Slides
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GROUP RESULTS FY25
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INDEX 2 FY2025 Preliminary Results01 02 Growth and Positioning 03 Annexes
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PROFITABILITY FY25: HIGHLIGHTS *Normalised figure is net of €98.6m (net of tax effect) from the transfer of the merchant acquiring business into Worldline CET1 Ratio calculated at Credemholding level (prudential perimeter). Lowest P2R among Itallian banks directly supervised by the ECB. Authorization has been requested from the ECB for the inclusion of profits in the calculation of CET1, pursuant to Article 26 paragraph 2 CRR. The minimum CET1 requirement also includes SyRB, the new buffer introduced by the Bank of Italy equal to 0.81% and calculated on the basis of credit and counterparty risk-weighted exposures to Italian residents as at 31 December 2025. Source Italian and European NPL ratio average (NPL Ratio calculated ex cash balances at central banks and other demand deposit): ECB, Supervisory Banking Statistics 3Q25 3 FY25 ASSET QUALITY CAPITAL SOUNDNESS 2.2% 2.4% 1.6% 0.7% Gross NPL Ratio Net NPL Ratio CET1 Ratio 7.27% 8.55% 15.82% 2026 P2R 1.25%, lowest among Italian banks in Europe Includes a proposed dividend of 0.75€ per share 14.1% 12.4% €621.5 MLN €522.8 MLN 16.7% 14.7% NET PROFIT Norm.* ROTE Norm.* ROE Norm* NET PROFIT ROTE ROE
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VOLUMES FY25: HIGHLIGHTS Loans and funding: ABI Monthly Outlook January 2026, Private sector and PA Credem Group net inflows include AUM, AUC, direct and insurance net inflows from customers 4 FY25 PRODUCTION CUSTOMERS +€6.4 BN ~1.7 MLN +5.8% VS FY24 Customer funding Loans Direct funding Total customers +3.6% YoY +2.0% YoY +1.1% YoY Of which €3 bn of AUM and insurance The best result ever +3.8% YoY
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37% 37% 40% 40% 42% 44% 44% 45% 54% 56% 58% 52% 49% 52% 54% 52% 4.4% 4.6% 0.4% 1.9% 7.0% 3.9% 1.8% 0.8%3.9% 1.9% 2.1% 6.2% 1.8% 0.3% 0.5% 2.1% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Core NIM on Operating Income NII on Operating Income Income from Financial Activities on Operating Income Performance Fees on Operating Income BUSINESS DIVERSIFICATION 5 Excellent improvement in revenues on a quarterly basis, supported by very resilient NII and the progressive expansion of the recurring fee components (Core NIM*), which accounted for 45% of total Revenues, confirming the high diversification of the Group's income sources *Core NIM: Non Interest Margin net of non-recurring items (Income from Financial Activities, Performance Fees) ** Core Operating Income: Net Interest Income + Core Non Interest Margin Core Operating Income** €/million Operating Income 480.6 525.3 471.9 504.4 480.6 522.7 468.2 480.0 433.9 475.4 454.8 465.5 442.2 461.6 466.8 481.0
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Credem Banca Commercial banking Credem Euromobiliare Private Banking Private Banking Extended Banking Services, Consumer Credit & Technology Wealth Management Euromobiliare SGR Euromobiliare Advisory SIM Euromobiliare Fiduciaria Credem Private Equity Asset Management CredemVita Credem Assicurazioni Insurance +€85.2 mln Consolidation adjustments and transfer of merchant acquiring * €275.1 mln €58.4 mln €86.1 mln €116.7 mln NET PROFIT €621.5 mln CONTRIBUTION TO CONSOLIDATED NET PROFIT Wealth & Private €175.1 mln Network Factories Credem Factor Credem Leasing MGT CredemtelAvvera * €98.6 mln (net of fiscal effect)
