Exhibit 99.5

M E D I O B A N C A

I n t e r i m  R e p o r t

for the six months ended 31 December 2024

M E D I O B A N C A

SHARE CAPITAL

€ 444,680,575

HEAD OFFICE: PIAZZETTA ENRICO CUCCIA 1, MILAN, ITALY

REGISTERED AS A BANK

PARENT COMPANY OF THE MEDIOBANCA BANKING GROUP

REGISTERED AS A BANKING GROUP

I n t e r i m  R e p o r t

f o r  t h e  s i x  m o n t h s  e n d e d  3 1  D e c e m b e r  2 0 2 4

Mediobanca S.p.A.

Registered Office: Piazzetta Enrico Cuccia, 1 - Milan, Italy

Tel. +39 02 88291 – Fax +39 02 8829.550

Enrolled in the Bank of Italy Register of Banks as No. 4753

Parent Company of Mediobanca Banking Group

Enrolled in the Register of Banking Groups with ABI code No. 10631.0

www.mediobanca.com;

Tax code and Milan-Monza-Brianza-Lodi Companies’ Register Enrolment

No. 00714490158

V.A.T. No. 10536040966

Share capital €444,680,575

Member of the Interbank Deposit Guarantee Fund and the National Guarantee

Fund Ordinary shares listed on MTA Market

www.mediobanca.com

translation from the Italian original which remains the definitive version.

BOARD OF DIRECTORS

STATUTORY AUDIT COMMITTEE

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TABLE OF CONTENTS

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REVIEW OF OPERATIONS

FOR SIX MONTHS ENDED 31 DECEMBER 2024

MEDIOBANCA GROUP

REVIEW OF OPERATIONS

The Mediobanca Group delivered a net profit of €659.7m for the six months, higher than last year (up 7.9%, to €611.2m), confirming the trend seen in the first quarter, with a focus on capital-light business. Fee income, which was up 29.5% YoY (from €422.1m to €546.7m), drove the growth in revenues to €1.8bn (up 6.8% YoY and up 13.7% QoQ), on a slight reduction in net interest income (less marked than in 1Q) which was down 1.8% YoY, to €978.9m, and in net treasury income (down 1.7% YoY, to €91.8m).

Profit from ordinary activities totalled €934.2m (up 8.3% YoY; up 18.1% QoQ), with the cost/ income ratio stable at 42%, and the cost of risk (CoR) at 50 bps (51 bps). ROTE at Group level remained at 14%, while RoRWA rose from 2.5% to 2.8%.

Net New Money (NNM) in Wealth Management reported significant inflows again in 2Q (€2.3bn), well directed towards AUM (up 54% QoQ to €1.9bn), and contributing to the TFAs stock which reached €106.8bn, €48.2bn of which AUM, €30.4bn AUAs, and €28.2bn deposits. Lending activity returned to growth in the six months, totalling €53.9bn, with Consumer Finance posting a near-record total in new loans of €2.2bn in 2Q (€4.3bn in 1H), while corporate lending also recovered, from €18.4bn to €19.9bn. The final months of 2024 saw strong corporate finance activity in advisory services and by the Debt Division, with an increase in non-domestic transactions (with Group Legal Entity Arma Partners⁽¹⁾ in particular recording a record result).

Consolidated revenues were up 6.8%, from €1,730.6m to €1,847.7m, with €983.1m contributed in 2Q, compared with €864.6m in the previous quarter, reflecting the greater concentration of capital-light components. The main income items performed as follows:

⁽¹⁾One of the leading European advisors in the Digital Economy segment.

⁽²⁾It should be noted that the interest rates stated are inclusive of hedging, both receivable and payable.

Operating costs totalled €780.1m, €411.1m of which in 2Q; the increase from last year (up 6.1%, from €735.4m), has not affected the cost/income ratio which stands at 42.2% (42.5%), despite the fact that all cost components reflect increases. Labour costs were up 9.7%, from €382.2m to €419.1m (€219m of which in 2Q), reflecting the increase in headcount (FTEs: up 2.6%, from 5,369 to 5,510), concentrated in the business areas, and the increases in variable remuneration payable in CIB in line with performance. Administrative expenses (up 2.2%, from €353.2m to €361m, €192.1m of which in 2Q) reflect the increases in the technology component (which was up 2.5% YoY, to €127.2m), back office/operations costs (up 5% to €103m), branches and offices (up 8% to approx. €50m), and di credit recovery expenses (up 5% to €21m, net).

