Exhibit 99.8

Outstanding 9M results:

Revenues €2.8bn, net profit approx. €1bn, ROTE 14%

Interim dividend €0.56 per share payable in May;

Balance to be paid in November 2025

Mediobanca and Banca Generali

The combination¹ creates a European leader in Wealth Management

TFAs >€210bn, NNM >€15bn

Revenues €4.4bn, 45% from WM

Net profit €1.5bn, 50% from WM

ROTE 20%

Distribution: confirmed at €4bn for FY 2023- 26*

Mediobanca Board of Directors’ Meeting

Milan, 8 May 2025

¹ Public exchange offer presented on 28 April 2025, Mediobanca data pro forma (as at 31/12/24, annualized)+ BG (data as at 31/12/24).

(*) FY 2023-24, FY 2024-25, and FY 2025-26.

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9M: RESULTS CONFIRM GROWTH TRAJECTORY

Group revenues of €2,768m in 9M (up 5% ²), with significant growth in all businesses:

WM up 5%² (to €727m), CIB up 26%² (to €677m), CF up 7%² (to €954m), INS stable² (at €349m)

Cost/income ratio < 43%

Cost of risk declining to 47 bps (down 3 bps²)

Net profit for 9M: €993m (up 5%²); EPS 9M €1.19 (up 7%²); ROTE 14% (up 60 bps²)

3M: SOLID TREND

Group revenues totalled €920m in 3Q (up 3% YoY²), driven by all banking divisions

WM up 6%² (to €247m), CIB up 17%² (to €226m), CF up 7%² (to €326m), INS down 16%² (to €106m)

Net interest income resilient (€497m in 3Q, stable YoY, up 1% QoQ³)

driven by recovery in volumes and resilience of asset yields

High fee income of €273m in 3Q (up 15% YoY, down 14% QoQ)

following record results in IB advisory business in 2Q

Cost of risk declining to 39 bps (down 11 bps QoQ)

writebacks in CIB due to portfolio quality, CoR reducing in CF (to 169 bps)

Net profit €334m (stable)

HIGH CAPITAL GENERATION AND SHAREHOLDER REMUNERATION

CET1 15.6% ⁴, following Basel IV benefits of 55 bps

Interim dividend of €0.56 p.s, shares ex-rights on 19 May 2025, balance payable in November

€385m share buyback ⁵ in progress (71% already completed)

FY 2024- 25 GUIDANCE CONFIRMED

Growth in TFAs: NNM of €9-10bn

Net interest income resilient

Growth in fee income: low double-digit

Growth in Earnings Per Share (EPS): 6-8% ⁶ YoY

High distribution with low execution risk: cash payout 70% + share buyback ⁷

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WM: EFFECTIVENESS OF PRIVATE & INVESTMENT BANKING MODEL AND STRENGTH OF MEDIOBANCA BRAND IN MB PREMIER REPOSITIONING DRIVE GROWTH

The development of MBWB is facilitated by Mediobanca's distinctive positioning in Italy as a Private & Investment Bank, able to seize market opportunities in an uncertain macro and geopolitical scenario. The division's growth is outperforming the system, on the back of an enhanced product offering within the Mediobanca ecosystem, plus the continued strengthening of the network which already ranks first in Italy by productivity ratios. These features will be bolstered by the industrial and financial rationale of the combination with Banca Generali, which will generate approx. €300m in synergies at the level of GOP.

