Slides
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI Investor Presentation 9M 2025 RESULTS 5 November 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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 9M 2025 RESULTS: EXECUTIVE SUMMARY 3 Solid commercial activity despite challenges linked to Mediobanca’s bid • Total Assets at €110bn (+9% YoY), new high in Banca Generali’s history • Total net inflows at €4.4bn, in line with guidelines set for the year • October net inflows at €1.2bn (>2x YoY), highlighting strong product mix Consistent improvement in results across all lines • Recurring net profit at €274m (+7% YoY), well positioned for future growth • Reported net profit at €315m (-7% YoY), challenging comparison almost recovered • Capital and liquidity ratios, robust with CET1/TCR ratio at 17.4%/19.4% and LCR at 328% Three priorities to reinforce our long-term growth trajectory • Core business, focus on AI, FA network empowerment and in-house asset management expansion • Intermonte, strengthening private banking and tapping new growth areas • Alleanza, a win-win deal to expand assets and revenues
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 4 NET PROFIT RELENTLESS GROWTH IN RECURRING NET PROFIT NOTE: 1) Recurring net profit computed net of variable fees, trading gains and one-offs 256.7 273.8 86.2 87.0 89.4 97.5 9M24 9M25 3Q24 1Q25 2Q25 3Q25 81.9 40.8 12.9 23.3 0.5 17.0 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Recurring Net Profit1 Variable Net Profit €\m €\m 338.6 314.6 99.1 110.3Net Profit €\m +9.1% +6.7% 89.9 114.5 9M 2025 net profit at €315m, supported by strong 3Q results despite usual seasonality 9M 2025 variable net profit at €41m (-50% YoY) due to lower market-related fees 9M 2025 recurring net profit at €274m (+7% YoY), a new high for the period with solid operating trend across all business lines +13.0%
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 5 NET FINANCIAL INCOME SOLID PERFORMANCE IN A CONTEXT OF FALLING MARKET RATES Net Financial Income €\m 237.3 242.8 79.8 79.3 82.4 81.0 10.5 20.1 1.4 8.6 6.6 4.8 247.9 262.9 81.2 88.0 89.0 85.9 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Net Interest Income Trading gains and others Total NFI Yield1 Total NIM Yield1 -3.5% 2.27% 2.07% 2.29% 2.08% 2.02% 2.38% 2.24% 2.33% 2.25% 2.15% +6.0% 2.10% 2.32% 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’ +5.7% 9M 2025 Net Financial Income at €263m (+6% YoY) despite the decrease in market rates 9M 2025 NII at €243m (+2% YoY) supported by higher volumes offsetting decreasing interest rates 9M 2025 trading gains and others2 at €20m, doubled YoY thanks to Intermonte’s market making activity (€9.9m)
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 6 TOTAL GROSS FEES TOTAL GROSS FEES UP WITH HIGH-QUALITY MIX 772.0 832.8 257.5 278.6 271.6 282.6 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Gross Recurring Fees 122.2 71.7 28.2 34.4 8.0 29.3 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Variable Fees +4.1% 1.06% 1.05% 1.03% 1.04% 1.03% Total Gross Recurring Fees on Total avg. Assets 894.2 904.5 313.0 279.6 311.9Total Gross Fees €\m 285.7 1.08% +7.9% NOTES: 1) Including Intermonte’s fees for €24.1m in 9M25; 2) Fund performance <3% from HWM (retail and institutional subfunds) +9.7% 9M 2025 total gross fees at €905m (+1% YoY) with recurring fees accounting for 92% of total (86% in 9M 2024) 9M 2025 variable fees at €72m (-41% YoY) on a tough YoY comparison LUX IM assets at/close to HWM amounted to ~€12.5bn2 as of 30 Oct. 2025 9M 2025 gross recurring fees at €833bn (+8% YoY) thanks to an acceleration in 3Q25 overcoming the usual seasonality
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI GROSS RECURRING FEES (1/2) 7 ACCELERATION DRIVEN BY ASSET GROWTH Avg. Investment Assets1 €\bn Investment Fees €\m Advisory Fees Management Fees 635.7 680.8 216.6 227.1 221.2 232.6 37.8 40.7 13.0 13.3 13.5 13.8 673.5 721.5 229.6 240.4 234.7 246.4 9M24 9M25 3Q24 1Q25 2Q25 3Q25 +5.0% +3.9% 59.5 64.4 60.8 64.1 63.3 65.7 65.4 70.8 66.8 70.5 69.7 72.4 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Average AUM Management Fees on avg. AUM2 1.42% 1.42% 1.41% 1.44% 1.40% Investment Fees on avg. AUI 1.37% 1.37% 1.36% 1.38% 1.35% 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 €7.1m for a change of contract on investment mandates previously accounted as banking fees 1.40% 1.35% +7.1% +7.3% +8.3% +8.3% 9M 2025 investment fees at €721m (+7% YoY) driven by AUI expansion (+8% YoY) 9M 2025 management fees3 at €681m (+7% YoY , +6% LfL) representing 94% of total investment fees 9M 2025 management fee margin at 1.41% in line with 1.40%-1.42% guidance
