenues | (30,851) | — | — | — | (30,851)
C. Costs for insurance services |  |  |  |  |
1. Claims incurred and other directly attributable costs | — | — | 4,416 | 340 | 4,756
2. Changes in liabilities for claims incurred | — | — | 1,821 | (316) | 1,505
3. Losses and related recoveries on contracts for consideration | — | — | — | — | —
4. Amortization of contract acquisition costs | 3,225 | — | — | — | 3,225
5. Total | 3,225 | — | 6,237 | 24 | 9,486
D. Income from insurance services (B+C) | (27,626) | — | 6,237 | 24 | (21,365)
E. Net financial costs/revenues |  |  |  |  |
1. Relating to insurance contracts issued | — | — | 143 | — | 143
1.1 Recorded through profit or loss | — | — | 143 | — | 143
1.2 Recorded through other comprehensive income | — | — | — | — | —
2. Effects associated with changes in exchange rates | — | — | — | — | —
3. Total | — | — | 143 | — | 143
F. Investment components | — | — | — | — | —
G. Total amount of changes recorded through profit or loss and other comprehensive income (D+E+F) | (27,626) | — | 6,380 | 24 | (21,222)
H. Other changes | — | — | — | — | —
I. Cash handling |  |  |  |  |
1. Premiums collected | 21,877 | — | — | — | 21,877
2. Payments in connection with contracts acquisition costs | (1,786) | — | — | — | (1,786)
3. Claims paid and other cash outflows | — | — | (5,398) | — | (5,398)
4. Total | 20,091 | — | (5,398) | — | 14,693
L. Net book value at 30 June (A.3+G+H+I.4) | 79,252 | — | 10,489 | 24 | 89,765
M. Final book value |  |  |  |  |
1. Insurance contracts issued that constitute liabilities | 79,252 | — | 10,489 | 24 | 89,765
2. Insurance contracts issued that constitute assets | — | — | — | — | —
3. Net book value at 30 June | 79,252 | — | 10,489 | 24 | 89,765

488 Consolidated Financial Statements as at 30 June 2025
11.7 Insurance contracts issued - Management of claims before reinsurance - Non-Life segment
Situation as at 30 June 2025

Claims/Time bands | Year | Year | Year | Year | Year | Year | Year | Year | Year | Total
| 30 June 2017 | 30 June 2018 | 30 June 2019 | 30 June 2020 | 30 June 2021 | 30 June 2022 | 30 June 2023 | 30 June 2024 | 30 June 2025 |
A. Cumulative claims paid and other directly attributable costs paid |  |  |  |  |  |  |  |  |  |
1. At the end of the year of occurrence |  |  |  |  |  |  |  |  | 3,273 | X
2. One year later |  |  |  |  |  |  |  | 3,466 | X | X
3. Two years later |  |  |  |  |  |  | 7 | X | X | X
4. Three years later |  |  |  |  |  | 1 | X | X | X | X
5. Four years later |  |  |  |  |  | X | X | X | X | X
6. Five years later |  |  |  |  | X | X | X | X | X | X
7. Six years later |  |  |  | X | X | X | X | X | X | X
8. Seven years later |  | 1 | 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
Total cumulative claims paid and other directly attributable costs paid (Total A) | — | 1 | — | — | — | 1 | 7 | 3,466 | 3,273 | 6,748
B. Estimate of final cost of cumulative claims (before reinsurance and not discounted) |  |  |  |  |  |  |  |  |  |
1. At the end of the year of occurrence | — | — | — | — | — | — | — | — | — | X
2. One year later | — | — | — | — | — | — | — | — | X | X
3. Two years later | — | — | — | — | — | — | — | X | X | X
4. Three years later | — | — | — | — | — | — | X | X | X | X
5. Four years later | — | — | — | — | — | X | X | X | X | X
6. Five years later | — | — | — | — | X | X | X | X | X | X
7. Six years later | — | — | — | X | X | X | X | X | X | X
8. Seven years later | — | — | 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) | — | — | — | — | — | — | — | — | — | —
C. Gross liabilities for claims incurred, not discounted - year of occurrence from T to T9 (Total B - Total A) | — | (1) | — | — | — | (1) | (7) | (3,466) | (3,273) | (6,748)
D. Gross liabilities for claims incurred, not discounted - years prior to T-9 | X | X | X | X | X | X | X | X | — | —
E. Discounting effect | X | X | X | X | X | X | X | X | — | —
E. Effect of adjustment for non-financial risks | X | X | X | X | X | X | X | X | — | —
G. Gross liabilities for claims incurred in regard of insurance contracts issued | X | X | X | X | X | X | X | X | — | —

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 489

Situation as at 30 June 2024 |
Claims/Time bands | Year | Year | Year | Year | Year | Year | Year | Year | Year | Total
| 30 June 2016 | 30 June 2017 | 30 June 2018 | 30 June 2019 | 30 June 2020 | 30 June 2021 | 30 June 2022 | 30 June 2023 | 30 June 2024 |
A. Cumulative claims paid and other directly attributable costs paid |  |  |  |  |  |  |  |  |  |
1. At the end of the year of occurrence |  |  |  |  |  |  |  |  | 1060 | X
2. One year later |  |  |  |  |  |  |  | 5.246 | X | X
3. Two years later |  |  |  |  |  |  | 786 | X | X | X
4. Three years later |  |  |  |  |  | 180 | X | X | X | X
5. Four years later |  |  |  |  | 89 | X | X | X | X | X
6. Five years later |  |  |  | 41 | X | X | X | X | X | X
7. Six years later |  |  | 32 | X | X | X | X | X | X | X
8. Seven years later |  | 28 | X | X | X | X | X | X | X | X
9. Eight years later | 3 | 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) | 3 | 28 | 32 | 41 | 89 | 180 | 786 | 5.246 | 1.060 | 7.465
B. Estimate of final cost of cumulative claims (before reinsurance and not discounted) |  |  |  |  |  |  |  |  |  |
1. At the end of the year of occurrence | — | — | — | — | — | — | — | — | — | X
2. One year later | — | — | — | — | — | — | — | — | X | X
3. Two years later | — | — | — | — | — | — | — | X | X | X
4. Three years later | — | — | — | — | — | — | X | X | X | X
5. Four years later | — | — | — | — | — | X | X | X | X | X
6. Five years later | — | — | — | — | X | X | X | X | X | X
7. Six years later | — | — | — | X | X | X | X | X | X | X
8. Seven years later | — | — | 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) | — | — | — | — | — | — | — | — | — | —
C. Gross liabilities for claims incurred, not discounted - year of occurrence from T to T9 (Total B - Total A) | (3) | (28) | (32) | (41) | (89) | (180) | (786) | (5.246) | (1.060) | (7.465)
D. Gross liabilities for claims incurred, not discounted - years prior to T-9 | X | X | X | X | X | X | X | X | — | —
E. Discounting effect | X | X | X | X | X | X | X | X | — | —
E. Effect of adjustment for non-financial risks | X | X | X | X | X | X | X | X | — | —
G. Gross liabilities for claims incurred in regard of insurance contracts issued | X | X | X | X | X | X | X | X | — | —

490 Consolidated Financial Statements as at 30 June 2025
SECTION 13
Heading 120, 130, 140, 150, 160, 170 and 180: Group net equity
13.1 “Capital” and “Treasury Shares”: composition
For the breakdown of the Bank’s capital, please see part F of the notes to the accounts.
13.2 Capital – Number of parent company shares: changes for the year

Items/Values | Ordinary
A. Shares in issue at the start of the period | 832,948,824
- fully paid up | 832,948,824
- partially paid up | —
A.1 Treasury shares (-) | (6,299,458)
A.2 Shares in issue: opening balance | 826,649,366
B. Increases | 3,861,971
B.1 Newly issued shares | 330,865
- for consideration | —
- business mergers | —
- bond conversions | —
- exercise of warrants | —
- other | —
- free of charge: | 330,865
- to employees | 330,865
- to directors | —
- other | —
B.2 Disposals of treasury shares | 3,531,106
B.3 Other changes | —
C. Decreases | 21,938,277
C.1 Cancellation | —
C.2 Purchases of treasury shares | 21,938,277
C.3 Disposals of businesses | —
C.4 Other changes | —
D. Shares in issue: closing amount | 808,573,060
D.1 Treasury shares (+) | (24,706,629)
D.2 Shares held at the end of the period | 833,279,689
- fully paid up | 833,279,689
- partially paid up | —

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 491
Please note that the share buyback and cancellation plan approved at the Shareholders’ Meeting on 28 October 2024 (with a final value of €385m) was concluded on 2 July with the purchase of 24.1 million shares, 20 million of which were cancelled at the end of the month (the number of Mediobanca shares in issue at year-end was therefore 813.3 million, 6.9 of which treasury shares).
As part of the performance share plans, 3,861,971 shares were allocated during the year, 3,531,106 of which through treasury shares and 330,865 through a capital increase.
The changes in the Reserve for treasury shares during the year were as follows:

Items/Values | Number of shares | Value (€’000)
Reserve for treasury shares: opening amount at 30 June 2024 | 6,299,458 | 68,828
Increases | 21,938,277 | 342,359
- Newly issued shares | — | —
- Purchases of treasury shares | 21,938,277 | 342,359
- Other changes | — | —
Decreases | 3,531,106 | 41,556
- Cancellations | — | —
- Disposals of treasury shares | 3,531,106 | 41,556
- Other changes | — | —
Reserve for treasury shares: closing amount at 30 June 2025 | 24,706,629 | 369,631

13.4 Profit reserves: other information

Items/Values | 30 June 2025 | 30 June 2024
Legal reserve | 88,903 | 88,834
Reserve under articles of association | 233,425 | 188,163
Treasury shares | 369,631 | 68,828
Other | 7,450,477 | 7,035,149
Total | 8,142,436 | 7,380,974

492 Consolidated Financial Statements as at 30 June 2025
13.5 Equity instruments: breakdown and annual changes
There is no other information to be disclosed other than that already reported on this section.
SECTION 14
Heading 190: Minority interests
14.1 Heading 190: Minority interests: breakdown

Company Name | 30 June 2025 |  | 30 June 2024
1. SelmaBipiemme S.p.A.(1) | — |  | 72,973
2. RAM Active Investments S.A. | 375 |  | 302
3. Polus Capital Group Ltd. | 13,722 |  | 12,830
4. Other minor | 11 |  | 9
Total | 14,108 |  | 86,114

(1) Full control of Selma BPM was acquired in the last quarter, previously held at 60% but consolidated using the line-by-line method and therefore with the inclusion of net income attributable to minority interests.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 493
Other Information
1. Commitments and financial guarantees given

| Nominal value of commitments and financial guarantees issued | Total | Total
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | 30 June 2025 | 30 June 2024
1. Loan commitments | 26,935,094 | 226,678 | 1,398 | — | 27,163,170 | 21,803,516
a) Central Banks | — | — | — | — | — | —
b) General Governments | 13,824,287 | — | — | — | 13,824,287 | 7,891,710
c) Banks | 58,026 | — | — | — | 58,026 | 69,822
d) Other financial companies | 2,092,931 | 60,777 | — | — | 2,153,708 | 2,161,593
e) Non-financial corporations | 7,717,866 | 39,193 | 127 | — | 7,757,186 | 8,580,103
f) Households | 3,241,984 | 126,708 | 1,271 | — | 3,369,963 | 3,100,288
2. Financial guarantees issued | 250,622 | 526 | — | — | 251,148 | 1,085,998
a) Central Banks | — | — | — | — | — | —
b) General Governments | — | — | — | — | — | —
c) Banks | 12,264 | — | — | — | 12,264 | 8,099
d) Other financial companies | 37,372 | — | — | — | 37,372 | 781,103
e) Non-financial corporations | 177,576 | 526 | — | — | 178,102 | 272,658
f) Households | 23,410 | — | — | — | 23,410 | 24,138

494 Consolidated Financial Statements as at 30 June 2025
2. Other commitments and guarantees issued

| Nominal Value | Nominal Value
| 30 June 2025 | 30 June 2024
1. Other guarantees issued | 87,256 | 125,989
of which: non-performing exposures | — | —
a) Central Banks | — | —
b) General Governments | — | —
c) Banks | — | 478
d) Other financial companies | 17,329 | 41,376
e) Non-financial companies | 22,736 | 21,623
f) Households | 47,191 | 62,512
2. Other commitments | 124,515 | 122,106
of which: non-performing exposures | — | —
a) Central Banks | — | —
b) General Governments | — | —
c) Banks | 25,757 | 33,049
d) Other financial companies | 46,095 | 37,264
e) Non-financial corporations | 52,663 | 51,793
f) Households | — | —

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 495
3. Assets established as collateral to secure own liabilities and commitments

Portfolios | Amount | Amount
30 June 2025 | 30 June 2024
1. Financial assets measured at fair value through profit or loss | 8,063,048 | 6,815,242
2. Financial assets measured at fair value through other comprehensive income | 3,078,978 | 4,431,804
3. Financial assets measured at amortized cost | 15,413,464 | 15,621,003
4. Tangible assets | — | —
of which: tangible assets that constitute inventories | — | —
5. Equity investments | — | 117,386

5. Assets managed on behalf of third parties

Type of service | Amount | Amount
30 June 2025 | 30 June 2024
1. Orders execution on behalf of customers |  |
a) purchases | 67,353,107 | 62,573,919
1. settled | 67,266,881 | 62,499,517
2. unsettled | 86,226 | 74,402
b) sales | 48,218,135 | 52,948,884
1. settled | 48,131,909 | 52,874,482
2. unsettled | 86,226 | 74,402
2. Portfolio management |  |
a) Individual | 8,714,893 | 8,325,977
b) Collective | 23,665,948 | 19,992,365
3. Custody and administration of securities |  |
a) third-party securities deposited: relating to depositary banks activities (excluding portfolio management) | 8,071,490 | 10,683,292
1. securities issued by companies included in the area of consolidation | 124,937 | 1,425,048
2. other securities | 7,946,553 | 9,258,244
b) third-party securities deposited (excluding portfolio management): other | 34,256,633 | 32,750,274
1. securities issued by companies included in the area of consolidation | — | 30,000
2. other securities | 34,256,633 | 32,720,274
c) third-party securities deposited with third parties | 22,505,030 | 21,063,425
d) own securities deposited with third parties | 14,704,415 | 9,394,684
4. Other transactions | 7,637,226 | 6,323,436

496 Consolidated Financial Statements as at 30 June 2025
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) | 30 June 2025 | 30 June 2024
1. Derivatives | 658,963 | — | 658,963 | 127,973 | 90,916 | 440,074 | 395,667
2. Reverse repos | 8,632,984 | — | 8,632,984 | 8,632,984 | — | — | —
3. Securities lending | — | — | — | — | — | — | —
4. Other | — | — | — | — | — | — | —
Total30 June 2025 | 9,291,947 | — | 9,291,947 | 8,760,957 | 90,916 | 440,074 | X
Total30 June 2024 | 6,143,213 | — | 6,143,213 | 5,654,007 | 93,539 | X | 395,667

(1) Relating to transactions in derivative financial instruments with a central counterparty with which there is a master netting agreement in place with daily income computation.
Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 497
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) | 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) | 30 June 2025 | 30 June 2024
1. Derivatives | 1,956,546 | 256,089 | 1,700,457 | 548,177 | 1,044,237 | 108,043 | 166,481
2. Repos | 10,214,167 | — | 10,214,167 | 10,214,167 | — | — | —
3. Securities lending | — | — | — | — | — | — | —
4. Other transactions | — | — | — | — | — | — | —
Total30 June 2025 | 12,170,713 | 256,089 | 11,914,624 | 10,762,344 | 1,044,237 | 108,043 | X
Total30 June 2024 | 12,723,969 | 760,539 | 11,963,430 | 10,724,364 | 1,072,585 | X | 166,481

498 Consolidated Financial Statements as at 30 June 2025
8. Securities lending operations
The tables below illustrate the Group’s operations in securities lending (and borrowing), broken down by type of instrument (sovereign debt, bank bonds and others), market counterparty (banks, financial intermediaries and clients) and form (loan secured by cash, other instruments, or unsecured).
Securities lending transactions for which collateral is put up in the form of cash fully available to the borrower are represented in the balance sheet as amounts due to or from banks or customers under the heading “repos”. Securities lending transactions for which collateral is put up in the form of other instruments, or which are unsecured, are represented as “off-balance-sheet exposures”.

Type of securities lending transaction | Type of security
Government securities | Bank securities | Other securities
1. Cash-collateralized securities lending received from: | — | 21,710 | 97,315
a) Banks | — | 18,077 | 94,110
b) Financial institutions | — | 3,633 | 3,205
c) Customers | — | — | —
2. Cash-collateralized securities lending provided to: | (259,994) | (745,881) | (1,844,862)
a) Banks | (259,994) | (745,881) | (1,844,862)
b) Financial institutions | — | — | —
c) Customers | — | — | —
Total securities lending (book value) | (259,994) | (724,171) | (1,747,547)

Notes to the Accounts | Part B - Information on Consolidated Balance Sheet 499

Type of securities lending transaction | Type of security
Government securities | Bank securities | Other securities
1. Security-collateralized or non-collateralized securities lending received from: | 219,987 | 723,527 | 35,473
a) Banks | 1,458 | 605,459 | 25,657
b) Financial institutions | 70,293 | 118,068 | 9,766
c) Customers | 148,236 | — | 50
2. Security-collateralized or non-collateralized securities lending provided to: | (1,225,371) | (1,330,350) | (498,012)
a) Banks | (670,473) | (1,330,350) | (316,037)
b) Financial institutions | (554,898) | — | (181,975)
c) Customers | — | — | —
Total securities lending (fair value) | (1,005,384) | (606,823) | (462,539)

500 Consolidated Financial Statements as at 30 June 2025
Part C – Notes to the Consolidated Profit and Loss Account
SECTION 1
Headings 10 and 20: Net interest income
1.1 Interest and similar income: breakdown

Items/Instrument type | Debts securities | Loans | Other transactions | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1. Financial assets measured at fair value through profit or loss: | 143,533 | 21,295 | — | 164,828 | 117,561
1.1 Financial assets held for trading | 122,785 | 788 | — | 123,573 | 92,011
1.2 Financial assets designated at fair value | 20,704 | 20,507 | — | 41,211 | 25,506
1.3 Other financial assets mandatorily measured at fair value | 44 | — | — | 44 | 44
2. Financial assets measured at fair value through other comprehensive income | 229,842 | — | X | 229,842 | 217,787
3. Financial assets measured at amortized cost: | 155,007 | 3,336,625 | — | 3,491,632 | 3,627,354
3.1 Due from banks | 2,022 | 218,337 | X | 220,359 | 360,870
3.2 Due from customers | 152,985 | 3,118,288 | X | 3,271,273 | 3,266,484
4. Hedging derivatives | X | X | — | — | —
5. Other assets | X | X | 15,594 | 15,594 | 10,319
6. Financial liabilities | X | X | X | 2 | 1
Total | 528,382 | 3,357,920 | 15,594 | 3,901,898 | 3,973,022
of which: interest income on impaired assets | — | 48,483 | — | 48,483 | 38,718
of which: interest income from finance leases | X | 65,932 | X | 65,932 | 82,487

1.2Interest and similar income: other information
As at 30 June 2025, the balance of the account includes €303m (€298.1m) in connection with financial assets in foreign currencies.
Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 501
1.3 Interest expense and similar charges: breakdown