In 9M:

Development of PIB model (€0.9bn from liquidity events); Private Markets platform continues

to expand

Franchise strengthened: in 9M 117 new bankers/FAs added, 54 of whom in 3Q,

with high-end clients increasing

TFAs up €12bn in 12M to €108bn, with NNM of €7.2bn in 9M

(11% of TFAs on an annualized basis)

Revenues up 5%² to €727m, with €247m generated in 3Q (up 6% YoY)

Fee income €413m (up 14%²), €143m of which in 3Q (up 16% YoY)

Net profit €169m (up 10%²), €58m of which in 2Q (up 10% YoY)

RORWA up 20 bps² to 3.8%

CIB: CAPITAL-LIGHT PLATFORM INCREASINGLY SYNERGISTIC WITH WM,

INTERNATIONAL PRESENCE ENHANCED, AND HIGH ASSET QUALITY

Growth in CIB has been helped by the interest rates dynamics, and by the expectation that corporate activity will remain robust even in the current uncertain market scenario. Mediobanca has a competitive advantage in this macro scenario, deriving from its traditional leadership position in Italy and Southern Europe, with areas of excellence in specialist segments, its strong roots in the mid-corporate space, and the growing synergies with WM. The new initiatives unveiled in the 2023-26 Strategic Plan gradually coming to life have helped the business increase in profitability, with RORWA now up to 2.1%.

In 9M:

Robust IB activity: 72 deals announced, up 29% YoY ⁸

Record results posted in tech/digital advisory services (Arma Partners), strong Energy

Transition business, mid-cap presence launched in Frankfurt, and BTP Specialist operations

Revenues up 26%² to €677m, with fee income up 52%² to €341m (advisory component up
86% to €243m) and NII up 2%² to €238m, due to recovery in volumes

High fee income levels in 3Q (€107m), following the record 2Q results due to the execution of
several major deals both in Italy and internationally

Loan writebacks (€11m) due to adoption of new IFRS9 PD model

RWAs down 16% YoY (€14.1bn), despite a resumption in volumes in last 6M;
€1.4bn reduction in 3Q due to Basel IV benefits (€1.3bn)

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Net profit up 33%² to €225m, €84m of which in 3Q

RORWA up 90 bps² to 2.1%

CF: RECORD RESULTS DUE TO VOLUMES AND MARGINS GROWTH, COST OF RISK REDUCING

Mediobanca, through Compass, is one of the leaders in consumer credit in Italy, a business which has appealing growth rates due to the demographical and behavioural changes being shown by Italians. In a decreasing interest rate scenario, the fixed rate loan book turnover coupled with strong risk governance have produced growing average yields. Against this backdrop, Compass has confirmed its position as the main driver of growth in net interest income for the Group, with a competitive advantage given its leadership position in digital/BNPL channels, the fact that 80% of its new business in personal loans is generated through its proprietary network, and having developed a sophisticated pricing and scoring systems in over 60 years of business, across all economic cycles.

In 9M:

New loans totalled €6.7bn in 9M, accelerating in 3Q with almost €2.4bn in new business,
focused on the most profitable segments (personal loans and direct distribution)

NII continues to grow, up 9%² to €845m (3Q €288m, up 2% QoQ), with profitability growing in a
declining interest rate scenario

CoR 174 bps (169 bps in 3Q, with €10m in overlays used)

Net profit at record high levels: €308m (up 6%²), €105m of which in 3Q
RoRWA up 20 bps² to 2.9%

INSURANCE

High contribution decorrelated from other businesses

The contribution of the Group’s investment in Assicurazioni Generali is positive, because of the stability and visibility of the company's earnings; the high return on the investment is also boosted by the favourable regulatory treatment introduced by the Danish Compromise.

In 9M:

Revenues stable² at €350m, €106m of which in 3Q

Net profit down 1%, to €350m

RORWA down 20 bps2 to 3.2%

****

With Renato PAGLIARO in the Chair, the Directors of Mediobanca approved the individual and consolidated financial statements for the period ended 31 March 2025, as illustrated by Chief Executive Officer Alberto NAGEL and Group General Manager Francesco Saverio VINCI.