Loan loss provisions were stable at €133.4m (31/12/23: €132.9m), and reflect provisions of €66.2m for the quarter; similarly the CoR stood at 50 bps (vs 51 bps last year). The total at Group level consists effectively of the provisioning for the Consumer Finance division (up 11.8%, from €121.3m to €135.6m, €67.7m of which in 2Q), reflecting primarily the change in the portfolio mix which is evident also in the CoR trend (which rose from 166 bps to 176 bps in 12M; versus 175 bps three months previously). The other areas all reflect significant improvements, with loan loss provisions down to just €1m in Wealth Management (from €6.3m last year), and writebacks credited in both CIB (of €0.5m) and Leasing (of €2.3m). The stock of overlays decreased slightly, from €221.6m to €201m, and the use in the six months refers exclusively to Consumer Finance, with most of the change attributable to their being absorbed into the IFRS 9 model.

Valuations of the holdings in investment funds included in the banking book added €8.4m (€7.8m last year), and the banking book portfolio of securities recorded writebacks of €2.3m.

The net profit also reflects non-recurring expenses of €13.6m, €6m of which in adjustments to earn-out mechanisms (in particular for the deferred share in respect of Arma Partners), and €3.6m due to adjustments to the risks provisions primarily in relation to litigation and indemnities.

Tax for the period totalled €231.4m (at a tax rate of 24.8%).

* * *

On the balance-sheet side, at 31 December 2024 total assets showed a slight increase for the six months, from €99.2bn to €99.9bn, with the main items reflecting the following performances:

The capital ratios (CET1: 15.2%⁽³⁾; Total Capital: 17.6%) confirm a Maximum Distributable Amount buffer⁽⁴⁾ of 420 bps, which incorporates the adjustment made to the Overall Capital Requirement⁽⁵⁾ (increased to 8.65%).

The QoQ reduction of 20 bps reflects the increase in lending and trading (RWAs: up €300m), the impact of the prudential deductions (chiefly Assicurazioni Generali, down 25 bps) and the reduction in the FVOCI reserve (down 5 bps). The profit for the six months net of the dividend payout (70%) corresponds to approx. 50 bps.⁽⁶⁾ Introduction of the new Basel IV rules as from 1 January 2025 will not entail any extra burden in terms of RWAs.

The total capital ratio declined to 17.6%, while the leverage ratio remained stable at 7.4%, and the MREL indicator stood at 42.7% of RWAs and 20.7% of LREs (above the minimum requirements set, which were 23.57% of RWAs and 5.91% of LREs).

* * *

The divisional performances for the twelve months were as follows:

* * *

Significant events in the six months include the following:

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The Group, which has always assigned great importance to Environmental, Social and Governance (ESG) issues, has stepped up its efforts in the sustainability area.

The gradual integration of these issues into the company’s processes has been recognized by the leading ESG rating agencies: MSCI has revised its rating from “AA” to “AAA”, assigned to just 7% of banks rated. Standard & Poor’s has also increased its score for Mediobanca by nine points, with the Bank scoring 69 out of 100, positioning it far above the sector average.

In the effort to address climate change, the Group has consolidated its progress towards decarbonization by confirming its commitment to use 100% energy from renewable sources, and offsetting its greenhouse gas emissions (Scope 1 and Scope 2, market-based).

The residual emissions for FY 2023-24 have been neutralized by acquiring carbon credits certified according to VCS-Verra standards in connection with the Larimar Wind Farm energy project in the Dominican Republic.

In the social area, the Group has renewed its commitment to the community by participating in charitable initiatives, which include “Orizzonti”, Horizons, a project to facilitate the reintegration into society of young inmates held in a total of six institutions for juvenile offenders in Italy, in conjunction with Fondazione Francesca Rava.

Finally, Mediobanca also organized its first CSR Conference on the topic of migration and inclusion of unaccompanied foreign minors, publishing a report on “The economic impacts of migration: problem or resource?”, which analyses the economic and social data on migration flows and their impacts.