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI GROSS RECURRING FEES (2/2) 8 ROBUST TREND OUTPERFORMING SEASONALITY Other Fees €\m 37.9 33.8 8.9 12.5 9.9 11.4 41.9 55.4 12.6 19.0 19.5 16.8 18.7 22.1 6.4 6.7 7.5 8.0 98.5 111.3 27.9 38.2 36.9 36.2 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Brokerage Commissions Entry Fees Avg. Total Assets €\bn Other Fees on Total avg. Assets 97.3 106.1 100.0 104.8 105.0 108.6 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Banking Fees -1.9% +3.5% 0.13% 0.15% 0.11% 0.14% 0.13% 0.14% +13.1% +29.9% +8.6% +9.0% 9M 2025 brokerage fees at €55.4m (+32% YoY) boosted by Intermonte (€10.8m) on top of a solid organic growth (+6% LfL) 9M 2025 banking fees1 at €22.1m (+19% YoY) boosted by Intermonte (€13.0m) offsetting perimeter changes and new pricing on banking products 9M 2025 entry fees at €33.8m (-11% YoY), with a stronger 3Q contribution than last year NOTE: 1) Net of €7.1m for a change of contract on investment mandates now accounted as management fees
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI TOTAL PAYOUT RATIO ON FEES PAYOUT IN LINE WITH OUR GUIDELINES 9 10.3% 11.0% 10.3% 11.1% 11.1% 10.7% 36.2% 35.6% 35.7% 36.0% 35.9% 35.0% 46.7% 46.6% 46.0% 47.1% 47.0% 45.7% 9M24 9M25 3Q24 1Q25 2Q25 3Q25 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% 6.0% 6.3% 6.0% 6.2% 6.0% 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Total Payout Ratio2 (excl. Payout on NII) 52.9% 1.8o/w Fee Expenses on NII1 418.7 137.8 150.4 146.6 147.8 444.8 52.6% 52.3% 53.1% 53.2% 51.7% 2.1 2.6 3.3 6.5 10.3 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% 9M 2025 total payout at 52.6%, slightly lower than last year on lower ordinary payout 9M 2025 payout to third parties decreased thanks to lower retrocessions on advisory to third-parties 9M 2025 fee expenses on NII at €6.5m (-36% YoY) aligned with interest rate decline
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI OPERATING COSTS (1/2) 10 COSTS INCLUDE NEW INITIATIVES WITH POSITIVE IMPACT STARTING IN 2026 NOTES: LfL = Excluding change in perimeter related to Intermonte’s acquisition; 1) Including Intermonte’s operating costs (€26.3m); 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 9M 2025 core operating costs at €204m (+8.4% YoY) driven by higher staff and IT costs related to AI projects and Insurbanking 9M 2025 total operating costs1 at €253m including Intermonte (+7.5% LfL) 188.1 203.9 64.7 67.1 66.7 70.1 26.3 8.5 8.5 9.3 16.9 15.6 5.8 5.5 5.2 4.8 5.5 6.8 3.4 1.5 1.4 3.9 210.5 252.6 73.9 82.6 81.8 88.2 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Total Operating Costs €\m Core Operating Costs Sales Personnel 76.8 84.3 27.2 27.0 27.3 30.0 81.8 87.6 27.4 29.6 28.7 29.2 29.5 32.0 10.1 10.5 10.7 10.9 188.1 203.9 64.7 67.1 66.7 70.1 9M24 9M25 3Q24 1Q25 2Q25 3Q25 Non Core Items G&A Depreciation Staff Costs Core Operating Costs2 - LfL €\m +6.7% LfL +7.8% +5.2% Intermonte +7.5% LfL + 8.4% +8.5% Non core items at €6.8m of which advisory commissions and set-up costs for strategic projects representing ~60% of total
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI OPERATING COSTS (2/2) COST RATIO SLIGHTLY UP, MOSTLY DUE TO NEW PERIMETER 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% 0.27% 0.31% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 37.4% 45.9% 40.7% 42.1% 36.0% 36.8% 31.1% 40.1% 35.1% 30.0% 35.0% 52.8% 55.8% 54.7% 44.6% 46.9% 47.3% 43.0% 40.8% 34.9% 35.6% 37.7% 35.5% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 Reported Cost/Income Adjusted Cost/Income Adjusted Cost/Income ex. Intermonte Impact from Intermonte 1
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI (€m) 9M24 9M25 Reported % Chg 9M25 Intermonte contribution Net Financial Income 247.9 262.9 6.0% 10.4 Net recurring fees 353.3 388.0 9.8% 22.0 Variable fees 122.2 71.7 -41.3% 0.0 Total Banking Income 723.4 722.6 -0.1% 32.4 Core operating costs (LfL) -188.1 -203.9 8.4% - Total operating costs -210.5 -252.6 20.0% -26.3 Operating Profit 512.9 470.0 -8.4% 6.1 Operating Profit excl. performance fees 390.7 398.3 2.0% 6.1 Net adjustments for impaired loans and other assets 0.9 -4.7 n.m. 0.0 Net provisions for liabilities and contingencies -49.1 -47.1 -4.0% - Contributions to banking and insurance funds -12.1 -1.7 -85.9% - Gain (loss) from disposal of equity investments -0.1 -0.6 n.m. - Profit Before Taxation 452.6 416.0 -8.1% 6.1 Direct income taxes -114.0 -100.7 -11.7% -1.5 Minorities interest 0.0 -0.7 n.m. -0.7 Tax rate 25.2% 24.2% -1.0ppt 24.2% Net Profit 338.6 314.6 -7.1% 4.0 Recurring Net Profit 256.7 273.8 6.7% 4.0 SUMMING UP 12 Comments NOTES: 1) 9M 2024 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 9M 2025 operating profit excl. performance fees at €398m (+2%), supported by higher Net Financial Income (+6%), recurring fees (+10%) partly offset by higher costs linked to the speed-up of several strategic projects and change in perimeter 9M 2025 recurring net profit at a new record high level (+6.7% YoY, +5.1% YoY LfL) 9M 2025 non operating charges3 at €54m (-10% YoY) thanks to lower regulatory contribution to banking and insurance funds and stabilization of discount rate on actuarial funds 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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 1.3 1.3 1.4 0.15 0.10 0.100.7 1.2 1.0 11.8 12.8 13.3 0.7 0.9 0.80.9 1.3 1.315.6 17.6 17.8 9M24 1H25 9M25 Total Liabilities & Equity: Volumes and Yields €\bn 14 BALANCE SHEET – TOTAL LIABILITIES & EQUITY GROWING RETAIL DEPOSIT BASE NOTES: 1) Including €0.5bn promotional repos for retail clients in 9M25 (€0.2bn at 1H25); 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 €0.8bn at 9M25 (from €0.9bn at 1H25) 9M 2025 total deposits4 at €15.4bn (+15% YoY , +3% QoQ) mostly represented by client deposits 9M 2025 average cost of funding decreased (-39bps YoY , -6bps QoQ) tracking market rates 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 0.90% 3.79% 1.18% 0.74% 2.38% 0.85% 0.67% 2.19% 0.79% AT1 Equity ex. AT1 1 2 3 13.4 15.0 15.4
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 10.6 12.2 12.6 2.1 2.3 2.31.5 1.5 1.4 15.6 17.6 17.8 9M24 1H25 9M25 15 BALANCE SHEET – TOTAL ASSETS HIGHER FINANCIAL ASSETS AND LOANS TO CLIENTS Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Loans to Banks & Other Assets Loans to Clients Financial Assets 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 3.47% 4.75% 3.16% 3.43% 2.59% 3.47% 2.88% 2.93% 2.48% 3.30% 2.82% 2.86% 14.2 16.0 16.3 9M 2025 interest bearing assets at €16.3bn (+2% QoQ), mainly high-quality financial assets (77%) and secured client loans (14%) 9M 2025 yield on interest bearing assets sustained by resilient yields on financial assets
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 17.8% 22.0% 17.4% 1.2% 2.4% 2.0% 19.0% 24.4% 19.4% 2023 2024 9M25 CET1 AT1 CAPITAL AND LIQUIDITY RATIOS CAPITAL STRENGTH CONFIRMED 16 Total Capital Ratio % Leverage Ratio % Liquidity Coverage Ratio % Net Stable Funding Ratio % 335% 332% 328% 2023 2024 9M25 214% 233% 235% 2023 2024 9M25 5.4% 5.9% 5.6% 2023 2024 9M25 9M 2025 capital ratios robust despite the impact of CRR3 (-3.8 ppts YTD) and Intermonte’s first-time consolidation (-2.3 ppts YTD), partly offset by higher net profit and other positive items (+1.1 ppt YTD). Dividend provision aligned with current policy (83% of 9M 2025 net profit) Leverage ratio at 5.6% well above the 3% threshold Both CET1 and TCR well above 2025 SREP requirements (8.7% and 13.2%)
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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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 4.3 4.5 4.6 5.5 5.6 6.1 0.6 0.7 0.8 10.4 10.8 11.5 9M24 2024 9M25 AUM AUC Banking Assets 67.7 70.2 73.2 33.3 33.6 36.9 101.0 103.8 110.1 9M24 2024 9M25 Other Assets (Other Fees) Assets under Investment (Investment Fees) TOTAL ASSETS (1/2) PASSING THE €110 BILLION THRESHOLD 18 61.5 63.9 66.4 28.4 28.0 31.4 11.1 11.9 12.3 101.0 103.8 110.1 9M24 2024 9M25 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% 66.5% NOTE: 1) Assets and advisory net of double counting 9M 2025 Total Assets at new high of €110.1bn (+9% YoY) 9M 2025 Assets under Investment at €73.2bn (+8% YoY) with a spike in 3Q 2025 (+3% QoQ) 9M 2025 other assets at €36.9bn (+11% YoY) driven by AUC supported by the positive performance of both bonds and equities in the period
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI TOTAL ASSETS (2/2) CONFIRMING INCREASING INTEREST IN IN-HOUSE MANAGED PRODUCTS 19 47.0 49.0 50.6 14.5 14.9 15.8 61.5 63.9 66.4 9M24 2024 9M25 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 12.1 12.7 13.4 11.2 12.1 12.2 23.3 24.8 25.6 9M24 2024 9M25 Insurance Wrappers Financial Wrappers 11.4 11.9 12.5 12.3 12.3 12.5 23.7 24.2 25.0 9M24 2024 9M25 Third-party Funds In-house Funds NOTE: 1) Managed Solutions = In-house SICAV + Third-party Retail funds/SICAVs + Financial Wrappers + Insurance Wrappers 46.5% 47.2% 46.0% Wrappers / Managed Solutions 49.6% 50.6% 50.5% 9M 2025 AUM products at €66.4bn (+8% YoY) driven by growing demand for financial managed products: - Financial wrappers (+11%) - In-house funds (+9%) 9M 2025 Wrapper solutions at €25.6bn (+10% YoY) growing above average driven by financial lines 9M 2025 in-house fundsat ~50% of total retail fund assets (+2 p.p. YoY) thanks to compelling strategies
