Slides
Page 1
BFF 1H 2026 Results 5th August 2026 bff.com
Page 2
Focus on Execution and Strategic Deleveraging Strategic options under review. Adjusted Net Profit up year-on-year. Disciplined management of F&L business. Robust performance of Payments and Securities Services businesses. Capital ratios above regulatory requirements(1). 2(1) On a pro-forma basis for the sale of HTC Bonds completed on 28 -Jul-26. It also includes the effect of EBA Q&A on Calendar provis ioning (link) published on 3 -Jul-26.
Page 3
1H26 Key Financial Metrics 3 NEW Secondary Colors 1. 214 213 209 2. 3 62 132 3. 84 105 175 4. 194 213 213 (1) 1H26 Adj. Net Income annualized / CET1 including Net Income of the period; (2) Managerial data: includes releases of provisions partially offsetting associated lower revenues; (3) Including Transaction Services and Online Deposits; (4) Pro-forma for the sale of HTC Bonds completed on 28-Jul-26. It also includes the effect of EBA Q&A on Calendar provisioning ( link) published on 3-Jul-26. Adjusted ROE Net Revenues F&L Loans Deposits(3) L/D ratio Pro-forma CET1(4) c. 27%(1) €216m(2) €5.5bn €7.3bn 75% 11.1% +9% YoY -5% vs. YE25 -6% vs. YE25 >100bps vs. YE25 +1 p.p. vs. YE25 Adjusted Net Income €81m +8% YoY
Page 4
Adjusted Net Profit up 8% 4 • 1H26 Adjusted Net Profit up, driven by: Robust performance of Securities Services and Payments; Disciplined management in F&L; Effective costs control. • 1H26 Reported Net Profit at €51m, up 3% YoY excl. €21m impact from Bank of Italy Inspection Report received in July. Adjusted Net Profit (€m) 75 81 1H25 1H26 +8%
Page 5
Steady Profitability Maintained in Context of De-risking 5 Group Profit Before Taxes (€m) 103 110 1H25 1H26 +7% Securities Services (€m) 18.9 18.4 1H25 1H26 5.1 9.0 1H25 1H26 Factoring & Lending (€m)Payments (€m) 82.3 66.9 1H25 1H26 Corporate Center(2) (€m) -3.2 16.01H25 1H26 (1) Managerial data based on average yield on BFF floaters HTC Government bond portfolio as of 30-Jun-26; (2) Including Deposits. • Group PBT up 7%. • Securities Services and Payments at €27m, up 15% YoY; €63m if liquidity invested in Italian Gov. Bonds(1). • F&L down 19% YoY mainly due to portfolio de-risking. • Corporate Center benefiting from improved funding rates and HTC.
Page 6
6 Net Revenues Up and Increasingly Diversified >60% of Net Revenues generated by non-Factoring activities in 1H26. Factoring down YoY in line with portfolio de-risking strategy also resulting in significantly lower exposure to negative court rulings. • Payments and Securities Services contribution materially higher if liquidity invested in Italian Gov. Bonds. Net Revenues by division (€m) 84 78 24 22 16 21 37 37 38 58 1H25 1H26 199 216 +9% Factoring Polish Lending Securities Services Payments Corporate Center (1) Managerial data: includes releases of provisions partially offsetting associated lower revenues. (1)
Page 7
Stable Net Interest Income YoY on Lower Loan Book 7 Net Interest Income(1) (€m) 74 68 24 23 35 40 1H25 1H26 132 131 Factoring Polish Lending HTC Gov Bond portfolio and Other (1) Managerial data: includes releases of provisions partially offsetting associated lower revenues. Net Interest Income includes F&L and Corporate Center gains / losses on trading; (2) Maturity commission, LPI accrual and over-recoveries; (3) Polska Group; (4) Following FY24 Restatement, 1H25 Factoring & Lending Loans in Italy reflect a lower balance by c. €19.7m; (5) Managerial data: excluding retrocessions from revenues. F&L Gross Yield at 5.6% including this effect; (6) Managerial data. Expected IRR at acquisition for invoices purchased in the relevant year. (2) Spread (%) 6.84 6.59 2.75 2.30 4.09 4.30 1H25 1H26 F&L Gross yield Cost of funding Spread(3) (4) • Net interest income stable thanks to improved spread despite lower loan book. • IRR(6) at c. 9% including LPI and c. 6% excluding LPI. (5)
Page 8
Continued Growth in Transaction Services Fees and Commissions 8 1.6 1.6 1H25 1H26 -3% Payments(1) (€m) 32.9 34.3 1H25 1H26 +4% Factoring & Lending (€m)Securities Services (€m) 13.3 15.3 1H25 1H26 +15% (1) Including “Other Operating Income”. • Net Commission Income +15%, driven by commercial activity with 15 new funds onboarded YTD. • Net Commission Income +4%,with a growing revenue pipeline. Partnership with Revolut, with services rollout commenced. • Stable commissions in F&L. • Confirmed ability to service third- party receivables.
