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 1H 2026 RESULTS 29 July 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 Business Update and Closing Remarks 1H 2026 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 EXECUTIVE SUMMARY – 1H 2026 RESULTS 3 Best first half results ever • Net Profit at €279m (+39% YoY), driven by operating normalization and supportive financial markets • Total BG Assets at €121bn (+14% YoY) on strong commercial traction and positive performance • Solid Capital Position with CET1/TCR at 17.2%/19.0%, after assuming 85% dividend payout Focus on strengthening AM platforms • Signing of the Investlinx acquisition and launch of a new active ETF, WITA • Diversifying asset management centers to better adapt to changing business conditions • Strong results from commercial initiatives focused on protection Sustained commercial momentum • Total Net Inflows (volumes) to a record €4.4bn (+47% YoY) as business conditions normalized • Net inflows in managed solutions at €1.9bn (+128% YoY) reflecting a higher-quality inflow mix • Advisor Network up to 2,473 FAs (+3% YTD), including 64 new senior professionals
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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 STRONGEST FIRST HALF RESULTS EVER, REPORTED AND RECURRING 176.3 202.1 89.4 93.5 108.6 1H25 1H26 2Q25 1Q26 2Q26 96.2 63.2 -19.6 -19.6 23.9 76.6 0.5 32.9 43.6 1H25 1H26 2Q25 1Q26 2Q26 Recurring Net Profit1 Variable Net Profit €\m €\m 200.2 278.7 89.9Net Profit €\m +16.2% +14.6% 126.4 152.3 NOTES: 1) Consistent with the methodology adopted in previous years, recurring net profit derived from total net profit adjusted for the following items: variable fees (-€125.0m) and other revenues (-€1.4m), non-recurring costs (+€4.3m) and provisions (+€6.0m) while including the related tax effects (+€19.9m) and the additional tax charge at BG FML (+€19.6m). On this basis, recurring net profit amounted to €202.1m; 2) The tax charge relates to the period Jan.- Jun. 2026 and represents the maximum tax exposure under current regulatory framework +21.5% o/w tax charge on BG FML 1H 2026 net profit at €279m (+39% YoY)reflecting positive operating trend and financial market tailwinds 1H 2026 recurring net profit at €202m (+15% YoY) driven by asset expansion, strong commercial trend and diversified product initiatives 1H 2026 variable net profit at €77m (+221% YoY) driven by financial market tailwinds partly affected by a €20m additional tax charge2 after application of standard corporate tax rate to BG FML, following current unavailability of tax benefits in Luxembourg
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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 FINANCIAL INCOME 5 HIGHER CONTRIBUTION FROM VOLUMES AND INTERMONTE 1H 2026 NFI at €189m (+7% YoY) benefiting from higher trading (€21.6m, +42%) thanks to a higher contribution from Intermonte (€13.2m, +82% YoY) 1H 2026 NII at €167m (+4% YoY) with a slightly lower NIM more than offset by higher volumes 161.7 167.4 82.4 82.7 84.8 1H25 1H26 2Q25 1Q26 2Q26 Net Interest Income 15.3 21.6 6.6 9.2 12.4 1H25 1H26 2Q25 1Q26 2Q26 Trading Gains & Others +2.5% 2.09% 1.99% 2.02% 1.96% 177.0 189.0 89.0 91.8 97.2 Net Financial Income (NFI), €\m 2.08% +3.5% +2.9% NOTE: 1) Calculated on average Interest-bearing Assets/Liabilities Total Net Interest Margin (NIM)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 6 TOTAL GROSS FEES STRONG GROWTH DRIVEN BY BUSINESS DIVERSIFICATION AND FAVORABLE MARKETS 550.2 615.9 271.6 301.3 314.6 1H25 1H26 2Q25 1Q26 2Q26 Gross Recurring Fees 42.5 125.8 8.0 46.6 79.2 1H25 1H26 2Q25 1Q26 2Q26 Variable Fees +4.4% 1.06% 1.07% 1.07% 1.07% Total Gross Recurring Fees on Avg. Total Assets 592.7 741.7 279.6 347.9 393.8Total Gross Fees €\m 1.04% +11.9% +15.8% 1H 2026 total gross fees at €742m (+25% YoY) reflecting strong execution in a favorable business environment 1H 2026 variable fees at €126m (tripled YoY), benefiting from favorable market trend and successful investment strategies 1H 2026 gross recurring fees at €616m (+12% YoY) underpinned by asset growth and a well- diversified revenue base
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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 ROBUST GROWTH DRIVEN BY ASSET EXPANSION AND IMPROVED PRODUCT MIX Avg. Investment Assets1 €\bn Investment Fees €\m Advisory Fees Management Fees 448.2 494.8 221.2 242.0 252.8 26.9 29.9 13.5 14.5 15.4 475.1 524.7 234.7 256.5 268.2 1H25 1H26 2Q25 1Q26 2Q26 +4.6% +2.5% 63.7 69.5 63.3 68.7 70.2 70.1 77.0 69.7 76.1 78.0 1H25 1H26 2Q25 1Q26 2Q26 Average AUM Management Fees on Avg. AUM2 1.42% 1.44% 1.40% 1.43% Investment Fees on Avg. AUI 1.37% 1.37% 1.35% 1.37% 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 1.44% 1.38% +10.5% +14.3% +9.9% 1H 2026 investment fees at €525m (+10% YoY) including uptick in advisory fees (+11% YoY) on stronger volumes 1H 2026 management fees at €495m (+10% YoY) reflecting business momentum, asset expansion and mix enhancement 1H 2026 AUM margin at 1.44% (+2bps YoY) thanks to improved product mix and positive financial markets +12.0%
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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 GROSS RECURRING FEES (2/2) 8 POSITIVE TREND ACROSS THE BOARD Other Fees €\m 14.2 14.4 7.5 6.7 7.8 38.5 44.7 19.5 21.9 22.8 22.4 32.0 9.9 16.2 15.8 75.1 91.1 36.9 44.8 46.4 1H25 1H26 2Q25 1Q26 2Q26 Brokerage Commissions Entry Fees Avg. Total Assets €\bn Other Fees on Avg. Total Assets 104.9 116.3 105.0 114.6 117.9 1H25 1H26 2Q25 1Q26 2Q26 Banking Fees +3.5% +2.9% 0.14% 0.14% 0.16% 0.16% 0.16% +21.3% +25.6% +10.9% 1H 2026 brokerage fees at €45m (+16% YoY) driven by stronger activity both retail-driven (+13% YoY LfL) and corporate- driven (+31% YoY LfL) 1H 2026 banking feesat €14m, broadly flat YoY with a slight increase in 2Q (+4% YoY) 1H 2026 entry fees at €32m (+43% YoY) linked to higher demand for structured products and BTP placements +12.4%