* * *

Developments on capital markets

In the second half of 2024, the trends witnessed on financial markets in the first six months continued: modest growth, ongoing difficulties for the Chinese economy, and further fragmentation of the global economy. The United States were the exception, where the fiscal consolidation process (which had deferred on multiple occasions) and the employment market, more vibrant than expected, enabled decent growth levels to be posted. In the Eurozone, economic activity seems to be weak, and especially sickly in Germany and France (where the political difficulties that making government action less incisive are accentuating the tendency towards weakness); activity continues to be robust in Spain and still modest in Italy.

In this scenario, central banks are continuing with their accommodative monetary policy with measured reductions in the reference interest rates: The ECB made its first, 25 bps cut in June 2024, and further cuts of the same amount in September, October and December; while the Fed, having launched the process with a cut of 50 bps in September, continued with 25 bps reductions in November and December, signalling that it was inclined to take a break at this point pending further reassurance regarding the prospects for inflation. During the six months the Bank of Japan raised its reference rates cautiously, against a backdrop of a nascent inflationary process showing good signs of consolidation.

The Chinese macroeconomic and financial scenario is still hostage to strong risk aversion on the part of both households and companies, driven by the ongoing difficulties in the real estate sector and the fragile financial conditions of the local governments. The action taken by the Chinese authorities has been measured so as not to attenuate the incentive to deploy resources in high value sectors to the detriment of the real estate sector.

In Italy growth has been modest, as mentioned, confirming the weakness seen in the first six months of 2024; the inflation rate remained significantly below 2% YoY (the average for the six months was 1.1% YoY); while the unemployment rate has fallen in any case (5.7% in November).

In the markets, investors’ preference for equities have continued, which only began to move sideways in the final quarter of the calendar year. Overall, the stock market performances reported in the six months under review reflected the economic performances of their respective geographies (with the exception of China, which benefited from particularly appealing valuations as a result of the measures implemented in support of the economy). The following market performances were recorded: Eurostoxx -0.7%, FTSE MIB, +3.1%, S&P 500 +7.7%, Morgan Stanley Stock Market Index Global +5.6%, and Morgan Stanley China +11.8%. The valuations of credit default swaps in Europe decreased slightly over the period, reflected, for example, in a slightly higher cost of the premium insuring against default in the next five years: the Xover index closed at 314 bps (up 22 bps), and the Main index at 58 bps (up 5 bps).

Government interest rates remained virtually unchanged in the United States (the 10Y yield rose by 11 bps to 4.57%), and fell in the Eurozone (where, for example, the German 10Y rate decreased by 24 bps, to 2.37%), although not without some volatility, in December especially. Government spreads within the Eurozone reflected the preference for risk assets (for instance, the spread on 10Y yields between Italian and German paper reduced by around 40 bps to 115 bps), apart from in France, where they were virtually unchanged, reflecting the institutional stalemate situation which commenced with the national legislative elections.

The prospects for both Italian and Eurozone growth are linked to private consumption and international demand. The former could be helped by the robust job market, while the latter will inevitably be impacted by the stance being taken by the new US administration, which could impose tariffs on imports to protect its own production system. Concerns for Italy, and for Europe in general, regard primarily the Russia-Ukraine conflict, the preference being granted by European voters for political groupings that favour national interests to the detriment of increased integration, and the prospects for geo-economic polarization as a result of the costly reforms in China.

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Consolidated profit-and-loss/balance-sheet data

The consolidated profit and loss account and balance sheet have been restated – including by business area – based on the structure that provides the most accurate reflection of the Group’s operations.

CONSOLIDATED BALANCE SHEET

(€m)

Key Performance Indicators (KPIs)^(*)

CONSOLIDATED PROFIT AND LOSS ACCOUNT

(€m)

^(*)   Includes profits credited back to the category B partners of Arma Partners.

Key Performance Indicators (KPIs)^(*)

EARNINGS/BALANCE-SHEET DATA BY DIVISION^(*)

(€m)

Notes:

^* Divisions comprise:

(€m)

Balance sheet

The Group’s total assets rose from €99.2bn to €99.9bn, with parent company Mediobanca’s contribution totalling 58% (56% twelve months previously). The main balance-sheet items showed the following trends for the six months under review (comparative data as at 30 June 2024).