Items/Instrument type | Payables | Account | Other transactions | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1. Financial liabilities measured at amortized cost | (1,042,999) | (835,637) | — | (1,878,636) | (1,771,263)
1.1 Due to central banks | (9,556) | X | X | (9,556) | (96,882)
1.2 Due to banks | (410,803) | X | X | (410,803) | (398,252)
1.3 Due to customers | (622,640) | X | X | (622,640) | (566,860)
1.4 Securities in issue | X | (835,637) | X | (835,637) | (709,269)
2. Trading financial liabilities | — | — | — | — | —
3. Financial liabilities designated at fair value | (6,064) | (27,723) | — | (33,787) | (30,236)
4. Other liabilities and funds | X | X | — | — | (349)
5. Hedging derivatives | X | X | (137,707) | (137,707) | (223,641)
6. Financial assets (1) | X | X | X | — | —
Total | (1,049,063) | (863,360) | (137,707) | (2,050,130) | (2,025,489)
of which: interest expense relating to lease liabilities | (6,401) | X | X | (6,401) | (4,884)

(2) Mostly hedges of funding.
1.4 Interest expense and similar charges: other information
As at 30 June 2025, the balance of the account included €199m (€182.2m) in connection with financial liabilities in foreign currencies.
1.5 Margins on hedging transactions

Items | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
A. Positive margins on hedging transactions | 1,639,404 | 1,984,042
B. Negative margins on hedging transactions | (1,777,111) | (2,207,683)
C. Net balance (A-B) | (137,707) | (223,641)

502 Consolidated Financial Statements as at 30 June 2025
SECTION 2
Heading 40 and 50: Net fee and commission income
2.1 Fee and commission income: breakdown

Type of service / Amounts | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
a) Financial instruments | 328,684 | 288,577
1. Placement of securities | 207,386 | 175,197
1.1 Underwriting commitment and/or based on an irrevocable commitment | — | —
1.2 Without an irrevocable commitment | 207,386 | 175,197
2. Receipt and sending of orders and execution of orders on behalf of clients | 33,642 | 33,574
2.1 Receipt and sending of orders for one or more financial instruments | 33,642 | 33,574
2.2 Execution of orders on behalf of customers | — | —
3. Other commissions associated with activities linked to financial instruments | 87,656 | 79,806
of which: trading on own account | 24,402 | 24,767
of which: management of individual portfolio | 63,254 | 55,039
b) Corporate Finance | 304,830 | 229,058
1. Advice on mergers and acquisitions | 304,830 | 229,058
2. Treasury services | — | —
3. Other commissions connected with corporate finance services | — | —
c) Advice on investments | 10,058 | 9,730
d) Netting and settlement | — | —
e) Collective portfolio management | 155,146 | 115,054
f) Custody and administration | 40,694 | 36,495
1. Depository bank | 7,458 | 7,458
2. Other fees associated with custody and administration | 33,236 | 29,037
g) Central administrative services for collective portfolio management | — | —
h) Fiduciary activities | 6,306 | 6,141
i) Payment services | 40,663 | 44,664
1. Current accounts | 11,105 | 16,385
2. Credit cards | 16,374 | 16,316
3. Debit cards and other payment cards | 9,445 | 8,365
4. Wire transfers and payment orders | 1,098 | 793
5. Other fees linked to payment services | 2,641 | 2,805
j) Distribution of third-party services | 107,108 | 95,516
1. Collective portfolio management | 7,213 | 5,499
2. Insurance products | 88,787 | 79,565
3. Other products | 11,108 | 10,452
of which: individual portfolio management | 11,108 | 10,359
k) Structured finance | — | —
l) Securitization servicing | 525 | 441
m) Loan commitments | 79,142 | 82,483
n) Financial guarantees issued | 5,107 | 5,755
of which: credit derivatives | — | —
o) Lending transactions | 36,721 | 33,988
of which: factoring services | 34,562 | 33,620
p) Currency trading | 90 | 113
q) Commodities | — | —
r) Other commission income | 57,295 | 44,531
of which: for the management of multilateral trading facilities | — | —
of which: for the management of organized trading systems | — | —
Total | 1,172,369 | 992,546

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 503
2.2 Fee and commission expenses: breakdown

Services/Amounts | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
a) Financial instruments | (7,783) | (8,220)
of which: securities trading | (7,686) | (8,010)
of which: financial instruments placement | (97) | (210)
of which: management of individual portfolios | — | —
— Own instruments | — | —
— Under mandate to third parties | — | —
b) Netting and settlement | — | —
c) Collective portfolio management | (23,518) | (7,682)
1. Own instruments | — | —
2. Delegated to third parties | (23,518) | (7,682)
d) Custody and administration | (6,261) | (5,683)
e) Collection and payment services | (26,186) | (21,810)
of which: credit cards, debit cards and other payment cards | (11,134) | (10,207)
f) Securitization servicing | — | —
g) Borrowing commitments | — | —
h) Financial guarantees received | — | (87)
of which: credit derivatives | — | —
i) Off-site distribution of financial instruments, products and services | (28,276) | (16,935)
j) Currency trading | — | —
k) Other commission expense | (128,740) | (120,989)
Total | (220,764) | (181,406)

504 Consolidated Financial Statements as at 30 June 2025
SECTION 3
Heading 70: Dividends and similar income
3.1 Dividends and similar income: breakdown

Item / Income | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
Dividends | Similar income | Dividends | Similar income
A. Financial assets held for trading | 135,623 | 54 | 108,278 | 4
B. Other financial assets mandatorily measured at fair value | — | 22,824 | — | 18,191
C. Financial assets measured at fair value through other comprehensive income | 14,281 | — | 11,554 | —
D. Equity investments | — | — | — | —
Total | 149,904 | 22,878 | 119,832 | 18,195

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 505
SECTION 4
Heading 80: Net trading income
4.1 Net trading income: breakdown

Transactions/ Income components | Capital gains (A) | Trading income (B) | Capital losses (C) | Trading losses (D) | Net income [(A+B) - (C+D)]
1. Financial assets held for trading | 612,580 | 966,771 | (251,284) | (453,192) | 874,875
1.1 Debt securities | 88,532 | 219,691 | (61,891) | (203,639) | 42,693
1.2 Equity securities | 522,127 | 744,852 | (189,382) | (243,774) | 833,823
1.3 UCIT units | 1,918 | 2,228 | (11) | (5,779) | (1,644)
1.4 Loans | — | — | — | — | —
1.5 Other | 3 | — | — | — | 3
2. Trading financial liabilities | — | — | — | — | —
2.1 Debt securities | — | — | — | — | —
2.2 Liabilities | — | — | — | — | —
2.3 Other | — | — | — | — | —
3.Financial assets and liabilities: currency exchange gains/losses | X | X | X | X | 48,704
4. Derivative instruments | 1,744,344 | 2,178,821 | (1,869,538) | (2,793,955) | (703,206)
4.1 Financial derivatives: | 1,349,602 | 1,644,797 | (1,457,516) | (2,301,174) | (727,169)
- on debt securities and interest rates (1) | 378,123 | 1,000,930 | (321,549) | (1,109,384) | (51,884)
- on equity securities and stock indexes | 932,533 | 625,336 | (1,083,787) | (1,177,093) | (703,011)
- on currencies and gold | X | X | X | X | 37,122
- Other (2) | 38,946 | 18,531 | (52,180) | (14,697) | (9,400)
4.2 Credit derivatives | 394,742 | 534,024 | (412,022) | (492,781) | 23,963
of which: natural hedges related to the fair value option | X | X | X | X | —
Total | 2,356,924 | 3,145,592 | (2,120,822) | (3,247,147) | 220,373

(1) Of which, gains of €42,389 on interest rate derivatives (gains of €33,300 at 30 June 2024).
(2) Of which derivatives on commodities amounting to €21,144.
506 Consolidated Financial Statements as at 30 June 2025
SECTION 5
Heading 90: Net hedging income (expense)
5.1 Net hedging income (expense): breakdown

Income components/Amounts | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
A. Income from: |  |
A.1 Fair value hedging instruments | 1,078,592 | 1,013,065
A.2 Hedged asset items (fair value) | 497,169 | 389,945
A.3 Hedged liability items (fair value) | 67,287 | 54,550
A.4 Cash flow hedging derivatives | — | —
A.5 Assets and liabilities denominated in foreign currency | — | —
Total gains on hedging activities (A) | 1,643,048 | 1,457,560
B. Charges on: |  |
B.1 Fair value hedging instruments | (561,844) | (735,312)
B.2 Hedged asset items (fair value) | (370,697) | (57,316)
B.3 Hedged liability items (fair value) | (720,130) | (662,849)
B.4 Cash flow hedging derivatives | — | —
B.5 Assets and liabilities denominated in foreign currency | — | —
Total losses on hedging activities (B) | (1,652,671) | (1,455,477)
C. Net income from hedging activities (A - B) | (9,623) | 2,083
of which: income from hedges on net positions | — | —

SECTION 6
Heading 100: Gain (loss) on disposals/repurchases
6.1 Gains (losses) on disposals/repurchases: breakdown

Items/Income components | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
Profits | Losses | Net profit | Profits | Losses | Net profit
A. Financial assets |  |  |  |  |  |
1. Financial assets measured at amortized cost | 21,140 | (22,808) | (1,668) | 16,192 | (15,586) | 606
1.1 Due from banks | 384 | — | 384 | 95 | (201) | (106)
1.2 Due from customers | 20,756 | (22,808) | (2,052) | 16,097 | (15,385) | 712
2. Financial assets measured at fair value through other comprehensive income | 54,496 | (947) | 53,549 | 11,940 | (5,509) | 6,431
2.1 Debt securities | 54,496 | (947) | 53,549 | 11,940 | (5,509) | 6,431
2.2 Loans | — | — | — | — | — | —
Total assets (A) | 75,636 | (23,755) | 51,881 | 28,132 | (21,095) | 7,037
B. Financial liabilities measured at amortized cost |  |  |  |  |  |
1. Due to banks | — | — | — | — | — | —
2. Due to customers | — | — | — | — | — | —
3. Debt securities in issue | 1,544 | (4,756) | (3,212) | 4,515 | (3,462) | 1,053
Total liabilities (B) | 1,544 | (4,756) | (3,212) | 4,515 | (3,462) | 1,053

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 507
SECTION 7
Heading 110: Net income 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 [(A+B) - (C+D)]
1. Financial assets | 39,332 | 8,409 | (538) | (1,389) | 45,814
1.1 Debt securities | 7,675 | 8,409 | (538) | (1,389) | 14,157
1.2 Loans | 31,657 | — | — | — | 31,657
2. Financial liabilities | 112,514 | 1,724 | (197,160) | (174,874) | (257,796)
2.1 Debt securities in issue (1) | 77,211 | 1,724 | (149,015) | (174,874) | (244,954)
2.2 Due to banks | — | — | — | — | —
2.3 Due to customers | 35,303 | — | (48,145) | — | (12,842)
3. Foreign-currency denominated financial assets and liabilities: currency exchange gains / losses | X | X | X | X | (2,856)
Total | 151,846 | 10,133 | (197,698) | (176,263) | (214,838)

(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 [(A+B) - (C+D)]
1. Financial assets | 39,320 | 1.356 | (12,015) | (322) | 28,339
1.1 Debt securities | — | 327 | — | — | 327
1.2 Equity securities | 1,132 | 260 | — | — | 1,392
1.3 UCIT units | 38,188 | 316 | (12,015) | (322) | 26,167
1.4 Loans | — | 453 | — | — | 453
2. Financial assets: currency exchange gains/losses | X | X | X | X | (9,609)
Total | 39,320 | 1.356 | (12,015) | (322) | 18,730

508 Consolidated Financial Statements as at 30 June 2025
SECTION 8
Heading 130: Net value adjustments for credit risk
8.1 Net value adjustments for credit risk related to financial assets measured at amortized cost: breakdown

Transactions/ Income components | Value adjustments (1) | Write-backs (2) | Total12 mths ended 30/6/25 | Total12 mths ended 30/6/24
Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets
Write-offs | Other | Write-offs | Other
A. Due from banks | (100) | — | — | — | — | — | 306 | 122 | — | — | 328 | (128)
— Loans | (100) | — | — | — | — | — | 260 | 122 | — | — | 282 | (239)
— Debt securities | — | — | — | — | — | — | 46 | — | — | — | 46 | 111
B. Due from customers | (181,419) | (173,035) | (19,604) | (316,100) | (845) | (40,201) | 188,481 | 143,482 | 137,140 | 29,116 | (232,985) | (246,148)
- Loans | (180,735) | (171,875) | (19,604) | (316,100) | (845) | (40,201) | 186,163 | 143,474 | 137,140 | 29,116 | (233,467) | (245,143)
— Debt securities | (684) | (1,160) | — | — | — | — | 2,318 | 8 | — | — | 482 | (1,005)
Total | (181,519) | (173,035) | (19,604) | (316,100) | (845) | (40,201) | 188,787 | 143,604 | 137,140 | 29,116 | (232,657) | (246,276)

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 509
8.2 Net value adjustments for credit risk related to financial assets measured at fair value through other comprehensive income: breakdown

Transactions/ Income components | Value adjustments (1) | Write-backs (2) |  |
Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Total12 mths ended 30/6/25 | Total12 mths ended 30/6/24
Write-offs | Other | Write-offs | Other
A. Debt securities | (1,716) | — | — | — | — | — | 3,847 | 282 | — | — | 2,413 | (1,998)
B. Loans | — | — | — | — | — | — | — | — | — | — | — | —
- To customers | — | — | — | — | — | — | — | — | — | — | — | —
- To banks | — | — | — | — | — | — | — | — | — | — | — | —
Total | (1,716) | — | — | — | — | — | 3,847 | 282 | — | — | 2,413 | (1,998)

510 Consolidated Financial Statements as at 30 June 2025
SECTION 9
Heading 140: Gains (losses) from contractual modifications without derecognition
9.1 Gains (losses) from contractual modifications: breakdown
This heading, which reflects a loss of €-191,000, includes the impact of modifications to contracts for financial assets which, as they do not constitute substantial modifications, under IFRS 9 and the Group’s own accounting policies, do not entail derecognition of the assets but require the modifications to the cash flows provided for contractually to be taken through profit or loss.
Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 511
SECTION 10
Heading 160 - Income from insurance services
Section 10 contains the tables required by the eighth update to Circular No. 262/2005, which took into account similar instructions issued by IVASS for the disclosure required by IFRS 17.
In particular, the tables show insurance revenues and costs attributable to insurance companies, broken down by aggregation level.
10.1 Insurance revenues and costs arising from insurance contracts issued - Breakdown

Items/Aggregation level | Total12 mths ended 30/6/25 | Total12 mths ended 30/6/24
A. Insurance revenues from insurance contracts issued measured according to GMM and VFA |  |
A.1 Amounts related to changes in residual coverage | — | —
1. Claims incurred and other expected insurance service costs | — | —
2. Change in the adjustment for non-financial risks | — | —
3. Gains on contractual services recorded through profit or loss for services provided | — | —
4. Other amounts | — | —
A.2 Acquisition costs of recovered insurance contracts | — | —
A.3 Total insurance revenues from insurance contracts issued measured according to GMM and VFA | — | —
A.4 Total insurance revenues from insurance contracts issued measured according to PAA | 29,714 | 30,851
- Life segment | — | —
- Non-Life / motor segment | — | —
- Non-Life / non-motor segment | 29,714 | 30,851
A.5. Total insurance revenues from insurance contracts issued | 29,714 | 30,851
B. Costs for insurance services from insurance contracts issued – GMM or VFA |  |
1. Claims incurred and other directly attributable costs | — | —
2. Changes in liabilities for claims incurred | — | —
3. Losses on contracts for consideration and recovery of such losses | — | —
4. Amortization of insurance contract acquisition costs | — | —
5. Other amounts | — | —
B.6 Total costs for insurance services from insurance contracts issued – GMM or VFA | — | —
B.7 Total costs for insurance services from insurance contracts issued measured according to PAA | (8,483) | (9,486)
- Life segment | — | —
- Non-Life / motor segment | — | —
- Non-Life / non-motor segment | (8,483) | (9,486)
C. Total net costs/revenues from insurance contracts issued (A.5+B.6+B.7) | 21,231 | 21,365

512 Consolidated Financial Statements as at 30 June 2025
10.3 Allocation of costs for insurance services and other services

12 mths ended 30/6/25
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 | — | — | — | (3,177) |  | (3,177) | X
Other directly attributable costs | — | — | — | — | — | — | X
Investment management expenses | X | X | — | X | X | — | —
Other costs | X | X | — | X | X | — | —
Total | X | X | — | X | X | (3,177) | —

12 mths ended 30/6/24
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 | — | — | — | (3,225) | — | (3,225) | X
Other directly attributable costs | — | — | — | — | — | — | X
Investment management expenses | X | X | — | X | X | — | —
Other costs | X | X | — | X | X | — | —
Total | X | X | — | X | X | (3,225) | —

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 513
SECTION 11
Heading 170: Balance of financial revenues and costs from insurance operations
Section 11 contains the tables required by the eighth update to Circular No. 262/2005, which took into account similar instructions issued by IVASS for the disclosure required by IFRS 17.
In particular, the tables show financial revenues and costs attributable to insurance companies, broken down by aggregation level.
11.1 Financial costs and revenues relating to insurance contracts issued

Items/Aggregation level | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1. Interest accrued | — | —
2. Effect of changes in interest rates and other financial assumptions | — | —
3. Changes in the fair value of the assets underlying contracts measured according to VFA | — | —
4. Effect of changes in currency exchange rates | — | —
5. Other | (243) | (143)
6. Total financial revenues / costs relating to insurance contracts issued, recognized | (243) | (143)

514 Consolidated Financial Statements as at 30 June 2025
11.3 Insurance operations - Net financial income of investments broken down by life and non-life segment

| 12 mths ended 30/6/25 | 12 mths ended 30/6/25
Items/Operating segments | Life segment | Non-Life segment | Total | Life segment | Non-Life segment | Total
|  |  | Which includes: DPF |  | Which includes: DPF
A. NET FINANCIAL INCOME FROM INVESTMENTS | — | — | 7,456 | 7,456 | — | — | 7,665 | 7,665
A.1 Interest income from financial assets measured at amortized cost and at fair value through other comprehensive income | — | — | 7,385 | 7,385 | — | — | 7,723 | 7,723
A.2 Net gains/losses from assets measured at fair value through profit or loss | — | — | — | — | — | — | — | —
A.3 Net value adjustments/write-backs for credit risk | — | — | 71 | 71 | — | — | -58 | -58
A.4 Other net costs/revenues | — | — | — | — | — | — | — | —
A.5 net capital gains/losses from financial assets measured at fair value through other comprehensive income | — | — | — | — | — | — | — | —
B. NET CHANGE IN INVESTMENT CONTRACTS ISSUED IFRS 9 | — | — | — | — | — | — | — | —
C. TOTAL NET FINANCIAL INCOME FROM INVESTMENTS | — | — | 7,456 | 7,456 | — | — | 7,665 | 7,665
of which: through profit or loss | — | — | -7,456 | -7,456 | — | — | -7,665 | -7,665
of which: through other comprehensive income | — | — | — | — | — | — | — | —

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 515
SECTION 12
Heading 190: Administrative expenses
12.1 Personnel cost: breakdown