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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 -0.5% -0.9% 11.1% 10.5% 11.1% 10.4% 10.5% 35.9% 35.8% 35.9% 36.1% 35.5% 47.0% 45.8% 47.0% 46.5% 45.1% 1H25 1H26 2Q25 1Q26 2Q26 TOTAL PAYOUT RATIO ON FEES BROADLY STABLE QUARTERLY PAYOUT RATIO EXCLUDING POSITIVE ONE-OFFS 9 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% 6.1% 6.2% 5.9% 6.3% 1H25 1H26 2Q25 1Q26 2Q26 Total Payout Ratio2 (excl. Payout on NII) 53.1% 2.2o/w Fee Expenses on NII1 297.0 146.6 160.1 163.9 324.0 51.9% 53.2% 52.4% 51.4% 2.1 2.2 4.3 4.7 NOTES: 1) Fee expenses paid to FAs related to NII; 2) Fee expenses paid to FAs as a percentage of recurring fees 1H 2026 total payout at 51.9% (-1.2 ppts) due to a lower cost of growth (-1.1 ppts) mainly linked to non- recurring items 2Q 2026 payout ratio broadly in line with the previous quarter, net of one-off items 1H 2026 payout to third parties at 6.1% with including the impact of a one-off Intermonte’s activity o/w one-off items 9.6%10.0% 0.1%0.1%
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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 OPERATING COSTS (1/2) 10 STRONG INVESTMENT TO SUPPORT FUTURE GROWTH NOTE: 1) Core operating costs have been restated to include BG Aequitum and Intermonte Non-recurring items Sales Personnel Core Operating Costs1 151.5 164.3 75.4 82.5 81.8 1H25 1H26 2Q25 1Q26 2Q26 -0.8% +8.6% 1H 2026 total operating costs of €182m, (+11% reported; +9% YoY excluding non-recurring items) 1H 2026 core operating costs at €164m (+8% YoY) reflecting continued investments in IT, data and AI to support future growth and scalability 1H 2026 non-recurring items at €5m (+157% YoY) mainly related to growth initiatives and advisory for M&A and strategic plan10.7 12.1 5.2 6.1 6.0 2.1 5.4 1.2 2.2 3.2 12.9 17.5 6.4 8.3 9.2 1H25 1H26 2Q25 1Q26 2Q26 +11.1% +43.4% 164.4 181.8 81.8 90.8 91.0Total Operating Costs €\m +8.5% +35.5%
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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) 11 IMPROVING COST RATIOS DESPITE PUSH ON NEW PROJECTS 0.37% 0.33%0.33% 0.31%0.30% 0.28% 0.31%0.30%0.28% 0.28% 0.27% 0.32% 0.30% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Impact from Intermonte 1 45.9% 40.7% 42.1% 36.0% 36.8% 31.1% 40.1% 35.1% 30.0% 36.1% 30.0% 55.8% 54.7% 44.6% 46.9% 47.3% 43.0% 40.8% 34.9% 35.6% 39.0% 36.7%36.8% 34.6% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Reported Cost/Income Adjusted Cost/Income Adjusted Cost/Income ex. Intermonte NOTE: 1) Excluding performance fees and one-off items Operating Costs / Total Assets Cost / Income Ratio 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 SUMMING UP 12 Comments 1H 2026 operating profit excl. performance fees at €299m (+13% YoY) driven by: - Solid net financial income (+7%) - Strong net recurring fees (+15%) - Stable pay-out ratio to FAs and third parties - Higher operating costs (+11%) mostly for upgrading IT/data/AI infrastructure 1H 2026 total non-operating charges at €24m (-32% YoY), reverting to normalized levels as previous year exceptional items unwind 1H 2026 Intermonte net profit at €6.2m (+93% YoY) with €7.8m revenue synergies, on track with €10-€15m targeted for this year NOTES: 1) Recurring net profit computed net of variable fees, trading gains and one-offs; 2) Tax rate calculated on a recurring basis, i.e. excluding the additional tax charge, 3) The tax charge arise from the application of the standard corporate tax rate to the Luxembourg subsidiary BG FML, following the current unavailability of tax benefits in Luxembourg. The charge, relating to the period from January to June 2026, represents the maximum potential tax exposure under the current regulatory framework; 4) 2026 Budget Law 1H 2026 net profit at €279m (+39% YoY) including €19.6m additional tax charge3 at BG FML. Based on the constructive discussions with the Luxembourg authorities and the strengthening of our AM platforms, the Bank remains confident that this tax headwind can normalize over time and gradually move, by 2028, to a 27-28% range including the temporary IRAP increase4 (€m) 1H25 1H26 % Chg Net Financial Income 177.0 189.0 6.8% Net recurring fees 253.3 291.9 15.3% Variable fees 42.4 125.8 nm Total Banking Income 472.7 606.8 28.4% Core operating costs (LfL) -151.5 -164.3 8.5% Total operating costs -164.4 -181.8 10.6% Operating Profit 308.3 425.0 37.9% Operating Profit excl. performance fees 265.9 299.2 12.5% Net adjustments for impaired loans and other assets -4.6 -2.9 -37.1% Net provisions for liabilities and contingencies -30.0 -20.1 -33.1% Contributions to banking and insurance funds -1.1 -1.2 8.5% Gain (loss) from disposal of equity investments -0.3 0.0 nm Profit Before Taxation 272.2 400.8 47.2% Additional tax charge on BG FML - -19.6 nm Direct income taxes -71.5 -102.5 43.4% Minorities interest -0.5 0.0 nm Tax rate LfL2 26.3% 25.6% -0.7pp Net Profit 200.2 278.7 39.2% Recurring Net Profit1 176.3 202.1 14.6%
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2026 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 1.4 1.6 1.4 0.1 0.1 0.1 0.11.2 1.2 1.1 1.2 12.8 14.0 13.9 14.0 0.9 0.8 1.0 0.81.3 1.3 1.3 1.3 17.6 18.8 19.0 18.8 1H25 1H26 1Q26 2Q26 BALANCE SHEET – TOTAL LIABILITIES & EQUITY SLIGHT INCREASE IN VOLUMES IN FIRST HALF Deposits from Banks Other Deposits Client Deposits 14 Total Liabilities & Equity: Volumes and Yields €\bn Other Liabilities Total Deposits Cost of Funding o/w Cost of Deposits from Banks & Institutions o/w Cost of Client Deposits 0.74% 2.47% 0.85% 0.63% 2.27% 0.77% AT1 Equity ex. AT1 1 2 3 1H 2026 total deposits at €16.1bn (+7% YoY) while volumes were little changed QoQ reflecting higher demand for managed and AuC products underway NOTES: 1) Promotional repos for retail clients at €0.2 in 1H26 (zero at 1Q26); 2) Referring to debts vs FAs, IFRS16-related liabilities, captive deposits from Generali Group and margins on derivatives; 3) Including repos to financial institutions (Euronext clearing) for €0.9bn at 1H26 (from €0.9bn at 1Q26); 4) Including €100m senior preferred bond issued on 22 December 2025 (MREL eligible) 4 0.55% 2.00% 0.68% 15.0 16.2 16.116.1 0.59% 2.13% 0.73% 1H 2026 average cost of funding fell to 0.73% (-12bps YoY) while increasing QoQ (+9bps) as market rates moved higher due to geopolitical tensions
