Earnings release
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GRUPPO CREDEM PRESS RELEASE CREDEM , 1H26 RESULTS APPROVED : NET PROFIT REACHES € 312.9 MILLION ( + 12.5 % YoY * ) , FUNDING AND LOANS UP + 4,5 % AND 2,1 % YoY VALUE OVER TIME • Consolidated Net Profit at € 312.9 million + 12.5 % YoY compared to the 1H25 net profit of € 278.1 million , net of the € 93.7 million benefit deriving from the disposal of the merchant acquiring business ; • Annualized ROE ( 1 ) 14.1 % , annualized ROTE ( 1 ) 15.9 % ; • operating income at € 1,048.7 million ( + 11.9 % compared to the end of June 2025 ) ; • over 100 thousand new customers ( 2 ) , driven by strong , widespread local relationships ; loans to customers ( 3 ) at € 37.5 billion , + 2.1 % YoY ; • total customers ' funding ( 3 ) stood at € 120.8 billion ( + 12.8 % YoY ) О € 68.5 billion indirect funding from customers ( + 18.2 % YoY ( 3 ) ) of which assets under management ( AUM ) account for € 39.9 billion ( + 13.1 % YoY ) ; € 11.4 billion insurance reserves ( + 14.0 % YoY ) ; direct funding from customers stood at 41.0 billion euros ( + 4.5 % YoY ( 3 ) ) . SUSTAINABLE VALUE AND WELL - BEING OVER TIME COMMERCIAL BANKING SOUNDNESS • Ratios at the top of the industry in Italy and in Europe to protect customers and the market : Banking Group Common Equity Tier 1 Ratio ( 5 ) at 17.45 % , Credemholding Common Equity Tier 1 Ratio ( 5 ) ( prudential perimeter ) at 16.22 % compared to 8.55 % , the minimum assigned by ECB ( 6 ) ; • Over € 1.8 billion margin above regulatory capital requirements ; ⚫low non - performing loan ratio ( Gross NPL Ratio ( 7 ) ) equal to 1.53 % of total loans , compared to an average of 2.1 % for Italian banks ( 8 ) and 2.2 % for European banks ( 8 ) . Net NPL Ratio ( net non - performing loans to net loans ) stands at 0.67 % ; • Annualized cost of risk ( 9 ) at 9 bps , at sector - low levels . WELL - BEING AND SUSTAINABILITY • New € 500 million Green Senior Preferred bond issuance ; • New lending during the period : green mortgages , ESG business loans , and sustainability - focused leasing contracts totaling nearly € 720 million ; ⚫the new " Well Economy " section ( 19 ) is now live on the Credem website : a new financial education area for all stakeholders ; • 213 new hires to support growth across local territories . • Commercial Banking ( 10 ) reached € 63.9 billion of funding ( + 8.4 % YoY ) and € 27.2 billion of loans ( + 0.6 % YoY ) ; ⚫the accelerated customer growth strategy continued through the branch network , corporate centers , Credem Banca's financial advisors and digital channels ( Credem Link ) acquired approximately 52.3 thousand new customers , and an acquisition rate of 7.8 % . 1
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PRESS RELEASE 2 EXTENDED BANKING SERVICES, CONSUMER CREDIT AND TECHNOLOGY ● Credemleasing: at 1H26 reached €3.5 billion of total loans (+2.0% YoY) and closed the first half of 2026 with €20.6 million of net profit. ● Credemfactor: recorded more than €2.8 billion of new gross receivables sold (turnover +13.1 YoY) and closed the first half of 2026 with €4.2 million of net profit. ● Avvera: as of the end of June 2026, total business volume generated reached €1.2 billion, with net profit standing at €17.9 million. PRIVATE BANKING ● Credem Euromobiliare Private Banking (CEPB), at the end June 2026 reached a total business (AUM, AUC, direct funding and loans) equal to €54.6 billion. Net profit as of 30 June 2026 was €31.0 million; ● The recruitment of high -profile professionals with larg e per -capita portfolios continued. At the end of June, the company had 373 private bankers and 322 financial advisors, with 74 branches and financial centers nationwide. WEALTH MANAGEMENT ● At the end of June 2026, assets under management amounted to €36.7 billion, including: portfolio management, mutual funds and SICAVs, and insurance reserves (+12.0% YoY). ● The Group's total assets related to investment products and services with ESG characteristics(11) reached €16.7 billion (+10.7% compared to the same period of 2025); INNOVATION ● Ongoing development of digital services to facilitate the relationship between the bank and its customers , along with investments in the IT platform. In the first half, customers carried out approximately 39 million transactions through remote channels (95.7% of the total), alongside 460,000 virtual interactions via customer support tools; ● Officine Credem continued to play a central role as a hub for skills growth and business development. Today, Credem's Board of Directors, chaired by Lucio Igino Zanon di Valgiurata, approved the consolidated results as of first half 2026, that underlined a strong diversification of revenues, as demonstrated by the balance between net interest income and net fee and commission income, confirming the effectiveness of the Group’s busin ess model in generating sustainable, long -term value and well -being. These results are driven by close relationship with individual clients and businesses across local communities nationwide, fostering strong and lasting customer relationships. The first half of the year closed with a consolidated Net Profit equal to €312.9 million, +12.5% YoY, considering the 1H25 result of €278.1 million net of the €93.7 million benefit from the sale of the merchant acquiring business, completed in early 2025. Loans to customers(3) reached €37.5 billion (+2.1% YoY). More than 100 thousand new customers (2) were acquired. Total customers’ funding(3) reached €120.8 billion (12.8% YoY). Gross NPL Ratio(7) stood at 1.5%, compared to 2.1% average of significant Italian banks and 2.2% average of European banks (8), Net NPL Ratio stood at 0.7% and annualized cost of risk(9) was equal to 9 bps. At the end of June 2026 the Banking Group Common Equity Tier 1 Ratio (5) was 17.45%, Credemholding Common Equity Tier 1 Ratio(5) was 16.22% compared to 8.55%, the minimum assigned by ECB(6). Annualized ROTE(1) stood at 15.9% and annualized ROE(1) at 14.1%.
