Slides
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Investor Presentation 1H 2025 RESULTS 29 July 2025
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No. 1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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1H 2025 RESULTS: EXECUTIVE SUMMARY 3 Resilient commercial activity in a challenging environment • Client assets at €106.5bn (+8% YoY) at a new record high despite March/April markets’ rout • Total net inflows at €3.0bn, in line with target set for the year • Total net inflows in AUI at €1.6bn fueled by AUM products (€1.5bn, +72% YoY) Solid results in the recurring business • Recurring net profit at €176.3m (+3% YoY) reaching its best level ever • Reported net profit at €200.2m (-16% YoY) for challenging comparison on the variable component • Robust capital and liquidity ratios with CET1/TCR ratio at 17.6%/19.7% and LCR at 329% Strengthening business collaboration with Assicurazioni Generali • Accelerating on FPA model with assets of €2.3bn (+7% YTD, +15% YoY). • Insurebanking agreement with Alleanza signed on 17 July 2025 • Distribution of selected banking products and services by Alleanza network from November 2025
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4 NET PROFIT BEST FIRST HALF RESULTS FOR RECURRING NET PROFIT NOTES: 1) Recurring net profit computed net of variable fees, trading gains and one-offs; 2) Extended perimeter refers to Intermonte 170.4 176.3 82.0 88.5 87.0 89.4 1H24 1H25 1Q24 2Q24 1Q25 2Q25 69.1 23.9 40.0 29.1 23.3 0.5 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Recurring Net Profit1 Variable Net Profit €\m €\m 239.6 200.2 122.0 117.6Net Profit €\m +2.8% +3.4% 110.3 89.9 1H 2025 net profit at €200m (-16% YoY) due to lower variable components 1H 2025 variable net profit at €24m (-66% YoY) due to lower performance fees 1H 2025 recurring net profit at €176m (+3% YoY) driven by higher assets, growing recurring revenues and extended perimeter2
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5 NET FINANCIAL INCOME POSITIVE TREND BOOSTED BY VOLUME EXPANSION AND BY THE ENLARGED PERIMETER Net Financial Income €\m 157.5 161.7 79.4 78.1 79.3 82.4 9.1 15.3 4.5 4.7 8.6 6.6 166.7 177.0 83.9 82.7 88.0 89.0 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Net Interest Income Trading gains and others Total NFI Yield1 Total NIM Yield1 +1.2% 2.27% 2.09% 2.31% 2.10% 2.08% 2.40% 2.28% 2.44% 2.32% 2.25% +6.2% 2.23% 2.36% NOTES: 1) Calculated on average Interest-bearing Assets/Liabilities; 2) Including Banca Generali’s ordinary trading activity on bankingbook, forex and dividends and Intermonte’s selected activities from ‘sales and trading’ and ‘global markets’ +7.6% 1H 2025 NFI at €177m (+6% YoY , +2% LfL) on deposit expansion and contribution from the extended perimeter 1H 2025 NII at €162m (+3% YoY) supported by higher total deposits 1H 2025 trading gains and others2 at €15m including €7.2m linked to Intermonte for its market making activity and trading on proprietary book Total 2025 NIM yield estimated at average 200 bps for the year
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6 TOTAL GROSS FEES RECURRING COMPONENT REPRESENTING OVER 90% OF THE TOTAL 514.5 550.2 256.8 257.6 278.6 271.6 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Gross Recurring Fees 94.0 42.5 54.4 39.6 34.4 8.0 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Variable Fees -2.5% 1.07% 1.06% 1.09% 1.08% 1.04% Total Gross Recurring Fees on Total avg. Assets 608.5 592.7 297.2 313.0 279.6Total Gross Fees €\m 311.3 1.06% +6.9% NOTE: 1) Including Intermonte’s fees for client-driven trading and corporate advisory (€15.9m in 1H 2025) +5.4% 1H 2025 total gross fees at €593m (-3% YoY) with recurring fees accounting for 93% of total (85% in 1H 2024) 1H 2025 variable fees at €42m (-55% YoY) on a challenging comparison for financial markets. BG FML assets at/close to HWM amounted ~€5.5bn as of 18 July 2025 1H 2025 gross recurring fees at €550bn (+7% YoY) driven by higher assets and extended perimeter
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GROSS RECURRING FEES (1/2) 7 CONTINUED RESILIENCE DESPITE HEADWINDS IN MARCH-APRIL MARKETS Avg. Investment Assets1 €\bn Investment Fees €\m Advisory Fees Management Fees 419.0 446.5 207.3 211.7 226.3 220.3 24.9 26.9 12.1 12.8 13.3 13.5 443.9 473.4 219.4 224.5 239.6 233.8 1H24 1H25 1Q24 2Q24 1Q25 2Q25 -2.4% -1.1% 58.8 63.7 58.2 59.5 64.1 63.3 64.7 70.1 63.9 65.4 70.5 69.7 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Average AUM Management Fees on avg. AUM2 1.42% 1.43% 1.41% 1.42% 1.43% Investment Fees on avg. AUI 1.37% 1.37% 1.36% 1.37% 1.38% x Average AUI NOTES: 1) Net of double counting; 2) Fee margin based on average AUM (managed solutions + traditional life policies) on an annualized basis; 3) Including €3m for a change of contract on investment mandates previously accounted as banking fees 1.40% 1.35% +6.6% +4.2% +6.5% +8.4% 1H 2025 investment fees at €473m (+7% YoY) which included the sharp financial markets’ correction in March/April 1H 2025 management fees3 at €447m (+7% YoY) in line with average asset expansion 1H 2025 AUM margin at 1.41% mostly on temporary lower margins in insurance and cautious asset allocation 2H 2025 AUM margin expected in a 140-142bps range
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GROSS RECURRING FEES (2/2) 8 OVERALL POSITIVE RESULT, WITH MIXED COMPONENT TREND Other Fees €\m 29.0 22.4 16.5 12.5 12.5 9.9 29.3 38.5 14.8 14.5 19.0 19.5 12.3 15.9 6.1 6.2 7.6 8.3 70.6 76.8 37.4 33.2 39.1 37.7 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Brokerage Commissions Entry Fees Avg. Total Assets €\bn Other Fees on Total avg. Assets 96.0 104.9 94.5 97.5 104.8 105.0 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Banking Fees -3.5% +0.2% 0.15% 0.14% 0.16% 0.15% 0.14% 0.15% +8.8% +13.8% +7.7% +9.3% 1H 2025 brokerage fees at €39m (+32% YoY) driven by Intermonte (€7.6m) on top of steadily growing in-house activity (+8% LfL) 1H 2025 banking fees1 at €16m (+29% YoY) with contribution from Intermonte (€8.0m) and reflecting the phase-in of new banking products’ pricing 1H 2025 entry fees at €22m (-23% YoY) linked to more challenging financial markets NOTE: 1) Net of €3m for a change of contract on investment mandates now accounted as management fees
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TOTAL PAYOUT RATIO ON FEES STABLE PAYOUT ALIGNED WITH BUSINESS MIX 9 10.2% 11.1% 9.8% 10.7% 11.1% 11.1% 36.6% 35.9% 36.5% 36.5% 36.0% 35.9% 47.0% 47.0% 46.3% 47.7% 47.1% 47.0% 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Total Fee Expenses €\m o/w Payout to FAs, ordinary o/w Payout to FAs, cost of growth o/w Payout to Third Parties 6.2% 6.1% 6.2% 6.2% 6.0% 6.2% 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Total Payout Ratio2 (excl. Payout on NII) 53.2% 2.1o/w Fee Expenses on NII1 280.8 138.5 142.3 150.4 146.6 297.0 53.1% 52.5% 53.9% 53.1% 53.2% 2.6 3.4 3.6 4.7 7.0 0.5% o/w One-off Items NOTES: 1) Fee expenses paid to FAs related to NII; 2) Fee expenses paid to FAs as a percentage of recurring fees 0.2% 1H 2025 total payout at 53.1%, broadly in line with last year and long term guidance 1H 2025 payout to third parties decreased slightly in absolute terms 1H 2025 fee expenses on NII at €4.7m (-32% YoY) reflecting trend in interest rates