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• NII slightly improving on a quarterly basis. Significant increase in the Non Interest Margin, up 6.7% compared to the last quarter. On an annual basis, revenues (-7.3% vs FY24) were affected by interest rate trends and, in the commission components, by a lower presence of performance fees • Increasing operating costs both on a quarterly basis— mainly in the staff components after the positive seasonality of the last quarter—and on an annual basis (+3.4% vs FY24), primarily driven by headcount growth and intense project activity and IT development supporting dimensional growth, infrastructural evolution, and expansion of the product range • Cost of risk at 13 bps, confirming the absence of significant deterioration in asset quality • Provisions and extraordinary items included 100 million (gross of tax effect) of income from the sale of merchant acquiring activities, of which 95 million was recorded in January and the remaining 5 million during 3Q25 • FY25 Net Profit at 621.5 million. Net of the capital gain deriving from the transfer of the merchant acquiring activity, net profit amounted to 522.8 million RECLASSIFIED INCOME STATEMENT «Core» Operating Income: Operating Income net of Income from Financial activities and Performance fee «Core» Non Interest Margin: Non Interest Margin net of Income from Financial activities and Performance fee *Normalised figure is net of €98.6m (net of tax effect) from the transfer of the merchant acquiring business into Worldline 7 €/million 3Q25 4Q25 Δvs 3Q25 FY24 FY25 ∆ vs FY24 Net Interest Income 249.2 250.3 0.4% 1119.5 973.9 -13.0% Non Interest Margin 216.2 230.7 6.7% 912.8 909.6 -0.4% o/w Non Interest Margin "core" 205.5 216.5 5.4% 782.8 823.7 5.2% Operating Income 465.5 481.0 3.3% 2,032.3 1,883.5 -7.3% Core Op. Income 454.8 466.8 2.6% 1,902.3 1,797.6 -5.5% Payroll. -141.3 -172.9 22.3% -613.8 -620.9 1.2% Admin. Expenses -79.4 -78.3 -1.5% -289.8 -313.3 8.1% Operating costs -220.8 -251.2 13.8% -903.5 -934.2 3.4% D&A -28.0 -28.9 3.3% -107.4 -111.2 3.5% Net Op. Profit 216.7 200.9 -7.3% 1021.4 838.1 -17.9% LLPs -13.2 -29.1 n.s. -42.8 -47.6 11.0% Net Operating Profit net of LLPs 203.5 171.7 -15.6% 978.6 790.5 -19.2% Provisions and Extraord. items -5.8 -7.8 34.5% -67.5 78.1 n.s. Pre Tax Profit 197.7 164.0 -17.1% 911.1 868.6 -4.7% Taxes -63.1 -48.9 -22.6% -291.0 -247.2 -15.1% Net Profit 134.6 115.1 -14.5% 620.1 621.5 0.2% Normalized Net Profit* 129.7 115.1 -11.3% 620.1 522.8 -15.7%
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NET INTEREST INCOME 8 Excellent quarterly dynamics of NII, benefiting from higher average volumes in both the securities and loan portfolios. The positive impact also derived from the interest rate trend in the last quarter, which allowed the Group to improve the customer spread Net Interest Income 3.92% 3.81% 3.56% 3.00% 2.56% 2.11% 2.01% 2.04% 148 139 138 126 111 104 83 74 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 3 months Euribor (avg) Spread BTP vs Bund 10 yrs (bps; avg) Euribor and spread BTP/Bund Management data in eur/mln 286 285 277 272 234 240 249 250 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
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1.16 1.22 1.16 1.06 0.96 0.77 0.63 0.64 1.23 1.26 1.23 1.16 1.07 0.95 0.91 0.90 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Credem: average deposit rate Industry: average deposit rate CUSTOMER SPREAD Credem: management accounting data (%) of the Credem Group (including Credem Banca, Credem Euromobiliare Private Banking, Credem Factor, Credem Leasing, Avvera) Industry: data (%) source ABI Monthly Outlook Junuary 2026 9 The Group confirmed its ability to sustain commercial profitability even in the third quarter with the customer spread at 292 bps, up 6 bps in line with the