Alberto Nagel, CEO of Mediobanca, said: “Mediobanca has delivered growth in all its divisions for the nine months, despite the uncertain scenario, consolidating the main initiatives provided in the 2023-26 Strategic Plan. All the physical and digital platforms have been enhanced by attracting the best talents: the service offering has been expanded and repositioned to increasingly reflect the Private and Investment Banking model, which has been welcomed enthusiastically by both

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clients and Financial Advisors. The combination between Banca Generali and Mediobanca we announced on 28 April 2025, which we will ask our shareholders to approve at the general meeting called to take place on 16 June 2025, completes the Mediobanca Group's transformation process to become a diversified player focused on high growth and low capital absorption businesses which excels for the value it creates for its stakeholders. With over 50% of the top line generated by Wealth Management, and TFAs of more than €210bn, Mediobanca will become a leader in the wealth management industry and a benchmark in the Italian and European financial panorama”.

Consolidated results

The Group delivered outstanding results in the first nine months of the financial year: posting a net profit of €993.2m, on revenues of €2,767.9m (up 5.3%²), with the cost/income ratio falling to 42.5% and the cost of risk low at 47 bps (down 3 bps²). ROTE stood at 14% (up 60 bps²), and RORWA at 2.9% (up 20 bps²).

These results are underpinned by a healthy performance in 3Q with a net profit of €333.5m (up 1.2% QoQ, down 0.4% YoY) and revenues of €920m.

Highlights of the nine months’ performance were as follows:

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The net profit result reflects one-off charges totalling €24.5m (€10.9m of which added in 3Q), approx. €15.4m of which regards the effects of the earn-out and put & call arrangements agreed as part of the Group’s recent acquisitions (€8.5m of the amount accrued in 3M was attributable to Arma Partners), €3.6m in provisions for indemnities and litigation, and €5.5m in non-recurring costs (€1.5m of which in 3Q linked primarily to the new insurance fund).

* * *

On the balance-sheet side, total assets amounted to €100.8bn (31/12/24: €99.9bn; 30/6/24: €99.2bn), with the main items reflecting the following performances:

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Divisional results

The division posted a net profit of €168.9m for the first nine months of FY 2024-25 (up 10.3% YoY), on revenues totalling €726.8m (up 5.3% YoY), driven by higher fees (up 13.7% YoY), and the reduction in the cost/income ratio (to 65.2%) and the cost of risk. RORWA remained high at 3.8%. NNM totalled €7.2bn (up 42%, and equal to 11% of TFAs on an annualized basis), near the highest sector levels.

The division has confirmed its distinctive positioning in Private and Investment Banking, enhancing its franchise versus higher-bracket clients in particular, and accelerating the recruitment of senior commercial figures, with the launch of Mediobanca Premier. The operating structure has been adapted to the expanded product offering to support future growth and profitability. This has been done to continue implementing the strategic pathway envisaged by the 2023-26 Strategic Plan “One Brand-One Culture”:

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The commercial initiatives developed in 3Q include the following:

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Total revenues generated by the Wealth Management division rose during the nine months from €690.1m to €726.8m (up 5.3% YoY), with a modest QoQ reduction of 2% (€246.7m), reflecting seasonal factors affecting performance fees which totalled €2.8m (versus €10.1m); the main income items performed as follows:

Operating costs rose from €456.7m to €474.1m (up 3.8% YoY), including €159m in 3Q (down 3% QoQ); labour costs rose to €250.9m (up 2.8% YoY; down 3.4% QoQ), reflecting the strengthening of the headcount, much of which has revolved around the distribution network in the Premier Banking segment. Administrative costs increased from €212.7m to €223.2m, a YoY increase of 4.9%, including €75.6m in 3Q (down 2.6% QoQ), with the Private Banking area in particular making substantial investments in technology.

Net profit totalled €168.9m, €58.3m of which in 3Q, including net writebacks of €0.7m (versus €8.6m in writedowns last year) and €5m in non-recurring charges (€1m of which for 3Q).

Customer loans totalled €17.2bn (up 0.5% QoQ), with the mortgage loan share stable at €12.7bn, with the repayments outweighed by new loans (€1bn, compared with €758m, in 9M; €0.4bn in 3Q).