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OPERATING COSTS (1/2) 10 COSTS INCLUDE SET UP OF NEW STRATEGIC INITIATIVES NOTES: LfL = Excluding change in perimeter related to Intermonte’s acquisition; 1) Including Intermonte’s operating costs (€17.0m); 2) Core operating costs have been restated to include BG Suisse among the different lines (vs. previous separated representation). Intermonte has been excluded on a LfL basis 1H 2025 BG core operating costs at €134m (+8.4% YoY) including higher personnel and IT expenditures associated with the insurebanking initiative and AI integration project 1H 2025 total operating costs1 at €164m, of which €147m (+7.9% YoY) on a like-for-like basis excluding Intermonte123.4 133.8 61.8 61.6 67.1 66.7 17.0 8.5 8.5 11.1 10.7 5.4 5.6 5.5 5.2 2.1 2.9 1.0 (1.1) 1.5 1.4 136.6 164.4 68.3 68.3 82.6 81.8 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Total Operating Costs €\m Core Operating Costs Sales Personnel 49.6 54.3 25.4 24.2 27.0 27.3 54.4 58.3 26.9 27.5 29.6 28.7 19.4 21.1 9.5 9.9 10.5 10.7 123.4 133.8 61.8 61.6 67.1 66.7 1H24 1H25 1Q24 2Q24 1Q25 2Q25 Non Core Items G&A Depreciation Staff Costs Core Operating Costs2 - LfL €\m +20% -1% -0.7% Intermonte +20% +8.4% +8.2%
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OPERATING COSTS (2/2) MODERATE INCREASE IN COST RATIOS, WITH OVERALL EFFICIENCY PRESERVED 11 NOTE: 1) Excluding performance fees and one-off items Operating Costs / Total Assets Cost / Income Ratio 1 0.40% 0.37% 0.33% 0.33% 0.31%0.30% 0.28% 0.31%0.30%0.28% 0.28% 0.31% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 37.4% 45.9% 40.7% 42.1% 36.0% 36.8% 31.1% 40.1% 35.1% 30.0% 34.8% 52.8% 55.8% 54.7% 44.6% 46.9% 47.3% 43.0% 40.8% 34.9% 35.6% 37.5% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Reported Cost/Income Adjusted Cost/IncomeImpact from Intermonte
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SUMMING UP 12 Comments NOTES: 1) 1H24 provisions adjusted for contribution to insurance funds; 2) Recurring net profit computed net of variable fees, trading gains and one-offs; 3) Provisions, fair-value adjustments, contribution to banking funds and gains/losses from disposal of equity investments Operating profit excl. performance fees slightly higher at €266m for: - Higher net financial income (+6% YoY) - Higher net recurring fees (+8% YoY) - Stable payout ratio to FAs and third parties - Lower variable fees from 2024 peak - Higher operating costs (+20% YoY) due to Intermonte integration (+8% LfL) Total non operating charges3 at €36m (vs. €40m in 1H 2024) benefitting from lower regulatory contribution to banking and insurance funds Net profit highlighting better quality on a recurring basis, though headline figure declined on lower variable fees (-55% YoY) and higher tax rate (+1.6 ppts YoY) (€m) 1H24 1H25 Reported % Chg 1H25 Intermonte contribution Net Financial Income 166.7 177.0 6.2% 7.8 Net recurring fees 233.7 253.3 8.4% 14.3 Variable fees 94.0 42.4 -54.8% 0.0 Total Banking Income 494.3 472.7 -4.4% 22.0 Core operating costs (LfL) -123.4 -133.8 8.4% - Total operating costs -136.6 -164.4 20.4% -17.0 Operating Profit 357.7 308.3 -13.8% 5.0 Operating Profit excl. performance fees 263.7 265.9 0.8% 5.0 Net adjustments for impaired loans and other assets 0.8 -4.6 n.m. - Net provisions for liabilities and contingencies -29.0 -30.0 3.7% - Contributions to banking and insurance funds -11.4 -1.1 -90.3% - Gain (loss) from disposal of equity investments 0.1 -0.3 n.m. - Profit Before Taxation 318.2 272.2 -14.5% 5.0 Direct income taxes -78.6 -71.5 -9.1% -1.3 Minorities interest 0.0 0.5 n.m. 0.5 Tax rate 24.7% 26.3% +1.6ppt 25.2% Net Profit 239.6 200.2 -16.4% 3.2 Recurring Net Profit 170.4 176.3 3.4% 3.2 2 1
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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1.2 1.5 1.3 0.05 0.1 0.10.7 0.9 1.2 11.5 13.0 12.8 0.7 0.9 0.90.5 0.6 1.314.7 17.0 17.6 1H24 1Q25 1H25 Total Liabilities & Equity: Volumes and Yields €\bn 14 Deposits from Banks Other Deposits Client Deposits Other Liabilities Total Deposits Cost of Funding o/w Cost of Deposits from Banks & Institutions o/w Cost of Client Deposits 0.88% 3.84% 1.19% 0.84% 2.70% 0.92% 0.74% 2.38% 0.85% AT1 Equity ex. AT1 1 2 3 12.7 14.5 15.0 BALANCE SHEET – TOTAL LIABILITIES & EQUITY SHARP DECREASE IN COST OF FUNDING NOTES: 1) Including €0.2bn promotional repos for retail clients in 1H25 (€0.3bn at 1Q25); 2) Referring to debts vs FAs, IFRS16-related liabilities, captive deposits from Generali Group and margins on derivatives; 3) Including repos to financial institutions (Euronext clearing) for €0.9bn at 1H25 (from €0.3bn at 1Q25) 1H 2025 total deposits4 at €15.0bn (+3% QoQ) of which 85% represented by client deposits 1H 2025 average cost of funding moved lower in line with the evolution of market rates over the period
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10.2 11.9 12.2 2.1 2.3 2.31.0 1.2 1.514.7 17.0 17.6 1H24 1Q25 1H25 15 BALANCE SHEET – TOTAL ASSETS VOLUMES EXPANSION COMPENSATES FOR RATE COMPRESSION Loans to Banks & Other Assets Loans to Clients Financial Assets Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Other Assets Interest Bearing Assets Yield on Interest Bearing Assets o/w Loans to Clients o/w Financial Assets o/w Loans to Banks & Other Assets 3.52% 4.82% 3.15% 3.44% 2.73% 3.68% 2.92% 3.01% 2.59% 3.47% 2.88% 2.93% 1H 2025 interest bearing assets at €16.0bn (+4% QoQ) with the portfolio composed primarily of financial assets (76%), followed by loans to clients (14%) and loans to banks (10%) 1H 2025 yield on interest bearing assets softened tracking market rates 13.3 15.4 16.0
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17.8% 22.0% 17.7% 1.2% 2.4% 2.0% 19.0% 24.4% 19.7% 2023 2024 1H25 CET1 AT1 CAPITAL AND LIQUIDITY RATIOS SOLID CAPITAL RATIOS 16 Total Capital Ratio % Leverage Ratio % Liquidity Coverage Ratio % Net Stable Funding Ratio % 335% 332% 329% 2023 2024 1H25 214% 233% 234% 2023 2024 1H25 5.4% 5.9% 5.7% 2023 2024 1H25 TCR ratio remains very sound despite impact from CRR3 introduction (-3.8ppt) and the first-time integration of Intermonte (-2.1ppt) partly offset by higher net profit and other items (+1.2 ppt) after assuming a dividend provision in line with current dividend policy (82% of 1H25 net profit) Both ratios well above SREP requirement of 8.7% for CET1 ratio and TCR 13.2% for 2025 Leverage ratio at 5.7% remains well above minimum requirement of 3% Liquidity ratios significantly above requirements