Industry trend that grew by 5 bps In detail, the rate increase in the last quarter contributed to the rise in the average lending rate ((Credem +6 bps vs +4 bps for the Industry), while the deposit rate stood at 64 bps (+1 bp vs 3Q25) and 90 bps for the Industry (-1 bp vs 3Q25) Customer spread Deposit RateLoans to customers 3.07 3.04 3.02 2.96 2.87 2.87 2.86 2.92 3.56 3.53 3.48 3.38 3.21 3.13 3.02 3.07 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Credem: spread Industry: spread 4.23 4.27 4.19 4.02 3.83 3.63 3.50 3.56 4.79 4.79 4.72 4.54 4.27 4.08 3.93 3.97 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Credem: average loans rate Industry: average loans rate
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37% 58% 5% SECURITIES PORTFOLIO Credem SpA management accounting. The remaining amount not included in the mentioned rating classes is represented by unrated securities Figures in this page may not add exactly due to rounding differences 10 Securities portfolio breakdown (€/mln, %) • The securities portfolio increased to nearly 12 billion, due to some purchases mainly of Italian government bonds, carried out in the last quarter. • The current composition maintained a high diversification and an average maturity of 3.6 years. The HTC components was equal to 57% and showed potential unrealised gains, gross of fiscal effect, equal to about 52 million • The amount of Italian govies was 42% of the total portfolio and 81% of them were accounted in HTC with an average maturity of 3.3 years. The HTCS component of domestic securities had an average maturity of 1.2 years Rating Securities portfolio: BBBAAA / AA A 39% 39% 38% 34% 33% 34% 34% 31% 25% 24% 25% 22% 21% 23% 23% 21% 4% 4% 4% 4% 4% 6% 6% 6% 32% 33% 33% 40% 42% 37% 37% 42% 1Q24 1H24 9M24 FY24 1Q25 1H25 9M25 FY25 Other non-Italy Other Govies / EFSF/ EIB Other Italy Italian Govies Ita Govies FY25 HTC 4.0 HTCS 0.9 FVTPL 0.0 Total 5.0 4.0 4.0 3.8 5.2 4.7 4.1 4.1 5.0 1Q24 1H24 9M24 FY24 1Q25 1H25 9M25 FY25 Italian government bond (€/bn) % Tot Assets 11,609 12,508 11,965 11,171 13,229 19.0% 19.5%18.3% 18.2% 17.2% 11,525 18.0% 11,054 16.6% 11,901 17.5%
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111.4 109.9 109.8 124.2 121.8 123.4 124.8 135.1 23.4 18.4 22.2 23.9 20.3 22.1 26.2 27.152.3 52.7 52.8 51.7 51.3 51.1 50.6 50.023.0 23.0 1.8 9.8 33.1 18.2 8.2 4.020.7 9.4 10.0 32.3 8.4 1.3 2.5 10.2 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Performance Fees Income from Financial Activities Banking Fees & others Insurance Income Asset Management and Brokerage Fees NON INTEREST MARGIN 11 Total Non interest Margin stood at 230.7 million. Excellent dynamic of the recurring components(core NIM), which amounted to 216.5 million, up 3.7% vs 4Q24 • Asset Management and Brokerage Fees, were supported by excellent net production for the year and the positive outcome of some placements in the last quarter. The aggregate recorded significant growth of 8.8% vs 4Q24 • Result from Insurance Activities confirmed the growth trend (+13.3% vs 4Q24) and stood at 27.1 million • Banking Fees amounted to 50 million. The annual trend was affected by the lower contribution from the merchant acquiring branch sold at the beginning of the year • Income from Financial Activities was equal to 4.0 million Total* (€/mln) 190.8 *Total NIM Includes the aggregate «other incomes» **Core NIM: Non Interest Margin net of non-recurring items (Income from Financial Activities, Performance Fees) «Core» NIM** 239.7 195.0 219.7 187.3 202.6 208.7 250.8 205.5 241.1 216.2 199.7 202.0 221.5 230.7 216.5
