Slides
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9M25 results 11 November 2025
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2 1. 3Q25 Consolidated results 2. Focus on Banca Ifis stand-alone: 3Q25 results 3. Appendices 3.1 Banca Ifis stand-alone – Financial results 3.2 Banca Ifis stand-alone - Company overview 3.3 illimity - Company overview Index
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3 3Q25 Consolidated results1
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4 3Q25 Group results In 3Q25, the Group net income of €385mln reflects Banca Ifis’s resilient profitability and the effects of illimity first consolidation (with badwill and non-recurring expenditures) Banca Ifis standalone confirms its robust profitability, which is on track to achieve its net income guidance of €160mln*. The 3Q25 profitability reflects the usual summer seasonality and is expected to accelerate in 4Q25 In the current benign spread environment and with more than €3bn available cash**, Banca Ifis is in a strong position to replace funding at lower rates both on the retail side and in the wholesale market Solid CET1 ratio at 14.25% on 30 Sept 25, including net income and after deducting the dividends accrued in 9M25. CET1 will benefit from the disposal of the non-core stake in Hype which will bring a positive impact of ca. 55bps €1.2 interim dividend per share confirmed, to be paid on 26 Nov. 2025 (total €73mln). The ex- dividend date is on 24 Nov, the record date on 25 Nov. and the payment date on 26 Nov. 1 2 3 4 *Excluding the costs related to the acquisition of illimity **Includes counterbalancing capacity 5
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5 Update on illimity In 3Q25, illimity reported a net loss of -€22mln (-€11mln excluding non-recurring items) due to seasonality and the start of the restructuring process that will require a few additional quarters. illimity’s return to profitability is expected during 2026 The due diligence on illimity’s assets requested by ECB will be completed in 4Q25. It is worth noting that significant adjustments on illimity’s portfolio have been previously booked (in aggregate ca. €300mln) Preliminary estimate of €110mln integration costs confirmed (€16mln already booked in 3Q25 and the remaining amount to be booked in 4Q25) Strategic review of illimity’s non-core assets and subsidiaries has started, based on the fit with Banca Ifis, the potential for long term value creation and the investments required in terms of capital expenditure and human resources. As part of this process, Banca Ifis accepted an offer for its non-core stake in Hype from Banca Sella for €85mln 1 2 3 4
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6 • Due diligence on all illimity assets initiated • Assessment of non-core assets initiated Settlement of the exchange offer and delisting Appointment of the new BoD, Chairman, CEO Actions taken Finance actions Funding strategy for the combined entity Integration of proprietary portfolio Commercial Banking actions Completed analysis of illimity offering in Retail, Commercial, CIB, Turnaround businesses Cross-selling strategy in commercial and investment banking activeted NPL Business actions Assessment of NPL portfolios (proprietary and securitized) started Change of control Due diligence Business and financial integration 4Q ‘25 2H ‘26 1H ‘26 Next steps Definition of the combined entity target operating model and structure Integration of internal control frameworks Potential further assets disposal Completion of due diligence requested by ECB Completion of: ‒ Commercial and retail target product offer and distribution strategy ‒ NPL business integration strategy ‒ IT migration roadmap ‒ Harmonization of credit policy Business Plan Completion of IT systems integration Merger by incorporation of illimity into Banca Ifis Value capture through integration Completed Non core assets disposal actions Disposal of 50% stake in Hype to Banca Sella
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3Q25 Reclassified Consolidated Income Statement - (€ mln) Consolidated o/w Ifis o/w illimity Net interest income 130.3 101.2 29.1 Net commission income 38.1 22.0 16.1 Trading and other revenues 17.1 15.6 1.5 Total Revenues 185.5 138.8 46,7 Loan loss provisions (11.2) (4.3) (6.9) Total Revenues - LLP 174.1 134.4 39.7 Personnel expenses (62.8) (45.2) (17.6) Other administrative expenses (84.7) (57.6) (27.1) Other net income/expenses 0.2 (0.5) 0.7 Operating costs (147.3) (103.3) (44.0) Charges related to the banking system - - - Net allocations to provisions for risk and charges (2.6) (2.5) (0.1) Non-recurring items 381.1 382.4 (1.3) Profit (loss) on equity investments (0.4) - (0.4) Gains (Losses) on disposal of investments 0.1 - 0.1 Pre tax profit 405.0 411.0 (6.0) Taxes (19.7) (3.3) (16.4) Net income - attributable to the Parent company 385.1 407.5 (22.4) Group’s quarterly results reflect seasonality and non- recurring items related to illimity transaction In the above statements: Net impairment losses/reversals on receivables of the Npl Segment were reclassified to interest receivable and similar income to the extent to which they represent the operations of this business and are an integral part of the return on the investment. Loan loss provisions include: “Net provisions for unfunded commitments and guarantees”; “Profit (loss) from sale of loans measured at amortised cost (excluding Npl Segment)” • 3Q25 consolidated net income at €385mln which includes the following non-recurring items: o +€400mln badwill1 o -€13mln extraordinary costs related to tender offer2 o -€16mln integration costs3 • 3Q25 Group net revenues reflect the usual summer seasonality and the reduction in base rates • In 4Q25 Group’s recurring profitability expected to accelerate driven by Banca Ifis’s usual 4Q seasonality with illimity still impacted by the ongoing integration process. In 4Q25, results will include the remaining integration costs and the potential adjustments of the due diligence carried out by the independent auditor (PWC) • In 4Q25, we will see the effect of the due diligence and the booking of the integration costs 7 1) Booked in “Non-recurring items” (Ifis) 2) Booked in “Non-recurring items” (-€12mln Ifis and -€1mln illimity) 3) Booked in “Non-recurring items” (-€6mln Ifis) and in “Taxes” (-€10.5mln illimity)
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Funding synergies from refinancing existing maturities 8 1.263 1.476 531 504 300 61 360 4Q25 1Q26 2Q26 3Q26 Bonds Retail deposits 6.63% 3.44% 0 3.59% 6.15% 2.89% 4.72% 2.93% Bond Retail deposits Group’s funding maturity (€mln) • Banca Ifis and illimity will operate more efficiently and effectively in the capital markets • We expect to progressively refinance funding maturities at a lower rate • In July, we have issued a senior bond (3.625% coupon), to refinance illimity’s €300mln senior bond (6.625% coupon) maturing in Dec 25 • The immediate funding strategy is focused on renewing the €2.7bn retail deposits maturing in 4Q25 and in 1Q26, maintaining a strong engagement with our customer base Average Cost: 1) illimity 3Y senior bond expiring in Dec 25. Amount already refinanced by Ifis 2) Includes €200mln illimity Tier 2 bond (callable in August 2026 subject to Bank of Italy authorisation, coupon of 4.375%) and €160mln illimity senior bond (maturity in August 2026) underlying a repo transaction 2 1
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Solid capital ratios to face the integration of illimity SREP* 9.82% 2Q25 CET1 3Q25 CET1 Total capital 18.18% 16.79% (1.39)% 16.52% 14.25%(2.27)%CET1 9,821 13,949 RWA €mln CET1 of 14.25% as of 30 Sep 25, calculated including 9M net income and net of interim dividend (and also net of full year foreseeable dividend not paid out yet) Key items of CET1 evolution in 3Q25 • +2.48% due to net income after deducting the dividends accrued in 9M25 (including €400.4mln of badwill and €-22.4 mln of illimity net loss) • +1.31% of capital increase due to the tender offer (OPAS) • -1.17% of calendar provisioning, intangible assets & goodwill • -4.89% due to RWA increase mainly attributable to illimity Net income after deducting the dividends accrued in 9M25 9 Capital increase due to the OPAS 2.48% (4.89)%1.31% RWA Increase (1.17)% Calendar Provisioning, Intangible assets & Goodwill illimity net loss o/w illimity (0.16)% Badwill 2.87% Other CET1 illimity items (1.12)% illimity RWA (4.99)% *In January 2024 Banca Ifis Group received from the Bank of Italy the communication of the new SREP requirements. The new req uirements are CET1 9.82%, T1 11.72%, Total Capital 14.12%. Starting from 31 Dec 24 ,the Bank of Italy introduced a new capital buffer called “Systemic Risk Buffer” at 0.5% (phase -in) increasing to 1% from June 30, 25 for domestic exposures subject to credit and counterparty risk.