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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4.2 4.5 4.5 5.4 5.6 5.7 0.7 0.7 0.7 10.3 10.8 10.9 1H24 2024 1H25 AUM AUC Banking Assets 66.3 70.2 71.1 32.7 33.6 35.4 99.0 103.8 106.5 1H24 2024 1H25 Other Assets (Other Fees) Assets under Investment (Investment Fees) TOTAL ASSETS (1/2) TOTAL ASSETS HIT A NEW RECORD HIGH 18 60.3 63.9 64.7 27.7 28.0 29.8 11.0 11.9 12.0 99.0 103.8 106.5 1H24 2024 1H25 Total Assets €\bn Total Assets (by Fee Category1) €\bn o/w Assets under Advanced Advisory €\bn Assets under Investment / Total Assets 67.0% 67.6% 66.7% NOTE: 1) Assets and advisory net of double counting 1H 2025 Total Assets at the new peak of €106.5bn (+8% YoY) supported by solid commercial trend and an ongoing recovery from the March-April dip 1H 2025 Assets under Investment at €71.1n (+7% YoY), a growth fueled by resilient net inflows successfully counterbalancing market volatility
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TOTAL ASSETS (2/2) MANAGED PRODUCTS RECOVERED MARCH-APRIL MARKET LOSSES 19 45.8 49.0 49.1 14.5 14.9 15.6 60.3 63.9 64.7 1H24 2024 1H25 Traditional Life Policies Managed Solutions AUM Products €\bn o/w Managed Solutions - Funds €\bn o/w Managed Solutions - Wrappers €\bn Managed Solutions / Total Assets 1 11.5 12.7 12.9 11.1 12.1 12.1 22.6 24.8 25.0 1H24 2024 1H25 Insurance Wrappers Financial Wrappers 11.1 11.9 12.0 12.1 12.3 12.1 23.2 24.2 24.1 1H24 2024 1H25 Third-party Funds In-house Funds NOTES: 1) Managed Solutions = In-house SICAV + Third-party Retail funds/SICAVs + Financial Wrappers + Insurance Wrappers; 2) Financial Wrappers and In-house Funds 46.3% 47.2% 46.1% Wrappers / Managed Solutions 49.4% 50.6% 50.9% 1H 2025 AUM products at €64.7bn (+7% YoY) with a balanced growth in traditional life insurance and managed products 1H 2025 in-house products2 at €24.9bn (+10% YoY) continue to attract clients thanks to their tailored approach and the rollout of innovative investment strategies introduced in Q2 2025
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NET INFLOWS (1/2) IMPROVING QUALITY AND MIX 20 Total Net Inflows (by Fee Category1) €\bn Focus on AUI Net Inflows €\bn NOTES: 1) Assets and advisory net of double counting; 2) On 28 April 2025 Mediobanca launched a public voluntary exchange Offer for 100% of Banca Generali shares with the consideration consisting of the shares in Assicurazioni Generali owned by Mediobanca (ex-102) Assets under Investment / Total Net Inflows 19.6% 39.7% 53.8% 0.6 1.4 1.6 2.7 2.2 1.4 3.3 3.6 3.0 1H23 1H24 1H25 Other Assets (Other Fees) Assets under Investment (Investment Fees) 1H 2025 Total Net Inflows at €3.0bn, fully aligned with FY 2025 guidance although some business opportunities are on stand-by linked to the current exchange tender offer2 1H 2025 AUI Net Inflows at €1.6bn (+12% YoY , over 50% of total) fuelled by robust demand for managed solutions (AM) and insurance products -0.3 0.9 1.5 0.9 0.5 0.1 0.6 1.4 1.6 1H23 1H24 1H25 AUM AUC & Banking under Advisory AUM / AUI Net Inflows n.m. 60.7% 93.4%
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NET INFLOWS (2/2) STRONG GROWTH IN AUM PRODUCTS DRIVEN BY IN-HOUSE AND INSURANCE PRODUCTS 21 AUM Products €\bn o/w Managed Solutions - Funds €\bn o/w Managed Solutions - Wrappers €\bn 1 NOTE: 1) Managed Solutions = In-house SICAV + Third-party Retail funds/SICAVs + Financial Wrappers + Insurance Wrappers 0.7 0.9 0.8 -1.0 0.7 -0.3 0.9 1.5 1H23 1H24 1H25 Traditional Life Policies Managed Solutions 0.4 0.7 0.6 0.4 0.7 0.6 1H23 1H24 1H25 Insurance Wrappers Financial Wrappers 0.3 0.4 0.3 -0.3 -0.1 0.3 0.1 0.2 1H23 1H24 1H25 Third-party Funds In-house Funds 1H 2025 Total Net Inflows in AUM products at €1.5bn (+72% YoY), driven by: - €0.7bn inflows in traditional life insurance reflecting growing clients focus on protection and succession planning - €0.9bn inflows in in- house products (financial wrappers and funds) boosted by an expanded product offering
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NET INFLOWS BY ACQUISITION CHANNEL RECRUITING CONTINUES ALBEIT AT A SLOWER PACE AMID OUTLOOK UNCERTAINTY 22 17 30 30 27 28 16 16 36 3560 94 81 1H23 1H24 1H25 FAs without Remuneration Package & Junior FAs From Retail & Private Banks From FA Networks 2.9 2.6 2.2 0.4 1.0 0.8 3.3 3.6 3.0 1H23 1H24 1H25 Net Recruitment (FAs In/Out) Existing Network Net Inflows by Acquisition Channel €\bn 1 Recruitment by Acquisition Channel # NOTE: 1) Financial Advisors within the Bank excluding new recruits of the year and year-1 1H 2025 new senior recruits at 46 professionals of which 27 in 1Q and 19 in 2Q (-24% QoQ) 1H 2025 net inflows from new recruits at 27% of total (28% in 1H 2024) with a slowdown concentrated in 2Q 2025
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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100.0% €192bn Insurance Agents INSUREBANKING: MARKET POTENTIAL INSURANCE AGENTS MANAGE ONLY A PART OF THEIR CLIENT ASSETS 24 SOURCES: AIPB – Prometeia, BankIt, Istat; NOTES: 1) Total targetable assets net of not allocated assets; 2) Private Banking operators registered with AIPB; 3) ‘Retail’ includes Banking sector, post offices other FA network not included within Private Banking €1.257bn €2.309bn Private Banking2 Retail3 75.5% 24.5% 2024 Italian Targetable Financial Household Wealth1 Focus on Targetable Financial Wealth by Distribution Channel / Product €3.758bn Insurance products represent 25% of the targetable financial wealth of Italian households, yet insurance agents currently manage only 5% of this wealth and entirely into insurance products Other financial channels, such as Private Banking and Retail networks, typically allocate around 20% of clients’ assets to insurance solutions, with a more balanced product mix If insurance agents were to adopt a 20-25% allocation to insurance products – consistent with other distribution channels - the implied targetable financial wealth of their clients would amount to ~€950 and ~€750bn, respectively o/w €192bn would be invested in insurance products €920bn €2.838bn 80.5% 19.5% 1 79.0% 21.0% 1 Insurance products Other products
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INSUREBANKING: STRATEGIC PARTNERSHIP WITH GENERALI ITALIA (1/2) FRAMEWORK AGREEMENT FOR DISTRIBUTION OF BANKING AND INVESTMENT PRODUCTS 25 On 17 April 2025, Banca Generali and Generali Italia signed a framework agreement outlining the partnership principles: 1) development of the distribution of Banca Generali’s banking products and services via Alleanza network and commitment to finalize the agreements in the first Half of 2025 2) strengthening of the collaboration model already in place based on ‘Financial Planning Agents (FPAs) network’ 3) assessment and study to strengthen collaboration between Generali Italia’s Agents and Banca Generali’s Financial Advisors for insurance/financial cross-selling/upselling initiatives aimed at their respective clients 4) increasing Banca Generali’s distinctive expertise in the sector of insurance products with financial content All these initiatives aim to enhance the role of Agents and Generali Italia’s distribution networks, enriching and expanding the services available to them, establishing a partnership that amplifies synergies in the solutions offered to clients.
