Slides
Page 1
October 31, 2025 9M25 Results The best nine months ever despite Euribor decline A sustainable 20% ROE Bank, ready to succeed in any scenario
Page 2
MIL-BVA362-03032014-90141/VR 1 9M25: key achievements (1) According to EBA definition (2) Taking into account €2bn buyback finalised in October, 70% cash payout ratio and post >40bps Basel 4 impact. 13.1% not including any 9M25 Net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1 (3) Vs 1.1.25 post Basel 4 impact (4) On 26.11.25. €18.6 cents per share (5) Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders’ approval (6) Over the 2023-9M25 period (of which €243m in 9M25), out of €1.5bn total contribution over the 2023-2027 period as a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to sustain the initiatives/projects) 38.9% Lowest-ever 9M Cost/Income ratio, best-in-class in EuropeEffective cost management 1.0% Net NPL ratio(1) at historical low, with NPL coverage up to >51%Zero-NPL Bank ~13.9% Fully phased-in CET1 ratio(2), up ~105bps in 9M(3)Rock-solid capital position World-class position in Social Impact €0.9bn Contribution already deployed(6) to fight poverty and reduce inequalities €5.3bn Cash dividends accrued in 9M (€3.2bn to be paid in November)(4) Strong and sustainable value creation and distribution €2bn Share buyback, finalised in October ~7% Dividend yield(5) €7.6bn Net income, the best nine months ever, with record-high Commissions and Insurance incomeBest-in-class profitability 20% Annualised ROE, with 24% annualised ROTE
Page 3
MIL-BVA362-03032014-90141/VR 2 € m Net income The best 9M Net income ever (1) Excluding capital gain made on the sales of Cariparma, FriulAdria and other branches (2) Excluding accounting effects from the combination with UBI Banca (3) Restated for the adoption of IFRS 17 and IFRS 9 by the Group’s insurance companies Impact of provisions/write-downs for Russia-Ukraine exposure 640 9M11 9M12 9M13 9M14 9M15 9M16 9M17 9M18 9M19 9M20(2) 9M21 9M22(3) 9M23 9M24 9M25 3,303 9M07(1) 9M08 9M09 3,171 3,781 2,262 2,200 1,929 1,688 1,203 2,726 9M10 2,388 3,012 3,310 3,112 2,335 4,386 6,122 7,167 7,588 4,006 +6%
Page 4
MIL-BVA362-03032014-90141/VR 3 Increasing and sustainable value creation and distribution FY23 FY24 9M25 15% 17% 20% ROE(1), annualised The best nine months ever, with growing ROE… Note: figures may not add up exactly due to rounding (1) Ratio of Net income to end-of-period shareholders’ equity. Shareholders’ equity does not include AT1 capital instruments and income for the period (2) Ratio of Net income to end-of-period tangible shareholders' equity (shareholders' equity after deduction of goodwill and other intangible assets net of relevant deferred tax liabilities). Shareholders' equity does not include AT1 capital instruments and income for the period (3) Based on ISP average number of shares in 9M (4) Excluding AT1, TBVPS equal to €2.6 in 9M23, €2.7 in 9M24 and €2.8 in 9M25 9M23 9M24 9M25 32.9 39.6 43.0 +31% 9M EPS(3), € cents x Tangible book value per share(4), € 3.2 3.3 … and a significant increase in EPS, DPS and TBVPS x Accrued DPS, € cents 28.2 30.5 x ROTE(2), %; annualised 21 2419 3.0 23.4 €18.6 cents of interim DPS to be paid on 26.11.25
Page 5
MIL-BVA362-03032014-90141/VR 4 Rock-solid and significantly growing capital position, with ~40bps increase in Q3 Fully phased-in CET1 ratio 9M evolution Note: figures may not add up exactly due to rounding (1) Taking into account 70% cash payout ratio. 13.1% not including any 9M25 Net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in CET1 (2) Post >40bps Basel 4 impact and taking into account €2bn buyback finalised in October % 1.1.25(2) (post Basel 4) ~105bps 9M evolution 30.9.25(2) >12.8 ~13.9(1) Fully phased-in CET1 ratio Q3 evolution 30.6.25(2) ~40bps Q3 evolution 30.9.25(2) 13.5 ~13.9(1) % Strong organic capital generation capabilities, allowing high flexibility for additional distributions >14.8% including additional ~100bps benefit from DTA absorption >14.8% including additional ~100bps benefit from DTA absorption
Page 6
MIL-BVA362-03032014-90141/VR 5 Strong and resilient NII despite significant Euribor decline Strong and resilient NII… € m … despite strong Euribor decline %, Euribor 1M (average data) 9M23(1) 9M24 9M25 10,691 11,917 11,112 9M23 9M24 9M25 3.05 3.73 2.19 +€421m -86bps (1) 9M23 data restated to reflect the current consolidation perimeter
Page 7
MIL-BVA362-03032014-90141/VR 6 Strong growth in Commissions and Insurance income, with excellent Q3 performance … with excellent Q3 performance € m Strong growth in Commissions and Insurance income in 9M… € m 1,311 6,970 9M24 1,372 7,328 9M25 8,281 8,700 +5% 408 460 450 2,307 3Q24 2,449 2Q25 2,444 3Q25 2,715 2,909 2,894 +7% Commissions and Insurance income growth mainly driven by Management, dealing and consultancy activities and by P&C Essentially stable vs Q2 despite usual summer business slowdown (-4.2% in 3Q24 vs 2Q24) Insurance income Net fees and commissions Insurance income Net fees and commissions
Page 8
MIL-BVA362-03032014-90141/VR 7 Cost reduction while strongly investing in technology Operating costs € m €5bn IT investments already deployed in the 2022-9M25 period, of which €1.5bn in the past twelve months Note: figures may not add up exactly due to rounding 47 9M24 (45) Personnel costs (32) Administrative costs Depreciation 9M25 7,986 7,956 -0.4% 39.1 38.9 Cost/Income ratio, %x
Page 9
MIL-BVA362-03032014-90141/VR 8 Firmly on track to deliver 2025 Net income well above €9bn, including Q4 managerial actions to strengthen future profitability Significant flexibility for delivering 2025 Net income Guidance 9M25 Net income 2025 Net income Guidance €7.6bn Q4 managerial actions to strengthen future profitability (1) Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders’ approval ▪ Growth in DPS and EPS ▪ 70% cash payout ratio ▪ Additional distribution for 2025 to be quantified at full-year results approval Dividend yield (1) ~7%, best-in-class in Europe Well above €9bn including Q4 managerial actions
Page 10
MIL-BVA362-03032014-90141/VR 9 Our excellent performance benefits all our stakeholders Shareholders Employees Public sector Households and businesses Medium/Long-term new lending, € bnTaxes(2), € bn Net income, € bn Personnel expenses, € bn 9M25 7.6 9M25 4.9 9M25 4.6 42.7 9M25 63.4 (1) By Top Employers Institute (2) Direct and indirect (3) Deriving from Non-performing loans outflow €5.3bn cash dividends accrued in 9M ISP recognised as Top Employer Europe 2025(1) and confirmed Top Employer Italy(1) for the fourth consecutive year ~35% of cash dividends (~€1.9bn) go directly to Italian households and to charitable foundations 2,050 Italian companies helped to return to performing status(3) in 9M (~146,000 since 2014) Of which in Italy +31% vs 9M24 +40% vs 9M24
Page 11
MIL-BVA362-03032014-90141/VR 10 Contents 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion
Page 12
MIL-BVA362-03032014-90141/VR 11 Costs down on a yearly basis while strongly investing in technology, with lowest -ever 9M Cost/Income ratio at 38.9% €7.6bn Net income in 9M (+6% vs 9M24) the best nine months ever, of which €2.4bn in Q3 The best nine months ever Fully phased-in CET1 ratio up ~105bps in 9M(1) at ~13.9%(2) (up ~40bps in Q3) Significant growth in Customer financial assets to >€1.4 trillion (+€33bn vs 30.9.24, of which +€21bn in Q3) Increase in NPL coverage to 51.1% (+1.6pp in 9M, of which +1pp in Q3), with stable overlays €5.3bn cash dividends already accrued in 9M, of which €3.2bn (€18.6 cents per share) to be paid in November as an interim div idend(3) (1) Vs 1.1.25 post Basel 4 impact (2) Taking into account €2bn buyback finalised in October, 70% cash payout ratio and post >40bps Basel 4 impact. 13.1% not including any 9M25 Net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1 (3) On 26.11.25 Record-high nine months for Commissions (+5% vs 9M24) and Insurance income (+5% vs 9M24) The best Q3 ever for Commissions (+6% vs 3Q24) and Insurance income (+10% vs 3Q24) ISP is a clear winner of the EBA stress test thanks to its well-diversified and resilient business model The best nine months ever for Operating margin and Gross income NPL inflows and stock at historical lows, with annualised Cost of risk at 25bps
Page 13
MIL-BVA362-03032014-90141/VR 12 9M: €7.6bn Net income driven by Commissions and Insurance income at record highs (326) (3,656) (123)(783)(1,065) (2,036) (4,855) (13)6331,372 7,328 20,432 12,476 11,570 7,588 11,112 Other operating income/expenses Other charges/gains(1) Taxes Profits on financial assets and liabilities at fair value Net interest income Net fees and commissions Operating income Personnel Administrative Depreciation Loan loss provisions Gross income Net income Operating margin Other(2) Insurance income Δ% vs 9M24 (6.8) 5.1 152.2 (0.0) (0.9) (1.5) 4.6 (1.1) 1.3 5.94.7 0.2 (1.3) Non-motor P&C revenues at €528m (+13% vs 9M24), €577m including credit-linked products 9M25 P&L; € m Note: figures may not add up exactly due to rounding (1) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations (2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests (3) Euribor 1M (average data) Stable overlays and increased NPL coverage 30.0 (49.0) (40.7) Costs down 0.4%Euribor down 154bps(3)
Page 14
MIL-BVA362-03032014-90141/VR 13 3Q25: €2.4bn Net income, the best Q3 ever for Commissions and Insurance income 3Q25 P&L; € m (90) (1,152) (37)(278)(357) (691) (1,666) (12)81450 2,444 6,643 3,929 3,614 2,372 3,680 Other operating income/expenses Other charges/gains(1) Taxes Profits on financial assets and liabilities at fair value Net interest income Net fees and commissions Operating income Personnel Administrative Depreciation Loan loss provisions Gross income Net income Operating margin Other(2) Insurance income Note: figures may not add up exactly due to rounding (1) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations (2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests (3) Euribor 1M (average data) Non-motor P&C revenues at €183m (+16% vs 3Q24), €197m including credit-linked products Δ% vs 2Q25 (3.2) (0.2) (71.8) 3.7 (4.3) 6.3 (1.1) (8.8)(2.2) (9.3)(5.1) (37.3) (9.5) (8.1) (34.8) Δ% vs 3Q24 (2.3)(6.6) 5.9 10.3 (0.8) (3.1) 3.8 16.8 (1.7) (1.2)(3.4)140.0 (75.7) (3.1) 4.7(46.0) Stable overlays and increased NPL coverage n.m. Costs down 0.8%Euribor down 166bps(3) Essentially stable despite usual summer business slowdown
Page 15
MIL-BVA362-03032014-90141/VR 14 Firmly on track to deliver 2025 NII well above 2023 level, despite a significant decline in Euribor Net interest income – Quarterly comparison € m Net interest income – 9M comparison € m % Euribor 1M (average data) % Euribor 1M (average data) 9M23(1) 9M24 9M25 10,691 11,917 11,112 1Q25 2Q25 3Q25 3,632 3,800 3,680 +3.73 +2.19 +€421m +2.60 +2.09 +1.89+3.05 +€48m -86bps x FY NII (€ m) Further growth expected in 2026 also thanks to core deposit hedging 14,700 15,718 -71bps (1) 9M23 data restated to reflect the current consolidation perimeter
Page 16
MIL-BVA362-03032014-90141/VR 15 Net interest income trend breakdown Note: figures may not add up exactly due to rounding 30 87 9M24 Volumes Spread Financial components 9M25 11,917 (922) 11,112 Commercial component € m, 9M25 vs 9M24 Net interest income – Yearly comparison % Euribor 1M (average data) +3.73 +2.19 15 2Q25 Volumes Spread Financial components 3Q25 3,800 (115) (20) 3,680 Commercial component Net interest income – Quarterly comparison € m, 3Q25 vs 2Q25 % Euribor 1M (average data) +1.89+2.09 Including hedging on core deposits (as at 30.9.25: ~€160bn core deposits hedged, 4-year duration, ~1.65% yield, ~€2.4bn monthly maturities)
Page 17
MIL-BVA362-03032014-90141/VR 16 A Wealth Management, Protection & Advisory leader, with >€1.4 trillion in Customer financial assets, growing further in Q3… Customer financial assets(1) € bn 30.9.24 30.6.25 30.9.25 1,378.2 1,390.6 1,411.5 30.9.24 30.6.25 30.9.25 588.9 570.2 573.2 30.9.24 30.6.25 30.9.25 466.4 476.2 486.2 30.9.24 30.6.25 30.9.25 313.0 333.6 340.1 30.9.24 30.6.25 30.9.25 177.4 176.3 179.0 Direct deposits Assets under management Assets under administration Direct deposits from insurance business f(x) Note: figures may not add up exactly due to rounding (1) Net of duplications between Direct deposits and indirect customer deposits (2) ~7,000 Private Bankers and Financial Advisors in the Private Banking Division and ~10,100 Relationship Managers in the Banca dei Territori Division ▪ €913bn in Direct deposits and Assets under administration will fuel our Wealth Management, Protection & Advisory businesses ▪ Unmatched client advisory network with ~17,100 People(2) dedicated to fuelling AuM growth, up to ~20,000 by 2027 +€33.3bn +€96bn gross inflow in 9M, of which €31bn in Q3 +€7.5bn net inflow in 9M, of which €2.6bn in Q3 €20.8bn increase in Q3 +€6.4bn +€9.9bn +€3.1bn +€2.7bn Of which €67bn third-party AuM products
Page 18
MIL-BVA362-03032014-90141/VR 17 … fuelling strong growth in Commissions, at record highs, with excellent performance in Q3 Strong increase in Net fees and commissions in 9M… 4,280 9M24 4,649 9M25 6,970 7,328 +5% +9% Commissions from Management, dealing and consultancy activities … with Q3 up strongly YoY and essentially stable QoQ despite usual summer business slowdown… € m€ m 1,416 3Q24 1,541 2Q25 1,535 3Q25 2,307 2,449 2,444 +6% +8% Commissions from Management, dealing and consultancy activities … and significant growth in additional Commissions(1) generated by 360-degree advisory services € m 231 293 9M24 9M25 +27% x Customer financial assets managed(2) through 360-degree advisory services(3) Note: figures may not add up exactly due to rounding (1) On top of traditional Commissions from Management, dealing and consultancy activities (2) Direct deposits, Assets under management and Assets under administration (3) Valore Insieme, Private Advisory, WE ADD and Sei €162bn€134bn Well-diversified and resilient business model
Page 19
MIL-BVA362-03032014-90141/VR 18 … with AuM net inflow gaining momentum… Strong contribution to Group P&L from Wealth Management, with growing AuM inflows Note: figures may not add up exactly due to rounding. AuM inflows do not include third-party products, included in Assets under administration (1) Excluding Corporate Centre (2) AM = Asset Management (3) BdT WM = Banca dei Territori Wealth Management … and an excellent performance in Q3, despite the usual summer business slowdown 1Q25 2Q25 3Q25 2.2 2.7 2.6 +20%+22% € bn% of 25 Gross income(1) Strong contribution from Wealth Management… 16% 10% 5% 12% 22% 23% 13% IMI Corporate & Investment Banking International Banks Private Banking Insurance AM(2) BdT WM(3) Wealth Management & Protection 43% Banca dei Territori 34% Past six-year average: 56% % of 9M25 Gross income(1) Fully-owned product factories enable quick time-to-market and production/distribution synergies +15% vs 3Q24 x AuM gross inflow, € bn 3133 33 9M24 FY24 9M25 1.8 6.9 7.5 +329% 9687 118 € bn x AuM gross inflow, € bn
Page 20
MIL-BVA362-03032014-90141/VR 19 Best-ever 9M and Q3 for Insurance income, driven by P&C … with growing P&C contribution(1), driven by the Non-motor business 70 466 528 9M18 9M24 9M25 203 541 603 +13% € m 3.0 6.9 % As a % of Net fees and commissions + Insurance income Note: figures may not add up exactly due to rounding (1) Commissions + Insurance income (2) Individuals. Not including Credit Protection Insurance. Banca dei Territori Division perimeter (3) Including collective policies Non-motor Motor/Credit-linked products <8 13.4 % P&C non-motor product penetration on ISP clients(2) Best-ever 9M and Q3 for Insurance income… € m ISP’s integrated Bancassurance model generates benefits for customers and the Group Health and accident(3): 58% Home and family: 27% Other: 1% Businesses: 13% 6.5 13.0 Q3 9M24 9M25 1,311 1,372 +5% 408 450 x +10%
Page 21
MIL-BVA362-03032014-90141/VR 20 Best-in-class contribution from Commissions and Insurance income to revenues % (1) Sample: BBVA, Deutsche Bank, HSBC, ING Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, Commerzbank, Lloyds Banking Group and Société Générale (30.6.25 data) Contribution from Commissions and Insurance income to Operating income(1) Well-diversified business model 57 43 35 32 31 29 28 26 25 25 22 21 20 20 13 Peer 1 ISP Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer average: 27.4%
Page 22
MIL-BVA362-03032014-90141/VR 21 Cost reduction with high flexibility for further decrease Operating costs € m Personnel costs Depreciation f(x) Total Operating costs 9M24 9M25 7,986 7,956 -0.4% Investing for growth in technology (+€43m), while rationalising real estate and other 9M24 9M25 4,900 4,855 -0.9% Administrative costs -2.4% excluding the impact of national labour contract renewal and Depreciation linked to tech investments -3.0% excluding the impact of national labour contract renewal 9M24 9M25 1,018 1,065 +4.6% ~4,060 headcount reduction in 9M 9M24 9M25 2,068 2,036 -1.5% 39.1 38.9 Cost/Income ratio, %x Note: figures may not add up exactly due to rounding
Page 23
MIL-BVA362-03032014-90141/VR 22 Our tech transformation is enabling generational change and significant efficiency gains People, # Generational change in Italy(2) 4,000 voluntary exits of People close to retirement age (of which ~2,450 in 9M25) 2,000 People reduction by 2027 (of which ~575 in 9M25) entirely focused on central functions, with no impact on commercial roles, resulting from natural turnover 3,500 new hires of young people by 1H28 (of which ~650 in 9M25, mainly as Global Advisors) Natural turnover at our International Banks Net reduction due to natural turnover by 2027 2,000 … enabling generational change and significant efficiency gains Voluntary exits by 2027(2) Reduction due to natural turnover by 2027 New hires of young people(3) 4,000 3,000 3,500 7,000 exits (1) In the 2022-9M25 period (2) Agreement with Italian Labour Unions signed in October 2024, with related costs (~€440m pre-tax, ~€300m net of tax) booked in 4Q24 (3) Agreed with Italian Labour Unions (4) 2028 3,000 People reduction due to natural turnover by 2027 (of which ~625 in 9M25) Of which ~1,500 as Global Advisors for Wealth Management & Protection activities at Banca dei Territori People, # 9,000 exits by 2027 at no social cost with ~€500m savings at run-rate(4) Our tech transformation ( ) is accelerating… €5bn IT investments already deployed(1) AI use cases already developed 117 Large-scale reskilling/upskilling program already up and running to face future challenges (e.g., new digital skills) 64% of applications already cloud-based (vs ~10% in 2021) ~2,350 IT specialists already hired(1)