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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 12.2 13.0 13.0 13.0 2.3 2.6 2.5 2.6 1.5 1.5 1.7 1.6 17.6 18.8 19.0 18.8 1H25 1H26 1Q26 2Q26 2.11% 3.09% 2.73% 2.72% 2.09% 3.15% 2.75% 2.73% BALANCE SHEET – TOTAL ASSETS YIELDS TREND TURNED POSITIVE IN THE QUARTER Loans to Banks & Other Assets Loans to Clients Financial Assets 15 Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Other Assets Interest Bearing Assets 16.0 17.1 17.2 Yield on Interest Bearing Assets (LfL) o/w Loans to Clients o/w Financial Assets o/w Loans to Banks & Other Assets 2.59% 3.51% 2.88% 2.93% 2.15% 3.03% 2.70% 2.70% 1H 2026 interest bearing assets at €17.1bn (+7% YoY , little changed QoQ) maintaining an overall defensive profile both at financial assets (duration at 1.4 years) and loan portfolio (collateral-to-loan ratio >200%) 17.1 1H 2026 yield on interest bearing assets at 2.72% with an uptick from 2Q both in financial assets (+5bps QoQ) and loans to clients (+12bps QoQ)
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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 CAPITAL AND LIQUIDITY RATIOS CAPITAL RATIOS FURTHER STRENGTHENED 16 Capital ratios increased driven by retained earnings (+0.7ppts) partly offset by higher RWA linked to business expansion (-0.5ppts). Retained earnings based on a 85% dividend payout. CET1/TCR ratios are well above SREP requirement of 8.6% and 12.9%, respectively Leverage ratio at 5.7%, well above minimum requirement of 3% Liquidity ratios remain at best practice levels and well above requirements 22.0% 17.1% 17.2% 2.4% 1.8% 1.8% 24.4% 18.9% 19.0% 2024 2025 1H26 CET1 AT1 Total Capital Ratio % Leverage Ratio % Liquidity Coverage Ratio % Net Stable Funding Ratio % 332% 337% 331% 2024 2025 1H26 233% 245% 244% 2024 2025 1H26 5.9% 5.6% 5.7% 2024 2025 1H26
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2026 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 18 TOTAL ASSETS (1/3) ACCELERATING BUSINESS EXPANSION Breakdown 1H 2026 total assets at €129.0bn (+14% YoY) o/w: - €121.1bn distributed by BG FA network - €7.9bn distributed by AG Italian agent networks (hybrid products) At the end of June, contribution of Insurbanking with Alleanza at: - >€260m insurance wrappers since inception o/w ~€200m in 1H 2026 (target FY 2026 at €500m). The investment component (now at 46% of total) will reach ~70% in the short-mid term thanks to automatic switches - >5,000 new current accounts from clients (target FY 2026 at 15,000) - Rollout of the initiative completed at end of June 2026 BG Total Assets - Banca Generali distribution perimeter2 Insurbanking - Generali hybrid products (investment component)1 Total Assets €\bn 106.5 113.5 121.1 7.1 7.4 7.9113.6 120.9 129.0 1H25 FY25 1H26 NOTES: 1) Generali hybrid products (Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile) on which Banca Generali provides AM/Investment advisory services; 2) Including 122 FPAs and Generali clients’ current accounts
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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 TOTAL ASSETS (2/3) BG PASSES THE €120 BILLION THRESHOLD WITH €80 BILLION IN AUI 1H 2026 total assets at €121.1bn (+14% YoY) reflecting strong commercial push in context of positive financial markets 1H 2026 assets under investment (AUI) at €80.4bn (+13% YoY) fueled by managed solutions NOTE: 1) Assets and advisory net of double counting 95.6 101.5 107.8 10.9 12.0 13.3106.5 113.5 121.1 1H25 FY25 1H26 BG Total Assets by Contract €\bn BG Total Assets by Fee Category1 €\bn o/w Assets under Advanced Advisory Assets under Advisory / Total Assets 10.3% 10.6% 49.1 52.6 56.9 15.6 15.7 15.46.4 7.3 8.1 35.4 37.9 40.7 106.5 113.5 121.1 1H25 FY25 1H26 AUC & Banking without Advisory AUC & Banking under Advisory Traditional Life Insurance Managed Solutions 11.0% 71.1 AUI 1H 2026 assets under advisory at €13.3bn (+22% YoY) driven by solid AUC demand 80.475.6
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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 20 TOTAL ASSETS (3/3) IN-HOUSE PRODUCTS: A KEY GROWTH DRIVER FOR MANAGED SOLUTIONS BG Total Assets - Focus on Managed Solutions €\bn 1H 2026 managed solutions at €57.0bn (+16% YoY) with in- house products1 (+21% YoY) reaching 53% of total (+2.4ppt YoY) NOTE: 1) In-house products refer to in-house funds and financial wrappers In-house Funds (retail distribution) Financial Wrappers Insurance Wrappers Third-party Funds (retail distribution) In-house Products 1H 2026 financial wrappers at €15.2bn (+18% YoY) confirming strong demand for personalized investment solutions 1H 2026 in-house funds at €15.0bn (+25% YoY) at 53% of total retail funds (+3ppt YoY) driven by innovative protection-oriented strategies Managed Solutions - Breakdown 50.7% 52.5%In-House Products / Managed solutions 53.2% 12.0 13.2 15.0 12.9 14.4 15.2 12.1 12.6 13.5 12.1 12.4 13.249.1 52.6 56.9 1H25 FY25 1H26 24.9 27.7 30.2