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10 Asset quality Asset quality ratios 3Q25 Key assumptions - asset quality ratios exclude the following items • Government Bonds (Italy, France, Spain, Germany) at amortized cost (NBV €2.6bn) • Banca Ifis NPL business (NBV €1.5bn) • NPE acquired (POCI) as part of the business of the Bank (i.e turnaround, illimity core business) or as part of business combinations with Banca Ifis (NBV 0.8bn of which €0.1bn Bilty, €0.3bn Turnaround, €0.1bn Structured Finance, €0.1bn asset based financing, €0.2bn NPL business or former specialized credits) • Notes with underlying illimity procurement dispute business and NPL business portfolios (illimity non-core NPL business) (GBV €0.8bn; NBV €0.5bn) 4.7% 2.7% Gross Net 3Q25 data Gross Net Coverage Performing 10.231 10.143 0,9% Total NPEs 504 281 44,3% - Past due 85 75 12,8% - UTP 279 162 41,9% - Bad loans 139 44 68,6% Total 10.735 10.424 2,9%
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11 Banca Ifis accepted €85mln offer from Banca Sella for the disposal of illimity's stake in Hype. In June 2023, illimity and Banca Sella Holding entered into a shareholders’ agreement governing their respective holdings in Hype In February 2025, a deadlock arose – under illimity’s previous management – following the negative vote cast by the directors appointed by illimity on the approval of Hype’s 2025 budget The shareholders’ agreement currently in force provides, inter alia, a deadlock-resolution mechanism whereby either shareholder can initiate a sale/purchase process by notifying the other with a fairness opinion issued by one of the independent advisors named in the SA. Upon receipt of such fairness opinion, the addressee can either buy the notifying shareholder’s stake or sell its own stake to the notifying shareholder, in each case at the price stated in the fairness opinion Banca Sella Holding notified illimity with a fairness opinion issued by UBS (one of the independent advisors designated in the agreement), indicating a fair value for the 50% stake in Hype at €85mln, confirmed by a further fairness opinion issued by PwC illimity requested Lazard (as an international independent advisor) with a fairness opinion, which confirmed the fairness of the price offered by Banca Sella Holding In light of these fairness opinions and the non-core asset optimization strategy approved by the BoD, illimity agreed to sell its stake in Hype to Banca Sella Holding for €85mln, implying a potential capital gain of over €4mln and an estimated 55bps CET1 ratio benefit 1 2 3 4 5 6
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12 Focus on Banca Ifis stand-alone: 3Q25 results 2
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157 172 139 3Q24 2Q25 3Q25 13 Net revenues Quarterly Revenues -12% YoY • Net revenues in 3Q25 at €139mln (-12% YoY and -19% QoQ) o Commercial banking revenues at €84mln (€83mln in 2Q25, €93mln in 3Q24) impacted by usual Summer seasonality as well as by base rate effect o Npl revenues* at €54mln (€76mln in 2Q25, €55mln in 3Q24) impacted by usual summer seasonality. It does not include the capital gains on the disposals of NPL portfolio tails carried out in 3Q25 o Non Core & G&S revenues at €1mln (€13mln in 2Q25, €9mln in 3Q24**). The QoQ decrease is due to lower trading gains and dividends; the YoY decrease incorporates the base rate effect • 4Q25 revenues expected to benefit from usual end of year seasonality and from the progressive refinancing of funding at a lower rate • NPL and structured finance provide stable contribution to revenues on an annualized basis but with some quarterly seasonality*Includes interest income, cost of funding and certain minor items (i.e. net commission income and the gains on sales of receivables)
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61 95 70 3Q24 2Q25 3Q25 69 78 74 3Q24 2Q25 3Q25 14 Commercial activity focused on profitability Factoring turnover Excluding Pharma (€bn) 5% YoY New leasing equipment and technology (€mln) 7% YoY Market -4% Market +7% • Factoring: factoring turnover development roughly in line with the market. Banca Ifis maintained its strong focus on profitability: 3Q25 factoring average spread at 3.61% (on top of base rate*) vs. 3.55% in 2Q25 • Leasing: o Automotive leasing: Banca Ifis’s strategy remains focused on (i) premium/luxury segments (not volumes) (ii) price/margin discipline (iii) underwriting with remarketing agreements in place. Banca Ifis average spread at 3.42% (on top of base rate*) o Equipment and technology leasing: in 2025, the market was driven by large tickets, above €2.5mln, linked to PNRR. Banca Ifis maintained its focus on small tickets and margins. Still, YoY leasing volumes outperformed the market. In 3Q25, equipment and technology leasing average spread at 3.42% (on top of base rate*) New leasing automotive (€mln) 15% YoY Market -16% *Euribor 3M (variable rates) or IRS (fixed rates) 3.3 3.4 3.5 - - 3Q24 2Q25 3Q25
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41 46 49 43 49 45 3Q24 2Q25 3Q25 Judicial Extrajudicial 15 Npl portfolio*: streamlining workout efficiency *Source: management accounting data and risk management data ** It includes only interest income, excludes cost of funding and some minor items (i.e. net commission income and the gains on sales of receivables) Quarterly cash collection (€mln) 40 53 48 13 20 13 3Q24 2Q25 3Q25 Judicial Extrajudicial Revenues from judicial and extrajudicial recovery** (€mln) • 3Q25 cash collection remains solid at €94mln • Npl revenues were impacted by usual summer seasonality but are solid YoY • 3Q24 revenues were impacted by lower purchase in 1H24 of new NPL portfolios. NPL purchases have restarted 83 53 7395 94 61
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16 Interest income and cost of funding evolution Average gross interest income* Cost of funding • 9M25 shows combined effect of decreasing rate sensitivity and cost of funding reduction measures, that are starting to catch up with the base rate reduction • Progressive refinancing of funding at maturity at a lower rate will gradually entail an increase in the overall spread in the next quarters * Interest income excludes Npl Business, Non Core and Treasury. ** Includes certain non-recurring items related to a single large clients Commercial banking interest income (excluding Npl Business, Non Core and Treasury) and interest expenses 3Q24 3.9% 6.2%** 2.3% 3.8% 5.7% 1.9% 4Q24 1Q25 3.5% 5.3% 1.8% • Base rate QoQ stable • Aggregate interest income QoQ: .ca -10bps • Aggregate cost of funding QoQ: ca. -10bps • Net effect QoQ: stable 3.6% 3.0% 2.6% Base rate, Euribor 3M 2Q25 3.3% 4.9% 1.6% 2.0% 3Q25 3.2% 4.8% 1.6% 2.0%
