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Investor Presentation Preliminary FY 2025 RESULTS 11 February 2026
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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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PRELIMINARY FY 2025 RESULTS HIGH QUALITY RESULTS IN A WATERSHED YEAR 3 Commercial expansion: 4Q25 acceleration with the conclusion of M&A headwinds • Total net inflows at €6.8bn, above 2024 levels • Total net inflows in AUI at €4.0bn, driven by in-house products (financial wrappers and funds) • Network expansion with senior recruits at 108 (o/w 34 in 4Q25) and FAs at 2,405 (+2% YoY) Financial results: new all-time high driven by high quality and sustainability • Net Profit at €446m (+3% YoY), thanks to recurring profit growing to €362m (+7% YoY) • Total Assets at €113bn (+9% YoY), with total AUI over €75bn (+8% YoY) • Capital and Liquidity ratios robust with CET1/TCR ratio at 17.1/18.9% and LCR at 337% Solid remuneration confirmed and positive 2026 outlook • DPS proposal to the BoD (accounting view) at €2.9 per share • 2026 business outlook, focused on organic growth and Intermonte/Insurbanking development plans • 2026 commercial ambition, above 2025 levels for both total net inflows and AUI
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NET PROFIT HIGHEST LEVEL EVER ON BOTH REPORTED AND RECURRING BASIS 4 70.7 75.0 90.0 133.1 148.6 153.8 176.6 221.1 320.3 339.3 362.5 132.9 80.9 114.1 47.0 123.5 121.1 146.5 27.2 5.8 91.9 39.0 -35.3 44.3 203.6 155.9 204.1 180.1 272.1 274.9 323.1 213.0 326.1 431.2 445.8 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Recurring Net Profit Variable Net Profit Tax One-off Reported Net Profit - Yearly Trend €\m 1 NOTES: 1) Recurring net profit computed net of variable fees, trading gains and one-offs; 2) Recovery of IRAP taxes on dividends paid before year 2025 as for judgment No. 599 of August 1, 2025, of the EU Court of Justice FY 2025 reported net profit at €446m (+3% YoY), powered by a stronger recurring component at €362m (+7% YoY), benefitting from the expansion in business side and stable profitability 4Q 2025 reported net profit at €131m (+42% YoY)steadily driven by the healthy contribution of the recurring component (€89m, +7% YoY) including €39m positive one-off related to tax refund2
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5 NET FINANCIAL INCOME A FURTHER HIKE IN NII COUPLED WITH POSITIVE TRADING AT INTERMONTE Net Financial Income €\m 317.1 325.0 79.8 79.3 82.4 81.0 82.2 21.5 30.5 11.0 8.6 6.6 4.8 10.4 338.6 355.5 90.8 88.0 89.0 85.9 92.7 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Income Trading gains and others Total NFI Yield1 Total NIM Yield1 +7.9% 2.24% 2.04% 2.15% 2.08% 2.02% 2.40% 2.23% 2.45% 2.25% 2.15% +5.0% 2.10% 2.32% NOTES: 1) Calculated on average Interest-bearing Assets/Liabilities; 2) Including Banca Generali’s ordinary trading activity on banking book, forex and dividends and Intermonte’s selected activities from ‘sales and trading’ and ‘global markets’ +2.1% FY 2025 Net Financial Income at €356m (+5% YoY) boosted by a further uptick in NII and Intermonte’s contribution on trading FY 2025 NII at €325m (+2% YoY) supported by higher volumes offsetting decreasing interest rates FY 2025 trading gains and others2 at €31m (+42% YoY) including Intermonte’s market making activity (€16m) 1.95% 2.20%
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6 TOTAL GROSS FEES HEALTHY INCREASE HIGHLIGHTING POSITIVE BUSINESS MOMENTUM 1,041.2 1,130.9 269.2 278.6 271.6 282.6 298.1 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Gross Recurring Fees 166.4 114.8 44.2 34.4 8.0 29.3 43.0 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Variable Fees +5.5% 1.06% 1.05% 1.05% 1.04% 1.03% Total Gross Recurring Fees on Total avg. Assets 1,207.6 1,245.7 313.0 279.6 311.9Total Gross Fees €\m 313.4 1.08% +8.6% NOTE: 1) Including Intermonte’s fees for €31m in FY25 +10.8% FY 2025 total gross fees at €1.2bn (+3% YoY) with recurring fees (+9% YoY) more than offsetting the drop in variable fees and underscoring a solid business performance FY 2025 variable fees at €115m (-31% YoY), with a solid contribution in 4Q FY 2025 gross recurring fees at €1.1bn (+9% YoY , +6% LfL) driven by volume expansion and product diversification 341.2 1.05%
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GROSS RECURRING FEES (1/2) 7 ACCELERATION OF INVESTMENT FEES DRIVEN BY VOLUME EXPANSION Avg. Investment Assets1 €\bn Investment Fees €\m Advisory Fees Management Fees 859.8 921.5 224.1 227.1 221.2 232.6 240.6 51.0 54.8 13.1 13.3 13.5 13.8 14.2 910.8 976.3 237.2 240.4 234.7 246.4 254.8 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 +3.4% +3.2% 60.3 65.2 62.6 64.1 63.3 65.7 67.7 66.2 71.8 68.8 70.5 69.7 72.4 74.7 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Average AUM Management Fees on avg. AUM2 1.43% 1.43% 1.41% 1.44% 1.40% Investment Fees on avg. AUI 1.38% 1.38% 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 €9.5m (o/w €2.4m in 4Q) for a change of contract on investment mandates previously accounted as banking fees 1.40% 1.35% +7.2% +7.4% +8.6% +8.4% FY 2025 investment fees at €976m (+7% YoY) driven by solid asset expansion (+8% YoY) FY 2025 management fees3 at €921m (+7% YoY , +7% LfL) representing 94% of total investment fees FY 2025 management fee margin at 1.41% (-2bps YoY) in line with long-term guidance (1.40%-1.42%) 1.41% 1.35%
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GROSS RECURRING FEES (2/2) 8 POSITIVE TREND FURTHER ENHANCED BY INTERMONTE Other Fees €\m 48.5 50.4 10.5 12.5 9.9 11.4 16.6 57.7 75.1 15.9 19.0 19.5 16.8 19.7 24.2 29.2 5.5 6.7 7.5 8.0 7.0 130.4 154.7 31.9 38.2 36.9 36.2 43.3 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Brokerage Commissions Entry Fees Avg. Total Assets €\bn Other Fees on Total avg. Assets 98.5 107.7 102.2 104.8 105.0 108.6 112.3 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Banking Fees +19.6% +3.4% 0.13% 0.15% 0.12% 0.14% 0.15% 0.14% +18.6% +35.6% +9.9% +9.3% FY 2025 brokerage fees at €75m (+30% YoY , +6% LfL) with Intermonte contributing €14m FY 2025 banking fees1 at €29m (+21% YoY) including Intermonte (€17m), change of contract on investment mandates and new pricing on current accounts FY 2025 entry fees at €50m (+4% YoY) driven by certificates (€1.4bn, +6% YoY) and other placements (€0.9bn +38% YoY) NOTE: 1) Net of €9.5m for a change of contract on investment mandates now accounted as management fees 0.13%
