Slides
Page 1
BANCO BPM Group H1 2026 Results Presentation 5 August 2026
Page 2
2 Disclaimer This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any questions and answers session and any written or oral material discussed following the distribution of this document. The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiaries disclaim any responsibility or liability for the violation of such restrictions by any person. This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Banco BPM or any member of its group or any advice or recommendation with respect to such securities, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Banco BPM or any member of its group, or investment decision or any commitment whatsoever. This presentation and the information contained herein does not constitute an offer of securities in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933 (the "Securities Act"), as amended), Canada, Australia, Japan or any other jurisdiction where such offer is unlawful. The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating without notice. Certain statements in this presentation are forward-looking statements about Banco BPM. Forward-looking statements are statements that are not historical facts and are based on information available to Banco BPM as of the date hereof, relying on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because dependent on factors most of which are beyond Banco BPM’s control. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Banco BPM does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer. None of Banco BPM, its subsidiaries or any of their respective representatives, directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or otherwise arising in connection therewith. By participating in the presentation of the Group results and accepting a copy of this presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this presentation. *** This presentation includes both accounting data (based on financial accounts) and internal managerial data (which are also based on estimates). Mr. Gianpietro Val, as the manager responsible for preparing the Bank’s accounts, hereby states pursuant to Article 154-bis, paragraph 2 of the Financial Consolidated Act that the accounting data contained in this presentation correspond to the documentary evidence, corporate books and accounting records.
Page 3
3 Methodological Notes For further details, see the Explanatory Notes included in the H1 2026 results press release published on 5 August 2026 A SLIDE REPORTING THE DEFINITIONS OF THE KEY INDICATORS INCLUDED IN THE PRESENTATION IS INCLUDED IN THE FINAL SECTION OF THISDOCUMENT The balance sheet and income statement schemes contained in this news document have been reclassified along management criter ia in order to provide an indication on the Group’s overall performance based on more easily understandable aggregate operating and financial data. These layouts have been prepared based on the financial statement layouts indicated in the Bank of Italy’s Circular no. 262/2005 and following updates. ▪ Following the public tender offer launched on Anima Holding S.p.A. (Anima) in November 2024 by the Banco BPM Group, through Banco BPM Vita, on 11 April 2025 the transaction was completed reaching an interest of 89.949% of the share capital of Anima, vs a stake of 21.973% already held in Anima before the launch od the Offer. In light of this, full Anima’s contribution to the income statement is reported in the consolidated financial statements, line by line, in the second quarter of 2025. With regard to the first quarter of 2025, the related economic contribution - when the 21.973% stake was classified as an associate - is instead included in the reclassified income statement item ‘Result of investments measured at equity’. In light of the above, in this presentation, the following P&L data are reported with regard to 2025 ▪ 2025 Stated, which is the effective contribution of Anima to the group’s P&L, considering the perfection of the transaction in Q2 (i.e. consolidation line by line, in the second and third quarter of 2025 and the contribution of the 21.973% stake within the item ‘Result of investments measured at equity’ for the first quarter). ▪ 2025 Proforma, which considers the contribution of Anima to the group’s P&L as if the stake of 89.949% had already been achieved on 1 January 2025, with a consolidation line-by- line for all the twelve months. Moreover, also the balance sheet figures starting from 30 June 2025 reflect the consolidation of Anima and the allocation of the related goodwill within the intangible assets. ▪ Starting from 30 June 2025, certain changes have been made to the criteria for aggregating items in the reclassified income statement in order to allow for a better assessment, on an operating basis, of the economic contribution provided by the various operating segments. Specifically: ▪ the income components constituting remuneration for structuring and hedging risks on certificates issued, placed or structured by the Group, as well as those relating to remuneration for the sale of derivative hedging contracts to retail and corporate customers, previously reported under ‘Net financial income’, are now included under ‘Net Fees and Commissions’; ▪ the impact of the realignment of intercompany revenues and costs due to the different recognition criteria adopted by Banco BPM (upfront recognition of distribution fee income) compared to those adopted by the Group's insurance companies (recognition of distribution fee expense over time), previously reported under ‘Insurance result’, are now recognised as an adjustment to ‘Net Fees and Commissions’, in line with the consolidated presentation. Moreover, starting from the third quarter of 2025, the structure of the reclassified income statement has been further modified, with the aim of ensuring greater alignment between the aggregates highlighted therein and those used to comment on the Group's performance. Finally, starting from 31 March 2026, costs incurred in connection with synthetic securitization transactions, relating to the purchase of credit risk protection on loan portfolios, are reported under “Other net operating items”. Until 31/12/2025, such costs were included in the reclassified line item “Net fee and commission income”. The reclassification adopted as from 31/03/2026 aims to provide a more consistent representation of their economic nature and to enhance the readability of revenue aggregates. In order to ensure a like-for-like comparison, the figures for previous periods have therefore been restated, applying all the new classification criteria described above. ▪ The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend determined according to the current regulation. Furthermore, data as at 31/12/2025 exclude the application of Art. 468 of the CRR 3 on FVOCI reserves, being this option expired after YE 2025.
Page 4
1 Executive Summary 5 2 Key Highlights 11 3 Final Remarks 23 4 H1 2026 Performance Details 26 4 Agenda
Page 5
Executive Summary 1
Page 6