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PRESS RELEASE 3 “The results for this half -year confirm the Group's ability to create sustainable, long -term value,” stated Stefano Morellini, General Manager of Credem . “Our strategy is founded on organic growth and a strong commitment to local communities, where we cont inue to invest through our retail and private banking branches, corporate business centers, financial advisory services, and a product offering dedicated to various client segments. We strongly believe in the role of our people who, supported by technology, deliver value to both retail and corporate clients; for this reason, we continue to hire in order to support the broader economic and social footprint. We remain focused on internal development while selectively evaluating potential external growth opportunities, always with the goal of creating real value through the growth of our people and our relationship with local territories”, concluded Morellini. General Director Stefano Morellini will present the results to the financial community tomorrow 5 August at 10:00 AM CEST Time. Consolidated economic results(12)(*) At the end of June 2026 operating income stood at €1,048.7 million, compared to €937.0 million of the previous year (+11.9% YoY). Within the aggregate, net interest income (13) was equal to €501.5 million compared to €474.4 million in the first half of 2025 (+5.7% YoY). Non Interest Margin(14)(15) stood at €547.2 million compared to €462.7 million in the same period of the previous year (+18.3% YoY). In detail, Asset Management and Brokerage Fees net of performance fees reached €291.8 million (+19.0% YoY), including performance fees they reached €321.6 million (+26.2% YoY). Banking fees amounted to €102.1 million (-0.3% YoY), broadly stable despite the disposal of the merchant acquiring business. Contribution from financial activities reached €60.2 million (+17.4% YoY). Insurance income was €54.4 million (+28.1% YoY). Operating costs(15) were €487.0 million compared to €462.2 million at the end of June 2025 (+5.4% YoY). In detail, the administrative expenses amounted to €163.5 million (+5.0% YoY), while staff costs were €323.5 million (+5.5% YoY). Cost/income(16) stood at 46.4% compared to 49.3% in the first half of 2025. Gross operating profit was €561.7 million compared to €474.8 million in the same period of the previous year (+18.3%). D&A amounted to €57.5 million compared to €54.3 million at the end of June 2025 (+6.0% YoY). Net Operating profit was €504.2 million compared to €420.5 million at 30 June 2025 (+19.9% YoY). Provisions for risks and charges (15) were -€1.7 million compared to a positive impact of €0.8 million in the same period last year. Loan loss provisions(15) were €17.0 million (compared to 5.2 million at the end of June 2025). Cost of risk(9) was equal to 9 bps. Net extraordinary income/charges (15) was +3.3 million (+€90.9 million at the end of June 2025, which included €95 million deriving from the disposal of Credem's merchant acquiring business to Worldline Italia). Profit before taxes was €488.7 million compared to €412.0 million in the first half of 2025, net of the €95 million gain arising from the disposal of the merchant acquiring business, while taxes for the period
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PRESS RELEASE 4 amounted to €175.8 million (€135.2 million at th e end of June 2025, +30.1% YoY). Consolidated net profit stood at €312.9 million, compared to 371.8 million. Net profit grew by 12.5% YoY, considering the first half 2025 result of €278.1 million, net of the €93.7 million benefit from the disposal of the m erchant acquiring business completed in early 2025. Consolidated balance sheet aggregates (3)(**) Group Customer Funding at the end of June 2026 stood at €120.8 billion compared to €107.2 billion in the same period of the previous year (+12.8% YoY). Group Total Funding amounted to €139.8 billion compared to €124.9 billion at the end of June 2025 (+11.9% YoY). In detail, Direct Deposits from customers reached €41.0 billion compared to €39.3 billion in the first half of the previous year (+4.5% YoY). Group Direct Deposits amounted to €45.5 billion compared to €43.6 billion at the end of June 2025 (+4.2% YoY). Insurance reserves stood at €11.4 billion, +14.0% compared to €10.0 billion in the same period of the previous year. Premiums of life and non-life protection products amounted to €60.9 million, (+15.4% YoY). Indirect Customer Deposit amounted to €68.5 billion compared t o €57.9 billion at the end of June 2025 (+18.2% YoY). In detail, AUM amounted to €39.9 billion compared to €35.3 billion in the same period of the previous year (+13.1% YoY). Within the aggregate portfolio management accounts amounted to €6.9 billion (+5.5 % YoY), mutual funds and Sicav amounted to €18.4 billion (+15.3% YoY), third-party products and other assets under management amounted to €14.7 billion (+14.3% YoY). The Group's liquidity reserves amounted to nearly €19.2 billion (€18.9 billion at the end of 2025), representing approximately 28% of total assets. This level is supported by 1.0 billion in deposits with central banks (€1.5 billion at the end of 2025) and €12.7 billion in unencumbered ECB-eligible assets (11.8 billion at the end of 2025). Loans to customers grew by 2.1% YoY (compared to the Industry (4), which grew by 3.0% over the same period), standing at €37.5 billion compared to €36.7 billion in the same period of 2025, with a constant focus on portfolio quality. Specifically, residential mortgage inflows amounted to €763 million, with a total stock of €11.614 million (+2.1% YoY). At the end of June 2026, the securities portfolio reached €12,211 million with an average maturity of 4.2 years. Total Italian government bonds amounted to €4.6 billion (approximately 39% of the portfolio), of which 81% in the HTC accounting category, thus reducing further volatility risks deriving from the Btp-Bund spread. Net NPL ratio was 0.67% (compared to 0.70% at the end of June 2025) significantly lower than the industry average(4) equal to 1.28%. Gross bad loans amounted to €197.5 million and the bad loans coverage was 79.9% (82.6% in the same period of the previous year). Net NPLs were €252.3 million, down by 1.3% compared to €255.6 million at the end of June 2025. Gross NPL amounted to €579.2 million, down by 4.3% compared to €605.2 million in the same period of the previous year. Coverage of total gross non performing loans was 56.4% (57.8% at the end of June 2025); the figure, including the shortfall (17), goes up to 59.9%. Gross NPL Ratio(7) stood at 1.5% (1.6% at the end of June 2025) vs an average of significant Italian banks(8) of 2.11% and a EU average(8) of 2.18%. Capital Ratios Credemholding CET1 ratio(5) stood at 16.22%, at the highest levels of the industry with over €1.8 billion of margin on regulatory capital requirements ; 2026 minimum requirement CET1 Ratio (SREP) (6) assigned to
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PRESS RELEASE 5 the Group, among the lowest among Italian banks directly supervised by ECB, is equal to 8.55%. Tier 1 capital ratio(5) was 16.53% and Total capital ratio(5) was 18.67%. Businesses and activities of the Group BANKING > COMMERCIAL BANKING Thanks to 410 retail branches, 44 corporate centers and the network of 556 financial advisors, Commercial Banking reached €63.9 billion of funding (+8.4% YoY) and 27.2 billion of loans (+0.6% YoY). In detail, the network of financial advisors achieved €11.3 billion of funding (+12.6% YoY), €823 million of loans (+3.7% YoY) and hired 19 professiona ls since the beginning of 2026; the strategy of accelerated customer growth continued in the first half with the network of branches, corporate centers, Credem Banca’s financial Advisors and digital channels (Credem Link), which acquired approximately 52,3 00 new customers and an acquisition rate of 7.8%. > EXTENDED BANKING SERVICES, CONSUMER CREDIT & TECHNOLOGY Credemleasing generated €559.5 million in overall new business during the period, reaching net balance sheet loans to approximately €3.5 billion (+2.0% YoY), and recorded a net profit of €20.6 million in the first half of 2026, compared to €20.2 million in the same period of the previous year. Credemfactor recorded €2.8 billion of new gross receivables sold (turnover) up 13.1% compared to the same period of the previous year, and closed as of June 30, 2026, with a net profit of €4.2 million (€4.6 million in June 2025). Avvera, a company of Credem Group specialized in residential mortgages, consumer credit, salary and pension-backed loans, achieved a net profit of €17.9 million in the first half of 2026, up significantly compared to the previous year (+17% YoY). Total business volumes stood at €1.2 billion, in line with 2025. From an operational standpoint, the company demonstrated consistent performance, characterized by a progressive improvement in purpose -specific loans. In detail, personal loan disbursements reache d volumes of €185 million, while purpose-loan originations hit €422 million (+9% YoY). Mortgage brokering reached €384 million. Salary-backed loans recorded a performance in line with last year, with total volumes of €239 million. Credemtel, the company, active in providing digital services to businesses and Public Administration, focused on optimizing Cloud migration and renewing facility management services, while placing a strong focus on Artificial Intelligence. As of June 30, 2026, the company recorded a positive growth trend, with total revenue reaching €22.8 million (+7.7% YoY) and a net profit of €2.72 million.