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI NET INFLOWS (1/2) SOLID VOLUMES IN A CHALLENGING CONTEXT 20 Total Net Inflows (by Fee Category1) €\bn Focus on AUI Net Inflows €\bn NOTES: 1) Assets and advisory net of double counting; 2) Mediobanca’s voluntary exchange offer on Banca Generali lasted from 28 April 2025 to 21 August 2025 Assets under Investment / Total Net Inflows 20.4% 42.9% 47.2% 0.9 2.0 2.1 3.4 2.7 2.3 4.3 4.7 4.4 9M23 9M24 9M25 Other Assets (Other Fees) Assets under Investment (Investment Fees) 9M 2025 Total Net Inflows at €4.4bn, in line with target despite headwinds linked to Mediobanca’s exchange tender offer2 9M 2025 AUI Net Inflows at €2.1bn - equal to 47% of total - confirming a growing interest towards investment solutions -0.4 1.5 1.81.3 0.5 0.30.9 2.0 2.1 9M23 9M24 9M25 AUM AUC & Banking under Advisory AUM / AUI Net Inflows n.m. 73.1% 88.0%
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI NET INFLOWS (2/2) NORMALIZATION OF THE QUALITY AND MIX OF THE INFLOWS 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 0.9 1.5 1.2 -1.3 0.6 -0.4 1.5 1.8 9M23 9M24 9M25 Traditional Life Policies Managed Solutions 0.6 1.1 0.8 0.2 0.6 1.3 0.8 9M23 9M24 9M25 Insurance Wrappers Financial Wrappers 0.4 0.6 0.4 -0.1 -0.4 0.3 0.2 0.4 9M23 9M24 9M25 Third-party Funds In-house Funds 9M 2025 AUM products at €1.8bn (+23% YoY) showing - more diversified product mix - solid demand for in- house solutions (financial wrappers and in-house funds) - normalization in insurance from prior underexposure
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI NET INFLOWS BY ACQUISITION CHANNEL RECRUITMENT STEADILY RECOVERING 22 24 45 38 32 44 36 29 44 4885 133 122 9M23 9M24 9M25 FAs without Remuneration Package & Junior FAs From Retail & Private Banks From FA Networks 3.6 3.5 3.5 0.7 1.2 0.9 4.3 4.7 4.4 9M23 9M24 9M25 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 9M 2025 new recruits at 122 professionals (41 in 3Q25), showing signs of trend normalization after headwinds linked to Mediobanca’s offer
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI NET INFLOWS: OCTOBER UPDATE STRONG DELIVERY 23 Net Inflows Breakdown by Fee Category1 €\bn NOTE: 1) Assets and advisory net of double counting Breakdown of Assets under Investment €\bn Strong results in October (€1.18bn) driven by a normalization in business trend after the M&A- induced soft data in both 2Q-3Q 2025 Positive contribution from Switzerland thanks to high- profile recruiting through the acquisition of Aequitum (a Swiss external asset manager) Results driven by managed products as well as strong subscription of BTP Valore placement 2.5 2.9 2.7 2.7 5.2 5.6 January - October 2024 January - October 2025 Other Assets Assets under Investment 0.1 0.5 1.8 2.1 0.6 0.3 January - October 2024 January - October 2025 AUC & Banking under Advanced Advisory Managed solutions Traditional Life Policies 2.5 47.8% 51.6% Assets under Investment / Total Net Inflows 2.9
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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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 25 INTRODUCTION KEY STRATEGIC DRIVERS ALLEANZA INTERMONTE BG CORE BUSINESS The Bank is focusing on strengthening its core business through three strategic directives: • Targeting initiatives aimed at enhancing Financial Advisors’ Network • Expanding Banca Generali Asset Management capabilities and footprint • Making AI a core part of everything we do, driving excellence across the entire organization The acquisition of Intermonte empowers: • Our Financial Advisors to broaden the range of services offered to our valued and loyal entrepreneur clients, establishing a truly unique positioning for the bank in the market • The bank to enhance its capital markets capabilities, broadening its product portfolio and internalizing a greater share of the value chain The first strategic step of the Insurbanking partnership with Generali is focused on expanding the bank’s client base in the affluent segment by leveraging: • The outstanding quality of one of Italy’s top-performing insurance distribution channels • BG’s product and service offering, providing access to banking solutions and advanced investment opportunities for a broader audience
