Best-ever year, in brief:
Mediobanca closed FY 2024/25 with strongest-ever performance and guaranteed 100% cash distribution on normal profit. The Board indicated DPS €1.15 for the year (final instalment €0.59 in November) and completed the second buyback tranche (€385m) with 20 million shares retired; a third €400m tranche has been approved.
CET1: 15.1%.
Dividend calendar (2025)
Half-yearly distribution on-going:
- ex-date : 24/11/2025,
- record : 25/11/2025,
- payment : 26/11/2025
What arrives in the bank account
With DPS €1.15, the net is ~€0.851 per share.
Illustrative nets:
- 100 shares → €85.10 net
- 500 shares → €425.50 net
- 1,000 shares → €851.00 net
Cancellations and buybacks: accretion per share
The cancellation of 20,000,000 shares has the effect of automatically raising each share's claim on profit and distribution even before any increase in earnings.
The Board also approved a new €400m buyback, which, if purchased and cancelled, would add incremental accretion; the exact percentage is a function of average purchase price and ultimate cancellations.
Takeaways for retail shareholders
- Cash visibility : A standard semi-annual frequency and all-cash pay allow for dividend income planning.
- Accretive on a built-in basis : Completed cancellations contribute to the per-share component of future earnings and dividends.
- Newsflow risk in advance of fundamentals : Short-term volatility of the price will likely be controlled more by M&A/governance news than by the already crystallized November cash flow.