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INSUREBANKING: STRATEGIC PARTNERSHIP WITH GENERALI ITALIA (2/2) THREE MODELS: FPA, INSUREBANKING, FA/AGENT COLLABORATION 26 FA / Agent Collaboration Developing collaboration models to enhance cross/upselling synergies through teams of Agent/FA Mutual Customer Referral Agreement Insurebanking Collaboration with Generali In 2024, a strategic assessment of the potential associated with insurebanking was launched, which subsequently led to the identification of collaboration opportunities with Generali aimed at fostering synergies. Within this framework, the following three solutions were identified: Accelerating on FPA model Further push on growth of Financial Planning Agents (FPA) From Banca Generali From Assicurazioni Generali Direct Insurebanking just started Distributing Banca Generali’s selected banking products and services through the insurance agents of Generali Italia and Alleanza Insurebanking Agreement Project progress Project progress Project progress 0 100 0 100 0 100 1 2 3
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INSUREBANKING: ACCELERATING ON FPA MODEL FPA AGENTS SHOW CONSISTENT GROWTH MOMENTUM 27 FPAs Total Assets (financial component only at BG), €/m Number of FPAs, # 986 1,174 1,401 1,455 1,832 2,148 2,298 2019 2020 2021 2022 2023 2024 1H25 65 68 73 74 85 106 107 2019 2020 2021 2022 2023 2024 1H25 Financial Planning Agents (FPAs) are insurance agents of Generali Italia with a license to operate also as Financial Advisors. FPAs exclusively distribute banking and investment products of Banca Generali 1 1H 2025 FPA Assets amounted to €2.3bn (+7% YTD, +15% YoY). In five years, FPAs have more than doubled their assets (2019-24 CAGR +16.5%) Over past two years, number of FPAs has been on the rise, reflecting a growing demand among agents for diversified investment solutions to better serve their clients.
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INSUREBANKING: DIRECT INSUREBANKING JUST STARTED FRAMEWORK AGREEMENT WITH ALLEANZA SIGNED 28 Key points of the Insurebanking agreement with Alleanza Provider of banking products and services Advisory and mandates on UL products • Banking services (current account and payments), Assets under Custody and brokerage services via self-service channels (app / internet banking and call-center) provided through Alleanza network • Opportunity for enhancing cross-selling opportunities and improving visibility over client financial flows, ultimately contributing to a general increase in performance for Alleanza network and adding a new distribution channel for BG • Distribution of the current insurance wrapper Stile Esclusivo through a specific version (Stile Unico) devoted to affluent clients and Alleanza network • Underlying assets and asset allocation managed by Banca Generali • This initiative will boost Group profitability A B July 17, 2025 November 2025 Nation wide roll out October 9, 2025 Network kick off convention On 30 June 2025, Banca Generali and Alleanza signed the agreement laying the foundation for a broadbase collaboration 2 Network announcement Alleanza Assicurazioni is 100% controlled by Generali Italia. It has a proprietary direct network made up of 400 agencies and 10,000 insurance consultants serving 1.9 million clients in Italy
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CLOSING REMARKS 29 On 26 June 2025, the Board of Directors approved the 2026-2028 Strategic Plan, developed on a stand-alone basis A cornerstone of the 2026-2028 Strategic Plan is the partnership established with Generali Group for the development of a new collaboration in the insurebanking sector Banca Generali remains fully committed to delivering long-term value for all its Stakeholders maintaining a key strategic focus without being distracted by the pending voluntary Exchange Public Offer Banca Generali confirms the targets set for 2025 in terms of consistent, profitable and remunerative growth and namely: - Target Net Inflows of €6.0 billion in 2025 of which > €3.5 billion in Assets under Investments and mix - Average Net Interest Margin (NIM yield) of 200 bps for 2025 - Management Fee Margin in a range of 140-142 bps in 2H 2025 Key messages
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Projects ▪ Sector Data
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11.1 11.9 11.9 11.0 11.4 11.1 1H24 2024 1H25 Institutional Fund Classes Retail Fund Classes 18.1 19.2 19.3 3.7 3.9 3.60.2 0.2 0.2 1H24 2024 1H25 BG Alternative/Private Markets BG Selection/Collection LUX IM FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS 31 BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn BG FML – Asset Mix % 22.1 23.3 23.1 +4.6% -0.7% 22.1 23.3 49% 19%0% 30% 2% 1% Equity Multi-assets Liquidity Bonds Target funds Alternative 23.1 Retail fund classes at 52% of BG FML total assets (+2ppts YoY) 1H 2025 equity exposure at 49% of total BG FML assets with a focus on global and thematic funds
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65% 64% 62% 23% 24% 25% 12% 12% 13%27.5 27.8 29.7 1H24 2024 1H25 FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS 32 AUC Assets by Product Mix1 €\bn NOTE: 1) Assoreti perimeter (i.e. excluding BG Suisse and BG Valeur); 2) Repos, ETF, certificates & others; 3) Data as of 09.07.2025 €3.8bn bonds due to expire within 1 year 77% of bonds carrying unrealized capital gains3 Only 4% of total AUC invested in structured products (certificates) 22% of AUC under advanced advisory Key Features Bonds Equity Others2
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FOCUS ON FINANCIAL ASSETS HIGH QUALITY OF ASSET MIX IMPROVED FURTHER 33 Bond PTF Classification 50% 17% 33% Italy Govt Bonds EU Govt Bonds Covered/SSA/ Corporate/ Financial Total PTF Classification 4% 96% Equity & Alternative Investments Fixed Income 73%4% 23% HTC HTS & Others HTCS Total PTF - IFRS Classification Fixed rate bonds 61% (bond portfolio) 3.6 1.2 3.7 0.9 Total HTCS Total HTCS 1.3 0.7 1.4 0.8 Total HTCS Total HTCS Bond PTF Maturity Bond PTF Duration 2024 1H25 2024 1H25 Focus on Financial Assets (Banking Book) Duration and maturity little changed Limited P&L volatility since most financial assets are accounted at HTC (73% of total) Financial assets are high quality and well diversified: - More than 99% of the bond portfolio is made up of investment grade securities - 43% of the bond portfolio is rated ≥ A- - Italy govt bonds represent 50% of total
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FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK 34 10.2 11.3 12.1 2.1 2.3 2.31.0 1.7 1.414.7 16.8 17.6 1H24 FY24 1H25 5.0 5.2 2024 1H25 Collateral Assets €\bnGranted Loans €\bn Total Assets and Interest Bearing Assets €\bn Yield – On Loans to Clients % Focus on Loan Book (Banking Book) Lending Quality % 1H25 Credit Book €\bn 0.7 99.3 NPL (Net of Indemnity) Performing Loans 3.5 3.6 2024 1H25 Drawn Loans/ Granted Loans Collateral Assets/ Drawn Loans67% 66% 216% 218% 1.8 0.5 Lines of Credit Mortgages & Personal Loans Cost of Risk bps 4.82% 4.61% 3.47% 0 0 0 Loans to Banks & Other Assets Loans to Clients Financial Assets Other Assets
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35 FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs # 1,645 1,715 1,841 1,936 1,985 2,040 2,087 2,162 2,204 2,260 2,353 2,386 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Key highlights Male Female Gender FA Teams (#) 199 AUM1 (€\bn) 22.0 Age ~55 <35 35-50 >50 Headline FA retention at 98.0% - Core FA retention at 99.1% NOTE: Data as of 30 June 2025; 1) Total Assets managed by FAs involved in Teams project
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36 FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY NOTE: 1) Assoreti excluding BG, AZM, ISPB, Che Banca! and Banca Euromobiliare. Credem SpA financial advisors’ activity (added to the already existing Credem Assets since 2019) has also been excluded on a like-for-like basis Average Assets per FA €\m 1 11.2 11.9 11.6 14.2 15.7 15.8 18.0 19.7 22.2 24.3 25.8 28.8 29.0 32.8 35.1 39.2 37.3 40.6 43.7 44.3 7.4 7.9 8.0 9.1 10.2 10.3 11.8 12.9 13.6 14.6 15.9 17.9 18.4 21.2 23.1 25.8 24.0 26.4 29.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Banca Generali Assoreti