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PRESS RELEASE 6 > PRIVATE BANKING Credem Euromobiliare Private Banking (CEPB), the Private Bank of Credem Group, at the end of June 2026 had 74 branches and financial centers present throughout the national footprint and 695 professionals. As of June 30, 2026, net profit stood at €31.0 million, with overall customer assets (direct deposits, assets under administration, assets under management, and loans) reaching €54.6 billion, backed by a positive contribution from net inflows (direct, managed, and administered) of approximately €1.4 billion. Furthermore, the recruitment of high-profile professionals with large per-capita portfolios continued. At the end of June 2026, the company had 373 private bankers and 322 financial advisors, having recruited 22 professionals since the beginning of the year. WEALTH MANAGEMENT As of June 30, 2026, the Group's wealth management companies reached €36.7 billion in assets under management, recording a growth of over 12% YoY. The development of a broad and diversified range of investment solutions, including a focus on sustainability, continues. A t the end of June, total assets linked to the Group's investment products and services with ESG (11) (environmental, social, and governance) characteristics reached approximately €16.7 billion, +10,7% compared to the same period of 2025. To support the strategic evolution of the Wealth Management business model, the Group initiated a significant rebranding project to reinforce our “Federation of Businesses” approach. In first half of 2026, foundational steps were taken to roll out new bran ding across Credem Private Equity, Euromobiliare Asset Management SGR, and Euromobiliare Advisory SIM, which took on the names Credem Euromobiliare Private Asset, Credem Euromobiliare Asset Management SGR , and Credem Euromobiliare Advisory SIM (effective July 1 for the latter two). Credemvita's strategy is guided by its ability to adapt to changing client protection needs, maintaining an ongoing commitment to innovating and enhancing its product offering. The effectiveness of this approach is reflected in the performance for the first half of 2026, which closed with net inflows of €557 million (+5% YoY), driven by broad -based performance across all business lines. Class I premiums were up 8% YoY, and Class III advanced 16% YoY. Growth in multi -segment products accelerated sharply (+101% YoY), fueled by strong demand for the 'Orizzonte by Credemvita' solution. Supplementary pensions also contributed positively (+10% YoY), supported by the launch of the 'Destinazione Futuro by Credemvita' open pension fund. Credemvita closed the period with a net profit of €27.9 million. Net inflows for Credem Euromobiliare Asset Management SGR reached €903 million as of June 30, 2026 (including UCITS, LPS portfolio management, and other lines). Furthermore, the development of regular savings plans (PACs) was strong, with first-half production reaching €258 million, up significantly compared to the same period of the previous year (+31.1%). Net profit for the period stood at €43 million (+69.6% YoY), driven by the positive impact of incorporating the new business units from Euromobiliare Advisory SIM and the contribution from performance fees on managed products. INNOVATION AND DIGITAL TRANSFORMATION ● Digital services: approximately 39 million remote transactions were performed by customers in the first half (95.7% of the total), alongside 460 thousand virtual interactions managed through advanced support tools. In this area, the Group is launching trials of agentic mod els, evolving traditional chatbots and
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PRESS RELEASE 7 voicebots into systems capable of supporting support processes and complex interactions in a more autonomous and proactive manner. ● Artificial Intelligence as an Engine for transformation and productivity. The adoption of Artificial Intelligence technologies continues, not only to drive individual productivity in respective work areas, but also to support the acceleration of IT innovation and operational processes. The implementation of generative and agentic AI solutions is transforming the software development lifecycle: it is no longer merely support for code writing, but a true logical partner for complex tasks such as legacy system refactoring, test automation, and assisted debugging. Supported by targeted i nternal training pathways, this approach enables the Group to combine greater operational agility with increasingly high quality and security standards. ● During the second quarter of the year, the Group received a prestigious recognition from ABI Lab for the "Quantum Hub" project, developed in collaboration with the University of Modena and Reggio Emilia. The initiative aims to explore and apply quantum computing frontiers to the banking sector, enabling the development of predictive models to support customer services. ● The Group confirms its pioneer role in adopting Generative Artificial Intelligence at an enterprise level. The initiative recorded strong engagement metrics, with active users reaching nearly 74.4% across central offices. Furthermore, aimed at driving the transition "from knowing to know -how", the "EngAIgement" training program continues into 2026. The program extensively involved the organization to promote a conscious, efficient, and safe use of AI tools, reinforcing digital skills to suppo rt productivity and widespread innovation. ● In technological research and experimentation, a series of benchmark tests was launched on locally run, small-scale language models (Small LLMs). The lab aims to identify the optimal balance between logical capabilities, computing power, and performance, evaluating specific use cases for high -confidentiality and high-efficiency data management. In the second quarter, OFFICINE CREDEM hosted approximately 56 events, including plenaries, institutional meetings, conferences, training sessions, and workshops, in collaboration with partners such as Bocconi University, Politecnico di Milano, ABI Lab, an d Reggio Children, alongside several other innovation and regional partners. Among the prominent highlights, the 'Reggio Children Officine' event cycle (May 2026) celebrated the values of the "Reggio Approach," confirming the Group’s focus on welfare and people as strategic assets. The collaboration with Politecnico di Milano was further enriched by the Startup Thinking workshop on June 10, titled 'The evolution of AI Agents', which explored new frontiers in Artificial Intelligence alongside several innovative startups. The Group’s commitment to fostering new skills also translated into hosting the first 'multi-bank' hackathon in partnership with Datapizza and ABI Lab, yielding 7 projects in AI Governance. The Group was also a key player at WMF – We Make Future in Bologna, the international benchmark event for digital innovation: as a partner, Credem took an active role on the jury for the 'Future of FinTech & Digital Asset' call, evaluating leading innovators in the sector and contributing to the global dialogue on AI and tech transformation. The Group maintained its ongoing commitment to professional organizations and local communities. A key example was the conference hosted at Officine Credem for the Association of Certified Public Accountants, entitled "Negotiated Settlement of Corporate Crises: The Executive Decree of April 23, 2026, and