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TOTAL FEE EXPENSES PAYOUT RATIO FULLY IN LINE WITH LONG TERM GUIDELINES 9 10.4% 11.0% 10.9% 11.1% 11.1% 10.7% 11.1% 36.2% 35.3% 36.1% 36.0% 35.9% 35.0% 34.6% 46.7% 46.3% 47.0% 47.1% 47.0% 45.7% 45.7% 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Total Fee Expenses €\m o/w Payout to FAs, ordinary o/w Payout to FAs, cost of growth o/w Payout to Third Parties 6.1% 6.0% 5.8% 6.0% 6.2% 6.0% 5.8% 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Total Payout Ratio2 (excl. Payout on NII) 52.8% 1.8o/w Fee Expenses on NII1 565.1 146.4 150.4 146.6 147.8 600.9 52.3% 52.8% 53.1% 53.2% 51.5% 2.1 2.6 4.2 9.2 14.5 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 0.1% FY 2025 total payout at 52.3%, in line with long term guidance FY 2025 fee expenses on NII at €9m (-37% YoY) tracking trend in interest rates 51.7% 2.6 156.1 FY 2025 total fees at €601m (+6% YoY) confirming guidelines
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OPERATING COSTS (1/2) 10 AFFECTED BY ONE-OFF ITEMS AND PERIMETER CHANGE NOTES: 1) Core operating costs have been restated to include BG Suisse; 2) Insurbanking and Intermonte FY 2025 total operating costs of €361m (+23% YoY) linked to: 1) change in perimeter; 2) spike of non-core items Total Operating Costs €\m 294.0 83.5 82.6 81.8 88.2 361.2 108.7 Non-Core Items Change in perimeter Core Operating Costs1 Sales Personnel 38.3 8.5 8.5 9.3 12.0 22.4 20.9 5.5 5.5 5.2 4.8 5.3 3.6 13.5 -1.9 1.5 1.4 3.9 6.7 26.0 72.6 3.6 15.5 15.1 18.0 24.0 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 4.9 1.2 1.2 1.2 1.4 268.0 288.6 79.9 67.1 66.7 70.1 84.7 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 +7.7% +20.7% +5.9% FY 2025 core operating costs at €289m (+8% YoY) including ~€5m YoY due to acceleration of IT infrastructure, AI and data related projects o/w spike in IT infrastructure, data and AI- related projects FY 2025 non-core items at €13m, driven by €11m (o/w €6m booked in 4Q) for projects to increase internal efficiency, Mediobanca’s tender offer related expenses and new business initiatives2
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OPERATING COSTS (2/2) TEMPORARY UPTICK IN COST RATIOS 11 NOTE: 1) Excluding performance fees and one-off items Operating Costs / Total Assets Cost / Income Ratio 0.37% 0.33% 0.33% 0.31%0.30% 0.28% 0.31%0.30%0.28% 0.28% 0.32% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Impact from change in perimeter 1 37.4% 45.9% 40.7% 42.1% 36.0% 36.8% 31.1% 40.1% 35.1% 30.0% 36.1% 52.8% 55.8% 54.7% 44.6% 46.9% 47.3% 43.0% 40.8% 34.9% 35.6% 39.0% 36.8% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reported Cost/Income Adjusted Cost/Income Adjusted Cost/Income ex. Intermonte 1
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(€m) FY24 FY25 Reported % Chg FY25 Intermonte contribution Net Financial Income 338.6 355.5 5.0% 15.9 Net recurring fees 476.1 530.0 11.3% 28.6 Variable fees 166.4 114.8 -31.0% 0.0 Total Banking Income 981.1 1,000.3 2.0% 44.5 Core operating costs (LfL) -268.0 -288.6 7.7% - Total operating costs -294.0 -361.2 22.9% -36.8 Operating Profit 687.1 639.1 -7.0% 7.8 Operating Profit excl. performance fees 520.7 524.3 0.7% 7.8 Net adjustments for impaired loans and other assets 1.8 -3.8 n.m. -0.2 Net provisions for liabilities and contingencies -105.8 -95.8 -9.5% - Contributions to banking and insurance funds -12.6 -3.2 -74.3% - Gain (loss) from disposal of equity investments -0.8 -2.4 n.m. 0.0 One-off item linked to recovery of IRAP on past dividends 0.0 39.0 n.m. 0.0 Profit Before Taxation 569.8 572.8 0.5% 7.6 Direct income taxes -138.5 -126.1 -9.0% -1.8 Minorities interest 0.0 -0.9 n.m. -0.9 Ordinary tax rate 24.3% 23.6% -0.7ppt 24.2% Net Profit 431.2 445.8 3.4% 4.9 Recurring Net Profit 339.3 362.5 6.8% 4.9 SUMMING UP 12 Comments NOTES: 1) Calculated excluding the €39 positive tax one-off; 2) 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; 4) Including €16m related to write downs for guarantees issued in favor of clients; 5) Recovery of IRAP taxes on dividends paid before year 2025 as for judgment No. 599 of August 1, 2025, of the EU Court of Justice FY 2025 operating profit excluding performance fees at €524m (+1% YoY) with higher net financial income (+5%) and net recurring fees (+11%) offsetting the decline in performance fees (-31%) FY 2025 total non operating charges3 decreased to €105m (-10% YoY) thanks to lower regulatory contribution to banking and insurance funds (-74% YoY) and lower provisions4 (-9% YoY). Non-operating result also included €39m positive one-off item for the recovery of IRAP taxes paid on past dividends5 1 FY 2025 recurring net profit at a new record level of €362m (+7% YoY)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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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Total Liabilities & Equity: Volumes and Yields €\bn 14 BALANCE SHEET – TOTAL LIABILITIES & EQUITY STEADY GROWTH IN RETAIL DEPOSITS NOTES: 1) Including €0.4bn promotional repos for retail clients in FY25 (€0.5bn at 9M25); 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 €1.0bn at FY25 (from €0.8bn at 9M25); 4) Including €100m senior preferred bond issued on 22 December 2025 (MREL eligible); 5) 9M25 / FY25 cost of deposits from banks & institutions restated following a review of the accounting classification FY 2025 total deposits4 at €15.8bn (+9% YoY , +3% QoQ) of which 87% represented by client deposits FY 2025 average cost of funding at 77 bps (-40bps YoY , -2bps QoQ) on a downward trend tracking market rates Deposits from Banks Other Deposits Client Deposits Other Liabilities 4 Total Deposits Cost of Funding o/w Cost of Deposits from Banks & Institutions 5 o/w Cost of Client Deposits 0.92% 3.64% 1.17% 0.67% 2.24% 0.79% 0.64% 2.19% 0.77% AT1 capital Equity ex. AT1 1 2 3 1.4 1.4 1.5 0.10 0.10 0.110.8 1.0 1.1 12.9 13.3 13.8 0.7 0.8 0.70.9 1.3 1.3 16.8 17.8 18.5 FY24 9M25 FY25 14.5 15.4 15.8
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11.3 12.6 12.8 2.3 2.3 2.51.7 1.4 1.4 16.8 17.8 18.5 FY24 9M25 FY25 15 BALANCE SHEET – TOTAL ASSETS ASSET EXPANSION AND RESILIENT INVESTMENT YIELDS Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Loans to Banks & Other Assets Loans to Clients Financial Assets Other Assets Interest Bearing Assets (IBA) Yield on Interest Bearing Assets o/w Loans to Clients o/w Financial Assets o/w Loans to Banks & Other Assets 3.38% 4.61% 3.15% 3.40% 2.48% 3.30% 2.82% 2.86% 2.40% 3.22% 2.78% 2.81% 15.3 16.3 16.7 FY 2025 interest bearing assets (IBA) at €16.7bn (+9% YoY , +2% QoQ), mainly represented by financial assets (77%). Client loans increased to €2.5bn (+10% YoY) representing 15% of total IBA FY 2025 yield on interest bearing assets at 2.81% (-5bps QoQ) sustained by resilient yields on financial assets and loans