Page 9
Improved Cost/Income while Continuing to Invest in Securities Services and Payments 9 • Improved Cost/Income at 46%(1). • F&L expenses up related to processes review. • Payments expenses reflecting higher commissions and ICT investments. 94.7 99.6 1H25 1H26 Cost / Income ratio 48% 46% Group Opex and D&A (€m) Factoring & Lending (24.3) (27.8) Securities Services (11.5) (12.0) Payments (17.8) (18.9) Corporate Center (41.2) (40.9) (1) Managerial data: includes releases of provisions partially offsetting associated lower revenues. (1)
Page 10
Commercial Performance Reflects Focus on Discipline 10 5,855 5,776 5,503 1H25 FY25 1H26 -5% Payments Deposits (€m) 2,804 2,703 2,405 1H25 FY25 1H26 -11% Factoring & Lending Loans (€m)Securities Services Deposits (€m) 4,362 3,855 3,519 1H25 FY25 1H26 -9% (1) Following FY24 Restatement, 1H25 Factoring & Lending Loans in Italy reflect a lower balance by c. €19.7m; (2) For further details ple ase refer to footnote 2 on slide 24. (1) • +14% YoY in AuD to €88bn and +3% YoY in AuC at €146bn. • Lower deposits YoY due to Group’s liquidity mix rebalancing. • Deposits down vs. FY25 but up vs. 1Q26 (+18%). • Improving commercial activity. • Selective loan origination with a clear focus on profitability and derisking actions. (2)
Page 11
• Portfolio repositioning on 28-Jul(1) as part of Capital Conservation Plan (not originally in capital projections). • Maintained asset composition with marginal impact on overall profitability. • Most fixed rates bonds to mature in the course of 2027. Italian Gov. Bonds Continue to Represent c. 40% of Total Assets 3.6 3.6 3.6 3.7 1.0 1.0 1.0 0.9 4.6 4.5 4.6 4.6 1H25 FY25 1H26 Jul-26 Fixed – End Jul-26(2) Current Yield 0.59% Gross M2M: -€23.1m Floaters – End Jul-26(2) Current Yield 3.25% Gross M2M: -€4.8m 11 NEW Secondary Colors 1. 214 213 209 2. 3 62 132 3. 84 105 175 4. 194 213 213 11 HTC Italian Government Bond portfolio (€bn) (1) For further information please refer to the press release published on 28 -Jul-26 (link); (2) Managerial data. Floaters Fixed Sale and reinvestment in Jul-26 of c. nominal €3.1bn(1) (2)
Page 12
Decreasing Cost of Funding and Improving Liquidity Ratios 12 • Higher online deposits vs. FY25. • 1H26 Repos at €2.4bn, in line with FY25. BFF also has €515m of reverse Repos. • Both LCR and NSFR improved since YE25. Funding evolution (€m) (1) Managerial data. Weighted average of IBOR rates applied to BFF average funding. 7,166 6,557 5,925 1,624 1,258 1,407 1,938 2,350 2,373 605 1H25 620 FY25 606 1H26 11,332 10,785 10,310 Deposits from Transaction Services On-line deposits Repos Bonds of which €2,405m Payments and €3,519m Securities Services LCR 185.7 NSFR 120.4 Jun-26 Cost of Funding(1) 2.75% 2.30%2.55% IBOR blended(1) 2.76% 2.25%2.50% 177.8 113.6 Dec-25(%)
Page 13
Increased Diversification of Loan Book 13 • Factoring loan book managed down 11%, due to focused origination and collections. • Factoring exposure 47% of the total loan book vs. 52% at 1H25. • Geographically diversified with Italian Factoring at 32% of total loan book. Net Customer Loans by Type (€m) 3,070 2,892 2,567 1,228 1,339 1,342 1,159 1,128 933 379 400 635 19 17 27 1H25 FY25 1H26 5,855 5,776 5,503 -5% Factoring Lending Fiscal credits Cassa di Compensazione Garanzia Other (1) Following FY24 Restatement, 1H25 Factoring & Lending Loans in Italy reflect a lower balance by c. €19.7m; (2) Related to Polska Group ; (3) For further details please refer to footnote 2 on slide 24. (1) (2) Italy Factoring around 32% of total loan book (3)
Page 14