Page 24
MIL-BVA362-03032014-90141/VR 23 Best-in-class Cost/Income ratio in Europe % (1) Sample: Barclays, BBVA, BNP Paribas, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (30.9.25 data); Commerzbank (30.6.25 data) Cost/Income ratio(1) Peer 2 ISP Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 1 37.5 38.9 42.2 44.1 44.7 49.8 50.7 54.0 55.2 56.4 57.4 57.5 61.6 62.4 77.6 36.8 Peer average: 52.5%
Page 25
MIL-BVA362-03032014-90141/VR 24 Zero-NPL Bank status with NPL inflow and stock at historical lows… NPL inflow(2) from Performing loans (1) According to EBA definition (2) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans (3) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans NPL stock Net NPL ratio(1), %xNet NPL€ bn Net inflow(3)€ bn 1.0 1.8 9M24 1.8 9M25 2.3 2.2 -€0.1bn Well-diversified loan portfolio, with no single industry sector exposure exceeding 5% of Loans to customers Note: figures may not add up exactly due to rounding 5.0 31.3.25 4.9 30.6.25 4.8 30.9.25 9.9 9.9 9.9 1.01.0
Page 26
MIL-BVA362-03032014-90141/VR 25 … with ISP among the best in Europe for NPL stock and ratios… Net NPL stock for the main European banks(1) € bn (1) Including only banks in the EBA Transparency Exercise. Sample: Crédit Agricole Group, Deutsche Bank, ING Group, Nordea, Société Générale and UniCredit (30.9.25 data); BBVA, BNP Paribas, Commerzbank and Santander (30.6.25 data) (2) According to EBA definition. Data as at 30.6.24 Source: EBA Transparency Exercise, Investor presentations, press releases, conference calls and financial statements 30.9.15 30.9.25 x Net NPL ratio(2) x Gross NPL ratio(2) 34.2 17.1 13.1 10.6 6.3 4.8 3.2 2.6 6.77.7 13.5 8.3 2.0%3.0% 2.3% 0.8%1.0%3.1%1.4%1.7% 2.2%1.7% 2.0% 1.0%1.8% 1.2% 0.5%0.5%1.6%1.2%0.9% 1.2%1.2% 0.9% Peer 9 Peer 10 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 8 Peer 7
Page 27
MIL-BVA362-03032014-90141/VR 26 … as well as for Stage 2 loans Net Stage 2 loans(1) € bn (1) Including only banks in the EBA Transparency Exercise. Sample: BBVA, Deutsche Bank, Nordea, Société Générale and UniCredit (30.9.25 data); BNP Paribas, Crédit Agricole Group and Santander (30.6.25 data); ING Group (31.12.24 data) Source: Investor presentations, press releases, conference calls and financial statements x Stage 2 in % of Net loans(1) 30.9.25 144 72 65 64 51 44 34 15 41 28 8%12% 7% 4%9%11% 10% 6%10%7% Peer 8 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 9
Page 28
MIL-BVA362-03032014-90141/VR 27 Cost of risk at historical lows with increasing NPL coverage € m Cost of risk bps; annualised 792 783 9M24 9M25 Low Cost of risk in line with Zero-NPL Bank status Loan loss provisions Overlays stable at €0.9bn Note: figures may not add up exactly due to rounding 25 25 9M24 9M25 NPL coverage % 31.12.24 30.6.25 30.9.25 49.5 50.1 51.1 +1.6pp
Page 29
MIL-BVA362-03032014-90141/VR 28 NPL coverage among the best in Europe NPL coverage(1) % (1) Including only banks in the EBA Transparency Exercise. Sample: Crédit Agricole Group, Deutsche Bank, ING Group, Nordea, Société Générale and UniCredit (30.9.25 data); BBVA, BNP Paribas, Commerzbank and Santander (30.6.25 data) 52.5 51.1 49.6 48.6 45.4 44.6 43.8 42.8 34.4 30.1 27.0 Peer average: 41.9% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10
Page 30
MIL-BVA362-03032014-90141/VR 29 Russia exposure reduced to <0.1% of Group customer loans, with local loans near zero Loans to customers net of provisions – Banca Intesa, € bn 30.6.22 31.12.24 30.9.25 0.4 <0.1 Near zero Local presence in Russia Loans to customers net of ECA(1) guarantees and provisions, € bn 30.6.22 31.12.24 30.9.25 3.2 0.3 <0.3 Cross-border exposure to Russia No new financing/investment since the beginning of the conflict Note: figures may not add up exactly due to rounding (1) Export Credit Agencies
Page 31
MIL-BVA362-03032014-90141/VR 30 Rock-solid capital base, with ~105bps CET1 increase in 9M and ~40bps in Q3 Note: figures may not add up exactly due to rounding (1) €5.3bn accrued cash dividends and €0.3bn AT1 coupons for 9M25 (2) Considering 70% cash payout ratio. 13.1% not including any 9M25 Net income, in compliance with the ECB’s recent guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1 %, bps ISP 2025 fully loaded requirements SREP + combined buffer 31.12.24 post buyback finalised in October >(40) Basel 4 impact 1.1.25 post Basel 4 impact ~245 Net income ~(180) Dividends and AT1 coupons(1) - RWA evolution ~40 Other 30.9.25(2) ~13.3% >12.8% ~13.9% 9.9% Fully phased-in CET1 ratio evolution Strong organic capital generation capabilities, allowing high flexibility for additional distributions +~105bps DTA and valuation reserves ~75 ~(55)13.5% 30.6.25 ~13.9% 30.9.25 ~10 ~10 DTA x Q3 evolution >14.8% including additional ~100bps benefit from DTA absorption
Page 32
MIL-BVA362-03032014-90141/VR 31 ISP is a clear winner of the EBA stress test thanks to its well-diversified and resilient business model 2027 adverse scenario impact on transitional CET1 ratio(1) bps, % Note: analysis carried out on “transitional“ as indicated by the EBA (1) According to EBA definition. Sample: BBVA, BNP Paribas, Commerzbank, Crédit Agricole Group, Deutsche Bank, ING Group, Nordea, Santander, Société Générale and UniCredit 62 186 187 279 281 290 308 378 396 481 677 ISP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer average: 346bps
Page 33
MIL-BVA362-03032014-90141/VR 32 Liquidity ratios Best-in-class MREL and sound liquidity position Note: figures may not add up exactly due to rounding (1) Preliminary management data. Taking into account €2bn buyback finalised in October. The Total Ratio would be 37.3% (11.7% or €36bn buffer vs requirement) and the Subordination ratio 21.6% (3.5% or €11bn buffer vs requirement) not including any 9M25 Net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in CET1 (2) Combined Buffer Requirement (3) Last twelve-month average (4) Preliminary data (5) Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks MREL(1) %, requirement Buffer vs requirementx %, 30.9.25 2025 Business Plan target Buffer: 12.5 CBR(2): 4.5 MREL: 21.0 Total ratio Buffer: 4.3 CBR(2): 4.5 MREL: 13.5 Subordination ratio 38.0 22.3 €38bn €13bn 25.5 18.0 %, 30.9.25 LCR(3) NSFR(4) 142 122 ~115 ~125 Liquid assets(5) 174 174 175 112 111 111 30.9.24 30.6.25 30.9.25 285 285 286 € bn Other reserves HQLA High buffers vs regulatory requirements
Page 34
MIL-BVA362-03032014-90141/VR 33 Unparalleled support to address social needs Expanding food and shelter program for people in need 64.5m interventions 50m >100% Continuous commitment to culture Progetto Cultura and Gallerie d’Italia museums 30,000sqm across 4 venues with ~2,444,000 visitors 30,000sqm 100% New social lending(1) €25bn ~100% Strong focus on financial inclusion Promoting innovation €188m investments in startups 810 innovation projects launched €100m >100% >100% 800 Promoting innovation World-class position in Social Impact further strengthened with ~€1.5bn contribution (2) (€0.9bn already deployed(3)) and ~1,000 dedicated People €24.9bn Continued ESG commitment… 2022-2025 Business Plan main ESG initiatives Results achieved as at 30.9.25 (2022-9M25) 2022-2025 Business Plan targets Result achieved vs BP targetx NOT EXHAUSTIVE (1) New lending to support non-profit activities, vulnerable and young people and urban regeneration (2) Over the 2023-2027 period. As a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to s ustain the initiatives/projects), already taken into account in the 2024-2025 Guidance (3) Over the 2023-9M25 period, of which €243m in 9M25
Page 35
MIL-BVA362-03032014-90141/VR 34 … including on climate Result achieved vs BP targetxNOT EXHAUSTIVE (1) National Recovery and Resilience Plan (2) Including green and circular criteria (3) 2021-9M25. Starting from 30.6.24 the figure also includes the 2022 -9M25 cumulative amount of transition finance pertaining to the foreign activities of the Group (4) In the 2021-2026 period (5) Starting from 30.6.24 the cumulative amount of green mortgages issued by the International Banks Division since 2023 is also included (6) Eurizon perimeter - funds and AM products pursuant to art.8 and 9 SFDR 2019/2088 (7) Agriculture – Primary Farming, Aluminium, Automotive, Cement, Commercial Real Estate, Coal mining, Iron and Steel, Oil and Gas, Power generation, Residential Real Estate. No targets were set for the Shipping and Aviation sectors, which were not material in terms of exposure and/or financed emissions as of the baseline date Accelerating on commitment to Net-Zero Energy acquired from renewable sources 95% 100% 95% Supporting clients through the ESG/climate transition AuM invested in ESG products in % of total AuM(6) New lending to support the green economy, circular economy and ecological transition (including Mission 2 NRRP(1)) ~€84.7bn (3) €76bn (4) >100% of which circular economy new lending(2) ~€15.2bn €8bn >100% New green lending to individuals(5) €13.5bn €12bn >100% ESG Labs 16 opened >12 >100% 76% 60% >100% 2022-2025 Business Plan main ESG initiatives Results achieved as at 30.9.25 (2022-9M25) 2022-2025 Business Plan targets Emissions reduction (main achievements): ▪ From 2022 to 2024, the Group set 2030 targets for the 10 most emitting sectors(7) within the Group lending portfolio ▪ Overall, in those sectors subject to target-setting, absolute financed emissions dropped by 33% in 2024 vs 2022 ▪ The Group’s own emissions were reduced by 35% at end 2024 (since 2019) vs a 2030 reduction target of 53% ▪ On 27.1.25, received the validation by SBTi of targets for the reduction of own and Group financed emissions In 2030
Page 36
MIL-BVA362-03032014-90141/VR 35 Contents ISP is fully equipped to succeed in any scenario 9M25: the best nine months ever Final remarks Appendix: 2022-2025 Business Plan nearing completion
Page 37
MIL-BVA362-03032014-90141/VR 36 ISP is fully equipped to succeed in any scenario… Zero-NPL Bank with net NPL stock at only €4.8bn, net NPL ratio at 1.0%(3), >51% NPL coverage and €0.9bn as overlays Well-diversified and resilient business model, with revenues managed in an integrated manner to create value Resilient profitability, rock-solid capital position even in adverse scenarios, as shown in the EBA stress test, low leverage and strong liquidity Low Cost/Income ratio and significant tech investments (€ 5bn already deployed(1)) with ~2,350 IT specialists already hired(1) High strategic flexibility in managing Costs also thanks to an acceleration in our tech transformation (9,000 exits by 2027 (2)) Very low and adequately provisioned Russia exposure (<0.1% of Group customer loans, with local loans near zero) Long-standing, motivated and cohesive management team with strong track record in delivering on commitments (1) In the 2022-9M25 period (2) Of which ~3,650 in 9M25 (3) According to EBA definition Well-diversified loan portfolio and best-in-class proactive credit management Leadership in technology, risk profile, Cost management and Wealth Management, Protection & Advisory activities
Page 38
MIL-BVA362-03032014-90141/VR 37 … and is far better positioned than its peers… Rock-solid capital base and best-in-class risk profile 61 25 ISP(5) Peer average Fully phased-in CET1(1) /Total illiquid assets(1)(2) %, 30.9.25 ~500bps considering DTA absorption(4) ~300(6)~400 Buffer vs 2025 requirements SREP + combined buffer(3), bps, 30.9.25 x Well-diversified and resilient business model with fully-owned product factories 43 27 ISP Peer average(7) Contribution from Net fees and commissions and Insurance income to Operating income %, 9M25 High strategic flexibility to manage Costs also thanks to significant tech investments Cost/Income ratio %, 9M25 ISP Peer average(1) 38.9 52.5 Note: figures may not add up exactly due to rounding (1) Sample (latest available data): Barclays, BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (2) Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets (3) Calculated as the difference between the fully phased-in CET1 ratio vs 2025 requirements SREP + combined buffer considering macroprudential capital buffers and estimating the Countercyclical Capital Buffer and the Systemic Risk Buffer (4) And the expected distribution on the Net income of insurance companies (5) Including in CET1 9M25 accrued Net income, considering 70% cash payout ratio (6) Sample (latest available data): BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, ING Group, Nordea, Santander, Société Générale and UniCredit (7) Sample (latest available data): Barclays, BBVA, BNP Paribas, Commerzbank, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit 11(1)13 Depreciation on Operating costs, %x
Page 39
MIL-BVA362-03032014-90141/VR 38 … also thanks to a unique Commissions-driven and efficient business model, coupled with strong tech investments (1) Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (30.9.25 data); Commerzbank (30.6.25 data) (2) Sample: BBVA, Deutsche Bank, HSBC, ING Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, Commerzbank, Lloyds Banking Group and Société Générale (30.6.25 data) (3) Sample: BBVA, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, Commerzbank, HSBC, ING Group, Lloyds Banking Group and Société Générale (30.6.25 data); Deutsche Bank (31.12.24 data) Depreciation on Operating costs(3),% >12%10%-12%<10% 11 12 13 14 15 35 3734 3833 3932 4031 4130 4236 4329 4428 5627 5726 40 0 252423 45 22 50 21 55 20 60 19 65 18 70 10 75 17 80 16 Contribution from Commissions and Insurance income to Operating income(2),% Cost/Income(1) % (reverse scale) Peer average: 52.4%(1) Peer average: 27.4%(2) Peer 1Peer 2 Peer 3Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 10 Peer 9 Peer 11 Peer 12 Peer 13 Peer 14
Page 40
MIL-BVA362-03032014-90141/VR 39 Italy’s strong fundamentals support the resilience of the economy… Export-oriented companies highly diversified in terms of industry and destination markets (US only 10% of exports and 3% of GDP) Banking system massively capitalised, highly liquid and profitable Strong gross wealth (€12.3 trillion, of which €5.7 trillion in financial assets) paired with low household debt Very resilient Italian companies with high liquidity buffers and improved financial leverage Unemployment rate close to historical lows, with employment and activity rates at their highest levels Strongly adaptive ecosystem with low default rates even throughout the COVID-19 crisis Low-risk profile (net NPL ratio at ~1.5%(1)) Outstanding deposits, >60% higher than 2008 and almost double the stock of loans EU financial support (Next Generation EU) to fund the NRRP(2) (the Government plans to spend 2.1% of GDP in 2026) Positive impact on GDP growth from EU defence spending increase and German boost in infrastructure spending ▪ Italian GDP expected to grow 0.5% in 2025 and 0.8% in 2026(3) ▪ In May, Moody’s confirmed Italy’s rating and modified its outlook to positive ▪ In September, Fitch upgraded Italy’s ratings to “BBB+/F1” with stable outlook ▪ In October, Morningstar DBRS upgraded Italy’s rating to “A (low)” with stable outlook NOT EXHAUSTIVE Resilient and adaptive corporates Solid banking system Low debt/high wealth households Significant investments at European level (1) March 2025 data (2) National Recovery and Resilience Plan (3) Source: IMF, October 2025 World Economic Outlook
Page 41
MIL-BVA362-03032014-90141/VR 40 … and Italian corporates are by far stronger than in the past Italian corporates are far better capitalised than in the past… … with liquidity buffers at historical highs Financial Debt/Financial Debt + Equity, % 2007- 2012 2013- 2019 2020- 2021 2022- 2023 2024- 7M25 20 32 56 62 69 Deposits/Loans to non-financial companies, % Resilient and adaptive Italian corporates 45 42 37 34 31 2007- 2012 2013- 2019 2020- 2021 2022- 2023 2024- 1Q25
Page 42
MIL-BVA362-03032014-90141/VR 41 Contents Final remarks 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Appendix: 2022-2025 Business Plan nearing completion
Page 43
MIL-BVA362-03032014-90141/VR 42 ISP delivered the best 9M ever and is fully equipped to succeed in any scenario (1) Vs 1.1.25 post Basel 4 impact (2) Taking into account 70% cash payout ratio and €2bn buyback finalised in October. 13.1% not including any 9M25 Net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1 (3) Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders’ approval (4) On 26.11.25 (5) According to EBA definition (6) In the 2022-9M25 period ▪ €7.6bn Net income, the best 9M ever ▪ Fully phased-in CET1 ratio up ~105bps in 9M(1) at ~13.9%(2) (+~40bps in Q3) ▪ €5.3bn cash dividends accrued in 9M (~7% dividend yield(3) in 2025) of which €3.2bn (€18.6 cents per share) to be paid in November as an interim dividend(4) ▪ €2.4bn Net income in Q3, with strong yearly growth in Commissions (+6%) and Insurance income (+10%) ▪ The best 9M ever for Operating margin and Gross income ▪ Record-high 9M and Q3 for Commissions and Insurance income, driven by Wealth Management and non-motor P&C, with excellent performance of AuM net inflow in Q3 ▪ Lowest-ever 9M Cost/Income ratio (38.9%) ▪ NPL stock, inflows and annualised Cost of risk (25bps) at historical lows with increasing NPL coverage (>51%) The best nine months ever ▪ Resilient profitability, rock-solid capital position (also in adverse scenarios as shown in the EBA stress test), low leverage and strong liquidity ▪ Well-diversified and resilient business model: a Wealth Management, Protection & Advisory Leader with fully-owned product factories and >€1.4 trillion in Customer financial assets ▪ Zero-NPL Bank with net NPL stock at only €4.8bn, net NPL ratio at 1.0%(5), NPL coverage >51% and €0.9bn as overlays ▪ Significant tech investments (€5bn already deployed(6)) ▪ High flexibility in managing Costs (e.g., 9,000 exits by 2027) ▪ Well-diversified loan portfolio and best-in-class proactive credit management ▪ Very low Russia exposure, with local loans near zero ▪ Long-standing, motivated and cohesive management team with strong track record in delivering and exceeding commitments Fully equipped to succeed in any scenario