Gross NPLs amounted to €211.2m, after declining in 3Q (down €14.5m) due mainly to an improvement in the Private Banking segment (with one position being closed plus a partial repayment); gross NPLs account for 1.2% of total loans, with a coverage ratio of 40.7%, and the net NPL loan stock totals €125.3m.

The Corporate and Investment Banking Division posted revenues of €677.3m (up 26% YoY), with a solid performance in 3Q, reporting a top line of €225.9m (up 17% YoY but down 16% QoQ, compared to the previous record quarterly performance). Fee income, which was up 52% YoY, was driven by buoyant activity in Advisory business (up 86.6%). There were also signs of recovery in Corporate Lending volumes during the quarter, even though spreads are still low, which is in part due to the lending policies being focused primarily on investment-grade borrowers. Net profit totalled €225m (up 33.1% YoY), with revenues absorbing the growth in costs (which were up 11.3% YoY), and a cost/income ratio which remains low at 44%. RoRWA rose to 2.1%, ahead of the Strategic Plan objective (1.6% by end-June 2026).

The impressive results for the six months, and the second quarter in particular, reflect the main drivers contained in the 2023-26 Strategic Plan “One Brand-One Culture”, which envisaged the

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Corporate and Investment Banking division evolving progressively towards an increasingly advisory-driven/capital light, international platform operating in synergy with Wealth Management:

The European M&A market recorded an increase of 20% in announced deal volumes in 1Q 2025 compared to the same period in 2024, despite the fact that the global macroeconomic scenario continues to reflect many areas of uncertainty. The growth has been driven by increased activity from private equity operators (whose volumes were up 127%), which offset the reduction in strategic activity by corporates (down 5%), and by large deals (over $500m in value), volumes of which rose by 30%. At the same time, there was a decline in the number of deals announced, which reduced by 27%, driven by a 28% drop in the number of medium-/small-sized transactions (less than $500m in value); while the number of large deals was up 14%.

The Italian market has seen the positive trend of recent quarters continue with an increase of 100% in deals announced. Volumes were also higher in Germany and in Spain, up 45% and 14% respectively, while in France and the United Kingdom there were reductions, of 14% and 35% respectively.

In this market scenario, the Bank has confirmed its position as advisor of choice in Italy, taking part in the most important deals announced, and completing a total of 78 deals over the course of the nine months.

Some of the main deals in Italy include: in the TMT sector, KKR’s acquisition of assets belonging to the TIM fixed-line network; in the Retail sector, the sale of a 40% stake in K-Way by BasicNet to Permira, the sale of Acqua & Sapone to TDR Capital by H.I.G., and the voluntary public tender and exchange offer for Unieuro by Fnac Darty; in the Infrastructure sector, the acquisition of Grandi Stazioni Retail by OMERS Infrastructure and DWS Infrastructure, and the sale by Ardian and Crédit Agricole Assurances of their stake in 2i Aeroporti to Asterion; in the Industrials sector, the acquisition by Investindustrial of a controlling interest in Piovan and the subsequent launch of a mandatory public tender offer in order to have the company delisted; plus several deals in the mid-cap segment, including the sale of Quid Informatica to the Fibonacci group by Equinox, and the disposal of a minority interest in Sicer to Ardian by the Azimut group.

As regards Advisory business at the European level, the Bank was also involved in the voluntary public tender offer for Greenvolt launched by KKR, and the acquisition of a majority share in Terna Energy by Masdar in the Energy Transition sector, the sale of OnTower Austria by Cellnex Telecom to a consortium of investors consisting of Vauban Infrastructure Partners, EDF Invest and MEAG in the TMT sector, while in the French market, the acquisition of 48% of the share capital of Santos Brasil by CMA CGM, and the subsequent launch of a public tender offer for the remaining shares,

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in the Infrastructure sector was worthy of note, as was the disposal of a majority interest in Olifan Group to Seven2 in the Financial Institutions sector.