6 TOP-NOTCH PERFORMANCE ALLOWS TO BOOST SHAREHOLDER RETURNS: 2024-27 REMUNERATION FROM >€6BN TO ~€7BN 1. Executive Summary Note: 1. Budget law and systemic headwinds. 2. Resolution regarding the preparation of the application adopted by the BoD on 5 Aug. 26; implementation subject to Shareholders’ and Supervisory approvals. 3. Guidance subject to BoD resolution to be adopted in November with approval of 2026 3Q results; dividend expected to be paid in the same month. 4. Based on the achievement of 2024-2027 Strategic Plan Targets. 5. Rebased, net of Anima and Regulatory Headwinds impacts. See slide 10 for details. RECORD PROFITABILITY CET 1 RATIO AT 14.40% +140bps vs Plan minimum threshold +240bps since YE 20245 GROSS NPE RATIO FOR THE FIRST TIME <2% H1 NET INCOME REACHES HIGHEST HISTORICAL LEVEL OF €1,060M Improved Revenue mix, C/I and CoR RECORD ASSET QUALITY RECORD CAPITAL GENERATION FY 26 NET INCOME GUIDANCE >€1.95BN FOR A TOTAL EXPECTED FY DPS ≥€1 Recovering ~€100m external headwinds1 not considered in the original €1.95bn Plan target 1 2 3 H1 2026 PERFORMANCE 2026 INTERIM DIVIDEND GUIDANCE ~€750M (~€0.50 DPS)3 vs. ~€700M 2025 INTERIM (~€0.46 DPS) Allocation buyback / dividends to be determined following ECB approval ROOM TO ENHANCE REMUNERATION THROUGH • BUYBACK2 • ADDITIONAL DIVIDENDS RAISED THE CUMULATIVE 2024-2027 REMUNERATION TARGET >€6bn ~€7bn From… … TO 4 • Back to Plan maximum level, despite deduction of Anima’s goodwill • Thanks to higher distributable profits, combined with significant excess capital
Page 7
7 Sustainable long-term value creation: H1 Net Income reaches a new high 1. Executive Summary • 2023: New bancassurance set-up completed1 • 2024: New JV in Payments2 • 2025: Acquisition of Anima 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes. Notes: 1. Finalized in Q4 2023. 2. Finalized in Q3 2024 -0.33% -0.33% -0.31% -0.36% -0.54% -0.44% 3.00% 3.87% 2.33% 2.13% 145 200 301 128 382 464 652 776 1,044 1,077 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 PF H1 2026 1,060 Stated Restructuring phase Business consolidation Transformational strategy New product factories set-up: New business model progressively operating @ full scale Euribor 3M Avg. Covid crisis Adjusted Net Income €m H1 NET INCOME EVOLUTION SINCE THE MERGER: STRATEGIC VISION IN ACTION, EFFECTIVE THROUGHOUT THE INTEREST RATE CYCLE Euribor 3M Avg. -87bps Adj. Net Income CAGR +18.2% IN THE 2023-2026 PERIOD RECORD PROFITABILITY 1
Page 8
RECORD PROFITABILITY 81. Executive SummaryNotes: 1. Maintaining the income statement contribution from Anima equivalent to the 21.973% stake held before the completion of the Offer and represented within item ‘Result of investments measured at equity’. 2. Including the cost of certificates. H1 2025 data adjusted to exclude the positive outcome from fiscal litigation at NII level: +€36m in Q1 25. 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes. 1,567 1,537 1,547 1,659 H1 2025 PF H1 2026 1,723 1,563 1,072 1,284 H1 2024 € m TOTAL REVENUES: RESILIENT AND INCREASINGLY DIVERSIFIED H1 2026 NII Non-NII revenues 3,114 3,196 2,794 In % of total revenues 194 164 157 H1 2024 H1 2025 PF H1 2026 1,339 1,304 1,368 H1 2024 H1 2025 PF H1 2026 48% 45%Cost/Income 43% € m LLPs: CONTINUING DECLINE, WITH IMPROVEMENT IN ASSET QUALITY € m Cost of Risk COST EVOLUTION: ENHANCED EFFICIENCY H1 2026 H1 2026 38bps 33bps 31bps Net NPE ratio 1.64% 1.42% 1.03% 2,847 38% 50% 52%45% Non-NII revenues from €1.07bn in H1 2024 to €1.66bn in H1 2026: from 38% to 52% of the Total PF impact of the Anima transaction H1 2025 Like-for-Like1 (Euribor 3M Avg.) (3.87%) (2.33%) (2.13%)(2.33%) 1,391 Like-for-Like1 vs. 2024 +55% vs. H1 24 +267 54% considering NII @ Full Funding Cost² Non-NII revenues +€112m Y/Y, o/w +€77m from Key Product Factories (see slide 17) Revenue mix improves, while costs and provisions continue to decline1
Page 9
RECORD ASSET QUALITY Notes: 1. Proforma aggregated data. 2. NPEs excluding loans with State Guarantees as a percentage of Total Loans. 91. Executive Summary HEALTHY PERFORMING PORTFOLIO Default rate H1 26FY 25 0.73%0.84% Share of Stage 2 loans on performing loans 7.4% 30/06/26 Gross NPEs at €2.0bn as at 30/06/26 down €594m Y/Y (-22.8%) CONTINUED REDUCTION IN NPEs MATERIAL RISK MITIGATION FROM STATE GUARANTEES Average over the 2021-24 period 0.98% 31/12/25 8.1% 24.1% 5.76% 4.32% 3.53% 2.81% 2.22% 2.13% 1.96% YE 16 YE 21 YE 22 YE 23 YE 24 YE 25 31/03/26 30/06/26 1 Gross NPE ratio evolution since 2016 14.7% 3.04% 2.19% 1.79% 1.58% 1.22% 1.13% 1.03% YE 16 YE 21 YE 22 YE 23 YE 24 YE 25 31/03/26 30/06/26 Net NPE ratio evolution since 2016 Excl. NPEs with State Guarantees2 as at 30/06/26 • Net NPE ratio at 0.53% • Net Bad Loan ratio at 0.1% 86% of Core Performing customer loans concentrated in Mid-to-Low-risk classes 1 Strongest asset quality ever: gross NPE ratio below 2%2
Page 10
RECORD CAPITAL GENERATION 101. Executive SummaryNote: 1. Including operational risk recalculation under Basel 3+. 2. Resolution regarding the preparation of application adopted by the BoD on 5 Aug. 26; implementation subject to Shareholders’ and Supervisory approvals. 3. Based on the achievement of 2024-2027 Strategic Plan Targets. 15.05% 12.01% 13.32% 13.58% 14.40% 31/12/24 Starting Point Rebased 30/06/25 31/12/25 30/06/26 13% Plan minimum threshold CET 1 RATIO ALREADY ABOVE 14%: 240BPS OF CAPITAL GENERATED SINCE YE 2024 +240bps Including ~80% dividend payout MDA BUFFER381BPS 408BPS 487BPS ROOM TO ENHANCE SHAREHOLDERS’ REMUNERATION3 CET 1 RATIO TO REMAIN WELL ABOVE 13% PLAN THRESHOLD, THANKS TO: • INTERNAL CAPITAL GENERATION • DTA REDUCTION • MANAGERIAL ACTIONS Anima acquisition (incl. capital gain) Regulatory headwinds1 -242bps -62bps Ability to leverage on significant excess capital Superior capital generation allows higher distribution to shareholders, while maintaining very solid buffers 3 Allocation buyback2 / dividends to be determined following ECB approval
Page 11
Key Highlights 2
Page 12
Q2 25 Q1 26 Q2 26 Chg. Q/Q Chg. Y/Y H1 25 PF H1 26 Chg. H/H Net interest income 785 751 786 4.6% 0.1% 1,567 1,537 -1.9% Net fees and commissions 654 708 712 0.6% 9.0% 1,382 1,421 2.8% Income from associates 24 26 25 -2.0% 8.0% 52 51 -2.0% Income from insurance 43 42 46 9.8% 6.7% 80 87 9.2% «Core» Revenues 1,505 1,527 1,569 2.8% 4.2% 3,081 3,096 0.5% Net financial result 73 25 118 88 143 62.3% o/w Cost of certificates -42 -28 -31 -92 -59 -36.6% o/w Other NFR 115 53 149 181 202 11.7% Other net operating items -30 -22 -21 -55 -43 -21.9% Total revenues 1,548 1,530 1,667 9.0% 7.7% 3,114 3,196 2.7% Operating costs -702 -674 -694 2.9% -1.2% -1,391 -1,368 -1.6% Pre-Provision income 846 855 973 13.8% 15.0% 1,723 1,828 6.1% Total Provisions -88 -76 -76 0.0% -14.0% -167 -152 -8.7% o/w LLPs -89 -82 -75 -164 -157 -4.7% o/w Other provisions 1 0 6 -1 -2 5 Profit from continuing operations (pre-tax) 758 779 897 15.1% 18.4% 1,556 1,676 7.7% Taxes -213 -278 -281 -475 -559 17.5% Net profit from continuing operations 544 501 616 22.9% 13.1% 1,081 1,117 3.4% Systemic charges 0 0 0 0 0 Minorities -8 -6 -10 -13 -16 21.2% PPA and Other -12 -12 -12 -24 -25 2.8% Net income Adjusted 524 483 594 22.9% 13.2% 1,044 1,077 3.1% Net income STATED 704 480 581 1,253 1,060 P&L HIGHLIGHTS, Adjusted data €m 592 660 897 Q2 24 Q2 25 Q2 26 1,361 1,407 1,667 Q2 24 Q2 25 Q2 26 112 89 75 Q2 24 Q2 25 Q2 26 12 H1 2026 results: Net Income at €1.06bn, with sound quarterly evolution In Q1 2026 some revenue components were reclassified. Historical data restated accordingly; 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes. Notes: 1. Includes: Net provisions for risks & charges, Profit (loss) on FV measurement of tangible assets and Net adjustments on other financial assets. 2. Maintaining P&L contribution from Anima equivalent to the 21.973% stake held before the completion of the Offer and presented under the item ‘Result of investments measured at equity’. 2. Key Highlights 49% 45% 42% Q2 24 Q2 25 Q2 26 PROFIT FROM CONTINUING OPERATIONS (PRE-TAX) TOTAL REVENUES COST/INCOME LOAN LOSS PROVISIONS 38%Non-NII Revenues/ Revenues 52%49% Q2 TREND: TWO-YEAR EVOLUTION Like-for-Like2 vs. 2024 1,548 Like-for-Like2 vs. 2024 758 Adjusted, €m +22% -33% +52% -7 p.p.