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PRESS RELEASE 8 Relationships with Banks." This initiative, combined with hosting the launch event for 'Phyre', a community dedicated to exploring the new frontiers of Physical AI, on ce again confirmed Officine Credem as a benchmark for strategic networking and high-value knowledge sharing in the local region. VALUE FOR THE PEOPLE OF THE GROUP ● At the end of June 2026, nearly 90% (18) of employees have an agile working contract with the aim of improve the balance between personal and professional life and further valorizing individual's organizational skills and initiative; ● approximately 16,900 days of training were provided as of June 30, 2026, across all personnel to foster growth and expand professional skills. Focus areas included both behavioral training —such as the 'Self- Efficacy' sales module and technical development, marked by the launch of the Cybersecurity program; ● the Group also maintained its hiring trajectory, with 213 new hires since the start of the year as of June 30, 2026, broadly in line with the figure recorded in the same period of the previous year. Recruitment focused mainly on junior and expert profiles—graduates at both secondary and university levels, aimed at reinforcing the nationwide branch network and the division dedicated to digital transition and innovation. SUSTAINABILITY, VALUE AND WELFARE FOR THE COMMUNITY New €500 Million Bond Issue A new bond issue aimed at institutional and professional investors was completed for an aggregate amount of €500 million. The bond, with a 6 year maturity, a 5 year call option by the issuer, and an annual coupon of 3.5%, was issued in Senior Preferred format ("SP"). The transaction confirms the Group's commitment to sustainable projects, bringing total active green and social bond issuances to approximately €3 billion. Financing for Ecological Transition During the first half of the year, nearly €270 mil lion in green mortgages were disbursed, alongside approximately €370 million in ESG financing for corporate clients and over €80 million in leasing transactions (allocated to full-electric vehicles, photovoltaic systems, and Class A and B energy rating properties, including those under construction), taking the total overall amount to nearly €720 million. Of particular note was a financing facility for the acquisition of the Grimaldi Group’s new Pure Car & Truck Carrier unit, supporting the ecological transition of the maritime sector. The transaction aligns with the EU Taxonomy, the European regulatory framework that defines environmentally sustainable activities based on strict criteria: substantial contribution to an environmental objective, no significant harm to other objectives and compliance with minimum social safeguards. The compliance of the vessel "Grande Shanghai" with Climate Change Mitigation requirements was verified by the third -party entity RINA Prime Value Services, confirming Credem’s commitment to decarbonization. Launch of the New “Well Economy” Section The new “Well Economy” section, a financial education blog designed for all Group stakeholders, is now live on the Credem website. This refreshed hub offers free practical guides on savin gs and investment management, along with insights into longevity and inclusion (such as the “Women & Finance” page), as well as stories showcasing educational projects promoted in partnership with organizations like Save the Children and FEduF.
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PRESS RELEASE 9 Publication of ESG Framework and Impact Report The annual update of the “Green, Social and Sustainability Bond Framework” and the related “Allocation and Impact Report” have been published. Updating the Framework ensures ongoing alignment with evolving market standa rds, in line with European regulatory frameworks and ICMA (International Capital Market Association) principles. The Report highlights the environmental and social impact metrics generated in 2025 through ESG bond issuances: ● Green Bonds: estimated annual savings of approximately 38,000 tonnes of CO₂; ● Social Bonds: support provided to approximately 2,400 families for first-home purchases and to around 27,000 Italian small and medium-sized enterprises (SMEs). Predictable evolution of management At present, the global economy is showing resilience and an ability to absorb the volatility linked to geopolitical uncertainty. The escalation of the conflict between the United States and Iran had repercussions on equity markets and on oil and gas prices. High volatility was recorded in financial markets, with negative effects immediately following military events and a recovery in market prices during truce phases. The direct impact on European institutions is currently contained, while indirect effects on the economy could emerge, linked to rising commodity prices, inflation, and interest rates, should the blockade of the Strait of Hormuz continue in the coming months. In this context, the following evolution of economic aggregates is hypothesized: ● The trend in the financial margin may be supported by volume growth and interest rate dynamics. ● The traditional orientation toward wealth management and the expertise gained over the years should support the trend in the commission component of revenues, although influenced by performance in financial market prices. ● Personnel expenses will be influenced by headcount growth, aimed at guaranteeing and further improving the service model and strategic initiatives. Operating cost trends will likewise be conditioned by and consistent with the development of projects designed to support the businesses in which the Group operates, both from a service model perspective and in terms of digital transformation. ● The cost of credit is expected to remain substantially aligned with our recent past, thanks to risk controls on new disbursements and ongoing monitoring of the loan portfolio. Regarding strategic projects, ongoing initiatives aim to strengthen our business model and enhance customer experience for both retail and corporate clients. In summary, investments in the commercial banking service model will continue: for individual clients, by consolidating the product offering and digital transformation, and for corporate clients, by expanding the operating model and international trade services. Private banking will see a further expansion of physical channels. Additional investment is being allocated to strengthening bancassurance/leasing operations and the Wealth area, with a focus on continuous improvement. Significant momentum is expected from the development plan for artificial intelligence and Generative AI solutions, alongside IT, cyber risk management, and data governance. A clear focus remains on regulatory projects and Supervisor mandates. Furthermore, integration of E SG factors into corporate strategies and operational processes will continue. Conference call The General Manager of Credem, Stefano Morellini, will present the results tomorrow 5 August 2026 at 10:00 AM CEST Time during a conference call which can be followed in webcast mode, with synchronized