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12 Operating costs (€/mln) Employees Financial Advisors D&A (€/mln) 5,899 6,068 6,140 6,195 6,201 6,219 6,608 6,616 6,628 6,614 6,731 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 827 855 820 812 831 833 835 833 820 833 861 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 OPERATING COSTS AND D&A Operating Costs: €, million. P&L figures include Ifrs 16 impacts The trend of operating costs reflected the Group's dimensional growth: • The dynamics of payroll over the year followed the net increase in headcount of over 100 people and included the latest contract increase in 2025 • Administrativeexpensesreflected the Group's intense project activity aimed at supporting digital and technological evolution 152 150 135 177 158 148 141 173 70 73 67 80 76 79 79 78 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Payroll Administrative Expenses 202 26.1 221 27.4 223 26.9 257 27.1 28.0 235 221 26.6 27.7 228 251 28.9
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7.7 8.1 7.6 8.8 7.8 8.5 8.0 9.3 3.3 3.5 3.6 3.7 3.8 3.9 4.0 4.1 3.3 3.3 3.3 3.4 3.4 3.4 3.5 3.6 10.6 10.7 10.8 11.1 11.3 11.4 11.4 11.4 9.6 9.6 9.3 9.4 9.2 9.5 9.2 9.3 1Q24 1H24 9M24 2024 1Q25 1H25 9M25 2025 Other Loans Residential Mortgage Leasing Consumer Finance Short-Term Loans LOANS TO CUSTOMERS 1Q24 (item 40.b of Balance Sheet) 40,951 €mln includes 34,552 €mln of loans to customers, 0 €mln of repos and 6,399 €mln of securities; 1H24: 42,094 = 35,178 + 655 + 6,261; 9M24: 40,950 =34,674 + 372 + 5,903; FY24: 43,695 =36,363 + 0 + 7,332; 1Q25: 42,965 = 35,425 + 616 + 6,924; 1H25: 44,015= 36,687 + 995+ 6,333; 9M25: 43,480= 36,132 + 1,067 + 6,280; FY25: 45,252 = 37,674 + 1,347 + 6,231 13 Ongoing volumes expansion, equal to 3.6% YoY, confirming outperformancecompared to the Industry which grew by 1.1% in the same period • Significant development in Consumer Credit (+11.1% vs FY24), driven by Avvera which reached 3.7 billion (vs 3.1 billion in FY24) of personal loans, target loans and salary-backed loans • Excellent dynamics of Short-term loans, which recorded an increase of 5.7% YoY • Ongoing expansion of Residential Mortgages and Leasing, up by +3.2% and +3.8% respectively vs FY24 • «Other Mortgages» (-0.9% vs FY24) were affected by the reduction in loans guaranteed by the State (0.6 billion vs 1.3 billion fy24) disbursed during the COVID period Loans to customers (€/bn) 34.6 36.4 Total 35.2 34.7 35.4 36.7 36.1 37.7
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-164 2,144 4,337 1,275 1,722 -164 2,144 4,337 1,275 1,722 3,326 338 -1,355 1,342 2,994 4,464 4,421 3,856 4,692 6,410 4,996 3,699 3,992 4,675 6,705 AUC Direct Deposits AUM + Insurance Total Net Inflows Total Net Inflows net of CorporateTotal Net Inflows Total Net Inflows net of Corporate GROUP CUSTOMERS FUNDING: NET INFLOWS BREAKDOWN Figures in € million 14 Historical record of Net production, reaching the highest levels ever at over 6.4 billion. Total net inflows net of corporate clients were 6.7 billion. • Strong developmentof AUM, recording net flows of approximately 3 billion, confirming the Group's centrality in customers' asset management choices. • Direct net deposits reached nearly 1.7 billion, over 1.5 billion net of corporates • Net production of AUC was also positive at over 1.7 billion FY21 FY23 FY22 FY24 FY25 Direct deposit Retail 1.541 €mln