Type of expense/Sectors | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1) Employees: | (837,506) | (786,290)
a) wages and salaries | (614,134) | (577,413)
b) social security contributions | (127,266) | (121,667)
c) severance pay | (4,807) | (4,214)
d) social security costs | — | —
e) provisions for statutory end-of-service payments | (19,229) | (17,505)
f) provisions for retirement plans and similar provisions: | (17) | 260
- defined-contribution | — | —
- defined-benefit (1) | (17) | 260
g) payments to external pension funds: | (20,177) | (18,985)
- defined-contribution | (20,177) | (18,985)
- defined-benefit | — | —
h) expenses resulting from share-based payments | (16,070) | (15,831)
i) other employee benefits | (35,806) | (30,935)
2) Other staff in service | (7,911) | (8,275)
3) Directors and Statutory Auditors | (7,894) | (9,553)
4) Early retirement costs | (3,210) | (2,952)
Total | (856,521) | (807,070)

(1) This figure refers to the benefit deriving from the “curtailment cost” and the “Plan amendments” decided by Caisse Bâloise.
12.2 Average number of employees by category

| 12 mths ended 30/6/25 | 12 mths ended 30/6/25
Employees: |  |
a) Senior executives | 570 | 519
b) Middle managers | 2,381 | 2,231
c) Other employees | 2,271 | 2,281
Other staff | 374 | 336
Total | 5,595 | 5,368

516 Consolidated Financial Statements as at 30 June 2025
12.5 Other administrative expenses: breakdown

Type of service / Amounts | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
OTHER ADMINISTRATIVE EXPENSES |  |
- legal, tax and professional services | (67,874) | (70,037)
- loan recovery activity | (60,625) | (60,333)
- marketing and communications | (54,309) | (55,408)
- real property | (22,121) | (25,866)
- EDP | (204,367) | (178,501)
- info-providers | (64,695) | (59,529)
- bank charges, collection and payment fees | (33,139) | (31,777)
- operating expenses | (61,976) | (66,854)
- other personnel costs | (21,239) | (19,718)
- other (1) | (30,001) | (85,491)
- indirect taxes and duties | (162,475) | (132,415)
Total other administrative expenses | (782,821) | (785,929)

(1) As at 30 June 2024, the item included contributions to resolution funds for €50.7m..
SECTION 13
Heading 200: Net transfers to provisions for risks and charges
13.1 Net transfers for credit risk related to commitments to disburse funds and financial guarantees given: breakdown

| 12 mths ended 30/6/25 | 12 mths ended 30/6/24
| Provisions | Reallocation of surplus | Total | Total
Loan commitments | (10,764) | 10,282 | (482) | 2,102
Financial guarantees issued | (158) | 2,314 | 2,156 | (1,317)
Total | (10,922) | 12,596 | 1,674 | 785

13.2 Net transfers related to other commitments and guarantees issued

| 12 mths ended 30/6/25 | 12 mths ended 30/6/24
| Provisions | Reallocation of surplus | Total | Provisions | Reallocation of surplus | Total
Other commitments | (33) | — | (33) | — | — | —
Other guarantees issued | — | — | — | (60) | 40 | (20)
Total | (33) | — | (33) | (60) | 40 | (20)

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 517
13.3 Net transfers to other provisions for risks and charges: breakdown

| 12 mths ended 30/6/25 | 12 mths ended 30/6/24
| Provisions | Reallocation of surplus | Total
1. Other provisions |  |  |  |
1.1 Legal disputes | — | — | — | —
1.2 Personnel expenses | (968) | 1,484 | 516 | —
1.3 Other | (18,086) | 10,487 | (7,599) | (3,733)
Total | (19,054) | 11,971 | (7,083) | (3,733)

SECTION 14
Heading 210: Net value adjustments to /write-backs of tangible assets
14.1 Net adjustments to tangible assets: breakdown

Asset/Income component | Amortization | Impairment losses | Write-backs | Net profit
(a) | (b) | (c) | (a + b - c)
A. Property, plant, and equipment |  |  |  |
1 Core | (76,948) | — | — | (76,948)
- Owned | (20,847) | — | — | (20,847)
- Right-of-use assets acquired under lease | (56,101) | — | — | (56,101)
2 Held for investment purposes | (1,671) | — | — | (1,671)
- Owned | (1,671) | — | — | (1,671)
- Right-of-use assets acquired under lease | — | — | — | —
3 Inventories | X | — | — | —
Total | (78,619) | — | — | (78,619)

518 Consolidated Financial Statements as at 30 June 2025
SECTION 15
/
15.1 Net value adjustments to /write-backs of intangible assets: breakdown

Asset/Income component | Amortization | Impairment losses | Write-backs | Net profit
(a) | (b) | (c) | (a + b - c)
A. Intangible assets |  |  |  |
of which: software | (24,454) | (591) | — | (25,045)
A.1 owned | (28,212) | (591) | — | (28,803)
- Generated by the company internally | — | — | — | —
- Other | (28,212) | (591) | — | (28,803)
A.2 Right-of-use assets acquired under lease | — | — | — | —
Total | (28,212) | (591) | — | (28,803)

Notes to the accounts | Part C - Notes to the Consolidated Profit and Loss Account 519
SECTION 16
Heading 230: Other operating income (expense)
16.1 Other operating expenses: breakdown

Type of service / Amounts | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
a) Leases | (9,031) | (8,554)
b) Sundry costs and expenses (1) | (110,831) | (46,299)
Total other operating expenses | (119,862) | (54,853)

(1) This item includes the provision for the share of ordinary and extraordinary dividends attributable to minority interests; in particular interests (interest B) attributable to minority partners in the Arma Partnership (€76.4m in FY 2024/25).
16.2 Other operating income: breakdown

Type of service / Amounts | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
a) Amounts recovered from customers | 145,940 | 118,094
b) Leases | 8,848 | 8,484
c) Other income (1) | 170,830 | 123,958
Total other operating income | 325,618 | 250,536

(1) The item includes valuations on EUAS listed certificates (€45.7m positive in FY 2024/25).
520 Consolidated Financial Statements as at 30 June 2025
SECTION 17
Heading 250: Gains (losses) on equity investments
17.1 Gains (losses) on equity investments: breakdown

Income components/Sectors | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1) Joint ventures |  |
A. Income | — | —
1. Write-ups | — | —
2. Gains on disposal | — | —
3. Write-backs | — | —
4. Other gains | — | —
B. Expenses | (1,136) | —
1. Write-downs | (1,136) | —
2. Impairment losses | — | —
3. Losses on disposal | — | —
4. Other expenses | — | —
Net profit | (1,136) | —
2) Companies subject to significant influence |  |
A. Income | 498,900 | 510,884
1. Write-ups | 498,900 | 510,884
2. Gains on disposal | — | —
3. Write-backs | — | —
4. Other gains | — | —
B. Expenses | (943) | (478)
1. Write-downs | (943) | (478)
2. Impairment losses | — | —
3. Losses on disposal | — | —
4. Other expenses | — | —
Net profit | 497,957 | 510,406
Total | 496,821 | 510,406

Notes to the Accounts | Part C – Information on the Consolidated Profit and Loss Account 521
SECTION 18
Heading 260: Net income from fair value measurement of tangible and intangible assets
18.1 Net income from fair value measurement or estimated realizable value of tangible and intangible assets: Breakdown

Asset/Income component | Write-ups | Write-downs | Currency exchange differences | Net profit
Gains | Losses
(a) | (b) | (c) | (d) | (a-b+c-d)
A. Property, plant, and equipment | — | (373) | — | — | (373)
A.1 Core: | — | — | — | — | —
- Owned | — | — | — | — | —
- Right-of-use assets acquired under lease | — | — | — | — | —
A.2 Held for investment: | — | — | — | — | —
- Owned | — | — | — | — | —
- Right-of-use assets acquired under lease | — | — | — | — | —
A.3 Inventories | — | (373) | — | — | (373)
B. Intangible assets | — | — | — | — | —
B.1 Owned: | — | — | — | — | —
- Generated by the company internally | — | — | — | — | —
- Other | — | — | — | — | —
B.2 Right-of-use assets acquired under lease | — | — | — | — | —
Total | — | (373) | — | — | (373)

522 Consolidated Financial Statements as at 30 June 2025
SECTION 19
Heading 270: Value adjustments to goodwill
19.1 Value adjustments to goodwill: breakdown

Income components | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
Value adjustments to goodwill | (4,385) | —

The amount for financial year 2024/2025 referred to goodwill of the subsidiary HeidiPay AG.
SECTION 20
Heading 280: Gain (loss) on disposal of investments
20.1 Gain (loss) on disposal of investments: breakdown

Income components/Sectors | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
A. Real property | (51) | —
- Gains on disposal | — | —
- Losses on disposal | (51) | —
B. Other assets | 1 | 90
- Gains on disposal | 1 | 98
- Losses on disposal | — | (8)
Net profit | (50) | 90

Notes to the Accounts | Part C – Information on the Consolidated Profit and Loss Account 523
SECTION 21
Heading 300: Income tax for the year on ordinary activities
21.1 Income tax for the year on ordinary activity: breakdown

Income components/Sectors | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1. Current taxes (-) | (327,062) | (330,476)
2. Changes in current taxes for previous years (+/-) | 17,831 | (440)
3. Reduction in current taxes for the year (+) | — | 172
3.bis Reduction in current taxes for the year due to tax credits pursuant to Law No. 214/2011 (+) | — | —
4. Changes in prepaid taxes (+/-) | (127,192) | (109,858)
5. Changes in deferred taxes (+/-) | (8,023) | 6,630
6. Taxes on income for the year (-) (-1+/-2+3+3bis+/-4+/-5) | (444,446) | (433,972)

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.
Global Minimum Tax
Directive (EU) 2022/2523 of 14 December 2022 was transposed in Italy under Legislative Decree No. 209 of 27 December 2023 for the “implementation of the tax reform in the field of international taxation”, aiming to ensure a minimum global tax rate of 15% for entities that are part of a multinational group of companies with annual revenues equal to or greater than €750m for at least two of the four financial years preceding the one under review (referred to as “Pillar Two”).
Specifically, in order to achieve this objective, the regulation provides for the applying a Top-Up Tax, applicable in the event that the Effective Tax Rate (ETR) calculated within that jurisdiction is lower than 15%, up to reaching this level. For the 2024-2025 tax period within the Mediobanca Group, the Top-Up Tax would be due by:
524 Consolidated Financial Statements as at 30 June 2025
⎯local entities in jurisdictions where a so-called “national minimum tax” (or “QDMTT, Qualified domestic minimum top-up tax”) has been implemented – Italy, France, Germany, Luxembourg, the United Kingdom, Spain, and Switzerland;
⎯Mediobanca - Banca di Credito Finanziario S.p.A. in those jurisdictions where Pillar Two legislation has not been implemented – including the Cayman Islands, Monaco, and the United States.
Moreover, Transitional Country-by-Country Reporting (CbCR) Safe Harbours have been introduced, i.e. a set of simplification rules that, under certain conditions, provide for zeroing the Top-Up Tax for the first three financial years following entry into force of such legislation. Specifically, upon passing at least one of the following three tests, the top-up tax may be eliminated for each jurisdiction:
—“De minimis test”: combined total revenues of less than €10m and pre-tax profit of less than €1m in each jurisdiction in which the entity is based;
—“Effective Tax Rate Test”: The simplified ETR, in a given jurisdiction, at specific rates established by law for the various years in which the tax regimes in question apply (for financial year 2024/2025, the rate is 15%);
—“Routine Profits Test”: Pre-tax profit, in a given jurisdiction and in a given fiscal year, does not exceed the “Substance-Based Income Exclusion (SBIE),” i.e., tangible fixed assets and personnel expenses, calculated in accordance with GloBE rules.
Since the provisions of Legislative Decree No. 209/2023 will be coming into force starting from the financial year following the one in progress as at 31 December 2023, the first year in which such legislation will be adopted for the Mediobanca Group will be the financial year ending as at 30 June 2025; the Group carried out the calculations against the tests required by the transitional CbCR Safe Harbours. The above-mentioned tests showed that all jurisdictions benefit from the transitional regime. Therefore, no tax was accrued.
Starting from the financial year ending June 2025, the Group will be applying the temporary exception to the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes in accordance with paragraph 4A of IAS 12.
Notes to the Accounts | Part C – Information on the Consolidated Profit and Loss Account 525
21.2 Reconciliation between theoretical and effective tax burden

| 12 mths ended 30/6/25
| Value in % | Absolute value
Total profit or loss before tax | 100.00% | 1,775,582
Theoretical tax rate | 27.50% | 488,285
Dividends (-) | (0.20%) | (3,591)
Gains on disposals of equity investments (PEX) (+/-) | 0.0% | —
Gains on equity-accounted investments (-) | (6.92%) | (122,861)
Other tax rates (non-financial and non-Italian companies) (+/-) | 0.36% | 6,341
Non-taxable income 10% IRAP and staff cost (-) | (0.10%) | (1,691)
Impairment (+/–) | 0.0% | —
Extraordinary items | (0.66%) | (11,708)
Other changes (+/-) | (0.22%) | (3,842)
TOTAL IRES | 19.76% | 350,933
IRAP (regional tax on production activities) | 5.27% | 93,513
TOTAL HEADING | 25.03% | 444,446

SECTION 23
Heading 340: Net profit (loss) attributable to minority interests
23.1 Breakdown of Heading 340, “Net profit (loss) for the year attributable to minority interests”

Company name | 12 mths ended 30/6/25 | 12 mths ended 30/6/24
1. SelmaBipiemme S.p.A. (1) | — | (2,743)
2. RAM Active Investments S.A. | (59) | 620
3. Polus Capital Group Ltd. | (941) | (1,014)
Total | (1,000) | (3,137)

(1) Full control of Selma BPM was acquired in the last quarter, previously held at 60% but consolidated using the line-by-line method and therefore with the inclusion of net income attributable to minority interests.
526 Consolidated Financial Statements as at 30 June 2025
SECTION 25
Earnings per share
25.1 Average number of ordinary shares on a diluted basis

| 12 mths ended 30/6/25 | 12 mths ended 30/6/24 |
Net profit | 1,330,136 | 1,273,382 |
Average number of shares in issue (1) | 808,531,757 | 826,608,063 |
Average number of potentially diluted shares | 5,973,973 | 6,487,718 |
Average number of diluted shares | 814,505,730 | 833,095,781 |
Earnings per share | 1.65 | 1.54 |
Earnings per share, diluted | 1.63 | 1.53 |

(1) The number of shares in issue at 30 June 2025 takes into account the shares repurchased under the buyback plan.
Notes to the Accounts | Part C – Information on the Consolidated Profit and Loss Account 527
Part D – Consolidated comprehensive income
Statement of consolidated comprehensive income

| Items | 30 June 2025 | 30 June 2024
Net amount | Net amount
10. | Profit (Loss) for the year | 1,331,136 | 1,276,519
| Other comprehensive income not reclassified through profit or loss |  |
20. | Equity securities designated at fair value through other comprehensive income: | (1,598) | 10,438
| a) fair value changes | (63,369) | (40,564)
| b) transfers to other net equity items | 61,771 | 51,002
30. | Financial liabilities measured at fair value through profit or loss (own creditworthiness changes): | 7,695 | (27,509)
| a) fair value changes | 7,695 | (27,509)
| b) transfers to other net equity items | — | —
40. | Hedge accounting of equity securities designated at fair value through other comprehensive income: | — | —
| a) fair value change (hedged instrument) | — | —
| b) fair value change (hedging instrument) | — | —
50. | Tangible assets | — | —
60. | Intangible assets | — | —
70. | Defined benefit plans | (117) | 258
80. | Non-current assets and asset groups held for sale | — | —
90. | Portion of valuation reserves of equity-accounted investments | 5,389 | (15,268)
100. | Financial costs or revenues relating to insurance contracts issued | — | —
110. | Income taxes relating to other income items not reclassified through profit or loss | — | —
| Other income items through profit or loss |  |
120. | Hedging of foreign investments: | — | —
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| c) other changes | — | —
130. | Currency exchange gains / losses: | (3,179) | 6,515
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| c) other changes | (3,179) | 6,515
140. | Cash flow hedging: | (179,718) | (158,734)
| a) fair value changes | (179,718) | (158,734)
| b) transfer to profit or loss | — | —
| c) other changes | — | —
| of which: income of net positions | — | —
150. | Hedging instruments (not designated items): | — | —
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| c) other changes | — | —
160. | Financial assets (other than equity securities) measured at fair value through other comprehensive income: | 50,895 | 42,847
| a) fair value changes | 58,272 | 28,381
| b) transfer to profit or loss | (7,377) | 14,466
| - credit risk adjustments | (1,615) | 1,337
| - gains/losses on disposals | (5,762) | 13,129
| c) other changes | — | —
170. | Non-current assets and asset groups held for sale: | — | —
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| c) other changes | — | —
180. | Portion of valuation reserves of equity-accounted investments: | (23,984) | 18,667
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| - impairment losses | — | —
| - gains/losses on disposals | — | —
| c) other changes | (23,984) | 18,667
190. | Financial costs or revenues relating to insurance contracts issued | — | —
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| c) other changes | — | —
200. | Financial costs or revenues relating to insurance contracts ceded | — | —
| a) fair value changes | — | —
| b) transfer to profit or loss | — | —
| c) other changes | — | —
210. | Income taxes relating to other income items reclassified through profit or loss | — | —
220. | Total other income items | (144,617) | (122,786)
230. | Comprehensive income (Headings 10 +190) | 1,186,519 | 1,153,733
240. | Consolidated comprehensive income attributable to minority interests | 1,045 | 3,118
250. | Consolidated comprehensive income attributable to the parent company | 1,185,474 | 1,150,615

528 Consolidated Financial Statements as at 30 June 2025
Part E – Information on risks and related hedging policies
INTRODUCTION
As part of the Group’s risks governance process, a key role is played by the Risk Management unit, which identifies, measures and monitors all the risks to which the Banking Group (or, the “Group”) is exposed, and manages and mitigates them in co-ordination with the various business areas. The unit’s 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.110
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, MBContact Solutions, and RAM UK), and minor subsidiaries (Quarzo S.r.l., MBUSA, MB Covered, MB Immobiliere, Spafid Trust, Compass Link and SPV Project 2224 S.r.l.), which due to immateriality, as provided for in Article 19 of the CRR111, are, instead, consolidated with the equity method within the prudential scope of application.
110 With regard to credit risk, please refer to the information in section 2 “Risks of the prudential consolidation” - subsection 1.1 Credit risk – 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.
111 Article 19 of the CRR stipulates that subsidiaries need not to be included in the consolidation where the total amount of assets and off-balance-sheet items of the undertaking concerned is less than the smaller of the following two amounts: a) €10m; and b) 1% of the total amount of assets and off-balance-sheet items of the parent undertaking or the undertaking that holds the investment.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 529
QUANTITATIVE INFORMATION
A. 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 | 35,538 | 306,324 | 126,788 | 301,947 | 69,544,861 | 70,315,458
2. | Financial assets measured at fair value through other comprehensive income | — | — | — | — | 5,137,036 | 5,137,036
3. | Financial assets designated at fair value | — | — | — | — | 1,659,448 | 1,659,448
4. | Other financial assets mandatorily measured at fair value | — | — | — | — | 4,252 | 4,252
5. | Financial assets held for sale | — | — | — | — | — | —
Total | 30 June 2025 | 35,538 | 306,324 | 126,788 | 301,947 | 76,345,597 | 77,116,194
Total | 30 June 2024 | 29,626 | 231,423 | 152,604 | 207,159 | 70,908,740 | 71,529,552

