Slides
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9M 2025 RESULTS Nov. 7th, 2025
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EXECUTIVE SUMMARY ©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 2 POSITIVE OPERATING TRENDS Adjusted interest income: +28% y/y thanks to lower cost of funding and resilient asset spread Total income: +25% y/y, fees and trading superbonus flat y/y, positive financial portfolio performance Total costs: +7% y/y despite higher FTE and non recurrent administrative costs Cost of risk: 42bps (20bps in 9M24) Net profit: +71% y/y equivalent to €21m (€12.3m as of 9M24) STRENGTHENING THE BALANCE SHEET COMMERCIAL PERFORMANCE 9M25 Factoring turnover -17% y/y due to lower receivables related to Superbonus and PA (mainly pharma) 9M25 CQ new loans: -34% y/y, 9M25 CQ Outstanding: -17% y/y due to more selective approach which led to adjusted income margin improvement 9M25 pawn loans: +21% y/y due also to Portuguese and Italian portfolio’s acquisition, further widening in spread CET1 and Total capital ratios increased ytd by +57bps and +53bps despite the+53% increase in gross NPEs due to Bank of Italy compliance findings on the application of DoD* rules (1Q25). Bad loans coverage ratio: +3.6% ytd / UTP coverage ratio: +7% ytd / Past due coverage ratio: stable at 0.6% Credit risk unchanged: 89% of past due loans refer to Public administration LCR and NSFR: well above minimum requirements FUNDING Retail funding represents 74% of total funding (70% as of YE24) / term deposits -5% ytd due to lower loans / The reduction in cost of funding is gaining momentum: 3.57% as of 4Q24, 3.07% as of 1H25, 3.01% as of 9M25 * DoD = Definition of Default
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED FACTORING COMMERCIAL PERFORMANCE 3 Note: (1) Figures exclude Superbonus tax credits, accounted for in other assets and amounting to €308million as of 9M25; (2) Factoring outstanding management account. Factoring customer loans, item of the Balance Sheet (slide 5) differ from management account for the following elements: Recourse factoring non-financed portion; Provisions; LPI; deferred income. Outstanding breakdown (30.09.2025)² €1,515m 1606 1569 1460 9M24 FY24 9M25 Factoring Loans Outstanding¹ € m Non Recourse 56% Recourse 32% Tax Receivables 12% By Type of Product % Non Recourse Recourse Tax Receivables Local Entities 18% Public Sector Organizations 8%State Central Administration 15% Local Healthcare Organizations (ATS) 7% Corporate 50% State-owned Companies 2% By Obligor (%) PA accounts for 50%
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED CQ AND PAWN LOANS COMMERCIAL PERFORMANCE 4 • €102 turnover in 9M25 (€153m in 9M24) ▪ ~79k contracts (Italy only) (+5% y/y) ▪ Total turnover in 9M25 (including renewals): €213m (+28% y/y)) ▪ #50 auctions in 9M25, with > 99% of the offers through the APP KrusoK Aste Private 19% Pensioners 47% PA employees 34% CQ Loans by Obligor % Private Pensioners PA employees 747 701 619 9M24 FY24 9M25 CQ Loans Outstanding € m 128 144 155 9M24 FY24 9M25 Pawn Loans Outstanding € m +21%