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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 RECORD FIRST HALF DELIVERY DRIVING INCREASE IN YEAR-END TARGET 21 NOTE: 1) Assets and advisory net of double counting 1H 2026 total net inflows at €4.4bn (+47% YoY), the best first-half ever, thanks to strong pickup in commercial activity after last year’s M&A headwinds Total Net Inflows by Fee Category1 €\bn 1H 2026 AUI net inflows at €2.1bn (+31% YoY) driven by managed solutions with €1.9bn (+128% YoY) FY 2026 net inflows target revised upwards to ~€7.5bn (from previous €6.5bn) linked to strong business momentum 0.8 0.8 1.90.7 -0.4 0.6 0.1 0.6 2.2 1.4 2.3 3.6 3.0 4.4 1H24 1H25 1H26 AUC & Banking without Advisory AUC & Banking under Advisory Traditional Life Insurance Managed Solutions AUI Focus on Managed Solutions €\bn 1.4 1.6 2.1 In-house Funds Financial Wrappers Insurance Wrappers Third-party Funds In-house Products 0.4 0.3 1.1 0.7 0.6 0.4 -0.3 -0.1 0.1 0.3 0.8 0.8 1.9 1H24 1H25 1H26 1.1 0.9 1.5 +47% +128%
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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 STRONG RECRUITMENT MOMENTUM 22 30 30 31 28 16 33 36 35 42 94 81 106 1H24 1H25 1H26 FAs without Remuneration Package & Junior FAs From Retail & Private Banks From FA Networks 2.6 2.2 3.2 1.0 0.8 1.23.6 3.0 4.4 1H24 1H25 1H26 Net Recruitment (FAs In/Out) Existing Network Net Inflows by Acquisition Channel €\bn 1 Recruitment by Acquisition Channel # NOTE: 1) Financial Advisors within the Bank excluding new recruits of the year and year-1 1H 2026 net inflows from net recruitment at €1.2bn (+43% YoY), representing 26% of total with the contribution from existing network also at full speed (€3.2bn, +49% YoY) 1H 2026 total new recruits at 106 professionals (+31% YoY) of which 64 senior professionals (+39% YoY)
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To be the No. 1 private bank, unique by value of service, innovation and sustainability To be the No.1 private bank, unique by value of service, innovation and sustainability Balance Sheet & Capital Ratios Business Update and Closing Remarks 1H 2026 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 24 ASSET MANAGEMENT OPERATIONS (1/2) THREE STRATEGIC HUBS FOR A DIVERSIFIED AM PLATFORM LUX-based product factory centered around three Sicavs Fully operational Dublin-based AM company focused on active ETF manufacturing and licensed for funds Signing completed in July 2026 Banca Generali AM Hubs Italian investment hub with strong expertise in financial wrappers, enhanced by Intermonte capabilities
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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 ASSET MANAGEMENT OPERATIONS (2/2) RECENT NEW PRODUCT LAUNCHES DIFFERENT STRATEGIC PRIORITIES 25 FLAGSHIP INVESTMENT STRATEGIES AND PROTECTION INVESTMENT PERSONALISATION AND PROTECTION MARGIN INTERNALISATION AND NICHE SOLUTIONS NOTE: Data as of 25 July 2026; 1) Retail funds only YTD Net inflows 1 o/w Protection ~€1.4bn ~€1.0bn YTD Net inflows o/w Protection ~€0.5bn ~€0.2bn YTD 2026 Net Inflows ~€0.1bn Launch: 01/07/2026 ADDITIONAL INITIATIVES ACROSS THESE STRATEGIC GROWTH PILLARS IN 2H 2026
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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 CLOSING REMARKS GUIDANCE SUMMARY Net Inflows – Volumes Growth Net Inflows – Product Mix Net Interest Income Management Fee Margin Core Operating Costs 1H26 Result 2026 Guidance Main Drivers €4.4bn ~€7.5bn (from >€6.5bn) • Stable financial markets, barring any major market correction • Ongoing positive structural and cyclical sector growth trends • Higher contribution from recruiting activity €2.1bn AUI >€4.0bn AUI • Stable financial markets, barring any major market correction • Large share of govt and corporate bonds coming to maturity €167m €335-345m • Increase in client deposits (€0.5-1bn YoY) • Avg. Euribor 6M at 2.54% 1.44% 1.40-1.42% • Stable financial markets, barring major market correction • Temporary spike in 2026 driven by direct and indirect financial markets’ tailwinds +8.5% YoY +6-8% YoY • Strong push on IT projects incorporated • Temporary spike to 8-9% in 2026 due to the rollout of key strategic initiatives Item Tax Rate 30.5% Reported 25.6% LfL • 2026/28 temporary IRAP increase in Italy for the banking sector included • Temporary spike in 2026, and partially in 2027, due to the application of the full corporate tax-rate in Luxembourg(from 2028 onwards) 1H26 Result M/L Term Guidance 27-28%
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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 1H 2026 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ 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 11.9 13.2 15.0 11.1 12.1 13.0 1H25 2025 1H26 Institutional Fund Classes Retail Fund Classes 19.3 21.5 24.2 3.6 3.7 3.6 0.2 0.1 0.2 1H25 2025 1H26 BG Alternative/Private Markets BG Selection/Collection LUX IM FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS 28 BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn BG FML – Asset Mix % 23.1 25.3 28.0 23.1 25.3 51% 16% 28% 1%2% 2% Equity Multi-assets Bonds Target funds Alternative Protection 28.0 1H 2026 retail fund classes reach 54% of BG FML total assets (+2ppt YoY , +2ppt YTD) 1H 2026 equity exposure increasing to 51% of total BG FML assets (+2.3p.p. YoY) on more favourable market conditions
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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 FOCUS ON GENERALI HYBRID PRODUCTS POSITIVE CONTRIBUTION 29 Insurbanking - Volumes1, €\bn 7.4 7.4 7.0 7.9 4.1 4.5 4.3 4.9 2024 2025 1Q26 1H26 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% 61% 60% Insurbanking - Margin, % Mgmt fee margin on Private Banking (exc. hybrid products) Total Mgmt fee margin 1.43% 1.41% 1.44% 2024 2025 1H26 1.36% 1.34% 1.36% 2024 2025 1H26 Mgmt fee margin on hybrid insurance products (incl. insurbanking) 0.66% 0.64% 0.69% 2024 2025 1H26 Advisory and fund selection services provided to Generali Italia’s hybrid products for a total of €7.9bn as of 1H26, of which 62% allocated to BG FML subfunds Contribution from advisory and fund selection services worth 8bps to Banca Generali’s consolidated profitability 62%