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17.8% 22.0% 17.1% 1.2% 2.4% 1.8% 19.0% 24.4% 18.9% 2023 2024 2025 CET1 AT1 CAPITAL AND LIQUIDITY RATIOS SOLID RATIOS INCLUDING IMPACT FROM INTERMONTE AND CRR3 16 Total Capital Ratio % Leverage Ratio % Liquidity Coverage Ratio % Net Stable Funding Ratio % 335% 332% 337% 2023 2024 2025 214% 233% 245% 2023 2024 2025 5.4% 5.9% 5.6% 2023 2024 2025 FY 2025 capital ratios included several one-offs partly offset by higher net profit retention (+2.6 ppts): - impact of CRR3 (-3.8 ppts) - Intermonte’s first-time consolidation (-2.1 ppts) - higher operating risk absorption (-1.6 ppts) CET1/TCR well above 2025 SREP requirements (8.7%/ 13.2%) Leverage ratio at 5.6% (vs. 3% threshold) LCR and NSFR significantly exceeding the 100% threshold
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0.60 0.80 0.65 0.60 0.65 1.15 1.00 1.55 2.15 2.20 - 2.70 1.75 1.80 2.20 2.75 2.85 0.70 2020 2021 2022 2023 2024 2025 2026 2027 1.65 1.65 1.95 1.65 2.15 2.80 2019 2020 2021 2022 2023 2024 2025 2025 DIVIDEND PROPOSAL PROPOSAL FOR A ROBUST DIVIDEND REMUNERATION 17 D i v i d e n d P o l i c y DPS (€) and Dividend Payout (Accounting View) DPS (€) (Cash View) D i v i d e n d P r o p o s a l 77.0%70.5%70.5% 90.5%Tot. Payout DPS 2019-2020 2021 2022 2023 FY 2025 DPS proposal at €2.90 per share (76% payout on consolidated net profit) 2025 DPS payment to follow the tranching mechanism: ₋ €2.20 in 2Q 2026 ₋ €0.70 in 1Q 2027 1 NOTE: 1) The separated representation is pro-forma for the €3.30 DPS approved on the consolidated cumulative profits for the financial years 2019 and 2020 due to Covid-related payment postponement 1 2nd tranche of 2024 DPS (€0.65) ex-date on 23 February 2026 76.0% 2024 2025 76.0% 2.90 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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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4.1 4.5 4.8 4.9 5.6 6.40.6 0.7 0.89.6 10.8 12.0 2023 2024 2025 AUM AUC Banking Assets 62.9 70.2 75.6 29.9 33.6 37.9 92.8 103.8 113.5 2023 2024 2025 Other Assets (Other Fees) Assets under Investment (Investment Fees) TOTAL ASSETS (1/2) SUSTAINED GROWTH ACROSS INVESTMENTS AND OTHER ASSETS 19 57.4 63.9 68.4 24.9 28.0 32.410.5 11.9 12.792.8 103.8 113.5 2023 2024 2025 Total Assets €\bn Total Assets (by Fee Category1) €\bn o/w Assets under Advanced Advisory €\bn Assets under Investment / Total Assets 67.8% 67.6% 66.6% NOTE: 1) Assets and advisory net of double counting FY 2025 Total Assets at new all time high of €113.5bn (+9% YoY) thanks to solid commercial activity and supportive financial markets FY 2025 Assets under Investment (AUI) at €75.6bn (+8% YoY) with a robust quarterly progression throughout the year FY 2025 other assets at €37.9bn (+12% YoY) driven by sticky demand for AUC assets and deposits
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TOTAL ASSETS (2/2) AUM GROWTH DRIVEN BY IN-HOUSE PRODUCTS (FINANCIAL WRAPPERS AND FUNDS) 20 43.1 49.0 52.7 14.3 14.9 15.757.4 63.9 68.4 2023 2024 2025 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 10.5 12.7 14.5 10.6 12.1 12.4 21.1 24.8 26.9 2023 2024 2025 Insurance Wrappers Financial Wrappers 10.1 11.9 13.2 11.9 12.3 12.6 22.0 24.2 25.7 2023 2024 2025 Third-party Funds In-house Funds NOTE: 1) Managed Solutions = In-house SICAV + Third-party Retail funds/SICAVs + Financial Wrappers + Insurance Wrappers 46.4% 47.2% 46.4% Wrappers / Managed Solutions 49.0% 50.6% 51.0% FY 2025 AUM products at €68.4bn (+7% YoY) driven by a strong interest in financial wrappers (+14% YoY) and in- house funds (+11% YoY) FY 2025 wrapper solutions at €26.9bn (+8% YoY) boosted by solid demand for financial wrappers (+14% YoY) FY 2025 in-house fundsat €13.2bn (+11% YoY) overtaking third-party funds
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NET INFLOWS (1/2) COMMERCIAL RESULTS WELL SUPPORTED BY INCREASING QUALITY 21 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 23.7% 58.0% 58.2% 1.4 3.8 4.0 4.5 2.8 2.8 5.9 6.6 6.8 2023 2024 2025 Other Assets (Other Fees) Assets under Investment (Investment Fees) -0.4 3.2 3.3 1.8 0.6 0.7 1.4 3.8 4.0 2023 2024 2025 AUM AUC & Banking under Advisory AUM / AUI Net Inflows n.m. 82.9% 83.4% FY 2025 total net inflows at €6.8bn thanks to a normalization in business trend after the M&A headwinds2 weighting on 2Q-3Q 2025 data FY 2025 AUI net inflows at €4.0bn - equal to 58% of total - driven by increasing demand for investment solutions All net inflows targets achieved thanks to a strong acceleration in 4Q 2025
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NET INFLOWS (2/2) POSITIVE NET INFLOWS LED BY FINANCIAL WRAPPERS AND IN-HOUSE FUNDS 22 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 0.8 2.9 2.8 -1.2 0.3 0.5 -0.4 3.2 3.3 2023 2024 2025 Traditional Life Policies Managed Solutions 0.7 1.6 1.8 0.9 0.1 0.7 2.5 1.9 2023 2024 2025 Insurance Wrappers Financial Wrappers 0.4 1.0 1.0 -0.3 -0.6 -0.1 0.1 0.4 0.9 2023 2024 2025 Third-party Funds In-house Funds FY 2025 AUM products at €3.3bn (+4% YoY) driven by: - financial wrappers confirmed as the most-in-demand product - retail fund rebalancing towards in-house funds - ongoing normalization in insurance business
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NET INFLOWS BY ACQUISITION CHANNEL RECOVERY UNDERWAY FROM 4Q25 23 37 65 47 44 54 61 42 54 58123 173 166 2023 2024 2025 FAs without Remuneration Package & Junior FAs From Retail & Private Banks From FA Networks 5.0 5.0 4.9 0.9 1.6 1.9 5.9 6.6 6.8 2023 2024 2025 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 FY 2025 contribution from recruitment dented by Mediobanca’s offer but supported by recruitment in Switzerland for €0.8bn (Aequitum) FY 2025 new recruits at 166 professionals with an acceleration in the acquisition of FAs and assets both in Italy and Switzerland in the last quarter FY 2025 new recruits of younger profiles continues (35% of total new recruits) in order to support ‘Team approach’ and foster new talent generation
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NET INFLOWS: JANUARY 2026 2026 OFF TO A POSITIVE START 24 Net Inflows Breakdown by Fee Category1 €\bn 0.1 0.2 0.1 0.2 0.2 0.4 0.3 0.4 0.5 January 2024 January 2025 January 2026 Other Assets Assets under Investment NOTE: 1) Assets and advisory net of double counting including rounding effect Breakdown of New Recruits by channel # 30.7% Assets under Investment / Total Net Inflows 39.3% 13.7% 7 9 5 10 5 9 5 13 9 22 27 23 January 2024 January 2025 YTD 2026 FAs without Remuneration Package & Junior FAs From Retail & Private Banks From FA Networks YTD new recruits at 23 with a well-balanced composition between senior and junior professionals January net inflows at €0.5bn driven mainly by deposits and AUC for the acquisition of new clients Positive trend for in-house funds (€98m, +44% YoY) thanks to the launch of new strategies
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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex
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26 Intermonte - 2024-2030 Net Banking Income Evolution €\m ~18-22 ~4-10 ~14-18 2024 as is 2030 target 42 ~80-90 INTERMONTE’S GROWTH PATH TO 2030 AUC & Trading Managed products Investment banking Cost / Income, % ~80% < 60% A B C 25%-30% of total synergies (€10-15m) expected by 2026 Intermonte revenues projected to double by 2030 with €40-45m additional revenues driven by: - €18-22m AUC & trading - €14-18m investment banking - €4-10m managed products Intermonte revenues expected at €10-15m by 2026 (25-30% of total synergies) Intermonte cost/income forecast to decrease to <60% by 2030 (from ~80% in 2024) INTERMONTE (1/2)
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INTERMONTE (2/2) COMBINED INITIATIVES START TO BEAR FRUIT 27 Key Initiatives AUC & Trading Focus on Structured Products • Intermonte’s hedging activity linked to structured products started from 4Q25 driving first synergies for margin internalization • Positive trend further confirmed in January M&A 57% ECM 5% Debt Advisory 29% Corporate broking 1% Other 8% NOTE: 1) Reporting month t+1 Quarterly New Issue of Structured Products1 Investment Banking 2025 Business Activity • 160 investment banking requests channelled to Intermonte by BG’s private bankers for their enterpreneur clients • Two mandates already signed (estimated value €1m) and further mandates (8-10) close to signing Breakdown of IB Requests by Status, FY25 Managed Products AUM with capital protection • Two equity funds launched on Italian equities under LUX IM umbrella with investment advisory provided by Intermonte • New capital protected equity products with hedging strategy provided by Intermonte derivative desk 0 100 200 300 400 500 1Q 2Q 3Q 4Q 2024 2025 o/w 14% Intermonte hedging LUX IM Intermonte PIR Italia Small-Mid Cap LUX IM Intermonte Italia Large Cap
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GENERALI HYBRID PRODUCTS POSITIVE TREND RESUMED IN THE SECOND HALF OF 2025 28 Insurbanking - Volumes1, €\bn 7.4 7.1 7.4 4.1 3.8 4.5 2024 1H25 2025 Generali hybrid products (investment component) o/w in BG FML sub-funds Assets in BG FML, % of total NOTE: 1) Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile, Stile Unico 55% 54% 61% Insurbanking - Margin, % Mgmt fee margin on Private Banking (exc. hybrid products) Total Mgmt fee margin 1.43% 1.41% 1.41% 2024 1H25 2025 1.36% 1.34% 1.34% 2024 1H25 2025 Mgmt fee margin on hybrid insurance products (incl. insurbanking) 0.66% 0.63% 0.64% 2024 1H25 2025 Advisory and fund selection services provided to Generali Italia’s hybrid products for a total of €7.4bn, of which 61% allocated to BG FML subfunds Contribution from advisory and fund selection services worth 7bps to Banca Generali’s consolidated profitability
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ALLEANZA PARTNERSHIP POSITIVE START TO THE NEW PARTNERSHIP 29 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 - Net margin of 80-90bps on banking products and AUC Stile Unico (unit-linked), rolled-out to 2,700 Private Advisors in 4Q 2025, already generated ~€100m in net inflows Conto Unico (current account), piloted with 100 Private Advisors in 4Q 2025, already delivered ~270 new current accounts opening Alleanza convention on 5 February 2026 announced the complete rollout of Conto Unico (current account) to all 2,700 Private Advisors with complete coverage by year-end Euro - Segregated account - Investment component
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Volumes Growth 52% >€6.0bn Product Mix 30 N E T I N F L O W S G U I D A N C E BANCA GENERALI - NET INFLOWS GUIDANCE UPGRADING GUIDANCE ON PRODUCT OFFER AND MARKET CONDITIONS 2025 g u i d a n c e 2025 r e s u l t M a i n D r i v e r s €6.8bn >€3.5bn AUI €4.0bn AUI Stable financial markets, barring any major market correction Ongoing positive structural and cyclical sector growth trends Higher contribution from recruiting activity Large share of govt and corporate bonds coming to maturity 2026 g u i d a n c e >€6.5bn >€4.0bn AUI AUI exposure expected to revert to long term average Stable financial markets, barring any major market correction
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Net Interest Income 52% ≥€320m Management Fee Margin 31 P & L I T E M BANCA GENERALI - P&L GUIDANCE TO DELIVER PROFITABLE AND REMUNERATIVE GROWTH M a i n D r i v e r s €325m 1.40-1.42% 1.41% Increase in client deposits (€0.5-1bn) Stable interest rates Stable financial markets, barring major market correction Core Operating Costs +6-8% YoY +7.7% Cost growth easing following the roll out of key strategic initiatives 2025 g u i d a n c e 2025 r e s u l t €330-340m 1.40-1.42% +6-8% YoY 2026 g u i d a n c e Increasing share of in-house products Gradual phase-out of insurance promotions Strong push on IT projects incorporated
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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Switzerland ▪ Sustainability ▪ Sector Data
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10.1 11.9 13.2 10.3 11.4 12.1 2023 2024 2025 Institutional Fund Classes Retail Fund Classes 16.5 19.2 21.5 3.8 3.9 3.7 0.1 0.2 0.1 2023 2024 2025 BG Alternative/Private Markets BG Selection/Collection LUX IM FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS 33 BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn BG FML – Asset Mix % 20.4 23.3 25.3 +24.0% +8.7% 20.4 23.3 49% 17% 29% 1% 2% 2% Equity Multi-assets Bonds Target funds Alternative Protection 25.3 Retail fund classes increasing to 52% of BG FML total assets FY 2025 equity exposure at 49% of total BG FML assets
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64% 64% 61% 23% 24% 26% 13% 12% 13% 24.7 27.8 32.0 2023 2024 2025 FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS 34 AUC Assets by Product Mix1 €\bn NOTES: 1) Assoreti perimeter (i.e. excluding BG Suisse and BG Aequitum); 2) Repos, ETF, certificates & others; 3) Data as of 09.01.2026 €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 FINANCIAL ASSET MIX 35 Bond PTF Classification 47% 22% 31% Italy Govt Bonds EU Govt Bonds Covered/SSA/ Corporate/ Financial Total PTF Classification 4% 96% Equity & Alternative Investments Fixed Income 68% 5% 27% HTC HTS & Others HTCS Total PTF - IFRS Classification Fixed rate bonds 65% (bond portfolio) 3.6 1.2 3.3 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 2025 2024 2025 Focus on Financial Assets (Banking Book) Total duration and maturity little changed Limited P&L volatility since most financial assets are accounted at HTC (68% of total) Financial assets are high quality and well diversified: - More than 99% of the bond portfolio is made up of investment grade securities - 49% of the bond portfolio is rated ≥ A- - Italy govt bonds represent 47% of total