In the Digital Economy sector, Arma Partners confirmed its position as one of the leading advisors in Europe, with 24 deals completed in the nine months. The software segment has been particularly active, with some the most important deals covered by the company including the sale of Aareon to TPG and CDPQ by Advent International and Aareal Bank, the acquisition of Zellis Group by Apax Partners, the disposal of 1E to TeamViewer, the acquisition of Anaqua by Nordic Capital, and the investment in team.blue by CPP Investments and Sofina.

In Equity Capital Markets, investors continue to be highly selective with regard to IPOs in particular; against this backdrop, the Bank has taken part in some of the largest deals completed on the domestic market, acting as Joint Global Co-ordinator in the rights issue launched by Fincantieri, and the rights issue implemented by doValue.

In Debt Capital Markets, where the market activity has been very strong due to the abundant liquidity, the Bank remains at the forefront in the placement of new and innovative Green, Social and Sustainability-Linked bonds, including the first EU Green Bond in the history of A2A, the inaugural green bond of Iccrea Banca, and the dual-tranche Sustainability-Linked Bond for ASPI. At the same time, in the nine months Mediobanca has also taken part in some of the largest senior and subordinated bond issues for both corporates and financial institutions in Italy (including Assicurazioni Generali, Cassa Depositi e Prestiti, doValue, Crédit Agricole Italia, Leasys, ENI, SEA, Iren, MCC, Banca Sella Holding, Terna, and UniCredit), and in its other core markets (including Banco Comercial Portugues, Commerzbank, Criteria Caixa and Inmobiliaria Colonial).

In Lending, in a market scenario with low volumes, strong competitions between banks, and shrinking margins, Mediobanca has supplemented fee income from underwriting activities, an area which has become challenging due to the limited number of acquisition financing deals, with co-ordination and debt advisory mandates. In this scenario, the Bank has confirmed its position as market leader in Italy and consolidated its European footprint, assisting its clients in their ordinary operations, by helping them raise finance and refinancing operations (including Enel, Nexi, IGT, Telefonica, APRR/Eiffarie and Volkswagen), and in their extraordinary operations as well (including financing the public tender offer launched by MFE-MEDIAFOREUROPE for ProSiebenSat.1 Media and the leveraged buyout of Piovan by Investindustrial). In its Lending activities, the Bank has also continued its growing trend in granting ESG loans, including by participating in revolving sustainability-linked credit lines (for instance Snam) and the largest ESG line in Euros (Enel).

In Markets activity, the Bank has continued to play a significant role in the placement of Italian government securities, participating in 41 auction sessions as specialist (it has brokered more than 4% of the total amount placed by the Italian Ministry of Finance), and has taken the role of Co- Lead Manager in five syndicated deals also executed by the Ministry, with a healthy flow in bespoke activities for government securities with domestic and international clients, in addition to its brokerage activity (with a total of more than €12bn traded). The Bank has also maintained its footprint in the European Union Allowances (“EUAs”) market, recorded a volume of €1bn traded in EUAs in 9M. Activities have also been stepped up in support of WM (private and professional clients), continually searching out high-yield investment instruments for customers with substantial liquidity positions exposed to inflation. Overall Markets activity contributed revenues of €144.7m to the division's top line (up 10% YoY), €51m of which generated in 3Q.

Revenues increased to €677.3m, up 27% YoY, declining in 3Q (€225.9m, down 16% QoQ on account of the unfavourable comparison base relative to the record quarter posted in 2Q), with the contribution from Wholesale Banking totalling €618.5m (up 29.2% YoY; down 17.4% QoQ), while Specialty Finance revenues totalled €58.8m (up 2.6% YoY, and up 5.9% QoQ):

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Operating costs grew from €266.5m to €296.6m (down 9.7% QoQ). The higher labour costs (which were up 18%, to €173.7m) reflect the three additional months in which Arma Partners has been consolidated compared to last year, plus the strengthening of the headcount, with the opening of the new Mid-Cap office in Frankfurt, plus higher accruals for variable remuneration in 2Q in line with performances. Administrative expenses were up 3% YoY, from €119.3m to €122.9m (down 9% QoQ).