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Total quarterly costs steady through significant efficiency effort 17 FITD & SRF - - - (5) 41 43 45 24 27 19 29 34 39 3Q24 2Q25 3Q25 Operating costs Other provisions - Operating costs + other items 94 103 (277) Exposed to Inflation Revenues related 2.5 103 - 5Non recurring items (382) 94* 103 €5mln extraordinary costs linked to M&A in 2Q25 €400mln Bargain and €16mln restructuring costs in 3Q25 ▪ Costs directly linked to Npl recovery: -€8mln QoQ due to juridical workout seasonality Other operating costs: +€5mln QoQ mainly due to: • +€2mln QoQ on marketing and IT expenses (project activation) • +€1.6mln QoQ lower costs offset related to leasing (“altri proventi”) ▪ Cost of personnel: +€2mln QoQ mainly due to different timing in variable compensation accrual and national contractual increases maturing * 3Q24 benefited from ca. €5mln non-recurring costs adjustments
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18 No signs of widespread macro credit risks materializing in Banca Ifis’s commercial business Payment days in factoring Ratings migration in credit book** Probability of default*** Source: management accounting *Data refers to €5.5bn customer loans as at 3Q25. Excludes loans at FV, securities, loans vs. banks and others ** Data refer only to exposures to rated corporate (ca. €4.5bn) *** Data refer to €4.8bn exposures in factoring and leasing Stage 1 and stage 2 loans* Coverage Stage 1: 0.8% Coverage Stage 2: 2.3% 3,0% 3,0% 3,0% 3,0% 2,9% 2,9% 2,9% 2,9% 2,8% 2,9% 2,8% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 8% 9% 9% 9% 9% 10% 9% 9% 7% 8% 9% 92% 91% 91% 91% 91% 90% 90% 91% 93% 92% 91% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Stage 2 Stage 1 75 75 78 75 77 76 76 79 75 76 77 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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Quarterly results Reclassified Consolidated Income Statement - (€ mln) 2Q25 3Q25 9M24 9M25 Net interest income 111.8 101.2 404,4 343.7 Net commission income 23.8 22.0 69,6 66.4 Trading and other revenues 36.6 15.6 57,9 79.7 Total Revenues 172.2 138.8 531,8 489.7 Loan loss provisions (11.0) (4.3) (28,9) (23.5) Total Revenues - LLP 161.2 134.4 503,0 466.2 Personnel expenses (42.9) (45.2) (127,2) (130.3) Other administrative expenses (62.0) (57.6) (177,6) (176.9) Other net income/expenses 1.4 (0.5) 5,1 2.8 Operating costs (103.4) (103.3) (299,7) (304.3) Charges related to the banking system - - (8,1) - Net allocations to provisions for risk and charges 5.4 (2.5) (0,6) 3.1 Non recurring items (5.1) 382.4 (0,6) 372.9 Pre tax profit 58.0 411.0 194,1 537.8 Taxes (17.8) (3.3) (66,3) (42.1) Net income - attributable to the Parent company 39.8 407.5 126,6 494.6 Customer loans 10,704 10,548 10,090 10,548 - of which Npl Business 1,547 1,541 1,540 1,541 Total assets 13,961 13,797 13,046 13,797 Total funding 11,645 11,609 10,742 11,609 - of which customer deposits 6,163 6,234 6,801 6,234 - of which TLTRO and MRO 500 500 - 500 Shareholders Equity 1,799 n.a. 1,780 n.a. In the above statements, net impairment losses/reversals on receivables of the Npl Segment were reclassified to interest receivable and similar income to the extent to which they represent the operations of this business and are an integral part of the return on the investment. In addition: • Operating costs exclude “Net allocations to provisions for risks and charges” , “Charges related to the banking system" and "Non recurring items" • Loan loss provisions include: “Net provisions for unfunded commitments and guarantees”; “Profit (loss) from sale of loans measured at amortised cost (excluding Npl Segment)” 3Q25 net revenues reflect the usual Summar seasonality, the reduction in base rate and lower interest income following the disposals of non-core NPL portfolio tails Includes €400mln badwill and €16mln restructuring costs 1 19 1 2 2
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20 Appendices 3
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21 3.1 Banca Ifis stand-alone – Financial results Index
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Commercial & Corporate banking Data in € mln Npl Factoring Leasing Corp. Banking & Lending Tot. Commercial & Corporate banking Non core & G&S Consolidated Net interest income 51 27 13 16 56 (6) 101 Net commission income (1) 15 2 6 23 (0) 22 Trading & other revenues 4 (0) - 5 5 7 16 Net revenues 54 41 16 27 84 1 139 -Of which PPA - - - - - - - Loan loss provisions - (5) - (1) (5) 1 (4) Operating costs (43) (28) (10) (12) (49) (12) (103) Net allocations to provisions for risk and charges - (2) - - (2) - (2) Non recurring items - - - - - 382 382 Net income 8 5 4 10 19 381 408 Net income attributable to non- controlling interests (0) Net income attributable to the Parent company 408 Net income (%) 2% 1% 1% 2% 5% 93% 100% Customer Loans 1,541 2,585 1,611 2,633 6,829 2,178 10,548 RWA 1 1,737 2,541 1,231 2,097 5,868 1,158 8,764 Allocated capital 2 248 362 175 299 836 165 1,249 3Q25 Results: P&L break-down by business unit 2 Includes €400mln badwill Breakdown of customer loans in Non Core & G&S o G&S: includes €1.6bn of Government bonds at amortized costs o Non Core: includes €0.02bn of performing loans mainly ex Interbanca, €0.1bn retail mortgages and €0.03bn of Npl (former Interbanca + Banca Ifis) 1 22 1 2 (1) RWA Credit and counterparty risk only. It excludes RWA from operating, market risks and CVA (~€1bn) and illimity contribution (2) RWA (Credit and counterparty risk only without illimity contribution)
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23 Net customer loans - €mln Data in €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net revenues 45 46 49 40 41 38 41 Net revenues / avg. customer loans 6.6% 6.9% 7.6% 6.0% 6.0% 5.7% 6.2% Loan loss provisions* (2) (7) (3) 5 (1) 1 (5) Turnover - €bn Factoring 3.0 3.5 3.3 3.4 3.0 3.4 3,5 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 • Banca Ifis has strong focus on profitability: in 3Q25 factoring average spread at 3.61% (on top of base rate), vs. 3.55% in 2Q25 • Net revenues** / average customer loans at 6.2% *Loan loss provisions include: “Net provisions for unfunded commitments and guarantees”; “Profit (loss) from sale of loans measured at amortised cost (excluding Npl Segment)” ** Net revenues include interest income – interest expenses + commissions 2,572 2,744 2,361 2,900 2,647 2,711 2,585