Funding – funding totalled €64.2bn, higher than last year (€63.7bn), through a diversified funding strategy which has entailed strong debt security activity on the primary market, with new issues of €3.1bn, approx. €1bn of which placed through the networks (€300m with Group WM clients). The cost of the new issues was lower than twelve months previously (down from 145 bps to 85 bps), taking the interest rate payable on bonds issued to 3.85% and that for the entire funding to 3.3%. The stock of paper in issue rose from €27.6bn to €28.7bn, reflecting repayments of €2bn, and absorbing the closure of the T-LTRO programme (€1.3bn). Wealth Management deposits grew from €27.9bn to €28.2bn, despite the many offers proposed by the Group’s competitors, on strong commercial activity, through targeted promotions and retention activities at low cost. Interbank funding rose from €6.8bn to €7.3bn.

Interest rate risk hedging activity, which is used for virtually all the Bank’s funding using plain vanilla swaps with qualified market counterparties, serves to transform the funding to floating rate (for bond issues and part of the modelled Wealth Management deposits). The reduction in interest rates during the six months drove an increase in the fair value of fixed-rate funding, the value of which (minus €300m) is perfectly offset by the valuations for the derivatives (which are booked as other liabilities).

Loans and advances to customers — this item rose by 2.7%, from €52.4bn to €53.9bn, due to the recovery in Corporate and Investment Banking (up 4.7%, from €19bn to €19.9bn) driven by the recovery in loans in the Large Corporate segment which totalled €17.2bn (up 7%), offsetting the reduction in factoring business (down 8.3%, from €2.9bn to €2.7bn), impacted by the crisis affecting the automotive sector. Customer loans in Consumer Finance continue to grow, rising 2.4% in the six months, from €15.2bn to €15.6bn, driven by personal loans (up 2.5%, from €7.5bn to €7.7bn); and were higher in Wealth Management, as well, totalling €17.1bn (vs €16.9bn), boosted by the recovery by CMB (up 4.4%, from €2.9bn to €3bn), with loans in Premier banking stable at €12.6bn. Conversely, customer loans in Leasing business fell by 5.3%, to €1.2bn.

New loans in Consumer Finance in 6M posted double-digit growth (up 10.5%, from €3,927.4m to €4,340m), with all products performing positively: personal loans (up 9.2%, from €1,815m to €1,982.3m), automotive finance (up 4,9%, from €671.3m to €703.9m), and special purpose loans (up 4.3%, from €582m to €607.1m); while the HeyLight/BNPL channel reported growth of 51% (from €207.1m to €312.7m). Corporate and Investment Banking was boosted by the recovery in Lending and Structured Finance (new business of €4.2bn, vs repayments of €3.2bn), which absorbed the lower turnover in Factoring business (down from €6.2bn to €4.9bn). In Wealth Management, new

mortgage loans of €652.3m were recorded, an increase of 36%, virtually in line with repayments (€618m) due to the increase in prepayment.

(€m)

(€m)

Gross NPLs decreased from €1,336.7m to €1,379m, but were stable in relative terms, at 2.5%, as indeed was the coverage ratio (at 69.4%); net NPLs increased from €413.7m to €421.9m, with bad loans accounting for a very low percentage (€36.6m). Gross NPLs in Consumer Finance was raised from €978m to €1,050m, as a result of the expected increase in default rates that have returned to their pre-Covid levels, with gross NPLs representing 6.21% of total loans (5.93%); the coverage ratio was 74.3%, with the net stock totalling €269.7m (1.73% of total loans). Wealth Management’s contribution was €225.7m (€148.1m from Mediobanca Premier), and that of Corporate and Investment Banking €33.2m (only €6.7m of which Large Corporate).

Net Stage 2 positions remained at €2,352.5m (4.4% of net loans), with slight increase in Consumer Finance (from €1,234m to €1,263.5m; 8% of net loans), Wealth Management (from €744.9m to €756,9m, €682m of which for Mediobanca Premier), and Leasing (from €65.8m to €81m), most of which absorbed by the reduction in Corporate and Investment Banking (from €277.1m to €251.1m), in the Large Corporate segment in particular (from €174.4m to €151.5m), with no significant impact deriving from the adoption of lifetime criteria in connection with SICR (Significant Increase in Credit Risk).