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PRESS RELEASE 10 advancement of the slides, by connecting to the websit e www.credem.it section Investor Relations. Alternatively, it will be possible to call the following numbers: +39028020911 (from Italy or other countries), +441212818004 (from UK), +17187058796 and +18552656958 (from USA). *** In accordance with paragraph 2 of Article 154-bis of the Consolidated Law on Finance (D. Lgs. 58/98 “Testo Unico delle disposizioni in materia di intermediazione finanziaria”), the Financial Reporting Manager Giuseppe Malato declares that the accounting information, both individual and consolidated, contained in this press release corresponds to document results, books and accounting records. *** Attached are the individual and consolidated balance sheet and income statement and the reclassified consolidated income statement. The additional periodic financial information referring to 30 June 2026 is not subject to audit. Further information on Credem and the Group companies is available on the website www.credem.it and in the Investor Relations section th ere is a presentation commenting on the consolidated results as at 30 June 2026. (*) 2025 NORMALIZED NET PROFIT: 1H25 net profit of €278.1 million, excluding the €93.7 million gain resulting from the disposal of the merchant acquiring business. (**) ALTERNATIVE PERFORMANCE INDICATORS Credem Group adopts a set of Alternative Performance Measures (“APMs”) in order to enhance a deeper comprehension of the information regarding the economic and financial trends. At this link is available a table illustrating the definition and the calculation of each APM used by the Group, as well as a reconciliation with the lines in the financial reports and related comments. NOTE: (1) ROE= net profit/[(previous year's equity + equity)/ 2]. Equity: algebraic sum of valuation reserves (item 120 + item 125), redeemable share s (item 130), reserves (item 150), share premiums (item 160), capital (item 170) - treasury shares (item 180), consolidated profit net of dividends distributed (or approved) by the parent company or in any case by the consolidation company (item 200). ROTE calculated as normalized net profit/[(tangible equity previous year + tangible equity)/2]. Tangible equity: algebraic sum of valua tion reserves (item 120 + item 125), redeemable shares (item 130), reserves (item 150), share premiums (item 160), capital (i tem 170) - treasury shares (item 180) , consolidated profit net of dividends distributed (or approved) by the parent company or in any case by the consolidation company (item 200) - intangible assets (item 100); (2) the figure refers to new customers acquired by Credem, Credem Euromobiliare Private Banking and Avvera; (3) loans do not include repos, in the technical form of repurchase agreements, to the Compensation and Guarantee Fund, and a t 30 June 2026 the securities valued at amortized cost, equal to €8,020 million. Repurchase agreements are excluded from total direct deposits, while the contribution of the companies belonging to the banking group is included. Insurance deposits include technical provisions and financial liabilities valued at the fair value of Cred emvita. For customer deposits, bonds issued on institutional markets and indirect funding of a financial nature are deducted for all reference periods. Insurance reserves are als o included in total customer deposits; finally the counterpart to the capitalization of properties and cars for rent (IFRS16) is excluded for approximately €132 million. Total net inflows include direct and indirect funding from customer; (4) source ABI Monthly Outlook July 2026 - Press Release; Industry net NPL on net loans is updated as at February 2026; (5) by article 11 paragraph 2 and 3, and 13 paragraph 2 of the EU Regulation No. 575/2013 (CRR), banks controlled by a financ ial holding shall meet the requirements set by such Regulation on the basis of the consolidated statements of the financial holding. In light of these rules on capital r atios, the consolidation perimeter of the Group changed, within the framework set by the prudential supervision. Therefor e, capital ratios were calculated on Credemholding, which holds 79.82% of Credem Spa share capital. The Periodic Financial Report has not been audited. Please note that the Common Equity Tier 1 capital of the Credemh olding Group, as of June 30, 2026, was calculated taking into account the profit realized during the period, for the portion attributable to equity, following, for t he purposes of its computability, the procedure provided for by Article 3 of Decision EU 656/2015 of the European Central Bank of F ebruary 4, 2015, and by Article 26, paragraph 2, of Regulation EU No. 575/2013 concerning prudential requirements for credit institutions and investment firms. Without including the “Net Income for the pe riod” in the calculation of CET1 Capital, the CET1 Ratio would have been 15.7%; (6) see press release CREDEM, the soundest Italian Bank in Europe ; this value includes: i) the minimum requirement defined in Article 92(1)(a) of Regulation 575/2013 (CRR); ii) the value of the capital conservation buffer equal to 2.5%; iii) the Pillar 2 requirement of 1.25% to be held for at least 56 .25% in the form of CET1 capital and for at least 75% in the form of Tier1 capital; iv) the countercyclical capital buffer rate equ al to 0.0357%. v) SyRB equal to 0.81%. This buffer is also calculated on a quarterly basis and, therefore, may vary accordingly; (7) calculated as a ratio between Total Gross NPLs, €579.2 million, and Gross Loans to Customers, €37,878.7 million; (8) source: Supervisory Banking Statistics - First Quarter 2026, NPL Ratio calculated excluding cash at central banks and other sight deposits; (9) calculated as Net value adjustments/write-backs due to impairment of Loans / Loans to customers (without considering the securities component); (10) management data relating to Credem's Commercial Banking Business Unit: 410 retail branc hes, 44 business centers and the network of 556 financial advisors and digital channels. The figure for loans does not include leasing and factoring; (11) the total value of the products and services of Credem Group that promote ESG characteristics and whi ch fall within the Article 8 and Article 9 classifications defined by Community Regulation 2088/19 (so-called SFDR); (12) P&L reclassified figures. The reclassification was performed also considering management accounting figures that could n ot be directly taken from the financial statements and from the explanatory note; (13) includes cash-flows from assets at fair value and “Profit/Loss from Equity Investments”and the profits/losses of equity investments valued using the equity method; (14) includes Credemvita Operating Income and “Other operating income/charges” net of extraordinary income/expenses; (15) Other administrative expenses and fee and commission income have been netted of indirect taxes and duties recovered from clients (€78.7 million as of Ju ne 2026, €72.6 million as of June 2025). As of June 2026, the contribution to the Life Insurance Guarantee Fund, established by the 20 23 Budget Law, amounts to €4.1 million.