Overdue performing loans concern overdue performing loans and mainly refer to factoring (€141.9m, 0.2% of total performing loans of the segment) and mortgage loans (€53.5m, i.e. 0.07%). The item also includes net exposures being renegotiated under the terms of collective agreements amounting to €59.8m, consisting primarily of mortgage loans totalling €59.4m. Of the overdue performing loans, the instalments actually unpaid stood at 54% (gross value of €187.7m).
530 Consolidated Financial Statements as at 30 June 2025
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 | 1.175.091 | (706.441) | 468.650 | 239.016 | 70.469.814 | (623.006) | 69.846.808 | 70.315.458
2. | Financial assets measured at fair value through other comprehensive income | — | — | — | — | 5,139,213 | (2,177) | 5,137,036 | 5,137,036
3. | Financial assets designated at fair value | — | — | — | — | X | X | 1,659,448 | 1,659,448
4. | Other financial assets mandatorily measured at fair value | — | — | — | — | X | X | 4,252 | 4,252
5. | Financial assets held for sale | — | — | — | — | — | — | — | —
Total30 June 2025 | 1.175.091 | (706.441) | 468.650 | 239.016 | 75.609.027 | (625.183) | 76.647.544 | 77.116.194
Total30 June 2024 | 1,336,714 | (923,061) | 413,653 | 945 | 71,103,222 | (708,476) | 71,115,898 | 71,529,552

Portfolio/quality | Assets with obviously poor credit quality | Other assets
Accumulated capital losses | Net exposure | Net exposure
1. Financial assets held for trading | — | — | 11,357,764
2. Hedging derivatives | — | — | 326,855
Total | 30 June 2025 | — | — | 11,684,619
Total | 30 June 2024 | — | — | 12,182,842

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 531
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 | — | — | — | — | X | X | 1,443,010 | 1,443,010
Italy | — | — | — | — | X | X | 758,691 | 758,691
United States | — | — | — | — | X | X | — | —
France | — | — | — | — | X | X | 536,039 | 536,039
Germany | — | — | — | — | X | X | (2,224) | (2,224)
Other | — | — | — | — | X | X | 150,504 | 150,504
2. Financial assets measured at fair value through other comprehensive income | — | — | — | — | 4,306,864 | — | 4,306,864 | 4,306,864
Italy | — | — | — | — | 2,739,298 | — | 2,739,298 | 2,739,298
United States | — | — | — | — | 420,438 | — | 420,438 | 420,438
France | — | — | — | — | 238,593 | — | 238,593 | 238,593
Germany |  |  |  |  | 656,957 |  | 656,957 | 656,957
Other | — | — | — | — | 251,578 | — | 251,578 | 251,578
3. Financial assets measured at amortized cost | — | — | — | — | 3,620,294 | — | 3,620,294 | 3,620,294
Italy |  |  |  |  | 2,867,248 | — | 2,867,248 | 2,867,248
United States |  |  |  |  | 363,662 |  | 363,662 | 363,662
France |  |  |  |  | 308,663 |  | 308,663 | 308,663
Germany |  |  |  |  | 48,567 |  | 48,567 | 48,567
Other |  |  |  |  | 32,154 | — | 32,154 | 32,154
Total 30 June 2025 | — | — | — | — | 7,927,158 | — | 9,370,168 | 9,370,168

(*) This does not include financial or credit derivatives.
(¹) 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 €66m.
532 Consolidated Financial Statements as at 30 June 2025
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 | 614,117 | 758,691 | 1.73 | 5,463,608 | 5,606,548 | 5,675,493 | 7.19
Germany | — | — | — | 797,782 | 784,099 | 781,862 | 1.33
France | 514,600 | 536,039 | 0.81 | 612,662 | 547,256 | 549,366 | 7.32
United States | (4,981) | (2,224) | 0.93 | 695,000 | 705,523 | 703,167 | 2.57
Other | 150,989 | 150,504 | — | 282,300 | 283,732 | 283,721 | —
Total 30 June 2025 | 1,274,725 | 1,443,010 |  | 7,851,352 | 7,927,158 | 7,993,609 |

(*)This figure does not include forward sales with a notional amount of €756m.
(¹) This item does not include sales on the Bund/Bobl/Schatz future (Germany) for €49m (with a positive fair value of €1m) and sales on the BTP future (Italy) for €394m (with a negative fair value of €0.4m); moreover, net hedging purchases of €389m, €224m of which attributable to Germany country risk, were not counted.
B. Information on structured entities
In accordance with the provisions of IFRS 12, the Group treats the entities it sets up in order to achieve a limited and well-defined objective regulated by contractual agreements that often impose narrow restrictions on the decision-making powers of its governing bodies as structured entities (i.e. special purpose vehicles, SPV, or special purpose entities, SPE). Such entities are structured to ensure that the voting rights (or similar) are not the main factor in establishing who controls them (the relevant activities are often governed by contractual agreements agreed when the entity itself is structured and are therefore difficult to change).
B.1 Consolidated structured entities
As stated in Part A – Section 3 of the Notes to the Accounts, the securitization SPVs instituted pursuant to Italian law 130/99, namely Quarzo S.r.l. and MB Funding Lux S.A., a company incorporated under Luxembourg law and 100%-owned by Mediobanca S.p.A., as well as the new SPV vehicle Project 2224 S.r.l. connected to new funding operations, are included in the Group’s area of consolidation.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 533
B.2 Structured entities not consolidated in accounting terms
The Group has no other interests in the capital of structured entities to report, apart from the stock units held in UCITs in connection with its activities as sponsor (Mediobanca Premier, CMB Monaco, Polus Capital Management and RAM Active Investments) and as investor in funds promoted by Mediobanca S.p.A., which include Seed Capital activities for funds managed by Group companies.
B.2.1 Structured entities consolidated prudentially
As at 30 June 2025, there was no disclosure to be made as no instances of this type of interest apply.
B.2.2 Other structured entities
QUALITATIVE INFORMATION
The Group’s operations are performed through special purpose vehicles (SPVs), as follows:
UCITS
With regard to RAM Active Investments SA funds, the Parent Company subscribed to investments for a NAV of €178.8m (€167.5m as at 30 June last), namely RAM Global Sustainable Income Equities (€18.1m), RAM Stable Climate Global Equities (€35.6m), RAM Global Multi-Asset (€42.1m), RAM Asia Bond Total Return (€17.1m), Palladium FCP - RAM Mediobanca Strata UCITS Credit (€65.8m); all of the above investments are UCITS established under Luxembourg law with a NAV calculated daily, to which direct investments of €3.8m should be added.
With regard to Polus Capital Management, the Group subscribed investments with a NAV of €212.3m (€224.4m as at 30 June) and participated in the PLI III Equity CLO fund with a commitment of €99m out of a total of €425m, representing one of the largest collections for an equity CLO in Europe to date. Specifically, the Parent Company invested €40m in the European CLO vehicles CLI Holdings I (€4.9m) and CLI Holdings II (€35.1m), while with regard to the new US CLO operations, despite the postponement, the launch of two CLOs during the year for a total of $800m should be noted. Total Group investments amounted to $25.9m.112 Moreover, an investment of $80.5m in the Polus
112 $23.2m of which subscribed by the Parent Company and $2.7m by Polus directly.
534 Consolidated Financial Statements as at 30 June 2025
European Loan Fund and the Mediobanca International Luxembourg’s investment in the Luxembourg-based closed-end alternative fund Polus Special Situations Fund113, which amounted to €60.6m, including €10.4m in the EUR segment and €50.2m in the USD segment, should also be noted,114 in addition to direct investments of €5.5m.
With regard to the funds managed by Mediobanca SGR and Mediobanca Management Company, the Group subscribed funds with a total NAV of €43.2m (€21.1m at 30 June), of which €13.5m subscribed by the Parent Company in the Mediobanca Euro High Yield (€4.9m) and Mediobanca Social Impact (€8.6m) funds; in addition, €29.8m subscribed by Mediobanca Premier in three new funds, specifically €9.9m in the Mediobanca Alliance Bernstein American Growth Portfolio fund, €9.9m in the Mediobanca Global Multi-Asset 30 fund, and €10m in the Mediobanca DWS Concept K fund.
As part of its management activities,115 CMB Monaco placed four segments of CMB Global Lux (a company authorized under Luxembourg law) with its clients; the SICAV is managed by CMB Monaco itself, while the management and custody of the funds is the responsibility respectively of its subsidiary CMG Monaco and CACEIS Luxembourg. As at 30 June 2025, the Parent Company held no investment in the segments referred to above.
Mediobanca also invests in the Negentropy RAIF fund, an alternative investment fund incorporated under Luxembourg law managed by Negentropy Capital Partners Limited, with an investment of €54.9m (€61.3m as at 30 June last).
The process of delegating and sub-delegating investment activities, along with the broad powers of discretion afforded to delegates and the temporary nature of the investments mean that the ability to impact on returns stipulated by IFRS 10 as a precondition for establishing control of SICAVs does not apply in these cases; hence Mediobanca does not have direct control.
113 With regard to the PSSF structure, investments are made through three Feeder funds (société en commandite spéciale) denominated in various currencies (USD, EUR, GBP) and flow into a Master fund (also société en commandite spéciale) denominated in Euros which implements the investment strategy. The General Partner of the fund is Polus Special Situations Fund (GP) S.A.R.L, which is responsible for the operation of the fund, but does not make investments and has no economic interest in it. Polus Capital Management Limited is the Portfolio Manager of PSSF.
114 Regarding distressed assets, in September 2024, Polus signed a strategic partnership with a leading sovereign wealth fund, which undertook to invest in multiple Special Situations strategies.
115 As at 30 June 2025, direct investments amounted to €53,000.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 535
Asset-backed SPEs
The entities in this case have been set up to acquire, build or manage physical or financial assets, for which the prospect of recovering the credit concerned depends largely on the cash flows to be generated by the assets.
As part of its ordinary lending operations, the Group finances asset-backed SPEs but without holding any form of direct equity stake or interest in them, hence this does not qualify as acting as sponsor.
Hold to Collect lending transactions, recorded under asset Heading 40, “Financial assets measured at amortized cost – due from customers: composition”, in which the Group is the sole lender, involve an amount of €504.7m.
536 Consolidated Financial Statements as at 30 June 2025
QUANTITATIVE INFORMATION

Balance-sheet item/SPE type | Accounted for under asset heading | Total assets(A) | Accounted for under liability heading | Total liabilities(B) | Net asset value (NAV)(C=A-B) | Maximum exposureto risk of loss(D) | Difference between exposure to riskof loss and NAV(E=D-C)
Polus European Loan Fund | Financial assets mandatorily measured at fair value | 80,497 | — | — | 80,497 | 80,497 | —
Cairn Loan Investments Holding I | Financial assets mandatorily measured at fair value | 4,902 | — | — | 4,902 | 4,902 | —
Cairn Loan Investments Holding II | Investments measured using the Equity Method under IAS 28 | 35,064 | — | — | 35,064 | 35,064 | —
Polus Special Situations Fund | Financial assets mandatorily measured at fair value | 60,543 |  |  | 60,543 | 60,543 | —
US CLOs | Financial assets mandatorily measured at fair value | 25,861 |  |  | 25,861 | 25,861 | —
Other Cairn Funds | Financial assets mandatorily measured at fair value | 5,456 | — | — | 5,456 | 5,456 | —
RAM Mediobanca Strata UCITS Credit Fund | Financial assets mandatorily measured at fair value | 65,795 | — | — | 65,795 | 65,795 | —
RAM - Asia Bond Total Return | Financial assets mandatorily measured at fair value | 17,146 | — | — | 17,146 | 17,146 | —
RAM - Global Sustainable Income Equities | Financial assets mandatorily measured at fair value | 18,101 | — | — | 18,101 | 18,101 | —
RAM - Global Multi-Asset | Financial assets mandatorily measured at fair value | 42,128 | — | — | 42,128 | 42,128 | —
RAM Stable Climate Global Equities | Financial assets mandatorily measured at fair value | 35,605 | — | — | 35,605 | 35,605 | —
Mediobanca Alliance Bernstein American Growth Portfolio | Financial assets mandatorily measured at fair value | 9,876 | — | — | 9,876 | 9,876 | —
Mediobanca Global Multi-Asset 30 | Financial assets mandatorily measured at fair value | 9,914 | — | — | 9,914 | 9,914 | —
Mediobanca DWS Concept K | Financial assets mandatorily measured at fair value | 9,974 | — | — | 9,974 | 9,974 | —
Mediobanca Social Impact | Financial assets mandatorily measured at fair value | 8,550 | — | — | 8,550 | 8,550 | —
Mediobanca Euro High Yield | Financial assets mandatorily measured at fair value | 4,908 | — | — | 4,908 | 4,908 | —
Negentropy RAIF Fund | Financial assets mandatorily measured at fair value | 54,918 | — | — | 54,918 | 54,918 | —
CMG Funds | Financial assets mandatorily measured at fair value | 53 | — | — | 53 | 53 | —
Asset-backed SPEs | Financial assets at amortized cost | 504,700 | — | — | 504,700 | 504,700 | —