Page 44
MIL-BVA362-03032014-90141/VR 43 Firmly on track to deliver 2025 Net income well above €9bn, including Q4 managerial actions to strengthen future profitability Increase in revenues, managed in an integrated manner Lower Levies and other charges concerning the banking and insurance industry Cost reduction despite tech investments ▪ Resilient Net interest income (thanks to a higher contribution from core deposits hedging) ▪ Growth in Commissions and Insurance, leveraging on our leadership in Wealth Management, Protection & Advisory ▪ Strong increase in Trading profits ▪ No further contribution to the Italian Deposit Guarantee Scheme ▪ Workforce reduction due to the already agreed voluntary exits and natural turnover ▪ Additional benefits from technology (e.g., branch reduction, IT/process streamlining) ▪ Real estate rationalisation ▪ Low NPL stock ▪ High-quality loan portfolio ▪ Proactive credit management Low Cost of risk ▪ Growth in DPS and EPS ▪ 70% cash payout ratio ▪ Additional distribution for 2025 to be quantified at full-year results approval ▪ Dividend yield(1) ~7%, best-in-class in Europe Well above €9bn including Q4 managerial actions 2025 Net income Guidance Q4 managerial actions to strengthen future profitability (1) Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders’ approval 9M25 Net income 2025 Net income Guidance €7.6bn Well above €9bn including Q4 managerial actions
Page 45
MIL-BVA362-03032014-90141/VR 44 Contents Appendix: 2022-2025 Business Plan nearing completion 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Final remarks
Page 46
MIL-BVA362-03032014-90141/VR 45 2022-2025 Business Plan nearing completion Our People are our most important asset Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate Structural Cost reduction, enabled by technology Growth in Commissions, driven by Wealth Management, Protection & Advisory Massive upfront de-risking, slashing Cost of risk Massive NPL stock reduction and continuous prevention through a modular strategy Proactive management of other risks A new credit decisioning model Advanced Analytics- empowered Cost management A new Digital Bank and footprint optimisation IT efficiency Workforce renewal Smart real estate management Strengthened leadership in Private Banking Further growth in payments business Double-down on Advisory for all Corporate clients Continuous focus on fully-owned product factories (Asset management and Insurance) Growth across International Banks businesses Dedicated service model for Exclusive clients Unparalleled support to address social needs Strong focus on financial inclusion Accelerating on commitment to Net-Zero Continuous commitment to culture Supporting clients through the ESG/climate transition Promoting innovation ▪ ISP recognised as Top Employer Europe 2025(1) and confirmed Top Employer Italy(1) for the fourth consecutive year ▪ Ranked first among Banking & Finance companies in the LinkedIn Top Companies 2025 for career development and professional growth (1) By Top Employers Institute
Page 47
MIL-BVA362-03032014-90141/VR 46 Massive upfront de-risking, slashing Cost of risk ▪ Massive deleveraging with €5.3bn gross NPL stock reduction in 2022-9M25, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target ▪ Focus on modular approach and sectorial forward looking – factoring in the macroeconomic scenario – and on proactive credit management ▪ Focus on Banca dei Territori Division action plan, with strong management of underlying Cost of risk, NPL inflow from Performing loans and new solutions for new needs arising in the current scenario ▪ Enhanced risk management capabilities: comprehensive and robust Risk Appetite Framework encompasses all the key risk dimensions of the Group ▪ Introduction of a Sectorial Framework which assesses the forward-looking profile of each economic sector on a quarterly basis across different countries. The sectorial view, approved by a specific management committee, feeds all the credit processes in order to prioritise credit decisions and action plans ▪ Cybersecurity anti-fraud protection extended to new products and services for retail customers, including the use of Artificial Intelligence; adoption of Open Source Intelligence solutions to empower cyber threat intelligence capability ▪ Enhanced protection of both the remote access to company applications and the access to corporate workstations enabling multi -factor authentication, and at the same time improving user experiences through frictionless processes ▪ Enhanced protection from cyber-attacks in terms of detection/recovery and improved internal awareness of cyber-attacks (e.g., phishing) ▪ Further enhanced security levels of digital services also through the adoption of advanced solutions and technologies for the remote biometric recognition of internal users and customers, improving their user experience ▪ In the EBA Clearing “Fraud Pattern and Anomaly Detection” (FPAD) project, ISP is among the first European banks to integrate the risk score provided by the EBA into its anti-fraud systems for corporate transactions (bank transfers and instant credit transfers) ▪ Implemented over 40 digital use cases to strengthen the effectiveness and efficiency of internal control systems and compliance processes ▪ Set up of the Anti Financial Crime (AFC) Digital Hub, aimed at becoming a national and international centre open to other financial institutions and intermediaries, with the goal of combating money laundering and terrorism through new technologies and Artificial Intelligence, based on a public-private collaboration model ▪ Set up of the new AFC model based on an international platform and competence centres specialised in Transaction Monitoring, Know Your Customers and Financial Sanctions ▪ Launched a regional pilot project in the AML/CFT(2) Public-Private Partnership framework, in collaboration with Bank of Italy, Guardia di Finanza(3) and the Anti-Mafia Investigation Directorate ▪ Developed the compliance control framework for Artificial Intelligence systems to ensure ethical use in line with the European Framework (AI Act) ▪ The Balance Sheet Optimisation unit continued expanding the credit risk hedging schemes to optimise capital absorption. In 3Q25, a new synthetic securitisation was completed on a ~€1.5bn portfolio of project finance and corporate loans in the infrastructure sector. As at 30.9.25, the outstanding securitised portfolio of synthetic securitisation transactions included in the GARC Program (Gestione Attiva Rischio di Credito - Active Credit Risk Management) was equal to ~€29bn ▪ Further strengthened the capital efficiency initiatives and extended the scope of Credit Strategy to ESG criteria, shifting ~€24bn of new lending in 9M25 (~€21bn in 2024 and >€18bn in 2023) to more sustainable economic sectors with the best risk/return profile Key highlights (1) According to EBA definition (2) Anti-Money Laundering and Countering the Financing of Terrorism (3) Italian Financial Police Massive upfront de-risking, slashing Cost of risk 2022-2025 Business Plan nearing completion ISP awarded “European Issuer of the Year” at the Structured Credit Investor (SCI) Risk Sharing Awards 2025 confirming its strong position in active credit portfolio management
Page 48
MIL-BVA362-03032014-90141/VR 47 Structural Cost reduction, enabled by technology ▪ operational with ~470 dedicated specialists ▪ Continuous extension of the platform to the entire Group, in particular for the Private Banking Division ▪ Insourcing of core capabilities in IT with ~2,350 people hired ▪ Commercial launch of on 15.6.23 and release of the App on iOS and Android stores; completed the release of Internet Banking (web application) ▪ product range has been consolidated and enriched (SpensieRata(1), virtual cards, credit cards, prepaid cards, protection, loans, isySalvadanaio, investments, etc.) ▪ Ongoing technical activities for the transformation of the Group's IT system (simplification of the ISP Mobile App, upgrade of products and applications in a cloud perspective, simplification of the Group's data architecture, etc.) and the core banking system by using cloud-based solutions (Thought Machine) ▪ Ongoing release of new omnichannel products for ISP clients on ISYTECH platform (completed for personal loans, Credit Protection Insurance, SpensieRata(1) and bank accounts, CJ Onboarding and CJ Trasformazione, in progress for mortgages and investments) ▪ AI Lab in Turin operational (setup of Centai Institute) ▪ 1,329 branches closed since 4Q21 in light of launch ▪ Digital platform for analytical cost management up and running, with 47 efficiency initiatives already identified ▪ Extended the Hub Procurement system, with full coverage of the centralised purchasing management perimeter ▪ Rationalisation of real estate in Italy in progress, with a reduction of ~771ksqm since 4Q21 ▪ ~8,700 voluntary exits(2) since 2022 ▪ Completed the update of functions and digital services in Serbia, Hungary, Romania, Croatia, Slovakia and Slovenia, with significant functional and regulatory releases and the launch of new services such as Unsecured Lending and Investment Solutions. Finalising the development of Digital Mobile Acquisition features in Croatia and Slovenia ▪ Completed the activities to improve the customer experience of branch digital processes in Hungary, Slovenia, Albania and Croatia (i.e. use of Artificial Intelligence and the new chatbot Navigated Experience functionality). Completed in Serbia the release of the Conversational banking functionality for some client segments. Launched activities to further enhance the chatbot efficiency to optimise activities, automating training processes and reducing cost to serve ▪ Go-live of the new core banking system in Egypt and alignment of digital channels ▪ Ongoing activities to progressively release applications for the target platform in the remaining countries of the International Banks Division ▪ As part of the merger by incorporation of First Bank into ISP Romania, the technological integration is proceeding according to plan ▪ Digital Process Transformation: processes identified and activated E2E transformation activities (especially involving procurement processes, customer onboarding, hereditary succession process management, bank account closing process and control management processes). The E2E transformation activities will leverage on Process Intelligent Automation and traditional reengineering methods. Released new digital solutions for customer onboarding, current accounts closing, and inheritance management processes for a first group of branches ▪ In line with the SkyRocket plan, the new Cloud Region in Turin is fully operational (in addition to the Milan Cloud Region made available in June 2022) and has enabled launch with an entirely Italy-based infrastructure (including disaster recovery) ▪ Launched digitalisation projects related to AI and Distributed Ledger Technology (DLT) at Eurizon. DLT tests for the tokenisation of mutual funds completed ▪ Ongoing significant upgrades on the App to expand maximum capacity in terms of number of concurrent online customers Key highlights Structural Cost reduction, enabled by technology (1) Instalment payment (2) Referring to the agreements already signed with Labour Unions 2022-2025 Business Plan nearing completion
Page 49
MIL-BVA362-03032014-90141/VR 48 ~€500m additional contribution to 2025 Gross income(1), not envisaged in the 2022-2025 Business Plan Our tech transformation is accelerating and operating successfully Artificial intelligence Artificial intelligence to further unlock new business opportunities, increase operational efficiency and further improve the management of risks Digital businesses New digital channels ( ) to attract new customers and better serve ISP customers with a low cost-to-serve model New technology backbone already available to mass market retail clients through , being progressively extended to the entire Group : ISP cloud-based digital banking platform (1) Additional contribution to 2025 Gross income from isytech, isybank, Fideuram Direct and AI not envisaged in the Business Plan, offsetting the impact from higher inflation and renewal of the Labour contract 2022-2025 Business Plan nearing completion
Page 50
MIL-BVA362-03032014-90141/VR 49 Mooney Enel Tech transformation accelerating with 64% of applications already cloud-based (1) Including software engineers : our cloud-native tech backbone… … already successfully deployed through … ▪ developed in partnership with leading fintech ▪ New cloud solution leveraging the partnership with and (Skyrocket) ▪ successfully deployed to mass market retail clients through our new digital bank ( ) ▪ Public cloud regions in Turin and Milan available and ~50% of cloud migration already executed ahead of schedule ▪ €5bn IT investments deployed and ~2,350 IT specialists(1) hired ▪ Developed internal know-how with >100 ISP People certified Google Cloud/Thought Machine ▪ is an incubator to extend the tech backbone to the entire Group ▪ Ongoing extension of digital platform to the Parent Company ISP … being progressively extended to the entire Group ▪ up and running with excellent performance (~0 latency) ▪ Tested platform scalability up to 20m current accounts ▪ New innovative products added on platform ahead of schedule (e.g., virtual cards) ~€150m additional contribution to 2025 Gross income, not envisaged in the Business Plan 31.12.21 30.9.25 ~10% 64% Applications already cloud-based 2022-2025 Business Plan nearing completion % of total applications Lower IT CapEx and OpEx, faster time-to-market, easier scalability and fintech collaboration/integration
Page 51
MIL-BVA362-03032014-90141/VR 50 Key elements of our cloud-based digital platform : Group cloud-based digital platform Modular Next steps : our cloud-based digital platform Cloud-native Always-onSecure The first leading bank fully adopting a next-gen, cloud-based core banking solution ▪ Scalable hybrid cloud technology ▪ Lower and flexible infrastructure costs ▪ Enhanced cyber- security protection ▪ Resilient by design ▪ Across segments ▪ Across products ▪ Across geographies ▪ 24/7/365 ▪ Real-time ▪ Instant responses ▪ Omnichannel ▪ API-based architecture ▪ Faster time-to- market Scalable 2022-2025 Business Plan nearing completion
Page 52
MIL-BVA362-03032014-90141/VR 51 Unique digital customer experience… A new digital bank delivered in 12 months and already chosen by >1m clients … already chosen by >1m clients… (1) Self and remote offering (“offerta a distanza”) (2) Data as at 30.9.25 (3) Cumulative data since isybank launch <3 minutes average onboarding time <30 clicks required to open an account ~265m transactions completed(2) ~€2.6bn customer deposits(2) Immediately active accounts and cards for client banking needs ~800,000 accounts opened(2) by new customers (78% under 35 years old) … and gaining strong momentum 30.9.24 31.12.24 30.9.25 >300 >530 ~800 Accounts opened by new customers k#(3) 2022-2025 Business Plan nearing completion ▪ >40% of total sales to retail ISP Group customers already digital(1) today ▪ Qorus-Infosys Finacle Banking Innovation Awards: 2024 Transformative Innovator ▪ Top-notch customer security thanks to the ISP control framework
Page 53
MIL-BVA362-03032014-90141/VR 52 Cards Payments Transfers Payments from account to account EU and extra-EU withdrawals Debit cards Cards in eco-sustainable material Tax incentives related transfer Salary advance Credit Mortgages Payments to Public Administration Personal loans Product offering broader than digital challengers(1) Additional benefits vs Business Plan from ~1 million new customers € m, by 2025 Gross income ~200 Product catalogue (2) Product offering broader and more innovative than digital challengers 2022-2025 Business Plan nearing completion (3) (3) (3) Insurance servicesProtection & Investments Saving services Ready to succeed even against fintechs: ▪ Complete product offering, delivered through the most innovative tech platform in the market ▪ Unique approach coupling digital with the human touch of ISP’s Digital Branch (~2,300 People(4)) ▪ Access to >1,700 advanced ATMs of ISP’s "traditional" branches available to customers Peer 1 Peer 2 Peer 3 Peer 4 (1) Sample: BBVA Italy, Hype, N26 Italy and Revolut Italy (2) Including MAV, F24, Pago PA (3) Partial functionalities (4) Digital Relationship Managers
Page 54