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DEPOSITS, AUM AND INSURANCE *Nominal value of retail bond €230 million (€135 million retail bond placed by CEPB and €95 million by Credito Emiliano) ** Figures based at 2010 (2010: base 100). Industry: source ABI Monthly Outlook January 2026 15 • Direct customer deposits was up at 40.7 billion • Significant increase in AUM and Insurance Reserves reaching 48.2 billion, marking +9.3% vs FY24, primarily supported by excellent net production and a positive market effect • AUC up by 14.6% YoY, amounting to 25.1 billion Total customer funding Direct deposits & retail bonds** 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry Credem +3.8% YoY +2.0% YoY +177% €/mln FY24 FY25 Sight / Saving Depo. 38,794 40,218 Retail Bonds & Other Deposits* 455 505 Total Direct Funding 39,249 40,723 Insurance Reserves 9,396 10,518 Portfolio Management 6,733 7,045 Mutual Funds & Sicav 15,110 16,839 Others & Third Parties’ Products 12,804 13,817 AUM 34,647 37,701 AUM + Insurance 44,043 48,219 AUC 21,923 25,132 TOTAL CUSTOMER FUNDING 105,214 114,074
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Gross Non Performing Loans (€/mln,%) 298 359 46 267 363 38 231 337 47 Gross Bad Loans Gross UTP Loans Gross Past Due Loans FY23 FY24 FY25 ASSET QUALITY: GROSS NPL RATIO AND COST OF RISK 0.6% on Loans (Credem) % on Loans (Industry)* 0.9 0.10.8 1.1 1.0 0.10.7 1.7 0.21.0 1.6 0.2 1.0 0.1 0.9 1.5 0.3 Cost of risk trend (bps) The cost of risk, remained at extremely low levels at 13 bps, well below national and European average values. The default rate also remained at historically low of 0.40% Gross NPL Ratio 13 46 47 50 Credem ITA** EU** EU diversified lenders** Cost of risk (bps) Gross non-performing loans remained low at 615 million, also as a result of disposals carried out during the year Disposal ~40 mn Disposal ~49 mn *Source: ABI, internal calculation on Bank of Italy figures (TRI30266). Industry data refer to 3Q25 ** Source: ECB. Industry data refer to 3Q25. EU diversified lenders: Bank with a balanced exposure to the retail and wholesale sector Cost of risk: Calculated as Loan Loss Provisions / Loans to Customers (net of Repos and securities) Default rate data first management estimate at 12/31/2025 Disposal ~62 mn 16 34 27 44 59 55 52 32 34 24 24 38 10 15 15 12 13 42 31 39 47 45 4 30 21 15 13 19 16 11 8 12 13 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FY25 Cost of risk Cost of risk (net of non-recurring events) 1.6% 2.4% 2.2% 2.6% Credem ITA** EU** EU diversified lenders**
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NPL (€/mln) Gross Net Coverage Bad Loans 231.2 37.4 83.8% UTP Loans 336.6 186.3 44.7% Past Due 47.0 27.3 41.8% Total NPL 614.7 251.0 59.2% + Net NPL +251.0 - (Shortfall + Addendum + Calendar) -8.0 NPL Net of Shortfall +243.0 Coverage incl. Shortfall 60.5% NPL: COVERAGE 17 • NPL accounting coverage stood at 59.2%. Comprehensive Coverage including Shortfall*, and additional level of coverage coherent with calendar provisioning and addendum, stood at 60.6% on total NPL • The incidence of Net NPLs on Net Loans** remained at very low levels, 0.67%, compared to 1.42% of the Industry*** • The ratio of Stage 2 credits on the total gross loans, equal to 7.0%, remained well below the Italian and European average Stage 2 (% of gross loans) Coverage ratio *Shortfall is calculated as the difference between ELBE – Expected Loss Best Estimate (which represents the best estimate of the expected loss for each credit exposure, given its stage and the current economic environment) and Net Adjustments to Loans **Net Loans: Loans to Customers net of Repos and securities ***Source: ABI Monthly Outlook October 2025, figures as of November 2025 59.2% 46.3% 39.9% 45.9% Credem ITA** EU** EU diversified lenders** 7.0% 8.5% 9.5% 9.0% Credem ITA** EU** EU diversified lenders**