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24 New business - €mln Data in €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net revenues 16 15 15 15 16 16 16 Net revenues / avg customer loans 4.1% 3.8% 3.8% 3.9% 4.1% 4.0% 3.9% Loan loss provisions* (2) (2) (2) 2 (1) (2) - Leasing 81 87 61 91 81 95 70 38 54 46 93 42 51 51 31 27 22 39 26 28 22 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Autolease Equipment Technology Net customer loans - €mln • In 3Q25 new business remained strong despite usual summer seasonality • Automotive: Banca Ifis’s strategy (i) premium/luxury segments (not volumes) (ii) price/margin discipline (iii) remarketing agreements in place • Equipment and technology: evidence of some delays in SME capex decisions • Net revenues / average customer loans at 3.9% in 3Q25 • Asset quality risk is mitigated by sector and borrower diversification and by the remarketing agreements for repossessed assets *Loan loss provisions include: “Net provisions for unfunded commitments and guarantees”; “Profit (loss) from sale of loans measured at amortised cost (excluding Npl Segment)” 2 1 1 2 3 3 150 1,551 169 1,571 1,550 130 223 1,613 149 1,603 173 1,623 144 1,611
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Npls disposals and others in 3Q25: €0.8bn GBV* • The disposals of “tails” generated a capital gain. “Others” includes cash collection on the existing portfolio 25 *Source: management accounting data, including Revalea **Does not include customer loans related to Ifis Npl Servicing third parties servicing activities, debt securities and loans disbursed . Includes Revalea Key numbers* • 1.8mln tickets, #1.2mln borrowers • Extensive portfolio diversification by location, type and age of borrower Npls acquired in 3Q25: €0.1bn GBV • Starting early 2024, Banca Ifis concentrated on streamlining recovery activity on the existing stocks with more focus on extrajudicial activity and on the disposal of tail portfolios GBV €bn NBV** €mln 1,534 1,525 Npl portfolio evolution (including Revalea) Npl Business*: portfolio evolution Purchases Disposals and others 19.0 0.1 (0.8) 18.3 2Q25 Purchases Disposals and others 3Q25
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26 ERC: €2.5bn (including Revalea) ERC breakdown ERC assumptions • ERC based on proprietary statistical models built using internal historical data series and homogeneous clusters of borrowers o Type of borrower, location, age, amount due, employment status o Time frame of recovery o Probability of decay • ERC represents Banca Ifis’s expectation in terms of gross cash recovery. Internal and external costs of positions in non- judicial payment plans (GBV of €0.6bn in 3Q25), court injunctions [“precetto”] issued and order of assignments (GBV of €2.2bn in 3Q25) have already been expensed in P&L • €3.3bn cash recovery (including proceeds from disposals) was generated in the years 2014 –3Q25 * Source: management accounting data and risk management data. Includes Revalea 2.5 Npl Business*: ERC Up to 5Y >5Y Total 1.25 1.30 2.55 Data in €bn GBV NBV ERC Waiting for workout - At cost 0.5 0.1 - Extrajudicial positions 9.2 0.5 0.8 Judicial positions 8.6 0.9 1.8 Total 18.3 1.5 2.5
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Actual cash repayments Model cash repayments 861 862 871 929 942 987 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Order of Assignments Judicial recovery Judicial recovery (€ mln) GBV % Frozen 1,410 16% Court injunctions [“precetto”] and foreclosures 1,191 14% Order of assignments 987 11% Secured and Corporate 5,039 58% Total 8,627 100% To be processed Judicial recovery – Order of Assignments GBV, data in €mln Non judicial recovery – Voluntary plans GBV, data in €mln Actual vs. model cash repayments Judicial + non judicial recovery, data in €mln *Source: management accounting data. Starting from 1Q25, figures include Revalea. 2024 data do not include Revalea 27 Npl Business*: GBV and cash recovery 528 522 510 510 603 565 550 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Non-judicial payment plans 1Q25 data include Revalea 1Q25 data include Revalea
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28 Data in € mln (excluding disposals)* 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2024 YE Cash collection 98 94 83 94 101 95 94 369 Contribution to P&L** 73 80 53 74 86 73 61 280 Cash collection / contribution to P&L 133% 118% 156% 127% 117% 129% 153% 131% *Source: management accounting data. Starting from 1Q25, figures include Revalea. 2024 data do not include Revalea ** It includes only interest income, excludes cost of funding and some minor items (i.e. net commission income and the gains on sales of receivables) Npl Business*: cash recovery and P&L contribution 1 Cash collection • Starting 2025, Banca Ifis concentrated on streamlining recovery activity on the existing stocks with more focus on extrajudicial activity and on the disposal of tail portfolios • In 9M05, Banca Ifis disposed ca. €3.5bn of NPL portfolio tails generating capital gains 1
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29 GBV - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Waiting for workout - Positions at cost 126 254 257 428 324 563 453 Extrajudicial positions 12,838 11,561 10,575 8,515 10,862 10,369 9,202 - Ongoing attempt at recovery 12,310 11,039 10,065 8,005 10,259 9,804 8,652 - Non-judicial payment plans 528 522 510 510 603 565 550 Judicial positions 6,842 6,555 6,422 6,663 8,869 8,058 8,627 - Freezed** 1,388 1,274 1,183 1,701 2,577 2,173 1,410 - Court injunctions [“precetto”] issued and foreclosures 1,236 1,263 1,277 1,293 1,311 1,191 1,191 - Order of assignments 832 861 862 871 929 942 987 - Secured and Corporate 3,386 3,157 3,099 2,799 4,052 3,752 5,039 Total 19,805 18,370 17,254 15,606 20,054 18,990 18,282 NBV - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Waiting for workout - Positions at cost 9 9 8 18 42 107 120 Extrajudicial positions 485 466 448 412 508 479 457 - Ongoing attempt at recovery 209 193 181 165 197 185 171 - Non-judicial payment plans 276 273 267 246 311 294 286 Judicial positions 905 903 888 889 957 948 949 - Freezed** 156 141 130 124 142 141 139 - Court injunctions [“precetto”] issued and foreclosures 256 263 263 269 270 257 245 - Order of assignments 359 370 367 373 389 397 404 - Secured and Corporate 134 128 128 124 157 153 162 Total 1,399 1,377 1,344 1,319 1,507 1,534 1,525 Npl Business*: GBV and NBV evolution *Source: management accounting data, starting from 1Q25, figures include Revalea. 2024 data do not include Revalea **Other Judicial positions ***Does not include customer loans related to Ifis Npl Servicing third parties servicing activities ***