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FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK 36 11.3 12.6 12.9 2.3 2.3 2.51.7 1.4 1.4 16.8 17.8 18.5 FY24 9M25 2025 5.0 5.4 2024 2025 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 % 2025 Credit Book €\bn 0.4 99.6 NPL (Net of Indemnity) Performing Loans 3.5 3.9 2024 2025 Drawn Loans/ Granted Loans Collateral Assets/ Drawn Loans67% 65% 216% 213% 1.9 0.6 Lines of Credit Mortgages & Personal Loans Cost of Risk bps 4.61% 3.30% 3.22% 0 0 0 Loans to Banks & Other Assets Loans to Clients Financial Assets Other Assets
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37 FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs1 # 1,715 1,841 1,936 1,985 2,040 2,087 2,162 2,204 2,260 2,353 2,405 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Key highlights Male Female Gender FA Teams (#) 212 AUM2 (€\bn) 24.8 Age ~55 <35 35-50 >50 Headline FA retention at 95.4% - Core FA retention at 98.2% NOTE: Data as of 31 December 2025; 1) Assoreti perimeter; 2) Total Assets managed by FAs involved in Teams project
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38 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 1 As of 30.09.25 (last available data) Average Assets per FA €\m 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 46.5 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 30.9 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Banca Generali Assoreti
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39 FOCUS ON CLIENTS TREND AND KEY FEATURES NOTES: 1) Banca Generali Assoreti assets (i.e. excluding BG Valeur and BG Aequitum); 2) Assets >€500K per client 60.3% 5.8% 28.3% 21.4% 10.8% 44.0% 0.6% 28.8% No.of Clients AUM (bn/€) >5m 500k-5m 100-500k <100k Total No. of Clients ‘000 Breakdown by Cluster of Clients 372k €111.9bn1 Private Banking Assets2: €81.5bn Private Banking Clients: >42k 249 263 279 290 299 312 332 342 349 359 372 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Switzerland ▪ Sustainability ▪ Sector Data
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41 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS 41 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 +1,377%6 since its listing on the Italian Stock Exchange in November 2006 Capital-light business model, leveraging on a Network of 2,405 Financial Advisors ranked at the top of the industry by quality3 Strategic focus on growth driven by acceleration of the core business, coupled with two new initiatives: the integration of Intermonte and the partnership with Alleanza 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 31.12.2024 (last available data); 3) Based on assets/FA on Assoreti data; 4) Financial Times - Global Private Banking Awards (2025); 5) Deutsche Institut Fur Qualitaetund Finanzem (2026); 6) Data as of 6 February 2026 Several times awarded Best Private Bank in Italy4 and Best Financial Advisor Network by Customer Satisfaction5
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42 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 42 NOTE: 1) Moody’s: A2 stable, Fitch: AA- stable, AM Best: A+ stable
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43 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 45.1 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 68.4 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 92.8 103.8 113.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 43 2025 Acquisition of Intermonte
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BANCA GENERALI’S MARKET SHARES BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS 44 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. 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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45 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure 45 NOTE: data as of 31 December 2025 Company Structure 100% 100% Trust Company Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali 100% Trust Company Asset Management Bank 100% Bank Brokerage Company 100%
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46 RECOGNIZED PLAYER IN THE ITALIAN WEALTH MANAGEMENT SPACE Wealth Management/ Private Banking Financial Advisor Network ESG Best Discretionary Mandates Team (2025) Deutsche Institut fur Qualitat und Finanzen Top Sustainable Bank in Italy (2024) BFC Media - Private Banking Awards Best Financial Advisor network by Customer Satisfaction (2026) Deutsche Institut fur Qualitat und Finanzen Special Deal (2025) Financial Times - Private Banking Awards Sustainability Champion (2024/25) Deutsche Institut fur Qualitat und Finanzen Best Private Bank in Italy (2025) Financial Times - Global Private Banking Awards 46 Ranking First in Asset Management for Customer Service (2024/2025) Statista Sustainability Awards 2023 Among the most sustainable companies according to Statista Best Distribution Network (2024) ICA – Italian Certificates Awards 2024 BANCA GENERALI’S AWARDS
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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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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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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% 112 345 1,466 275 110 58 176.4 68.9 38.1 10.6 22.1 79.4 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 31.12.2025 - FAs headcount excluding 39 Financial Advisors (representing ̴ €801m assets) with managerial and support roles
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BG RANKING #3 IN PRIVATE BANKING IN ITALY 50 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 50 NOTE: 1) Assets >€500K per client, Assoreti perimeter Private Banking Sector Ranking (Magstat), €/bn Banca Generali - Private Banking Assets1 €/bn €281.3 €160.5 €73.51 €68.4 €55.0 +518% +135% +58% +434% n.a. €101.6 €81.3 €38.4 €33.7 €11.9 €26.7 #3 #16 €54.3 n.a. 2013 2024 11.9 16.0 25.1 29.2 35.5 36.3 44.2 49.1 58.3 55.3 63.7 73.5 81.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10.7 13.9 16.1 18.6 21.9 22.6 26.4 28.6 32.8 31.1 35.1 39.3 42.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.47 1.53 1.56 1.57 1.62 1.61 1.68 1.72 1.78 1.78 1.82 1.87 1.92 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Private Clients #k Private Assets / Private Clients €/m 1
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BG RANKING #4 IN FA NETWORKS IN ITALY 51 STRONGEST INCREASE IN ASSETS SINCE 2013 51 SOURCE: Assoreti; NOTES: 1) Excluding BG Suisse and BG Aequitum; 2) Ccalculated on a like-for-like basis, i.e. excluding ISPB assets (~€163bn as of 31.12.2024) 1 20242013 €83.7 €47.2 €36.2 €29.9 €29.1 €353.8 €123.3 €76.9 €102.71 +128%2 +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 91.8 102.7 111.9 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 228 243 249 263 279 290 299 312 332 342 349 359 372 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 128 150 167 181 200 198 223 235 255 240 263 286 301 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Clients #k Assets / Clients €/k €121.7