Net Impaired Loans Down 6% in 6-months (1) Municipalities in conservatorship are classified as NPLs, despite BFF is legally entitled to receive 100% of the principa l and LPIs at the end of the process; (2) Managerial data on amortized cost; (3) Excluding Cassa di Compensazione Garanzia and Fiscal credits; (4) Managerial data: excludes releases of provisions partially offsetting associated lower revenues; (5) For further details please refer to foo tnote 2 on slide 24. 14 (1) • Net exposure on negative court rulings down c. 60% in 6 months since FY25. • Net NPLs down 25% also thanks to retrocessions. • Higher UTP reflecting impact of Bank of Italy Report on classification of certain Polish public hospitals. 243 101 104 89 Dec-25 Jun-26 347 190 -45% Portfolio(2) of Italian negative court rulings under the newly applied provisioning policy (€m) Provisions Net amount -58% (bps on loans) FY25 1H26 Adj. Annualized Cost of Risk 23.9 11.9 (€m) FY25 1H26 Net NPLs 93.8 70.8 of which Italian Municipalities in conservatorship 87.0 64.7 of which Others 6.8 6.0 Net UTP 74.3 177.6 Net Past Due 2,915.6 2,656.7 Net Impaired Loans 3,083.7 2,905.0 Net Impaired Loans ratio 72% 74% NPL ratio excluding Italian Municipalities 0.1% 0.1% NPL Coverage ratio excluding Italian Municipalities 80% 82% (3) (4) (5) (5)
Page 15
Quality of Origination and Past Due Collection Confirmed in 1H26 15 • 95% of 2025 volumes and 70% of 1H26 volumes already collected as of end-1H26. • Collected >€2bn(1) of past due exposure in 1H26, of which €1.3bn from 2025 portfolio, equivalent to c. €300m of CET1. 2025 Volumes (€m) 1H26 Volumes (€m) 7,513 396 2025 Volumes Residual Principal Amount as of end-1H26 -95% 2,843 863 1H26 Volumes Residual Principal Amount as of end-1H26 -70% Notes: Managerial data. Factoring volumes, excluding Polska Group. (1) Including collections on past due exposures purchased and collected during the period.
Page 16
16 Proactive Management Mitigates Calendar Provisioning Impact • 3Q26 calendar provisioning curve declined by c. 65% in two years at €141m, thanks to proactive management actions and collection. • Targeted mitigating measures(1) in progress for 4Q27 max calendar provisioning curve: • e.g. gradual reduction of small factoring-like-portfolio in Poland driving c. 35% of 4Q27 calendar provisioning. 399 141 3Q26 Calendar Provisioning Max Curve estimate as of 2Q24 2Q26 Calendar Provisioning -65% Calendar Provisioning Max Curve post 2Q24 past due reclass. (€m) Notes: Managerial data. (1) Please also refer to the “Going Concern and Capital Conservation Plan” section of the press release on 1H 2026 consolidated financial results published on 5 -Aug-26 (link).
Page 17
17 Improved CET1 Ratio Both on Stated and Pro-forma Basis 17 NEW Secondary Colors 1. 214 213 209 2. 3 62 132 3. 84 105 175 4. 194 213 213 Dec-25 1.8% 1H26 Organic Capital Generation Jun-26 Post Organic Capital Generation -1.4% BoI Inspection Report Impact and 2Q26 Calendar Provisioning Anticipation Jun-26 post BoI Inspection Report impact and 2Q26 Calendar Provisioning Anticipation 0.7% Jul-26 HTC Gov. Bonds Sale Pro-forma Post HTC Gov. Bonds Sale 9.9% 11.8% 10.3% 11.1% CET1 ratio Evolution• Approx. 200bps of organic capital generation in 1H26. • Healthy organic capital generation mitigating the impact of Bank of Italy Inspection Report and the anticipation of calendar provisioning.
Page 18
Rebuilding Capital Ratios 18 • Pro-forma CET1 ratio at 11.06%(1), above 9.86% SREP(2). • Pro-forma TCR at 13.64%(1), above 13.36% SREP(2). • Leverage ratio at 6.1%. CET1 (%) TCR (%) SREP 9.86%(2) SREP 13.36%(2) RWAs (€m) 5,800 RWAs density(3) 81% 6,352 84% Dec-25 Jun-26 pro-forma 12.3% 13.6% Dec-25 Jun-26 pro-forma 9.9% 11.1% (1) Incl. Net Income of the period; (2) Including capital reserves, which are the Capital Conservation Buffer, Countercyclical Capital Buffer and Systemic Risk Buffer; (3) Calculated as RWAs/Total assets excluding HTC bond portfolio and Cash and Cash Balances; (4) Pro-forma for the sale of HTC Bonds completed on 28-Jul-26. It also includes the effect of EBA Q&A on Calendar provisioning ( link) published on 3-Jul-26. MREL Requirements (%) TREA 23.37 LRE 11.06 Jun-26(1) Requirement 23.36(2) 5.40 22.07 10.92 Dec-25 (4) (4)
Page 19
Takeaways 19 Strategic options under review. Adjusted Net Profit up year-on-year. Disciplined management of F&L business. Robust performance of Payments and Securities Services businesses. Capital ratios above regulatory requirements(1). (1) On a pro-forma basis for the sale of HTC Bonds completed on 28 -Jul-26. It also includes the effect of EBA Q&A on Calendar provis ioning (link) published on 3 -Jul-26.