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37 FOCUS ON CLIENTS TREND AND KEY FEATURES NOTE: 1) Banca Generali Assoreti assets (i.e. excluding BG Valeur and BG Suisse); 2) Assets >€500K per client 60.8% 6.1% 28.2% 22.2% 10.4% 44.1% 0.6% 27.6% No.of Clients AUM (bn/€) >5m 500k-5m 100-500k <100k Total No. of Clients ‘000 Breakdown by Cluster of Clients 367k €105.8bn1 Private Banking Assets2: €75.9bn Private Banking Clients: >40k 243 249 263 279 290 299 312 332 342 349 359 367 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Projects ▪ Sector Data
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39 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS 39 One of the fastest-growing asset gatherers in Europe1 and #3 player in the Private Banking space in Italy2 Frontrunner in introducing an open architecture business model in Italy, Banca Generali also relies on an open banking approach to leverage the best partners over time Controlled by Assicurazioni Generali with a stake of 50.2%, Banca Generali recorded Total Return Rate of +1135%6 since its listing on the Italian Stock Exchange in November 2006 Capital-light business model, leveraging on a Network of 2,386 Financial Advisors ranked at the top of the industry3 by quality and productivity Awarded Best Sustainable Private Bank in Italy7 and included in Sustainalytics’ 2024 ESG Top- Rated Companies List International footprint with a consolidated presence in Luxembourg and a growing one in Switzerland NOTES: 1) Banca Generali estimates on last 10Y sector data; 2) Source: Magstat, data as of 31.12.2023 (last available data); 3) Based on assets/FA on Assoreti data; 4) Financial Times - Global Private Banking Awards (2024); 5) Deutsche Institut Fur Qualitaetund Finanzem (2025); 6) Data as of 24 July 2025; 7) BFC Media – Private Banking Awards (2024) Several times awarded Best Private Bank in Italy4 and Best Financial Advisor Network by Customer Satisfaction5
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40 P u r p o s e To protect and improve the lives of people and businesses by enhancing the management of their assets and savings M i s s i o n Trusted professionals always by the Client’s side, developing and looking after their life plans V i s i o n To be the No. 1 private bank, unique by Value of Service, Innovation and Sustainability Banca Generali’s dynamism - The fastest growing1 company in Italy over last 10 years with a unique business model centered around a wealth management approach, a focus on top rated distribution network and a capital light business model Assicurazioni Generali’s heritage - Banca Generali can leverage on the financial strength and solid reputation of Assicurazioni Generali, one of the leading insurance groups at European level with a group rating1 above country level BANCA GENERALI’S AMBITIONS MISSION, VISION AND PURPOSE 40 NOTE: 1) Moody’s: A3, Fitch: A+, AM Best: A+
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41 5.7 7.2 6.5 7.5 6.8 7.3 7.8 7.8 9.1 9.8 11.4 12.8 14.8 18.4 20.7 25.2 27.6 35.4 39.9 15.0 14.2 12.5 14.7 16.8 16.0 18.4 21.3 27.5 31.8 36.1 42.9 42.7 50.6 53.8 60.5 55.5 57.4 63.9 20.7 21.4 19.0 22.2 23.6 23.3 26.2 29.1 36.6 41.6 47.5 55.7 57.5 69.0 74.5 85.7 83.1 92.8 103.8 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Administered assets Managed assets Total Client Assets €\bn 2006 Listing on Italian Stock Exchange Acquisition of Banca BSI Italia 2008 Acquisition of Banca del Gottardo Italia 2014 Acquisition of Credit Suisse affluent & upper affluent Italian operations 2017 Partnership with Saxo Bank, creation of BG Saxo SIM 2019 Acquisition of Nextam Partners (AM boutique) and BG Valuer (Swiss trust) 2013 New strategic positioning 2020 Partnership with Conio BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY 2023 Launch of BG Suisse Private Bank 41
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BANCA GENERALI’S MARKET SHARES BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS 42 Targetable financial wealth1 Private & HNW financial wealth2 Financial Advisor networks3 20192014 2.1% 3.9% 15.4% 1.2% 2.1% 12.7% R e f e r e n c e S e g m e n t B a n c a G e n e r a l i ’ s M a r k e t S h a r e 2.6% 5.1% 15.7% 2024 NOTES: 1) Italian targetable financial wealth market share estimated based on Prometeia data as of April 2025. Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; 2) Italian private financial wealth market share based on AIPB data; 3) Italian FA networks market share based on Assoreti data on a like-for-like basis, i.e. excluding AZM, ISPB and new entrants from 2019
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43 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure 100% 100% Trust Company Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali 100% Trust Company Asset Management Bank 100% 43 NOTE: data as of 30 June 2025 Bank Brokerage Company 100%
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BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY 44 BANK DISTRIBUTION 3 4 PRODUCTS & SERVICES SUPPORT Client Financial Advisor Private Banking positioning and best in class distribution network • Banking products • AUC products • Managed solutions • Insurance solutions • Alternative solutions • Investment Advisory • Real-estate advisory • Succession planning & family protection • Corporate advisory • Trust Services IT Platforms and Digital Tools, Training, Marketing, Communication Limited capital absorption, low risk banking book, secured loans 1 2 Banca Generali’s core competitive advantage Wealth management approach leveraging on open architecture and best-of-breed partnerships Open banking and data driven approach Simple & low risk balance sheet Banca Generali’s Business Model
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BG’S FAS AT TOP RANKING IN THE INDUSTRY BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY 45 1 Positioning vs Industry FA networks by total assets per capita: FAs vs Client Banca Generali ranks at the top of FA networks, by: • Positioning - avg. size of assets for Financial Advisors and Clients; • Productivity - avg. net inflows per Financial Advisor and Clients Productivity vs Industry FA networks by net inflows per capita: FAs vs Clients Total assets / FAs Total assets / Clients Industry Industry Net inflows 2022-2024 / FAs Net inflows 2022-2024 / Clients NOTES: Industry perimeter = Assoreti – Life for Like basis; Size of the bubble = Total Client assets; data as of 31 December 2024
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BG NETWORK ARCHITECTURE NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRACT 46 1 Senior Partners Network WM & Private Network FPA Network RM Network Cluster Assets (%) FAs (#) Assets/FA (€\m) Wealth Managers PTF >€50m Senior Partners PTF >€150m Private Bankers PTF €15-50m Financial Planners PTF <€15m Financial Planning Agents (FPAs) Relationship Managers 18% 110 348 1,459 267 106 59 168.6 65.2 36.5 9.8 21.3 73.8 Senior Partner Network: unique in terms of positioning to consolidate excellence and enhance support and service to Clients Relationship Managers (employees) FPAs (AG’s agents) focused on cross- selling of banking and investment products WMs, PBs & FPs with one leader on the field and dedicated structures for diverse segments 22% 51% 3% 2% 4% NOTE: Data as of 30.06.2025 - FAs headcount excluding 37 Financial Advisors (representing ̴ €775m assets) with managerial and support roles