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17% 15% 20%13% 26% 2% 3% 5% 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% 13% 11% 14% 6% 23% 10% AUI: 75.6 €/bn, 67% of total Total Assets: 113.5 €/bn Equity Alternative Structured products Monetary Gov. & corporate bonds euro-denominated 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 31 December 2025; 1) Asset mix ex. BG Aequitum and BG Suisse (Italy only)
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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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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Core Business ▪ Intermonte integration ▪ Insurbanking with Alleanza ▪ Switzerland ▪ Sustainability ▪ Sector Data
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FA NETWORK NEW GENERATIONS, TEAM MODEL AND VERTICAL SPECIALIZATIONS BG Team2 Next-Gen Network Specialty Verticals Empower the Network to thrive by embracing generational diversity and fostering new talent Enhance and evolve the team model to maximize effectiveness and foster cross- functional collaboration and knowledge sharing 2.6 4.3 8.3 14.3 24.8 2021 2022 2023 2024 2025 Total Team Assets Trend, €\bn The ongoing growth in numbers will be further reinforced by introducing hyper- personalization within Team agreements, a development to support different models of collaboration with Generali distribution 29 55 87 139 212 Number of Teams, # In addition to recruitment, BG is launching a strategic program dedicated to its young advisors, with a focus on organization, steering and advanced training to accelerate their professional growth and contribution to results Data as of 31.12.2025; NOTES: 1) Recruits both with / without entry bonus incentives; 2) Historical data reconstructed only for the 212 teams currently active; including individual assets Leverage Network specializations to increase quality of services and loyalty 1.4 1.4 1.8 2.2 2.4 2021 2022 2023 2024 2025 73 74 85 106 110 Headcount, # Other vertical initiatives, in addition to the next generation priority, include: • Ongoing expansion of the Sustainable Advisor line (over 200 FAs, characterized by more gender and age diversity) • Develop Network’s IB specialization Total Assets Trend, €\bn Financial Planner Agents (FPAs) 1 56 26 39 50 50 7817 16 10 25 23106 78 63 98 65 149 133 123 173 166 2021 2022 2023 2024 2025 43 55 60 75 101 FAs Recruitment1, # Over 45 y/o 40-45 y/o 29% 41% 49% 43% 61% Next-Gen Share on Total Recruitments, % Under 40 y/o
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su 1. Equity Step-In: phased allocation into equities 2. Maturity-Protected Equity: capital protection at maturity BGFML Asset Mix, % Raise Clients’ Protection Exposure Lift BGFML Share in Retail Funds 42% 42% 45% 44% 44% 46% 49% 51% 58% 58% 55% 56% 56% 54% 51% 49% 2018 2019 2020 2021 2022 2023 2024 2025 BGFML Third-party 1. Onboard third-party flagship strategies to the Lux IM platform 2. Broaden industrial advisory with thematic in-house strategies BGFML Penetration on BG Retail Funds, % Enter Active ETFsa b c Brownfield project through a small acquisition: 1. Build a proprietary active ETF / active-indexing range • Capture structural ETF market growth • Internalize margins on >€5bn of current client exposure (AUC + AUM) 2. Diversify manufacturing in Ireland • Asset management–friendly hub • Regulator with deep ETF expertise • Faster time-to-market GROW LUXEMBOURG PLATFORM LAUNCH IRISH PLATFORM STRATEGIC PRIORITIES 2 ASSET MANAGEMENT Grow Luxembourg Platform Launch Irish Platform 57 49% 17% 29% 1% 2% 2% Equity Multi-assets Liquidity Bonds Target funds Alternative Protection NOTE: Data as of 31.12.2025
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ARTIFICIAL INTELLIGENCE DRIVING CULTURAL TRANSFORMATION AND PROJECT DEVELOPMENT THROUGH THREE INITIATIVES Cultural Shift Strategic Initiatives Cultural transformation to embed AI across the organization: • “AI Ambassador” initiative with 40 colleagues appointed, driving AI adoption across key functions: - 15k+ training hours delivered with 1,121 employees involved (94% on total employees) - Copilot M365 available to most employees (~800) with an activation rate above 80% Start up approach in developing use cases and collecting ideas: • > 400 use cases collected (x2 since Nov. 25) • > 100 AI Agents developed by internal Teams (x2 since Nov.25) New dedicated organizational structure and signing of strategic partnerships; • Launch of the AI Factory, fostering a hybrid model that combines centralized expertise with decentralized innovation (Strategic partnership with Jakala) • Strategic partnership with Microsoft Efficiency Products & Services Bankers & Clients Relationship • Development of GRACE, an agentic platform designed for Employees & FAs to enhance efficiency and productivity • Revisiting key first- and second-level processes and operating models with an AI-driven approach • Driving innovation across product factories by enabling advanced analytics & reporting (ie certificates), working on automation and rapid development of tailored solutions. • Enhancing the offering through AI-driven portfolio supports, enabling personalized investment strategies • Introducing new models to steer and support the network managers • Delivering hyper-personalized content and actionable insights, allowing Bankers to anticipate Client needs and strengthen engagement 3 58
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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Core Business ▪ Intermonte integration ▪ Insurbanking with Alleanza ▪ Switzerland ▪ Sustainability ▪ Sector Data
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60 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
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61 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
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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Core Business ▪ Intermonte integration ▪ Insurbanking with Alleanza ▪ Switzerland ▪ Sustainability ▪ Sector Data
