BANCA MONTE DEI PASCHI DI SIENA (+) : Focused on delivery

Research evidence excerpt

BANCA MONTE DEI PASCHI DI SIENA (+) : Focused on delivery

EQUITIES

BANKS

BMPS OUTPERFORMPRICE* EUR9.3  TARGET PRICE EUR10.8 (UPSIDE 16%) TARGET 10%PRICE EPS 3%27e EPS 2%28e

Focused on delivery

Better P&L but softer capital12 MAY 2026

Securities Research Report BMPS has reported Q1 net profit at cEUR521m, a 3% beat vs BBG consensus. The beat was largely

Production time: 15:16* (London time) driven by better revenues (2% beat) – thanks to higher NII (+1% beat) and fees (2% better) – and

Research Analysts & Publishing Entities lower costs (5% better), although partly offset by higher-than-expected PPA, restructuring charges,

Ignacio Ulargui, CFA and provisions. On the balance sheet, loan growth was strong, expanding c2.4% QoQ while deposits

BNP Paribas SA were flattish QoQ. CET-1 was the only weaker point of the release coming in at 15.9%, marginally(+34) 91 114 83 10

ignacio.ulargui@bnpparibas.com below BBG consensus of 16.0%.

Giuseppe Grimaldi On track with business plan targetsBNP Paribas SA

(+39) 02 8963 1735 The bank reported an overall solid set of numbers and confirmed the trajectory laid out during the

giuseppe.grimaldi@bnpparibas.com latest capital markets day (A clear path to success). During the conference call, management

reiterated that uncertainty is now behind them and execution is the key priority. The guidance for

2026 has been reiterated, pointing to PBT of >EUR3.5bn with 30% of the synergies to be achieved

this year. The merger with Mediobanca should be completed in Q426. In private banking the trend is

improving with net new money regaining momentum and new hirings to be effective starting from

next quarter.

Estimates increased and thesis unchanged

Following the release we have increased our numbers. We have upped our EPS estimates by c3/2%