MIL-BVA362-03032014-90141/VR 53 … with strong benefits for the Group AI use cases, # AI program at scale with strong benefits for the Group ~€100m additional contribution to 2025 Gross income, not envisaged in the 2022-2025 Business Plan, not including potential upside from the adoption of generative AI solutions Dedicated AI specialists x Dedicated program to adopt AI at scale… Holistic impact ▪ Group-wide adoption of AI through the development of AI use cases favouring: ― Commercial effectiveness (examples of use cases underway/live: ~0.5m client investment recommendations generated every month by Robo4Advisor, predictive pricing models to assess price customisation and support managers via AI assistant with negotiation suggestions; AI-driven sales enablement with advanced campaign and omnichannel platforms) ― Operational efficiency (e.g., automation of transactional and administrative processes, with a 70% reduction of in-branch on-boarding activities; conversational platform, with 80% of conversations with customers already managed end-to-end through AI virtual assistant; AI Copilot trained on internal knowledge to assist digital branch employees with complex questions; AI modules to optimise the handling of internal help desk requests and the subsequent resolution phases) ― Strengthened Risk management, compliance controls and ESG (e.g., AI-driven anomaly detection and risk attribution in market risk area) AI Ecosystem & Strategic Partnerships ▪ Marking scientific and knowledge leadership in AI thanks to: ― Internal AI Academy (e.g., Training & Academy activities >1.5k participants, Data & AI Community >9k members) — Group-wide AI training & communities ― Academic partnerships (e.g., CETIF Master Responsible AI Executive Program, SDA Bocconi EMF FinTech Lab, Berkeley USA SkyLab) — developing advanced AI expertise ― Strategic partnerships (e.g., Opening Future with Google Cloud & TIM >21k people involved and >3,250 training hours delivered, FAIR EU, Horizon TANGO) — international AI innovation projects ― Anti Financial Crime Digital Hub Responsible and effective adoption ▪ Ethical principles of responsible adoption through: ― Rules and technological assets ensuring full compliance with AI Act requirements and clear accountability of business owners for AI decisions ― Realisation of guardrails to ensure the responsible and secure use of Generative AI ▪ According to the 2025 Evident AI Index, the Group is now ranked third in the world for publications on Responsible AI topics 2022-2025 Business Plan nearing completion Scaling adoption of GenAI solutions in several areas (e.g., HR support, digital branch, regulatory analysis, technical support and coding) 80 150 30.9.24 30.9.25 2025 117 ~230184 ~300
Page 55
MIL-BVA362-03032014-90141/VR 54 Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/7) (1) Valore Insieme also available for Banca dei Territori Affluent clients Fully-owned product factories under a single oversight unit enabling quick time-to-market and production/distribution synergies Asset management Life insurance P&C insurance Distinctive advisory networks and top-notch digital tools Advanced investment management platform to develop highly-tailored investment solutions Strengthened leadership in Private Banking with upgraded commercial proposition, new omnichannel strategy and scale-up of international presence Private Advisory and WE ADD with Private Banking Commercial organisation dedicated to Banca dei Territori Exclusive clients Banca dei Territori (1) 2022-2025 Business Plan nearing completion + Collaboration with BlackRock to create new Digital Wealth Management platform targeting European Private and Affluent clients beginning with Belgium and Luxembourg with
Page 56
MIL-BVA362-03032014-90141/VR 55 Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/7) Unmatched client advisory network through Private Banking and Banca dei Territori Sizeable amount of Direct deposits and Assets under administration, to fuel AuM growth Direct deposits and Assets under administration, € bn 772 913 141 31.12.22 2023-9M25 growth 30.9.25 Note: figures may not add up exactly due to rounding ~10,100 Relationship Managers in the Banca dei Territori Division for Exclusive and Affluent clients~200 Digital Branch Relationship Managers All BdT clients ~5,500 Relationship Managers for Affluent clients BdT Affluent clients ~2,800 Relationship Managers for Exclusive clients(3) and ~1,120 dedicated advisory centers BdT Exclusive clients Global Advisors(2) increasing to ~2,700 by 2027 ~1,570 Global Advisors with hybrid contracts(2) ~5,950 Financial Advisors Private Banking Division clients ~1,050 Private Bankers ~7,000 Private Bankers and Financial Advisors in the Private Banking Division (1) In Italy and abroad (2) Employed with part-time indefinite-term contracts and on a self-employed basis, in order to ensure greater proximity to customers, specifically in Wealth Management & Protection (3) Clients currently served by Banca dei Territori with one of the following features: high income/spending or combinations of significant AuM/age/complex investment products 2022-2025 Business Plan nearing completion (1)
Page 57
MIL-BVA362-03032014-90141/VR 56 Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/7) ▪ Direct Advisory - as part of our digital offering - up and running, allowing customers to build investment portfolios with the advisory of direct bankers operating remotely and supported by BlackRock's Aladdin Robo4Advisory platform. Direct Advisory completes the existing offer which also includes “Advanced Trading” (operating in over 50 cash and derivatives markets), and “In- Self Investments” (to operate independently on a selected set of sustainable funds and wealth management products created by Fideuram Investment Center). Cash Deposits added to the offering to complement wealth management product solutions (expanded the ETF Capital Accumulation Plan offering) and expanded the “Advanced Trading” product offering. Fideuram Direct promoted to customers of the traditional networks, both for Advanced Trading and for Direct Advisory, based on customer preferences and operational characteristics ▪ Alpian – the first Swiss private digital Bank – is operational as a mobile-only platform providing multi-currency, wealth management and financial advisory services with experienced consultants; the offer has been enriched with In-Self configurable mandates and Apple Pay, in addition to an ETF Saving Plan. Enhancement of the product offering underway (e.g., Pillar3A services), along with a renewed in-App customer experience. Collaboration started with Amex on cards and with BlackRock on investments. More than 25,000 clients acquired ▪ New dedicated service model for Exclusive clients fully implemented ▪ Enhancement of the product offering (new AM/Insurance products) and further growth of the advanced advisory service “Valore Insieme” for Affluent and Exclusive clients: ~61,000 new contracts and €17.6bn in Customer financial asset inflow in 9M25, on top of ~125,000 new contracts and €36.9bn in Customer financial asset inflow in 2023-2024 ▪ Launched in March 2023 the first co-badge debit card in Italy (in eco-sustainable material), dedicated to business customers, equipped with a dual circuit (Bancomat®, PagoBancomat® and MasterCard or Visa) and Instant Issuing service that can be activated from the website and App. In June 2024, introduced the option to use Bancomat co-badge card on Apple Pay and Bancomat Pay for purchases on Amazon. In 2Q24, released Visa Business Solutions for Commercial Visa credit cards. In June 2025, launched a new range of payment cards (XME Debit Card, XME Credit Card, XME Credit Icon), all available instantly and in digital-only format, with the option to request a physical card made from recycled PVC. The XME Debit Card features the Blind Notch, making the card identifiable for the visually impaired ▪ Intesa Sanpaolo was the first Bank in Italy to offer Nexi SoftPOS in 2023, a solution allowing contactless digital payments from smartphones/tablets without a card payment machine (POS terminal). In June 2024, extended the service to the iOS operating system and launched the evolved version SoftPOS Pro on Android for medium/large corporate clients. In November 2024, expanded the circuits available to merchants with the introduction of American Express ▪ Launched in 1Q24 the wearable ring payment service, in collaboration with Mastercard and Tapster (VISA available since November 2024), and in 4Q24 the new bracelet with the innovative "TAPSTER Share" function allowing the quick sharing of data and information customers choose to make visible ▪ Introduction of new functionalities of Robo4Advisory by BlackRock to generate investment advice on selected product to support relationship managers. Additional features to customise on- demand recommendations, released in 3Q24 ▪ Adoption of the BlackRock Aladdin Wealth and Aladdin Risk platforms for investment services: Aladdin Wealth for BdT and Fideuram, Aladdin Risk and Aladdin Enterprise for Fideuram’s Investment Center and the Asset Management Division. Extended the Aladdin platform (Risk and Wealth modules) to ISPWM Lux to support the new digital services of Fideuram Direct BeLux ▪ New features for UHNWI(1) client advisory tools, strengthening of service model for family offices. Released the new We Add advanced advisory service for the Intesa Sanpaolo Private Banking network. Integrated the new Aladdin Robo4Advisory functions on the Fideuram network to support advisory activities, and in April 2024 launched the new contract providing also the opportunity to include Assets under administration in the service. The integration of ESG principles into the current advisory models is progressively evolving ▪ Ongoing enrichment of the alternative funds offering from leading international players through partnerships with specialised platforms ▪ In 4Q24, listed on Borsa Italiana (Euronext) the first seven physical replication ETFs of the D-X platform launched by FAMI(2) through the Sicav AILIS (AuM ~€5bn at 30.9.25). Nearing launch of the new D-X MSCI ETF Diversified Commodities & Strategic Metals Key highlights Growth in Commissions, driven by Wealth Management, Protection & Advisory (1) Ultra High Net Worth Individuals (2) Fideuram Asset Management Ireland 2022-2025 Business Plan nearing completion
Page 58
MIL-BVA362-03032014-90141/VR 57 Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/7) ▪ As part of the international development strategy, the strengthening of operational platforms is underway. Started a project to implement a distribution model for selected REYL banking products in the Italian networks (LPS) and the rationalisation of certain legal entities controlled by REYL ISP ▪ In November 2024, announced a new strategic initiative in collaboration with BlackRock to accelerate the growth of the Digital Wealth Management offering in Europe (Belgium and Luxembourg markets). Established the new Business Unit (Fideuram Direct) to offer fully-digital in-App investment services within ISP Wealth Management(1) to expand the European client base with an efficient and scalable model across multiple geographies. Started the pilot phase of Fideuram Direct for selected customers and confirmed the launch in 4Q25 of the new App for ETF investments and saving plans ▪ The strategic partnership with Man Group Asteria is fully operational, with over ~€2.4bn inflow as at 30.9.25 ▪ Completed the merger by incorporation of Epsilon SGR into Eurizon Capital SGR on 1.3.25 ▪ On 1.7.25, the total demerger of Fideuram Asset Management SGR became effective, resulting in the transfer of the collective Asset Management business to Eurizon Capital SGR and the remaining assets to Banca Fideuram ▪ Enriched Eurizon offering dedicated to captive and third-party distributors and launched multiple new asset management and insurance products. Eurizon acquired new traditional and private market mandates from institutional third parties ▪ Eurizon has launched the "YourIndexSicav" ETFs, including 26 index funds covering the main bond and equity asset classes, and including both listed classes (UCITS-ETFs) and traditional ones (retail and institutional) ▪ Signed in July 2024 an MoU with Eurobank Asset Management, a management company 100% controlled by Eurobank, allowing Eurizon to enter the Greek market. The business partnership involves both the distribution of Eurizon funds by Eurobank and the support from Eurizon for asset management growth ▪ ESG product offering penetration for asset management and insurance at 76%(2) on total AuM ▪ Continued commitment of Eurizon to financial education, ESG training activities (towards distributors and in the academic field) ▪ Launched the new IMI C&IB organisational set-up, with a focus on strengthening client advisory activities and Originate-to-Share (OtS) business ▪ Continued focus on origination and distribution activities in Italy and abroad, with the acceleration of the OtS model and the introduction of additional risk-sharing tools ▪ Enriched the commercial offer of “Soluzione Domani”, dedicated to senior customers (over 65 years old and caregivers) through the launch of the Senior Hub (“SpazioxNoi”). In the first phase, the initiative envisages the opening of two multi-service centres (in Milan and Novara) dedicated to active aging, well-being and social aggregation ▪ Finalised the purchase of 26.2% of Intesa Sanpaolo RBM Salute shares (now Intesa Sanpaolo Protezione) ▪ Since 1.1.24, InSalute Servizi has been the TPA (Third Party Administrator) of the ISP Group Health Fund. Also managing all BdT customers with Intesa Sanpaolo Protezione health insurance policies, InSalute Servizi is today already the 4th TPA in the Italian market, with more than 1.5m reimbursement claims per year. In partnership with leading healthcare providers, it has released a new online medical booking service, with the option to receive medical reports directly on the App. The new service is currently available for individual customers of the Group ▪ In December 2024, Intesa Sanpaolo Vita was renamed Intesa Sanpaolo Assicurazioni, renewing the support for people, families, and businesses, to manage investments, savings and P&C. In addition, in the P&C area, Intesa Sanpaolo Protezione was created through the merger of Intesa Sanpaolo RBM Salute with Intes a Sanpaolo Assicura ▪ Launched digital platform "IncentNow" for enterprises to provide information to Italian companies and institutions on the opportunities offered by public tenders related to the “Piano Nazionale di Ripresa e Resilienza“(3) Key highlights (1) Luxembourg Hub of Fideuram - Intesa Sanpaolo Private Banking (2) Eurizon perimeter – funds and AM products pursuant to art.8 and 9 SFDR 2019/2088 (3) National Recovery and Resilience Plan 2022-2025 Business Plan nearing completion Growth in Commissions, driven by Wealth Management, Protection & Advisory
Page 59
MIL-BVA362-03032014-90141/VR 58 Growth in Commissions, driven by Wealth Management, Protection & Advisory (5/7) ▪ Developed commercial initiatives to support clients in different sectors to optimise the incorporation of European and Italia n post-pandemic recovery plans ▪ Launched the Group's first Private Debt Fund, a partnership between ISP and Eurizon Capital Real Assets (ECRA), to support th e development of SMEs through innovative financial solutions supporting the real economy and sustainable transition processes (after the third closing: €175m inflow, of which € 128m from third parties) ▪ Go live of Cardea, an innovative and digital platform for financial institutions ▪ Evolution of the corporate digital platform (Inbiz) with the introduction of new products and tools to engage with customers ▪ Underway the digital strengthening of the Global Transaction Banking platform by IMI C&IB, in synergy with at Group level (Isybiz Program), through new releases (e.g., advanced cash management products) and partnerships (e.g., to extend coverage to >100 currencies) ▪ Further expansion of the IMI C&IB "capital light" toolkit, with the introduction of new tools (e.g., credit risk insurance, p ortfolio hedging) and commercial enablers (e.g., funding support) ▪ Launched dedicated business initiatives in Italy and abroad with a focus on the FICC (1) business, leveraging the client franchise of the IMI C&IB Division ▪ Further strengthened the commercial activities related to the equity business and expanded the European Equity Research cover age ▪ Ongoing strengthening of the Institutional Clients franchise in Italy and abroad, with dedicated commercial initiatives with a "capital light" and Global markets perspective ▪ ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors ▪ Strengthening of the Advisory model in the International Banks Division through the evolution of the dedicated digital platfo rm, leveraging Group best practices ▪ Completed in June 2025 the placement of two Certificates in Croatia for Affluent and Private clients. Ongoing activities to d evelop the Certificate offering also in Slovakia and Hungary by the end of 2025 ▪ Ongoing the commercial cooperation with a leading insurance group to distribute bancassurance products in Slovakia, Croatia, Hungary, Serbia and Slovenia ▪ Launched an ESG value proposition initiative for the corporate and SME segments in Slovakia, Hungary, Croatia, Serbia and Egy pt. As part of the S-Loan offer, launched a financing (multi-country) product, dedicated to the achievement of green objectives, in Slovakia, Hungary, Serbia and Croatia. Started a p roject to also extend the S-Loan offer to Bosnia and Herzegovina, and Slovenia ▪ Ongoing the IMI C&IB Synergy Project - in Global Market, Structured Finance and Investment Banking - between IMI C&IB and the International Banks with a significant increase in business since the start of the Business Plan ▪ Started a project between the International Banks Division and the Banca dei Territori Division to further enhance cross -border business opportunities for customers operating in markets where foreign subsidiaries are present. In the first phase, the program involved the banks in Slovakia, Hungary, Romania, the Agribusiness Department and some Regional Governance Centres of Banca dei Territori. The perimeter was then extended to all Banca dei Territori Regional Governance Centres and to all the International Banks Division geographies. Completed a dedicated initiative in Romania with the involvement of Relationship Managers from both divisions. Ongoing joint commercial campaigns in the other countries involved, with new development actions in Serbia, Croatia, Bosnia and Herzegovina and Albania ▪ Launched the factoring product “Confirming” in nine markets (Slovakia, Serbia, Romania, Slovenia, Bosnia and Herzegovina, Alb ania, Hungary, Czech Republic and Croatia) with several deals already finalised. With reference to the New Factoring Digital Platform, the project envisages the VUB Prague branch as the pilot Bank and a gradual extension to other Banks of the Division (already planned Slovakia, Croatia, Slovenia, Hungary and ongoing consideration in Albania, Bosnia and Herzegovina, Romania and Serbia) ▪ Launched the placement of Minibonds: 17 issuances completed, focusing on the SME segment in Croatia, Serbia and Slovenia ▪ Strengthening Trade Finance products across all geographies ▪ In October 2023, signed the contract to acquire 99.98% of First Bank, a Romanian commercial bank focused on SME and retail cu stomers. The acquisition, completed on 31.5.24, strengthened ISP’s presence in Romania and offers new opportunities for Italian corporates Key highlights 2022-2025 Business Plan nearing completion Growth in Commissions, driven by Wealth Management, Protection & Advisory IMI C&IB awarded Best Investment Bank and Best Bank for Corporates in Italy by Euromoney. The Group’s Banks in Croatia, Slovakia and Serbia also awarded as best banks in their local markets (1) Fixed-Income, Currencies and Commodities