Net writebacks of €11.8m were credited for the nine months, compared with €2.8m last year, with no overlays released in the period, mostly attributable to implementation of the new IFRS9 PD Corporate model.

In the nine months customer loans increased from €19bn to €19.7bn, driven by Wholesale Banking (up from €16bn to €17.3bn), which more than offset the reduction in Factoring (from €3m to €2.4m).

Gross NPLs decreased from €51.2m to €33.1m; the gross NPL ratio remained extremely low, at just 0.2% of the stock, while the coverage ratio improved to 81.3%.

In 9M Compass delivered a record net profit of €308m (up 5.6%), €104.6m of which in 3Q (up 3.5% QoQ), and revenues of €954.4m (up 7.4% and up 2% respectively), new record levels, with profitability remaining high (RORWA 2.9%, 10 bps higher than last year). The increase in new business (€6.7bn) enabled growth in customer loans, which now total €15.8bn (up +5.5% YoY). Net interest income was buoyed by the consolidation of the margins on new loans and higher average volumes, and the growth in NII more than offset the increase in the cost base. The cost of risk rose from 167 bps last year to 174 bps, as a result of the different mix of the new business plus an increase in risk in line with the Strategic Plan expectations. The initiatives intended to realize the vision and trajectory outlined in the 2023-26 Strategic Plan “One Brand-One Culture” have continued, based on the following factors:

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The Italian consumer credit market reported significant growth in flows financed in the first quarter of 2025, with an increase of 7.9% compared to the previous year, for a total of €14.9bn financed. The sector's positive performance was driven by personal loans (up 12.6%) and by salary-/pension- backed finance (up 7.6%). Compass in the first three months of the 2025 calendar year reported 5.5% growth, with a market share of 13.8%.

In the nine months under review, Compass granted loans of €6.7bn (up 9.1% YoY and up 5% QoQ), with all products contributing positively. Personal loans rose by 9.9%, from €2,857m to €3,140m, helped by the growth of the direct channel (up 8.2%, from €2,238m to €2,422m), and a good performance for the quarter by the Poste Italiane channel (up 84%). There was robust growth in new loans both in BNPL (up 41%, from €358m to €506m) and salary-backed finance (up 28%, from €283m to €363m). Automotive finance was virtually stable (up 1%, from €1,051m to €1,064m), as were special-purpose loans (up 3%, from €875m to €899m).

The growth in revenues (up 7.4%, from €888.3m to €954.4m, up 1.9% QoQ) was higher than the growth in average lending volumes (which rose by 6%). The main income items performed as follows:

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Operating costs, which reflect the strong development activity in terms of products and channels, totalled €291.3m, higher than last year (€271.3m) and higher also on a quarterly basis (up 3%). Of this increase, €5.7m is attributable to labour costs (up 6.4%, from €88.6m to €94.3m), due to the growth in headcount and the remuneration policies. Administrative expenses rose by €14.3m (from €182.7m to €197m), primarily due to the technology component (to support the resilience and security of the systems used for digital sales), followed by the growth in management costs linked to volumes and recoveries. The cost/income ratio was in line with last year, at 30.5%.

Loan loss provisions rose by 9.7%, from €184.1m to €201.9m (down 2% QoQ), most of which due to the different product mix, with a higher share of personal loans (which require a higher level of provisioning from the time at which they are granted), plus the risk indicators gradually realigning with pre-Covid levels as expected. The cost of risk stood at 174 bps (compared with 167 bps last year), decreasing to 169 bps in 3Q (reflecting the modest use of overlays in an amount of €10m). The overlays at end-March 2025 amounted to €144m. The management cost of risk¹⁴ increased by approx. 8 bps in 3Q (to 195 bps).