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63 TARGETABLE FINANCIAL HOUSEHOLD WEALTH ROOM TO OPTIMIZE CLIENT ASSET ALLOCATION Italian Financial Household Wealth €\tn SOURCE: Estimates based on Prometeia data as of April 2025; NOTES: 1) Targetable financial wealth is a subset of financial wealth excluding non listed equity shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves, assets not allocated by channel and other assets; 2) Private Banking operators registered with AIPB; 3) ‘Retail’ includes Banking sector, post offices other FA network not included within Private Banking By Channel 39.0% 37.0% 22.3% 15.1% 19.7% 23.4% 19.0% 24.5% 2014 2024 By Product Insurance agents Private Banking2 Retail3 Insurance products Managed products AUC Deposits 77.2% 61.5% 18.0% 33.4% 4.8% 5.1% 2014 2024 2.9 3.8 2.9 3.8 In terms of distribution channels, Private Banking has gained share at the expense of retail sector, with insurance agents stable In terms of products, growing allocation to managed and insurance products but still high exposure to current accounts 10Y CAGR +3.4% +9.3% +0.4% 10Y CAGR +4.6% -1.1% +2.2% +5.4% 0.7 1.5 3.8 2024 Financial wealth - targetable Non listed equity Financial wealth - other 6.0 1 Focus next slide Targetable financial wealth at €3.8 trillion, net of corporate pension funds
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80.5% 19.5% 1 100.0% €0.2tn Insurance Agents INSURBANKING: MARKET POTENTIAL (1/2) INSURANCE AGENTS MANAGE ONLY A PART OF THEIR CLIENT ASSETS 64 SOURCES: AIPB – Prometeia, BankIt, Istat; NOTES: 1) Private Banking operators registered with AIPB; 2) ‘Retail’ includes Banking sector, post offices other FA network not included within Private Banking €1.3tn €2.3tn Private Banking1 Retail2 75.5% 24.5% 2024 Italian Targetable Financial Household Wealth €\tn Focus on Targetable Financial Wealth by Distribution Channel / Product €3.8tn Insurance products represent ~25% of the targetable financial wealth of Italian households, yet insurance agents currently manage only 5% of this wealth and entirely in insurance products Other financial channels, such as Private Banking and Retail networks, typically allocate ~20% of clients’ assets to insurance solutions, with a more balanced product mix Insurance products Other products Focus next slide 79.0% 21.0% 1
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~50% ~50% 2024 INSURBANKING: MARKET POTENTIAL (2/2) GENERALI INSURANCE AGENTS REPRESENT ~1/2 OF THE CHANNEL 65 €0.2tn Generali Italia (GIT) stands out as the most qualified player among insurance agents in the market, with its agents representing approx. 50% of the total business If insurance agents were to adopt an allocation to insurance products consistent with other distribution channels, the implied targetable financial wealth of their clients would amount to ~€750-950bn Market potential achievable by Generali Italia is half of the overall market potential Wealth held by Insurance Agents’ Clients Insurance Products distributed by Insurance Agents Estimated Wealth held by Insurance Agents’ Clients ~50% ~50% 2024 ~50% ~50% 2024 €0.8tn €1.0tn Based on a 25% insurance allocation (in line with targetable financial wealth) Based on a 20% insurance allocation (in line with retail channel) €0.1tn €0.4tn €0.5tn Generali Italia (GIT) insurance agent networks (Generali, Alleanza Assicurazioni, INA, Toro, Cattolica) Other insurance agent networks
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66 DEEP DIVE ON ALLEANZA ASSICURAZIONI (1/2) PROACTIVE NETWORK OF TALENTED PROFESSIONALS Alleanza: high quality Network focused on Life and Protection Data as of 31.12.2024; NOTE: 1) Private Advisors are consultants who have passed the FA exam but are not listed on the Financial Advisors register ~10,000 Insurance Consultants in Italy ~2,700 Private Advisors1 >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, €/bn Key Features Within the €100 billion distributed by Generali, Alleanza accounts for roughly 40% Alleanza relies on one of Italy’s largest and most widespread networks, with 10,000 insurance advisors Thanks to the partnership, Alleanza aims to attract a growing number of talented professionals with the goal of exceeding 4,000 Private Advisors1 by 2030 ~€40bn Life Reserves Focus next slide ALLEANZA
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DEEP DIVE ON ALLEANZA ASSICURAZIONI (2/2) A LARGE AND UNTAPPED MARKET POTENTIAL 67 Wealth held by Alleanza’s Clients Alleanza Life Reserves Estimated Wealth held by Alleanza’s Clients AUC Deposits Alleanza stands out as a leading life insurance company, holding assets of around ~€40bn According to internal estimates, Alleanza total client assets amount to ~€170bn, which is consistent with the allocation to insurance products of other distribution channels Alleanza client wealth mostly represented by affluent clients (assets €50k-500K), with a ‘small’ portion in the private segment (~19K clients) Alleanza client wealth held by third-parties not efficiently allocated, with 80% of assets made up of current accounts and securities Alleanza Clients Breakdown Private (>500k) Affluent (50-500k) Retail (<50k) 2024 ~€40bn Based on a 25% insurance allocation (in line with targ. financial wealth) Based on a 20% insurance allocation (in line with retail channel) ~€40bn 75% 20% 25% 67% 13%~€160bn ~€200bn ~€170bn By financial institution By product ~€40 bn ~€130 bn AUM 45% 55% 1% Alleanza Held with third-parties ~€1.9m By channel approach (slide 39) Internal estimates ~€130bn
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68 BANCA GENERALI’S COMPETITIVE POSITIONING ADDRESSING THE AFFLUENT SEGMENT REPRESENTS A WIN-WIN OPPORTUNITY Client Assets €\bn 15.8 21.4 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 Banca Generali: undisputed Leadership in Private Banking and Wealth Management Private Clients (>€500k) Affluent Clients (<€500k) 13.3 15.1 16.5 18.3 20.2 21.2 22.6 24.2 26.3 26.9 28.1 29.2 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Banca Generali has been the fastest-growing Private Bank in Italy since 2013 with its assets increased by x5 Banca Generali also increased its assets in the affluent segment, although growth in this segment has been less pronounced (x2 since 2013 level) Segment x5 x2 Growth Rate +3p.p. - 3% 4% 3% 4% 4% 5% 5% 5% 6% 6% 6% 6%Market Share 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%Market Share SOURCE: AIPB, Prometeia and internal data (Assoreti perimeter)
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69 THE PARTNERSHIP , COMBINING TWO STRENGTHS NEW GROWTH ENGINE 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 +
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70 FOCUS ON VALUE PROPOSITION TO ALLEANZA CLIENTS LEVERAGING BANCA GENERALI’S PRODUCT PLATFORMS Products/Services provided by Banca Generali to Alleanza Network Banca Generali, provider of banking products and services Banca Generali, provider of advisory and mandates on UL products • Banking services (current account and payments) • Assets under Custody • Brokerage services • Dedicated insurance wrapper (Stile Unico) devoted to Alleanza’s clients with more personalized investment features A B • Cross-selling opportunities • Improving visibility over client financial flows, ultimately contributing to providing a more personalized service • Leveraging on Banca Generali’s extensive expertise developed since 2013 by managing the financial component of selected Generali Italia hybrid products • Providing advisory and fund selection services Products Relevant Outputs See next slides