Page 13
3.25 2.94 2.88 2.90 2.89 3.03 1.51 1.49 1.47 1.47 1.45 1.431.74 1.45 1.41 1.43 1.44 1.60 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Asset spread Liability spread Quarterly average, in % Notes: 1. Adjusted excluding positive outcome from fiscal litigation: +€36m. 2. NII including cost of certificates 3. Managerial data of the commercial network. 4. At NII level: «Static» calculation, +/- 100bps parallel shift to interest rates. 5. Avg. Yield 2.0%, duration 2.9 years. 132. Key Highlights 25.8 28.2 27.4 31/12/25 31/03/26 30/06/26 Replicating portfolio Indexed CA at 35% of total INTEREST RATE SENSITIVITY4: ~€150M € bn 5 NET INTEREST INCOME EVOLUTION Net interest income at €1.54bn, with Q2 recovery (+4.6% Q/Q) COMMERCIAL SPREADS EVOLUTION3 Euribor 3M Avg. 2.56 2.11 2.01 2.04 2.05 ▪ Strategic plan target confirmed at €25bn ▪ Current level reflects anticipated renewal of hedges maturing in the remainder of the year 2.20 NET INTEREST INCOME: KEY QUARTERLY DRIVERS € m 1,567 1,537 751 786 H1 25 H1 26 Q1 26 Q2 26 NII "at full funding cost“2 1,474 1,479 724 +4.6% -1.9% 1 755 € m 751 786+23 +12 Q1 26 Q2 26Commercial banking Financial components & Other
Page 14
14Notes: 1. Businesses with turnover up to €5m, managerial data (part of the segment “Non Financial Corporates”). Lending volumes: continuing commitment to support our clients and preserve loan book quality 2. Key Highlights 57.8 59.0 59.5 28.0 27.6 27.7 8.9 9.0 9.2 31/12/25 31/03/26 30/06/26 GBV, in € bn STOCK OF “CORE” PERFORMING LOANS GROWS BY €1.7BN IN H1 2026 94.7 Non-Financial Corporates Households Financials, PA & Other +2.9% -1.2% +3.6% VAR. YTD +0.8% +0.1% +1.8% VAR. Q/Q 96.395.7 New lending at €13.8bn in H1 2026, o/w €7.6bn in Q2 (+22% vs. Q1) +1.8% ENDURING FOCUS ON SAFE CREDIT MANAGEMENT ▪ >72% of core customer loans are located in Northern Italy ▪ Low-risk Non-Financial Corporate portfolio: 7.2 6.2 7.6 Q2 2025 Q1 2026 Q2 2026 Highest level in Q2 since the merger NEW LENDING: SOLID REBOUND IN Q2 € bn Spread 1.42% 1.55% 1.57% • 47% secured (24% with State Guarantees and 23% Collateralised) • 91% concentrated in Mid-to-Low-risk classes Increases to 61% for the Small Business segment only1
Page 15
240 252 191 193 248 287 H1 25 PF H1 26 ANIMA Upfront Running +3.2% TOTAL NET FEES & INSURANCE INVESTMENT PRODUCT FEES: +7.5% VS H1 25 PF, +14.8% VS Q2 25 € m 15 Total Net Fees & Income from Insurance at €1.51bn, +3.2% vs H1 25 PFvs H1 Increasing share of Investment product fees, now representing 51% of Total Net Fees 2. Key Highlights € m 680 731 176 172 135 140 391 377 H1 25 H1 26 702 Commercial Banking & Other Product Factories1 Specialised activities2 690 OTHER FEES: -1.8% VS H1 25, +3.8% VS Q2 25 Impacted by Ecobonus phase-out (-€12m Y/Y)3 € m • In Q1 2026 a component previously included in Net Fees and Commissions has been reclassified to Other Net Operating Items. Historic data have been restated accordingly. For details, please refer to Methodological Notes. • 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes. Notes: 1. Includes: Consumer Credit, Payment Systems and P&C Insurance. 2. Includes: CIB, Structured Finance and Trade Finance. 3. Total contribution from Ecobonus in FY 2025 stood at €14m. 1,462 1,508 Lower structured-finance volumes Y/Y, with Q/Q recovery driven by trade and structured finance Strong contribution from Anima (+15.6% Y/Y) 1,382 1,421 80 87 H1 25 PF H1 26 Income from insurance Total Net Fees Share of Investment product fees on Total Net Fees 49% 51% 11.9 12.2Investment product placements (€ bn) 1.2 1.5Placements of Retail BTPs (€ bn)
Page 16
16 Notes: 1. Including wrapping (investments by Anima products into other Anima products) for €18.5bn in AUM and €0.3bn in AUC. See slide 32 for more details. 2. Banco BPM’s customer financial assets + Anima’s assets (including wrapping) not already included in Banco BPM’s volumes. 2. Key Highlights Increase in Total Customer Financial Assets driven by strong recovery in Q2 105.1 104.7 105.8 69.8 67.5 70.7 56.4 56.1 59.6 4.8 4.3 4.1 31/12/25 31/03/26 30/06/26 236.0 232.5 Capital-protected Certificates & other Debt Securities at FV AUC "Core" Direct (C/A & Deposits) AUM Indirect Funding at €130.3bn, +5.5% in Q2, driven by positive net flows (+€1.8bn) Solid deposit base: ▪ +€1.1bn in Q2 and +€664m YTD, despite retail BTP placements for €1.5bn in H1 (o/w €0.5bn in Q2) € bn 240.2 Anima’s Total Customer Financial Assets at €213.1bn (o/w €55.4bn already included in BBPM’s volumes)1 • €210.4bn AUM (+€8.8bn in Q2) • €2.7bn AUC & Assets under Advisory (+€0.3bn in Q2) Banco BPM’s Total Customer Financial Assets at €240.2bn +€4.1bn YTD and +€7.6bn in Q2 TOTAL GROUP’S CUSTOMER FINANCIAL ASSETS €398BN 2 Resulting in a solid contribution to Banco BPM Group’s P&L • €336m to Total Revenues, +18% vs. H1 25 PF • €145m to Net Income, +27% vs. H1 25 PF
Page 17
745 822 ~€800m ~€860m H1 2025 PF H1 2026 TARGET 2026 TARGET 2027 17 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes. Note: 1. Include Net Fees and Commissions, Income from Associates and Income from Insurance business. 2. Benchmark at Group level. H1 2026 data for Banco BPM, Credem, Intesa Sanpaolo and UniCredit; Q1 2026 data for BPER and MPS. Key product factories: significant and increasing contribution to revenue growth % share on Total Revenues €m 24% 26% Adjusted 26% 27%16% TOTAL REVENUES FROM KEY PRODUCT FACTORIES1 PERFORMANCE CONSISTENT WITH THE 2026 PLAN TARGET AND THE 2027 TRAJECTORY +€77m (+10%) +80% SHARE OF NET FEES & INSURANCE INCOME ON TOTAL REVENUES2 Supporting best-in-class share of Commissions + Insurance Revenues 47% 46% 42% 38% 37% 32% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 2. Key Highlights Half-yearly Average Half-yearly Average 456 H1 2024
Page 18
