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                          xlink:to="ifrs-full_FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome"
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      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsAtAmortisedCost"
                            weight="1.0"
                            order="3"
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      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:label="ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_DerivativeFinancialAssetsHeldForHedging"
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                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_IntangibleAssetsAndGoodwill"
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      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:type="locator"/>
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                          xlink:from="ifrs-full_Assets"
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                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_OtherAssets"
                            weight="1.0"
                            order="7"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="locator"/>
      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss"
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                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:label="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk" xlink:type="locator"/>
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk"
                            weight="1.0"
                            order="9"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AttivitaMateriali" xlink:label="ext_AttivitaMateriali" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AttivitaMateriali"
                            weight="1.0"
                            order="10"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AttivitaFiscali" xlink:label="ext_AttivitaFiscali" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AttivitaFiscali"
                            weight="1.0"
                            order="11"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AttivitàAssicurative" xlink:label="ext_AttivitàAssicurative" xlink:type="locator"/>
      <link:calculationArc
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ext_AttivitàAssicurative"
                            weight="1.0"
                            order="12"
                          xlink:type="arc"/>
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                          xlink:from="ifrs-full_Assets"
                          xlink:to="ifrs-full_InvestmentAccountedForUsingEquityMethod"
                            weight="1.0"
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                          xlink:type="arc"/>
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   <link:calculationLink xlink:role="https://www.mediobanca.com/xbrl/role/all/ias_1_role-210000" xlink:type="extended">
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xlink:type="locator"/>
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                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_IssuedCapital"
                            weight="1.0"
                            order="1"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SharePremium" xlink:label="ifrs-full_SharePremium" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_SharePremium"
                            weight="1.0"
                            order="2"
                          xlink:type="arc"/>
      <link:loc xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_TreasuryShares"
                            weight="-1.0"
                            order="3"
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      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_RiserveDaValutazione" xlink:label="ext_RiserveDaValutazione" xlink:type="locator"/>
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_RiserveDaValutazione"
                            weight="1.0"
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      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AzioniRimborsabili" xlink:label="ext_AzioniRimborsabili" xlink:type="locator"/>
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_AzioniRimborsabili"
                            weight="1.0"
                            order="5"
                          xlink:type="arc"/>
      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_StrumentiDiCapitale" xlink:label="ext_StrumentiDiCapitale" xlink:type="locator"/>
      <link:calculationArc
                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_StrumentiDiCapitale"
                            weight="1.0"
                            order="6"
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      <link:loc xlink:href="PSNL19R2RXX5U3QWHI44-2025-06-30.xsd#ext_AltreRiserve" xlink:label="ext_AltreRiserve" xlink:type="locator"/>
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                          xlink:to="ext_AltreRiserve"
                            weight="1.0"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ext_UtilePerditaDiPertinenzaDellaCapogruppo"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_NoncontrollingInterests"
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                          xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item"
                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_FinancialLiabilitiesAtAmortisedCost"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
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                          xlink:from="ifrs-full_EquityAndLiabilities"
                          xlink:to="ifrs-full_Provisions"
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