Page 20
20 Appendix
Page 21
Glossary 21 Adj. Adjusted HTC Held To Collect OPEX Operating Expenditures Approx. Approximately ICT Information and Communication Technologies P&L Profit and Loss AuC Asset Under Custody Ibor InterBank Offered Rate PA Public Administration AuD Asset Under Depositary IRR Internal Rate of Return PAYM Payments bn billions KPIs Key performance indicators PBT Profit before taxes bps Basis Points L/D Loan to Deposit ratio Q Quarter c. Circa LCR Liquidity Coverage Ratio Q&A Questions & Answers CC Corporate Center LPI Late Payment Interest Repo(s) Repurchase agreement(s) CET1 Common Equity Tier 1 LRE Leverage Ratio Exposure ROE Return on Equity D&A Depreciation and Amortization m millions RWA Risk Weighted Assets E. g. Exempli gratia (For example) M Month SREP Supervisory Review and Evaluation Process EBA European Banking Authority MREL Minimum Requirement for Own Funds and Eligible Liabilities SEC SERV Securities Services ECB European Central Bank MRO Main Refinancing Operation TCR Total Capital Ratio EoP End of Period M2M Mark to Market TREA Total Risk Exposure Amount F&L Factoring and Lending NHS National Health Service UTP Unlikely to Pay FY Full Year NII Net Interest Income YE Year End G&A General and Administrative NPL Non Performing Loans YoY Year-over-Year Gov. Government NSFR Net Stable Funding Ratio YTD Year to Date H Half OCI Other comprehensive income # Number
Page 22
22 (1) 1H26 Adjusted P&L (1) Includes Gains (Losses) on equity investments. (2) Includes gains / losses on derivatives used to manage the hedging of currencies and interest rates exposure. (3) 1H26 Group cost of funding: 2.30%, including EUR-PLN FX swaps of €6.7m from management accounts. (4) Managerial data: includes releases of provisions partially offsetting associated lower revenues. (2)(3) ADJUSTED P&L (€m) 1H 2025 1H 2026 % YoY Revenues F&L 204.3 180.0 -12% Revenues Payments 32.9 34.3 4% Revenues Securities Services 13.4 18.3 37% Corporate Center Revenues 97.2 103.1 6% of which HTC Bond portfolio 69.3 59.6 -14% Total Revenues 347.7 335.6 -3% Cost of funding (149.2) (119.5) -20% Total Net Revenues 198.6 216.1 9% OPEX incl. D&A (94.7) (99.6) 5% Cost / Income (%) 48% 46% Provisions (0.9) (6.2) n.m. PBT 103.0 110.4 7% of which F&L 82.3 66.9 -19% of which Transaction Services 23.9 27.5 15% of which Corporate Center (3.2) 16.0 n.a. Net Income 75.3 81.3 8% (4)
Page 23
Consolidated Balance Sheet 23 (1) Includes ECB deposits, fiscal assets, reverse Repos (€515m as of 1H26), Investments and other assets; (2) On -line deposits in zloty equal to €373m; (3) Following FY24 Restatement, 1H25 figures reflect the following adjustments: c. -€19.7m Financial assets measured at amortized cost (Loans and Receivables with customers), c. +€1 4.1m Tax assets, c. +€8.6m Tax liabilities, c. +€3.4m Provisions for Risk and Charges and c. -€17.6m Equity Reserves; (4) For further details please refer to footnote 2 on slide 24. (1) (2) BALANCE SHEET (€m) 1H 2025 FY 2025 1H 2026 % YoY Assets Loans & Receivables portfolio 5,855 5,776 5,503 -6% HTC Bond portfolio 4,585 4,547 4,558 -1% Intangibles 74 67 62 -17% Other assets 2,702 1,844 1,755 -35% Total Assets 13,216 12,234 11,878 -10% Liabilities & Equity Deposits from transaction services 7,166 6,557 5,925 -17% On-line deposits 1,624 1,258 1,407 -13% Repos 1,938 2,350 2,373 22% Bonds and Other liabilities 1,563 1,182 1,229 -21% Equity (inc. Tier I) 926 888 944 2% Total Liabilities & Equity 13,216 12,234 11,878 -10% Ratio Loan / deposit ratio (%) 67% 74% 75% Leverage ratio (%) 6.1% 6.1% 6.1% (3) (4)
Page 24