918 881 H1 25 PF H1 26 138 143 335 344 H1 25 PF H1 26 Other Administrative Expenses D&A 1,391 1,368 H1 25 PF H1 26 € m 18 € m TOTAL OPERATING COSTS STAFF COSTS OTHER ADMINISTRATIVE EXPENSES & D&A C/I1 45% € m 473 487 Cost/Income ratio down to 43%, best historical level, reflecting disciplined cost management Headcount: 18,881 employees as of 30/06/2026, -94 vs YE 2025 and - 423 Y/Y. Retail network: 1,293 branches as of 30/06/2026, -65 Y/Y. Excl. 53 private branches of Banca Aletti, 16 other Group outlets and 1 Aletti Suisse branch Note: 1. Adjusted. 43% -1.6% +2.9% 2. Key Highlights -4.0% Positive contribution from solidarity fund and voluntary exit schemes, more than offsetting impact of the new labour contract Mainly due to: • accelerated transformation-related costs • one-off fiscal impact • higher IT investments
Page 19
Notes: 1. NPEs excluding loans with State Guarantees as a percentage of Total Loans. Effective and prudent credit management: CoR down to 31bps, Gross NPE ratio <2% and NPE coverage up to 48% 19 BAD LOANS NPEs 30/06/26 UTP COVERAGE OF TOTAL NPES o/w: excl. NPEs with State Guarantees Default rate Cure rate Net Default rate 0.73% 7.14% 0.63% H1 2026 annualised COST OF RISK 31bps 2. Key Highlights 48.1% 39.7% 60.4% Net TOTAL NPEs: -23% Y/Y 1.43 1.21 1.05 30/06/25 31/12/25 30/06/26 Gross €2.25bn Gross ratio Net ratio 1.96% 1.03% 2.56% 1.42% €2.01bn 2.22% 1.22% €2.61bn 0.84% 5.64% 0.75% FY 2025 40bps 31/12/25 46.0% 39.0% 58.3% 55.8% 45.1% 77.4% 31/12/25 NPE vintage of 1.9 years 30/06/26 • 31% Bad Loans (€327m) • 69% UTP+PD (€718m) NET NPEs COMPOSITION o/w NPEs excl. loans with State Guarantees: -27% Y/Y 0.85 0.68 0.54 0.96 0.86 0.79 30/06/25 31/12/25 30/06/26 €1.33bn€1.81bn Gross ratio1 Net ratio1 1.29% 0.53% Net Bad Loan ratio at 0.3% Net Bad Loan ratio at 0.1% Net Gross 1.52% 0.68% €1.54bn 1.77% 0.84% 59.3% 46.0% 81.0%
Page 20
€ m Notes: 1. Refer to the securities portfolio of the banking business. 2. Portfolio sensitivity for a 1 bp rate variation, including hedging strategies. Managerial data. 3. Excludes debt securities in the trading book. 4. Certificates are funding instruments whose cost is indexed to market interest rates; such costs are included in NFR, in accordance with Bank of Italy accounting schemes. Cost of certificates4 ▪ Reduction mainly driven by a declining Euribor scenario Other NFR Components ▪ H1 2026 benefited from a strong contribution of Global Markets activities, coupled with dynamic management of market positions ▪ Q2 2026 includes €97m from MPS dividend (flat Y/Y) Active management of the bond portfolio contributes to improvements in Reserves and Net Financial Result 20 NET FINANCIAL RESULT 2. Key Highlights €39.1bn Govies & Supranational in the banking book, o/w 38.4% Italian Govies 69% 68% 71% 31% 32% 29% 30/06/25 31/12/25 30/06/26 FVOCI AC TREND AND BREAKDOWN OF DEBT SECURITIES IN THE BANKING BOOK3 46.7 47.6€ bn -335 -299 -256 Post-tax € m 30/06/25 31/12/25 RESERVES OF DEBT SECURITIES AT FVOCI1 30/06/26 46.6 88.3 143.3 H1 25 PF H1 26 -58.5 +201.8 Total FVOCI government bond BPV² at €2.15m as of 30/06/26 vs. €2.40m at YE 25 (of which IT government bonds: €0.69m vs. €0.83m) -92.3 +180.6
Page 21
4.8 4.8 4.7 43.8 43.7 46.5 4.6 2.7 1.8 0.6 0.5 0.5 31/12/25 31/03/26 30/06/26 147% 141% 143% 31/12/25 31/03/26 30/06/26 21 LCR NSFR €31.3bn€31.3bnHQLA2 Strong liquidity & funding position 2. Key Highlights KEY INDICATORS 126% 124% 123% 31/12/25 31/03/26 30/06/26 105.1 104.7 105.8 23.1 21.7 21.7 9.0 7.3 16.6 31/12/25 31/03/26 30/06/26 TOTAL DIRECT FUNDING: +7.8% Q/Q Cap.-protected Certificates, other Debt Securities at FV, REPOs & Other3 Bonds C/A & Deposits € bn 144.1137.2 133.7 € bn Cash Depo facility with the ECB Eligible Assets1 Other Marketable Securities 53.553.7 CASH + UNENCUMBERED ASSETS: +3.5% Q/Q 51.7 Notes: 1. Include securities and credit claims (Abaco) for €34.9bn and €11.6bn, respectively, as at 30/06/2026. 2. Weighted amount. 3. Managerial data. • €1.5bn wholesale bonds issued in H1 2026, o/w €0.5bn Social • €0.5bn Green T2 bond with settlement in July 2026 €29.7bn 3
Page 22
13.59 14.40 31/03/26 30/06/26 % CET 1 RATIO EVOLUTION 22 Excellent capital generation: largely increasing the buffer vs. 13% threshold Further material organic capital generation from DTAs and FVOCID Reserves in addition to P&L performance Expected capital contribution for a total of ~150bps, o/w ~70bps by YE 2027 2. Key Highlights MDA buffer equal to the buffer over the CET 1 Minimum Requirement MDA BUFFER 13% Plan minimum threshold RWA €65.9BN Q2 2026 performance Dividends and AT1 Coupons FVOCI reserves (post tax)1 RWA €68.8BN vs. 350bps Plan minimum threshold MREL BUFFER2 3.96 p.p. vs. Total Requirement Note: 1. Including impact of participations on RWA. 2. Managerial data. Refer to slide 30 for more details. +98bps -83bps -24bps+60bps 4.68 p.p. STATED 408 487 31/03/26 30/06/26 bpsConsidering an accrued dividend of ~€850m (80% payout) +30bps DTA Business dynamics Including Tier 2 bond settled in July
Page 23
Final Remarks 3
Page 24
1,267 1,556 1,676 ~€1.58bn H1 2024 H1 2025 PF H1 2026 2027 target 65% 11% 24% 243. Final Remarks Profit From Continuing Operations (adjusted, Pre-tax) 2027 Half-yearly Average Target +32% Notes: 1. Includes income from companies and commissions generated from products distribution (adjusted assuming relative Cost/Income and tax rate). 2. Including net fees and commissions from commercial banking, Finance and Corporate Center. 3. Annualized and normalised for the MPS dividend. Wealth & AM + Protection1 Commercial Banking & Other2 Specialty Banking1 FY 2024 H1 2026 2027 Target Net Income evolution Net Income composition & ROTE (adjusted) 1,920 2,082 >€1.95bn €2.15bn 2024 2025 2026 Guidance 2027 Target2027 Target2026 New Guidance 1,859 adj 1,691 adj Pre Budget law and new systemic headwinds Post Budget law and new systemic headwinds 56%9% 35% Profitability and Capital above Plan targets, supported by business model transformation… 50-55%10-15% ~35% 3 ROTE 16.0% 20.3% >21% € m € m 15.05% 12.01% 31/12/2024 CET1 RATIO Rebased to reflect Regulatory headwinds and the Anima impact 13.58% 14.40% 13% 31/12/2025 30/06/2026 Plan minimum threshold Plan minimum threshold One-offs
Page 25
