Mediobanca presents the integration with Monte dei Paschi with the best half-year in its history. In the six months ended June 30, 2026, the group recorded revenues of 1.948 billion euros, up 6%, and a net profit of 711 million, 6% more than the same period of the previous year.
Gross operating profit grows even faster, by 12% to 1.173 billion, while profitability measured by Rote reaches 14.9%. Numbers that strengthen Mediobanca precisely in the phase in which the institution is preparing the merger by incorporation into MPS and the subsequent reorganization of its activities.
Mediobanca accelerates in the second quarter
Perhaps the most significant data comes from the last three months. Between April and June Mediobanca surpassed for the first time one billion euros in quarterly revenues, with growth of 9% on the previous year and 8% compared to the first three months of 2026.
Profit for the quarter rises to 388 million euros, 15% more on an annual basis and 20% more than the quarter ended in March. The acceleration was supported by fees, which increased by 15% in three months, and by the particularly strong performance of investment banking.
However, the half-yearly report does not show uniform growth. Mediobanca is gaining ground in its business consultancy activities, in consumer credit and in its participation in Generali, while Wealth Management continues to be affected by the transition phase and the exit of some bankers and customers.
Investment banking at all-time highs
Corporate & Investment Banking is the main driver of growth. Semi-annual revenues reach 493 million euros, up 13%, while net profit rose 29% to 172 million.
In the second quarter, the division produced $271 million in revenue, 29% more than last year. Commissions jumped 44% to 122 million and profit doubled to 100 million. The results were supported, above all, by Advisory and market activities, with a recovery in equity operations and a greater contribution from international offices.
Mediobanca has also already started the distribution of structured products and the integration of some activities with MPS. It is a first concrete sign of how the two banks are trying to share customers, products and commercial capabilities even before the merger is completed.
Compass grows with loans and consumer credit
Consumer Finance, which includes, above all, Compass’ activities, also closed the half-year at record levels.
Revenues increase by 5% a 664 million euros, while net profit remains stable at 206 million. Approximately in financing was disbursed in the six months 5.3 billion, with a quarterly high of 2.7 billion between April and June, 14% more than the same period in 2025.
Growth was supported by direct distribution, personal loans and the greater contribution of the MPS network. The cost of risk has risen towards more normal levels following last year’s non-recurring benefits, but remains in line with the group’s forecasts.
Where Mediobanca loses ground
The weak point of the semi-annual report is Wealth Management. Revenues decrease by 5% a 447 million euros, while net profit drops by 33% to 81 million.
Management fees increase by 10%, but cannot compensate for the decline in initial and performance fees, as well as the reduction in interest margin. In the half-year, net collections were negative by 1.4 billion, although in the second quarter outflows slowed to 300 million.
The total assets administered reach, however, 117 billion euros, 4% more than a year earlier.
The improvement compared to the first quarter signals a progressive stabilization, but asset management remains the segment in which the success of the integration between Mediobanca Premier and Widiba will be most measured.
Generali’s influence on the results
The 13% stake in Assicurazioni Generali continues to represent a significant source of profits. The Insurance & Principal Investing division produced revenues of 316 million, up 10%, and a net profit of 286 million.
Generali’s contribution valued using the equity method rose to approximately 290 million. At the end of June the stake had a book value of 4.1 billion and a market value of approximately 8.7 billion, 41% more than the previous year.
The role of this share will also remain central in the reorganization. The project envisages that corporate and investment banking activities, international private banking and the participation in Generali will flow into an unlisted company wholly controlled by MPS, which will keep the name Mediobanca Spa.
Solid capital towards the merger with MPS
The Cet1 ratio stands at 15.85%, compared to 15.1% a year earlier. The figure remains high despite the growth in loans, the purchase from MPS of a leasing portfolio worth around 500 million and the hypothesis of fully distributing the accrued profits.
Capital strength therefore offers a favorable basis for completing the integration. The project envisages, in addition to the merger of Mediobanca into MPS, the transfer of the most specialized activities to the new unlisted Mediobanca and the unification of the financial advisor networks of Mediobanca Premier and Widiba.
For shareholders, the half-yearly report shows a bank arriving at the merger with revenues, profits and profitability at the highest levels. The new group will, however, have to demonstrate that it knows how to preserve the strength of investment banking, relaunch Wealth Management and integrate the networks without losing professionals and clients.
The results were published after the closure of Piazza Affari. Mediobanca had concluded the session on 6 August 28.77 euros, with growth of more than 60% since the beginning of the year.