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 537
B.2 Leveraged finance transactions
According to the ECB definition, the scope of Leveraged Transactions includes exposures to counterparties with a sub-investment grade rating whose total gross committed debt to EBITDA ratio, at the time of disbursement, exceeds 4 times (if it exceeds 6 times, the transactions are classified as “Highly Leveraged Transactions”) and are controlled (control or ownership of more than 50% of the share capital) by a Financial Sponsor.
As at 30 June, the overall exposure to Leveraged Transactions had almost halved from €3,410m to €1,948m;116 specifically, “Highly Leveraged Transactions” (HLT) exposures decreased from €1,119m to €832m. The total scope of Leveraged Transactions represents approximately 9% of the overall Corporate Loan portfolio (16% last June), with a share of exposures rated “B” below 15%. Leveraged Transactions accounted for 28% of CET1, of which HLT exposures represented 17%.
116 This represents performing and impaired exposures (€6m) and includes off-balance sheet exposures (commitments and derivatives) amounting to €447m.
538 Consolidated Financial Statements as at 30 June 2025
SECTION 2
Prudential consolidation risk117
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’s risk system, defining the appropriate global methodologies for measuring risks, current and future, in conformity with the regulatory requirements and the Group’s 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 around local teams based at the various Group companies, in accordance with the principle of proportionality, under the co-ordination of the Risk Management unit at Parent Company Mediobanca S.p.A. (the “Group Risk Management Unit”), which also performs specific activities for the Parent Company scope of risk, in the same way that the local teams do for their own companies. The Group Risk Management unit, reporting directly to the Chief Executive Officer and under the direction of the Group Chief Risk Officer, is made up of the following organizational units:
i) Risk Integration, responsible for overseeing the Group’s capital and liquidity adequacy by coordinating the cross-divisional ICAAP and ILAAP processes, also implementing an ongoing management system within the risk management framework, specifically the RAF. The unit also oversees 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 oversight of credit risk measurement methodologies, defines management frameworks and processes (authorization, monitoring, classification, and valuation), and monitors the performance of the credit portfolio; iii) Credit Analysis, which is responsible for analysing credit risk, assigning internal ratings to counterparties, and measuring the loss given default parameter; iv) Market Risk Management, which monitors market and counterparty risks and validates 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 clients, IT and cybersecurity risks, and outsourcing risks; vi) Internal Validation & Control, which defines the methodologies, processes, tools, and reporting used in internal validation activities, carries out the validation of the Group’s
117 The prudential consolidation scope does not include the companies Compass RE, Compass Rent and MBContact Solutions, RAM UK, Quarzo Srl. MBUSA, MB Covered, MB Immobilière, Spafid Trust, Compass Link and SPV Project 2224 S.r.l.. Please see Section 1 - Consolidated Accounting Risks in this Part E.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 539
risk measurement systems, and defines and carries out control activities over the Parent Company’s main credit processes; vii) Risk Coordination, which supports the Chief Risk Officer and the Risk unit in their relationships with 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 “E. Prudential consolidation – credit risk measurement models”.
540 Consolidated Financial Statements as at 30 June 2025
2. Credit risk management policies
2.1 Organizational aspects
The Group has adopted a risk governance and control system structured across a variety of organizational units involved in the process, ensuring that all relevant risks to which the Group is or might be exposed are managed effectively, and at the same time guaranteeing that all forms of operations are consistent with their own risk appetite.
The Board of Directors, in view in particular of its role of strategic supervision, is responsible for approving strategic guidelines and directions of the Risk Appetite Framework (RAF), the adoption of Internal Rating Systems (IRB) at the Parent Company level and the Roll-Out Plan for gradually extending the IRB approach across the whole Group, business and financial plans, budgets, risk management and internal control policies, and the Recovery Plan drawn up in accordance with the provisions of the Bank Recovery and Resolution Directive (Directive 2014/59/EU).
The Risk Committee assists the Board of Directors in performing monitoring and investigation duties in respect of internal controls, risk management, and accounting infrastructure. 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 the Parent Company’s 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 at the Group level 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 systems
In the process of defining its Risk Appetite Framework (“RAF”), 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’s strategy (translating mission and strategy into qualitative and quantitative risk variables) and risk objectives for the company’s operations (translating risk objectives into limits and incentives for each area).
As required by the prudential regulations, the formalization of risk objectives, through
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 541
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’s 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 coordination 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:
⎯identifies the risks which it is willing to assume;
⎯defines, for each risk, the objectives and limits in normal and stressed conditions;
⎯identifies 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’s 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),118 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 (“CRD IV”), the
118 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.
542 Consolidated Financial Statements as at 30 June 2025
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’s 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’s 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.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 543
2.3 Methods for measuring expected losses
Under IFRS 9 “Financial Instruments”, 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 “point-in-time” approach). Under IFRS 9, 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.
The Group adopts qualitative and quantitative criteria 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 IFRS 9, a change in forward-looking PD is used as the benchmark quantitative metric for measuring the Significant Increase in Credit Risk (SICR) for the purpose of identifying positions to be classified as Stage 2. Starting from the year under review, the adoption of the methodology that provides for comparison of the lifetime PD between the reference and origination dates (replacing the 12-month PD) with a consistently defined PD variation range for the transfer to Stage 2 was completed; 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 approach119 depending on the relevant Stage), 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. The scenarios, drawn
119 The lifetime approach considers the contractual expiry of the exposure where possible. 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.
544 Consolidated Financial Statements as at 30 June 2025
up at Group level, are revised at least once every six months. In particular, scenarios are defined by the designated Group Economic and Macro Strategy (GEMS) unit, which is also responsible for assigning the relevant weights.
The Mediobanca Group uses additional provisions (“overlays”) to cover risks not captured by the current framework for calculating expected credit losses.
The Group’s approach to the impairment of financial instrument is governed by specific internal regulations, which were revised during the current 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.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 545
2.4 Credit risk mitigation techniques
The Group has 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 “CRR”). 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. In particular:
⎯mortgage 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;
⎯pledges: 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.
The Group also adopts risk mitigation policies 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 adopted by the Group 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 within the Group as a whole. 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 Group 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 “Lombard” credit in particular work has begun quickly on restoring the collateral margins typically associated with this form of credit. The overall exposure reflects both
546 Consolidated Financial Statements as at 30 June 2025
portfolio diversification for the collateral and the haircuts applied when the lending value is measured.
3. Non-performing credit exposures
The Group is distinguished by its prudent approach to risk, which is reflected in the fact that its overdue exposure levels (Non-performing loan - NPL) are among the lowest seen in the Italian national panorama. The Group’s 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 Group uses a single, like-for-like definition for the concepts of “default” as defined by the regulations on regulatory capital requirements, “non-performing”, used for supervisory reporting purposes, and Stage 3 assets, or “credit-impaired” assets, as defined by the accounting standards in force. 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 “non-performing” include:
⎯exposures 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);
⎯cases in which the credit obligation has been sold, leading to material losses in relation to the credit risk;
⎯debt 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;
⎯cases 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;
⎯instances 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’s sources of income suddenly becoming unavailable.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 547
This approach is adopted differently within the individual Group companies, which, depending on the specific monitoring processes they have implemented, may choose to detect 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’s 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.
548 Consolidated Financial Statements as at 30 June 2025
4 Financial assets subject to commercial renegotiations and forbearance measures
Financial 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’s 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, the Group assesses whether or not such concessions (typically rescheduling expiry dates, suspending payments, refinancing operations or waivers to covenants) occur as a result of a situation of financial difficulty which can be traced to the accumulation, actual or potential (if concessions are not granted), of more than thirty days past due. Assessment of the borrower’s 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 “forborne” 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 “forborne” 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 “forborne performing exposure” status (during this period, the status can only be downgraded to reflect the exposure’s 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
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 549
requirement for “forborne non-performing exposure” status, followed (unless the non-performing status needs to be prolonged) by the two-year minimum duration requirement for the “forborne performing exposure” 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 “forborne” 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, “forborne” 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.
550 Consolidated Financial Statements as at 30 June 2025
5 Details by business segment
Corporate activity
The Group’s 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’s 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’s 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.
The Risk Management unit also carries out a review of the ratings assigned to the counterparties at least once a year. Approved loans must also be reviewed and confirmed by the approving body with the same frequency.
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
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 551
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.
Specifically, the Corporate PD parameter of the internal rating model underwent a material model change in 2024, followed by an ECB inspection and the formalization of an Assessment Report. Consistent with the guidance contained therein and in alignment with the model that will be implemented for the purpose of calculating the regulatory requirement120 in the next financial year, the new version of the model will be implemented in the impairment calculation starting in March 2025. The new model features a shortened time series, reflecting the regulatory requirement of a Likely Range of Variability of Default Rates, and the use of internally observed default rates in the calibration of the estimates.
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 interacted continuously with the Development units in relation to the main methodological developments/solutions of the IFRS 9 framework applied within the Group, including the process to define and categorize overlays; changes classified as "material" were subjected to a validation assessment prior to use. More specifically, the assessments in FY24-25 focused on:
—IFRS 9 framework of Compass. In addition to the assessment of the new PD satellite model, approved in the December 24 CGGR after a preliminary validation opinion, tests were conducted on all parameters underlying the calculation of provisions and the staging allocation and overlays were analysed. The adjustment to the accounting LGD model applied in June 2025 to account for a new disposal process was also analysed;
—IFRS 9 framework adopted by Mediobanca Premier, with a primary focus on the PD satellite model, the lifetime SICR methodology (introduced on June 24), and testing of all parameters underlying the ECL calculation. The IFRS 9 framework updates applied in June 2025 were also analysed, which primarily concerned an update to the TTC matrix used for PD and staging allocation and the lowering of the threshold for identifying the low credit risk exception;
—for Mediobanca S.p.A., the new PD model, revised for regulatory purposes and used for impairment purposes starting in March 2025, was validated as part of the material model change approved by the Supervisory Authority.
120 The final Decision Letter was received in July 2025.
552 Consolidated Financial Statements as at 30 June 2025
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 “watch list”) 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 “Amber” or “Red”. All forborne positions are also subject to specific monitoring; it should be noted that they are also classified in the Watchlist.
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’s 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 Watchlist. 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 macroeconomic scenarios defined internally to the PD estimates. The LGD estimates for the exposures differ according to type of product (vehicle leasing, core goods, yachts and
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 553
property), and are subjected to the same macroeconomic scenarios defined internally 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’s watch list for Corporate customers (counterparties classified as “Amber” or “Red” 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’s 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 is classified as default according to the “unlikeliness to pay” 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. In this regard, to counteract the increase in NPLs associated with the gradual return to default rates typical of the pre-Covid period, starting in early 2025, partial write-offs will be implemented on impaired positions that have been subject to a lapse of the benefit of the term (referred to as DBT) for at least two months and have no significant probability of collection. Actions will be taken to review the timing and scope of disposals. To this end, in addition to the standard stock disposals of positions that have exited the internal legal and bill of exchange management processes, specific disposals of portfolios undergoing a bill of exchange recovery process have also been undertaken.
554 Consolidated Financial Statements as at 30 June 2025
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 macroeconomic models based on the Group’s internal 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 “Redefinition” product. Restructuring is a form of facilitation granted only to “past clients” 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 “restructured” 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. Starting in April 2025, alongside other enhancements to the default definition, the entire Redefinition portfolio will be 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 will 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 according to a curing approach adopted for forborne NPE loans.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 555
“POCI” assets are valued on the basis of the IFRS 9 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,” March 2018). 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 the Parent Company as part of its corporate factoring business, the parameters set in the Parent Company’s process apply. The evidence obtained from the Parent Company’s watch list for corporate clients is also used as qualitative information for reclassification to Stage 2, which includes counterparties
556 Consolidated Financial Statements as at 30 June 2025
classified as “Amber” or “Red”.
Premier and Private Banking
Premier and Private Banking operations include granting loans as a complementary activity in serving “Affluent”, “High Net Worth” 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. The evidence obtained from the Parent Company’s watch list for corporate clients is also used as qualitative information for reclassification to Stage 2, which includes counterparties classified as “Amber” or “Red”.
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 “watch list”) 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 “Amber” or “Red”. All forborne positions are also subject to specific monitoring; it should be noted that they are also classified in the Watchlist.
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’s 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.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 557
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 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 macroeconomic scenarios defined internally 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 macroeconomic scenarios defined internally.
558 Consolidated Financial Statements as at 30 June 2025
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.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 559
6 Macroeconomic scenarios and impacts
Starting last April, the climate of geopolitical uncertainty stemming from ongoing conflicts (Russian Federation/Ukraine and the Middle East121) has been further amplified by the introduction of tariffs by the US government, with potential negative repercussions on GDP, inflation, and interest rates. The United States imposed global tariffs of 25% on steel, auto-mobiles, and auto parts, in addition to a general 10% tariff on all imports, resulting from the temporary suspension of more burdensome measures. Specific tariffs targeted China, Canada, Mexico, and countries trading with Venezuela, while partial exemptions have been granted to USMCA (United States–Mexico–Canada Agreement) goods, pharmaceuticals, critical minerals, and gold. Following this unilateral measure, many countries entered into negotiations with the US administration to define new trade agreements. Following the end of the bitter confrontation between the US and China, settled by agreements reached in the first half of May, the preliminary agreements with Japan and the EU at the end of July convinced markets that these agreements could serve as a model for all other countries, reducing the risk of a disruptive reorganization of international trade through a global trade war.
The macroeconomic scenario for the first half of 2025 that governs the IFRS 9 provision at year-end in the baseline scenario is characterized by the stabilization of geopolitical frictions between the Western bloc and China, and no escalation of the Russian-Ukrainian conflict.
With regard to energy costs and exchange rates, an evolution in line with what was previously incorporated in the forward rates is assumed. With regard to the PNRR, a low probability that the funds will be spent by the expiry date of August 2026 was assigned. The basic assumption is that the plan will be extended until December 2028. With regard to the Eurozone, growth is assumed to accelerate modestly and inflation to decline, reaching the target level in the second quarter of 2025 and is expected to remain slightly below the threshold for the following two years.
The mildly positive macroeconomic scenario, however, predicts a decline in the household savings rate in major countries. Reduced risk aversion among individuals and businesses, resulting in a reduction in the savings share of disposable personal income and an increase in business investment, would lead to growth in the major economies (particularly the US, UK, and the Eurozone).
121 It should be noted that the Group’s portfolio does not show significant direct credit exposures to the Russian Federation, Ukraine and Belarus, or the Middle East.
560 Consolidated Financial Statements as at 30 June 2025
Finally, in the alternative mild negative scenario, consumer households are expected to withhold their accumulated savings due to growing risk aversion, and business investment is expected to decline. Finally, public spending is expected to remain at current levels.
The weightings for the scenarios used in determining the ECL at June 2025 have been set at 65% for the baseline scenario, 25% for the mild-positive scenario, and 10% for the mild-negative scenario; the values represent the subjective probabilities of occurrence as quantified by the Group Economic and Macro Strategy (GEMS) area, based on the statistical distribution of previous estimate errors.
With regard to the ECL calculation, sensitivity analyses122 were also carried out assuming that each of the above-mentioned scenarios (mild-negative, baseline and mild-positive) on the exposure123 came about with certainty, with the following results:
⎯Mild-negative scenario: ECL +4.2% and change in the impact of Stage 2 exposure +5.26%,
⎯Baseline scenario: ECL +0.8% and change in the impact of Stage 2 exposure -0.33%,
⎯Mild-positive scenario: ECL -2.3% and change in the impact of Stage 2 exposure -2.45%,
Whereas, 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.
122 The analysis covered the exposures of the Group’s main portfolios: portfolio of Mediobanca S.p.A. and Mediobanca International, Mediobanca Premier mortgages, Compass consumer credit, MBFACTA factoring, and Selma BPM leases.
123 Considering the gross carrying amount, including both on-balance and off-balance items.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 561
Table 1 - Baseline macro-economic scenario at 30 June 2025
Baseline scenario:

GDP forecasts | 2025 | 2026 | 2027 | 2028
Italy | 0.5% | 0.9% | 0.6% | 0.8%
EU | 1.3% | 1.6% | 1.6% | 1.7%
USA | 2.6% | 2.7% | 2.6% | 1.9%
Unemployment rate | 2025 | 2026 | 2027 | 2028
Italy | 6.1% | 6.4% | 6.8% | 6.9%
EU | 6.0% | 5.9% | 5.7% | 5.6%
USA | 4.3% | 4.0% | 3.9% | 3.9%
CPI Core (annual change) (1) | 2025 | 2026 | 2027 | 2028
Italy | 2.0% | 2.0% | 2.0% | 2.0%
Germany | 2.0% | 1.9% | 2.0% | 2.0%
USA | 3.0% | 2.3% | 2.3% | 2.4%

(1) The Core CPI variable is the consumer price index excluding food and energy components.
Table 2 – Mild-positive macroeconomic scenario at 30 June 2025
Mild-positive scenario:

GDP forecasts | 2025 | 2026 | 2027 | 2028
Italy | 0.5% | 2.0% | 2.4% | 3.1%
EU | 1.3% | 2.6% | 3.3% | 3.9%
USA | 2.6% | 3.3% | 3.6% | 3.2%
Unemployment rate | 2025 | 2026 | 2027 | 2028
Italy | 6.1% | 5.8% | 5.2% | 4.0%
EU | 6.0% | 5.5% | 4.7% | 3.7%
USA | 4.3% | 3.7% | 2.9% | 2.1%
CPI Core (annual change) (1) | 2025 | 2026 | 2027 | 2028
Italy | 2.0% | 2.3% | 2.9% | 3.5%
Germany | 2.0% | 2.0% | 2.3% | 2.6%
USA | 3.0% | 2.5% | 2.9% | 3.3%

(1) The Core CPI variable is the consumer price index excluding food and energy components.
562 Consolidated Financial Statements as at 30 June 2025
Table 3 – Mild-negative macroeconomic scenario at 30 June 2025
Mild-negative scenario:

GDP forecasts | 2025 | 2026 | 2027 | 2028
Italy | 0.5% | (0.2%) | (1.3%) | (1.6%)
EU | 1.3% | 0.6% | (0.1%) | (0.5%)
USA | 2.6% | 2.1% | 1.6% | 0.7%
Unemployment rate | 2025 | 2026 | 2027 | 2028
Italy | 6.1% | 7.0% | 8.4% | 9.9%
EU | 6.0% | 6.2% | 6.8% | 7.5%
USA | 4.3% | 4.4% | 4.8% | 5.6%
CPI Core (annual change) (1) | 2025 | 2026 | 2027 | 2028
Italy | 2.0% | 1.8% | 1.5% | 1.1%
Germany | 2.0% | 1.8% | 1.7% | 1.4%
USA | 3.0% | 2.2% | 1.7% | 1.5%

(1) The Core CPI variable is the consumer price index excluding food and energy components.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 563
The Group kept additional provisions (referred to as “overlays”) amounted to approximately €190m (14.1% of total ECL), primarily to hedge against persistent geopolitical and macroeconomic uncertainties (23% of total overlays), expectations of a gradual rise in default rates towards structural levels post-Covid (48%), particularly for consumer credit, and climate risk (5%). The remaining overlays (23%) 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 5% of overlays related to climate risk, approximately 43% relate to corporate customers (net leasing). These overlays were estimated taking into account the impacts quantified in the Materiality Assessment for the short-term horizon.
Compared to the previous year, overlays decreased by approximately 14%, largely offset by the increase in ECL from the consumer credit portfolio model, consistent with the gradual rise in default rates towards structural trends and fine-tuning of the definition of default implemented during the second half of the year.
564 Consolidated Financial Statements as at 30 June 2025
Table 4 – Overlay Stock

| 30 June 2025 | 30 June 2024
| Overlay stock (€m) | % segment ECL | Overlay stock (€m) | % segment ECL
Corporate (including Factoring) | 27.– | 33.3% | 27.5 | 33.–%
Consumer credit | 146.1 | 13.5% | 174.9 | 13.3%
Mortgage loans | 10.7 | 9.6% | 12.– | 8.7%
Leases | 5.9 | 11.2% | 7.2 | 10.1%
Total | 189.7 | 14.1% | 221.6 | 13.5%

During the financial year, the Group also implemented the new Impairment Directive regarding overlay management, introducing a more structured approach to defining the risks covered, documenting/examining the rationales, and change management.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 565
QUANTITATIVE INFORMATION
A. Credit quality
A.1 Non-performing and performing exposures: amounts, value adjustments, trends and segmentation by earnings
A.1.1 Prudential consolidation – 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 | 185,258 | 24,905 | 5,830 | 64,295 | 67,519 | 11,275 | 16,708 | 37,799 | 163,313 | 2,476 | 3,778 | 3,623
2. Financial assets measured at fair value through other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | —
3. Financial assets held for sale | — | — | — | — | — | — | — | — | — | — | — | —
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
Total30 June 2024 | 68,029 | 39,969 | 8,053 | 54,041 | 46,032 | 14,253 | 19,838 | 37,321 | 196,374 | 2,059 | 3,187 | 3,584

566 Consolidated Financial Statements as at 30 June 2025
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 | Total provisions for loan commitments and financial guarantees issued | Total
| Stage 1 assets | Stage 2 assets | Stage 3 assets | Purchased or originated credit impaired assets |
| 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 | Stage 1 | Stage 2 | Stage 3 | Loan commitments and financial guarantees issued on purchased or originated credit impaired assets/ |
Opening amount of overall adjustments | 168 | 304.802 | 6.996 | — | — | 311.966 | 122 | 375.569 | 657 | — | — | 376.348 | — | 834.666 | — | — | 152.130 | 682.536 | 102.081 | — | 3.521 | — | 105.602 | 17.535 | 2.654 | 602 | — | 1.649.373
Increases due to purchased or originated financial assets | — | 170.848 | 1.676 | — | — | 172.524 | — | 83.105 | — | — | — | 83.105 | — | 52.577 | — | — | 657 | 51.920 | X | X | X | X | X | 7.945 | 429 | 209 | — | 316.789
Derecognition other than write-offs | -1 | -20.807 | -5.242 | — | — | -26.050 | — | -11.770 | -564 | — | — | -12.334 | — | -114.003 | — | — | -4.306 | -109.697 | -6.944 | — | — | — | -6.944 | -3.473 | -397 | -359 | — | -163.560
Net value adjustments /write-backs for credit risk | 18 | -148.009 | -1.253 | — | — | -149.244 | -122 | -137.500 | -93 | — | — | -137.715 | — | 175.429 | — | — | 7.527 | 167.902 | 27.348 | — | — | — | 27.348 | -5.431 | -428 | -144 | — | -90.185
Contractual changes without derecognition | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Changes in estimation methods | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
Write-offs not recognized directly through profit or loss | — | -1.598 | — | — | — | -1.598 | — | -10.080 | — | — | — | -10.080 | — | -317.513 | — | — | -23.370 | -294.143 | -28.906 | — | — | — | -28.906 | — | — | — | — | -358.097
Other changes | — | 52 | — | — | — | 52 | — | -144 | — | — | — | -144 | — | 182 | — | — | 2 | 180 | — | — | -3.521 | — | -3.521 | 29 | — | — | — | -3.402
Closing amount of overall adjustments | 185 | 305.288 | 2.177 | — | — | 307.650 | — | 299.180 | — | — | — | 299.18 | — | 631.338 | — | — | 132.640 | 498.698 | 93.579 | — | — | — | 93.579 | 16.605 | 2.258 | 308 | — | 1.350.918
Recoveries for collections of written-off financial assets | — | — | — | — | — | — | — | — | — | — | — | — | — | 5.544 | — | — | 193 | 5.351 | — | — | — | — | — | — | — | — | — | 5.544
Write-offs recognized directly through profit or loss | — | -7.369 | — | — | — | -7.369 | — | -8.800 | — | — | — | -8.800 | — | -12.442 | — | — | -1.602 | -10.840 | -758 | — | — | — | -758 | — | — | — | — | -29.369

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 567
A.1.3 Prudential consolidation – Financial assets, commitments to disburse funds 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 | 1,234,432 | 728,160 | 203,174 | 51,220 | 297,848 | 15,481
2. Financial assets measured at fair value through other comprehensive income | — | 17 | — | — | — | —
3. Financial assets held for sale | — | — | — | — | — | —
4. Loan commitments and financial guarantees issued | 71,724 | 25,812 | — | 472 | 473 | 4,258
30 June 2025 | 1,306,156 | 753,989 | 203,174 | 51,692 | 298,321 | 19,739
30 June 2024 | 1,464,839 | 825,380 | 234,190 | 52,164 | 272,917 | 21,922

568 Consolidated Financial Statements as at 30 June 2025
A.1.4 Prudential consolidation - On- and off-balance sheet exposures to banks: gross and net values

Types of exposure / value |  | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets |  | Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets | Net exposure | Overall partial write-offs*
A.1 On-demand | 897,406 | 897,406 | — | — | — | 184 | 184 | — | — | — | 897,222 | —
a) Non-performing | — | X | — | — | — | — | X | — | — | — | — | —
b) Performing | 897,406 | 897,406 | — | X | — | 184 | 184 | — | X | — | 897,222 | —
A.2 Other | 7,199,392 | 5,500,156 | 2 | — | 2 | 693 | 693 | — | — | — | 7,198,699 | —
a) Bad loans | — | X | — | — | — | — | X | — | — | — | — | —
- of which: forborne exposures | — | X | — | — | — | — | X | — | — | — | — | —
b) Unlikely to pay | — | X | — | — | — | — | X | — | — | — | — | —
- of which: forborne exposures | — | X | — | — | — | — | X | — | — | — | — | —
c) Overdue exposures (NPLs) | — | X | — | — | — | — | X | — | — | — | — | —
- of which: forborne exposures | — | X | — | — | — | — | X | — | — | — | — | —
d) Overdue performing exposures | — | — | — | X | — | — | — | — | X | — | — | —
- of which: forborne exposures | — | — | — | X | — | — | — | — | X | — | — | —
e) Other performing exposures | 7,199,392 | 5,500,156 | 2 | X | 2 | 693 | 693 | — | X | — | 7,198,699 | —
- of which: forborne exposures | — | — | — | X | — | — | — | — | X | — | — | —
Total (A) | 8,096,798 | 6,397,562 | 2 | — | 2 | 877 | 877 | — | — | — | 8,095,921 | —
B. Off-balance sheet credit exposures |  |  |  |  |  |  |  |  |  |  |  |
a) Non-performing | — | X | — | — | — | — | X | — | — | — | — | —
b) Performing | 10,823,902 | 70,277 | — | X | — | — | — | — | X | — | 10,823,902 | —
Total (B) | 10,823,902 | 70,277 | — | — | — | — | — | — | — | — | 10,823,902 | —
Total (A+B) | 18,920,695 | 6,467,839 | 2 | — | 2 | 877 | 877 | — | — | — | 18,919,823 | —