25 Notes: 1. Budget law and systemic headwinds. 2. Resolution by the BoD to be adopted in November, when approving results as at 30/09/26; dividend to be paid in the same month. 3. Based on the achievement of 2024-2027 Strategic Plan Targets. 4. Resolution regarding the preparation of application adopted by the BoD on 5 Aug. 26; implementation subject to Shareholders’ and Supervisory approvals. 3. Final Remarks STRONGER PROFITABILITY NEW FY 2026 NET INCOME GUIDANCE Recovering ~€100m external headwinds1 not considered in the original €1.95bn Plan target GUIDANCE MAIN DRIVERS AHEAD OF THE PATH TOWARDS 2024-2027 STRATEGIC PLAN TARGET >€1.95BN ADDITIONAL CAPITAL DISTRIBUTION HIGHER REVENUES IMPROVED EFFICIENCY LOWER COST OF RISK … enabling to upgrade Net Income Guidance and boost shareholders’ remuneration Interim DPS2 ~€0.50 (vs. ~€0.46 2025 interim DPS) 2026 DIVIDEND GUIDANCE Total interim dividend2 ~€750m (vs. ~€700m 2025 interim)vs. €1 DPS for 2024 and 2025 FY DPS ≥€1 CUMULATIVE 2024-2027 DISTRIBUTION TARGET FROM >€6BN TO ~€7BN3 Back to Plan maximum level, despite deduction of Anima’s goodwill Enhanced remuneration over plan horizon thanks to stronger profitability & excess capital Allocation buyback4 / dividends to be determined following ECB approval
Page 26
H1 2026 Performance Details 4
Page 27
27 P&L: 2026 and 2025 comparison 4. H1 2026 Performance Details Reclassified income statement (€m) Q1 25 PF Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net interest income 817.5 816.9 785.1 757.9 767.5 751.4 785.7 Net fee and commission income 727.9 593.9 653.8 641.2 686.8 708.1 712.5 Income (loss) from invest. in associates carried at equity 28.9 39.8 23.6 28.2 29.3 26.0 25.5 Income from insurance business 37.1 37.1 42.8 34.8 47.9 41.6 45.6 Core Revenues 1,611.4 1,487.7 1,505.3 1,462.1 1,531.5 1,527.0 1,569.2 Net financial result 15.6 14.4 72.7 9.8 -48.5 25.1 118.2 Other net operating items -25.6 -26.3 -29.8 -14.7 -9.0 -22.5 -20.7 Total income 1,601.4 1,475.8 1,548.2 1,457.3 1,474.0 1,529.5 1,666.7 Personnel expenses -461.4 -434.0 -456.2 -446.8 -461.1 -439.5 -441.7 Other administrative expenses -158.5 -144.6 -176.8 -171.8 -164.3 -164.6 -178.9 Amortization and depreciation -68.8 -66.6 -69.2 -72.7 -74.8 -70.3 -73.1 Operating costs -688.8 -645.2 -702.2 -691.3 -700.2 -674.5 -693.7 Profit (loss) from operations 912.6 830.6 846.1 765.9 773.8 855.1 973.0 Net adjustments on loans to customers -75.8 -75.5 -88.7 -90.3 -142.1 -81.6 -75.2 Net adjustments on other financial assets 3.5 3.5 -1.2 0.4 0.7 -3.1 -0.5 Profit (loss) on FV measurement of tangible assets -0.8 -0.8 -3.4 3.4 -6.4 -1.9 -9.6 Net provisions for risks and charges 1.5 1.9 1.5 5.2 -11.1 8.7 -0.4 Total Provisions -71.6 -71.0 -91.8 -81.4 -158.9 -78.0 -85.7 Income (loss) before tax from continuing operations 841.0 759.6 754.2 684.6 614.9 777.1 887.3 Tax on income from continuing operations -275.8 -243.0 -202.6 -216.3 -141.2 -277.2 -277.9 Income (loss) after tax from continuing operations 565.2 516.6 551.6 468.3 473.7 500.0 609.4 Profit (loss) on the disposal of equity and other investments 0.3 0.2 0.6 0.1 1.3 -0.1 0.2 Revaluation of Anima stake 4.4 0.0 201.8 0.0 0.0 0.0 0.0 Restructuring costs and others -3.4 -0.7 -30.0 -1.1 -20.5 -1.9 -6.7 Minorities -4.9 0.0 -8.3 -4.9 -7.6 -6.3 -9.8 PPA -13.4 -7.0 -13.2 -13.3 -14.4 -13.0 -12.9 Fair value on own liabilities after Taxes 1.5 1.5 1.3 1.2 -1.3 1.0 0.4 Client relationship impairment, goodwill and partecipation 0.0 0.0 0.0 0.0 -4.4 0.0 0.0 Net income (loss) for the period 549.6 510.7 703.8 450.3 417.2 479.7 580.6 H1 25 H1 25 PF H1 26 1,602.1 1,602.6 1,537.0 -65.6 -4.1% 1,247.8 1,381.8 1,420.5 38.8 2.8% 63.4 52.5 51.4 -1.1 -2.0% 79.8 79.8 87.2 7.3 9.2% 2,993.1 3,116.7 3,096.2 -20.5 -0.7% 87.1 88.3 143.3 55.0 62.3% -56.1 -55.4 -43.2 12.1 -21.9% 3,024.0 3,149.6 3,196.2 46.6 1.5% -890.2 -917.6 -881.2 36.4 -4.0% -321.4 -335.3 -343.5 -8.2 2.4% -135.8 -138.0 -143.4 -5.4 3.9% -1,347.4 -1,390.9 -1,368.2 22.8 -1.6% 1,676.6 1,758.7 1,828.1 69.4 3.9% -164.2 -164.5 -156.8 7.7 -4.7% 2.3 2.3 -3.6 -5.9 n.s. -4.3 -4.3 -11.5 -7.3 n.s 3.4 3.0 8.3 5.3 n.s -162.8 -163.5 -163.6 -0.2 0.1% 1,513.9 1,595.2 1,664.4 69.2 4.3% -445.6 -478.4 -555.0 -76.6 16.0% 1,068.2 1,116.8 1,109.4 -7.4 -0.7% 0.9 0.9 0.1 -0.8 -90.9% 201.8 206.3 0.0 -206.3 n.s. -30.7 -33.4 -8.6 24.9 -74.4% -8.3 -13.3 -16.1 -2.8 21.2% -20.2 -26.6 -25.9 0.7 -2.6% 2.7 2.7 1.4 -1.3 -49.1% 0.0 0.0 0.0 0.0 n.s. 1,214.5 1,253.4 1,060.3 -193.1 -15.4% Chg. H/H PF
Page 28
28 P&L: 2026 and 2025 PF Adjusted comparison Stated vs. adjusted figures, with one-off details for H1 2026 4. H1 2026 Performance Details Reclassified income statement (€m) H1 25 PF Adjusted H1 26 Stated H1 26 Adjusted One-off Net interest income 1,566.7 1,537.0 1,537.0 -- Net fee and commission income 1,381.8 1,420.5 1,420.5 -- Income (loss) from invest. in associates carried at equity 52.5 51.4 51.4 -- Income from insurance business 79.8 87.2 87.2 -- Core Revenues 3,080.8 3,096.2 3,096.2 -- Net financial result 88.3 143.3 143.3 -- Other net operating items -55.4 -43.2 -43.2 -- Total income 3,113.7 3,196.2 3,196.2 -- Personnel expenses -917.6 -881.2 -881.2 -- Other administrative expenses -335.3 -343.5 -343.5 -- Amortization and depreciation -138.0 -143.4 -143.4 -- Operating costs -1,390.9 -1,368.2 -1,368.2 -- Profit (loss) from operations 1,722.8 1,828.1 1,828.1 -- Net adjustments on loans to customers -164.5 -156.8 -156.8 -- Net adjustments on other financial assets 2.3 -3.6 -3.6 -- Profit (loss) on FV measurement of tangible assets -- -11.5 -- -11.5 Net provisions for risks and charges -4.3 8.3 8.3 -- Total Provisions -166.6 -163.6 -152.1 -11.5 Income (loss) before tax from continuing operations 1,556.2 1,664.4 1,676.0 -11.5 Tax on income from continuing operations -475.4 -555.0 -558.8 3.8 Income (loss) after tax from continuing operations 1,080.8 1,109.4 1,117.1 -7.7 Restructuring costs -- -8.6 -- -8.6 Minorities -13.3 -16.1 -16.1 -- PPA -26.6 -25.9 -25.9 -- Fair value on own liabilities after Taxes 2.7 1.4 1.4 -- Net income (loss) for the period 1,043.6 1,060.3 1,076.5 -16.2
Page 29