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 5 ▪ Govies’ portfolio decreased ytd (nominal value €963m vs €1178m as of YE24) with an average duration of 19,4 months (16 months as at 31.12.2024), exclusively Italian Government bonds: ▪ €913m ‘Held to Collect and Sell’, -€204m ytd , with an average duration of 18.9 months (15.2 months as at 31.12.2024) ▪ €50m ‘Held to Collect’, -€11m ytd, with an average duration of 29.4 months ▪ Loans at amortized cost €2,602m (-7% ytd): ▪ Factoring receivables at €1.46bn, -7% ytd due to faster collections, some disposals and more selective approach (pharma sector) ▪ CQ loans at €619m, -12% ytd, due to maturities, repayments and lower new production (-34% y/y). Loans were originated only through the Direct Channel (€102m) ▪ Pawn Loans at €155m, +8% ytd, thanks also to the acquisition of a loan portfolio in January for €8.9m and the acquisition in Portugal ▪ Due to banks -46% ytd, due to lower interbank funding and REPOs ▪ Due to customers -8% ytd, driven by lower Repos from clients (-19% ytd) linked to lower government bond portfolio and a reduction in term deposits (-5% ytd) while trend in current account was pretty stable (+1% ytd) ▪ Debt securities -13% ytd, driven by lower structured funding with both factoring and CQ receivables collateral (+8% q/q) 9M25 – BALANCE SHEET Note: (1) The item include “Loans to banks” respectively as at 31.12.2024, 30.06.2025 and 30.09.2025 equal respectively to €23.0m, €20.7m and €0.1m. (2) Tax credits for ‘superbonuses’ €435m and €343m and €308m respectively as at 31.12.2024, 30.06.2025 and 30.09.2025. Figures in millions of Euro 31/12/2024 30/06/2025 30/09/2025 Change in % 30/09/2025 vs 31/12/2024 ASSETS Cash and cash equivalents 93 151 261 181% Financial assets at fair value through Other Comprehensive Income [Held to Collect and Sell] 1,147 1,029 930 -19% Loans at amortized cost 2,811 2,666 2,602 -7% Factoring 1,569 1,526 1,460 -7% CQ 701 652 619 -12% Pawn loans 144 153 155 8% SMEs State Guaranteed loans 224 201 194 -13% Other (1) 172 134 174 1% Securities at amortized cost [Held to Collect] 62 50 50 -19% Tangible and Intangible assets 101 101 101 0% Goodwill 45 44 44 -2% Equity investments 1 1 1 0% Other assets(2) 488 390 373 -24% Total assets 4,703 4,388 4,318 -8% LIABILITIES AND EQUITY Due to banks 127 98 69 -46% Due to customers 3,761 3,546 3,467 -8% of which term deposits 2,565 2,414 2,438 -5% of which current accounts 288 301 291 1% Debt securities issued 221 177 192 -13% Other liabilities 279 232 251 -10% Shareholders Equity 315 335 339 8% Total liabilities and equity 4,703 4,388 4,318 -8%
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED TOTAL GROSS INCOME AND ADJUSTED INCOME MARGIN EVOLUTION 6 Note: (1)Total gross income calculated as Period Interest Income + Commission Income + Gain for asset disposals + trading Superbonus - excluding the contribution from securities portfolio, PPA, credit due from banks and Repo (Balance Sheet and Financial Statement figures); (2) Calculated as [Period Interest Income + Commission Income + Gain for asset disposals + trading Superbonus] / [Average net customer loans at the end of the period] - excluding the contribution from securities portfolio, PPA, credit due from banks and Repo (Balance Sheet and Financial Statement figures); / * Adjusted income margin calculated ex auction fees. 9M25 Total gross income -8% y/y, due to lower contribution from factoring (€ 106.0m or -€18.2m y/y), SMEs State guaranteed loans (€10.5m or -€4.9m y/y), stable trend in CQ (€14.6m or +€0.3m y/y) and higher contribution from pawn loans (€29.2m or +8.5m y/y). Lower revenues y/y from factoring, mainly due to: a) lower commercial loans, tax credit contribution (€77.7m vs 91.6m). b) lower factoring LPIs from legal action equal to €17.0m (€25.9 as of 9M24): ▪ of which accrual €12.7m (€14.7m as of 9M24) ▪ of which “extra collection” €6.4m (€11.3m as of 9M24). ▪ of which loss from disposal €-2.1m c) higher factoring extra judicial off BS LPI equal to €11.3m (€6.7m as of 9M24). Factoring gross income and adjusted income margin include €23.8m revenues from Superbonus of which €22.8m from Trading Superbonus. Adjusted income margin shows an increase y/y (+10bps y/y) thanks to different trends: a decrease y/y (- 60bps y/y) in the factoring business and an improvement in pawn and CQ business (+140bps and +50bps respectively). 