Summary reported consolidated Balance Sheet 24 (1) Following FY24 Restatement, 1H25 figures reflect the following adjustments: c. -€19.7m Financial assets measured at amortized cost (Loans and Receivables with customers), c. +€14.1m Tax assets, c. +€8.6m Tax liabilities, c. +€3.4m Provisions for Risk and Charges and c. -€17.6m Equity Reserves. (2) Please note that the figures relating to asset item “Financial assets measured at amortised cost – Loans and receivables with customers” and liability item “Provisions for risks and charges” have been reclassified for comparative purposes only. (€m) 1H25 FY25 1H26 Cash and cash Balances 748.1 124.6 151.9 Financial assets measured at fair value through profit or loss 178.8 181.2 188.2 a) financial assets held for trading 0.1 1.4 7.4 b) financial assets designated at fair value - - - c) other financial assets mandatorily measured at fair value 178.7 179.9 180.8 Financial assets measured at fair value through OCI 143.7 151.7 159.5 Financial assets measured at amortized cost 11,176.5 10,779.9 10,557.4 a) Loans and receivables with banks 1,097.6 854.8 803.6 b) Loans and receivables with customers 10,079.0 9,925.1 9,753.8 Hedging derivatives - - 0.4 Equity Investments 13.8 15.3 16.3 Property, Plant and Equipment 105.4 104.2 107.1 Intangible Assets 74.3 67.2 61.7 Tax Assets 113.3 134.3 103.0 Other Assets 662.1 675.9 532.3 Total Consolidated Assets 13,216.0 12,234.5 11,877.8 Financial liabilities measured at amortized cost 11,332.2 10,783.7 10,349.4 a) deposits from banks 1,321.1 1,307.1 1,314.6 b) deposits from customers 9,406.1 8,856.6 8,429.0 c) securities issued 605.0 620.0 605.8 Financial Liabilities Held for Trading 4.7 0.8 0.3 Hedging Derivatives 0.8 0.2 - Tax Liabilities 183.6 163.6 154.9 Other Liabilities 714.1 365.2 404.5 Employees Severance Indemnities 3.5 3.5 3.6 Provision for Risks and Charges 51.0 29.3 21.0 Equity 855.6 851.2 892.6 Net Profit 70.4 37.0 51.4 Total Consolidated Liabilities and Equity 13,216.0 12,234.5 11,877.8 (1) (2)
Page 25
1H26 Summary P&L 25 (€m) F&L Sec. Serv. Paym. CC Adjusted Adjustments Reported Interest Income 142.1 3.1 3.1 73.3 221.6 - 221.6 Interest Expenses (80.1) - - (35.5) (115.6) - (115.6) Net Interest Income 62.0 3.1 3.1 37.9 106.0 - 106.0 Net Fee and Commission Income 1.6 15.3 29.0 (0.5) 45.4 - 45.4 Dividends - - - 9.8 9.8 - 9.8 Gains/Losses on Trading 9.1 - - (3.9) 5.2 - 5.2 Fair value adjustments in hedge accounting - - - - - - - Gains/losses on disposal/repurchase of - - - 14.5 14.5 - 14.5 a) financial assets measured at amortized cost - - - 14.5 14.5 - 14.5 b) financial assets measured at fair value through OCI - - - - - - - c) financial liabilities - - - - - - - Gains (losses) on other financial assets and liabilities measured at fair value through profit or loss - - - (1.7) (1.7) (1.7) a) financial assets and liabilities designated at fair value - - - - - - - b) other financial assets mandatorily measured at fair value - - - (1.7) (1.7) - (1.7) Net Banking Income 72.7 18.4 32.1 56.2 179.4 - 179.4 Net adjustments/reversals of impairment for credit risk concerning: 9.1 0.2 - (0.7) 8.6 (29.3) (20.7) a) financial assets measured at amortized cost 9.1 0.2 - (0.7) 8.6 (29.3) (20.7) b) financial assets measured at fair value through OCI - - - - - - - Administrative and Personnel Expenses (26.4) (10.9) (18.3) (35.6) (91.2) 5.9 (85.4) Net provisions for risks and charges 8.4 (0.5) 0.0 (0.0) 7.9 - 7.9 a) commitments and guarantees provided 0.0 - - (0.0) 0.0 - 0.0 b) other net allocations 8.4 (0.5) 0.0 (0.0) 7.9 - 7.9 Net Adjustments to/ Writebacks on Property, Plan and Equipment and Intangible Assets (1.3) (1.0) (0.7) (5.3) (8.3) (2.2) (10.5) Other Operating Income (Expenses) 2.5 3.0 5.3 0.3 11.0 (9.0) 2.0 Gains (Losses) on equity investments 2.0 - - 1.1 3.1 - 3.1 Gains (Losses) from Investments Sales - - - - - - - Profit Before Income Taxes from Continuing Operations 66.9 9.0 18.4 16.0 110.4 (34.5) 75.9 Income Taxes (29.1) 4.6 (24.4) Net Profit 81.3 (29.9) 51.4