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 26 INTERMONTE - STRATEGIC RATIONALE (1/2) EXPANDING CAPACITY IN GLOBAL MARKETS AND STRENGTHENING THE OFFERING FOR SMES THE STRATEGIC RATIONALE BEHIND THE ACQUISITION OF INTERMONTE IS BASED ON TWO KEY PILLARS Strengthening Banca Generali Group’s strategic positioning Enhancing BG’s offering for entrepreneurs and SMEs Expanding BG’s Global Markets capabilities Developing a distinctive value proposition for entrepreneurs and SMEs - a key segment in Private Banking, both for new wealth creation and exposure to generational wealth transfer Enhancing expertise in negotiation and structuring (derivatives desk) to boost profitability and sustain a competitive edge See next slide ALLEANZA INTERMONTE BANCA GENERALI
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 27 Italian entrepreneurial ecosystem Equity non listed shareholdings/ Total Italian household financial wealth, €/trn Generational wealth transfer Create a unique model that combines the dynamism of a FA network with the specialized expertise of an Investment Banking boutique Offering entrepreneur clients high value-added services, from managing personal wealth to supporting business needs 1.3 1.4 1.5 2022 2023 2024 24.9% 25.3% 25.4%% of total1 Generational wealth transfer of Italian Private families2, €/bn 180 300 2028 2033 INTERMONTE - STRATEGIC RATIONALE (2/2) CREATING A DISTINCTIVE MODEL TO SERVE ITALIAN ENTREPRENEURIAL FAMILIES 1 Banca Generali’s network profile FAs at Banca Generali with assets portfolio >50m/€ ptf3 608 (#) - Avg. 100m/€ ptf No. of firms - owned by BG clients - with revenues >10m/€ ~3,900 (#) - ~160 bn/€ est. value NOTES: 1) % on Total Italian household financial wealth, source: Bankit; 2) AIPB projection on Prometeia data; 3) Average assets per FA ALLEANZA INTERMONTE BANCA GENERALI
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 28 Intermonte - 2024-2030 Net Banking Income Evolution €\m ~18-22 ~4-10 ~14-18 2024 as is 2030 target 42 ~80-90 AUC & Trading driven by margin internalization on structured products and other securities (ETFs, equities) and other trading INTERMONTE’S GROWTH PATH BY 2030 INTERMONTE REVENUES SET TO DOUBLE DRIVEN BY EXPECTED SYNERGIES AUC & Trading Managed products Investment banking Cost / Income, % ~80% < 60% Managed products driven mainly by fees on AUM products (funds/financial wrappers) with capital protection Investment banking driven by M&A fees and inflows from capturing liquidity events Total set-up costs at €6m fully booked in 2025 A B C A B C25%-30% of total synergies expected by 2026 o/w 10-15 by 2026 ALLEANZA INTERMONTE BANCA GENERALI
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 29 ALLEANZA ASSICURAZIONI, AT A GLANCE AN OUTSTANDING INSURANCE NETWORK Alleanza: high quality network focused on life and protection Solid and appealing client base Mass Affluent 1.9m1 Alleanza Clients’ assets held by third-party ~€170bn ~55%~44% 42 128 Alleanza’s life reserves Large base of affluent clients: 55% of Alleanza clients are affluent (assets €50k-500K), with a ‘small’ portion in the private segment assets (~19k clients) Sizeable targetable wealth: according to internal estimates, Alleanza total client assets amount to ~€170bn, of which 75% held by third party institutions Client wealth not efficiently allocated: 80% of assets are made up of current accounts and securities NOTES: data as of 31.12.2024; 1) Client segmentation: Mass clients (<€50k), Affluent clients (€50-€500k), Private clients (>€500k); 2) Private Advisors are consultants who have passed the FA exam but are not listed on the Financial Advisors register ~1% Private ~10k Insurance Consultants in Italy ~2.7k Private Advisors2 >800 Operational points in Italy Peer 5 Peer 4 ALLEANZA Peer 2 Peer 1 18 14 13 10 6 From ninth to third place in ten years Wide and highly-qualified distribution network 2024 Life Premiums Ranking, €/bnNumber of Alleanza clients by assets, # Alleanza Clients’ financial assets, €/bn ALLEANZA INTERMONTE BANCA GENERALI