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400 Senior Non Preferred 600 500Senior Preferred 750+ 100 500+ 500Covered Bond 95 150 2025 2026 2027 2028 2029 2030 2031 2032 … 2037 Senior Preferred (Retail Bond) 200 200Tier 2 Green SP Social T2* Covered Bond Covered Bond Social SP Social SP Retail Social SP Retail Green SNP T2 0 100 200 300 400 500 600 mag-25 gen-24 set-23 lug-23 lug-23 mag-23 ott-22 mag-22 gen-22 252420232022 €/mln BONDS ISSUANCES AND MATURITIES 18 • In November Credemvita exercised the call option for the T2 subordinated bond of 107.5 million with natural maturity 2031 • Important recognition by the Single Resolution Board (SRB) optimizing the new MREL requirement, which increases from 22.9% to 20.7%, due to the combined effect of the improvement in the requirement net of the CBR3 and the P2R increase of 0.25%. The buffer available on 25 December 2025 therefore increased and amounted to 7 p.p. Recent issues (€/mln) Maturities (€/mln) MREL ratio vs TREA 1 Istituzionale Retail Social Green 17.0% 1.8%1.6% 5.7% 1.5% 20.7% FY25 Requirement inc. CBR Deposits, not covered and not preferential CET1 T2 Senior unsecured liabilities Senior non-preferred liabilities 27.6% Credem SpA management accounting 1. Own funds and eligible liabilities (senior bonds+Deposits, not covered and not preferential)/RWA, banking group perimeter. The MREL requirement also includes the SyRB within the CBR. As at 12.31.25, the SyRB was 0.81% 2. Issued by Credemholding 3. The net requirement assigned by the SRB to the Credem Group decreased from 19.55% to 17.38% 2027 Call Date 2029 Call Date 2028 Call Date 2027 Call Date 2032 Call Date 2 2
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167% 168% 177% FY23 FY24 FY25 LIQUIDITY * Loans to Customers / Total Deposits. Loans to Customers are net of Repos with Institutional and Loans to Group’s SPVs. Depo sits include Wholesale Bonds Source NSFR: internal expected estimates as of 31 December 2025 See details of liquidity reserves in the attachment 19 NSFR LCR 0.96 0.92 0.92 FY23 FY24 9M25 132% 136% 141% FY23 FY24 FY25E Loan to Deposit Ratio* • Liquidity ratios remained sound and well above minimum capital requirements, enabling the Group to have a greater flexibility in setting future funding strategies
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€, million FY24 FY25 FY24 FY25 CET 1 3,660 4,010 3,391 3,729 Total Capital 4,093 4,437 3,979 4,322 Capital absorption from: 1,748 1,888 1,746 1,885 Credit and Counterparty 1,532 1,602 1,530 1,600 Market 4 5 4 5 Operational 212 280 212 280 CET 1 Ratio 16.75% 16.99% 15.53% 15.82% Tot. Capital Ratio 18.73% 18.80% 18.23% 18.34% RWAs 21,850 23,595 21,829 23,568 CredemholdingCredem Group CONSOLIDATED CAPITAL RATIOS 20 • Further improvement in the Group's capital position. CET1 ratio at both the Banking Group and Holding (Prudential Perimeter) levels stood at 16.99% and 15.82% respectively, thanks to excellent organic capital generation offsetting the RWA expansion driven by volume expansions vs FY24 and the impacts of Basel 4. Furthermore, CET1 incorporated an impact of about 11 bps resulting from the release of the extraordinary reserve required by the 2026 budget law • Current level of CET1 Ratio ensures a high capital buffer of 727 bps vs SREP2026 which includes the impact of the SyRB 727 bps Buffer vs Srep 2026 (8.55%) Fully phased figures Fully phased figures Authorization has been requested from the ECB for the inclusion of profits in the calculation of CET1, pursuant to art. 26 paragraph 2 CRR The minimum CET1 requirement also includes SyRB, the new buffer introduced by the Bank of Italy equal to 0.81% and calculated on the basis of credit and counterparty risk- weighted exposures to Italian residents as at 31 December 2025 1. Effect of the release of the non-distributable reserve created in 2023 by paying, as defined by the budget law approved last Dec ember, a substitute tax of 27.50%.