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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 62% 61% 60% 25% 26% 26% 13% 13% 15%29.7 32.0 35.2 1H25 2025 1H26 FOCUS ON AUC ASSETS LARGE EXPOSURE TO IN THE MONEY BONDS 30 AUC Assets by Asset Class1 €\bn NOTES: 1) Assoreti perimeter (i.e. excluding BG Suisse and BG Aequitum); 2) Data as of 09.04.2026 €4.2bn bonds due to expire within 1 year 60% of bonds carrying unrealized capital gains2 4% of total AUC invested in structured products (certificates) 22% of AUC under advanced advisory Key Features Bonds Equity Others (Repos, ETF, certificates & others)
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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 FOCUS ON ETFS INCREASING EXPOSURE OVER TIME TO SUPPORT BUSINESS NEEDS ETF Exposure – Historical Series €\bn NOTE: Assoreti perimeter 0.3 0.4 0.4 0.6 0.9 1.5 1.4 1.5 1.8 2.6 3.2 0.3 0.6 0.9 0.9 0.9 0.6 0.6 0.6 1.0 1.2 1.5 0.2 0.2 0.3 0.4 0.9 1.5 2.0 2.8 2.4 3.0 3.5 0.2 0.3 0.3 0.4 0.5 0.3 0.3 0.3 0.9 1.2 1.8 2.0 2.8 3.8 4.2 5.1 5.6 7.3 8.8 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Financial WrappersFundsAUC Insurance Wrappers BG has been integrating ETFs into its investment offering for more than 10 years, leveraging them to improve efficiency and portfolio construction As of June 2026, BG’s ETF exposure was as follows: - ETFs within AUC accounted for 9% of total AUC - ETFs within AUM accounted for 8% of total AUM In the last two years, Banca Generali and Intermonte together traded on average ~€41bn per year Average ETF annual traded volumes at ~€41bn over the last two years (BG and Intermonte combined volumes)
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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 32 Bond PTF Classification 46% 20% 34% Italy Govt Bonds EU Govt Bonds Covered/SSA/ Corporate/ Financial Total PTF Classification 4% 96% Equity & Alternative Investments Fixed Income 85% 4% 11% HTC HTS & Others HTCS Total PTF - IFRS Classification Fixed rate bonds 64% (bond portfolio) 3.3 0.9 3.3 0.7 Total HTCS Total HTCS 1.4 0.8 1.4 0.6 Total HTCS Total HTCS Bond PTF Maturity Bond PTF Duration 2025 1H26 2025 1H26 Focus on Financial Assets (Banking Book) Total duration and maturity little changed Limited P&L volatility since most financial assets are accounted at HTC (85% of total) Financial assets are high quality and well diversified: - More than 99% of the bond portfolio is made up of investment grade securities - 50% of the bond portfolio is rated ≥ A- - Italy govt bonds represent 46% 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 33 12.2 12.8 13.0 2.3 2.5 2.6 1.5 1.4 1.6 17.6 18.5 18.9 1H25 FY25 1H26 5.4 5.9 2025 1H26 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 % 1H26 Credit Book €\bn 0.4 99.6 NPL (Net of Indemnity) Performing Loans 3.9 4.4 2025 1H26 Drawn Loans/ Granted Loans Collateral Assets/ Drawn Loans65% 60% 213% 222% 2.1 0.5 Lines of Credit Mortgages & Personal Loans Cost of Risk bps 3.47% 3.22% 3.09% 0 0 2 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 34 FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs1 # 1,841 1,936 1,985 2,040 2,087 2,162 2,204 2,260 2,353 2,405 2,473 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Key highlights Male Female Gender FA Teams (#) 226 AUM2 (€\bn) 31.0 Age ~55 <35 35-50 >50 Headline FA retention at 98.4% - Core FA retention at 99.6% NOTE: Data as of 30 June 2026; 1) Assoreti perimeter; 2) 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 35 FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY 1 Average Assets per FA €\m NOTE: 1) Assoreti excluding BG, AZM, ISPB, Mediobanca Premier and Credem 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 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 48.3 7.4 7.9 8.0 9.1 10.2 10.3 11.8 12.9 13.6 14.6 15.9 17.9 18.4 21.2 23.1 25.8 24.0 26.4 29.5 31.8 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Banca Generali Assoreti
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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 5.5% 3.9% 20.8% 17.1% 44.2% 45.0% 29.5% 34.0% 36 FOCUS ON CLIENTS EXPANDING CLIENT BASE WITH A DEEPER PRIVATE BANKING VIEW NOTE: 1) Banca Generali Assoreti assets (i.e. excluding BG Suisse and BG Aequitum) Total No. of Clients ‘000 1H26 Asset Breakdown1 by Cluster of Clients % >€5m €500k - €5m <€100k €100 - 500k Private Banking Assets, bn/€ 73.7% 79.0% 88.2 94.3 263 279 290 299 312 332 342 349 359 372 379 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Cluster of clients by assets with BG View by Single Account View by Family Account
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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 1H 2026 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ 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 38 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS 38 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 +1,650%6 since its listing on the Italian Stock Exchange in November 2006 Capital-light business model, leveraging on a Network of 2,473 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, a growing one in Switzerland and a new one in Ireland 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 27 July 2026 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 39 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 39 NOTE: 1) Moody’s: A1 stable, Fitch: AA- stable, AM Best: A+ stable
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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 40 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 40 2025 Acquisition of Intermonte