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 30 COMBINING TWO STRENGTHS THE PARTNERSHIP Undisputed leadership in Private Banking and Wealth Management High quality network focused on life and protection for affluent clients Collaboration to set up a new growth engine for both companies Providing Alleanza clients with a new integrated range of banking and insurance products with the aim of unlocking a large pot of idle liquidity in current accounts held with third party institutions Providing Alleanza network with new tools to broaden the understanding of clients needs, increase efficient management of financial flows and personalized allocation of households investments Enabling Banca Generali to further expand its business by targeting the affluent segment, capitalizing on its proprietary product factories to enhance operating leverage and drive revenue growth + ALLEANZA INTERMONTE BANCA GENERALI
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 31 INSURBANKING PROJECTED GROWTH PATH FINANCIAL TARGETS FOR BANCA GENERALI BY 2030 Total Insurbanking Assets Net banking income 7.0-8.5bn Alleanza Insurbanking: 2030 Targets o/w Stile Unico €4.0-5.0bn €1.5-2.0bn €2.5-3.0bn €40-50m o/w Conto Unico €3.0-3.5bn Insurbanking projected to reach €7.0- €8.5bn in volumes by 2030 representing 5%-7% of total Alleanza’s targetable wealth managed by third-party institutions Net revenues forecast based on: - Net margin of 60-65bps on the investment component of hybrid products (75-80 bps gross) - Net margin of 80-90bps on banking products and AUC Euro Total set-up costs at €5-6m fully booked in 2025 - Segregated accout - Investment component ALLEANZA INTERMONTE BANCA GENERALI
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 1.2 -0.4 3.2 2.60.8 1.8 0.7 0.32.0 1.4 3.9 2022 2023 2024 2025E Volumes Growth 52% Product Mix 32 N E T I N F L O W S G U I D A N C E FY 2025 COMMERCIAL TARGETS FULLY CONFIRMED BY BOTH VOLUMES AND PRODUCT MIX Trend Target Commitment to total net inflows well above €6 billion by 2025 year-end confirmed CONFIRMED 5.7 5.9 6.6 5.6 2022 2023 2024 2025E Comments >6.0 CONFIRMED >3.5 10M25 Managed / insurance products Advisory on Banking & AUC 10M25 Target of >€3.5 billion in AUI net inflows confirmed despite headwinds in 2Q and 3Q 2025 due to uncertainties related to Mediobanca’s exchange tender bid Total net inflows, €\bn AUI net inflows, €\bn
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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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Switzerland ▪ Sustainability ▪ Sector Data
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 11.4 11.9 12.5 10.9 11.4 11.8 9M24 2024 9M25 Institutional Fund Classes Retail Fund Classes 18.5 19.2 20.4 3.6 3.9 3.70.2 0.2 0.2 9M24 2024 9M25 BG Alternative/Private Markets BG Selection/Collection LUX IM FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS 34 BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn BG FML – Asset Mix % 22.3 23.3 24.3 +9% +4% 22.3 23.3 50% 18%0% 29% 2% 1% Equity Multi-assets Liquidity Bonds Target funds Alternative 24.3 Retail fund classes stable at 51% of BG FML total assets 9M 2025 equity exposure at 50% of total BG FML assets with a focus on global and thematic funds
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RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS 64% 64% 61% 23% 24% 26% 12% 12% 14%28.2 27.8 31.2 9M24 2024 9M25 FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS 35 AUC Assets by Product Mix1 €\bn NOTES: 1) Assoreti perimeter (i.e. excluding BG Suisse and BG Valeur); 2) Repos, ETF, certificates & others; 3) Data as of 09.10.2025 €4.0bn 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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RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS FOCUS ON FINANCIAL ASSETS HIGH QUALITY FINANCIAL ASSET MIX 36 Bond PTF Classification 51% 16% 33% Italy Govt Bonds EU Govt Bonds Covered/SSA/ Corporate/ Financial Total PTF Classification 5% 95% Equity & Alternative Investments Fixed Income 70%5% 25% HTC HTS & Others HTCS Total PTF - IFRS Classification Fixed rate bonds 62% (bond portfolio) 3.6 1.2 3.5 0.9 Total HTCS Total HTCS 1.3 0.7 1.3 0.8 Total HTCS Total HTCS Bond PTF Maturity Bond PTF Duration 2024 9M25 2024 9M25 Focus on Financial Assets (Banking Book) Total duration and maturity little changed Limited P&L volatility since most financial assets are accounted at HTC (70% 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 51% of total
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RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK 37 10.6 11.3 12.6 2.1 2.3 2.31.5 1.7 1.415.6 16.8 17.8 9M24 FY24 9M25 5.0 5.3 2024 9M25 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 % 9M25 Credit Book €\bn 0.6 99.4 NPL (Net of Indemnity) Performing Loans 3.5 3.7 2024 9M25 Drawn Loans/ Granted Loans Collateral Assets/ Drawn Loans67% 64% 216% 223% 1.8 0.5 Lines of Credit Mortgages & Personal Loans Cost of Risk bps 4.75% 4.61% 3.30% 0 0 0 Loans to Banks & Other Assets Loans to Clients Financial Assets Other Assets