Page 60
MIL-BVA362-03032014-90141/VR 59 In-Self InvestmentsAdvanced Trading Direct Advisory • Completed the lead management process for acquiring new customers (with a high propensity to invest) and assets, through digital marketing and promotional offers • Ongoing expansion of negotiable instruments with a tailored offering for retail and professional clients • Launched a new range of Mini-futures listed on Euronext with underlying Italian and European government bonds • Ongoing expansion of the product offering (launched new dedicated Funds and Certificates) • Plenary event for the Direct Bankers network (market scenarios and new solutions) • Completed the planned onboarding of Junior Direct Bankers from the “Academy” program • Digital campaign to promote the Direct Advisory service Recent developments A unique Digital Wealth Platform for customers seeking to invest remotely in listed markets and asset management products enabled by state-of-the-art technology • ~9,500 clients operating in trading • ~11,000 clients utilising In-Self investments • ~1,600 new clients since the launch(1), of which ~600 in 9M25 Key figures Significant development for all services with €3.3bn Customer financial assets and ~81k clients as at 30.9.25(2) 2022-2025 Business Plan nearing completion Growth in Commissions, driven by Wealth Management, Protection & Advisory (6/7) • Access to ~180 sustainable funds among best international asset managers • Online investments in pre-built ESG portfolios managed by Fideuram Investment Center • Accumulation Plans on selected ETFs • Professional platform for heavy-trader and expert users in >50 cash and derivatives markets • Sophisticated real-time model with contact and execution desks with >15 years of experience • Team of financial advisors available anytime - anywhere (by appointment, remotely, via app) • Enhanced advisory tools and features, such as Aladdin’s Robo4Advisory platform Overview (1) July 2023 (2) ~3,000 prospects under development and ~2,000 in the process of being transferred from the traditional network
Page 61
MIL-BVA362-03032014-90141/VR 60 2022-2025 Business Plan nearing completion Growth in Commissions, driven by Wealth Management, Protection & Advisory (7/7) An innovative wealth management concept… Goal Accelerate the growth of the Digital Wealth Management offering in Italy and across Europe … Intesa Sanpaolo is developing together with BlackRock… … to expand the European Digital Wealth Management offering An external growth engine to: • Reach new Affluent and Private European customers • Provide them with wealth management solutions and private banking services Wealth Management leader in Italy World-leading Asset Management Simple digital product offering (e.g., saving plans on ETFs, brokerage) Advanced digital product offering (discretionary portfolio management and hybrid digital- human advisory services) 2022 2025 2026+ Fully leveraging on Aladdin and already available digital wealth management solutions Geographical extension of Fideuram Direct Digital platform leveraging on our operations in Luxembourg, expected to be launched in 4Q25
Page 62
MIL-BVA362-03032014-90141/VR 61 2022-2025 Business Plan nearing completion Strong focus on financial inclusion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/5) Unparalleled support to address social needs ▪ Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the Italian territory and abroad. In 2022-9M25, 64.5m interventions carried out, providing 53.1m food interventions, 4.4m dormitory spaces, 6.4m medicine prescriptions and 636,000 articles of clothing ▪ Employability: ‒ “Giovani e Lavoro” Program aimed at training and introducing more than 3,000 young people to the Italian labour market in the 2022-2025 Business Plan horizon. >2,500 students (aged 18-29) applied for the program in 9M25: >1,350 interviewed and >580 trained/in-training through 23 classes (~5,450 trained/in-training since 2019). ~2,500 companies involved since its inception in 2019 ‒ The fifth edition of the program “Generation4Universities”, which is drawing to a close, involved 90 students, 69 universities and 18 Italian corporations as partners ‒ The “Digital Restart” Program, still aiming at training and placing in the labour market unemployed people aged 40-50 through the financing of a Master in Data Analysis in order to develop new digital skills and re-enter the job market. The fifth edition of the program, with 50 participants in Rome and Milan, ended in February 2025, and placement support activities for participants have been completed ▪ Inequalities and educational inclusion: ‒ Educational inclusion program: strengthened partnerships with main Italian universities and schools, >2,700 schools and >22,600 students involved in 9M25 to promote educational inclusion, supporting merit and social mobility (~6,500 schools involved in 2022-9M25) ‒ “Futura”, a program promoted by Save the Children, Forum Disuguaglianze e Diversità and Yolk, with the collaboration of ISP, against female educational poverty, educational failure and early school leaving. The two years pilot project, ended its activities in 3 territorial areas with socio-economic disadvantages, promoting growth and independence through personalised educational plans for 350 girls and young women, including 50 young mothers ‒ In Action Esg NEET: a social impact initiative launched by the Insurance Division in early 2022 and dedicated to the promotion and inclusion of NEET youth and other fragile categories in the world of work. From the start of the project, 13 classes were activated, of which 12 have completed the program. Since its launch, the project has provided free training and skills development to 225 people in the regions of Tuscany, Campania, Latium, and Apulia, totalling 6,544 hours of classroom and field training. Each participant completed a curricular internship in social-health or educational facilities. The courses are promoted by the collaboration between Intesa Sanpaolo Assicurazioni, Dynamo Camp ETS and Dynamo Academy ▪ Social housing: enhancement of the Group's ongoing initiatives in terms of promoting housing units, also identifying some new partnerships with leading operators in the sector, to achieve the Business Plan targets (promotion of 6k-8k units of social housing and student bed places) (1) 2024-9M25 does not include, in line with the new classification rules, green loans disbursed to young people included in 2022 and 20 23 data ▪ Disbursed €4.6bn in social lending and urban regeneration in 9M25 (€24.9bn(1) in 2022-9M25) ‒ Lending to the third sector: in 9M25, granted loans supporting non-profit organisations for a total of €229m (€1.1bn in 2022-9M25) ‒ Fund for Impact: in 9M25, €87m made available to support the needs of people and families to ensure wider and more sustainable access to credit, with dedicated programs such as: per Merito (credit line without guarantees to be repaid in 30 years dedicated to university students, studying in Italy or abroad), mamma@work (loan to discourage new mothers from leaving work and supporting motherhood in the first years of life of the children), per Crescere (funds for the training and education of school-age children dedicated to fragile families), per avere Cura (lending to support families taking care of non self-sufficient people) and other solutions (e.g. Obiettivo Pensione, per Esempio) ‒ Program for Urban Regeneration: in 9M25, committed €32m in new loans to support investments in housing, services and sustainable infrastructure, in addition to the most important urban regeneration initiatives underway in Italy (€1.5bn in 2022-9M25)
Page 63
MIL-BVA362-03032014-90141/VR 62 Continuous commitment to culture ▪ Gallerie d’Italia, a museum with 4 branches: Milan, Naples, Turin, and Vicenza. In 9M25: ‒ ~530,000 visitors, free entry for visitors under 18 (over 105,000 under 18 and students) ‒ 13 new main exhibitions including: enhancement of the corporate collection (in Milan, "Una collezione inattesa" with works from the second half of the 20th century, "Tutti pazzi per i Beatles" with images from the Publifoto Archive; in Vicenza, "Ceramiche e nuvole" with ancient vases in dialogue with contemporary illustration; the sculptures of "Arturo Martini"; for the tenth anniversary of the Intesa Sanpaolo Skyscraper in Turin, Warhol’s Triple Elvis at the "Gallerie d’Italia off"); the photography exhibitions in Turin ("Carrie Mae Weems“, on the theme of racial and gender equality, “Olivo Barbieri” on urbanisation in China); illustrious guests: (”Raffaello” in Naples; "Le cronache di Napoli", a monumental public and participatory art project by street artist JR) with 5 national and international partners (including Galleria Borghese in Rome, Aperture, Rauschenberg Foundation) ‒ Production of exhibitions at other venues (Blue Exit by Rauschenberg from the Agrati collection at the Miart art fair in Milan); travelling exhibitions: circulation of photographic exhibitions of Gallerie d’Italia to other venues (“Cristina Mittermeier“ on the defence of the planet, at the Galleria d’Arte Moderna in Palermo; "Maria Callas" at the Italian Cultural Institute in Paris and "Non ha l’età" at the Teatro Ariston in Sanremo, featuring images from our Publifoto Archive; "Cronache d’acqua" at the Cortona International Photography Festival) ‒ Free educational and inclusive activities: ~3,700 visits and workshops for schools, ~80,600 children and young participants, ~510 itineraries for disabled and people exposed to fragile contexts, ~6,640 participants ‒ Museums as community spaces: ~570 visits and activities for adults and families (~8,800 participants); ~370 cultural events and initiatives (~24,110 participants) ▪ Focus, Jubilee 2025: major exhibition partnerships in Rome, with loans from the corporate collection: "Caravaggio 2025" alongside Gallerie Nazionali di Arte Antica-Palazzo Barberini, with the loan of the latest Caravaggio, which underwent a major restoration for the occasion; "En route" alongside Biblioteca Apostolica Vaticana, with the loan of the Mappa by Boetti, partnership for the Vatican Pavilion at the Venice Architecture Biennale alongside the Dicastery for Culture and Education of the Holy See ▪ Restituzioni: organisation of the final exhibition of the 20th edition in its final stage and to be held in Rome: the restoration campaign concerned 128 artworks of the national heritage from all 20 Italian regions (in addition to one from Belgium), in partnership with 51 territorial bodies of the Italian Ministry of Culture and 60 restoration laboratories ▪ Partnerships: support and joint support of artistic, cultural, social, and training initiatives with public and private institutions, including: partnerships with 6 Bank Foundations (Fondazione Compagnia di San Paolo, Cariplo, Cariparo, CR Cuneo, CR Forlì, Caript); 2 international fairs (Miart in Milan and Turin International Book Fair); 12 prominent Italian museums (including Pinacoteca di Brera and Veneranda Biblioteca Ambrosiana in Milan, Museo Egizio in Turin, Reggia di Venaria, Gallerie dell’Accademia in Venice; Palazzo Strozzi in Florence, Galleria Nazionale di Arte Moderna e Contemporanea in Rome) and international museums (The National Gallery of London); 3 Art bonus projects to support public cultural heritage (venues in Turin, Bergamo, Amatrice) plus the contribution to the restoration of Canova's Cavallo Colossale at Musei Civici di Bassano ▪ Art collections: 258 works on loan to 47 exhibitions at Italian and international venues; (among works lent abroad: 46 works featured in the exhibition “Viaggio in Italia" in Luxembourg, in collaboration with the Villa Vauban museum); 127 restoration activities ▪ Historical Archive: among others, continuation of the digitalisation, inventory and cataloguing work to guarantee broad online access to the material of the Archivio Storico document archive and Archivio Publifoto photographic archive (in 9M25, digitalisation of over 20,000 pages of documents; ~15,000 historical records; digitalisation of over 4,600 Publifoto images and >5,200 photo records) ▪ Further learning and promotion of cultural professions: Executive Course by the Gallerie d’Italia Academy (conclusion of the 5th edition, 30 participants, 14 scholarships for under 35s); conclusion of the first phase of a three-year project with IED (Istituto Europeo di Design) school of design 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/5)
Page 64
MIL-BVA362-03032014-90141/VR 63 Promoting innovation (1) Positioning event: event in which a leading player illustrates innovation topics; match -making event: event which fosters a matc h between supply and demand of innovation Innovation projects: 164 innovation projects released in 9M25 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of 810 projects released since 2022 (vs 2022–2025 Business Plan target of 800), in the following areas of action: ▪ Support of high potential startups growth and development of innovation ecosystems with international perspective on relevant topics (realised leveraging on ISPIC’s network, partners and stakeholders of the territory and country); >410 startups supported and enhanced since 2022. With reference to ecosystem initiatives: since 2019 ~250 startups accelerated, ~630 proofs of concept and other collaborations, >€165m capital raised and >1,100 new hires. Initiatives activated so far include: – Turin – “Techstars Transformative World Torino”: acceleration program for startups on trend-setting advanced technologies (i.e., AI, Quantum Computing, Robotics, Energy Transition). Since launch in 2019, 69 startups accelerated (28 Italian teams), >135 proofs of concept and other contractual collaborations, ~€140m in capital raised and ~740 new hires – Florence – ”Italian Lifestyle”: acceleration program aimed at supporting startups focusing on digitalisation in Made in Italy (fashion, tourism and food&wine). Since launch in 2021, 18 Italian startups accelerated, >230 proofs of concept and other contractual collaborations, ~€7m capital raised and >140 new hires – Naples – “Terra Next”: acceleration program on Bioeconomy, supported by the Ministry of Environment and Energy Security. Since its launch in 2022, 22 startups accelerated, ~150 proofs of concept and other contractual collaborations, €11m in capital raised and >80 new hires – Venice – “Argo”: acceleration program on Hospitality and Tourism, with the collaboration of the Ministry of Tourism. Since the start in 2023, 16 startups accelerated, 35 proofs of concept and other contractual collaborations, €5m capital raised and >80 new hires – Genoa & Trieste – “Maritime Ventures”: Venture Building program aimed at launching up to 10 new startups for the innovation of SMEs operating in the nautical and port supply-chain. Fondo Sviluppo Ecosistemi di Innovazione (Fondo SEI) of Neva SGR Innovation involved with an investment of €0.75m. Since the launch in 2024, identified 3 potential spin-offs, the first completed in 3Q25 with the establishment of an AI-native platform designed to automate access to financing for SMEs in the maritime sector – Galaxia – National Aerospace Technology Transfer Hub (Rome/Turin): promoted by CDP Venture Capital aimed at financing and promoting POCs developed by Italian research and deep-tech startups in the Aerospace sector. Fondo SEI of Neva SGR involved with an investment of €1.5m – Life Science: partnership agreement with Bio4Dreams (a certified Italian incubator focused on supporting high-potential startups operating in Life Science), to foster sector growth by supporting them with non- financing services/activities. Fondo SEI of Neva SGR involved with a commitment of investment of €1m – The Acceleration programs: “Next Age" (Silver Economy) in Ancona and "Faros" (Blue Economy) in Taranto. Since the start, >30 startups accelerated with >40 POCs and other contractual collaborations realised, ~€13 m raised and >65 new hires – Up2Stars program, promoted by the Banca dei Territori Division, and In Action ESG Climate program, promoted by Intesa Sanpaolo Assicurazioni, focused on the support of Italian startups operating in specific fields. 2025/26 edition of Up2Stars and In Action ESG Climate, launched together for the first time, are dedicated to startups operating in New Materials, Robotics, Designtech, and Aerospace. Ongoing acceleration of 10 startups operating in the New Materials field. Since the start, 80 startups accelerated in Up2Stars program and 11 startups received €1.75m as part of the Action ESG program ▪ Development of multi-disciplinary applied research projects: – In 9M25, 16 ongoing projects (6 in the neuroscience field, 4 in the AI field, 5 in the robotics field and 1 in climate change), launched ~35 projects since 2022. In 9M25, the deliverables of 3 research projects were introduced into the Group processes/policies – In 9M25, 1 US patent obtained on the protocol for secure and encrypted data sharing and processing, resulting from an AI research project (patent granted in Italy in 2021), 1 patent on an autonomous navigation robot for environmental sanitisation, and another in the CRM field concerning customer “emotype” profiling. Since 2022, 7 patents have been granted and 6 applications are pending ▪ Business transformation: since 2022, ~110 corporates involved in open innovation programs. ~20 Circular Economy transformation programs have been implemented for companies and institutions. In 9M25, ISPIC organised >20 match-making initiatives, generating ~210 matches between startups and SMEs/Corporates. ISPIC has strengthened the partnership with the EDIH network with a new coaching service for startups. Moreover >40 startups and SMEs have been involved in internationalisation initiatives in relevant hubs such as London, Paris, Stockholm and Zurich ▪ Diffusion of innovation mindset/culture: in 9M25, 18 positioning and match-making (1) events held with >10,000 participants (since 2022, ~130 events held with >45,000 participants). In 9M25, released 10 innovation reports/publications on technologies and trends (~60 since 2022), including in 3Q25, a study on the impact of new technologies on inclusion and, consequently, on economic growth ▪ Neva SGR: In 9M25, ~€70m was invested in startups (>€188m since 2022), including >€16.5m in 3Q25 in Italy and abroad 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5)
