In the plan to 2026, Mediobanca expects to remunerate shareholders with 3.7 billion euros over three years (+70%) with a payout of 70% and dividends of 2.7 billion as well as with the repurchase and cancellation of treasury shares for 1 billion. An interim dividend is introduced.
In the plan, called ‘One brand one culture’, Mediobanca aims at 3.8 billion in revenues over three years (+6%) and earnings per share of 1.8 euro (equity per share +15%). This can be read in the note released the day after the board meeting.
Nagel: Growth of capital-light businesses planned
«With the One brand – one culture plan, Mediobanca intends to achieve substantial growth in low capital absorption activities, aiming to achieve the best returns in the sector, associated with a low risk profile and a significant increase in shareholder remuneration. This exciting journey will be accomplished by remaining anchored to the ‘school of responsible banking’ firmly rooted in the bank’s DNA». This is the comment by Alberto Nagel, CEO of Mediobanca, on the new plan.
Generali will continue to contribute to the results
Mediobanca’s insurance division, almost entirely represented by the stake in Assicurazioni Generali (equal to 13%), “will continue to contribute positively to the creation of revenues (expected to reach 0.5 billion, +6%) and to the group’s profits, improving its stability and visibility», reads the note on the new plan to 2026. The value of the investment lies in the excellent and growing profitability (Rorwa from 2.7% to 3.2%), further strengthened by the continued application of the Danish Compromise, in the decorrelation with respect to the macro trend, in the production of high cash flow and in the value option that it guarantees the Mediobanca group in terms of resources available and which can be activated in the event of external growth operations.
The autumn of renewal
The plan presented today by the top begins the process of approaching the meeting next October, when the expiring board of directors will be renewed. For the CEO Alberto Nagel and the president Renato Pagliaro the test will be on the choice of sides of strong shareholders, in particular of Delfin (the holding company of Leonardo Del Vecchio’s heirs) and Caltagirone, which in total own almost 30% of the capital.