29 Balance Sheet 4. H1 2026 Performance Details Reclassified assets (€ m) 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Cash and cash equivalents 11,733 5,607 3,794 2,814 -8,919 -76.0% -2,793 -49.8% -981 -25.8% Loans and advances measured at AC 104,621 103,612 104,407 104,734 112 0.1% 1,121 1.1% 327 0.3% - Loans and advances to banks 4,187 3,899 3,875 3,576 -611 -14.6% -323 -8.3% -299 -7.7% - Loans and advances to customers 100,434 99,714 100,532 101,158 724 0.7% 1,445 1.4% 626 0.6% Other financial assets 61,465 62,747 69,587 69,587 8,121 13.2% 6,839 10.9% -1 0.0% - Assets measured at FV through PL 13,681 14,807 21,460 19,896 6,215 45.4% 5,089 34.4% -1,564 -7.3% - Assets measured at FV through OCI 15,697 16,029 14,661 15,954 257 1.6% -75 -0.5% 1,293 8.8% - Assets measured at AC 32,087 31,911 33,466 33,737 1,650 5.1% 1,826 5.7% 271 0.8% Financial assets pertaining to insurance companies 17,505 18,830 18,842 19,875 2,370 13.5% 1,045 5.6% 1,033 5.5% Equity investments 1,395 1,453 1,429 1,450 55 4.0% -2 -0.2% 21 1.5% Property and equipment 2,507 2,481 2,448 2,396 -111 -4.4% -85 -3.4% -51 -2.1% Intangible assets 3,187 3,214 3,208 3,187 0 0.0% -27 -0.8% -21 -0.7% Tax assets 3,050 2,910 2,711 2,577 -472 -15.5% -332 -11.4% -134 -4.9% Non-current assets held for sale and discont. operations 197 197 163 198 1 0.7% 1 0.7% 35 21.5% Other assets 5,289 4,846 4,634 4,062 -1,227 -23.2% -784 -16.2% -572 -12.4% TOTAL ASSETS 210,948 205,896 211,224 210,880 -69 0.0% 4,983 2.4% -344 -0.2% Reclassified liabilities (€ m) 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Banking Direct Funding 129,416 132,388 129,379 140,052 10,636 8.2% 7,664 5.8% 10,673 8.2% - Due from customers 105,038 109,265 107,678 118,330 13,292 12.7% 9,065 8.3% 10,652 9.9% - Debt securities and other financial liabilities 24,378 23,123 21,701 21,722 -2,657 -10.9% -1,401 -6.1% 21 0.1% Insurance Direct Funding & Insurance liabilities 17,010 18,172 18,166 19,041 2,031 11.9% 869 4.8% 875 4.8% - Financial liabilities measured at FV pertaining to insurance companies 3,716 4,005 4,040 4,373 657 17.7% 368 9.2% 333 8.3% - Liabilities pertaining to insurance companies 13,295 14,167 14,126 14,668 1,374 10.3% 501 3.5% 542 3.8% Due to banks 6,319 6,573 6,423 9,418 3,100 49.1% 2,845 43.3% 2,995 46.6% Debts for Leasing 664 671 651 646 -18 -2.7% -25 -3.8% -5 -0.8% Other financial liabilities designated at FV 33,854 27,160 34,766 18,011 -15,844 -46.8% -9,150 -33.7% -16,756 -48.2% Other financial liabilities pertaining to insurance companies 77 79 79 68 -9 -11.9% -12 -14.6% -11 -14.1% Liability provisions 849 861 818 726 -123 -14.5% -135 -15.7% -92 -11.2% Tax liabilities 577 552 597 505 -72 -12.5% -47 -8.5% -92 -15.5% Liabilities associated with assets held for sale 0 0 0 1 1 n.m. 1 n.m. 1 n.m. Other liabilities 6,866 3,855 4,924 6,706 -160 -2.3% 2,852 74.0% 1,782 36.2% Minority interests 58 80 79 83 25 44.2% 3 3.3% 5 5.8% Shareholders' equity 15,258 15,505 15,342 15,623 365 2.4% 118 0.8% 281 1.8% TOTAL LIABILITIES AND SHARHOLDERS' EQUITY 210,948 205,896 211,224 210,880 -69 0.0% 4,983 2.4% -344 -0.2% Chg. Q/QChg. YTD Chg. YTD Chg. Q/Q Chg. Y/Y Chg. Y/Y
Page 30
o/w €1.5bn in H1 2026 1.25 1.25 0.30 0.28 1.250.75 0.76 0.76 0.40 0.30 0.30 H2 2026 FY 2027 FY 2028 Additional Tier 1 Tier 2 Covered Bonds Senior Non-Pref. Senior Pref. 46.1% 13.9% 14.5% 13.3% 12.2% 30 In rolling out its funding strategy, Banco BPM considers regulatory requirements and rating agency methodologies Notes: 1. Includes two bonds issued by Anima for a total amount of €584m 2. Also include Repos with underlying retained CB and ABS. 3. Announced on 30 June 2026, but with settlement date on 7 July 2026. 4. Managerial data. 5. Excluding Repos with retained CB, ABS and CCT as underlying assets. 6. Includes one bond issued by Anima for an amount of €284mln. 7. Bond issued by Anima. €27.0bn Covered Bonds2 Capital-protected Certificates & Other Senior Debt Securities at FV Senior Preferred1 Subordinated (AT1 and T2) Nominal amounts Senior Non-preferred BONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV outstanding as of 30/06/2026 MREL REQUIREMENTS & BUFFERS as of 30/06/2026 TOTAL RATIO SUBORDINATION RATIO Requirement 26.36% 19.67% Stated Buffer 3.96 p.p. Equal to €2.7bn 4.33 p.p. Equal to €3.0bn Buffer including the Green Tier 2 bond settled in July 4.68 p.p Equal to €3.2bn 5.05 p.p. Equal to €3.5bn MREL as % of RWA, including Combined Buffer Requirement4 Strong and well-diversified liability profile, driven by successful issuance activity 4. H1 2026 Performance Details Redemption profile based on the first call date for callable bonds. For some instruments, the exercise of the call is subject to prior approval by the competent authority. The information provided in this chart should not be considered as a confirmation of their actual exercise. 6 7 1.36 3.96 2.28 WHOLESALE BONDS ISSUED SINCE 2025 WHOLESALE BOND MATURITIES & CALLS5 Public wholesale bonds issued, excluding retained CB and ABS issues underlying repos. Managerial data of the banking business € bn Excludes the €500m Green Tier 2 bond settled in July3 0.50 0.50 0.75 1.00 0.500.40 0.50 0.50 Jan-25 Mar-25 May-25 Jul-25 Oct-25 Feb-26 Feb-26 Jul-26 Social Covered Bond Social SP €2.65bn in 2025 AT1 T2 EU Green SNP €2.0bn in Jan.-Jul. 2026 Green T2 Social SP Covered Bond € bn
Page 31
101.9 105.1 104.7 105.8 30/06/2025 31/12/2025 31/03/2026 30/06/2026 Capital-protected Certificates & other Debt Securities at FV REPOs & Other Bonds C/A, Sight & Time deposits 31 € bn 137.2 133.7 (75,5%) (76.6%) 134.9 (78.3%) Core Funding (% share on total) Total Direct Funding from the Banking business at €144.1bn 4. H1 2026 Performance Details EVOLUTION OF DIRECT FUNDING POSITION: +6.8% Y/Y 144.1 (73.4%) 30/06/25 31/12/25 31/03/26 30/06/26 % chg. Y/Y % chg. YTD % chg. Q/Q C/A & Sight deposits 100.5 103.8 102.6 103.6 3.1% -0.2% 1.0% Time deposits 1.3 1.3 2.1 2.1 56.6% 65.2% 1.5% Bonds 24.4 23.1 21.7 21.7 -10.9% -6.1% 0.1% REPOs & Other 3.2 4.2 3.0 12.6 294.5% 201.2% 316.3% Capital-protected Certificates & other Debt Securities at FV 5.5 4.8 4.3 4.1 -25.7% -15.0% -5.0% Total Direct Funding 134.9 137.2 133.7 144.1 6.8% 5.1% 7.8%
Page 32