Page 65
MIL-BVA362-03032014-90141/VR 64 Accelerating commitment to Net-Zero (1) Agriculture – Primary Farming, Aluminium, Automotive, Cement, Commercial Real Estate, Coal mining, Iron and Steel, Oil and Gas, Power generation, Residential Real Estate. No targets were set for the Shipping and Aviation sectors, which were not material in terms of exposure and/or financed emissions as of the baseline date (2) On 3.10.25 NZBA disclosed to its members the outcome of the vote on the recent strategic review proposal, which confirms the transformation of the current Alliance, introducing a “Framework” concept (3) On 25.4.24, UNEP announced the creation of the Forum for Insurance Transition to Net-Zero (FIT), a new UN-led and convened structured dialogue and multistakeholder forum to support the necessary acceleration and scaling up of voluntary climate action by the insurance industry and key stakeholders. Intesa Sanpaolo Assicurazioni (ex Intesa Sanpaolo Vita) is one of the Founding FIT Participants. On the same da te, the NZIA was discontinued (4) Institutional Investors’ Group on Climate Change ▪ Financed emissions reduction: – From 2022 to 2024, the Group set 2030 targets for the 10 most-emitting sectors(1) within the lending portfolio of the Group, completing coverage of the higher-emitting sectors in November 2024 – Overall, in those sectors subject to target-setting, absolute financed emissions dropped by 32.9% in 2024 compared to 2022 – The Group’s own emissions were reduced by 35% at end 2024 (from the 2019 baseline) compared with a 2030 reduction target of 53% – On 27.1.25 the Group received the validation by SBTi of targets for the reduction of own emissions (which were recognised aligned to a 1.5° trajectory by SBTi) and of the Group’s financed emissions ▪ Ongoing active engagement (among others): – Participation in NZBA(2), NZAOA, FIT(3), IIGCC(4), PRI workgroups/workstreams – Intesa Sanpaolo has joined the European Energy Efficiency Financing Coalition, promoted by the European Commission, which aims to create a favourable market environment for investments in energy efficiency – Eurizon Capital SGR, Fideuram Intesa Sanpaolo Private Banking and Fideuram Asset Management Ireland: continue the individual and collective engagement through participation in the Net-Zero Engagement Initiative (NZEI), Climate Action 100+ and Nature Action 100 – In March 2025, Eurizon supported the statement “A demanding climate plan to ensure economic resilience” promoted by the French Forum for Responsible Investment (Forum pour L’Investissement Responsable, FIR), together with 40 shareholders, asset managers, and stakeholders in the financial sector who together manage over €2,400bn. During 2025, Eurizon, Fideuram Intesa Sanpaolo Private Banking and Fideuram Asset Management Ireland (FAMI) continued support to CDP’s Non-Disclosure Campaign. In 2024, Eurizon, Fideuram Intesa Sanpaolo Private Banking, Fideuram Asset Management Ireland (FAMI) and Intesa Sanpaolo Assicurazioni Group signed the “Global Investor Statement to Governments on the Climate Crisis”, thereby strengthening their commitment to sustainability and the ecological transition – As at 30.9.25, Eurizon contacted 79 companies equal to 74.2% of the financed emissions of the portfolio in scope of the Net-Zero initiative (reaching early the 70% objective by 2025) – Published the “Net-Zero Progress Report 2024” by the Asset Management Division, illustrating and reporting the progress of the Division in achieving the Net-Zero objectives – Published the “Stewardship Report 1H25” illustrating and reporting on Eurizon Capital SGR's commitment to stewardship activities, including those related to climate change ▪ “CO2 mitigation solutions” (commercial name of the ex-"Think Forestry“): commercial launch of “CO2 mitigation solution” allowing companies to measure their carbon footprint, define and commit to a multi-year path to reduce CO2 emissions, take concrete action on the basis of a set of industrial decarbonisation actions and support international climate change mitigation projects through the purchase of selected Carbon Credits ▪ ISP is a signatory of the Finance Leadership Statement on Plastic Pollution, along with 160 other financial institutions engaged in an ambitious environmental agreement to end plastic pollution 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5)
Page 66
MIL-BVA362-03032014-90141/VR 65 Supporting clients through the ESG/climate transition (1) Since 2024 the figure also includes the 2022-9M25 cumulative amount of transition finance pertaining to the foreign activities of the Group (2) In the 2021-2026 period, new transition finance including new lending related to National Recovery and Resilience Plan (3) Starting from 30.6.24 green mortgages issued by International Banks Division are included (4) Excluding Moldova and Ukraine (5) Eurizon perimeter - funds and AM products pursuant to art.8 and 9 SFDR 2019/2088 (6) Insurance Based Investment Products (7) In the 1 January – 28 February 2025 period before the merger by incorporation into Eurizon Capital SGR ▪ ~€84.7bn disbursed in the period 2021-9M25(1) out of the €76bn in new lending available for the green economy, circular economy and green transition(2) ▪ ~€4.6bn(3) of Green Mortgages in 9M25 (€13.5bn in 2022-9M25) out of the €12bn of new Green lending to individuals throughout the 2022-2025 Business Plan ▪ €8bn circular economy credit facility announced in the 2022-2025 Business Plan. In 9M25, ISP, Strategic Partner of Ellen MacArthur Foundation (EMF) since 2015, assessed and validated 233 projects for an amount of ~€14.5bn; granted ~€6.3bn for 117 transactions (of which ~€3.4bn related to green criteria) and disbursed €2.5bn, taking into account previously granted amounts (of which €1.2bn related to green criteria). Overall, since 2022, >1,300 projects assessed and validated for an amount of ~€48.4bn, granted ~760 transactions for an amount of ~€27bn (of which ~€15.2bn related to green criteria), with €15.2bn disbursed taking into account projects previously agreed (of which €10.3bn related to green criteria). The strategic partnership with EMF continues, having led to the development of the “Harmonized Circular Economy Finance Guidelines,” presented at the World Circular Economy Forum in São Paulo (Brazil), as well as the collaboration between ISP, ISPIC, Fondazione Cariplo, and Cariplo Factory on circular economy initiatives through the activities of the Circular Economy Lab ▪ Activated 16 ESG Laboratories (in Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin, Florence, Macerata, Chieti and Genova), physical and virtual meeting points to support SMEs in approaching sustainability, and evolution of the advisory services offered by partners (e.g. Circularity, Nativa, CE Lab and others) ▪ In 2024, the S-Loan offering was redesigned from six lines to three: S-Loan ESG, S-Loan CER and S-Loan Diversity. Disbursed €3.6bn in 9M25 (€10.4bn since product line launch in 2020). Disbursements for the new S-Loan Green Projects product amount to ~€1.8bn (since its launch in 2024) ▪ ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors ▪ Significant development of the ESG value proposition initiative for Corporate, SME and Retail segments in all the banks of the International Banks Division(4) thanks to the expansion of the Retail product catalogue and the progressive extension to PBZ Hub (Croatia and Slovenia) of the S-Loan offer, already active in VUB Banka (Slovakia), CIB Bank (Hungary) and BIB (Serbia) ▪ Expanded the scope of decarbonisation technologies supported with credit incentives for the clients of the IMI C&IB Division ▪ Enhancement of ESG investment products for asset management with penetration of 76% of total AuM(5); continued expansion of IBIPs(6) product catalogue of new Art.8 products; continuous maintenance and an increase in investment options (art.8 and 9 of SFDR) underlying the insurance products available to customers (83% as at 30.9.25) ▪ Strong commitment to Stewardship activities: in 9M25, Eurizon Capital SGR took part in 1,373 shareholders' meetings (of which 89% are issuers listed abroad) and 543 engagements (of which 40% on ESG issues); at the same time Eurizon Capital SA and Epsilon SGR(7) took part respectively in 3,344 shareholders' meetings (of which 97% are issuers listed abroad) and 21 shareholders’ meetings (of which 90% are issuers listed abroad); In 9M25, Fideuram took part in 39 shareholders' meetings and 103 engagements (of which 87% on ESG issues) ▪ The "ESG Ambassador" role was established in the Private Banking Division with the aim of promoting the culture of sustainability in the territories to which they belong, promoting sustainable behaviour and listening to the needs of customers and Private Bankers 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5)
Page 67
MIL-BVA362-03032014-90141/VR 66 Leading ESG position in the main sustainability indexes and rankings A A A- A- A- A- A- A- B B B B C C NA NA AAA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA 89 85 72 70 69 67 64 64 60 58 57 57 57 56 52 41 8.1 9.0 9.6 9.9 10.6 11.5 12.3 12.4 13.1 13.2 13.5 14.2 15.4 16.6 17.7 19.1 Top ranking for Sustainability(1) Source: CDP Climate Change Score 2024 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as at 15.10.25; S&P Global ESG 2024 Score (https://www.spglobal.com/esg/solutions/data- intelligence-esg-scores as at 15.7.25); Sustainalytics ESG Risk Rating score (source Bloomberg) as at 2.10.25 ISP included in all main indexes: (D) (1) ISP peer group 2022-2025 Business Plan nearing completion In the 2025 ranking by Extel (formerly Institutional Investor), ISP was confirmed first in Europe for the 6th consecutive year for ESG aspects in the banking sector In October 2025, ISP was confirmed the only Italian Bank in the FTSE D&I Index 2025 The only Italian bank included in the Dow Jones Best-in-Class Indices and in CDP Climate A List Ranked first among peer group by Sustainalytics (2025 ESG Industry Top rated and 2025 ESG Regional Top rated) Only bank in Italy, first bank in Europe and second bank worldwide in 2025 Corporate Knights ‘‘Global 100 Most Sustainable Corporations in the World Index’’ (D) In March 2025, ISP was included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality Included in the FTSE Diversity and Inclusion Index – Top 100 companies 2025
Page 68
MIL-BVA362-03032014-90141/VR 67 Our People are our most important asset ▪ ~5,250 professionals hired since 2021 ▪ ~8,950 people reskilled and ~51m training hours delivered since 2022 ▪ ~315 talents have completed their development path as part of the International Talent Program, ongoing for other ~190 resources ▪ ~465 key people have been selected, mostly among Middle Management, for dedicated development and training initiatives ▪ A dedicated platform to foster employee well-being (physical, emotional, mental and social dimensions) with video content, podcasts, articles, tools and apps. Digital and on-site initiatives and events, corporate gyms, and Employee Assistance Program (psychological support service) ▪ Implemented the new Long-Term Incentive Plan to support the 2022-2025 Business Plan goals and foster individual entrepreneurship ▪ Completed the creation of the new leading education player in Italy through the combination between ISP Formazione and Digit’Ed ▪ Application of the new organisational framework – activated during 2023 in agreement with trade unions – continues, further improving flexibility in terms of daily work schedule and smart working while introducing the 4-day working week on a voluntary basis with no change in remuneration also through the expansion of the experimentation relating to the Network ▪ Developed the project "Parole di tutto rispetto“ to strengthen inclusive and accessible communication. All managers in Italy have been involved in creating an inclusive leadership culture by participating in workshops on the topics of disability and mental health (over 6,500 People involved). The initiative will gradually be extended abroad ▪ Intesa Sanpaolo is: i) the leading Bank worldwide among the 100 most inclusive and diversity-conscious workplaces in the FTSE Diversity & Inclusion Index – Top 100, where it also ranks seventh globally, as well as the first and only banking group in Italy, ii) included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality and iii) the first major Italian banking group to obtain the certification for gender parity “Prassi di Riferimento (PDR) 125:2022” ▪ ISP recognised as Top Employer Europe 2025(1) and confirmed Top Employer Italy(1) for the fourth consecutive year. Banks in Albania, Croatia, Serbia and Slovakia were also awarded as Top Employer 2025 ▪ Ranked first among Banking & Finance companies in the LinkedIn Top Companies 2025 for career development and professional growth Key highlights (1) By Top Employers Institute Our People are our most important asset 2022-2025 Business Plan nearing completion
Page 69
9M25 Results Detailed information
Page 70
MIL-BVA362-03032014-90141/VR 69 Key P&L and Balance sheet figures Note: figures may not add up exactly due to rounding (1) Net of duplications between Direct deposits and Indirect customer deposits (2) Taking into account 70% cash dividend payout ratio and €2bn buyback finalised in October, and post >40bps Basel 4 impact. 13.1% not including any 9M25 Net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1 € m 9M25 - Assets under administration Loans to customers 421,073 30.9.25 Customer financial assets(1) 1,411,456 of which Direct deposits from banking business 573,217 of which Direct deposits from insurance business 179,011 of which Indirect customer deposits 826,249 - Assets under management 486,173 340,076 RWA 306,097 Total assets 944,024 Operating income 20,432 Operating costs (7,956) Cost/Income ratio 38.9% Operating margin 12,476 Gross income (loss) 11,570 Net income 7,588 Fully phased-in CET1 ratio 13.9%(2)
Page 71
MIL-BVA362-03032014-90141/VR 70 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
Page 72
MIL-BVA362-03032014-90141/VR 71 Note: figures may not add up exactly due to rounding 9M24 9M25 % Net interest income 11,917 11,112 (6.8) Net fee and commission income 6,970 7,328 5.1 Income from insurance business 1,311 1,372 4.7 Profits on financial assets and liabilities at fair value 251 633 152.2 Other operating income (expenses) (10) (13) 30.0 Operating income 20,439 20,432 (0.0) Personnel expenses (4,900) (4,855) (0.9) Other administrative expenses (2,068) (2,036) (1.5) Adjustments to property, equipment and intangible assets (1,018) (1,065) 4.6 Operating costs (7,986) (7,956) (0.4) Operating margin 12,453 12,476 0.2 Net adjustments to loans (792) (783) (1.1) Net provisions and net impairment losses on other assets (327) (142) (56.6) Other income (expenses) 86 19 (77.9) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 11,420 11,570 1.3 Taxes on income (3,703) (3,656) (1.3) Charges (net of tax) for integration and exit incentives (163) (189) 16.0 Effect of purchase price allocation (net of tax) (82) (62) (24.4) Levies and other charges concerning the banking and insurance industry (net of tax) (293) (53) (81.9) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (12) (22) 83.3 Net income 7,167 7,588 5.9 € m 9M25 vs 9M24: the best 9M ever with €7.6bn Net income
Page 73
MIL-BVA362-03032014-90141/VR 72 2Q25 % Net interest income 3,800 3,680 (3.2) Net fee and commission income 2,449 2,444 (0.2) Income from insurance business 460 450 (2.2) Profits on financial assets and liabilities at fair value 287 81 (71.8) Other operating income (expenses) 1 (12) n.m. Operating income 6,997 6,643 (5.1) Personnel expenses (1,606) (1,666) 3.7 Other administrative expenses (722) (691) (4.3) Adjustments to property, equipment and intangible assets (336) (357) 6.3 Operating costs (2,664) (2,714) 1.9 Operating margin 4,333 3,929 (9.3) Net adjustments to loans (281) (278) (1.1) Net provisions and net impairment losses on other assets (84) (35) (58.3) Other income (expenses) 25 (2) n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 3,993 3,614 (9.5) Taxes on income (1,254) (1,152) (8.1) Charges (net of tax) for integration and exit incentives (68) (64) (5.9) Effect of purchase price allocation (net of tax) (21) (17) (19.0) Levies and other charges concerning the banking and insurance industry (net of tax) (41) (3) (92.7) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (8) (6) (25.0) Net income 2,601 2,372 (8.8) 3Q25 € m Q3 vs Q2: the best Q3 ever for Commissions and Insurance income Note: figures may not add up exactly due to rounding
