Q4 2025 Banca Mediolanum SpA Earnings Call (English, Italian) Transcript
Key Points
- Banca Mediolanum (BNCDY) achieved a record net income of €1.238 billion in 2025, up 11% from the previous year.
- The company proposed a strong dividend for the year, reflecting its commitment to delivering value to shareholders.
- Net commission income grew by 12% to €1.3 billion, supported by strong commercial performance and quality net inflows.
- The cost-to-income ratio was maintained below 40%, demonstrating effective cost management.
- The customer base expanded by 6% year-on-year, with over 2 million customers and a growing family banking network.
- Provisions for risk and charges increased by 21%, reflecting higher provisioning needs.
- Net income on other investments decreased by 35% year-on-year due to the sale of the Mediobanca stake.
- Performance fees were 32% lower than in 2024, indicating a reliance on non-recurring income.
- The Spanish operations faced a 29% decrease in net income, impacted by higher costs and lower performance fees.
- The company faces challenges in maintaining net inflows if market conditions worsen, as seen in previous years.
Good day and thank you for standing by. Welcome to Banca Medanum full year 2025 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To enter the queue for questions, please press 11 at any time. You will then hear an automatic message advising that your hand is raised. To withdraw your question, please press one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Alessandra Lanzone, Head of Investor relations. Please go ahead, madam.
Good morning, good afternoon actually, everyone, and thank you for joining us. We can certainly look back on 2025 as a year of strong momentum on our business and results that keep us very well positioned as we head into 206. Today we'll walk you through our full year performance.
What has driven it and the priorities it is taking into the year ahead. A quick note on Q&A,
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