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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 41 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 2025 Targetable financial wealth1 Private & HNW financial wealth2 Financial Advisor networks3 2015 2.9% 5.3% 15.5% 1.4% 2.5% 13.3% +1.5pp. +2.8pp. +2.2pp. Chg. To t a l C l i e n t A s s e t s – 1 0 Y C h g . €\bn 41.6 113.5 2015 2025 >2.7x BANCA GENERALI’S MARKET SHARES BG HAS GROWN ITS MARKET SHARE ACROSS ALL SEGMENTS OVER THE LAST DECADE NOTES: 1) 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. Source: Prometeia data net of corporate pension plans. 2025 figure estimated; 2) Italian private financial wealth market share based on AIPB (served market) and Prometeia data (non served market). 2025 figure estimated; 3) Italian FA networks market share based on Assoreti data on a like-for-like basis, i.e. excluding AZM, MB, 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 42 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure 42 NOTE: Data as of 30 June 2026 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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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 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 Italy's Best for High-Net Worth (2026) Euromoney Institutional Investor Sustainability Champion (2024/25) Deutsche Institut fur Qualitat und Finanzen Best Private Bank in Italy (2025) Financial Times - Global Private Banking Awards 43 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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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 BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY 44 FA Supports Products & Services BankDistribution Banca Generali’s business model is centered around a network of Financial Advisors providing comprehensive wealth advisory services to support clients in managing and protecting their family wealth Banca Generali’s core competitive advantage Wealth management approach leveraging on open architecture and best-of-breed partnerships Open banking and AI & data driven approach Simple & low risk balance sheet Client Financial Advisor Private Banking positioning 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, Digital & AI Tools Training Marketing Communication Limited capital absorption Low risk banking book Secured loans 1 2 3 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 BG’S FAS AT TOP RANKING IN THE INDUSTRY BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY 45 1 Positioning vs Industry FA networks by total assets per capita: FAs vs Client Banca Generali ranks at the top of FA networks, by: • Positioning - avg. size of assets for Financial Advisors and Clients; • Productivity - avg. net inflows per Financial Advisor and Clients Productivity vs Industry FA networks by net inflows per capita: FAs vs Clients Total assets / FAs Total assets / Clients Industry Industry Net inflows 2022-2025 / FAs Net inflows 2022-2025 / Clients NOTE: Size of the bubble = Total Client assets; data as of 31 December 2025; companies included: Allianz Bank, Banca Generali, Banca Mediolanum, Banca Widiba, BNL Life Banker, Mediobanca Premier, Fideuram, Finecobank, Zurich Bank, Banca Finint
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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 46 1 Senior Partners Network WM & Private Network FPA Network RM Network Cluster Assets (%) FAs (#) Assets/FA (€\m) Wealth Managers PTF >€50m Senior Partners PTF >€150m Private Bankers PTF €15-50m Financial Planners PTF <€15m Financial Planning Agents (FPAs) Relationship Managers 18% 124 365 1,511 258 121 54 173.1 72.6 39.4 9.0 21.6 77.6 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 23% 51% 2% 2% 4% NOTE: Data as of 30 June 2026 - FAs headcount excluding 40 Financial Advisors (representing ̴€943m 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 #3 IN PRIVATE BANKING IN ITALY 47 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 47 SOURCE: Magstat and internal data; NOTE: 1) View by single account, assets >€500K per client, Assoreti perimeter (excluding BG Suisse and BG Aequitum) Private Banking Sector Ranking (Magstat), €/bn Banca Generali - Private Banking Assets1 €/bn €281.3 €160.5 €73.5 €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 2025 Magstat data not available
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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 48 STRONGEST INCREASE IN ASSETS SINCE 2013 48 SOURCE: Assoreti and internal data; NOTES: 1) Excluding BG Suisse and BG Aequitum; 2) Calculated on a like-for-like basis, i.e. excluding ISPB assets (~€176bn as of 31.12.2025) 1 20252013 €83.7 €47.2 €36.2 €29.9 €29.1 €384.5 €137.6 €86.0 €111.91 +149%2 +285% +279% +192% +188% FA Network Sector Ranking (Assoreti) €\bn #4 #5 Banca Generali - Total Assets (Assoreti) €\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 €137.3
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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 16% 14% 21%12% 27% 2% 3% 5% BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION 49 2 Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % 12% 11% 13% 11%13% 7% 23% 10% AUI: 80.4 €/bn, 66% of total Total Assets: 121.1 €/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 30 June 2026; 1) Assoreti perimeter (excluding BG Suisse and BG Aequitum)
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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 50 Real-estate Advisory Corporate Advisory Family Protection & Planning Partnerships with Leading Service Providers An Advanced Advisory model to address financial and non-financial needs of our Clients and their families PARTNER LAW FIRMS 2 Advanced Advisory Model Art & Passion Advisory