Gross NPLs totalled €854.5m (31/12/24: €1,050.0m), and reduced in relative terms from 6.21% of total loans to 4.9% as an effect of the write-off of positions in the final stages of the recovery process and fully covered, for a total amount of approx. €260m, made to reduce the percentage of non- performing exposures to below 5%. The coverage level remains excellent (the ratio declining from 74.3% to 66.2%), and net NPLs (€278.8m) continue to be low in relative terms at just 1.76% of total loans (compared with 1.73% at end-December 2024). Net bad debts, virtually unchanged, totalled €5m, reflecting a coverage ratio of 94.2%. The coverage ratio for performing loans was basically

stable, at 3.52%.

This division delivered a net profit for the nine months of €350m (€109.7m of which in 3Q), virtually in line with last year (€353m) on equity method valuations of €336.6m, deriving primarily from Assicurazioni Generali, and upward adjustments to reflect current fair value for holdings in funds, which at €17.7m were slightly lower than last year (€19.7m); the RoRWA for the division was down 20 bps to 3.2%.

The equity method results in a slight reduction of 2% (from €342.4m to €336.6m), with the contribution from Assicurazioni Generali down 2.5% (from €337.7m to €329m), due to gains realized on disposal last year. The book value of the Assicurazioni Generali investment rose from €4,000.7m to €4,076.7m, due primarily to the profit for the period (€102.4m), offset in part by the reduction in reserves (€26.3m). More than half the Assicurazioni Generali investment (€2,294m) is deducted from CET1, while the remainder (€1,783m) is weighted at 370% (in accordance with the Danish Compromise).

The other banking book securities totalled €811.8m (31/12/24: €793.6m). Holdings in funds increased from €546m to €561.4m, while the equity component increased from €247.7m to €250.4m.

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The net loss posted by the Holding Functions division in the nine months totalled €49.7m (approx. €20m of which in 3Q), impacted primarily by the decline in market interest rates (Euribor 3M: down 95 bps versus twelve months previously, NII down from €138.9m to €61.1m, €13m of which in 3Q) and the performance in net trading income (which decreased from €33.4m to €12.5m, €6.9m of which in 3Q): against this backdrop the regulatory ratios remain high (LCR: 160%; NSFR: 116%; MREL: up 46.3%). Operating costs decreased from €139.2m to €127.7m (down 8.3% YoY and down 3.3% QoQ), including the central cost component, stable at €83.1m, which represents 7.1% of the Group's total costs (7.4% last year).

The main areas performed as follows:

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Group Sustainability Roadmap

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

The increasing integration of these principles into the company's processes has been recognized by the leading ESG rating agencies. These include ISS, which has raised the Group’s ESG Corporate Rating from C to C+, the highest score in the banking sector, whereas S&P has included Mediobanca in its Global Sustainability Yearbook for 2025. Furthermore, Compass Banca and Mediobanca Premier have also obtained UNI/PdR 125:2022 gender parity certification, which had already been granted to Mediobanca and MBCS.

With regard to the need 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).

As for the Social pillar, the Group has confirmed its commitment to the communities in which it operates by taking part in charitable initiatives, which include renewing its partnership with UNHCR to support its programme for protecting underage refugees in Italy.

In March 2024, Mediobanca successfully completed its first €300m Tier 2 Sustainable issue, thus achieving the ESG objective to issue two sustainability bonds set in the 2023-26 Strategic Plan, well ahead of schedule.

With reference to the other Strategic Plan targets, the ESG product and services offering as of 31 March 2025 comprises:

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Mediobanca S.p.A.

The Parent Company delivered a net profit of €683.6m in the nine months (up 14% YoY), including €89m in the third quarter. Revenues totalled €1,191.4m (up 8.5% YoY), €260m of which in 3Q, on a good performance in fees (up 26.3% YoY) and dividends from Group Legal Entities (up €91.1m YoY), which offset the anticipated reduction in net interest income (down 20.5% YoY).