The selective lending policy adopted, coupled with prudent provisioning, has enabled the Group to keep its coverage ratios basically stable, both for performing loans (1.26%, versus 1.31% last year) and Consumer Finance (3.57%, versus 3.67%). The stock of overlays remains adequate (at approx. €210m, €154m of which in Consumer Finance), with the reduction for the period (down €20m) regarding exclusively Consumer Finance, roughly half of which absorb the ECL adjustment post-model.

Investment holdings⁽⁷⁾ — these increased from €4.7bn to €5bn, €4.1bn of which involve the investments accounted for using the equity method, plus €651.2m in investments in funds, and €248.3m in equities (including equity-like instruments).

The book value of the Assicurazioni Generali investment increased from €3,698m to €4,000.7m in the six months, on profits of €226.7m and upward capital adjustments of €76m. The book value as at 31 December 2024 (calculated based on the company’s net equity as at 30 September 2024) reflects a positive performance by all business segments, including non-life insurance despite the significant impact of catastrophic events.

The value of the investment in IEO (25.37%) was €38.6m, while that in Finanziaria Gruppo Bisazza S.r.l. (22.67%) was €6.3m; the value of the investment in CLI Holdings II Limited reduced to €36.3m, after dividends collected (€5.4m) and profits for the period (€4.7m); while the value of the most recent acquisitions of HeidiPay AG and MB SpeedUp totalled €6.5m and €3.7m respectively.

The value of the investments in funds decreased from €657.3m to €651.2m, following net disposals totalling €15.1m, which were in part offset by upward value adjustments (totalling €9.1m); of this total, approx. €359.6m was attributable to investments in seed capital funds managed by the Group.

Meanwhile equities (which include equity-like investments) decreased from €256.2m to €248.3m, following downward adjustments to reflect net fair value totalling €4m (linked to the distribution of dividends), and net disposals amounting to €3.4m.

(€m)

⁽¹⁾ Differs from the figure shown in the following table by just under €0.1m due to minor associate companies (30/6/24: €0.1m)..

^(*) Percentage calculated based on the nominal value of the notes issued.

Banking book debt securities — Fixed-income securities held as part of the banking book totalled €12.1bn, split between Hold to Collect & Sell (€6.4bn), Hold to Collect (€5.2bn), and Fair Value Option (€0.4bn). The following were recorded during the six months under review:

The sovereign debt securities held as part of the portfolio now amount to approx. €9bn (or three-quarters of the portfolio), €3.4bn as Hold to Collect and €5.5bn as Hold to Collect & Sell, with a much shorter duration (approx. two years); the share represented by Italian government securities totalled €6.1bn (with a duration of approx. two years).

(€m)

(€m)

Net treasury assets — these decreased from €6.4bn to €4.6bn, due to use of part of the liquidity on deposit with the ECB (€1.5bn) accumulated in order to meet the requirement in terms of repaying the T-LTRO; conversely, there was an increase in the deposits available for use in stock lending (deposits payable rose from €0.4bn to €1.1bn). In trading activity, there was also a turnover from equities and bonds to commodities due to the purchase of EUA certificates on the ICE Europe market (approx. €500m), fully matched by forward sales on the futures market.

^(*) The amount as at 30 June 2024 referred to a single position that was wound up during 1Q FY 2024-25.

Tangible and intangible assets – hese were stable at €1.6bn, with the share of intangible assets virtually unchanged, at €1.1bn, due to the absence of new purchase (the goodwill in foreign currencies has been translated to Euros based on prevailing exchange rates); purchases of software (€21m) were largely absorbed by amortization charges for the period (€14m).

Tangible assets rose from €549.6m to €578.1m, following purchases of furniture and equipment totalling €13.2m, capitalized improvement expenses amounting to €7.4m, and operations in leasing accounted for pursuant to IFRS 16 (most of which concerned rental contracts) totalling €45.5m; depreciation and amortization expenses amounted to €38.8m, €27.3m of which attributable to IFRS 16, and €11.6m for properties and other tangible assets.

(€m)

Provisions for liabilities – these amounted to €148.8m, with no significant changes in “Commitments and guarantees” or “Provision for statutory end-of-service payments” (which totalled €22.1m and €20.6m accordingly); while the reduction in the “Provision for other risks and charges” (from €116.3m to €106.1m) is attributable to the payment of indemnities, early retirement agreements, and complaints (which together totalled €23.4m), on new transfers to provisions totalling €13.3m.