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 569
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 |  |
| Stage 1 | Stage 2 | Stage 3 | Purchased or originated credit impaired assets |  | 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 | 171,972 | X | — | 167,306 | 4,666 | 136,434 | X | — | 132,212 | 4,222 | 35,538 | 155,054
- of which: forborne exposures | 23,387 | X | — | 19,665 | 3,722 | 22,513 | X | — | 19,206 | 3,307 | 874 | 49,536
b) Unlikely to pay | 688,725 | X | — | 559,464 | 129,261 | 382,401 | X | — | 331,180 | 51,221 | 306,324 | 83,152
- of which: forborne exposures | 352,810 | X | — | 224,945 | 127,865 | 172,976 | X | — | 122,713 | 50,263 | 179,834 | 25,375
c) Overdue exposures (NPLs) | 314,394 | X | — | 289,032 | 25,362 | 187,606 | X | — | 167,946 | 19,660 | 126,788 | 810
- of which: forborne exposures | 60,522 | X | — | 36,401 | 24,121 | 44,038 | X | — | 25,134 | 18,904 | 16,484 | 173
d) Overdue performing exposures | 348,721 | 159,152 | 188,962 | X | 607 | 46,773 | 643 | 45,873 | X | 257 | 301,948 | —
- of which: forborne exposures | 6,302 | — | 6,246 | X | 56 | 1,672 | — | 1,663 | X | 9 | 4,630 | —
e) Other performing exposures | 78,157,268 | 67,119,887 | 2,247,236 | X | 123,308 | 577,660 | 306,135 | 253,306 | X | 18,219 | 77,579,608 | 17
- of which: forborne exposures | 406,832 | — | 338,014 | X | 68,818 | 50,112 | — | 38,960 | X | 11,152 | 356,720 | 1
TOTAL (A) | 79,681,080 | 67,279,039 | 2,436,198 | 1,015,802 | 283,204 | 1,330,874 | 306,778 | 299,179 | 631,338 | 93,579 | 78,350,206 | 239,033
B. OFF-BALANCE SHEET CREDIT EXPOSURES |  |  |  |  |  |  |  |  |  |  |  |
a) Non-performing | 1,398 | X | — | 1,398 | — | 308 | X | — | 308 | — | 1,090 | —
b) Performing | 36,593,449 | 27,070,960 | 227,205 | X | — | 19,445 | 17,189 | 2,256 | X | — | 36,574,004 | —
TOTAL (B) | 36,594,847 | 27,070,960 | 227,205 | 1,398 | — | 19,753 | 17,189 | 2,256 | 308 | — | 36,575,094 | —
TOTAL (A+B) | 116,275,927 | 94,349,999 | 2,663,403 | 1,017,200 | 283,204 | 1,350,627 | 323,967 | 301,435 | 631,646 | 93,579 | 114,925,300 | 239,033

570 Consolidated Financial Statements as at 30 June 2025
At 30 June 2025, gross non-performing assets dropped from €1,336.7m to €1,175.1m, i.e., the impact stood at 2.1% of on-balance sheet credit exposures to customers (2.5% in June 2024). The expansion of the impaired scope towards exposures characterized by greater recoverability led to a decrease in the coverage ratio (60.1% against 69.1%) which was reflected in the increase in net impaired loans (from €413.7m to €468.7m).
Finrep Gross NPL Ratio124

|  | (€m)
| 30 June 2025 | 30 June 2024
Loans | 54,503.3 | 52,735.6
NPLs | 1,175.1 | 1,336.7
Loan to customers | 55,678.4 | 54,072.3
NPLs purchased | — | —
Treasury assets (1) | 11,978.1 | 10,963.4
Total Loans and advances | 67,656.5 | 65,035.7
Finrep Gross NPL ratio in % | 1.7% | 2.1%

(1) In line with the guidelines of the EBA Risk Dashboard, this item excludes cash and includes untied deposits held with Central Banks.
124 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).
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 571
A.1.7 Prudential consolidation – 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) | 359,609 | 652,215 | 324,890
- of which: exposures sold but not derecognized | 20,752 | 56,361 | 29,205
B. Increases | 56,214 | 459,379 | 251,303
B.1 inflows from performing exposures | 11,464 | 287,273 | 179,070
B.2 inflows from purchased or originated credit impaired financial assets | 408 | 73,943 | 5,547
B.3 transfers from other categories of non-performing exposures | 35,703 | 66,525 | 23,377
B.4 contractual changes without derecognition | — | — | —
B.5 other increases | 8,639 | 31,638 | 43,309
C. Decreases | 243,851 | 422,869 | 261,799
C.1 transfers to performing exposures | 1,283 | 76,529 | 15,657
C.2 write-offs | 154,716 | 100,918 | 47,210
C.3 collection | 38,131 | 90,157 | 90,825
C.4 gains on disposal | 6,064 | 34,224 | 9,422
C.5 losses on disposal | 1,945 | 6,103 | 3,649
C.6 transfers to other categories of non-performing exposures | 1,655 | 46,840 | 77,111
C.7 contractual changes without derecognition | — | — | —
C.8 other decreases | 40,057 | 68,098 | 17,925
D. Closing balance of gross exposure | 171,972 | 688,725 | 314,394
- of which: exposures sold but not derecognized | 1,561 | 41,441 | 28,070

The headings “Inflows from purchased or originated credit-impaired financial assets” refer to the restructuring of Consumer files.
The item “Other increases” mainly includes Consumer transactions.
The heading “Other decreases” refers to the stock of receivables sold to factoring firms in consumer credit operations.
572 Consolidated Financial Statements as at 30 June 2025
A.1.7bis Prudential consolidation – 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) | 443,772 | 570,202
- of which: exposures sold but not derecognized | 37,741 | 51,761
B.Increases | 263,099 | 165,707
B.1 inflows from not forborne performing exposures | 75,432 | 92,392
B.2 inflows from forborne performing exposures | 53,564 | X
B.3 inflows from forborne non-performing exposures | X | 58,838
B.4 inflows from not forborne non-performing exposures | 48,893 | 551
B.5 other increases | 85,210 | 13,926
C. Decreases | 270,152 | 322,775
C.1 outflows to not forborne performing exposures | X | 120,973
C.2 outflows to forborne performing exposures | 58,838 | X
C.3 outflows to forborne non-performing exposures | X | 53,564
C.4 write-offs | 97,149 | 8,258
C.5 collection | 69,280 | 121,614
C.6 gains on disposal | 7,503 | 632
C.7 losses on disposal | 2,841 | 303
C.8 other decreases | 34,541 | 17,431
D. Closing balance of gross exposure | 436,719 | 413,134
- of which: exposures sold but not derecognized | 21,568 | 21,906

As at 30 June 2025, gross impaired positions subject to forbearance125 decreased from €443.7m to €436.7m. The coverage rate decreased from 71% to 54.8%; the net position balance amounted to €197.2m (€128.7m in the previous year).
Performing forborne loans had a gross value of €413.1m, down from the previous year (€570.2m), primarily due to the introduction of a new definition of default in Compass’s portfolio, which resulted in the reclassification of approximately €66.5m from performing forborne loans to forborne NPLs. Furthermore, certain repayments and transfers to Stage 1 in the Parent Company’s Corporate portfolio and the conclusion of the probation period in the mortgage segment contributed to the reduction. On a net basis, forborne performing exposures decreased from €481.5m to €361.4m with a coverage ratio of 12.5% (15.6%).
Net forborne non-performing positions had an impact of 0.3% on total loans to customers (0.2%); performing positions, on the other hand, had an impact of 0.5% (0.7%).
125 By definition, “forbearance” is when a specific concession is offered to a client which is undergoing, or risks encountering, temporary financial difficulties in meeting their payment obligations.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 573
A.1.9 Prudential consolidation – Non-performing on-balance sheet exposures to customers: trend in overall adjustments

Description/Category | Bad loans | Unlikely to pay | Past-due non-performing exposures
Total | of which: forborne exposures | Total | of which: forborne exposures | Total | of which: forborne exposures
A. Opening balance of overall adjustments | 329,983 | 99,987 | 420,792 | 173,286 | 172,286 | 41,773
- of which: exposures sold but not derecognized | 20,346 | 6,255 | 39,206 | 16,498 | 19,613 | 5,176
B. Increases | 101,406 | 17,792 | 349,014 | 126,035 | 171,522 | 37,325
B.1 Value adjustments to purchased or originated credit impaired assets | 920 | X | 23,607 | X | 4,646 | X
B.2 other value adjustments | 45,443 | 5,846 | 202,548 | 62,551 | 118,948 | 20,026
B.3 losses on disposal | 1,945 | 602 | 6,103 | 1,635 | 3,649 | 602
B.4 transfers from other categories of non-performing exposures | 46,825 | 8,113 | 58,225 | 16,813 | 14,184 | 8,547
B.5 contractual changes without derecognition | — | — | 430 | — | — | —
B.6 other increases | 6,273 | 3,231 | 58,101 | 45,036 | 30,095 | 8,150
C. Decreases | 294,955 | 95,266 | 387,405 | 126,345 | 156,202 | 35,060
C.1 write-backs due to valuations | 4,188 | 1,006 | 44,183 | 24,597 | 7,511 | 1,737
C.2 write-backs due to collections | 35,585 | 11,603 | 31,160 | 13,123 | 25,026 | 6,529
C.3 gains on disposal | 4,990 | 1,033 | 6,457 | 1,678 | 3,030 | 924
C.4 write-offs | 199,575 | 64,403 | 131,840 | 35,940 | 26,132 | 3,932
C.5 transfers to other categories of non-performing exposures | 1,806 | 182 | 48,413 | 15,585 | 69,444 | 18,642
C.6 contractual changes without derecognition | — | — | — | — | — | —
C.7 other decreases | 48,811 | 17,039 | 125,352 | 35,422 | 25,059 | 3,296
D. Closing amount 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

574 Consolidated Financial Statements as at 30 June 2025
A.2 Classification of credit exposures by internal and external ratings
A.2.1 Prudential consolidation – 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 | 649,229 | 6,354,049 | 7,787,962 | 1,040,640 | 153,159 | 25,223 | 51,173,198 | 67,183,460
- Stage 1 | 648,498 | 6,327,938 | 7,756,519 | 1,033,165 | 127,039 | 22,429 | 47,681,253 | 63,596,841
- Stage 2 | 731 | 26,111 | 31,443 | 7,475 | 25,944 | 2,794 | 2,239,869 | 2,334,367
- Stage 3 | — | — | — | — | 176 | — | 968,871 | 969,047
- Purchased or originated credit impaired assets | — | — | — | — | — | — | 283,205 | 283,205
B. Financial assets measured at fair value through other comprehensive income | 1,567,573 | 56,929 | 3,252,474 | 126,938 | — | — | 135,299 | 5,139,213
- Stage 1 | 1,567,573 | 56,929 | 3,252,474 | 126,938 | — | — | 135,299 | 5,139,213
- Stage 2 | — | — | — | — | — | — | — | —
- Stage 3 | — | — | — | — | — | — | — | —
- Purchased or originated credit impaired assets | — | — | — | — | — | — | — | —
C. Financial assets held for sale | — | — | — | — | — | — | — | —
- Stage 1 | — | — | — | — | — | — | — | —
- Stage 2 | — | — | — | — | — | — | — | —
- Stage 3 | — | — | — | — | — | — | — | —
- Purchased or originated credit impaired assets | — | — | — | — | — | — | — | —
Total (A+B+C) | 2,216,802 | 6,410,978 | 11,040,436 | 1,167,578 | 153,159 | 25,223 | 51,308,497 | 72,322,673
D. Loan commitments and financial guarantees issued | 712,752 | 1,328,893 | 16,706,211 | 577,822 | 121,208 | 159 | 6,539,631 | 25,968,676
- Stage 1 | 710,751 | 1,328,893 | 16,706,211 | 577,822 | 100,431 | 159 | 6,438,550 | 25,862,817
- Stage 2 | 2,001 | — | — | — | 20,777 | — | 99,683 | 122,461
- Stage 3 | — | — | — | — | — | — | 1,398 | 1,398
- Purchased or originated credit impaired assets | — | — | — | — | — | — | — | —
Total (D) | 712,752 | 1,328,893 | 16,706,211 | 577,822 | 121,208 | 159 | 6,539,631 | 25,986,676
Total (A+B+C+D) | 2,929,554 | 7,739,871 | 27,746,647 | 1,745,400 | 274,367 | 25,382 | 57,848,128 | 98,309,349

The Mediobanca Group adopts the Standard & Poor’s 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’s rating of between AAA and BBB-, and represent 95% of the entire portfolio (94% excluding loan commitments and financial guarantees issued), excluding unrated counterparties and non-performing loans.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 575
The unrated exposures refer chiefly to retail clients and to small and medium-sized enterprises.
576 Consolidated Financial Statements as at 30 June 2025
A.2.2 Prudential consolidation – Distribution of financial assets, loan commitments and financial guarantees issued by class of internal ratings (gross values)

Exposures | Internal rating classes | Non-performing assets | Without credit rating | Total
Class 1 | Class 2 | Class 3 | Class 4 | Class 5 | Class 6
A. Financial assets measured at amortized cost | 1,120,110 | 11,417,749 | 27,275,273 | 12,834,719 | 8,592,275 | 1,406,124 | 1,106,610 | 3,430,600 | 67,183,460
- Stage 1 | 1,120,110 | 11,397,793 | 27,211,580 | 12,397,248 | 7,853,039 | 257,751 | — | 3,359,320 | 63,569,841
- Stage 2 | — | 19,956 | 63,685 | 427,361 | 693,755 | 1,080,055 | — | 49,555 | 2,334,367
- Stage 3 | — | — | — | — | — | — | 947,322 | 21,725 | 969,047
- Purchased or originated credit impaired assets | — | — | 8 | 10,110 | 45,481 | 68,318 | 159,288 | — | 283,205
B. Financial assets measured at fair value through other comprehensive income | 1,315,994 | 91,554 | 3,236,292 | 163,690 | — | — | — | 331,683 | 5,139,213
- Stage 1 | 1,315,994 | 91,554 | 3,236,292 | 163,690 | — | — | — | 331,683 | 5,139,213
- Stage 2 | — | — | — | — | — | — | — | — | —
- Stage 3 | — | — | — | — | — | — | — | — | —
- Purchased or originated credit impaired assets | — | — | — | — | — | — | — | — | —
C. Financial assets held for sale | — | — | — | — | — | — | — | — | —
- Stage 1 | — | — | — | — | — | — | — | — | —
- Stage 2 | — | — | — | — | — | — | — | — | —
- Stage 3 | — | — | — | — | — | — | — | — | —
- Purchased or originated credit impaired assets | — | — | — | — | — | — | — | — | —
Total (A+B+C) | 2,436,104 | 11,509,303 | 30,511,565 | 12,998,409 | 8,592,275 | 1,406,124 | 1,106,610 | 3,762,283 | 72,322,673
D. Loan commitments and financial guarantees issued | 114,163 | 1,760,679 | 19,673,486 | 1,493,839 | 522,931 | 46,984 | 1,398 | 2,373,196 | 25,986,676
- Stage 1 | 114,163 | 1,760,679 | 19,671,407 | 1,451,423 | 480,494 | 18,852 | — | 2,365,799 | 25,862,817
- Stage 2 | — | — | 2,079 | 42,416 | 42,437 | 28,132 | — | 7,397 | 122,461
- Stage 3 | — | — | — | — | — | — | 1,398 | — | 1,398
- Purchased or originated credit impaired assets | — | — | — | — | — | — | — | — | —
Total (D) | 114,163 | 1,760,679 | 19,673,486 | 1,493,839 | 522,931 | 46,984 | 1,398 | 2,373,196 | 25,986,676
Total (A+B+C) | 2,550,267 | 13,269,982 | 50,185,051 | 14,492,248 | 9,115,206 | 1,453,108 | 1,108,008 | 6,135,479 | 98,309,349

Mediobanca uses models developed internally in the process of managing credit risk to assign ratings to each counterparty.
The models’ different rating scales are mapped against a single Group master scale consisting of six different rating classes based on the underlying probability of default (PD) attributable to the S&P master scale.
The companies within the Group which use the internal ratings and contribute to the various rating classes indicated apart from Mediobanca S.p.A. (for corporate customers) are: Selma, Compass Banca, Mediobanca Premier and MBFacta (for corporate customers).
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 577
A.3 Distribution of secured exposures by type of security
A.3.1 Prudential consolidation – On- and off-balance sheet secured exposures to banks

| Gross exposure | Net exposure | Collateral guarantees | Personal guarantees | Personal guarantees | Total
(2) | (2)
(1) | Credit derivatives | Credit derivatives | Unsecured loans
Property mortgages | Real properties – Finance leases | Account | Other collateral guarantees | CLN | Other derivatives | Other derivatives | General Governments | Banks | Other financial companies | Other entities
Central counterparties | Banks | Other financial companies | Other entities | (1)+(2)
1. Secured on-balance sheet credit exposures: | 3,424,048 | 3,424,032 | — | — | 3,395,115 | 61 | — | — | — | — | — | — | — | — | — | 3,395,176
1.1 totally secured | 3,424,048 | 3,424,032 | — | — | 3,395,115 | 61 | — | — | — | — | — | — | — | — | — | 3,395,176
- of which, non-performing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
1.2. partially secured | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
- of which, non-performing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
2. Secured off-balance sheet credit exposures: | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
2.1 totally secured | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
- of which, non-performing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
2.2. partially secured | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —
- of which, non-performing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —

578 Consolidated Financial Statements as at 30 June 2025
A.3.2 Prudential consolidation – On- and off-balance sheet secured exposures to customers

| Gross exposure | Net exposure | Collateral guarantees | Personal guarantees | Personal guarantees | Total
| (1) | (2) | (2)
|  |  |  |  | Credit derivatives | Credit derivatives | Unsecured loans
| Property mortgages | Real properties – Finance leases | Account | Other collateral guarantees | CLN | Other derivatives | Other derivatives | General Governments | Banks | Other financial companies | Other entities | (1)+(2)
| Central counterparties | Banks | Other financial companies | Other entities
1. Secured on-balance sheet credit exposures: | 29,601,647 | 29,435,361 | 14,000,965 | 556,885 | 9,589,671 | 2,673,330 | — | — | — | — | — | 229,552 | 50,106 | 517,991 | 877,228 | 28,495,728
1.1 totally secured | 27,629,780 | 24,477,401 | 13,771,807 | 556,885 | 9,196,054 | 2,554,977 | — | — | — | — | — | 192,338 | 50,106 | 266,730 | 577,595 | 27,166,492
- of which, non-performing | 198,936 | 90,435 | 71,538 | 9,405 | 3,860 | 5,248 | — | — | — | — | — | 297 | 9 | — | 605 | 90,962
1.2. partially secured | 1,971,867 | 1,957,960 | 229,158 | — | 393,617 | 118,353 | — | — | — | — | — | 37,214 | — | 251,261 | 299,633 | 1,329,236
- of which, non-performing | 37,050 | 29,628 | 26,712 | — | 241 | 2,087 | — | — | — | — | — | — | — | — | — | 29,040
2. Secured off-balance sheet credit exposures: | 2,598,712 | 2,597,088 | 56,857 | — | 702,774 | 1,551611 | — | — | — | — | — | 5,395 | 13 | 33,058 | 171,462 | 2,521,170
2.1 totally secured | 2,334,818 | 2,333,645 | 45,476 | — | 635,588 | 1,551,372 | — | — | — | — | — | 1,435 | — | 1,598 | 66,143 | 2,301,612
- of which, non-performing | 192 | 135 | 28 | — | 17 | 90 | — | — | — | — | — | — | — | — | — | 135
2.2. partially secured | 263,894 | 263,443 | 11,381 | — | 67,186 | 239 | — | — | — | — | — | 3,960 | 13 | 31,460 | 105,319 | 219,558
- of which, non-performing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | —

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 579
A.4 Prudential consolidation – 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 | 58,680 | 56,401 | (20,949) | 35,452 | 4,197
A.1. Core assets | 82 | 76 | (11) | 65 | —
A.2. Held for investment purpose | 47,888 | 46,729 | (20,881) | 25,848 | 2,244
A.3. Inventories | 10,710 | 9,596 | (57) | 9,539 | 1,953
B. Equity and debt securities | — | — | — | — | —
C. Other assets | — | — | — | — | —
D. Non-current assets and asset groups being sold | — | — | — | — | —
D.1. Tangible assets | — | — | — | — | —
D.2. Other assets | — | — | — | — | —
Total 30 June 2025 | 58,680 | 56,401 | (20,949) | 35,452 | 4,197
Total 30 June 2024 | 55,831 | 53,551 | (19,838) | 33,713 | 5,342

The table includes properties originating from the enforcement of leasing contracts by Selma. Such properties are booked, to the consolidated accounts and the individual financial statements of Selma itself, on the basis of their characteristics and in accordance with the internal procedures, as tangible assets under IAS 40 or IAS 2. In very few instances are they classified as core properties, whereas IFRS 5 is not applied as the conditions provided for in this standard do not apply.
.
580 Consolidated Financial Statements as at 30 June 2025
B. Distribution and concentration of credit exposures
B.1 Prudential consolidation – 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 |  |  |  |  |  |  |  |  |  |  |
A.1 Bad loans |  | — | — | — | — | — | — | 7,432 | (15,940) | 28,106 | (120.494)
- of which, forborne exposures |  | — | — | — | — | — | — | — | (8,091) | 874 | (14.422)
A.2 Unlikely to pay |  | 389 | (585) | 9 | (316) | — | — | 17,849 | (39,190) | 288,077 | (342.310)
- of which, forborne exposures |  | — | — | 4 | (228) | — | — | 10,742 | (26,430) | 169,088 | (146.318)
A.3 Overdue non-performing exposures |  | 671 | (60) | 50 | (147) | — | — | 38,545 | (8,094) | 87,522 | (179.305)
- of which, forborne exposures |  | — | — | 2 | (5) | — | — | 697 | (918) | 15,785 | (43.115)
A.4 Performing exposures |  | 15,546,068 | (5,875) | 15,157,801 | (16,322) | 1,523,058 | (1,415) | 16,929,911 | (44,643) | 30,247,776 | (557.593)
- of which, forborne exposures |  | — | — | — | — | — | — | 105,453 | (6,475) | 255,897 | (45.308)
Total (A) | 15.547.128 | (6,520) | 15,157,860 | (16,785) | 1,523,058 | (1,415) | 16,993,737 | (107,867) | 30,651,481 | (1,199,702)
B. Off-balance sheet credit exposures |  |  |  |  |  |  |  |  |  |  |
B.1 Non-performing exposures |  | — | — | — | — | — | — | 117 | (10) | 973 | (298)
B.2 Performing exposures |  | 13,825,688 | — | 9,279,642 | (1,198) | 828,411 | (39) | 9,956,854 | (5,427) | 3,511,820 | (12.822)
Total (B) | 13.825.688 | — | 9,279,642 | (1,198) | 828,411 | (39) | 9,956,971 | (5,437) | 3,512,793 | (13,120)
Total (A+B) at 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)
Total (A+B) at 30 June 2024 | 23.597.110 | 10,365 | 18,605,273 | 30,284 | 2,108,730 | (2,397) | 28,603,809 | (140,754) | 32,535,870 | (1,467,674)

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 581
B.2 Prudential consolidation – Distribution of on- and off-balance sheet exposures to customers by geography

Exposures/geographical area | Italy | Other European countries | America | America | Asia
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 | 26,736 | (131,595) | 278 | (3,515) | 7,432 | (962) | 1,073 | (352) | 19 | (10)
A.2 Unlikely to pay | 300,622 | (375,537) | 5,702 | (6,864) | — | — | — | — | — | —
A.3 Overdue non-performing exposures | 92,653 | (186,214) | 9,053 | (1,090) | 7,457 | (192) | 50 | (10) | 17,575 | (100)
A.4 Performing exposures | 59,161,871 | (607,626) | 16,309,846 | (14,705) | 1,776,624 | (1,659) | 201,075 | (240) | 432,140 | (203)
Total (A) | 59.581.882 | (1,300,972) | 16,324,879 | (26,174) | 1,791,513 | (2,813) | 202,198 | (602) | 449,734 | (313)
B. Off-balance sheet credit exposures |  |  |  |  |  |  |  |  |  |
B.1 Non-performing exposures | 1,060 | (308) | 30 | — | — | — | — | — | — | —
B.2 Performing exposures | 20,814,054 | (16,480) | 14,546,756 | (2,783) | 850,931 | (102) | 54,678 | (12) | 307,585 | (68)
Total (B) | 20.815.114 | (16,788) | 14,546,786 | (2,783) | 850,931 | (102) | 54,678 | (12) | 307,585 | (68)
Total (A+B) at 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)
Total (A+B) at 30 June 2024 | 71,997,356 | (1,607,829) | 28,035,566 | (35,040) | 2,647,259 | (4,159) | 283,306 | (1,845) | 378,575 | (204)

582 Consolidated Financial Statements as at 30 June 2025
B.3 Prudential consolidation – 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 |  | — | — | — | — | — | — | — | — | — | —
A.2 Unlikely to pay |  | — | — | — | — | — | — | — | — | — | —
A.3 Overdue non-performing exposures |  | — | — | — | — | — | — | — | — | — | —
A.4 Performing exposures |  | 2,403,172 | (716) | 5,622,715 | (157) | 69,504 | (4) | 494 | — | 36 | —
Total (A) | 2.403.172 | (716) | 5,622,715 | (157) | 69,504 | (4) | 494 | — | 36 | —
B. Off-balance sheet credit exposures |  |  |  |  |  |  |  |  |  |  |
B.1 Non-performing exposures |  | — | — | — | — | — | — | — | — | — | —
B.2 Performing exposures |  | 1,449,071 | — | 9,352,693 | — | 22,095 | — | — | — | 43 | —
Total (B) | 1.449.071 | — | 9,352,693 | — | 22,095 | — | — | — | 43 | —
Total (A+B) at 30 June 2025 | 3.852.243 | (716) | 14,975,408 | (157) | 91,599 | (4) | 494 | — | 79 | —
Total (A+B) at 30 June 2024 | 10.224.406 | (3,722) | 14,373,039 | (275) | 120,878 | (11) | 7,357 | (10) | 163 | —

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 583
B.4a Credit risk indicators

| 30 June 2025 | 30 June 2024
a) Gross bad loans/total loans | 0.25% | 0.56%
b) Non-performing accounts receivable / on-balance sheet credit exposures | 1.50% | 1.84%
c) Net bad loans / Regulatory Capital | 0.43% | 0.35%

B.4b Large exposures
As at 30 June 2025, exposures (including market risks and equity investments) exceeding 10% of Tier 1 Regulatory Capital concerned thirteen groups of connected customers (three more than last year) for a total gross exposure of €15.5bn (€12.6bn last year). Taking into account guarantees and risk weights, the exposure was €7.7bn, down from last year (€8.4bn) due to the greater impact of risk mitigation techniques, particularly in secured financing transactions with other financial intermediaries. In detail, the thirteen positions concerned an industrial group, two insurance companies, and ten banking groups.

| 30 June 2025 | 30 June 2024
a) Book value | 15,529,308 | 12,622,572
b) Weighted value | 7,703,363 | 8,431,108
c) Number of positions | 13 | 10

584 Consolidated Financial Statements as at 30 June 2025
C. Securitization
QUALITATIVE INFORMATION
The Group holds a portfolio of securities deriving from securitizations by other issuers totalling €1,641.8m, €1,291.2m of which as part of the banking book and €350.6m as part of the trading book.
In the first half of 2025, European ABS maintained the trend observed in the previous year in terms of volumes and spreads, with limited changes over the entire period.
In April, uncertainty related to global trade caused a temporary slowdown in the primary market, accompanied by widening spreads in the secondary market. However, tensions quickly eased, and by the end of May, the market had returned to previous levels, reaching issues of €47bn since the beginning of the year. In Italy, the performance also followed the 2024 trend, with consumer and auto loan issuance totalling approximately €5bn since the beginning of the year.
The market environment should remain favourable during 2025 on expectations of a rate cut by the ECB. The European Commission’s most recent regulatory changes, aimed at reducing burdens on banks and attracting more investors, reflected the institutions’ growing interest in strengthening the industry over the long term.
The banking book, which increased from €821.2m to €1,291.2m during the year, remained primarily concentrated in senior securities, which increased to €1,288.7m following increased investments in high-quality CLOs (€883.6m) and the investment in a tranche of Ireland Performing Loans (€23.4m), partially offset by the reduction in exposures to underlying NPLs (€177.2m). The performance of positions in mezzanine tranches were steady (€2.5m), while exposure to junior tranches was completely closed. The difference between fair value (derived from market platforms) and book value (amortized cost) settled at positive €1m.
The trading book grew from €287.6m to €350.6m: the senior portion amounted to €157.7m, €100.8m of which in the Transferable Custody Receipt transaction;126 €42.3m in performing consumer loans and €14.6m in CLOs. The mezzanine portion amounted to €192.8m, divided between €161.7m from the “negative basis” strategy, €22.5m from CLOs, and €8.6m from performing loans and consumer loans; there were no junior exposures.
126 The Bank signed a note issued by the custodian bank in which three CLO positions (with underlying European corporate loans) purchased by Mediobanca and some financial guarantees on the same CLOs with which the Bank purchased hedging had been contributed in the form of a trust; TCR pays out principal and interest of the underlying CLOs after the premium of financial guarantees.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 585
Mediobanca also has exposures to:
—CLI Holdings I and CLI Holdings II,29 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 30 June, CLI H I and CLI H II were recorded for €4.9m and €35.1m, respectively;
—Italian 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’ NPLs as the underlying instrument; the carrying amount was €14.7m at the reporting date, with a remaining commitment of approximately €1m;
—Negentropy RAIF – 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, the share of Mediobanca being €54.9m.
586 Consolidated Financial Statements as at 30 June 2025
QUANTITATIVE INFORMATION
C.2 Prudential consolidation – Exposures from main “third-party” 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) | 177,238 | 691 | — | — | — | —
B. Italy Consumer ABS | 240,259 | 13 | 8,612 | (173) | — | —
E. Germany Consumer ABS | 6,580 | 5 | — | — | — | —
D. Holland Consumer ABS | — | — | — | — | — | —
G. Other loans (*) | 999,004 | (11) | 186,747 | 723 | — | —
Total 30 June 2025 | 1,446,457 | 698 | 195,359 | 550 | — | —
Total 30 June 2024 | 999,052 | 2,194 | 109,731 | 6,173 | 3 | —

(*) CLO transactions, €100m of which relating to TCR.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 587
C.3 Prudential consolidation – 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 | — | — | — | — | — | —
Quarzo 9 - Quarzo S.r.l. | Milan | Accounting | — | — | — | — | — | —
Quarzo 10 - Quarzo S.r.l. | Milan | Accounting | — | — | 8 | — | — | —
Quarzo 11 - Quarzo S.r.l. | Milan | Accounting | 147,237 | — | 25,118 | 86,319 | — | 72,000
Quarzo 12 - Quarzo S.r.l. | Milan | Accounting | 424,069 | — | 27,744 | 341,222 | — | 94,500
Quarzo 13 - Quarzo S.r.l. | Milan | Accounting | 2,786,040 | — | 238,221 | 2,537,500 | — | 362,500
Quarzo 14 - Quarzo S.r.l. | Milan | Accounting | 643,453 | — | 37,656 | 573,777 | 75,396 | 18,110
Quarzo 15 - Quarzo S.r.l. | Milan | Accounting | 872,847 | — | 46,014 | 774,000 | 101,700 | 24,400
MB Funding Lux | Luxembourg | Accounting | 596,464 | 676,110 | — | 1,100,758 | — | —
SPV Project 2224 S.r.l. | Milan | Accounting | 729,357 | — | 139,793 | 715,894 | — | 151,877

C.5 Prudential consolidation – Servicing – 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
Compass | Quarzo Srl (Q11) | 12,109 | 133,313 |  | 157,267 |  | 84 |  |  |  |
Compass | Quarzo Srl (Q12) | 26,159 | 402,541 | — | 273,589 | — | 46 | — | — | — | —
Compass | Quarzo Srl (Q13) | 112,136 | 2,691,006 | — | 1,753,920 | — | — | — | — | — | —
Compass | Quarzo Srl (Q14) | 25,963 | 627,238 | — | 356,530 | — | 18 | — | 18 | — | —
Compass | Quarzo Srl (Q15) | 7,791 | 869,175 | — | 68,828 | — | — | — | — | — | —
MBFacta S.p.A(*) | SPV Project 2224 S.r.l. | — | 735,304 | — | 787,199 | — | — | — | — | — | —

(*) Sub - servicer
588 Consolidated Financial Statements as at 30 June 2025
C.6 Prudential consolidation – Consolidated securitization-related SPVs
Quarzo S.r.l. (Compass Banca)
This SPV currently has five securitizations 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. In some of the deals the Parent Company and/or other Group’s companies have subscribed to the senior notes.
The five deals in place are summarized in the table below:

Issue date | Senior | mezzanine | junior | Credit transferred in the year | From the repayment date
A1 | A2 | A1 | A2
06 April 2022 | 528 | — | — | — | 72 | — | 15 May 2023
11 May 2023 | 450 | 155 | — | — | 95 | — | 17 June 2024
31 October 2023 | — | 2,538 | — | — | 362 | 1,501 | 15 January 2026
21 June 2024 | 500 | 201 | 87 | 5 | 22 | 136 | 17 March 2025
07 May 2025 | 735 | 39 | — | 102 | 24 | 969 | 31 July 2027

Legend:
A1: issued on the market
A2: subscribed to by the Parent Company and/or Group companies
A new securitization transaction was completed during the period, and three of the seven transactions outstanding at the beginning of the year were closed. Specifically:
—In May 2025, the Quarzo 2025 securitization transaction was completed. The non-recourse transfer of an initial portfolio of performing consumer loans totalling €900m to Quarzo S.r.l. was financed by the issuance, on 7 May, of six classes of securities: senior notes totalling €774m, mezzanine notes totalling €101.7m, and junior notes totalling €24.4m. The transaction was structured as a Significant Risk Transfer (SRT) with the aim of achieving the significant transfer of credit risk for prudential purposes and thus optimizing capital absorption;
—the Quarzo 7 (completed in February 2017 for €1.5bn) and Quarzo 9 (completed in November 2019 for €900m) transactions were closed in September 2024. Overall, €554.2m in loans were repurchased.
—the Quarzo 10 transaction (completed in April 2020 for €2bn) was closed in June 2025. Overall, €180.6m in loans were repurchased.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 589
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 the Parent Company’s “Medium-Term Note” programme of issuance, have been subscribed for entirely by other Group legal entities 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 30 June 2025 are shown in the table below.

Company name | ISIN code | Notional amount | Issue Date | Repayment Date
BBVA – MB FINANCE LUX 2020 | XS2270559367 | 100,000,000 | 11 December 2020 | 11 June 2026
BBVA – MB FUNDING LUX SERIES 2019 – 01 | XS1937712112 | 200,000,000 | 13 October 2021 | 15 October 2026
BNP – MB FINANCE LUX SERIES 2017 – 01 | XS1616696016 | 800,000,000 | 22 May 2017 | 23 December 2030
TOTAL |  | 1,100,000,000 |  |

590 Consolidated Financial Statements as at 30 June 2025
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
Quarzo S.r.l. | 2,606.7 | 2,621.4 | 9.7 | 138.2 | 293.3
MB Funding Lux S.A. | — | 82,764.1 | — | — | 3.3
SPV Project 2224 S.r.l. | 1,522.5 | 655.0 | 2.0 | 1.0 | 6.4

SPV PROJECT 2224 S.r.l. with sole shareholder (MBFacta)
Last March, the first securitization transaction was completed with the non-recourse sale of a portfolio of performing factoring loans worth €726m and the simultaneous issuance of two classes of securities:
1.Senior bonds (for €599m) subscribed by a single institutional investor external to the Group and
2.Junior bonds (for a total of €127m) subscribed directly by MB Facta.
The loans are sold on a revolving basis for a period between 24 and 36 months, after which the amortization of the transaction may begin, subject to further extensions.
The issued securities are not listed on any regulated market and are not rated.
The table below summarizes the current transaction:

Issue date | Senior | junior | Loans sold during the year | Reimbursement start date
A1 | A2
31 March 2025 | 300 | 416 | 152 | 1.523 | 29 April 2027

The transaction does not currently constitute a substantial transfer of all risks and rewards, thus no accounting derecognition was applied.
The vehicle, established at the beginning of 2025, is included in the Group’s scope of consolidation pursuant to IFRS 10. Despite not owning any interest it qualifies as “de facto control”, given its substantial ability to influence the vehicle's variable returns as its sole customer and simultaneously having the ability and capacity to direct its results.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 591
D. Disposals
A. 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.
592 Consolidated Financial Statements as at 30 June 2025
QUANTITATIVE INFORMATION
D.1 Prudential consolidation – Financial assets sold entirely recognized and related financial liabilities: book values

|  | Financial assets sold and entirely recognized | Related financial liabilities
|  | 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 | 5,396,950 | — | 5,396,950 | X | 5,321,840 | — | 5,321,840
1. Debts securities | 3,806,334 | — | 3,806,334 | X | 3,784,463 | — | 3,784,463
2. Equity securities | 1,590,616 | — | 1,590,616 | X | 1,537,377 | — | 1,537,377
3. Loans | — | — | — | X | — | — | —
4. Derivatives | — | — | — | X | — | — | —
B. Other financial assets mandatorily measured at fair value | — | — | — | — | — | — | —
1. Debts securities | — | — | — | — | — | — | —
2. Equity securities | — | — | — | X | — | — | —
3. Loans | — | — | — | — | — | — | —
C. Financial assets designated at fair value | 106,786 | — | 106,786 | — | 102,131 | — | 102,131
1. Debts securities | 106,786 | — | 106,786 | — | 102,131 | — | 102,131
2. Loans | — | — | — | — | — | — | —
D. Financial assets measured at fair value through other comprehensive income | 2,281,504 | — | 2,281,504 | — | 2,136,017 | — | 2,136,017
1. Debts securities | 2,281,504 | — | 2,281,504 | — | 2,136,017 | — | 2,136,017
2. Equity securities | — | — | — | X | — | — | —
3. Loans | — | — | — | — | — | — | —
E. Financial assets measured at amortized cost | 4,454,360 | 2,782,554 | 1,671,806 | 28,127 | 4,359,110 | 2,879,842 | 1,479,268
1. Debts securities | 1,671,806 | — | 1,671,806 | — | 1,479,268 | — | 1,479,268
2. Loans | 2,782,554 | 2,782,554 | — | 28,127 | 2,879,842 | 2,879,842 | —
Total | 30 June 2025 | 12,239,600 | 2,782,554 | 9,457,046 | 28,127 | 11,919,098 | 2,879,842 | 9,039,256
Total | 30 June 2024 | 12,129,860 | 2,325,131 | 9,804,729 | 27,153 | 11,432,355 | 2,389,182 | 9,043,173