124.2 106.0 20.7 29.2 14.3 14.6 15.4 10.5 9M24 9M25 Total Gross Income¹ € m Factoring Pawn Loans CQ SME's guaranteed loans 160.3 2.5% 20.3% 8.0% 7.2% 3.0% 21.7% 7.4% 7.3% CQ (%) Pawn Loans (%)* Factoring (%) Total (%) Adjusted Income Margin² % 9M25 9M24 (7,1% ex Superbonus) (7,4% ex Superbonus) 174.6
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED TOTAL INCOME BREAKDOWN 7 ▪ 9M25 Total Income up 25% y/y, thanks to lower cost of funding and financial portfolio contribution which helped to offset lower average volumes. ▪ Adj NII (NII + trading on Superbonus) increased by 28% y/y despite lower interest income from factoring (€70.1m in 9M25 vs €80.0m in 9M24), SME’s (€10.5m vs €15.4m), and thanks to Pawn loans (€13.6m vs €10.6m), CQ (€13.7m vs €13.2m) and higher income from financial portfolio (€22.6m vs €13.6m) backed by lower interest expenses (€88.3m vs €110.3m). ▪ Fees flat y/y thanks to pawn broking business and servicer and collection fees which offset weaker factoring fees, inflated last year by few big tickets. In details gross fees in factoring (-49% y/y), CQ (-41% y/y), Pawn division (+55% y/y). ▪ Other Income increased by +71% y/y and includes ca. €9m gain from govies portfolio (€3.4m as of 9M24) and €4.9mn gain from the sale of factoring and CQ ptf (€4.6m as of 9M24). ▪ Total income breakdown by divisions: Factoring (€79m vs €74.7m in 9M24) CQ (€0.9m vs €-7.3m in 9M24), Pawn broking (€26.0m vs €17.6m in 9M24). ▪ Contribution to total net revenues by factoring division decreased to 75% (88% as of 9M24), by pawn broking increased to 24% (21% as of 9M24), by CQ became positive (1%) from negative 1 year ago. These figures include income generated from treasury portfolio activity allocated to single divisions. 1. Adjusted Net Interest Income = Net interest Income + Trading on Superbonus 2. CQ total income in 9M25 was slightly positive after several negative quarters 55.7 71.1 21.0 21.08.2 14.1 9M24 9M25 Total Income Breakdown¹ € m Adjusted Net Interest Income Net Commissions Other Income 85.0 106.2 88% -9% 21% By Business Line (9M24) % ( €85.0m) Factoring CQ Pawn Loans (€74.7m) (€-7.3m) (€17.6m) 75% 1% 24% By Business Line (9M25)² % (€106.2m) Factoring CQ Pawn Loans (€79.0m) (€26.0m) (€0.9m)
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED COST BASE CONSOLIDATING 8 ▪ Total costs increased by +7% y/y due to higher administrative costs while personnel costs were flat y/y. Figures include non recurrent consultancy costs (linked to Bank of Italy’s inspection, preparation of capital plan), higher credit related costs (i.e. collection, credit insurance), SRT and finally IT costs. ▪ Personnel Expenses flat y/y despite higher FTEs (from 312 to 364) linked to the acquisition of the pawn broking business in Portugal completed in 4Q24 (+44 FTEs). ▪ Administrative costs increased by 24% y/y and include some non recurrent consultancy costs linked, among the others, to Bank of Italy inspection (i.e. capital plan), some credit-related costs (i.e. origination, collection and insurance), SRT and IT costs. 59.0 62.9 9M24 9M25 Total Operating Costs € m 24.9 24.8 9M24 9M25 Personnel Expenses € m 34.1 38.1 9M24 9M25 Other Operating Costs, D&A and Risk Provisions € m 79 90 95 144 145 145 297 299 308 358 360 364 1H23 FY23 1H24 FY24 1H25 9M25 FTEs Evolution (#) KK FTEs Total FTEs