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30 Npl Business*: P&L and cash evolution P&L - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Waiting for workout - Positions at cost Extrajudicial positions 21 20 13 35 31 20 13 - Ongoing attempt at recovery (2) (2) (3) (7) (1) (3) (2) - Non-judicial payment plans 23 22 17 41 32 23 15 Judicial positions 52 60 40 39 55 53 48 - Freezed** - - - - - - - - Court injunctions and foreclosures + Order of assignments 47 52 34 32 48 47 41 - Secured and Corporate 6 7 6 8 8 6 7 Total 73 80 53 74 86 73 61 Cash - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Waiting for workout - Positions at cost Extrajudicial positions 51 48 43 47 52 49 45 - Ongoing attempt at recovery 5 5 4 4 5 4 4 - Non-judicial payment plans 46 44 39 42 48 45 41 Judicial positions 47 46 41 47 48 46 49 - Freezed** - - - - - - - - Court injunctions and foreclosures + Order of assignments 38 36 35 37 40 38 39 - Secured and Corporate 9 10 5 10 9 8 10 Total 98 94 83 94 101 95 94 *Source: management accounting data. Starting from 1Q25, figures include Revalea. 2024 data do not include Revalea **Other Judicial positions
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31 Npl Business*: portfolio diversification Breakdown of GBV by type Breakdown of GBV by borrower age Breakdown of GBV by ticket size Breakdown of GBV by region North 39.0% Center 26.3% South & Island 34.6% Other and abroad 0.1% *Source: management accounting data and risk management data. Data include Revalea (i.e. data refer only to property portfolio) Consumer 29% Banking 67% Other 4% 18-39 6% 40-49 20% 50-59 31% >60 43% 5k 10% from 5k to 20k 29% from 20k to 100k 35% > 100k 27%
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1,520 1,547 1,541 2,647 2,711 2,585 1,603 1,623 1,611 2,482 2,600 2,633 2,299 2,223 2,178 1Q25 2Q25 3Q25 Npl Factoring Leasing Corp. Banking & Lending Non Core & G&S • 3Q25 customer loans at €10,548 mln, -€155mln QoQ mainly due to Factoring seasonality (-€126mln QoQ) • Banca Ifis maintained disciplined in pricing and underwriting Customer loans Customer loans (€ mln) Commercial and Corporate banking 32 10,552 6,733 10,704 6,934 10,548 6,829
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6,372 6,163 6,234 1,490 1,515 1,920 1,577 1,328 902 300 500 500 1,491 2,139 2,053 1Q25 2Q25 3Q25 Customer deposits Bonds Securitization MRO & TLTRO Other Funding Funding (€mln) 33 1Q25 2Q25 3Q25 LCR >700% >250% >750% NSFR >100% >100% >100% • Customer deposits +1% QoQ • Securitizations: €902mln of factoring • €500mln MRO to finance the proprietary government portfolio • In July, Banca Ifis issued €400mln senior bond with a 3.625% coupon, maturing on 29 Nov. This is the bond issue with the narrowest credit spread in its forty-year history • Average cost of funding at 3.2% in 3Q25 • MREL at 14.8% of TREA (including 2.5% CBR as per art. 128 CRD). The requirement of ca. €1.5bn is entirely covered by equity 11,231 11,645 11,609
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Other adm. expenses and other income / expenses (€mln) Reclassified consolidated operating costs* Operating costs (€mln) 34 Personnel expenses (€mln) Group Banca Ifis employees 94 107 98 103 103 3Q24 4Q24 1Q25 2Q25 3Q25 41 43 42 43 45 3Q24 4Q24 1Q25 2Q25 3Q25 53 65 55 61 58 3Q24 4Q24 1Q25 2Q25 3Q25 *Figures exclude “Net allocations to provisions for risks and charges” and non recurring items 3Q25 operating costs (stable QoQ) • +€2mln QoQ mainly due to different timing in variable compensation accrual and national contractual increases maturing • -€3mln QoQ in other operating costs driven by: o -€8mln QoQ workout seasonality in NPL mainly in Juridical workout o +€2mln QoQ marketing and IT project activation o +€1.6mln QoQ lower “other revenues” related to business seasonality in Leasing 2,001 2,013 2,025 2,043 2,039
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35 Proprietary portfolio: resilient contribution to P&L • Mid duration level • Low volatility accounting treatment: FVTPL < 1% • Low RWA density and relevant funding eligibility • Significant and stable contribution to P&L mainly given by recurrent sources of revenues (i.e. interest rates flow and dividends) Expected strategic and revenues pillars in 2025: • Active management of bond portfolio modified duration within the context of the Group net interest income sensitivity as a whole • Expected increase in dividend flow into year end at around +€2mln within a low level of equity exposure • Further room to tactically upsize proprietary portfolio, according to market conditions, through both a strategical use of HTC (~65% of total assets in 3Q25) and call overwriting activity to reduce portfolio’s volatility (*) Evaluation HTC: amortized cost; Evaluation HTCS & HFT/Funds/Other FVTPL: market value; Hedge Accounting Strategies are excluded The core yields level in 3Q25 has been taken as a good opportunity to upsize proprietary portfolio, also adding ~€200mln German Bunds to the proprietary portfolio, going on more diversification aside from Italian BTPs 3Q25 proprietary portfolio revenues at around €27.4mln: • 3Q25: €20.7mln interest income + €6.8mln trading and other income (of which €2.2mln dividends) YTD25 proprietary portfolio revenues at around €94.6mln, +€9.4mln (+11%) vs. YTD24, of which +€27.4mln in 3Q25 (vs +€25.9mln in 3Q24) • YTD25: €60.6mln interest income (~64% of proprietary portfolio revenues, +€3.8mln vs YTD24) + €34.0mln trading and other income (+€5.6mln vs YTD24, of which €17.7mln dividends) Type of asset - Data in €mln as at end of quarter (*) Bonds Equity Total Government Financial Corporate Held to collect/amortized cost 1.666 433 69 2.168 Held to collect and sell (FVOCI) 895 60 14 193 1.163 Total (HTC and HTC&S) 2.561 493 83 193 3.331 Held for trading/Funds/Other FVTPL 9 Total portfolio 2.561 493 83 193 3.339 Percentage of total 76,9% 14,8% 2,5% 5,8% 100,0% Held to collect/amortized cost Modified Duration 3,7 2,9 2,2 NA 3,5 Held to collect and sell (FVOCI) Modified Duration 7,3 4,7 1,8 NA 7,1 FVTPL Modified Duration 0,2 0,2 Average Modified duration - YEARS 5,0 3,1 2,1 NA 4,6
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36 3.2 Banca Ifis stand-alone - Company overview Index