At the same time, operating costs rose by 4.2% YoY (from €390.4m to €406.8m, €137m of which in 3Q), with the cost/income ratio decreasing to 34%.

Net writebacks to receivables were credited in the nine months for a total of €10.6m, following the adjustment to the Large Corporate PD made during the quarter (the stock of overlays was stable at €17m).

The Bank's total assets rose during the three months, from €88.9bn to €89.1bn, with net customer loans increasing from €42.5bn to €42.9bn, comprising €14.8bn in corporate loans, €1.4bn in loans to Private Banking clients, and €26.7bn in loans to Group Legal Entities; funding totalled €72.4bn, with strong debt security market activity (including €2bn in new issues, stock €26bn) and an increase in Wealth Management deposits (+€1bn, stock €24bn).

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Outlook

The European scenario for the coming months will continue to reflect the uncertainty deriving from the geopolitical risks and from the first initiatives implemented by the new US administration: the imposition of tariffs on international markets could weaken the leading EU economies despite the accommodative measures put in place by the European Commission and the individual countries.

The Mediobanca Group, on the back of the results thus far achieved and the potential embedded in its business model, confirms its end-of-year objectives (for FY 2024-25):

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Public exchange offer for Banca Generali¹⁶

At a BoD meeting held on 27 April 2025, the BoD of Mediobanca approved a public exchange offer for Banca Generali shares, subject, inter alia, to approval by shareholders at an ordinary general meeting called to take place on 16 June 2025.

The transaction, which aims to merge Banca Generali into the Mediobanca Group Wealth Management Division, will strongly accelerate the Mediobanca Group’s transformation, fulfilling the objective stated in the “One Brand-One Culture” Strategic Plan for the Group to establish itself definitively as a leading wealth manager, distinctive for its positioning (as a Private & Investment Bank, or “PIB”), brand, ability to attract talented professionals, and guarantee remuneration for its shareholders. The proposed combination will create a market leader, ranking second in Italy by assets (TFAs of €210bn) and distribution network (approx. 3,700 professionals), with the highest performance in terms of organic growth (NNM of over €15bn per annum) at the high end of the Italian wealth management market.

The transaction will result in the creation of a Group which is unique in terms of its business model: capital-light, with limited sensitivity to interest rates and credit risk, attractive profit mix (net profit of €1.5bn, 50% of which from WM, 20% from CIB, and 30% from CF), and distinctive for its brand and quality of human capital:

The combination between Mediobanca and Banca Generali will create value for all stakeholders:

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The combination will strengthen Mediobanca’s earnings and capital profile, and through the significant reallocation of capital, will rebalance the mix of revenues and profits, proving to be accretive in terms of profitability, earnings, and shareholder remuneration.

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Conversely, the MPS offer for Mediobanca presents numerous risk factors:

These risk factors would be further amplified with the combination Mediobanca-Banca Generali.

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* This item includes the provision for the interests (interest B) attributable to minority partners in the Arma Partnership.

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(*) interim + balance; (**) interim dividend

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

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Not for release, publication or distribution, directly on indirectly, in whole or in part, in or into or from the United States of America, Australia, Canada, Japan, or any other jurisdiction where to do so constitute a violation of the relevant laws of such jurisdiction.

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* HF staff excluding those who work for the support/control units whose cost is charged back to the business lines as “administrative expenses”; the FTEs properly attributable to the HF refer to Group Treasury/ ALM, Leasing and other noncore activities, General Management, plus approx. 40% of the support/control units.

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As required by Article154-bis, paragraph 2 of Italian Legislative Decree 58/98, the undersigned hereby declares that the stated accounting information contained in the report conforms to the documents, account ledgers and book entries of the company.

Head of company financial reporting

Emanuele Flappini