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED NET INCOME EVOLUTION BY BUSINESS UNIT 9 ▪ Factoring: the division confirmed the excellent results registered in 2024 posting in 9M25 €24,0m net income (€23,2m as of 9M24) or +4% y/y thanks to trading Superbonus and lower cost of funding which together with the elimination of DGS helped the division to enhance profitability despite managerial actions undertaken to improve asset quality and capital ratios with negative impact on earnings in 9M25. ▪ CQ: lower cost of funding and the decalage of legacy portfolio helped to reduce the loss of the division (-€7,5m vs -€12,2m in 9M24). ▪ Pawn Broking: the division kept growing registering a strong increase in net profit €4,4m vs €2,0m in 9M24) thanks to the increase of the outstanding, higher numbers of auctions and the positive trend in margins due to solid repricing. ▪ 9M25 Net income was equal to €21,0m (+71% y/y). *Net income of each division is calculated by including the Treasury portfolio contribution and SRT cost 9M25 Net Income Breakdown by BU* € m (7.5) 4.4 0.1 21.0 24.0 Factoring CQ Pawn Broking No Core 9M25 Group Net Income
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED FUNDING COST CONTINUES TO DECLINE 10 ▪ Retail Funding represents 74% of total funding as of 9M25. ▪ Term deposits decreased by 5% y/y, Retail funding decreased by 5% y/y; trend driven by the bank’s decision to optimize the funding structure given loans decrease registered in 9M25. Average residual maturity of term deposits equal to 17 months (16 months as of FY24). ▪ Term deposits breakdown by geography: 80% from abroad, 20% from Italy. ▪ Net outflows in term deposits from abroad (-€77m in 9M25) and Italy (- €58m in 9M25). ▪ REPOs were down y/y. ▪ Cost of funding down y/y (-58bps) and q/q (-6bps). Cost of wholesale funding (2.65%), lower than retail funding by 49bps (3.14%). 69% 70% 72% 74% 2% 3% 3% 3%7% 20% 21% 21% 18% 2% 5% 5% 5% 9M24 FY24 1H25 9M25 Total Funding Breakdown (%) Retail funding Interbank & CDP ECB (incl TLTRO) Repos Bonds & ABS 3,814m 3,721m4,100m4,204m 3.57% 3.55% 3.21% 3.14% 3.66% 3.63% 2.71% 2.65% 3.59% 3.57% 3.07% 3.01% 9M24 FY24 1H25 9M25 Funding Cost (%) Retail Funding Wholesale Funding Total Funding 288 288 301 291 2,574 2,566 2,414 2,438 9M24 FY24 1H25 9M25 Retail Funding by Instrument € m Current Accounts Term Deposits 17 months avg. residual maturity of term deposits 494 1,944 Term Deposits - Breakdown by Geography € m Italy Foreign
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED THE DOWNWARD TREND IN NPEs CONTINUES QUARTER BY QUARTER 11 Gross Non Performing Exposures (gross NPEs) increased by +53% ytd mainly due to the new classification of past due loans, carried out in 1Q25, in accordance with Bank of Italy compliance findings on the application of the Definition of Default; it’s worth to highlight that 89% of the past due loans portfolio of the Bank (excl Kruso Kapital) consists of exposure to Public Administration, with limited credit risk exposure. Sharp reduction in NPEs in the last six months. Several managerial actions undertaken to reduce past due loans after 1Q25 reclassification. In the third quarter ca. €67mn Bad Loans reclassified as Past Due loans due to the exit of a Municipality from Conservatorship. Net of reclassification Past Due loans decreased by -24% since 1Q25. Disposals, contractual resolutions, faster collections among the actions which allowed to reduce the stock of NPEs. The loans to Municipality emerged from Conservatorship are part of recent ruling of the European Court of Human Rights, which imposed the Italian Government to pay in full the principal plus LPIs. The draft 2026 budget law introduces a €2.2 billion fund for 2026 to address financial effects from national and European disputes. According to the competent minister, this includes cases pending at the European Court of Human Rights. The amount of total LPIs off balance sheet linked mainly to Municipalities in Conservatorship, are still equal to €99m. Cost of credit was equal to 42bps (20bps in 9M24). 