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37 Banca Ifis: a long-term track record of sustainable growth 1983-2010 Specialized factoring player 2011-15 Acquisition in profitable segmentsEntry in small ticket Npl Leadership in small-ticket specialty finance 2016-21 2022-24 NZBA6 , MSCI Rating and Social Impact Lab Ethical code of conduct established Debtor-specific Npl repayment plans Alternative source of SME financing Sustainability and social impact IV Ifis People: young and inclusive workspace V Reskilling & Diversity Average age: 40 Women at the top: 40% Exponential employees' growth Strong capital ratios over time II Capital1, €bln 0 → 0.2 0.2 → 0.5 1.12 → 1.4 1.5 → 1.8 10%+ 11%+ 11%+ 16%+CET1 Ratio, % Payout ratio3, %Consistent returns to shareholders III ~55% ~40%4 ~40% ~70%5 Shareholder structure, % La Scogliera >50%Long-term approach I 1. Own funds; 2. Increase in the capital levels driven by the acquisition of the former GE Capital Interbanca Group on 30 November 2016, with a gain on bargain purchase of €623.6mln recognized in the income statement and as such included in the Group's post-transaction capital position at 31 December 2016; 3. Average payout ratio within the time period; 4. Excluding gain from the rebalancing of the government bond portfolio from the profit of 2015; 5. Progressive payout ratio, upon exceeding the threshold of earnings necessary to satisfy the Bank’s capital requirements. Subject to Bank of Italy’s approval. Distribution of 50% of the consolidated net income up to €100mln. Distribution of 100% of the consolidated net income > €100mln; 6. Net-Zero Banking Alliance Banca Ifis: a long-term track record of sustainable growth
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38 Stable shareholders and governance • La Scogliera provides, as main shareholder, continuity and stability to Banca Ifis • Strategic ESG focus both in specific positioning initiatives and in core operations (AAA MSCI rating) o Long term value creation with a strategy focused on creating continuous adequate earnings, self funding superior growth and delivering attractive and steady dividends o Forefront in business and digital innovation o Prudent attitude towards risks but able seize industrial opportunities when they arise (i.e. acquisition of illimity, Interbanca and Revalea) • La Scogliera does not own any material assets other than Banca Ifis La Scogliera (Fürstenberg Family) Banca Ifis S.p.A. 44.3% Free float: 55.7%* *Includes private banking, long only funds, hedge funds (limited presence), retails, index linked funds
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39 A Family Bank challenger, but with 40 years track record ► Investor and servicer specialized in small ticket NPEs, with a distinctive vertically integrated business model ► Execution track record with originators, investors, and other servicers, supported by pricing capabilities and proprietary debtors' database ► Proven collection strategy with distinctive skip tracing1 capabilities and internal "legal factory" team ► Specialised player for SMEs, with a broad range of credit products (factoring, lending, leasing, and rental) ► Market leader in profitable businesses (e.g., SME factoring, Tech Rental, Pharmacies) ► "Light" commercial network (without cash services) rooted in the most industrialized areas of the country ► Customer interaction based on a high-performance service model and a reputation for efficiency ~100k active enterprise clients 75% ~2 mln debtors’ records €1.5bln net book value 6.0 years for cash-to-cash 2x Flexible capital allocationKnow-how in small tickets valuation and management Short-term maturity of all asset classes Proven capabilities in risk management and credit Commercial and Corporate Banking Npl ~€7bln customer loans of credit portfolio with <1-year maturity 1. Process to find debtors
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40 Consistent “core net income” growth, driven by our core capabilities, with a low risk profile Business Plan targets Net income, €mln Net income target, €mln 20202019 2021 2022 2023 2024 123 69 101 141 160 162 Actual Target 4.5% 6.5% 9.7% 8.8% 9.4%ROE % 8.2% Banca Ifis’ risk profile • Structurally protected liquidity position (maturities) • Marginal contribution of extraordinary revenues • Diversification • Fragmentation of exposures and prudent credit policies • Cost/income protected through resource re-skilling 137 118 160 Decrease in ROE from 2023 to 2024 is due to increase in shareholders equity
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Only ca. 10%-15% of Banca Ifis’s loan book is direct, unmitigated medium/term lending to enterprises. In this loan book, leverage and concentration risks are kept low and are strongly reserved against Customer loans Others Banca Ifis’s superior risk-return trade-off (1/3) 41 10.5 2.6 0.7 1.6 1.5 1.6 0.7 0.8 Turnover 4 times per year; client/debtor double risk assessment; rapidly adapting sector exposure 80% state guaranteed >80% in rating classes 1-5 Marketable assets; zero real estate and nautical. 70% of exposure with remarketing contracts in place (with defined prices) Structured finance Factoring Medium term lending Leasing & rental Government bonds NplsLoans to pharmacies Secured against the pharmacies in a regulated sector, protected from competitors Ticket size €12mln Leverage 3x EBITDA Commercial real estate risk not material Average ticket size €12k Cash collection >120% of recognized revenues in the past 2Y; Model collections outperformed for >5Y Data in € bn 0.9
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2.6 1.4 0.2 0.7 0.7 0.8 1.5 1.6 0.9 42 Banca Ifis’s superior risk-return trade-off (2/3) Average Duration in Y Factoring € bn €350k* Leasing €55k auto €65k equipment €12mln €12k €0.4bn financial bonds portfolio 5Y €0.1bn retail mortgages Average ticket size *Excluding factoring to PA, taxed incentives (“superbonus 110%”) and VAT credit Rental Medium term lending Loans to pharmacies Structured finance Npls Government bonds €6k €200k (MCC €120k; Sace €1400k) Other €400k 1.9 1.4 2.6 7.5 4.0 4.0 3.1 - 0.21* Customer loans: >70% of Banca Ifis’s customer loan book has a duration shorter than 3Y Government bonds classified as HTC
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43 Banca Ifis’s superior risk-return trade-off (3/3)* 4,215 4,210 319 287 712 763 917 975 2Q25 3Q25 6,163 6,234 Rendimax deposits: 82% protected by FITD Below €100K 82% Above €100K 18% Very limited corporate depositsCustomer deposit breakdown Rendimax – Italian retail deposits German retail deposits Corporate deposits Other deposits** Rendimax: stability of deposit base Sight deposits; 11% C. 30 days notice; 6%Time deposits; 81% *Source: management accounting data ** Other deposits include €466mln Euronext Clearing, B.Credifarma retail deposits (€206mln in 3Q25) Retail 79% Corporate 21%
