B.ca Monte dei Paschi: 1Q26 results: old is gold

Research evidence excerpt

B.ca Monte dei Paschi: 1Q26 results: old is gold

Deutsche Bank

Research

Rating Company Date

Buy B.ca Monte dei 12 May 2026

Results

Europe Paschi

Italy

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 9.33

BMPS.MI BMPS IM MIL BMPS

Price Target (EUR) 11.00

Banks

ADR ISIN 52-week range (EUR) 9.36 - 6.77

BMDPY US05951A1051

1Q26 results: old is gold

Valuation & Risks

Giovanni Razzoli, CFA

Old perimeter: the cash cow Research Analyst

MPS's 1Q26 results showcased the "old MPS perimeter" as the group's cash cow, +39-02-40245212

with a resilient operating performance. Its net income reached EUR 305 million,

Rishika Garg

surpassing our expectations of EUR 286 million, and benefiting from cheap and Research Associate

abundant funding and strong client relationships. Conversely, Mediobanca (MB)

was still navigating its transition, potentially affected by governance turmoil and

acquisition-related noise - but should improve its commercial performance as those Price/price relative

issues have been recently fixed. 10

Resilient revenue and capital position 5

NII saw a 2% q/q increase, demonstrating resilient revenue generation across both

MPS stand-alone and MB, with complementary NII sensitivities enhancing stability 0 2024 2025 2026

of the top line in the medium term. Client loans experienced strong growth, up 2%

B.ca Monte dei Pasch – (Rebased)

q/q: WM division of MB reported EUR 1.1bn of outflows (as in the previous quarters)

due to exits of bankers but during the conference call management highlighted that Performance (%) 1m 3m 12m

in April this trend has reverted to positive with better commercial performance and Absolute 15.5 9.7 19.6

recruits. DJ (.STOXXE) 0.1 -0.8 13.9

Source: Deutsche Bank

Positive operational momentum and 2026 outlook