Mps loses share after 2025 accounts, Mediobanca rewarded
The market awaits news from the integration plan to be presented on 27 February
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(Il Sole 24 Ore Radiocor) - At Piazza Affari the focus on banks remains high with the quarterly reports season punctuating the pace of trading. If the numbers of Banca Mps did not surprise, leading the stock to lose share, the subsidiary Mediobanca was rewarded by the results of its short (6-month) financial statements.
The market's eyes remain focused on the industrial plan for the integration of the two institutions - to be presented on 27 February as announced by Rocca Salimbeni - which will have to resolve the doubts on whether to maintain the listing or delisting Mediobanca. The latter option is foreseen in the initial plan of Luigi Lovaglio, who, however, today during the conference call with analysts did not give his opinion. 'We are finalising the best possible structure and we will give the complete information with the presentation of the industrial plan to the market,' the Mps CEO said. The Sienese institution for Piazzetta Cuccia points to a future as a 'legal entity focused on high-end corporate & investment banking and private banking', according to the results note. The integration between Mps and Mediobanca aims to be completed by the end of the year, Lovaglio said, confirming total synergies of at least EUR 700 million.
On the income statement front, Monte dei Paschi di Siena reported results in line with expectations in the fourth quarter with a net profit of EUR 1.35bn. The annual net profit rose by 17.7% to EUR 2.75bn (EUR 3.03bn considering Mediobanca's fourth quarter). The Sienese bank will propose the distribution of a dividend of EUR 0.86 per share for a total of over EUR 2.6bn (just over EUR 1bn last year). Slightly below expectations instead the total revenues, at 1.9 billion euro.
Mediobanca, on the other hand, posted a drop in profit in the last six months of 2025 (-22% to €513m) due to non-recurring costs, starting with the Mps ops. Revenues withstood the shock, coming in at €1,786m (-3%), while recurring profit (net of costs) was down 5.6% to €623m. Undoubtedly "it was a phase of significant transformation, following the change of control of the bank", as underlined by CEO Alessandro Melzi d'Eril, assuring that the "results confirm Mediobanca's resilience, solidity and strategic consistency".