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PRESS RELEASE 11 Impairment losses/reversals on credits relating to financial assets measured at am ortized cost referring to securities (-€0.1 million as of June 2026; €1.3 million as of June 2025) and those relating to financial assets measured at fair value through other comprehensive income ( -€0.3 million as of June 2026; €0.2 million as of June 2025 ) are reclassified to fee and commission income. The result from the disposal of NPL loans is reclassified to net adjustments on lo ans and financial transactions (€7.5 million as of June 2026; €11.2 million as of June 2025); (16) calculated as the ratio be tween operating costs and operating income, without including the value of depreciation. Calculating the figure as the ratio between (operating costs + depreciation and amortization) and operating income the ratio would be equal to 51.9%; (17) 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. The shortfall am ount is considered in the calculation of comprehensive coverages on Non Performing Loans both in the ”Addendum to the ECB Guidance to banks on Non Performing Loans” and in the draft law prop osed by the European Commission aimed at introducing minimum coverage on Non Performing Loans; (18) the current figure takes into account the entire workforce; (19) Link to new area “Well Economy” The present document is the English translation of the press release, prepared for and used in Italy, and has been translated onl y for the convenience of international readers. Reggio Emilia, 4 August 2026 CREDITO EMILIANO SPA (Chairman) Lucio Igino Zanon di Valgiurata CONTACTS Media relations Credem Investor relations Credem 🕿 +39.0522.582075 🕿 +39.0522.583076 - 583741 🖂 rel@credem.it 🖂 investor@credem.it 🖳 www.credem.it
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PRESS RELEASE 12 CREDEM – CONSOLIDATED BALANCE SHEET (€,000) Assets 06/30/2026 12/31/2025 10. Cash and cash equivalents 827,562 1,403,332 20. Financial assets at fair value through profit or loss 6,750,702 6,334,267 a) financial assets held for trading 42,125 40,923 c) other financial assets mandatorily measured at fair value through profit or loss 6,708,577 6,293,344 30. Financial assets at fair value through other comprehensive income 10,385,861 9,705,465 40. Financial assets at amortized cost 47,685,205 47,707,320 a) Loans to banks 2,206,657 2,455,324 b) Loans to customers 45,478,548 45,251,996 50. Hedging derivatives 106,834 179,098 60. Remeasurement of financial assets backed by general hedging (+/ -) 43,638 68,555 70. Equity investments 59,651 62,582 80. Insurance Activities (former Technical reserves attributable to reinsurers) 7,159 8,750 b) Reinsurance contracts held that are assets 7,159 8,750 90. Tangible assets 445,718 447,156 100. Intangible assets 509,302 515,564 of which - goodwill 295,098 291,342 110. Tax assets 394,590 443,818 a) current 14,094 53,967 b) deferred 380,496 389,851 130. Other Assets 1,151,324 1,250,091 Total Assets 68,367,546 68,125,998 Liabilities 06/30/2026 12/31/2025 10. Financial liabilities at amortised cost 48,990,794 50,486,460 a) due to banks 2,244,069 3,120,020 b) due to customers 42,082,944 42,847,926 c) outstanding securities 4,663,781 4,518,514 20. Financial liabilities held for trading 16,528 13,910 30. Financial liabilities at fair value 3,711,033 4,744,132 40. Hedging derivatives 269,626 482,249 50. Remeasurement of financial liabilities backed by general hedging (+/ -) (106,992) (74,628) 60. Tax liabilities 358,551 328,853 a) current 30,182 21,110 b)deferred 328,369 307,743 80. Other liabilities 2,541,954 1,447,466 90. Provisions for staff termination indemnities 24,379 24,738 100. Provisions for risk and charges: 195,795 236,019 a) commitments and guarantees given 5,760 6,310 b) pensions and similar commitments 940 1,010 c) other provisions 189,095 228,699 110. Insurance Liabilities (former Technical reserves) 7,642,796 5,773,970 a) Insurance contract liabilities 7,641,339 5,773,169 b) Reinsurance contracts liabilities 1,457 801 120. Valuation reserves (50,707) (51,076) 150. Reserves 3,812,386 3,449,325 160. Share premium reserve 321,800 321,800 170. Share capital 341,320 341,320 180. Treasury shares (-) (14,735) (20,010) 190. Minority interests (+/-) 143 4 200. Profit (loss) for the period (+/-) 312,875 621,466 Total liabilities and shareholders’ equity 68,367,546 68,125,998
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PRESS RELEASE 13 CREDEM – CONSOLIDATED INCOME STATEMENT (€,000) Items 06/30/2026 06/30/2025 10. Interest income and similar revenues 857,611 838,265 of which: interest income calculated applying the effective interest method 839,162 828,713 20. Interest expense and similar charges (279,990) (304,232) 30. Interest margin 577,621 534,033 40. Commission income 478,014 418,806 50. Commission expense (127,426) (104,399) 60. Net commissions 350,588 314,407 70. Dividends and similar revenues 23,064 22,460 80. Net result from trading activities 27,323 13,477 90. Net result from hedging activities (1,300) (573) 100. Profit (loss) from sale or repurchase of: 52,573 39,224 a) financial assets at amortised cost 50,700 27,881 b) financial assets at fair value through other comprehensive income 1,873 11,343 110. Net result from financial assets and liabilities at fair value through other comprehensive income 93,840 26,001 a) financial assets and liabilities measured at fair value (200,750) (9,916) b) other financial assets measured at fair value mandatory through profit or loss 294,590 35,917 120. Operating income 1,123,709 949,029 130. Net value adjustments/write-backs due to impairment of: (25,380) (14,135) a) financial assets at amortised cost (25,088) (14,432) b) financial assets at fair value through other comprehensive income (292) 297 140. Profit/Loss from contractual changes without cancellations (147) (231) 150. Net income from financial activities 1,098,182 934,663 160. Insurance Services Results (former Net premiums) 40,744 33,778 a) insurance revenue arising from insurance contracts issued 62,163 53,193 b) insurance service expenses arising from insurance contracts issued (20,129) (19,165) c) insurance revenue arising from reinsurance contracts held 969 2,118 d) insurance services expenses arising from reinsurance contracts held (2,259) (2,368) 170. Other income/expenses from insurance activities (124,857) (58,926) a) Net financial expenses/revenue related to insurance contracts issued (124,889) (58,977) b) Net financial expenses/revenue related to reinsurance contracts held 32 51 180. Net Income from Financial and Insurance Activities 