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44 MSCI upgraded Banca Ifis’s ESG rating to AAA Strong ESG commitment reflected in the ESG rating: Banca Ifis’s upgraded to AAA from AA on 29 March 2025 • Banca Ifis’s Overall Industry Adjusted Score was 7.0 compared to industry average of 5.1 Dimensions Weight Industry average Banca Ifis Score Financing environmental impact 15% 4.0 6.8 Human Capital Development 31% 3.7 8.4 Corporate governance 54% 6.5 6.9 Corporate behaviour 5.9 6.4 Banca Ifis’s controlling shareholder’s integrated approach to sustainability (on E, S and G elements) in the conduct of the Bank is bearing fruits 44
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Our ESG achievements 45 Financed Emissions Approximately 80% of exposures and financed emissions, focused on Automotive sector Reporting and transparency Climate reporting aligned with the recommendations of the Task force on Climate- related Financial Disclosures Projects and partnerships More than 50 projects financed through the Social Impact Lab Kaleidos. €1mln donated to Italian Food Bank, equal to 10 million meals distributed Impact measurement Launch of a “social impact measurement” model developed with Triadi – Polytechnic University of Milan spin-off. Average multiplier of ~5,2 for Kaleidos’ projects Diversity and inclusion First Italian bank certified by the Winning Women Institute, obtained UNI PdR 125 certification on diversity and inclusion Sustainability Committee The President of the Group chairs the Scenarios and Sustainability Committee, which further strengthen the Group’s oversight of sustainability issues.
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Our ESG goals 46 Environmental Social Governance 1. The industry-led Net-Zero Banking Alliance convened by the United Nations brings together banks from around 30 countries that are committed to aligning their portfolios of loans and investments with net-zero emissions by 2050 Further strengthen inclusion and diversity (nationality/heritage as well as gender) and empower the sustainability governance through chairmanship President Ernesto Fürstenberg Fassio Governance ESG Invest in the growth and development of a young and dynamic workforce with training inclusion programs; smart working and flexible work hours Ifis People SME clients’ environmental transition Support SME clients’ sustainable transition via subsidized loans, advisory, and scoring service (even with other partners) ESG Assessment Obtained AAA rating grade from MSCI. Management committed to improve the rating level already obtained in the course of the plan Set the market benchmark in supporting the financial recovery of debtors: ethical collection model, support to fragile families Social banking Social Impact Lab Manage projects to foster diversity and social inclusion in a dedicated Social Impact Lab focused on Culture, Community, and Wellbeing
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47 3.3 illimity - Company overview Index
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48 A restructuring story with a profitable Corporate Banking business ► Run-off of NPL portfolio and other non-core assets through tailor made recovery strategy and selective disposals ► Run-off of b-ilty by stopping new originations while addressing asset quality deterioration through strengthening of early detection ► Significant stock reduction within 4 years with progressive free up of capital to reinvest in core business growth ► Corporate banking for SMEs, with a broad range of credit products (factoring, structured finance, acquisition finance, turnaround financing) ► Specialization and tailor-made solutions in profitable businesses leveraging on value added products and services ► Open digital banking platform (illimitybank.com) with complete user experience ~€2.7bn Customer Loans €3bn €1.8bn net book value in run-off Know-how in high profitable market segments Short-term maturity of all asset classes Advanced digital banking platform Corporate Banking (core business) Non-core business (90k retail customers) on-line platform illimitybank.com 100% b-ilty loans assisted by 80% public guarantees SMEs focus 90% of credit portfolio with <4-year maturity >80% of non-core assets portfolio with ≤ 4-year maturity
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49 Illimity: ongoing restructuring, return to profitability expected in 2026 Reclassified Consolidated Income Statement – (€ mln) 3Q25 Net interest income 29.1 Net commission income 16.1 Trading and other revenues 1.5 Total Revenues 46.7 Loan loss provisions (6.9) Total Revenues - LLP 39.7 Personnel expenses (17.6) Other administrative expenses (27.1) Other net income/expenses 0.7 Operating costs (44.0) Charges related to the banking systems 0.0 Net allocations to provisions for risks and charges (0.1) Non-recurring items (1.3) Income (losses) from equity investments (0.4) Gains (Losses) on disposal of investments 0.1 Pre-tax profit (6.0) Taxes (16.4) Net result - Contribution to the Parent company (22.4) Customer Loans 4,213 - CIB (core) 2,700 - NPL Investments (non-core) 722 - b-ilty (non-core) 791 Total assets 7,432 Total funding 6,487 3Q25 illimity net loss of -€22.4mln, include -€10.5mln write offs linked to IT • Revenues impacted by seasonality and integration process • LLPs almost entirely related to b-ilty (non-core, in run-off) The remaining restructuring costs and the potential adjustments of the due diligence on illimity’s assets requested by ECB will be booked in 4Q25 Expected synergies from the integration of illimity into Banca Ifis to be visible in the coming quarters: • Revenues synergies from cross selling • Cost of funding synergies from the refinancing at maturity (>€1bn retail deposits expiring by 1H26 with an average cost of 3.3%) • Cost synergies from the integration of the two banks 1 (1) €10.5mln write offs of DTA