Page 26
Adjusted vs. Reported Profit Reconciliation 26 (€m) - Adjustments 1H26 Reported Net Profit 51.4 Stock Option / Stock Grant plans (7.8) Customer contract amortisation 0.9 Bank of Italy Inspection Report 21.2 Negative court rulings ex Italy 3.6 Other non recurring items 12.0 Adjusted Net Profit 81.3
Page 27
Group P&L per quarter (1) Net Interest Income includes F&L gains / losses on trading and Corporate Center gains / losses on derivatives used to manage the hedging of currencies and interest rate exposure; (2) Interest Income and Net Income do not include the restatement impact quantified in the FY24 reported figures equal to c. +€5.3m and c. +€3.7 m, respectively; (3) Managerial data: includes releases of provisions partially offsetting associated lower revenues. 27 (1) (1) (1) €m GROUP 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Interest Income 164.7 164.0 159.5 162.0 141.2 140.3 126.3 130.0 126.9 123.4 Interest Expenses (102.3) (98.8) (97.7) (92.3) (80.6) (68.5) (62.9) (61.3) (58.2) (61.3) Net Interest Income 62.4 65.2 61.8 69.7 60.5 71.8 63.5 68.7 68.7 62.1 Net Fee and Commission Income 20.0 19.7 20.9 21.6 20.4 21.7 22.4 21.9 22.2 23.2 Other Income 7.4 2.1 0.6 6.0 5.7 2.1 11.5 1.7 12.5 10.1 Net Banking Income 89.9 87.0 83.3 97.2 86.6 95.6 97.3 92.3 103.4 95.4 Other Operating Income (Expenses) 8.9 10.1 9.8 11.3 7.9 8.1 6.3 7.7 8.7 5.5 Gains (Losses) on equity investments 1.4 0.1 0.1 0.8 0.3 0.1 1.1 2.1 1.0 2.1 Total Net revenues 100.2 97.2 93.2 109.3 94.8 103.8 104.7 102.0 113.2 103.0 Direct OPEX (41.2) (44.1) (46.1) (48.1) (42.9) (45.1) (41.8) (50.2) (43.8) (47.4) of which Personnel Expenses (18.7) (20.3) (19.5) (15.1) (18.3) (18.5) (18.2) (22.6) (19.5) (15.1) of which G&A (22.6) (23.9) (26.6) (33.0) (24.7) (26.7) (23.6) (27.5) (24.3) (32.3) D&A (3.0) (3.0) (2.7) (2.5) (3.2) (3.4) (3.9) (4.3) (3.8) (4.6) Provisions (0.4) (6.0) (1.6) (1.4) (0.5) (0.3) (0.6) (20.9) (3.3) (2.9) Adjusted Profit Before Taxes 55.6 44.1 42.8 57.4 48.1 54.9 58.5 26.7 62.3 48.1 Adjusted Net Income 41.5 29.5 32.3 39.7 35.0 40.3 42.8 21.1 43.2 38.1 (2) (2) (2) (2) (3)
Page 28
Non-recourse Factoring and Lending Volumes (€m) 28 A B A B+ Non-recourse Factoring volumes 1H25 1H26 Italy 2,263 1,748 NHS 1,708 1,451 PA 342 139 Other 213 157 Spain 838 608 NHS 514 316 PA 253 272 Other 72 20 Portugal 250 213 NHS 214 185 PA 35 28 Other - - Greece 132 115 NHS 123 105 PA 7 8 Other 3 2 Croatia - - NHS - - PA - - France 129 160 NHS 129 159 PA 0 0 Total 3,612 2,843 Non-recourse F&L volumes 1H25 1H26 Poland 586 612 Healthcare 489 582 Local Government Units 97 29 Slovakia 1 46 Healthcare 1 5 Local Government Units 1 41 Czech Republic 1 0 Healthcare 0 0 Local Government Units 1 0 Total 588 658 1H25 1H26 Total 4,201 3,501
Page 29
Factoring & Lending P&L per quarter 29 (1) Net Interest Income includes F&L gains / losses on trading; (2) Net Interest Income does not include the restatement im pact quantified in the FY24 reported figures equal to c. +€5.3m; (3) Managerial data: includes releases of provisions partially offsetting associated lower revenues. (1) €m FACTORING & LENDING 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Interest Income 40.4 44.7 40.5 54.0 43.8 53.7 42.3 48.8 48.8 41.8 Net Fee and Commission Income 0.9 0.8 1.0 0.4 0.9 0.8 0.8 0.0 1.0 0.6 Other Income (Expenses) 0.2 - - - (0.3) - - 0.9 - - Net Banking Income 41.5 45.6 41.5 54.4 44.4 54.5 43.0 49.7 49.8 42.4 Other Operating Income (Expenses) 4.3 6.4 6.1 6.7 4.9 4.4 4.6 3.7 3.4 2.3 Gains (Losses) on equity investments 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 1.8 Total Net Revenues 45.9 52.1 47.7 61.3 49.4 59.0 47.8 53.5 53.3 46.5 Direct OPEX (10.9) (11.3) (11.5) (12.5) (11.4) (12.1) (11.3) (15.0) (12.5) (14.0) of which Personnel Expenses (6.2) (5.9) (6.1) (5.9) (6.2) (5.7) (5.8) (6.6) (6.6) (3.4) of which G&A (4.7) (5.4) (5.4) (6.6) (5.1) (6.4) (5.5) (8.3) (5.9) (10.6) Direct D&A (0.7) (0.5) (0.5) 0.1 (0.6) (0.3) (0.7) (0.8) (0.7) (0.7) Provisions (0.6) (6.0) (1.3) (1.3) (0.7) (1.2) (0.6) (20.6) (2.8) (2.3) Profit Before Taxes 33.7 34.3 34.4 47.6 36.8 45.5 35.3 17.2 37.4 29.5 (2) (2) (2) (2) (3)
Page 30
Securities Services P&L per quarter 30 €m SECURITIES SERVICES 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Interest Income 1.3 1.3 1.3 1.5 1.2 1.5 1.6 1.9 1.6 1.4 Net Fee and Commission Income 5.8 6.0 6.2 6.5 6.5 6.7 7.0 6.7 7.8 7.5 Net Banking Income 7.0 7.3 7.5 8.0 7.8 8.2 8.6 8.6 9.4 8.9 Other Operating Income (Expenses) 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.3 2.6 0.3 Gains (Losses) on equity investments - - - - - - - - - - Total Net Revenues 7.0 7.3 7.5 8.2 7.8 8.2 8.7 8.9 12.1 9.3 Direct OPEX (5.1) (5.2) (5.1) (7.8) (5.3) (5.4) (5.3) (5.6) (5.4) (5.5) of which Personnel Expenses (2.8) (3.0) (2.9) (2.5) (2.7) (2.8) (2.7) (2.9) (2.7) (2.7) of which G&A (2.3) (2.2) (2.2) (5.3) (2.7) (2.6) (2.6) (2.7) (2.7) (2.8) Direct D&A (0.2) (0.3) (0.3) (0.3) (0.3) (0.5) (0.5) (0.8) (0.5) (0.5) Provisions - - - (0.1) 0.1 0.4 (0.0) 0.1 (0.5) 0.2 Profit Before Taxes 1.7 1.8 2.1 (0.1) 2.3 2.8 3.0 2.6 5.7 3.4
Page 31
Payments P&L per quarter 31 €m PAYMENTS 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Interest Income 3.5 2.6 2.1 2.4 2.0 1.7 1.4 1.6 1.6 1.5 Net Fee and Commission Income 13.5 13.1 14.1 15.0 13.3 14.4 14.8 15.4 13.7 15.3 Net Banking Income 17.0 15.7 16.1 17.5 15.3 16.1 16.1 17.1 15.3 16.9 Other Operating Income (Expenses) 2.8 3.0 2.8 2.8 2.7 2.6 2.6 3.9 2.7 2.6 Gains (Losses) on equity investments - - - - - - - - - - Total Net Revenues 19.9 18.7 19.0 20.2 17.9 18.7 18.7 21.0 18.0 19.4 Direct OPEX (8.2) (8.6) (8.8) (9.0) (8.4) (8.6) (8.3) (10.0) (9.0) (9.2) of which Personnel Expenses (1.2) (1.4) (1.3) (1.2) (1.3) (1.3) (1.4) (1.5) (1.5) (1.5) of which G&A (7.0) (7.2) (7.5) (7.9) (7.1) (7.3) (6.9) (8.5) (7.6) (7.7) Direct D&A (0.3) (0.4) (0.4) (0.4) (0.4) (0.4) (0.5) (0.6) (0.3) (0.4) Provisions - - - (0.2) 0.0 0.0 0.0 0.0 - 0.0 Profit Before Taxes 11.3 9.7 9.8 10.6 9.2 9.7 9.9 10.4 8.6 9.9
Page 32
Corporate Center P&L per quarter 32 (1) (1) Net Interest Income includes Corporate Center gains / losses on derivatives used to manage the hedging of currencies and interest rate exposure. €m CORPORATE CENTER 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Interest Income 17.2 16.6 17.9 11.7 13.5 14.8 18.2 16.5 16.6 17.3 Net Fee and Commission Income (0.1) (0.3) (0.4) (0.4) (0.3) (0.2) (0.1) (0.3) (0.2) (0.3) Other Income 7.2 2.1 0.6 6.0 6.0 2.1 11.5 0.7 12.5 10.1 Net Banking Income 24.3 18.4 18.1 17.3 19.2 16.8 29.6 16.9 29.0 27.2 Other Operating Income (Expenses) 1.8 0.6 0.8 1.7 0.3 1.1 (1.1) (0.1) (0.0) 0.3 Gains (Losses) on equity investments 1.3 - - 0.7 0.2 - 0.9 2.0 0.9 0.2 Total Net revenues 27.3 19.0 18.9 19.7 19.7 17.9 29.4 18.7 29.8 27.7 Direct OPEX (17.0) (19.0) (20.7) (18.7) (17.9) (19.1) (16.9) (19.5) (16.9) (18.7) of which Personnel Expenses (8.5) (9.9) (9.2) (5.5) (8.1) (8.7) (8.3) (11.6) (8.7) (7.6) of which G&A (8.5) (9.1) (11.5) (13.2) (9.7) (10.4) (8.6) (8.0) (8.2) (11.1) D&A (1.7) (1.8) (1.5) (1.9) (1.9) (2.3) (2.2) (2.2) (2.2) (3.0) Provisions 0.2 0.0 (0.3) 0.2 (0.0) 0.4 (0.0) (0.3) (0.0) (0.7) Adjusted Profit Before Taxes 8.8 (1.7) (3.5) (0.7) (0.1) (3.1) 10.3 (3.4) 10.7 5.3