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INDEX 21 FY2025 Preliminary Results01 02 Growth and Positioning 03 Annexes
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22 GROWTH: VOLUMS CUSTOMERS LOANS DIRECT CUSTOMER FUNDING INDIRECT CUSTOMER FUNDING TOTAL BUSINESS FY21 FY25E 123.5 €/bn 151.7 €/bn 55.8 €/bn 73.4 €/bn 34.6 €/bn 40.7 €/bn 33.2 €/bn 37.7 €/bn Continuous organic expansion of volumes : In the 4 years from '21 to '25, the Group has managed to develop loans at a sustained pace significantly higher than the Industry, with an expansion of the aggregate of over 13% vs FY2021 The Group's organic expansion is also the result of a strong customer acquisition campaign which contributed to the growth of: Direct deposits, increased by nearly 18% vs FY2021. Indirect deposits, which grew in the same period by nearly 18 billion, an increase of over 31% A sustainable and effective growth strategy that allowed for an increase in the Group's Total Business of nearly 23% and equal to over 28 billion
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100 104 102 108 113 FY21 FY22 FY23 FY24 FY25 100 133 220 226 196 FY21 FY22 FY23 FY24 FY25 100 111 143 152 141 FY21 FY22 FY23 FY24 FY25 23 REVENUES NII Core NIM* GROWTH: REVENUES Structural growth of revenues: At the end of 2025, the Group recorded revenues over 40% higher than in 2021 NET INTEREST INCOME~ 2X Growth of Net Interest Income, which presents a structural level nearly double the levels recorded in 2021 RECURRING FEE COMPONENTS EXPANSION In parallel, despite the '22 and '23 biennium characterized by high interest rates and low demand for AUM, recurring fee components show a significant development of 13% compared to '21
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24 STRUCTURAL EVOLUTION IT Comprehensive renewal of the Group's IT Facility Management infrastructures with resulting benefits in performance, resilience, and cyber security. Launch of a path to accelerate the renewal of legacy systems with simultaneous migration toward Cloud systems. This setup will ensure the Group generates value through its IT and digital strategic plan. - GROUP STRATEGIC IT PRIORITIES - Maintaining a complete portfolio of products and services, expanding the digital component to respond to customers' evolving needsRange width Support for the Group's Federation of Business Operational model efficiency Technological innovation Through targeted IT investments, supporting the growth ambition of the Group's ecosystem consisting of businesses and Product Factories, supporting supply chains and maximizing synergies to obtain a more effective and efficient business model Adopting an efficient and digitized operating model, focusing on continuous process optimization and careful expense management Constantly investing in new technologies (e.g., Cloud, Generative AI) to accelerate innovation and infrastructural evolution, use data intelligence to serve the business and improve the customer experience Cyber Security Further increase in resilience and IT security levels, thanks to the use of the new IT infrastructure and planned investments in new technologies
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25 Diversification The highly diversified and complete Federation of Business translates into a high profitability profile across different economic cycles Capital Soundness Robust capital endowment that guarantees the sustainability of the Group's growth strategy and the development of all business lines Service Model Innovation and digitalization supporting human relationships: the "human – digital" combination supporting revenues, especially fee components Execution capacity In the current market context, our execution capacity will be fundamental to sustain growth and the acquisition of market shares COMPETITIVE POSITIONING
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INDEX 26 FY2025 Preliminary Results01 02 Growth and Positioning 03 Annexes