The provision for the overall liability comprises the following: tax litigation (€38.9m), indemnities (€24.2m), complaints (€14m), early retirements (€8.4m), and other risks (€20.7m).

For further details, reference is made to section 10 of the Notes to the Accounts.

Net equity – net equity was unchanged at €11.2bn: the profit for the period (€660m) was offset by payment of the balance of the FY 2023-24 dividend (€464m), the performance of the valuation reserves (the shortfall on which increased from €68.6m to €152.3m) due to the reduction in the cashflow hedge reserve (which declined from €113.7m to minus €36.6m), closely linked to the trend in market interest rates; while the launch of the share buyback⁽⁸⁾ entailed a €115m reduction (equal to the €8.1m bought back during the period).

(€m)

The FVOCI valuation reserve increased from €116.5m to €143.8m: the continuing reduction in spreads enabled a further recovery in the fair value of the securities held as part of the portfolio (up €52m), approx. €45m of which is made up of Italian government securities.

(€m)

Profit and loss account

Net interest income — net interest income for the six months totalled €978.9m, €17.6m lower than last year, but at the same time reflecting a QoQ recovery, with €493.9m posted in 2Q (Q1: €485m). Indeed, a €1.4bn increase in customer loan volumes was posted in 2Q, which now stand at €53.9bn, offsetting the anticipated reduction in yields (ROA: down 20 bps, to 6.5%), which in any case was lower than the movements in interest rates (Euribor3M: down 67 bps), due to the resilience of yields in Consumer Finance and to the turnover in the banking book securities portfolio. Conversely, the interest rate payable on deposits was stable at 3.3%, in view of the strategic objective to grow volumes and diversify channels (retail/institutional/ promotions) in a scenario of strong competition in Wealth Management. Consumer Finance consolidated its position as the Group’s leading contributor, with net interest income of €556.9m (up 8.6% YoY; up 2.7% QoQ) and near-record new business levels (€2.2bn in 2Q, €4.3bn in 6M) on an increasing ROA (up 66 bps to 8.84%); NII in Wealth Management totalled €204.2m (down 4.1% YoY; up 0,4% QoQ), reflecting the lower contribution from assets attributable to CMB (which are more exposed to interest rate sensitivity) and Mediobanca Premier (due to the strong competition in mortgage lending, which kept spreads down). Net interest income earned by the Corporate and Investment Banking division was stable at €152.6m, the higher contribution from the Markets Division (up €11m) offsetting the slowdowns in Lending (down 10.2% YoY, reflecting the derisking process and the fact that new business is increasingly focused on investment-grade clients) and proprietary trading, with the latter still posting improved dealing profits. NII generated from treasury operations decreased to €35.5m (down €49m YoY; down €7m QoQ), and incorporates virtually all the reduction in the difference between the interest rates receivable and payable by the Group as a result of its strategic decision not to alter the FTP rates in order to foster growth in lendings (corporate and mortgages).

(€m)

Net treasury income — this item totalled €91.8m, roughly at last year’s levels (€93.4m) following a good 2Q performance with revenues of €52.6m (€39.2m). In particular, the CIB proprietary trading portfolio contributed income of €15.2m in 2Q, making up almost all of the gap versus last year (€26.8m, vs €30.4m); the reduction in the banking book (from €23.1m to €5.7m) is closely related to the proxy hedge strategy used for the banking book securities, which increased significantly in value during the period, in line with the reduction in interest rates and credit spreads (the 10Y BTP spread decreased from 169 bps to 115 bps), reflected in the good performance by the OCI reserves (which increased by €52m in 6M). Markets activity contributed €43.9m (near to last year’s level), following a recovery in the equity segment (from €17.9m to €47m), which offset the fixed-income component, although the latter did make an improved contribution to net interest income. Dividends and other income from Principal Investing increased from €7.8bn to €16m, after some amounts were collected from holdings in private equity funds.