Page 33
1H25 Summary P&L 33 (€m) F&L Sec. Serv. Paym. CC Adjusted Adjustments Reported Interest Income 182.2 2.7 3.7 81.6 270.3 - 270.3 Interest Expenses (95.9) - - (49.8) (145.7) - (145.7) Net Interest Income 86.3 2.7 3.7 31.8 124.5 - 124.5 Net Fee and Commission Income 1.6 13.3 27.7 (0.5) 42.0 - 42.0 Dividends - - - 11.8 11.8 - 11.8 Gains/Losses on Trading 11.2 - - (3.5) 7.8 - 7.8 Fair value adjustments in hedge accounting - - - - - - - Gains/losses on disposal/repurchase of - - - - - - - a) financial assets measured at amortized cost - - - - - - - b) financial assets measured at fair value through OCI - - - - - - - c) financial liabilities - - - - - - - Gains (losses) on other financial assets and liabilities measured at fair value through profit or loss (0.3) - - (3.7) (4.0) - (4.0) a) financial assets and liabilities designated at fair value - - - - - - - b) other financial assets mandatorily measured at fair value (0.3) - - (3.7) (4.0) - (4.0) Net Banking Income 98.8 16.0 31.4 36.0 182.2 - 182.2 Net adjustments/reversals of impairment for credit risk concerning: (1.9) 0.5 - 0.1 (1.3) - (1.3) a) financial assets measured at amortized cost (1.9) 0.5 - 0.1 (1.3) - (1.3) b) financial assets measured at fair value through OCI - - - - - - - Administrative and Personnel Expenses (23.4) (10.7) (17.0) (36.9) (88.1) (4.5) (92.5) Net provisions for risks and charges 0.1 - 0.0 0.3 0.4 - 0.4 a) commitments and guarantees provided (0.1) - - 0.3 0.2 - 0.2 b) other net allocations 0.2 - 0.0 - 0.2 - 0.2 Net Adjustments to/ Writebacks on Property, Plan and Equipment and Intangible Assets (0.8) (0.8) (0.8) (4.2) (6.6) (1.3) (8.0) Other Operating Income (Expenses) 9.3 0.1 5.2 1.4 16.0 (0.4) 15.6 Gains (Losses) on equity investments 0.3 - - 0.2 0.4 - 0.4 Gains (Losses) from Investments Sales - - - - - - - Profit Before Income Taxes from Continuing Operations 82.3 5.1 18.9 (3.2) 103.0 (6.2) 96.8 Income Taxes (27.7) 1.3 (26.3) Net Profit 75.3 (4.9) 70.4
Page 34
This presentation may contain written and oral "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number or assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of BFF Bank S.p.A. (the “Company") and its subsidiaries (collectively the Company and its subsidiaries, the “Group”). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of futures performance. The Company undertakes no obligation to publicly update or revise any forward- looking statements whether as a result of new information, future events or otherwise expect as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any State or other jurisdiction of the United States or in Australia, Canada or Japan or any jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. The Financial Reporting Officer, Antonio Carnevale, declares, pursuant to paragraph 2 of article 154-bis of the Legislative Decree n° 58/1998 (“Testo Unico della Finanza”), that the accounting information contained in this presentation corresponds to the document results, accounting books, and records of the Bank. Neither the Company nor any member of the Group nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it. Disclaimer 34 Sun 246 195 69 Ash 224 231 235 Main Colors Sapphire 0 92 158 Apricot 227 119 67 Secondary Colors Basalt 70 82 89 Stone 104 132 148 Sea green 0 140 143 Azure 61 172 225
Page 35
bff.com Head Office Viale Lodovico Scarampo 15, Milan 20148 info@bff.com