Page 74
MIL-BVA362-03032014-90141/VR 73 Quarterly P&L Note: figures may not add up exactly due to rounding. 1Q24 and 2Q24 data restated to reflect the current consolidation perimeter € m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net interest income 3,947 4,028 3,942 3,801 3,632 3,800 3,680 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 2,444 Income from insurance business 455 448 408 424 462 460 450 Profits on financial assets and liabilities at fair value 81 20 150 5 265 287 81 Other operating income (expenses) (3) (2) (5) 22 (2) 1 (12) Operating income 6,756 6,881 6,802 6,668 6,792 6,997 6,643 Personnel expenses (1,602) (1,619) (1,679) (2,285) (1,583) (1,606) (1,666) Other administrative expenses (630) (725) (713) (911) (623) (722) (691) Adjustments to property, equipment and intangible assets (359) (315) (344) (388) (372) (336) (357) Operating costs (2,591) (2,659) (2,736) (3,584) (2,578) (2,664) (2,714) Operating margin 4,165 4,222 4,066 3,084 4,214 4,333 3,929 Net adjustments to loans (234) (320) (238) (482) (224) (281) (278) Net provisions and net impairment losses on other assets (52) (125) (150) (353) (23) (84) (35) Other income (expenses) 57 31 (2) 67 (4) 25 (2) Income (Loss) from discontinued operations 0 0 0 0 0 0 0 Gross income (loss) 3,936 3,808 3,676 2,316 3,963 3,993 3,614 Taxes on income (1,280) (1,234) (1,189) (345) (1,250) (1,254) (1,152) Charges (net of tax) for integration and exit incentives (56) (46) (61) (424) (57) (68) (64) Effect of purchase price allocation (net of tax) (29) (25) (28) (12) (24) (21) (17) Levies and other charges concerning the banking and insurance industry (net of tax) (257) (37) 1 (55) (9) (41) (3) Impairment (net of tax) of goodwill and other intangible assets 0 0 0 0 0 0 0 Minority interests (13) (1) 2 19 (8) (8) (6) Net income 2,301 2,465 2,401 1,499 2,615 2,601 2,372
Page 75
MIL-BVA362-03032014-90141/VR 74 Yearly analysis Quarterly analysis Net interest income Note: figures may not add up exactly due to rounding 11,917 11,11287 Volumes Spread 9M25 30 (922) -6.8% Commercial component3,800 3,680 Volumes Spread 3Q25 15 (115) (20) -3.2% Commercial component € m € m 2Q25 9M24Financial components Financial components Euribor 1M (average data) +2.09 % +1.89 +3.73 +2.19 Euribor 1M (average data) % Including hedging on core deposits (as at 30.9.25: ~€160bn core deposits hedged, 4y duration, ~1.65% yield, and ~€2.4bn monthly maturities)
Page 76
MIL-BVA362-03032014-90141/VR 75 Net fee and commission income Yearly analysis Quarterly analysis ▪ Best Q3 ever, essentially stable vs Q2 despite the usual business slowdown in summer ▪ Growth vs 3Q24 driven by Commissions from Management, dealing and consultancy activities (+8.4%; +€119m) ▪ Record-high nine months ▪ 8.6% increase in Commissions from Management, dealing and consultancy activities (+€369m) € m € m 2,307 2,449 2,444 3Q24 2Q25 3Q25 6,970 7,328 9M24 9M25 +5.9 (0.2) +5.1 % 9M25 vs 9M24 % 3Q25 vs 3Q24 and 2Q25
Page 77
MIL-BVA362-03032014-90141/VR 76 Net fee and commission income: quarterly development breakdown Note: figures may not add up exactly due to rounding. 1Q24 and 2Q24 data restated to reflect the current consolidation perimeter Net fee and commission income € m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 9M24 9M25 Guarantees given / received 48 50 44 45 38 43 43 142 124 Collection and payment services 167 178 178 188 170 176 165 523 511 Current accounts 327 328 332 335 323 327 325 987 975 Credit and debit cards 96 120 102 101 86 116 94 318 296 Commercial banking activities 638 676 656 669 617 662 627 1,970 1,906 Dealing and placement of securities 303 282 230 235 373 360 328 815 1,061 Currency dealing 3 3 2 3 3 2 4 8 9 Portfolio management 660 679 683 688 685 659 675 2,022 2,019 Distribution of insurance products 375 402 404 394 400 412 417 1,181 1,229 Other 73 84 97 132 112 108 111 254 331 Management, dealing and consultancy activities 1,414 1,450 1,416 1,452 1,573 1,541 1,535 4,280 4,649 Other net fee and commission income 224 261 235 295 245 246 282 720 773 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 2,444 6,970 7,328
Page 78
MIL-BVA362-03032014-90141/VR 77 Income from insurance business Yearly analysis Quarterly analysis ▪ The best Q3 ever ▪ 16% growth vs 3Q24 in Non-motor P&C revenues(1) at €183m, €197m including credit-linked products ▪ The best nine months ever ▪ 13% growth in Non-motor P&C revenues(1) at €528m, €577m including credit-linked products € m € m (1) Including Commissions 408 460 450 3Q24 2Q25 3Q25 1,311 1,372 9M24 9M25 +10.3 (2.2) +4.7 % 9M25 vs 9M24 % 3Q25 vs 3Q24 and 2Q25
Page 79
MIL-BVA362-03032014-90141/VR 78 Profits on financial assets and liabilities at fair value Note: figures may not add up exactly due to rounding Yearly analysis Quarterly analysis Contributions by activity Securities portfolio and Treasury Capital markets Customers € m € m 9M25 57 279 297 3Q24 (17) 78 89 % 9M25 vs 9M24 % 3Q25 vs 3Q24 and 2Q25 150 287 81 3Q24 2Q25 3Q25 251 633 9M24 9M25 (46.0) (71.8) +152.2 3Q25 (115) 100 96 9M24 (359) 228 382 2Q25 82 96 109
Page 80
MIL-BVA362-03032014-90141/VR 79 Operating costs Quarterly analysis Personnel expenses Operating costs Other administrative expenses Adjustments € m Yearly analysis Personnel expenses Operating costs Adjustments Other administrative expenses € m € m € m € m€ m€ m € m Cost reduction with lowest-ever 9M Cost/Income ratio (38.9%) (1) In the 2022-9M25 period 2,736 2,664 2,714 3Q24 2Q25 3Q25 1,679 1,606 1,666 3Q24 2Q25 3Q25 713 722 691 3Q24 2Q25 3Q25 344 336 357 3Q24 2Q25 3Q25 +1.9 (0.8) +3.7 (0.8) (4.3) (3.1) +6.3 +3.8 % 3Q25 vs 3Q24 and 2Q25 9M25 vs 9M24 % 7,986 7,956 9M24 9M25 4,900 4,855 9M24 9M25 1,018 1,065 9M24 9M25 2,068 2,036 9M24 9M25 (0.4) (0.9) (1.5) +4.6 -2.4% excluding the impact of national labour contract renewal and Adjustments linked to tech investments (€5bn already deployed)(1) -3.0% excluding the impact of national labour contract renewal Investing for growth (technology +€43m), while rationalising real estate and other
Page 81
MIL-BVA362-03032014-90141/VR 80 Net adjustments to loans Yearly analysis Quarterly analysis ▪ Overlays stable at €0.9bn ▪ NPL coverage ratio at 51.1% as at 30.9.25 (+1pp vs 30.6.25) ▪ Annualised Cost of credit stable at 25bps ▪ NPL ratios, stock and inflows at historical lows € m € m 238 281 278 3Q24 2Q25 3Q25 792 783 9M24 9M25 +16.8 (1.1) (1.1) % 9M25 vs 9M24 % 3Q25 vs 3Q24 and 2Q25
Page 82
MIL-BVA362-03032014-90141/VR 81 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
Page 83
MIL-BVA362-03032014-90141/VR 82 >€1.4 trillion in Customer financial assets, up €21bn in Q3 Note: figures may not add up exactly due to rounding (1) Net of duplications between Direct deposits and Indirect customer deposits Customer financial assets (1) Direct deposits from banking business Direct deposits from insurance business Indirect customer deposits € bn€ bn € bn€ bn Assets under adm. Assets under mgt. % 30.9.25 vs 30.9.24 and 30.6.25 1,378 1,391 1,411 30.9.24 30.6.25 30.9.25 589 570 573 30.9.24 30.6.25 30.9.25 466 476 486 313 334 340 30.9.24 30.6.25 30.9.25 779 810 826 177 176 179 30.9.24 30.6.25 30.9.25 +2.4 +1.5 (2.7) +0.5 +0.9 +1.6 +6.0 +2.0
Page 84
MIL-BVA362-03032014-90141/VR 83 Funding mix Note: figures may not add up exactly due to rounding (1) Including Senior non-preferred (2) Certificates of deposit + Commercial papers (3) Including Certificates Wholesale Retail Total % 23 77 100 Wholesale Retail € bn; 30.9.25 Breakdown of Direct deposits from banking business 130 573 443 Percentage of total 21 380Current accounts and deposits 19 -Repos and securities lending 7Senior bonds(1) 7Subordinated liabilities 1 52(3)Other deposits 29 -Covered bonds 19(2) -Short-term institutional funding 5 Placed with Private Banking clients ▪ Retail funding represents 77% of Direct deposits from banking business ▪ 84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (65% including Corporates) ▪ Very granular deposit base: average deposits ~€12k for Households (~19.6m clients) and ~€66k for Corporates (~1.8m clients) ~75% Households ~25% Corporates 35
Page 85
MIL-BVA362-03032014-90141/VR 84 Strong funding capability: broad access to international markets Note: figures may not add up exactly due to rounding (1) Including €1bn in AT1 related to 2026 pre-funding (2) Not considering the €0.5bn covered bond issued by VUB Banka 2025 - 2027 MLT maturities Main wholesale issues € bn Retail Wholesale 2024 ◼ €2bn dual-tranche senior preferred, €1bn AT1, €1.5bn senior non-preferred and €1.25bn Tier 2 placed. On average 86% demand from foreign investors; orderbooks average oversubscription ~3.5x ❑ April: €2bn dual-tranche senior preferred: €1bn 3y FRN and €1bn 6.5y FXD green, the largest Euro trade in Italy since August 2023 ❑ May: €1bn AT1 PerpNC8 issue with the furthest first call date (8 years) issued in the last 3 years in the Euro market ❑ September: €1.5bn 8NC7 senior non-preferred, the longest Euro denominated callable senior bond ever issued by ISP ❑ November: €1.25bn 12NC7 Tier 2 issue, representing the tightest Tier 2 priced by an Italian bank since 2010 Wholesale issues in 9M € bn No further wholesale issues related to 2025 funding plan expected in Q4, not considering any 2026 pre-funding 2025 ◼ €0.5bn Tier 2, €1bn AT1 and €0.5bn covered bond placed. On average(2) 86% demand from foreign investors; orderbooks average(2) oversubscription ~6.0x ❑ February: €0.5bn 10y Bullet Tier 2 bond issued by Intesa Sanpaolo Assicurazioni ❑ May: €1bn AT1 PerpNC8 issue with the lowest-ever Reset Spread and €0.5bn covered bond issued by VUB Banka 1.5 2.0 0.5 Subordinated bonds(1) Covered bonds Total issued in 9M 7 84 10 1 4Q25 FY26 10 FY27 5 17 17
Page 86
MIL-BVA362-03032014-90141/VR 85 High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets Note: figures may not add up exactly due to rounding (1) Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks (2) Eligible assets freely available (excluding assets used as collateral and including eligible assets received as collateral) a nd cash and deposits with Central Banks (3) Loans to customers/Direct deposits from banking business (4) Last twelve-month average (5) Preliminary data LCR at 142%(4) and NSFR at 122%(5) (2025 Business Plan targets: ~125% and ~115% respectively) € bn Unencumbered eligible assets with Central Banks (2) (net of haircuts) € bn Liquid assets (1) % Loan to Deposit ratio (3) 174 174 175 112 111 111 30.9.24 30.6.25 30.9.25 285 285 286 131 130 130 79 79 82 30.9.24 30.6.25 30.9.25 209 209 211 Other reserves HQLA Other reserves HQLA 72 73 73 30.9.24 30.6.25 30.9.25
Page 87
MIL-BVA362-03032014-90141/VR 86 Rock-solid and significantly increased capital base (1) In compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in CET1 (2) Post Basel 4 impact (>40bps) and taking into account €2bn buyback finalised in October (3) Taking into account 70% cash dividend payout ratio (4) Taking into account 70% cash dividend payout ratio, 5.8% not including any 9M Net income ▪ ~100bps additional benefit from DTA absorption after 30.9.25 not included in the fully phased-in CET1 ratio ▪ 6.1%(4) leverage ratio Fully phased - in Total capital ratio Fully phased - in Common equity ratio Fully phased - in Tier 1 ratio %%% €5.3bn dividends accrued in 9M €5.3bn dividends accrued in 9M €5.3bn dividends accrued in 9M 12.8 13.5 13.9 1.1.25(2) (post Basel 4) 30.6.25(2)(3) 30.9.25(2)(3) 15.3 16.0 16.4 1.1.25(2) (post Basel 4) 30.6.25(2)(3) 30.9.25(2)(3) 18.4 19.1 19.3 1.1.25(2) (post Basel 4) 30.6.25(2)(3) 30.9.25(2)(3) 13.1%(1) not including any 9M Net income 15.6%(1) not including any 9M Net income 18.5%(1) not including any 9M Net income
Page 88
MIL-BVA362-03032014-90141/VR 87 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
Page 89
MIL-BVA362-03032014-90141/VR 88 Non-performing loans: NPL ratios and NPL stock at historical lows Note: figures may not add up exactly due to rounding Gross NPL ratio, % x Net NPL ratio, % x Net NPL Gross NPL TotalTotal Past duePast due - of which forborne- of which forborne - of which forborne- of which forborne - of which forborne- of which forborne Bad loansBad loans Unlikely to payUnlikely to pay € bn€ bn Gross and net NPL ratio based on EBA definition, % x 30.9.24 0.6 0.1 0.9 2.1 3.7 5.3 2.2 1.9 9.6 4.7 0.4 - 0.3 1.3 30.9.24 1.1 3.2 1.1 0.9 4.8 0.4 - 0.3 1.3 30.9.25 1.3 3.1 1.1 1.0 9.9 0.6 0.1 0.9 2.1 30.9.25 4.1 5.2 2.3 2.0 9.9 0.6 0.1 0.9 2.1 30.6.25 3.9 5.4 2.3 2.0 4.9 0.4 - 0.3 1.4 30.6.25 1.3 3.2 1.2 1.0
Page 90
MIL-BVA362-03032014-90141/VR 89 Non-performing loans: sizeable and increased coverage Note: figures may not add up exactly due to rounding (1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti) Total NPL (1) Unlikely to pay Past due Bad loans Cash coverage; % 69.7 66.5 67.2 30.9.24 30.6.25 30.9.25 31.0 30.7 30.6 30.9.24 30.6.25 30.9.25 40.1 40.3 40.8 30.9.24 30.6.25 30.9.25 50.8 50.1 51.1 30.9.24 30.6.25 30.9.25
Page 91
MIL-BVA362-03032014-90141/VR 90 Non-performing loans inflows: at historical lows Net inflow of new NPL (1) from Performing loans Gross inflow of new NPL (1) from Performing loans Impact from the acquisition of the two former Venetian banks Impact from the combination with UBI Banca (1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti) € bn € bn Impact from the combination with UBI Banca Impact from the acquisition of the two former Venetian banks 12.2 10.8 9.0 6.7 4.3 3.2 3.5 3.1 3.0 2.4 2.7 2.2 2.3 2.2 9M12 9M13 9M14 9M15 9M16 9M17 9M18 9M19 9M20 9M21 9M22 9M23 9M24 9M25 9.0 7.4 6.1 4.6 2.2 1.8 2.0 2.2 2.2 1.7 2.0 1.6 1.8 1.8 9M12 9M13 9M14 9M15 9M16 9M17 9M18 9M19 9M20 9M21 9M22 9M23 9M24 9M25
Page 92
MIL-BVA362-03032014-90141/VR 91 Non-performing loans gross inflow Note: figures may not add up exactly due to rounding (1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti) Gross inflow of new NPL (1) from Performing loans Unlikely to pay Past due Bad loans € m 793 748 744 3Q24 2Q25 3Q25 405 367 371 3Q24 2Q25 3Q25 371 365 353 3Q24 2Q25 3Q25 17 16 20 3Q24 2Q25 3Q25
Page 93
MIL-BVA362-03032014-90141/VR 92 Non-performing loans net inflow Note: figures may not add up exactly due to rounding (1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti) Net inflow of new NPL (1) from Performing loans Unlikely to pay Past due Bad loans € m 503 666 549 3Q24 2Q25 3Q25 179 317 211 3Q24 2Q25 3Q25 326 338 322 3Q24 2Q25 3Q25 11 16 3Q24 2Q25 3Q25 (2)
Page 94
MIL-BVA362-03032014-90141/VR 93 Loans to customers: a well-diversified portfolio Note: figures may not add up exactly due to rounding Non - retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.9.25) 16% 14% 29% 6% 19% 12% Global Corporate International network Residential mortgages 3% Other Consumer finance 1%Non-profit SMEs Repos, Capital markets and Institutional Clients ◼ Low risk profile of residential mortgage portfolio ❑ Instalment/available income ratio at 31% ❑ Average Loan-to-Value equal to ~58% ❑ Original average maturity equal to ~25 years ❑ Residual average life equal to ~20 years Public Administration 5.0% Financial companies 8.1% Non-financial companies 38.7% of which: UTILITIES 4.8% SERVICES 4.6% REAL ESTATE 3.0% FOOD AND DRINK 2.6% DISTRIBUTION 2.6% CONSTRUCTION AND MATERIALS FOR CONSTR. 2.3% INFRASTRUCTURE 2.3% TRANSPORTATION MEANS 1.9% METALS AND METAL PRODUCTS 1.9% ENERGY AND EXTRACTION 1.7% FASHION 1.6% AGRICULTURE 1.5% TOURISM 1.3% CHEMICALS, RUBBER AND PLASTICS 1.3% MECHANICAL 1.3% ELECTRICAL COMPONENTS AND EQUIPMENT 0.9% TRANSPORT 0.9% PHARMACEUTICAL 0.7% FURNITURE AND WHITE GOODS 0.6% WOOD AND PAPER 0.4% MEDIA 0.4% OTHER CONSUMPTION GOODS 0.2% 30.9.25
Page 95
MIL-BVA362-03032014-90141/VR 94 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
Page 96
MIL-BVA362-03032014-90141/VR 95 Operating income (€ m) 9,094 3,686 2,440 2,579 723 1,360 550 20,432 Operating margin (€ m) 4,621 2,646 1,445 1,816 562 1,097 289 12,476 Net income (€ m) 2,492 1,696 1,019 1,213 415 726 27 7,588 Cost/Income (%) 49.2 28.2 40.8 29.6 22.3 19.3 n.m. 38.9 RWA (€ bn) 86.9 110.7 40.5 15.3 3.0 0.0 49.7 306.1 Direct deposits from banking business (€ bn) 258.5 121.4 62.6 44.2 0.0 0.0 86.6 573.2 Loans to customers (€ bn) 220.5 123.3 47.5 14.0 0.3 0.0 15.5 421.1 Banca dei Territori Asset Management(3) IMI Corporate & Investment Banking International Banks(1) TotalInsurance(4)Private Banking(2) Corporate Centre / Others(5) Wealth Management Divisions Divisional financial highlights Divisions Note: figures may not add up exactly due to rounding (1) Excluding the Russian subsidiary Banca Intesa which is included in the Corporate Centre (2) Fideuram, Intesa Sanpaolo Private Banking, Intesa Sanpaolo Wealth Management, REYL Intesa Sanpaolo, and Siref Fiduciaria (3) Eurizon (4) Intesa Sanpaolo Assicurazioni - which controls Intesa Sanpaolo Protezione, Intesa Sanpaolo Insurance Agency and InSalute Servizi - and Fideuram Vita (5) Treasury Department, Central Structures and consolidation adjustments Data as at 30.9.25
Page 97
MIL-BVA362-03032014-90141/VR 96 Note: figures may not add up exactly due to rounding 9M24 9M25 % Net interest income 5,170 5,160 (0.2) Net fee and commission income 3,644 3,825 5.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 86 106 23.3 Other operating income (expenses) 8 3 (62.5) Operating income 8,908 9,094 2.1 Personnel expenses (2,464) (2,444) (0.8) Other administrative expenses (2,101) (2,028) (3.5) Adjustments to property, equipment and intangible assets (1) (1) 0.0 Operating costs (4,566) (4,473) (2.0) Operating margin 4,342 4,621 6.4 Net adjustments to loans (813) (781) (3.9) Net provisions and net impairment losses on other assets (74) (83) 12.2 Other income (expenses) 16 51 218.8 Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 3,471 3,808 9.7 Taxes on income (1,140) (1,229) 7.8 Charges (net of tax) for integration and exit incentives (61) (72) 18.0 Effect of purchase price allocation (net of tax) (16) (12) (25.0) Levies and other charges concerning the banking and insurance industry (net of tax) (187) (3) (98.4) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 2,067 2,492 20.6 Banca dei Territori: 9M25 vs 9M24 € m