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RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS 38 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 2.408 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 Key highlights Male Female Gender FA Teams (#) 205 AUM1 (€\bn) 23.5 Age ~55 <35 35-50 >50 Headline FA retention at 97.2% - Core FA retention at 98.6% NOTE: Data as of 30 September 2025; 1) Total Assets managed by FAs involved in Teams project
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RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS 39 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 45.4 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 29.8 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 Banca Generali Assoreti As of 30.06.25 (last available data)
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RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS RED 194-27-23 BLUE 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 RED 3.0 142-18-48 RED 4.0 233-87-61 BLUE 0-176-240 MAIN COLORS SECONDARY COLORS 40 FOCUS ON CLIENTS TREND AND KEY FEATURES NOTES: 1) Banca Generali Assoreti assets (i.e. excluding BG Valeur and BG Suisse); 2) Assets >€500K per client 60.4% 5.9% 28.3% 21.7% 10.7% 44.0% 0.6% 28.4% No.of Clients AUM (bn/€) >5m 500k-5m 100-500k <100k Total No. of Clients ‘000 Breakdown by Cluster of Clients 369k €109.4bn1 Private Banking Assets2: €79.3bn Private Banking Clients: >41k 243 249 263 279 290 299 312 332 342 349 359 369 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25
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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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Switzerland ▪ Sustainability ▪ Sector Data
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 42 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS 42 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 +1156%6 since its listing on the Italian Stock Exchange in November 2006 Capital-light business model, leveraging on a Network of 2,408 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 28 October 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 43 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 43 NOTE: 1) Moody’s: A3, Fitch: AA-, AM Best: A+
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 44 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 44
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BANCA GENERALI’S MARKET SHARES BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS 45 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 46 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% 46 NOTE: data as of 30 September 2025 Bank Brokerage Company 100%
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY 47 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BG’S FAS AT TOP RANKING IN THE INDUSTRY BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY 48 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BG NETWORK ARCHITECTURE NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRACT 49 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% 109 343 1,476 276 109 58 177.1 67.8 37.2 10.0 21.5 77.9 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 30.09.2025 - FAs headcount excluding 37 Financial Advisors (representing ̴ €790m assets) with managerial and support roles
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BG RANKING #4 IN FA NETWORKS IN ITALY 50 STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS 50 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BG RANKING #3 IN PRIVATE BANKING IN ITALY 51 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 51 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 19% 18% 20% 10% 25% 2% 2%4% BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION 52 2 Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % 12% 11% 12% 11% 14% 6% 23% 11% AUI: 73.2 €/bn, 67% of total Total Assets: 110.1 €/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 NOTE: Data as of 30 September 2025; 1) Asset mix ex. BG Valeur and BG Suisse (Italy only)
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI WEALTH MANAGEMENT APPROACH SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS 53 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 54 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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Switzerland ▪ Sustainability ▪ Sector Data