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BG RANKING #4 IN FA NETWORKS IN ITALY 47 STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS 47 SOURCE: Assoreti; NOTES: 1) Excluding BG Suisse and BG Valeur; 2) Incl. ISPB assets (~€163bn as of 31.12.2024) from 01.01.2015 1 20242013 €83.7 €47.2 €36.2 €29.9 €29.1 €353.82 €123.3 €76.9 €102.71 +128% +253% +236% +161% +157% FA Network Sector Ranking (Assoreti) €\bn #4 #5 Banca Generali - Total Assets (Assoreti)1 €\bn 29.1 36.6 41.6 47.5 55.7 57.5 66.8 73.3 84.6 82.2 91.8 102.7 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 228 243 249 263 279 290 299 312 332 342 349 359 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 128 150 167 181 200 198 223 235 255 240 263 286 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Clients #k Assets / Clients €/k €121.7
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BG RANKING #3 IN PRIVATE BANKING IN ITALY 48 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 48 NOTES: 1) Assets >€500K per client, excluding BG Suisse and BG Valeur; 2) Last available data refers to 2023 year-end Private Banking Sector Ranking (Magstat2), €/bn Banca Generali - Private Banking Assets1 €/bn €251.4 €147.2 €63.71 €56.0 €55.0 +435% +110% +45% +338% n.a. €101.6 €81.3 €38.4 €33.7 €11.9 €26.7 #3 #16 €51.0 n.a. 2013 2023 15.8 21.3 25.1 29.2 35.5 36.3 44.2 49.1 58.3 55.3 63.7 73.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10.7 13.9 16.1 18.6 21.9 22.6 26.4 28.6 32.8 31.1 35.1 39.3 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1.47 1.53 1.56 1.57 1.62 1.61 1.68 1.72 1.78 1.78 1.82 1.87 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Private Clients #k Private Assets / Private Clients €/m 1
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BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION 49 2 Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % 11% 11% 12% 11% 15% 6% 23% 11% AUI: 71.1 €/bn, 67% of total Total Assets: 106.5 €/bn Equity Alternative Structured Monetary Govies Segregated accounts Other bonds Other assets In-house funds Financial wrappers Third-party funds Insurance wrappers AUC & Banking under Advisory Traditional life policies AUC Deposits AUI 17% 16% 21%12% 25% 2% 3% 4% NOTE: Data as of 30 June 2025; 1) Asset mix ex. BG Valeur and BG Suisse (Italy only)
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WEALTH MANAGEMENT APPROACH SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS 50 Real-estate Advisory Corporate Advisory Family Protection & Planning Partnerships with Leading Service Providers An Advanced Advisory model to address financial and non-financial needs of our Clients and their families PARTNER LAW FIRMS 2 Advanced Advisory Model Art & Passion Advisory
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51 Physical Location Training Platform A single channel dedicated to FAs training A space dedicated to classroom training for Financial Advisors, as well as a venue for representation/events TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL3
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Projects ▪ Sector Data
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53 KEY STRATEGIC PROJECTS AMBITIONS AT WORK International expansion Accelerate business expansion in Switzerland Sustainability Be the ESG reference point for all our Stakeholders Data-driven Bank Continue to build a data-driven, digital and open bank Intermonte integration Further enhance Banca Generali’s distinctive value proposition
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DATA-DRIVEN BANK (1/2) MAIN HIGHLIGHTS 54 DATA-DRIVEN BANK DATA DRIVEN BANK Unrivalled source of direct data collection for financial companies amid growing market regulation (GDPR/AI Act) State-of-the-art data architecture in cloud (AWS) with reference to data collection, data governance and data management with a single view of data within the entire organization Great focus on usage of data to enhance business development and increase the FAs network productivity (both of the bankers and managers) BG Home: with the launch of BG Home, Banca Generali has laid the foundation for a new digital ecosystem designed around the consultant
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BG HOME & DIGITAL TOOLS (2/2) EMPOWERING CONSULTANTS THROUGH INTEGRATED PLATFORMS 55 DATA DRIVEN BANK Product Notices & Dashboards Tool for creating, printing and customizing presentation and marketing content (BG editor, consultant page) Marketing and customer materials Hub for updating and internal communication on product range, commercial solutions and performance (BG Products & Advisory, Certificate & Bond Dashboard) Central system for the management of operational processes and specific operations of the Wealth Management advisory Operational processes and specialized services Tools to support advanced consulting, portfolio construction and operational management (BGPA, FEP, BGPP) Advisory, simulation and position keeping Ensures data consistency and ease of cross- application navigation for advisors Orchestration It represents the new digital home of the Consultant, designed to offer: •Unified access to all major platforms in use •Customizable, simple, and consistent experience •Organization by thematic domains, in a consultative logic •Seamless integration with device systems and reporting BG Home
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56 EXPANSION IN SWITZERLAND (1/3) MAIN HIGHLIGHTS 56 INTERNATIONAL EXPANSION NOTE: 1) Target market based on Banca Generali internal estimates INTERNATIONAL EXPANSION Large targetable market estimated at ~140 €\bn, of which: - 80 €\bn1 represented by potential assets referring to Italian clients - 60 €\bn1 represented by targetable assets to be managed onshore in Switzerland Opportunity arising from change in regulation, ongoing sector consolidation and overwhelming presence of ‘traditional’ business models Launch of disruptive business model through a challenger Bank (“BG Suisse”) with digital mindset, no IT legacy, strong brand and leveraging on: 1. Two growth engines: clients in Switzerland (onshore) and clients in Italy (offshore) in need of diversification of their booking centers 2. Up and running reporting and investment infrastructure internally developed by Banca Generali (BG International) providing a view on aggregated wealth (Italy + Switzerland)
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BG SUISSE PRIVATE BANK (2/3) TARGET MARKETS AND MODEL INTERNATIONAL EXPANSION 57 CLIENTS MANAGED IN SWITZERLAND ➢ Onshore clients in Ticino ➢ Onshore clients in the rest of Switzerland ➢ Clients resident in selected other countries already with a custody account in Switzerland or looking for one Target Clients Target Model CLIENTS MANAGED IN ITALY ➢ BG clients with need for diversification in terms of booking centers ➢ BG clients and new clients that already have Swiss AUM at third banks (growth opportunities) Private banking services Custody + Custody and private banking services
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BG SUISSE PRIVATE BANK (3/3) FINANCIAL KPIS 58 INTERNATIONAL EXPANSION C H o p e r a t i o n s 2024 Total Assets €\bn New Recruits of Swiss Bankers # €1.4bn o/w booking center: €0.3bn o/w managed and advisory: €1.1bn €2.0-2.5bn by year-end New 20-30 private bankers in BG Suisse for the 2024-2026 period Ta r g e tK P I 2025 Total Assets €\bn
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59 INTERMONTE INTEGRATION (1/5) MAIN HIGHLIGHTS Intermonte is an independent Brokerage Company (SIM) with >30 years of experience in the Italian market and a focus on the small/mid caps It mainly operates in two areas, supported by an Equity Research team: • Negotiation, Trading and Derivatives (~70-75% of Group revenues) with distinctive skills in equity and ETFs • Investment Banking area (~25-30% of Group revenues), which provides ECM/DCM activities and M&A / Corporate Advisory BG launched a Voluntary Tender Offer in cash for 100% of Intermonte’s shares at an offer price of €3.04 p.s. Following an acceptance rate of 95.332%, Intermonte was delisted on 5 February 2025 and is going to contribute to the Group’s results INTERMONTE