44.8 46.5 44.0 46.8 17.3 18.3 18.6 18.8 5.0 5.0 4.9 5.1 30/06/2025 31/12/2025 31/03/2026 30/06/2026 90.2 85.3 32.7 18.5 30/06/2026 32 € bn € bn 52.2 56.4 56.1 59.6 61.1 0.3 30/06/2025 31/12/2025 31/03/2026 30/06/2026 30/06/2026 Notes: 1. AuM from Bancassurance as of 30/06/2026 includes €17.7bn pertaining to Banco BPM Vita, Vera Vita and BBPM Life also included in the balance sheet item “Insurance Direct Funding and Insurance liabilities”, as fully consolidated (€17.9bn as of 31/03/2026; €17.7bn as of 31/12/2025; €16.7bn as of 30/06/2025 ). 2. Gross of Anima wrapping (investments by Anima products into other Anima products), both retail and institutional. AUC also include Assets under Advisory. 69.867.1 +5.5% Managerial data Total Indirect Customer Funding at €288.1bn (including Anima’s volumes) 4. H1 2026 Performance Details 70.7 +14.2% 226.7 Wrapping Banco BPM’s Indirect Customer Funding, at €130.3bn, +9.3% Y/Y (excluding Anima’s volumes) Wrapping 61.4 Banco BPM’s Volumes Including Anima’s assets not already included in Banco BPM’s volumes2 ASSETS UNDER MANAGEMENT (AuM)1 ASSETS UNDER CUSTODY (AuC) Managed Accounts & Funds of Funds BancassuranceFunds & Sicav 67.5 Banco BPM’s Volumes Including Anima’s assets not already included in Banco BPM’s volumes2
Page 33
33 Net Customer Loans measured at Amortized Cost stood at €101.2bn 99.0 98.5 99.4 100.1 1.4 1.2 1.1 1.0 30/06/25 31/12/25 31/03/26 30/06/26 € bn Net NPEsNet Performing Loans 99.7100.4 4. H1 2026 Performance Details 101.2 EVOLUTION OF NET CUSTOMER LOANS Composition of Net Performing Customer Loans Net Performing Customer Loans 30/06/25 31/12/25 31/03/26 30/06/26 In % Y/Y In % YTD In % Q/Q Core customer loans 94.7 94.2 95.2 95.9 1.3% 1.8% 0.7% - Medium/Long-Term loans 75.0 74.5 74.8 75.1 0.1% 0.8% 0.4% - Current Accounts 7.6 7.4 7.5 7.3 -4.2% -1.3% -2.4% - Cards & Personal Loans 0.4 0.4 0.3 0.4 -11.9% -3.2% 3.4% - Other loans 11.6 11.9 12.6 13.1 12.7% 9.8% 4.1% Repos 4.1 4.0 4.0 4.0 -0.9% 0.1% 1.9% Leasing 0.3 0.2 0.2 0.2 -27.9% -21.2% -15.4% Total Net Performing Loans 99.0 98.5 99.4 100.1 1.1% 1.6% 0.7% Change100.5
Page 34
34 NPE migration dynamics INFLOWS FROM PERFORMING TO NPEs € m OUTFLOWS FROM NPEs TO PERF. LOANS FLOWS FROM UTP TO BAD LOANS 25 38 16 13 36 16 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 82 52 50 49 78 39 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Data refer to Customer Loans measured at Amortized Cost € m € m 238 207 152 230 169 194 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 4. H1 2026 Performance Details
Page 35
35 Asset Quality details Customer Loans measured at Amortized Cost 4. H1 2026 Performance Details 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Bad Loans 998 850 858 826 -172 -17.3% -25 -2.9% -32 -3.7% UTP 1,535 1,346 1,291 1,158 -377 -24.6% -188 -14.0% -133 -10.3% Past Due 75 55 29 31 -44 -59.0% -24 -43.6% 2 7.0% NPE 2,608 2,251 2,178 2,014 -594 -22.8% -237 -10.5% -163 -7.5% Performing Loans 99,449 98,951 99,850 100,572 1,123 1.1% 1,621 1.6% 722 0.7% TOTAL CUSTOMER LOANS 102,057 101,202 102,028 102,586 529 0.5% 1,384 1.4% 558 0.5% 30/06/25 31/12/25 31/03/26 30/06/26 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Bad Loans -578 -496 -511 -499 80 -13.8% -3 0.6% 12 -2.4% Bad Loans 57.96% 58.29% 59.58% 60.40% UTP -576 -525 -517 -459 116 -20.2% 66 -12.6% 57 -11.1% UTP 37.50% 39.03% 40.04% 39.68% Past Due -23 -16 -9 -11 12 -52.2% 4 -28.0% -2 24.8% Past Due 31.01% 28.32% 31.01% 36.14% NPE -1,177 -1,037 -1,037 -969 208 -17.7% 67 -6.5% 68 -6.5% NPE 45.14% 46.04% 47.62% 48.12% Performing Loans -445 -452 -459 -459 -14 3.1% -7 1.5% -0 0.1% Performing Loans 0.45% 0.46% 0.46% 0.46% TOTAL -1,622 -1,489 -1,495 -1,428 194 -12.0% 61 -4.1% 67 -4.5% TOTAL 1.59% 1.47% 1.47% 1.39% 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Bad Loans 419 355 347 327 -93 -22.1% -28 -7.8% -20 -5.7% UTP 959 821 774 698 -261 -27.2% -122 -14.9% -76 -9.8% Past Due 52 39 20 20 -32 -62.0% -20 -49.7% -0 -0.9% NPE 1,431 1,215 1,141 1,045 -386 -27.0% -170 -14.0% -96 -8.4% Performing Loans 99,004 98,499 99,392 100,113 1,109 1.1% 1,614 1.6% 721 0.7% TOTAL CUSTOMER LOANS 100,434 99,714 100,532 101,158 724 0.7% 1,445 1.4% 626 0.6% Gross exposures € m and % Chg. Y/Y Chg. YTD Chg. Q/Q Net exposures € m and % Chg. Y/Y Chg. YTD Chg. Q/Q Value Adjustments € m and % Chg. Y/Y Chg. YTD Chg. Q/Q Coverage ratios % • The overlays as at 30/06/26 amount to €136m
Page 36
32.1 31.9 33.5 33.7 14.6 14.7 13.5 13.9 30/06/25 31/12/25 31/03/26 30/06/26 FVOCI AC 36 € bn TREND AND BREAKDOWN OF THE BANKING BOOK Optimized and diversified Debt Securities portfolio in the Banking Book COMPOSITION OF THE BANKING BOOK BY COUNTERPARTY 1 31/12/25 Share of AC component 68% THIS SLIDE REFERS TO THE SECURITIES PORTFOLIO OF THE BANKING BUSINESS Notes: 1. Managerial view. 2. Includes Corporate and Financial securities and GACS senior notes. 46.7 69% 8.6 Managerial breakdown € bn Other247.0 71% 38.9% 38.5% 38.1% 38.4%IT Govies on Total government and supranational bonds 38.1 4. H1 2026 Performance Details 46.6 30/06/25 8.5 38.2 31/03/26 7.8 39.2 47.6 71% 30/06/26 8.5 39.1 Government and supranational bonds
Page 37
374. H1 2026 Performance Details Data as at 31/12/2025 exclude the application of Art. 468 of the CRR 3 on FVOCI reserves, as this option expired after YE 2025. Notes: The Group’s capital ratios and data included in this presentation are calculated including profit for the period and deducting the amount of the dividend determined under current regulation. LEVERAGE (€/m and %) 31/12/2025 31/03/2026 30/06/2026 Total Exposure 203,809 218,029 220,889 Class 1 Capital 10,245 10,340 11,289 Leverage Ratio 5.03% 4.74% 5.11% CAPITAL POSITION (€ m and %) 31/12/2025 31/03/2026 30/06/2026 CET 1 Capital 8,855 8,950 9,900 T1 Capital 10,245 10,340 11,289 Total Capital 12,467 12,549 13,201 RWA 65,210 65,867 68,773 CET 1 Ratio 13.58% 13.59% 14.40% AT1 2.13% 2.11% 2.02% T1 Ratio 15.71% 15.70% 16.42% Tier 2 3.41% 3.35% 2.78% Total Capital Ratio 19.12% 19.05% 19.20% Capital position in detail
Page 38