275 520 450 101 333 264 31952 60 67 68 180 188 188 122 FY24 1Q25 1H25 9M25 Gross Non Performing Exposure € m Past Due Unlikely to Pay Bad Loans 519 100 331 262 318 33 39 42 39 141 150 159 93 FY24 1Q25 1H25 9M25 Net Non Performing Exposure € m Past Due Unlikely to Pay Bad Loans 463 510 581 333 146 153 161 95103 98 98 99* FY24 1Q25 1H25 9M25 Exposure to Municipality in Conservatorship & LPI off BS € m Credit Exposure LPI €252mn net of exit of Municipality in Conservatorship reclassified from Bad Loans into Past due Loans *Figures include also LPI belonging to few Municipalities emerged from Conservatorship
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED REGULATORY CAPITAL ABOVE MINIMUM REQUIREMENTS 12 ▪ CET1 and Total Capital ratios phased in as at 30.09.2025 were equal to 13.8% and 16.6%, slightly higher than 30.06.2025 (+8bps and +3bps respectively) and much higher than 31.03.2025 (+144bps and +169bps respectively) thanks to the managerial actions undertaken to reduce the stock of NPEs resulting from the request of Bank of Italy to reclassify part of the loans as past due. ▪ The reduction in RWA in 2Q was due to faster collections, past due disposals and SRT implementation while the slight increase in RWA registered in 3Q was mainly due to factoring, CQ and senior notes partially offset by lower capital absorption from SME’s and pawn broking. ▪ Ratios do not include dividends’ accrual and €2.7mn net of tax positive HTCS reserve. ▪ Capital buffers at ca. 400-450bps (2024 SREP: CET1 ratio 9.4% / TCR 12.9%**) Note: *Ratios as of 1H25 are calculated applying the prudential filter reintroduced by article 468 CRR which neutralizes securities MTM in the HTCS category. / ** Ratios adjusted for Syrb + CCyB equal to 10.2% (CET1) and 13.7% (TCR) RWA – Credit Risk 226 273 225 272 230 276 CET1 capital Total capital Capital Ratios* € m / % 1Q25 1H25 9M25 12.4% 13.8%13.8% 14.9% 16.6%16.6% 1,619 1,427 1,452 207 210 210 1Q25 1H25 9M25 RWA Breakdown € m Credit Risk Operational Risk & Market Risk 1,826 1,637 1,662 Factoring 27% CQS/CQP & SMEs 18% NPL's 36% Others 19% 31.03.2025 Factoring 34% CQS/CQP & SMEs 11% NPL’s 32% Others 23% 30.09.2025
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 13 ANNEXES
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 14 9M25 Factoring Turnover breakdown -17% y/y due to lower receivables from Superbonus and PA (mainly pharma) Turnover generated by agreements with Italian Retail banks: 11% in 9M25 FACTORING: BREAKDOWN BY TYPE AND CUSTOMERS 88% 12% 0% By Geography (9M25) % Other Spain Portogallo 29% 46% 32% 46% 0% 10% 20% 30% 40% 50% TOP 5 TOP10 Customer Concentration % 9M25 9M24 61% 27% 11% 1% By Type (9M25) % Non Recourse Recourse Tax receivables Superbonus 3,575 4,000 3,329 9M23 9M24 9M25 Factoring Turnover € m
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 15 LATE PAYMENT INTEREST €90.0m accrual booked through P&L 145 149 189 177 183 99 103 60 59 58 0 50 100 150 200 250 300 9M24 FY24 1Q25 1H25 9M25 Due LPI Stock - Assets in Legal Action € m LPI - relevant for the accrual LPI - non relevant for the accrual 6.0 7.6 3.3 6.5 2.8 3.1 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Total Collected Cashed-in LPI € m