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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 51 Physical Location Training Platform TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL3 A space dedicated to classroom training for Financial Advisors, as well as a venue for representation/events A single channel dedicated to FAs training Average training hours performed by BG People at best practice level: - Financial Advisors: >163k training hours (70 hours per capita) - Employees: >75k training hours (56 hours per capita) NOTE: Data as of 31 December 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 1H 2026 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 ▪ 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 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 4.3 8.3 14.3 24.8 31.0 2022 2023 2024 2025 1H26 Total Team Assets Trend2, €\bn Growth in FAs’ number will be reinforced by introducing more flexible and tailored Team agreements, designed to support different models of collaboration 55 87 139 212 226 Number of Teams, # Alongside recruitment, BG is rolling out a structured advanced training for young advisors to enhance their impact and accelerate growth NOTES: Data as of 30 June 2026; 1) Recruits both with / without entry bonus incentives; 2) Historical data reconstructed only for the teams currently active and including individual assets Leverage Network specializations to increase quality of services and loyalty 1.4 1.8 2.2 2.4 2.6 2022 2023 2024 2025 1H26 74 85 106 110 121 Headcount, # Total Assets Trend, €\bn Financial Planner Agents (FPAs) 1 53 39 50 50 78 48 16 10 25 23 14 78 63 98 65 44 133 123 173 166 106 2022 2023 2024 2025 1H26 55 60 75 101 FAs Recruitment1, # Over 45 y/o 40-45 y/o 41% 49% 43% 61% 58% Next-Gen Share on Total Recruitments, % Under 40 y/o Additional initiatives include expanding the Sustainable Advisor line (200+ FAs) and strengthening the Network’s Investment Banking specialisation 62
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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. 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%53% 58% 58% 55% 56% 56% 54% 51% 49%47% 2018 2019 2020 2021 2022 2023 2024 2025 1H26 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 1. Build a proprietary active ETF / active-indexing range • Capture structural ETF market growth • Internalize margins on current ETF activity 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 54 NOTE: Data as of 30 June 2026 51% 16% 28% 1%2% 2% Equity Multi-assets Bonds Target funds Alternative Protection
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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 Key Figures 55 Main Initiatives Objectives >180 >85% >400 >15k ~120 AI Ambassadors Colleagues appointed to foster AI culture within the Bank Employee training hours 1 1,121 employees involved (94% on total employees) Copilot M 365 activation rate 1 AI tool available to most employees (~800) AI agents developed Iimplemented by internal teams with the support of the AI Factory Use case collected Some of them transformed into AI agents • Accelerate AI adoption as a cultural change management initiative across the Bank • Promote the use of AI in the FA-client relationship, with the aim of enhancing speed of execution, personalization, and quality of service • AI Factory: a new organizational unit dedicated to the design, evaluation, and implementation of AI solutions within the Bank. It plays a strategic role in governing internal demand, shaping AI solutions, and fostering the diffusion of AI capabilities and skills • AI Ambassadors: a cross-functional community expanded from 40 to ~120 colleagues between 2025 and 2026, across all business units, driving AI adoption and impact across the Bank • Grace: a proprietary AI solution for FAs, enhancing productivity, efficiency, and decision support through AI-powered agents ARTIFICIAL INTELLIGENCE CULTURAL AND OPERATIONAL TRANSFORMATION UNDERWAY3 NOTE: 1) Data refer to full-year 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 1H 2026 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 ▪ 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 57 INTERMONTE - STRATEGIC RATIONALE (1/3) 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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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 58 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 1.5 1.5 1.8 2023 2024 2025 25.7% 26.0% 29.3%% of total1 Generational wealth transfer of Italian Private families2, €/bn 180 300 2028 2033 INTERMONTE - STRATEGIC RATIONALE (2/3) CREATING A DISTINCTIVE MODEL TO SERVE ITALIAN ENTREPRENEURIAL FAMILIES 1 Banca Generali’s network profile FAs at Banca Generali with assets portfolio >50m/€ ptf3 648 (#) - Avg. 107m/€ ptf No. of firms - owned by BG clients - with revenues >10m/€ ~4,400 (#) - ~191 bn/€ est. value4 NOTES: 1) % on Total Italian household financial wealth, source: Bankit and Prometeia; 2) AIPB projection on Prometeia data; 3) Average assets per FA - Data as of 31.12.2025; 4) Total estimated value of the firms (100% holding) - Data as of 31.12.2025
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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 59 GROWTH PATH TO 2030 INTERMONTE - AMBITIONS (3/3) Targets by 2030FY 2026 Target 1H 2026 Results €7.8m revenue synergies already achieved mainly from AUC & Banking €10-15m revenue synergies expected by 2026 25%-30% of total synergies €40-45m additional revenues by 2030 x2 vs. 2024 total revenues
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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 1H 2026 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 ▪ 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 61 INSURBANKING - DEEP DIVE ON ALLEANZA (1/3) PROACTIVE NETWORK OF TALENTED PROFESSIONALS Alleanza: high quality Network focused on Life and Protection NOTE: Data as of 31 December 2025 unless otherwise specified; 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 ~2,830 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 €43bn Life Reserves Focus next slide ALLEANZA