38 Women in managerial positions 31.3% 33.2% New Green, Social & Sustainability Bonds issued Share of ESG bonds in the Corporate bond proprietary portfolio (banking book)2 39.8% 40.6% Main Sustainability ESG Achievements H1 2025 €4.3bn H1 2026 Sustainability ESG Update – Key results achieved in H1 2026 €3.6bn 30/06/25 30/06/26 Sustainability ESG KPIs 4. H1 2026 Performance Details ESG bond issuance activities with Banca Akros as Joint Bookrunner/ Lead Manager €15.3bn New lending to third sector €103m €92m 30/06/25 30/06/26 ▪ Disclosed the second Sustainability Statement, which includes Anima Group for the first time ▪ Developed an internal Social Framework to be used for new social lending, especially to young and vulnerable people, caregivers, women and families in need, communities, territories and Third Sector ▪ Completed the roll-out of the framework for integrating Sustainability Factors into investment decisions across all business units ▪ Further strengthened the inclusion of ESG sustainability drivers in our operating and Risk management processes in accordance with the new EBA Guidelines ▪ Updated two ESG ratings in the first months of 20263: • Confirmed at C rating (Prime Status) in April 2026 • Confirmed at Leader level in March 2026 €2.25bn 2025 - H1 2026 Notes: 1. Management data. New lending to Households, Corporate and Enterprises with original maturity >18 months, including green lending products (finalized loans, project financing and SLLs) and ordinary loans granted to sectors classified as “green” or with a low exposure to transition climate risk drivers. 2. Share on the Corporate and Financial securities managed by the Finance department (managerial data based on nominal amount). 3. The use by Banco BPM of the ESG research data and the use of logos, trademarks, service marks or index names does not constitute a sponsorship, endorsement, recommendation, or promotion of Banco BPM by the indicated ESG rating agencies. The services and data, which are the property of the ESG rating agencies or information providers, are provided ‘as-is’ and without warranty. The names and logos are trademarks or service marks pertaining to the ESG rating agencies. 2025 - H1 2026 New low-carbon medium-/long-term financing1 In addition, a €500m Green Tier 2 bond was issued with settlement in July
Page 39
39 Digital & AI: Scaling Adoption and Delivering Strategic Results Operations by channel DIGITAL CHANNELS App Remote Branches ATM 7% 30% 33% 2019 H1 2026 TRADITIONAL CHANNELS 34% 26% ▪ ~2m customers with Digital Identity (78% of active customers) ▪ 56% Mobile App penetration among Small Business customers ▪ Monthly remote personal loan sales tripled from 3% in January 2026 to 10% in June 2026 GROWING DIGITAL PENETRATION AI ADOPTION DIGITAL COMMERCIAL MOMENTUM ▪ Marketing & Commercial ▪ Credits ▪ IT & Operations ▪ Risk Management ▪ AML & Controls ▪ Knowledge Management ▪ Governance and Cross-functional Support Application areas 36% 12% 22% 40% 66% 60% 34% AI USE CASES DELIVERED TARGET 2024 - 2027 O/W GenAI USE CASES #21 #9 % ACHIEVED #35 60% #10 90% ~16,400 ~26,700 Employees engaged Hours of training 2024 - H1 2026 4. H1 2026 Performance Details KEY DATA IN 2025 AI TRAINING PROGRAM
Page 40
40 DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION 4. H1 2026 Performance Details INDICATOR DEFINITION P&L Adjusted P&L data excluding all one-offs indicated in the Explanatory Notes of the pertinent financial results Press Release CASH + UNENCUMBERED ASSETS Including assets received as collateral, net of accrued interests. Managerial data, net of haircuts CORE CUSTOMER LOANS Customer loans at AC, comprising mortgages and other credit facilities, current accounts, credit cards and personal loans (excluding leasing and REPOs) CORE REVENUES Core Revenues: NII + Net Commissions + Income from Associates and Income from Insurance business COST OF RISK Loan loss Provisions / Total Net Customer Loans at Amortised Cost. Annualised for interim periods CURE RATE Flows from UTP to Performing loans / Stock of UTP (GBV BoP). Excluding loans at IFRS 5. Annualised for interim periods CUSTOMER LOANS Loans to customers at Amortised Costs, excluding debt securities DEFAULT RATE Flows from Performing to NPEs / Stock of performing loans (GBV BoP). Annualised for interim periods GUARANTEED DEPOSITS Deposits <100K covered by FITD INDIRECT CUSTOMER FUNDING Assets under Management (in the form of Funds & Sicav, Bancassurance and Managed Accounts & Funds of Funds) + Assets under Custody net of Capital-protected Certificates, as they have been regrouped under Total Direct Funding INVESTMENT PRODUCT PLACEMENTS Managerial data: Funds & Sicav, Bancassurance, Managed Accounts & Funds of Funds, Certificates and other Debt Securities at FV MREL BUFFER MREL as % of RWA, including Combined Buffer Requirement NET DEFAULT RATE Net flows to NPEs from Performing / Stock of Performing loans (GBV BoP). Annualised for interim periods NEW LENDING Managerial data: M/L-term Mortgages (Secured and Unsec.), Pool & Structured Finance (including revolving) and ST Unsec. Loans NII AT FULL FUNDING COST Net Interest Income considering also the cost of certificates. This cost is included in the Net Financial Result, in accordance with Bank of Italy accounting schemes ROE Calculated as Net Profit from P&L / Shareholders’ Equity (EoP, excluding Net Profit of the period and AT1 instruments and also adjusted for interim dividend in Q4 and for balance dividend in Q1) ROTE Calculated as Net Profit from P&L / Tangible Shareholders’ Equity (EoP, excluding Net Profit of the period, AT1 instruments, Intangible assets net of fiscal effect and also adjusted for interim dividend in Q4 and for balance dividend in Q1) TOTAL DIRECT FUNDING Total Direct Funding from the Banking Business (C/A & Sight deposits, Time deposits, Bonds, REPOs & Other) + Capital-protected Certificates and Other Debt Securities at FV
Page 41
41 Contacts for Investors and Financial Analysts Banco BPM Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy investor.relations@bancobpm.it www.gruppo.bancobpm.it (IR section) Arne Riscassi +39 02 9477.2091 Silvia Leoni +39 045 867.5613 Carmine Padulese +39 02 9477.2092