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Illimity total assets and liabilities Liabilities (€mln)Assets (€mln) 501 471 531 476103 2Q25 95 3Q25 7,855 7,432 2,316 4,404 2,176 4,213 Other and Tangible/Intangible assets Tax Assets Cash Other Financial assets Customer loans 961 976 961 777 784 712 268 2Q25 233 3Q25 7,855 7,432 4,879 4,734 Other liabilities Shareholders Equity Other funding Bonds Customer funding Total Funding 6,802 (Retail and Corporate) 1 2 Notes: 3Q25 represents the contribution to Banca Ifis B/S: 1) Includes: Investments in associates and companies subject to joint control, Intangible assets and Tangible assets. 2) This aggregate includes: Financial assets HTC all government bonds held in the bank’s proprietary portfolio (€991mln); Financial Assets HTCS (€375mln government bonds, €254mln corporate bonds); Financial assets FVTPL (€382mln fund units non-core (mainly Olympus €306mln), €142mln financial instruments held by core business divisions; €31mln financial assets held for trading. 3) Includes mainly: Financial liabilities held for trading (€19mln hedging derivatives), other debts (€140mln suppliers and tax payables) risk and charges fund (€8mln) lease liabilities (€24mln). 4) Includes: Interbank funding (€465mln) and Repo (€312mln) . 4 3 50 6,487
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51 >80% of illimity’s customer loan book has a duration shorter than 4Y Structured finance ~ €6mln Factoring Turnaround Investment banking Asset based financing 0.9 0.5 0.7 0.3 0.3 0.3 0.5 0.2 0.8 Customer Loans/ Assets at FV Avg. Residual Maturity (years) 0.3 3.6 3.0 2.5 6.9 3.2 3.1 4.1 ~ €2mln ~ €8mln ~ €400k 2 ~ €6mln n.s ~ €200k Special lending in the context of M&A, capex, shareholders reorganization, PE investments Short term supply chain financing New senior financing or acquisition of exiting loans to SMEs in financial stress Securitization against commercial loans, inventories, capex Real Estate financing/refinancing, acquisition and recovery of secured UTPs and NPLs Stake in Olympus and other funds (secured NPLs conferred by illimity and other banks) Senior notes with underlying public procurement claims and NPLs portfolios Renewable energy NPLs, secured NPLs Loans 80% guaranteed by the State originated by B-ilty (digital lending platform) through brokers Non-Core NPL funds (assets at FVTPL) Non-Core NPL - Other Non-core B-Ilty Non-Core senior notes Non-Core Assets Notes: Average maturity and average size as of 30.06.2025; 1) Based on # borrowers and either exposures or ERC (for senior notes). 2) Avg. ticket of the underlying loans Avg. Exposure 1 ~ €130k n.s ~ €50k (NPL portfolios excluding public claims)
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illimity’s loan book coverage boosted by public guarantees and insurances Customer loans Structured Finance Factoring Turnaround Investment Banking 0.3 Asset Based Financing Non-Core Assets Non-Core b-ilty 4.2 0.9 0.5 0.7 0.3 0.7 0.8 1/3 of loans with 80% public guarantees 2/3 of loans covered by credit insurance 100% of loans with 80% public guarantees Most NPL portfolios are secured Notes: 1) Non-core NPL investments (fund units) classified in the B/S item: “Financial assets at FVTPL”. 1 Net Customer Loans, Data in € bn CIB business €2.7bn (€1bn assisted by public guarantees or insured) (Digital lending) Non-core €1.8bn (€0.8bn assisted by public guarantees 0.3 1/3 of loans with 80% public guarantees Mainly senior notes with underlying commercial loans Real Estate collateral
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Large part of the adjustments of illimity’s portfolio already completed in the previous quarters Write offs and non-recurring charges in 4Q24 – 9M25 318.6 15.7 90.6 59.1 101.5 Total Write offs & non- recurring charges LLPs Non-Core Business LLPs B-ilty 6.416.1 LLPs CIB Non-Recurring charges 192.1 29.2 22.5 74.8 5.224.0 €mln 1 2 3 53 The assessment of illimity’s assets led to €319mln write offs booked in 4Q24 and 9M25 concentrated in the NPL portfolio and in b-ilty • -€192mln NPL (non-core) due to the revision of the recovery timeframe and the expected cash collections o -€82mln related to public claims o -€100mln related to notes underlying secured NPL o -€10mln related to residual investments in NPLs • -€29mln b-ilty (non-core) due to the increase in default ratio. 100% of the positions are assisted by public guarantees covering on avg. 80% of the exposure • -€22mln Corporate and Investment banking (core) standard write offs concentrated on a few exposures as part of the business going concern • -€75mln write offs related to IT platform (-€36mln), goodwill write-off of Abilio/Quimmo (-€15mln) and BIP (-€24mln) 2 3 1 4 4 The due diligence requested by ECB and carried out by independent auditor PWC will be concluded in December 2025 Booked in 4Q24 Booked in 9M25
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Funding synergies from refinancing exiting maturities Total funding (€mln) 679 544 962 976 961 777 2Q25 3Q25 6,802 6,487 1,094 3,106 1,119 3,072 Other Institutional funding Bonds Corporate Retail - Germany (Raisin) Retail - Italy Retail 4,191 Focus on Retail term deposits maturities Cost of funding 3.7% 3.6% 196 229 215 192 431 285 114 100 92 154 4Q25 1Q26 2Q26 3Q26 4Q26 481 343 315 284 585 Retail - Germany (Raisin) Retail - Italy Funding synergies from refinancing existing maturities 54 1 Notes: 3Q25 represents the contribution to Banca Ifis B/S ; 3Q25: 1) Includes: Interbank funding (€465mln) and Repo (€312mln); 2) €300mln senior preferred with maturity in Dec 2025, €300mln senior preferred with maturity in May 2027, €58mln senior unpreferred with maturity in Jun 2026, €200mln Tier2 with call date in July 2026. 3.4% 3.4% 2.9% 3.2% 4.9% 2 Retail 4,200
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• This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Banca Ifis (the “Company”). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. • The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the “Other Countries”), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. • Data regarding macroeconomic scenario, Market, PPA, asset quality ratios, cost income ratios, liquidity ratios, cost of funding, proprietary portfolio, segment reporting, business unit breakdown, commercial and corporate loan breakdown are management accounting. Data regarding Npl portfolio and ERC, Npl cash recovery and Npl P&L contribution, Npl GBV and NBV evolution and breakdown, Npl P&L and cash evolution and breakdown are management accounting. • Massimo Luigi Zanaboni, Manager charged with preparing the financial reports of Banca Ifis S.p.A., pursuant to the provisions of Art. 154 bis, paragraph 2 of Italian Legislative Decree no.58 dated 24 February 1998, declares that the accounting information included into this document corresponds to the related books and accounting records. • Neither the Company nor any member of Banca Ifis nor any of its or their respective representatives directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it. Disclaimer 55