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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 ~40 ~130 ~170 INSURBANKING - MARKET POTENTIAL (2/3) A LARGE AND UNTAPPED MARKET POTENTIAL 62 Alleanza Life Reserves 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 held by third- parties not efficiently allocated, with 80% of assets made up of current accounts and securities Alleanza client wealth mostly represented by affluent clients (assets €50k-500K), with a ‘small’ portion in the private segment (~19K clients) Private (>500k) Affluent (50-500k) Retail (<50k) 20% 67% 13% By product AUM 45% 55% 1% ~1.9m~€130bn Estimated Wealth held with Third- Parties Total Alleanza Clients Estimated Wealth By wealth Wealth held with third-parties breakdown Alleanza clients breakdown Wealth Held by Alleanza Clients Alleanza clients wealth, €\bn
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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 63 INSURBANKING - GROWTH AMBITIONS (3/3) BANKING BUSINESS AND INSURANCE WRAPPER: TARGETS BY 2030 Conto Unico Stile Unico Targets by 2030 FY 2026 Targets Assets in Conto Unico €3.0-3.5bn Average net margin (banking products & AUC) 80-90bps Assets in Stile Unico €4.0-5.0bn Total Insurbanking Assets €7.0-8.5bn Net Banking Income €40-50m - o/w segregated account: €1.5-2.0bn - o/w investment component: €2.5-3.0bn Average net margin (investment component) 60-65bps Product 1H 2026 Results New current accounts 15,000 Assets in Stile Unico €500m New current accounts >5,000 (from ~1,700 at end-April 2026) Assets in Stile Unico ~200m (>260m since inception in November 2025) Investment mix shifting towards funds: from 46% today to ~70% over 2-5 years €43bn Life Reserves ~10,000 Insurance Consultants in Italy ~2,830 o/w Licenced Private Advisors1 NOTE: 1) Private Advisors are consultants who have passed the FA exam but are not listed on the Financial Advisors register
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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 1H 2026 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ 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 Sustainability embedded in Banca Generali’s vision and guides the way the Bank creates long-term value Double materiality analysis updated confirming 9 material topics aligned with Banca Generali’s ESG priorities ESG fully incorporated into our governance structure, across the Managing Committee and all Board Committees and in the risk management framework Climate Transition Plan approved in early 2025 and currently under execution, with intermediate targets towards Net Zero by 2040 Strong focus on human capital development with >75k employee training hours and >163k FA training hours1 Continued recognition by leading ESG rating agencies: as of May 2026, Banca Generali has been included for the first time in the Dow Jones Best in Class Europe Index NOTE: 1) Data as of 31 December 202565
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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 66 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 Provision of transition-oriented financial and insurance products or services SUPPORT FOR CLIMATE TRANSITION Extension of Active Ownership strategy’s scope with a focus on major carbon-intensive issuers Scope 1 & 2 emissions ENGAGEMENT ACTIVITY REDUCTION OF GHG EMISSIONS 2030: -55%1 GHG emissions (tCO2eq /€m) 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 (tCO2eq) vs. 2019 baseline 2040: NET ZERO GHG emissions 2030: Completion of energy efficiency renovations 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 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 67
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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 68 SUSTAINABILITY (4/4) HIGH PROFILE RATINGS FROM LEADING ESG RATING AGENCIES Scale: from CCC to AAA Scale: from 0 to 100 Scale: from 100 to 0 Scale: from F to EEE MSCI Sustainalytics S&P Global Standard Ethics Inclusion in the S&P Dow Jones Best-in- Class Europe Index 0 - 9.99 range = Negligible isk
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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 1H 2026 Financial Results Net Inflows, Assets and Recruiting Annex ▪ Financial Back-up ▪ Banca Generali at a Glance ▪ Key Strategic Projects ▪ 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 6.5 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) 70 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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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 71 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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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 72 TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Still inefficient household asset allocation with large cash holdings (~€1.4tn in 2025, 34% of TAM) 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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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 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 73 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 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 FA Networks / Targetable Financial Wealth 11.8% 15.7% 20.6% 23.2%
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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 2026 UPCOMING EVENTS 74 Investor Relations Contacts investor.relations@bancagenerali.it 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 NOVEMBER
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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. 75