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AG HYBRID PRODUCTS (1/2) AGREEMENT WITH ALLEANZA OFF TO A POSITIVE START 71 AM/Investment Advisory Contracts on Generali Hybrid Products1, €\bn 0.1 0.5 1.2 1.8 3.0 3.5 4.7 5.4 6.6 6.3 7.0 7.4 7.4 0.1 0.5 1.2 1.8 2.8 2.9 3.8 4.0 4.2 3.6 4.0 4.1 4.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Generali hybrid products (investment component) o/w in BG FML sub-funds 100% 90% 86% 81% 72% 64% 59% 56% 55% 61% Assets in BG FML, % of total NOTE: 1) Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile, Stile Unico Launch of the first hybrid products in collaboration with AG Phase 1 Phase 2 Business consolidation with focus on financial sustainability Not included in BG Group Assets Launch of the partnership focused on the insurance component which has shown solid traction from the beginning, delivering results highly satisfactory compared with the target set for the period 100% 100% 100% Positive start to the partnership with Alleanza (kick off on October 9, 2025) As for banking/AUC, the rollout started in test mode, involving an initial group of 100 agents with encouraging results
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AG HYBRID PRODUCTS (2/2) DELIVERING A POSITIVE ADD-ON TO BANCA GENERALI’S PROFITABILITY 72 Focus on Banca Generali’s Profitability, % Banca Generali Management fee margin Generali hybrid products business expected to deliver a stable contribution to P&L over the medium term 1.41% 1.43% 1.43% 1.43% 1.41% 1.41% 2021 2022 2023 2024 1H25 2025 Banca Generali Margin on hybrid insurance products1 (including insurbanking) 0.86% 0.84% 0.78% 0.66% 0.63% 0.64% 2021 2022 2023 2024 1H25 2025 Banca Generali Management fee margin on Private Banking business exc. hybrid products Profitability of hybrid products overall improved (+1bps on 1H 2025) on a more favorable underlying mix Stile Unico profitability expected at 80-90bps (60- 65bps net) on average 1.34% 1.35% 1.36% 1.36% 1.34% 1.34% 2021 2022 2023 2024 1H25 2025 NOTE: 1) Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile, Stile Unico
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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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Switzerland ▪ Sustainability ▪ Sector Data
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74 EXPANSION IN SWITZERLAND (1/2) MAIN HIGHLIGHTS 74 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 (2/2) TARGET MARKETS AND MODEL 75 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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Switzerland ▪ Sustainability ▪ Sector Data
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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 31.12.202477
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78 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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79 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 2025 58 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 SUSTAINABILITY (3/4) ESG COMMERCIAL APPROACH
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Scale: from CCC to AAA Scale: from 0 to 100 Scale: from 100 to 0 Scale: from F to EEE Negligible Risk MSCI Sustainalytics S&P Global Standard Ethics 80 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 FY 2025 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ Switzerland ▪ Sustainability ▪ Sector Data
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-0.9 -1.0 -1.1 -1.1 6.5 6.4 6.9 7.3 1.4 1.5 2.2 2.3 3.0 3.4 4.1 4.5 10.0 10.3 12.1 13.0 2015 2020 2025E 2028E Financial debt Real estate assets Financial wealth - other Financial wealth - targetable (TAM) 82 TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn Italian Household Wealth, one of the largest in Europe 2025 Financial Wealth estimated at €6.3 trillion o/w €4.1 trillion regarded as Targetable Financial Assets High yet declining exposure to real estate assets (from 65% in 2015 to 57% in 2025) One of the lowest household financial debt in Europe SOURCE: Estimates based on Prometeia data as of November 2025; NOTE: 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 +1.9% 10Y CAGR +2.4% 2025-28E CAGR
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83 TOTAL ADDRESSABLE MARKET (1/3) BY CLIENT SEGMENTATION 0.6 0.7 0.8 0.8 1.4 1.5 1.8 1.9 0.7 0.8 1.0 1.2 0.3 0.4 0.5 0.6 3.0 3.4 4.1 4.5 2015 2020 2025E 2028E Lower Affluent & Mass (<100K) Affluent (100K-500K) Private (500K-5m) HNW (>5m) Private & HNW households wealth expected to remain the fastest- growing segment (+4.5% 2025-28E 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 +3.1% +3.2% 2025-28E CAGR 10Y CAGR SOURCE: Estimates based on Prometeia data as of November 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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84 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% 2025-28E CAGR) Managed assets +3.1% +3.2% 2025-28E CAGR 10Y CAGR Total Addressable Market (TAM) by product mix €\tn SOURCE: Estimates based on Prometeia data as of November 2025; NOTE: 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 1.1 1.4 1.4 1.4 0.6 0.4 0.6 0.6 0.6 0.7 1.0 1.2 0.7 0.9 1.1 1.3 3.0 3.4 4.1 4.5 2015 2020 2025E 2028E Deposits Securities Mutual funds & discretionary mandates Insurance
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2.0 2.1 2.3 2.4 0.6 0.7 0.8 0.80.3 0.5 0.8 1.1 0.1 0.1 0.2 0.2 3.0 3.4 4.1 2015 2020 2025E 2028E Banks Other channels FA Networks Not allocated by channel 85 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 +3.1% +3.2% 2025-28E CAGR 10Y CAGR Total Addressable Market (TAM) by distribution channel €\tn SOURCE: Estimates based on Prometeia data as of November 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 4.5
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2026 UPCOMING EVENTS 86 Investor Relations Contacts investor.relations@bancagenerali.it 1Q 2026 Results Conference Call 1H 2026 Results Conference Call Corporate Website www.bancagenerali.com 9M 2026 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 31 JULY 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 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 31 MAY
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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. 87