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 593
D.3 Prudential consolidation – Disposals related to financial liabilities with repayment exclusively based on assets sold and not fully derecognized: fair value

| Fully booked | Partially booked | Total
| 30 June 2025 | 30 June 2024
A. Financial assets held for trading | 5,396,950 | — | 5,396,950 | 5,080,543
1. Debts securities | 3,806,334 | — | 3,806,334 | 4,629,079
2. Equity securities | 1,590,616 | — | 1,590,616 | 451,464
3. Loans | — | — | — | —
4. Derivatives | — | — | — | —
B. Other financial assets mandatorily measured at fair value | — | — | — | —
1. Debts securities | — | — | — | —
2. Equity securities | — | — | — | —
3. Loans | — | — | — | —
C. Financial assets designated at fair value | 106,786 | — | 106,786 | 17,037
1. Debts securities | 106,786 | — | 106,786 | 17,037
2. Loans | — | — | — | —
D. Financial assets measured at fair value through other comprehensive income | 2,281,504 | — | 2,281,504 | 3,379,134
1. Debts securities | 2,281,504 | — | 2,281,504 | 3,379,134
2. Equity securities | — | — | — | —
3. Loans | — | — | — | —
E. Financial assets measured at amortized cost (fair value) | 3,999,881 | — | 3,999,881 | 3,923,255
1. Debts securities | 1,680,226 | — | 1,680,226 | 1,322,907
2. Loans | 2,319,655 | — | 2,319,655 | 2,600,348
Total financial assets | 11,785,121 | — | 11,785,121 | 12,399,969
Total associated financial liabilities | 11,213,488 | — | X | X
Net value 30 June 2025 | 571,633 | — | 11,785,121 | X
Net value 30 June 2024 | 485,865 | — | X | 485,865

594 Consolidated Financial Statements as at 30 June 2025
B. Financial assets sold and fully derecognized with continuing involvement recorded
QUALITATIVE 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 but not 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’s 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 €10bn.
The deal entails the involvement of:
―Mediobanca as the issuer of covered bonds;
―Mediobanca 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’s regulatory capital ratios, and servicer for the transaction;
―Mediobanca 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 8 transactions in place for a value of €6,250m placed with institutional investors and secured by assets sold by Mediobanca Premier to Mediobanca Covered Bond for €8,113m (operating value), broken down as follows:
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 595

ISIN Code | Issue Date | Nominal Value | Rate | Expiry:
IT0005142952 | Nov-15 | 750 | Fix: 1.375% | Nov-25
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 | 750 | Fix: 2.625% | Aug-30
|  | 6,250 |  |

In August 2024, a covered bond with a nominal value of €750m matured and was replaced by a new covered bond in the same amount, maturing in seven years (September 2031) and bearing a coupon rate of 3.0%. A tap issuance of €200m was carried out on the same issue on 12 February 2025.
On 10 June 2025, a new covered bond was issued on the market with a nominal value of €750m, maturing in five years (August 2030), and bearing a coupon rate of 2.625%.
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 €1,855.6m, with the simultaneous repurchase of assets for €13.4m.
596 Consolidated Financial Statements as at 30 June 2025
* * *
E. Prudential consolidation – Credit risk management models
The Group was authorized by the Supervisory Authorities to calculate capital requirements using its own rating systems for the Corporate portfolio of Mediobanca and Mediobanca International (Probability of Default and Loss Given Default), for the Italian mortgage portfolio of MB Premier (Probability of Default and Loss Given Default), for consumer credit (Probability of Default and Loss Given Default) and credit card exposures (Probability of Default, Loss Given Default and Credit Conversion Factor) of Compass. Given the new regulatory framework in force from 2025, the Group requested to discontinue the use of the LGD parameter for prudential purposes for the Corporate portfolio, given its limited residual scope. For exposures for which the standardized methodology is currently used to calculate the regulatory capital requirements, the Group has nonetheless developed internal credit risk models that are used for management purposes.
The Group has also adopted a portfolio model in order to calculate the economic capital for credit risk, which enables geographical and sector concentration and diversification effects to be factored in.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 597
1.2MARKET RISKS
1.2.1INTEREST RATE RISK AND PRICE RISK – REGULATORY TRADING PORTFOLIO
QUALITATIVE INFORMATION
The Bank’s operating exposure to market risks in the trading portfolio is monitored by calculating operating earnings and the following indicators:
—Sensitivity – mainly Delta and Vega – to the principal risk factors (interest rates, share prices, exchange rates, credit spreads, inflation and volatility, dividends, correlations, etc.); sensitivity analysis shows the increase or decrease in the value of financial assets and derivatives to local changes in these risk factors, providing a static representation of the market risk of the trading portfolio;
—Value-at-risk calculated using a weighted historical simulation method with scenarios updated daily, assuming a liquidation horizon of one business day and a confidence level of 99%.
Risks are monitored daily through VaR and sensitivity analyses to ensure compliance with operating limits, managing the risk appetite established by the Bank for its trading book and, in case of VaR, also to evaluate the robustness of the model through back-testing. The expected shortfall on the set of positions subject to VaR measurement is also calculated daily by means of historical simulation; this represents the average potential losses over and beyond the level of confidence for the VaR. Moreover, stress tests are carried out monthly (on the entire portfolio) concerning the main risk factors to show, among other things, the impact which more substantial movements in the main market variables might have (e.g. share prices and interest or exchange rates) calibrated on the basis of extreme changes in market variables.
Other complementary risk metrics are used in order to assess trading position risks not fully measured by VaR and by sensitivity analyses more specifically. The weight of products which require such metrics to be used is in any case extremely limited compared to the overall size of Mediobanca’s trading portfolio.
Market movements in the previous financial year were primarily driven by interest rate dynamics and monetary policy expectations, as well as temporary tensions in the stock market, particularly acute following the inauguration of the new US administration.
The first half of the year was primarily influenced by changes in government and interbank interest rates, with a general decline driven by the ECB’s rate cuts (-110 bps) and, to a lesser extent, by the Federal Reserve (-50 bps), when looking at specific data at
598 Consolidated Financial Statements as at 30 June 2025
the beginning and end of the period. With regard to stock markets, the American market outperformed the Eurozone market.
The second half of the year was marked by high volatility in bond markets, fuelled primarily by uncertainty surrounding the economic and fiscal policies that the new Trump administration might introduce. Long-term US government bond yields fluctuated, driven by concerns about the rising fiscal deficit and the risk of a renewed acceleration in inflation, as well as potential central bank reactions. While the ECB continued its cycle of interest rate cuts, the Federal Reserve decided to keep rates unchanged by 100 bps during the half year.
Stock markets also experienced fluctuations: after the losses suffered following the announcement of US customs duties, a notable rebound was observed towards the end of the half year; the main European and US indices recorded positive performances of between 5% and 10% over the half year.
In the twelve months the VaR limit was breached once at the individual desk level, and the Stop Loss limits on two occasions, without, however, this entailing any breach of the overall VaR for the trading book. The breaches were due in particular to the increase in volatility on stock markets and to credit spreads widening for financial and corporate issuers.
The Value-at-Risk of the Trading aggregate fluctuated over the year under review between a minimum of €5m in July and a maximum of €9.6m, as recorded in November. The average figure (€6.9m) was 18% higher than the average of the previous year (€5.8m). After peaking, the VaR figure gradually declined and then rose sharply in early April (€8.9m), following the Trump administration’s announcement of the imposition of customs duties. In May and June, the VaR figure decreased following a reduction in volatility, and at the end of June it stood at €6m.
The risk factors that explain the VaR trend are mainly as follows: (i) yields of Italian and core Euro Area government bonds and (ii) greater sense of direction in exposures to implied stock market volatilities. The contribution of other risk factors, such as the inflation rate or exchange rate, is marginal. With respect to these, the Bank’s position is conservative or substantially neutral.
The Expected shortfall - which measures a further stress scenario on the same VaR historical series - showed a slightly lower figure than in the previous period (€9.7m against €10.7m).
The results of daily backtesting (based on the comparison with the theoretical Profit and Loss) showed one case of deviation from the VaR in the 12-month period of
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 599
observations. This occurred in April following the announcement of tariffs by the United States on all imported goods.
600 Consolidated Financial Statements as at 30 June 2025
Table 1: Value-at-risk and Expected Shortfall in the trading portfolio

Risk factors | FY 2024-2025 | 2023-2024
((figures in €’000) | 30 June 2025 | Min | Max | Average | Average
Interest rates | 1,125 | 1,027 | 6,847 | 3,116 | 3,629
Credit | 1,871 | 924 | 3,980 | 1,715 | 1,706
Actions | 7,926 | 3,099 | 8,996 | 5,196 | 3,741
Exchange rates | 853 | 452 | 2,675 | 913 | 927
Inflation | 165 | 60 | 600 | 204 | 293
Volatility | 4,503 | 1,347 | 7,577 | 3,863 | 3,842
Diversification effect (*) | (10,496) | (3,428) | (14,758) | (8,081) | (8,277)
Total VaR | 5,946 | 5,014 | 9,672 | 6,925 | 5,860
Total Expected Shortfall | 16,704 | 6,390 | 25,687 | 9,752 | 10,745

(*) Associated with a less-than-perfect correlation between risk factors.
Apart from the general VaR limit on Trading positions, a system reflecting a greater degree of granularity for the individual trading desks is also in place.
Furthermore, each desk has sensitivity limits to changes in the various risk factors, which are monitored on a daily basis. Compared to the previous financial year, exposure was increased across all risk classes.
Tab. 2: Summary of the trend in the main trading portfolio sensitivities

|  |  |  |  | (€’000)
Risk factors | FY 2024/2025 | FY 2023/2024
30 June | Min | Max | Average
Equity delta (+1%) | (363,489) | (999,679) | 1,951,294 | 588,346 | 258,943
Equity vega (+1%) | (1,853,004) | (4,112,497) | (1,078,859) | (2,729,540) | (717,196)
Interest rate delta (+1bp) | 270,834 | (263,185) | 518,502 | 241,223 | 104,737
Inflation delta (+1 bp) | (20,145) | (54,001) | (5,521) | (26,363) | (17,952)
Exchange rate delta (+1%) (*) | (44,523) | (515,963) | 195,519 | (120,329) | 4,224
Credit delta (1 bp) | (143,473) | (306,486) | 739,191 | 218,554 | 246,220

(*) This refers to the Euro gaining versus other foreign currencies.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 601
Trends in VaR of trading portfolio
602 Consolidated Financial Statements as at 30 June 2025
Trends in VaR constituents (Trading)
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 603
QUANTITATIVE INFORMATION
1. Regulatory trading portfolio: distribution by residual maturity (repricing date) of financial cash assets and liabilities and financial derivatives

Type/Residual duration | Demand | Up to 3 months | From 3 months to 6 months | From 6 months to 1 year | From 1 year to 5 years | From 5 years to 10 years | Over 10 years | Indefinite duration
1. Cash assets | 12,949 | 846,096 | 1,228,744 | 1,278,315 | 2,485,401 | 894,345 | 1,960,770 | —
1.1 Debt securities | 12,949 | 846,096 | 1,228,744 | 1,278,315 | 2,485,401 | 894,345 | 1,960,770 | —
- with early redemption option | — | — | — | — | — | — | — | —
- other | 12,949 | 846,096 | 1,228,744 | 1,278,315 | 2,485,401 | 894,345 | 1,960,770 | —
1.2 Other assets | — | — | — | — | — | — | — | —
2. Cash liabilities | 454 | 123,460 | 440,784 | 602,241 | 2,299,253 | 722,080 | 921,728 | —
2.1 Repos | — | — | — | — | — | — | — | —
2.2 Other liabilities | 454 | 123,460 | 440,784 | 602,241 | 2,299,253 | 722,080 | 921,728 | —
3. Financial derivatives |  |  |  |  |  |  |  |
3.1 With underlying securities |  |  |  |  |  |  |  |
- Options |  |  |  |  |  |  |  |
+ Long positions | — | 86,000 | 20,000 | — | — | — | — | —
+ Short positions | — | 86,000 | 20,000 | — | — | — | — | —
- Other |  |  |  |  |  |  |  |
+ Long positions | — | 864,363 | 127,388 | — | 628,528 | — | — | —
+ Short positions | — | 864,363 | 127,388 | — | 628,528 | — | — | —
3.2 Without underlying securities |  |  |  |  |  |  |  |
- Options |  |  |  |  |  |  |  |
+ Long positions | 6,684 | 12,011,090 | 2,306,699 | 6,630,950 | 6,987,458 | 1,420,180 | 350,000 | —
+ Short positions | 6,684 | 12,011,090 | 2,306,699 | 6,630,950 | 6,987,458 | 1,420,180 | 350,000 | —
- Other derivatives |  |  |  |  |  |  |  |
+ Long positions | 1,734,497 | 33,638,094 | 31,405,698 | 34,926,853 | 33,308,902 | 11,661,885 | 7,342,498 | —
+ Short positions | 1,930,011 | 51,082,459 | 33,897,209 | 14,795,465 | 33,308,902 | 11,661,885 | 7,342,498 | —

604 Consolidated Financial Statements as at 30 June 2025
2. Regulatory trading portfolio: cash exposures in equities and UCITS units

Type of exposure/Amounts | Carrying amount
Level 1 | Level 2 | Level 3
A. Equity securities (1) |  |  |
A.1 Shares | 4,143,602 | — | 74,025
A.2 Innovative equity instruments | — | — | —
A.3 Other equity instruments | — | — | —
B. UCITS |  |  |
B.1 Under Italian law | — | — | —
- harmonized open | — | — | —
- non-harmonized open | — | — | —
- closed | — | — | —
- reserved | — | — | —
- speculative | — | — | —
B.2 Under other EU states law | — | — | —
- harmonized | — | — | —
- non-harmonized open | 152,765 | — | 3,816
- non-harmonized closed | — | — | —
B.3 Under non-EU states law | — | — | —
- open | — | — | —
- closed | — | — | —
Total | 4,296,367 | — | 77,841

(1) Net imbalance between trading activities and technical overdrafts recognized as trading liabilities: over 98% of net exposure concerns EU countries.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 605
1.2.2INTEREST RATE RISK AND PRICE RISK – BANKING BOOK
QUALITATIVE INFORMATION
The Mediobanca Group monitors and manages interest rate risk through sensitivity testing of net interest income and economic value. The sensitivity of the 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). In this testing, the asset stocks are maintained constant, assuming to renew the items falling due with 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, balance sheet 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 Group’s banking book positions as at 30 June, in the event of a parallel downturn in the curve (“Parallel Down”), the expected net interest income would experience a negative change of €156m, a deterioration compared to last year (down €52m), primarily due to the lengthening of the average maturity of liabilities, caused by the closure of the T-LTRO and by the implementation of the new private funding model. The year-end figure was consistent with the average for the previous 12-month period (down €150m in the Parallel Down scenario).
With reference to the analysis of the present value of future cash flows in the Group’s banking book, the shock that may cause the worst change would occur in the event of a parallel downturn in the interest rate curve (“Parallel Down”). With a negative change of €162m, primarily due to the impact of Mediobanca (down €209m). In the previous year, the maximum change amounted to €74m in the “Short Up” scenario. The increased sensitivity was due to the complete alignment of management with regulatory metrics. The main change, known as the “scenario dependency”, generates a loss of approximately €250m on overall sensitivity. Another change, due to the introduction of currency weighting, has a relatively limited impact.
606 Consolidated Financial Statements as at 30 June 2025

|  |  |  |  |  |  | (€m)
Data at 30 June 2025 |  |  | Banking Book |
|  |  | Maximum level scenario | Group | Mediobanca S.p.A. | MB Premier | Compass | Other
Net interest income sensitivity |  |  | Parallel Down | (156) | (83) | (16) | (25) | (28)
Sensitivity of discounted value of expected cash flows |  | Parallel Down | (162) | (209) | (1) | 15 | 4

At Group level, the values obtained for the net interest income sensitivity are lower than the Group RAF limit of 4.5% (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 Interest Net 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 the scenarios envisaged from a regulatory standpoint, the +50bps scenario is continuously monitored:

|  |  | (€m)
| 30 June 2024 | Average amount for the year 2024/2025 | 30 June 2025
Group | 15 | 32 | 38
Mediobanca S.p.A. | (1) | 15 | 21

Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 607
Hedging transactions
Hedges 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.
A.
Fair value hedging
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, the Group applies 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.
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 P&L account.
Fair value hedges are also used by the Parent Company to mitigate the price risk of an equity investment recorded within the portfolio of assets measured at fair value through other comprehensive income.
The Mediobanca Premier mortgage loan book is hedged via amortizing swaps, the notional and maturity profile of which follows the mortgage repayment plan and the expected prepayment rate for the loan book based on the model developed by Risk
608 Consolidated Financial Statements as at 30 June 2025
Management and subject to internal approval, considering a prudential margin on prepayments.
B.
Cash flow hedging
This form of hedging is mainly used in the context of some Group companies’ operations (in particular with reference to consumer credit and leasing), 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, the Group uses 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.
C.
Foreign investment hedging activities
This involves hedging an exposure to a controlling interest in a company and the goodwill associated with it (including any intangibles identified as a result of the Purchase Price Allocation process) in currencies other than the Euro. The exposure may be hedged via derivatives or other financial instruments in different currencies, such as bond issues. The exchange rate effect of the hedge is taken through the net equity reserve to cover the effects of the hedged instrument.
Notes to the Accounts | Part E – Information on Risks and Related Hedging Policies 609
D.
Hedging instruments
E.
Hedged items
As for hedged items and hedging instruments, they have been exhaustively described in the previous paragraphs and throughout the document.
Counterparty risk
Counterparty risk generated by market transactions with institutional customers or counterparties is measured in terms of expected potential future exposure. With regard to derivatives and collateralized short-term loan products (repos and securities lending), the calculation is based on determining the maximum potential exposure (assuming a 95% likelihood) at various points in time up to 30 years. The scope of application regards all groups of counterparties which have relations with the Bank, taking into account the presence of netting (e.g. ISDA, GMSLA or GMRA) and collateralization agreements (e.g. CSA), if any. Exposures deriving from transactions on the interbank market should be added to these. For these three types of transactions, different exposure limits are granted to each counterparty and/or group subject to internal analysis and approval by the Lending and Underwriting Committee.
With regard to derivative transactions, as required by IFRS 13, the fair value incorporates the effects of the counterparty credit risk (referred to as CVA) and Mediobanca credit risk (referred to as DVA) based on the future exposure profile of the set of contracts in place.
610 Consolidated Financial Statements as at 30 June 2025
QUANTITATIVE INFORMATION
1.Banking book by outstanding maturity (repricing date) of financial assets and liabilities