(€m)

Net fee and commission income — this item totalled €546.7m, a strong increase compared to last year (up 29.5% YoY, from €422.1m), following a record performance in 2Q when fees of €316m were posted (€127m of which from Investment Banking⁽⁹⁾ and €270.4m from Wealth Management). The leading contributor was once again the Wealth Management franchise,⁽¹⁰⁾ which posted fees of €260m (up 10% YoY; up 14% QoQ), on management fees⁽¹¹⁾ of €158.7m (ROA: 99 bps) and upfront fees of €50m (near the levels seen in the last two half-years). Significant improvements were reported both by investment banking and corporate services,⁽¹²⁾ the contributions from which were almost twice as high has last year (up from €97.2m to €188.7m, two-thirds of which in 2Q), with acceleration in non-domestic transactions (approx. €110m), and by Arma Partners in particular (€80.8m), which in 2024 confirmed its position as of the leading European advisors in the Digital Economy segment. Lending activity posted an increase in fee income⁽¹³⁾ from €111m to €120m, with corporate lending activity recovering to €48m (up 19% YoY; stable QoQ). At the level of individual business line, fees earned by Wealth Management increased from €240.4m to €270.4m, and by CIB from €133.4m to €233.7m, with the contribution from Specialty Finance stable at €17m; while Consumer Finance posted fees of €72.2m, of which the HeyLight component was €11m.

(€m)

Insurance sector and other equity-accounted investments — tthe growth in this item, from €218.6m to €230.3m (up 5.3%), was related to the positive performance by Assicurazioni Generali (contribution up from €215.1m to €226.7m), reflecting the healthy trend reported by all business segments. The other investments contributed €3.6m.

Operating costs — coperating costs totalled €780.1m (up 6.1% YoY; up 11.4% QoQ), reflecting the strengthening in headcount (FTEs: up 2.6%, to 5,510), in Wealth Management in particular (up 2.2%, to 2,283) and in CIB initiatives; the cost/income ratio remained at 42%; the main components reflected the following performances:

(€m)

(€m)

Loan loss provisions — loan loss provisions were stable at €133.4m, despite the difference in the composition of the loan book which did not impact on the cost of risk (CoR) which

stood at 50 bps. Provisioning for Consumer Finance increased from €121.3m to €135.6m, the majority of which attributable to direct personal loans; credit recovery rates remain excellent, with the NPLs stock fairly low, and adequate coverage ratios (NPLs: 74.3%; performing loans: 3.57%; overlays: €201m, only €21m of which taken through profit and loss for 6M); while the CoR rose from 166 bps to 176 bps (175 bps in 3Q). The other divisions all reflected improvements: Corporate and Investment Banking (net writebacks €0.5m; overlays €27.1m), Wealth Management (net writedowns decreasing from €6.3m to €1m; overlays: €12.6m); Leasing (net writebacks of €2.3m; overlays: €7.2m).

(€m)

Provisions for other financial assets⁽¹⁴⁾ – these reflect writebacks of €10.7m, €8.4m of which due to improvement in the fair value of holdings in investment funds (which are required mandatorily to be restated at current prices), and €2.3m due to the improvement in the ECL on securities pursuant to IFRS 9 following the update of the macroeconomic scenario.

(€m)

Other income (losses) – these totalled €13.6m, of which: €6m regards the effects of the earn-out mechanisms in the partnerships, Arma Partners in particular; €3.6m transfers to the risks provisions, linked primarily to litigation and indemnities; and €4m in non-recurring costs, concentrated primarily in WM and CIB.

Income tax – income tax for the period totalled €231.4m (31/12/23: €220.7m), equivalent to a tax rate of 24.8 % (26.2%). The Mediobanca Group adheres to the consolidated tax regime provided by Articles 117ff of the Italian Income Tax Act (known also as “national tax consolidation”). Of the various effects deriving from this decision, the main benefit is being able to determine an overall amount of comprehensive income, which is equal to the algebraic sum of the tax income or losses reported by the parties that have opted into this system, which is subject to IRES taxation at 24%.

Profit-and-loss figures/balance-sheet data by division

WEALTH MANAGEMENT

This division brings together all asset administration and management services offered to the following client segments:

Asset Management division, primarily captive business (Mediobanca SGR, Polus Capital, RAM Active Investments, Mediobanca Management Company)

This division also includes the results of the fiduciary business carried on by Spafid S.p.A., as well as by Spafid Trust.

(€m)

(€m)