1,014,069 909,515 190. Administrative costs (565,727) (538,362) a) personnel costs (323,518) (306,608) b) other administrative costs (242,209) (231,754) 200. Net provisions for risk and charges (1,181) 319 a) commitments and guarantees given 552 (472) b) other net provisions (1,733) 791 210. Net value adjustments/write-backs to tangible assets (22,584) (22,282) 220. Net value adjustments/write-backs to intangible assets (34,943) (32,001) 230. Other operating income/charges 94,690 185,977 240. Operating costs (529,745) (406,349) 250. Profit (loss) from equity investments 4,183 3,785 280. Profit (Loss) from disposal of investments 237 2 290. Profit (loss) before tax from continuing operations 488,744 506,953 300. Taxes on income from continuing operations (175,839) (135,200) 310. Profit (loss) after-tax from continuing operations 312,905 371,753 330. Profit (loss) for the period 312,905 371,753 340. Profit (loss) attributable to minority interests (30) - 350. Profit (loss) attributable to the parent company 312,875 371,752
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PRESS RELEASE 14 CREDEM – RECLASSIFIED CONSOLIDATED INCOME STATEMENT (€, MILLION) 1st quarter 2nd quarter 06/26 06/25 Var% 2nd quarter 25 12/25 Net interest income 244.4 257.1 501.5 474.4 5.7 240.1 973.9 Non interest margin (*) (**) 258.6 288.6 547.2 462.7 18.3 221.5 909.6 Operating Income 502.9 545.7 1,048.7 937.0 11.9 461.6 1,883.5 Personnel costs (164.6) (158.9) (323.5) (306.6) 5.5 (148.4) (620.9) Administrative costs (*) (79.0) (84.5) (163.5) (155.6) 5.1 (79.2) (313.3) Operating costs (243.6) (243.4) (487.0) (462.2) 5.4 (227.6) (934.2) Gross operating profit 259.3 302.3 561.7 474.8 18.3 234.1 949.3 Amortization & Depreciation (28.0) (29.5) (57.5) (54.3) 5.9 (27.7) (111.2) Net operating profit 231.3 272.8 504.2 420.5 19.9 206.4 838.1 Provisions for risks & charges (0.7) (1.0) (1.7) 0.8 (312.5) 1.0 (12.4) Extraordinary income/charges (5.8) 9.1 3.3 90.9 (96.4) (3.4) 90.5 Net adjustments to loans and other financial transactions (**) (***) (6.5) (10.6) (17.0) (5.2) 226.9 5.0 (47.6) PROFIT BEFORE TAX 218.3 270.4 488.7 507.0 (3.6) 209.0 868.6 Income taxes for the period (78.8) (97.0) (175.8) (135.2) 30.0 (66.5) (247.2) NET PROFIT 139.5 173.4 312.9 371.8 14.8 142.5 621.5 EARNING PER SHARE 0.92 1.09 18.5 1.83 DILUTED EARNINGS PER SHARE 0.92 1.09 18.5 1.83 This reclassification was performed also considering management accounting figures that could not be directly taken from the financial statements and from the explanatory notes, (*) Other administrative expenses and fee and commission income have been netted a gainst indirect taxes and duties recovered from clients (€78.7 million in June 2026, €72.6 million in June 2025); (**) Valuation adjustments/write-backs on credit exposures related to financial assets measured at amortized cost pertaining to securities (-€0.1 million in June 2026; €1.3 million in June 2025) and those relating to NPL sales (€7.5 million in June 2026; €11.2 million in June 2025) are reclassified to fee and commission income. (***) The net gain/loss on the disposal of NPL portfolios is reclassified to net impairment losses on loans and financial transactions (€7.5 million in June 2026; €11.2 million in June 2025). KEY: Net Interest Income + Item 30 Net interest income + Item 70 Dividends and similar income (only the portion related to equity dividends of HTC and HTCS securities) + Item 250 Gains (losses) on investments excluding gains/losses on disposals/valuations - Credemvita net interest income Non-Interest Margin + Item 60 Net fee and commission income + Item 80 Net profit (loss) from trading + Item 90 Net profit (loss) from hedging + Item 100 Profit (loss) on disposal or purchase excluding only gains/losses on equity securities component + Item 110 Net profit (loss) from financial assets and liabilities designated at fair value + Item 130 a) Net value adjustments/write-backs due to impairment of a) financial assets at amortised cost (limited to securities classified among such accounting category) + Item 130 b) financial assets at fair value through other comprehensive income + Item 160 Insurance service result + Item 170 Net other operating income/charges from insurance activities + Item 230 Other operating income/charges (net of extraordinary items and recoveries of indirect taxation) + Item 70 Dividends and similar income (net of the portion related to equity dividends classified in HTC and HTCS) + Credemvita net interest income Operating Profit + Operating Income + Item 190 Administrative costs (personnel costs and other administrative costs) + Item 210 Net adjustments to (recoveries on) tangible assets + Item 220 Net adjustments to (recoveries on) intangible assets Profit before tax + Operating Profit + Item 130 Net value adjustments/write-backs due to impairment of Loans (net of those included in the Non Interest Margin) + Item 140 Profit (loss) from contractual changes without cancellations + Item 200 Net provisions for risks and charges + Extraordinary income/charges: + Item 230 Other operating income/charges (only extraordinary items – imbalance of extraordinary items) + Item 270 Goodwill impairment + Item 280 Gains (losses) on disposals of investments + Item 320 Profit (loss) after tax from discontinued operations
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PRESS RELEASE 15 CREDEM – CONSOLIDATED CASH FLOW STATEMENT, INDIRECT METHOD (€,000) A. OPERATING ACTIVITIES Amount 31/12/2 019 06/30/2026 06/30/2025 1. Cash flow from operations 42,180 116,697 - profit (loss) of the period (+/-) 312,875 371,752 - capital gain/losses on financial assets/liabilities held for trading and on assets/liabilities measured at fair value through profit or loss (-/+) (15,339) 56,758 - capital gains/losses from hedging operations (-/+) 1,300 573 - net write-offs/write-backs due to impairment (+/-) 47,721 38,474 - net write-offs/write-backs on property, plants and equipments and intangible assets (+/-) 57,527 54,283 - provisions and other income/espenses (+/-) 1,181 (319) - other uncollected insurance income/expenses (-/+) (1,716) (18,751) - not paied tax (+/-) 56,959 26,377 - other adjustments (+/-) (418,328) (412,449) 2. Cash flow from (used in) financial assets (367,339) 1,117,233 - financial assets held for trading (44,038) (142,211) - other financial assets mandatorily designated at fair value (143,916) (230,781) - other financial assets at fair value through comprehensive income (642,938) 866,166 - other financial assets at amortized cost 187,377 (226,830) - other assets 276,176 850,888 3. Cash flow from (used in) financial liabilities (1,852,277) (3,928,023) - financial liabilities designated at amortized cost (1,352,960) (4,216,924) - financial liabilities held for trading 2,618 17,684 - financial liabilities designated at fair value (1,246,044) 122,103 - other liabilities 744,109 149,114 4. Cash flow from (used in) insurance contracts and reinsurance contracts 1,870,417 429,062 - insurance contracts issued that are liabilities/assets 1,868,170 428,360 - reinsurance contracts held that are liabilities/assets 2,247 702 Net cash flow from (used in) operating activities (307,019) (2,265,031) B. INVESTMENT ACTIVITIES 1. Cash flow from 5,663 256 - sales of property, plant and equipment 663 256 - sales of subsidiaries and divisions 5,000 - 2. Cash flow used in (24,626) (30,302) - purchases of equity investments - (115) - purchases of property, plant and equipment (6,750) (16,442) - purchases of intangible assets (17,876) (13,745) Net cash flow from (used in) investment activities (18,963) (30,046) C. FUNDING ACTIVITIES - issue/purchase of treasury shares 5,275 (2,360) - dividend distribution and other (255,063) (255,841) Net cash flow from (used in) funding activities (249,788) (258,201) NET CASH FLOW FROM (USED IN) THE PERIOD (575,770) (2,553,278) RECONCILIATION Amount 06/30/2026 06/30/2025 Cash and cash equivalents at the beginning of the period 1.403.332 4.207.806 Net increase (decrease) in cash and cash equivalents (575.770) (2.553.278) Cash and cash equivalents: effect of exchange rate variations - - Cash and cash equivalents at the end of the period 827.562 1.654.528
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PRESS RELEASE 16 CREDEM – INDIVIDUAL BALANCE SHEET (€- PRELIMINARY FIGURES) Assets 06/30/2026 12/31/2025 10. Cash and cash equivalents 811,232,117 1,382,506,510 20. Financial assets at fair value through profit or loss 71,537,108 74,094,111 a) financial assets held for trading 43,414,601 42,327,202 c) other financial assets mandatorily measured at fair value through profit or loss 28,122,507 31,766,909 30. Financial assets at fair value through other comprehensive income 5,433,882,177 5,155,754,935 40. Financial assets at amortized cost 45,670,578,916 45,764,131,054 a) loans to banks 2,172,736,953 2,419,039,078 b) loans to customers 43,497,841,963 43,345,091,976 50. Hedging derivatives 105,562,409 177,632,691 60. Remeasurement of financial asset backed by general hedging (+/-) 44,865,709 69,926,666 70. Equity investments 555,013,411 555,844,762 80. Tangible assets 372,568,782 375,889,959 90. Intangible assets 402,350,506 414,575,705 Of which: - goodwill 240,060,423 240,060,423 100. Tax assets 156,708,336 188,181,419 a) current 4,561,299 23,321,124 b) deferred 152,147,037 164,860,295 120. Other assets 744,170,621 822,572,385 Total assets 54,368,470,092 54,981,110,197 Liabilities 06/30/2026 12/31/2025 10. Financial liabilities at amortised cost 48,973,950,059 50,277,759,144 a) due to banks 10,381,361,405 11,267,528,563 b) due to customers 33,929,911,829 34,493,012,095 c) outstanding securities 4,662,676,825 4,517,218,486 20. Financial liabilities held for trading 17,817,117 15,313,684 40. Hedging derivatives 269,609,902 482,187,737 50. Remeasurement of financial liabilities backed by general hedging (+/-) (106,992,146) (74,628,309) 60. Tax liabilities 106,077,406 88,618,886 a) current 17,842,353 - b) deferred 88,235,053 88,618,886 80. Other liabilities 2,045,240,031 1,060,894,338 90. Provisions for staff termination indemnities 18,833,734 19,192,569 100. Provisions for risk and charges: 147,293,800 172,962,768 a) commitments and guarantees given 5,702,327 6,247,437 b) pensions and similar commitments 868,688 937,112 c) other provisions 140,722,785 165,778,219 110. Valuation reserves (67,707,718) (69,329,202) 140. Reserves 2,146,654,479 1,991,313,459 150. Share premium reserves 321,799,668 321,799,668 160. Share capital 341,320,065 341,320,065 170. Treasury shares (-) (14,735,028) (20,009,852) 180. Profit (loss) for the period (+/-) 169,308,723 373,715,242 Total liabilities and shareholders’ equity 54,368,470,092 54,981,110,197
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PRESS RELEASE 17 CREDEM – INDIVIDUAL INCOME STATEMENT (€- PRELIMINARY FIGURES) Items 06/30/2026 06/30/2025 10. Interest income and similar revenues 675,936,443 681,197,944 of which: interest revenues calculated using the effective interest method 668,349,108 680,462,706 20. Interest expense and similar charges (314,923,665) (331,302,774) 30. Net interest income 361,012,778 349,895,170 40. commission income 262,377,720 252,166,090 50. commission expense (56,252,596) (57,190,575) 60. Net commissions 206,125,124 194,975,515 70. Dividends and similar revenues 5,995,177 5,821,827 80. Net result from trading activities 25,648,591 21,241,659 90. Net result from hedging activities (1,268,457) (571,691) 100. Profit (loss) from sale or repurchase of: 50,299,598 38,373,926 a) Financial assets at amortized cost 47,491,461 27,226,943 b) Financial assets at fair value through other comprehensive income 2,808,137 11,146,982 c) Financial liabilities - 1 110. Net result from financial assets and liabilities at fair value through profit or loss 931,819 (644,765) b) other financial assets mandatorily measured at fair value 931,819 (644,765) 120. Operating income 648,744,630 609,091,641 130. Net value adjustments/write-backs due to impairment of: (10,791,445) 59,258 a) Financial assets at amortized cost (10,888,749) (576,529) b) Financial assets at fair value through other comprehensive income 97,304 635,787 140. Profit/loss from contractual changes without cancellations (148,726) (239,972) 150. Net income from financial activities 637,804,459 608,910,927 160. Administrative costs: (409,234,886) (387,715,268) a) personnel costs (238,369,829) (223,801,614) b) other administrative costs (170,865,057) (163,913,654) 170. Net provisioning for risk and charges: (959,571) 220,239 a) commitments and guarantees given 545,111 (463,672) b) other net provisions (1,504,682) 683,911 180. Net value adjustments/write-backs to tangible assets (18,489,102) (18,489,508) 190. Net value adjustments/write-backs to intangible assets (27,415,966) (25,347,639) 200. Other operating income/charges 87,226,192 168,340,956 210. Operating costs (368,873,333) (262,991,220) 250. Profit (loss) from disposal of investments 236,214 4,097 260. Profit (loss) before tax from continuing operations 269,167,340 345,923,804 270. Taxes on income from continuing operations (99,858,617) (81,777,977) 280. Profit (loss) after-tax from continuing operations 169,308,723 264,145,827 300. Profit (loss) for the period 169,308,723 264,145,827