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 56 EXPANSION IN SWITZERLAND (1/2) MAIN HIGHLIGHTS 56 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI BG SUISSE PRIVATE BANK (2/2) TARGET MARKETS AND MODEL 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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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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Switzerland ▪ Sustainability ▪ Sector Data
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI SUSTAINABILITY (1/4) MAIN HIGHLIGHTS 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 31.12.202459
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 60 NOTES: 1) Target included in the 2022-2024 Strategic Plan: -25% by 2025 already exceeded by the end of 2024. Scope: financial assets on which the Bank has direct control, including corporate issuers (equities and bonds) within the Proprietary Portfolio, Discretionary Mandates and BGFML funds; 2) Target already included in the 2022-2024 Strategic Plan Investments Development and/or placement of financial or insurance solutions focused on energy transition SUPPORT FOR CLIMATE TRANSITION Extension of the scope of Engagement with a focus on major carbon-intensive issuers Scope 1 & 2 emissions (tCO2eq /€m) ENGAGEMENT ACTIVITY REDUCTION OF CARBON FOOTPRINT 2030: -55%1 GHG emissions (vs. 2019 baseline) 2040: NET ZERO GHG emissions Headquarters and corporate fleet Commercial offering Scope of engagement COAL INVESTMENTS Coal phase-out 2030: Phase-out from of coal investments in corporate issuers2 SUSTAINABILITY (2/4) NEW CLIMATE TRANSITION PLAN Climate Transition Plan - Targets Operations 2030: -40% GHG emissions (vs. 2019 baseline) 2040: NET ZERO GHG emissions 2030: Completion of the green retrofitting of headquarters 2030: Enhanced due diligence on suppliers with a particular focus on environmental impacts 2030: 100% electric/hybrid corporate fleet
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 61 ESG product offering BG Personal Portfolio (BGPP) - ESG platform ESG dedicated platform allowing investment choices aligned to the 17 UN SDGs ▪ Distinctive features related to portfolio search and optimization ▪ Bespoke selection of ESG strategies based on ESG metrics ▪ Reported positive impact of individual strategies and portfolios through the use of ESG metrics and alignment on UN SDGs NOTE: Data as of 31 December 2024 51 LUX IM sub-funds art. 8 and art.9 integration of ESG factors and/or specific thematic features 3 BG Collection sub-funds integration of ESG factors and/or specific thematic features 7 portfolio management lines art.8 Sustainability-oriented insurance wrapper investing in three internal thematic funds: People, Planet & Digital Transformation ~800 ESG strategies from market’s best asset managers 36 external funds art.8 and art.9 BG Equity Infrastructure Fund Investing in infrastructure projects linked to renewable energy and energy transition C SUSTAINABILITY (3/4) ESG COMMERCIAL APPROACH
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI Scale: from CCC to AAA Scale: from 0 to 100 Scale: from 100 to 0 Scale: from F to EEE Waiting for CSA 2025 score release Negligible Risk MSCI Sustainalytics S&P Global Standard Ethics 62 SUSTAINABILITY (4/4) COMMITMENT TO RELATIONS WITH SHAREHOLDERS AND AUTHORITIES
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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 Key Projects and Closing Remarks 9M 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Switzerland ▪ Sustainability ▪ Sector Data
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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI -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) 64 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 Financial 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 65 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 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 66 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 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 67 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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ROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARIROSSO 194-27-23 BLU 0-32-96 GRIGIO1 63-63-63 GRIGIO2 130-130- 130 GRIGIO3 189-189- 189 ROSSO 3.0 142-18-48 ROSSO 4.0 233-87-61 AZZURRO 0-176-240 COLORI PRINCIPALI COLORI SECONDARI 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. 68