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UTILE NETTO €160,9 mln RECLASSIFIED CONSOLIDATED INCOME STATEMENT BY BUSINESS LINE FY25 Commercial Banking Private Banking Parabancario, Consumer Credit, IT Technology BANKING Asset Management Insurance Wealth Management Elisioni, rettifiche e riclassifiche Consolidato riclassificato Net Interest Income 719.2 72.8 154.6 946.6 13.0 6.7 19.7 7.6 973.9 Non Interest Margin 514.6 206.7 123.8 845.1 107.0 95.7 202.6 -138.2 909.6 Operating Income 1,233.8 279.5 278.4 1,791.7 120.0 102.3 222.3 -130.5 1,883.5 Payroll -453.6 -108.6 -54.2 -616.4 -17.6 -2.1 -19.7 15.3 -620.9 Administrative Expenses -250.3 -72.8 -51.9 -375.1 -21.9 -9.2 -31.1 92.9 -313.3 Operating costs -703.9 -181.4 -106.2 -991.5 -39.5 -11.4 -50.8 108.1 -934.2 Gross Operating Profit 529.9 98.1 172.2 800.2 80.5 91.0 171.4 -22.4 949.3 D&A -89.7 -8.8 -14.8 -113.3 -0.7 -1.8 -2.6 4.7 -111.2 Net Op. Profit 440.3 89.3 157.4 686.9 79.8 89.1 168.9 -17.7 838.1 Net loan writedowns -19.9 0.0 -27.7 -47.6 0.0 0.0 0.0 0.0 -47.6 Provisions for risks and expenses -10.2 -0.4 -1.8 -12.5 0.0 0.1 0.1 0.0 -12.4 Extraordinary income (expenses) 93.1 -1.0 0.5 92.6 1.6 -3.6 -2.0 0.0 90.5 Pre Tax Profit 503.3 87.8 128.3 719.5 81.4 85.6 167.0 -17.8 868.6 Profit attributable to third parties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Taxes -129.6 -29.5 -42.3 -201.3 -23.8 -26.4 -50.2 4.3 -247.2 Net Profit 373.7 58.4 86.1 518.2 57.5 59.2 116.7 -13.4 621.5 27
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UTILE NETTO €160,9 mln VOLUMES RECLASSIFIED BY BY BUSINESS LINE FY25 Commercial Banking Private Banking Extended Banking Services, Consumer Credit & Technology BANKING Asset Management Insurance Wealth Management Consolidation adjustments Consolidated CUSTOMER LOANS 36,090.2 866.2 8,858.4 45,814.8 24.0 24.0 -8,164.9 37,674.0 DIRECT BANK Funding 32,392.1 8,683.1 120.7 41,195.9 -473.0 40,722.9 TOTAL DIRECT CUSTOMER FUNDING 32,392.1 8,683.1 120.7 41,195.9 -473.0 40,722.9 AUM and INSURANCE funding 22,351.5 25,693.6 48,045.1 16,838.6 10,518.1 27,356.7 -27,182.8 48,219.0 AUC 8,721.1 16,423.0 25,144.1 -11.9 25,132.2 TOTALE INDIRECT CUSTOMER FUNDING 31,072.6 42,116.6 73,189.2 16,838.6 10,518.1 27,356.7 -27,194.7 73,351.2 TOTAL CUSTOMER FUNDING 63,464.7 50,799.6 120.7 114,385.0 16,838.6 10,518.1 27,356.7 -27,667.7 114,074.1 TOTAL BUSINESS CUSTOMER 99,554.9 51,665.8 8,979.1 160,199.9 16,862.7 10,518.1 27,380.8 -35,832.5 151,748.1 28
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3,858 4,305 488 39,298 230 10,223 4,558 3,858 4,084 475 700 40,493 230 10,518 4,663 Bonds - Wholesale* Other - Wholesale** EIB/CDP ECB - Tltro III ECB - Other Deposits Bonds - Retail* Insurance Reserves Equity 9M25 FY25 99 4,311 7,345 10,765 4,273 36,132 75 5,163 6,738 10,972 2,992 37,674 Fin. Assets through P&L Fin. Assets HTCS Fin. Assets HTC Fin. Assets (insurance companies) Due from banks Loans to customers 9M25 FY25 ASSETS & LIABILITIES Source: internal calculation * Nominal value at issuing date ** Other wholesale includes repos and other wholesale deposits 29 Assets (€/mln) Liabilities (€/mln) Wholesale Funding Retail Funding
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LIQUIDITY RESERVES Source: management data, internal calculation 30 • The total value of the Group's Liquidity Reserves stood at €18.9 billion, equal to 28% of Total Assets • The value of Cash and deposits with Central Banks decreased to €1.5 billion • ECB eligible unencumbered securities grew to €11.8 billion and other ECB eligible unencumbered Assets were equal to €5.5 billion • High granularity of deposits with an average of Private clients and Small Business deposits ~€20,000 and a deposit mix of Private clients and Small Businesses VS Corporate equal to approximately 74% - 26% Liquidity Reserves (€/bn) 4.3 6.7 5.9 17.0 1.5 11.8 5.5 18.9 Cash and deposits with Central Banks ECB eligible unencumbered securities Other ECB eligible unencumbered assets Total FY25 FY24
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31 DISCLAIMER AND CONTACTS The manager responsible for preparing the company’s financial reports Mr. Giuseppe Malato of Credito Emiliano S.p.A., declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records. *** This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Investor Relations Team Contacts Aharon Sperduti – Head of IR asperduti@credem.it +39 335-7247591 Giulia Bruni - IR gbruni@credem.it +39 338-5059406 Maria Giovanna De Faveri - IR mdefaveri@credem.it +39 335-7679122