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60 The transaction aims at internalizing market-recognized capabilities and proven track records that would be difficult to replicate in-house in order to enhance and differentiate BG’s network positioning Compelling strategic and industrial rationale 1. Insourcing strategic skills in trading, derivatives and investment banking in order to further enhance Banca Generali’s value proposition 1. Increasing the loyalty of Clients and Bankers by improving Network support and expanding its offering, thus ensuring customized services to satisfy the needs of HNW / entrepreneurs Attractive financial profile • Sizeable revenue synergies spread across key business lines leading to an estimated return on investment (ROI) higher than the bank's own cost of capital • Dividend policy expected to remain unchanged given that Banca Generali’s high capital ratios will easily absorb Intermonte- induced capital requirements (≤ 3ppts) INTERMONTE INTEGRATION (2/5) STRATEGIC & FINANCIAL RATIONALE INTERMONTE
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61 COMPELLING INTEGRATION BENEFITS (3/5) BROKERAGE & MARKET MAKING - ETF & ETC brokerage - Market making on ETFs Brokerage & market making Internalizing margins on Banca Generali’s negotiation flows (i.e. market-making on ETFs and cash equities and derivatives) Leveraging on trading expertise and dedicated Research and Advisory Activity around Equities, ETFs, Derivatives Business Opportunities Equity/ETF/Derivatives Trading – Powered Value Proposition Company, Sector, Macro research Equity brokerage ETF brokerage Derivatives brokerageEquity/Derivatives/ETF advisory (AS IS) (TO BE) Delivering tailor-made overlay solutions with option strategies Key features - Research capabilities on Italian and European stocks with a focus on SMEs (95% of total IT market cap) - Macro analysis on Italy - Active strategic advisory on Italian equities, corporate bonds and derivatives through the Websim platform - Primary market making on 50+ ITA stocks - Volatility Spread Trading - Basket trading - Algorithmic trading on EU and US markets - Primary market making for options and futures on single stocks and FTSE-MIB index options INTERMONTE
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62 COMPELLING INTEGRATION BENEFITS (4/5) STRUCTURED PRODUCTS Structured Products Business Opportunities Structured Products - Value Chain Product design Product marketing Placement on primary market Placement/Activity on secondary market Structuring derivative component (AS IS) (TO BE) - Proven track record in designing successful structured products - Competences on option strategies Leveraging Intermonte’s derivatives desk to internalize the derivative component of structured products Further push on enriching the offer with advice and brokerage of structured products also on the secondary market - Structuring of customized hedging component (options) - Promoting/advising certificates on the secondary market leveraging on Websim platform - Dedicated digital advisory and marketing platform (Websim) to both clients and FAs - Proven track record in placing certificates to in- house clients - Marketing and storytelling Key features Exploiting Intermonte’s digital platform (Websim) to attract new clients INTERMONTE
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63 COMPELLING INTEGRATION BENEFITS (5/5) INVESTMENT BANKING - Complete and integrated value proposition to entrepreneurs and SMEs, through diversified services on top of existing partnerships Investment Banking Capturing a client segment (entrepreneurs and SMEs) exposed to the megatrend of generational wealth transfer and the associated liquidity events Further differentiating Banca Generali’s proposition to attract senior FA profiles, expanding the proposition for entrepreneur-clients and approaching new client segments Business Opportunities Investment Banking – Service Upscale Assessment of Entrepreneurs’ needs Corporate Advisory DCM Liquidity events from transaction Company and Sector Research (AS IS) (TO BE) Capitalizing on current regulatory trends and on government support to enhance the SME capital market - Dedicated trusted brand and expertise - Corporate brokerage - Dedicated research, sales and trading activities with focus on SMEs - Capturing more liquidity events thanks to volumes and value ECM M&A - Research capabilities on Italian stocks with a focus on SMEs (95% of total IT market cap) - Macro research on Italy Key features INTERMONTE
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SUSTAINABILITY (1/7) MAIN HIGHLIGHTS SUSTAINABILITY SUSTAINABILITY First year application of Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD) New double materiality analysis identified 9 material topics reflecting Banca Generali’s ESG priorities Sustainability fully incorporated into our governance structure - ESG integrated in the Managing Committee and in all Board Committees - and risk management framework New Climate Transition Plan approved at the beginning of 2025 with intermediate targets to reach Net Zero by 2040 Ongoing focus on developing human capital with >70k employee training hours and >143k FA training hours1 Several recognitions by the most relevant ESG rating agencies. Among others, awarded top ranking company among “Diversified Financials” by Sustainalytics NOTE: 1) Data as of 31.12.202464
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65 NEW SUSTAINABILITY REPORTING (2/7) RESULTS OF DOUBLE MATERIALITY ANALYSIS Environmental Dislosures Social Disclosures Governance Disclosures Entity-Specific Disclosures Wealth Protection and Value of Service • Protection of clients’ wealth • Attention to the quality and accessibility of the service provided • Business opportunities in generational transition Climate change mitigation Climate change adaptation Corruption and bribery Business conduct Protection of whistleblowers Material topics Material topics Material topics SUSTAINABILITY Enhancement of Human Capital: working conditions and equal treatment and opportunities Information for end users and Cybersecurity & Privacy
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66 NEW SUSTAINABILITY REPORTING (3/7) ENVIRONMENTAL DISCLOSURES Environmental Dislosures Climate change mitigation Climate change adaptation Material topics Most Relevant Topics • Climate Transition Plan approved at the beginning of 2025, with interim and long-term decarbonisation levers and targets to be reached by 2030 and 2040: • Investments: • Coal phase-out by 2030 • Reduction of the investment carbon footprint by 55% by 2030 compared to 2019 • Net-zero target by 2040 • Operational activities: • Medium-term target of Scopes 1 and 2 GHG emissions reduction by 40% compared to 2019 • Net-zero target by 2040 for Scopes 1 and 2 GHG emissions • Disclosure pursuant to the EU Taxonomy Regulation 2020/852, based on a strengthened framework and dataset SUSTAINABILITY
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67 NEW SUSTAINABILITY REPORTING (4/7) SOCIAL DISCLOSURES Social Disclosures Material topics Most Relevant Topics • Development of human capital: • Employees - 70,749 training hours provided in 2024 (+7% compared to 2023) with a focus on regulation, cybersecurity, innovation, AI and digital skills (Microsoft Copilot Edge) • Financial Advisors – 143,200 training hours provided in 2024 (+8% compared to 2023) managerial and relationship training programmes, like support for EFPA ESG Advisor certification and BG Lab training platform • 60% of hirings under 35 • Gender Equality Certification, in line with the UNI/PdR 125/2022 guidelines, achieved at 2024 year-end • DORA-compliant ICT and cybersecurity control measures implemented to ensure growing protection of corporate activities • Attention to providing clients with quality information also through FAs’ support in the understanding of the characteristics of the financial services and products offered SUSTAINABILITY Enhancement of Human Capital: working conditions and equal treatment and opportunities Information for end users and Cybersecurity & Privacy
