Banca Mediolanum (CHIX:BMEDm)

Q2 2026 Banca Mediolanum SpA Earnings Call Transcript

Jul 30, 2026 / 02:30 PM GMT

Release Date Price: €22.71 (+3.34%)

Transcript

Key Points

Positve

Net income rose 16% year-on-year to €555.5 million, driven by strong core revenue growth.
Net commission income increased 10% to nearly €706 million, supported by a 12% rise in management and investment management fees.
Net interest income remained robust at €478.5 million, benefiting from a stronger funding base and favorable repricing dynamics.
The cost-income ratio improved to 36.1% from 37.6% in full-year 2025, reflecting effective cost discipline.
Customer inflows reached €6.37 billion, up 4%, with managed asset inflows of €4.2 billion, and the customer base grew 3% to nearly 2.1 million.

Negative

Renewed geopolitical tensions, higher energy prices, and market volatility added complexity to the operating environment.
The ratio of acquisition cost to growth commissions inched up from 34.8% to 35.8%, due to a timing mismatch between costs and revenues.
Impairment on loans increased from €14 million to over €20 million, influenced by an exceptionally low base in Q1 2025.
The leverage ratio declined from 9.5% to 8.6%, mainly due to a temporary expansion of the banking book from government bond investments.
Certificate sales, which boosted banking service fees, are expected to decline slightly in the second half of the year.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BMED.MI - Banca Mediolanum SpA
Q2 2026 Banca Mediolanum SpA Earnings Call
Jul 30, 2026 / 02:30PM GMT

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Presentation
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