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 16 9M25 – INCOME STATEMENT Figures in millions of Euro Colonna1 9M 2024 1Q 2024 2Q 2024 3Q 2024 9M 2025 1Q 2025 2Q 2025 3Q 2025 9M 2025 vs 9M 2024 change (%) Interest income 143.6 48.2 47.6 47.8 136.6 57.5 33.7 45.4 -5% Interest expenses (110.9) (36.4) (38.4) (36.2) (88.3) (33.0) (28.7) (26.6) -20% Net interest income 32.6 11.8 9.2 11.6 48.3 24.5 5.0 18.8 48% Commission income 36.4 14.0 12.7 9.7 33.5 10.1 11.7 11.7 -8% Commission expenses (15.4) (5.4) (5.4) (4.6) (12.5) (4.4) (3.7) (4.4) -19% Net commission 21.0 8.6 7.3 5.1 21.0 5.7 8.0 7.3 0% Dividends and similar income 0.2 - 0.2 - 0.2 - 0.2 - 0% Net income from trading 23.9 4.8 7.6 11.5 23.1 8.8 8.2 6.1 -3% Net income from disposal/repurchase assets: 7.1 1.6 3.6 2.0 13.5 3.8 5.5 4.2 90% a) measured at amortised cost 4.6 0.9 2.8 0.9 4.9 2.9 1.0 1.0 7% b) measured at fair value through other comprehensive income 2.5 0.7 0.7 1.1 8.6 0.9 4.5 3.2 >100% Total income 85.0 26.8 28.0 30.2 106.2 42.8 27.0 36.4 25% Net impairment losses on loans (4.9) (1.4) (2.5) (1.1) (8.1) (3.7) (0.9) (3.5) 65% Net operating income 80.0 25.4 25.5 29.1 98.0 39.1 26.1 32.9 23% Personnel expenses (24.9) (8.1) (8.3) (8.5) (24.8) (8.6) (8.1) (8.1) 0% Other expenses (34.1) (10.4) (13.5) (10.1) (38.2) (11.5) (13.2) (13.3) 12% Operating expenses (58.9) (18.5) (21.8) (18.6) (62.9) (20.1) (21.2) (21.4) 7% Pre-tax profit from continuing operations 21.1 6.9 3.7 10.5 35.3 19.0 5.1 11.5 67% Taxes on income for the period from continuing operations (7.9) (2.6) (1.4) (3.9) (12.4) (6.9) (1.3) (4.2) 57% Profit (loss) for the period 13.2 4.3 2.3 6.6 22.8 12.2 3.7 7.3 73% Minority interests (0.8) (0.2) (0.3) (0.3) (1.8) (0.6) (0.7) (0.5) >100% Profit (loss) for the period attributable to the shareholders of the Parent 12.3 4.1 1.9 6.4 21.0 11.6 3.0 6.3 71%
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ASSET QUALITY: BREAKDOWN BY LOANS Gross Bad loans Gross Unlikely to Pay Factoring SME’s 31.12.2024 30.09.2025 31.12.2023 31.12.2023 30.09.2025 31.12.2024 Conservatorships (factoring) Other ©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 17 79.1% 14.1% 6.7% 0.2% 81.0% 16.3% 2.6% 0.1% 78.0% 19.4% 2.4% 0.0% 51.80%39.60% 8.60% 54.20%30.10% 15.70% 61.05%15.84% 23.11%
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 18 DISCLAIMER The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, the companies involved in the proposed business combination disclaim any responsibility or liability for the violation of such restrictions by any person. This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Banca Sistema or any member of its group, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Banca Sistema or any member of its group, or any commitment whatsoever. The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements in this presentation are forward-looking statements under the US federal securities laws about Banca Sistema. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Banca Sistema do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.
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©2011-2025 BANCA SISTEMA - UNAUTHORIZED REPRODUCTION PROHIBITED 19 Christian Carrese Head of Investor Relations Christian.carrese@bancasistema.it +39 02 80280403
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PALAZZO LARGO AUGUSTO Largo Augusto 1/A, ang. via Verziere 13 20122 Milano Tel. +39 02 8028 0241 info@bancasistema.it bancasistema.it