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68 NEW SUSTAINABILITY REPORTING (5/7) GOVERNANCE DISCLOSURES Governance Disclosures Corruption and bribery Business conduct Protection of whistleblowers Material topics Most Relevant Topics • Banca Generali aims at actively contributing to economic and social development based on respect for human rights, professional ethics and business transparency • Within this context, anti-corruption and bribery, a good business conduct and the protection of whistleblowers were identified as material topics with regard to governance • To this extend, a wide range of internal policies, documents and procedures have been implemented: • AML/CTF/IS Policy • Annual Anti-Financial Crime Report • Whistleblowing Policy • Annual Report on the proper functioning of the whistleblowing system • Anti-Bribery & Corruption Policy • Ethical Code for Suppliers of the Generali Group SUSTAINABILITY
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69 NEW SUSTAINABILITY REPORTING (6/7) ENTITY-SPECIFIC DISCLOSURES Entity-specific Disclosures Wealth Protection and Value of Service Attention to the quality and accessibility of the service provided Protection of clients’ wealth Business opportunities in generational transition Material topics Most Relevant Topics • Wealth protection linked to: i) quality of products, designed also to best manage the generational wealth transfer, ii) service innovation, thanks to the development of advanced advisory platforms • Digitalisation seen as a key asset - digital collaboration and the qualified electronic signature are essential in managing the FA-client relationship • Key metrics1 to monitor the value of the service offered: • Avg assets per FA at €43.7m (+7.5% compared to 2023) • Avg net inflows per FA at €2.8m (€2.5m in 2023) • Avg duration of contractual relationship exceeding 12 years (11.8 years in 2023) • Number of clients with at least four products at 24% (23.77% in 2023) • Number of dematerialized investment transactions per month at 60,000, for a total amount of around €15.7bn NOTE: 1) Data as of 31.12.2024 SUSTAINABILITY
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ESG RATINGS (7/7) TRENDS & MAIN IMPROVEMENTS 70 Key ratings Main take-aways MSCI Scores On a scale from CCC to AAA Sustainalytics On a scale from 100 to 0 Moody’s ESG Solutions On a scale from 0 to 100 Standard Ethics On a scale from F to EEE • In 2024, Banca Generali received a rating of A (on a scale of AAA- CCC) in the MSCI ESG Ratings assessment • Banca Generali SpA received an ESG Risk Rating of 8.73 (Negligible level of risk). • Moreover, it has been classified among ‘Global 50 ESG Top Rated’, ‘Industry ESG Top Rated’ and ‘Region ESG Top Rated’ • In September 2024, Banca Generali’s overall ESG Score was upgraded from 62 to 67/100-Advanced • The rating confirms the inclusion of Banca Generali in the MIB ESG Index • In June 2025, Standard Ethics confirmed the "EE+ Very Strong" Corporate Standard Ethics Rating (SER) of Banca Generali, with a stable 12-month outlook S&P Global On a scale from 0 to 100 • Banca Generali scored 65 (out of 100) in the S&P Global Corporate Sustainability Assessment (CSA Score date: 27/11/2024) • Based on 2024 score, Banca Generali SpA was included in the S&P Global Sustainability Yearbook 2025 SUSTAINABILITY
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Projects ▪ Sector Data
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-0.9 -1.0 -1.1 -1.1 6.6 6.4 6.8 7.3 1.4 1.4 2.1 2.1 2.9 3.3 3.9 4.3 10.0 10.1 11.7 12.6 2014 2019 2024 2027E Financial debt Real estate assets Financial wealth - other Financial wealth - targetable (TAM) 72 TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn Italian Household Wealth, one of the largest in Europe 2024 Financial Wealth at €6.0 trillion o/w €3.9 trillion regarded as Targetable Financials Assets High yet declining exposure to real estate assets (from 66% in 2014 to 58% in 2024) One of the lowest household financial debt in Europe SOURCE: Estimates based on Prometeia data as of April 2025; NOTES: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; numbers may not add up due to rounding +1.6% 10Y CAGR +2.2% 2024-27E CAGR
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73 TOTAL ADDRESSABLE MARKET (1/3) BY CLIENT SEGMENTATION 0.6 0.7 0.7 0.8 1.3 1.5 1.7 1.8 0.7 0.8 1.0 1.1 0.3 0.3 0.5 0.6 2.9 3.3 3.9 4.3 2014 2019 2024 2027E Lower Affluent & Mass (<100K) Affluent (100K-500K) Private (500K-5m) HNW (>5m) Private & HNW households wealth expected to remain the fastest- growing segment (+4.8% 2024-27E CAGR) Aging population and wealth transfer needs growing relevance Increasing search for holistic advisory on both financial and non- financial wealth Total Addressable Market (TAM) by cluster of clients €\tn +2.9% +3.3% 2024-27E CAGR 10Y CAGR SOURCE: Estimates based on Prometeia data as of April 2025; NOTES: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; Lower Affluent & Mass: <€100k; Affluent: €100k-€500k; Private: €500k - €5m; HNW: >€5m; numbers may not add up due to rounding
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1.1 1.3 1.4 1.4 0.6 0.4 0.6 0.6 0.6 0.7 0.9 1.1 0.6 0.9 1.0 1.2 2.9 3.3 3.9 4.3 2014 2019 2024 2027E Deposits Securities Mutual funds & discretionary mandates Insurance 74 TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Still inefficient household asset allocation with large cash holdings Increased market volatility and product complexity expected to further grow demand for professional investment advice Managed assets expected to continue grow well above average (+5.4% 2024-27E CAGR) Managed assets +2.9% +3.3% 2024-27E CAGR 10Y CAGR Total Addressable Market (TAM) by product mix €\tn SOURCE: Estimates based on Prometeia data as of April 2025; NOTES: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; numbers may not add up due to rounding
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1.9 2.0 2.2 2.4 0.6 0.7 0.8 0.80.3 0.5 0.8 0.9 0.1 0.1 0.1 0.2 2.9 3.3 3.9 4.3 2014 2019 2024 2027E Banks Other channels FA Networks Not allocated by channel 75 TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL Financial Advisors expected to further gain market share over traditional banking industry Financial Advisors proved as better suited to provide a tailor-made service (no of clients/FA) More appealing value proposition compared to traditional banking industry expected to drive FAs industry’s growth further Ongoing banking sector consolidation expected to provide more growth opportunities +2.9% +3.3% 2024-27E CAGR 10Y CAGR Total Addressable Market (TAM) by distribution channel €\tn SOURCE: Estimates based on Prometeia data as of April 2025; NOTES: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; not allocated by channel refers to corporate pension plans; FA networks market estimates differ from Assoreti perimeter as: i) operators working with employee relationship managers have been excluded; ii) past years have been reclassified to include operators that were previously not part of Assoreti; numbers may not add up due to rounding
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2025 UPCOMING EVENTS 76 Investor Relations Contacts Giuliana Pagliari Investor Relations Manager Phone +39 02 408 26548 Mobile +39 331 65 30 620 E-mail: giuliana.pagliari@bancagenerali.it E-mail: investor.relations@bancagenerali.it Corporate Website www.bancagenerali.com 9M 2025 Results Conference Call Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 NOVEMBER
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DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records. T. Di Russo, CFO Certain statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognize that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Banca Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. 77