Page 98
MIL-BVA362-03032014-90141/VR 97 Note: figures may not add up exactly due to rounding 2Q25 3Q25 % Net interest income 1,717 1,698 (1.1) Net fee and commission income 1,281 1,266 (1.2) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 45 30 (32.6) Other operating income (expenses) 0 0 (89.3) Operating income 3,043 2,994 (1.6) Personnel expenses (812) (811) (0.1) Other administrative expenses (689) (710) 3.0 Adjustments to property, equipment and intangible assets (0) (0) (16.7) Operating costs (1,502) (1,522) 1.3 Operating margin 1,541 1,473 (4.4) Net adjustments to loans (282) (219) (22.4) Net provisions and net impairment losses on other assets (50) (15) (69.2) Other income (expenses) 51 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,260 1,238 (1.7) Taxes on income (395) (405) 2.7 Charges (net of tax) for integration and exit incentives (24) (22) (9.5) Effect of purchase price allocation (net of tax) (2) (4) 50.0 Levies and other charges concerning the banking and insurance industry (net of tax) (3) 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 835 807 (3.3) Banca dei Territori: Q3 vs Q2 € m
Page 99
MIL-BVA362-03032014-90141/VR 98 Note: figures may not add up exactly due to rounding 9M24 9M25 % Net interest income 2,318 2,279 (1.7) Net fee and commission income 916 928 1.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (223) 479 n.m. Other operating income (expenses) 0 0 n.m. Operating income 3,011 3,686 22.4 Personnel expenses (381) (381) 0.0 Other administrative expenses (665) (648) (2.6) Adjustments to property, equipment and intangible assets (12) (11) (8.3) Operating costs (1,058) (1,040) (1.7) Operating margin 1,953 2,646 35.5 Net adjustments to loans 83 (98) n.m. Net provisions and net impairment losses on other assets (10) (15) 50.0 Other income (expenses) 0 1 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 2,026 2,534 25.1 Taxes on income (645) (819) 27.0 Charges (net of tax) for integration and exit incentives (18) (19) 5.6 Effect of purchase price allocation (net of tax) 0 0 n.m. Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 1,363 1,696 24.4 IMI Corporate & Investment Banking: 9M25 vs 9M24 € m
Page 100
MIL-BVA362-03032014-90141/VR 99 Note: figures may not add up exactly due to rounding 2Q25 3Q25 % Net interest income 779 778 (0.0) Net fee and commission income 291 324 11.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 221 64 (71.2) Other operating income (expenses) 0 (0) n.m. Operating income 1,291 1,166 (9.7) Personnel expenses (126) (127) 1.1 Other administrative expenses (214) (228) 6.2 Adjustments to property, equipment and intangible assets (4) (4) 1.5 Operating costs (343) (358) 4.3 Operating margin 948 808 (14.7) Net adjustments to loans (50) (66) 31.5 Net provisions and net impairment losses on other assets (8) (4) (46.2) Other income (expenses) 1 1 81.0 Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 891 739 (17.0) Taxes on income (288) (239) (17.2) Charges (net of tax) for integration and exit incentives (7) (6) (11.5) Effect of purchase price allocation (net of tax) 0 0 n.m. Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 595 495 (16.9) IMI Corporate & Investment Banking: Q3 vs Q2 € m
Page 101
MIL-BVA362-03032014-90141/VR 100 9M24 9M25 % Net interest income 1,895 1,830 (3.4) Net fee and commission income 485 541 11.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 124 117 (5.6) Other operating income (expenses) (53) (48) (9.4) Operating income 2,451 2,440 (0.4) Personnel expenses (496) (518) 4.4 Other administrative expenses (372) (379) 1.9 Adjustments to property, equipment and intangible assets (95) (98) 3.2 Operating costs (963) (995) 3.3 Operating margin 1,488 1,445 (2.9) Net adjustments to loans (45) 36 n.m. Net provisions and net impairment losses on other assets (9) (17) 88.9 Other income (expenses) 1 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,435 1,464 2.0 Taxes on income (345) (371) 7.5 Charges (net of tax) for integration and exit incentives (35) (46) 31.4 Effect of purchase price allocation (net of tax) (2) (4) 100.0 Levies and other charges concerning the banking and insurance industry (net of tax) (17) (23) 35.3 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (12) (1) (91.7) Net income 1,024 1,019 (0.5) International Banks: 9M25 vs 9M24 € m Note: figures may not add up exactly due to rounding
Page 102
MIL-BVA362-03032014-90141/VR 101 2Q25 3Q25 % Net interest income 609 607 (0.4) Net fee and commission income 196 177 (10.0) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 54 30 (44.0) Other operating income (expenses) (18) (16) (15.2) Operating income 842 799 (5.1) Personnel expenses (170) (174) 2.0 Other administrative expenses (129) (128) (0.5) Adjustments to property, equipment and intangible assets (32) (33) 2.4 Operating costs (332) (335) 1.0 Operating margin 510 464 (9.1) Net adjustments to loans 37 (18) n.m. Net provisions and net impairment losses on other assets 9 (21) n.m. Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 556 425 (23.6) Taxes on income (123) (105) (14.9) Charges (net of tax) for integration and exit incentives (24) (13) (45.4) Effect of purchase price allocation (net of tax) (1) (1) 0.0 Levies and other charges concerning the banking and insurance industry (net of tax) (8) (6) (16.5) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (0) (0) 27.3 Net income 400 300 (25.2) International Banks: Q3 vs Q2 € m Note: figures may not add up exactly due to rounding
Page 103
MIL-BVA362-03032014-90141/VR 102 9M24 9M25 % Net interest income 912 817 (10.4) Net fee and commission income 1,558 1,688 8.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 42 58 38.1 Other operating income (expenses) 21 16 (23.8) Operating income 2,533 2,579 1.8 Personnel expenses (374) (374) 0.0 Other administrative expenses (305) (308) 1.0 Adjustments to property, equipment and intangible assets (79) (81) 2.5 Operating costs (758) (763) 0.7 Operating margin 1,775 1,816 2.3 Net adjustments to loans (20) (7) (65.0) Net provisions and net impairment losses on other assets (33) (27) (18.2) Other income (expenses) 20 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,742 1,782 2.3 Taxes on income (567) (543) (4.2) Charges (net of tax) for integration and exit incentives (14) (18) 28.6 Effect of purchase price allocation (net of tax) (15) (15) 0.0 Levies and other charges concerning the banking and insurance industry (net of tax) (20) (2) (90.0) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 15 9 (40.0) Net income 1,141 1,213 6.3 Private Banking: 9M25 vs 9M24 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
Page 104
MIL-BVA362-03032014-90141/VR 103 Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions 2Q25 3Q25 % Net interest income 277 279 0.5 Net fee and commission income 570 557 (2.3) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 22 16 (30.4) Other operating income (expenses) 5 6 25.5 Operating income 874 857 (2.0) Personnel expenses (124) (127) 2.9 Other administrative expenses (103) (104) 0.8 Adjustments to property, equipment and intangible assets (27) (27) 2.4 Operating costs (253) (258) 2.0 Operating margin 621 598 (3.6) Net adjustments to loans (7) 4 n.m. Net provisions and net impairment losses on other assets (17) (6) (67.5) Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 597 597 (0.1) Taxes on income (183) (189) 3.3 Charges (net of tax) for integration and exit incentives (7) (6) (5.9) Effect of purchase price allocation (net of tax) (5) (5) (8.0) Levies and other charges concerning the banking and insurance industry (net of tax) (2) 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 3 3 (3.2) Net income 404 400 (0.9) Private Banking: Q3 vs Q2 € m
Page 105
MIL-BVA362-03032014-90141/VR 104 Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions 9M24 9M25 % Net interest income 45 31 (31.1) Net fee and commission income 663 652 (1.7) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 2 100.0 Other operating income (expenses) 37 38 2.7 Operating income 746 723 (3.1) Personnel expenses (74) (69) (6.8) Other administrative expenses (87) (84) (3.4) Adjustments to property, equipment and intangible assets (7) (8) 14.3 Operating costs (168) (161) (4.2) Operating margin 578 562 (2.8) Net adjustments to loans 0 2 n.m. Net provisions and net impairment losses on other assets 0 0 n.m. Other income (expenses) 30 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 608 564 (7.2) Taxes on income (150) (143) (4.7) Charges (net of tax) for integration and exit incentives 0 (3) n.m. Effect of purchase price allocation (net of tax) (3) (3) 0.0 Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 455 415 (8.8) Asset Management: 9M25 vs 9M24 € m
Page 106
MIL-BVA362-03032014-90141/VR 105 2Q25 3Q25 % Net interest income 10 10 (0.6) Net fee and commission income 214 223 4.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 1 60.8 Other operating income (expenses) 12 14 18.8 Operating income 237 248 4.6 Personnel expenses (23) (24) 5.6 Other administrative expenses (29) (28) (1.9) Adjustments to property, equipment and intangible assets (3) (3) 2.4 Operating costs (54) (55) 1.5 Operating margin 183 193 5.6 Net adjustments to loans 0 (0) n.m. Net provisions and net impairment losses on other assets 0 0 n.m. Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 183 193 5.3 Taxes on income (45) (48) 4.6 Charges (net of tax) for integration and exit incentives (1) (1) 45.8 Effect of purchase price allocation (net of tax) (1) (1) 0.0 Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (0) (0) 15.5 Net income 136 143 5.3 Asset Management: Q3 vs Q2 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
Page 107
MIL-BVA362-03032014-90141/VR 106 9M24 9M25 % Net interest income 0 0 n.m. Net fee and commission income 3 3 0.0 Income from insurance business 1,296 1,367 5.5 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (3) (10) 233.3 Operating income 1,296 1,360 4.9 Personnel expenses (106) (107) 0.9 Other administrative expenses (136) (129) (5.1) Adjustments to property, equipment and intangible assets (26) (27) 3.8 Operating costs (268) (263) (1.9) Operating margin 1,028 1,097 6.7 Net adjustments to loans 0 0 n.m. Net provisions and net impairment losses on other assets 0 0 n.m. Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,028 1,097 6.7 Taxes on income (307) (329) 7.2 Charges (net of tax) for integration and exit incentives (14) (14) 0.0 Effect of purchase price allocation (net of tax) (7) (4) (42.9) Levies and other charges concerning the banking and insurance industry (net of tax) (23) (24) 4.3 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 677 726 7.2 Insurance: 9M25 vs 9M24 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
Page 108
MIL-BVA362-03032014-90141/VR 107 2Q25 3Q25 % Net interest income (0) (0) 1.7 Net fee and commission income 1 1 3.6 Income from insurance business 457 449 (1.6) Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (4) (3) (4.6) Operating income 454 447 (1.6) Personnel expenses (34) (36) 5.9 Other administrative expenses (45) (46) 2.2 Adjustments to property, equipment and intangible assets (8) (10) 14.1 Operating costs (88) (92) 4.8 Operating margin 366 355 (3.1) Net adjustments to loans 0 0 n.m. Net provisions and net impairment losses on other assets 0 0 n.m. Other income (expenses) 0 (0) n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 366 355 (3.1) Taxes on income (104) (105) 0.7 Charges (net of tax) for integration and exit incentives (6) (5) (18.7) Effect of purchase price allocation (net of tax) (2) (1) (41.4) Levies and other charges concerning the banking and insurance industry (net of tax) (24) 0 n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (0) (0) (47.0) Net income 231 244 5.9 Insurance: Q3 vs Q2 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
Page 109
MIL-BVA362-03032014-90141/VR 108 Market leadership in Italy Note: figures may not add up exactly due to rounding (*) Included in the single oversight unit Wealth Management Divisions (1) Excluding Corporate centre (2) Data as at 30.9.25 (3) Including bonds (4) Mutual funds; data as at 30.6.25 (5) Data as at 30.6.25 9M25 Operating income breakdown by business area (1) Leader in Italy Market share (2) Ranking 46% 12% 4% 13% 7% 19% Banca dei Territori International Banks Asset Management(*) Private Banking(*) Insurance(*) IMI Corporate & Investment Banking 17.6 20.6 21.2 22.6 24.2 Loans Deposits(3) Asset Management(4) Factoring(5) Pension Funds(5) 1 1 1 1 % 1
Page 110
MIL-BVA362-03032014-90141/VR 109 International Banks by country Note: figures may not add up exactly due to rounding (*) First Bank merged into Intesa Sanpaolo Bank Romania on 31.10.25 (**) Consolidated on the basis of the countervalue of 30.6.25 figures at the exchange rate as at 30.9.25 (1) Net adjustments to loans/Net customer loans Hungary Slovakia Slovenia Croatia SerbiaBosnia Albania Romania(*) Egypt Total CEE Total Ukraine(**)Moldova Data as at 30.9.25 % of the Group Operating income (€ m) 298 610 115 504 40 381 60 95 13 8 2,123 329 2,453 12.0% Operating costs (€ m) 111 194 43 182 23 116 28 72 10 9 788 85 873 11.0% Net adjustments to loans (€ m) (4) 23 4 (31) (0) 11 (1) (20) (2) (1) (20) (16) (36) n.m. Net income (€ m) 138 231 46 292 12 197 23 18 3 (5) 956 162 1,119 14.7% Customer deposits (€ bn) 7.0 21.3 3.6 14.4 1.3 7.3 1.9 2.2 0.2 0.2 59.5 3.1 62.5 10.9% Customer loans (€ bn) 4.4 19.5 2.5 10.4 1.0 5.8 0.6 1.6 0.1 0.0 46.1 1.4 47.5 11.3% Performing loans (€ bn) 4.4 19.3 2.5 10.3 1.0 5.8 0.6 1.6 0.1 0.0 45.7 1.4 47.1 11.3% of which: Retail local currency 45% 58% 41% 51% 31% 19% 31% 21% 69% n.m. 47% 48% 47% Retail foreign currency 0% 0% 0% 0% 11% 24% 9% 7% 0% n.m. 4% 0% 3% Corporate local currency 31% 34% 59% 49% 37% 20% 16% 46% 15% n.m. 37% 38% 37% Corporate foreign currency 25% 7% 0% 0% 20% 37% 44% 26% 16% n.m. 12% 14% 12% Non-performing loans (€ m) 36 194 18 139 6 44 4 17 0 0 458 7 465 9.6% Non-performing loans coverage 52% 53% 64% 55% 71% 70% 71% 70% 100% 100% 60% 86% 61% Annualised Cost of credit(1) (bps) n.m. 16 22 n.m. n.m. 25 n.m. n.m. n.m. n.m. n.m. n.m. n.m.
Page 111
MIL-BVA362-03032014-90141/VR 110 Total exposure(1) by main countries DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 61,433 60,157 6,179 127,769 381,461 Austria 727 1,810 17 2,554 340 Belgium 4,367 5,404 126 9,897 856 Bulgaria 0 47 14 61 8 Croatia 1,855 494 32 2,381 10,221 Cyprus 0 0 14 14 40 Czech Republic 139 314 52 505 893 Denmark 121 148 2 271 202 Estonia 0 0 0 0 2 Finland 319 351 -1 669 131 France 8,601 10,763 425 19,789 6,211 Germany 1,271 3,227 356 4,854 7,266 Greece 51 98 186 335 1,975 Hungary 1,152 1,497 162 2,811 4,813 Ireland 1,894 1,899 350 4,143 598 Italy 26,246 14,419 3,498 44,163 310,844 Latvia 0 0 0 0 8 Lithuania 0 0 0 0 1 Luxembourg 1,004 2,176 31 3,211 7,582 Malta 0 0 0 0 133 The Netherlands 1,362 1,401 127 2,890 2,277 Poland 684 157 39 880 514 Portugal 769 851 42 1,662 251 Romania 55 865 13 933 1,824 Slovakia 1,829 1,018 47 2,894 16,442 Slovenia 101 190 0 291 2,406 Spain 8,742 12,901 647 22,290 5,126 Sweden 144 127 0 271 497 Albania 21 689 0 710 655 Egypt 388 1,080 0 1,468 1,798 Japan 105 3,877 -41 3,941 809 Russia 3 0 0 3 950 Serbia 7 460 0 467 6,023 United Kingdom 767 1,857 180 2,804 14,975 U.S.A. 4,246 9,829 183 14,258 10,709 Other Countries 7,102 9,890 771 17,763 22,974 Total 74,072 87,839 7,272 169,183 440,354 LOANS Note: management accounts. Figures may not add up exactly due to rounding (1) Exposure to sovereign risks (central and local governments), banks and other customers. Book value of debt securities and net loans as at 30.9.25 (2) Taking into account cash short positions (3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €74,477m (of which €45,926m in Italy) € m
Page 112
MIL-BVA362-03032014-90141/VR 111 DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 46,887 44,035 3,028 93,950 11,226 Austria 618 1,514 2 2,134 0 Belgium 4,052 4,926 134 9,112 0 Bulgaria 0 47 12 59 0 Croatia 1,646 479 32 2,157 1,335 Cyprus 0 0 0 0 0 Czech Republic 0 295 52 347 0 Denmark 0 0 0 0 0 Estonia 0 0 0 0 0 Finland 251 222 0 473 0 France 7,056 6,333 208 13,597 1 Germany 297 1,857 175 2,329 15 Greece 0 0 32 32 0 Hungary 982 1,468 161 2,611 368 Ireland 385 77 0 462 0 Italy 19,802 10,419 1,712 31,933 8,715 Latvia 0 0 0 0 8 Lithuania 0 0 0 0 0 Luxembourg 314 1,191 1 1,506 0 Malta 0 0 0 0 0 The Netherlands 834 394 73 1,301 0 Poland 419 143 36 598 0 Portugal 535 661 -4 1,192 63 Romania 55 865 12 932 42 Slovakia 1,717 941 47 2,705 308 Slovenia 89 183 0 272 317 Spain 7,835 12,020 343 20,198 54 Sweden 0 0 0 0 0 Albania 21 689 0 710 0 Egypt 388 1,080 0 1,468 460 Japan 0 3,371 -56 3,315 0 Russia 0 0 0 0 0 Serbia 7 460 0 467 592 United Kingdom 0 1,359 6 1,365 0 U.S.A. 2,971 7,795 -91 10,675 0 Other Countries 3,485 5,354 279 9,118 4,045 Total 53,759 64,143 3,166 121,068 16,323 LOANS Exposure to sovereign risks(1) by main countries Note: management accounts. Figures may not add up exactly due to rounding (1) Exposure to central and local governments. Book value of debt securities and net loans as at 30.9.25 (2) Taking into account cash short positions (3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €52,621m (of which €42,768m in Italy). The total of FVTOCI reserves (net of tax and allocation to insurance products under management) amounts to -€1,820m (of which -€374m in Italy) € m Banking business government bond duration: 6.8y Adjusted duration due to hedging: 0.7y
Page 113
MIL-BVA362-03032014-90141/VR 112 Exposure to banks by main countries(1) Note: management accounts. Figures may not add up exactly due to rounding (1) Book value of debt securities and net loans as at 30.9.25 (2) Taking into account cash short positions (3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €12,592m (of which €1,590m in Italy) DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 4,163 9,818 2,113 16,094 21,592 Austria 109 278 16 403 191 Belgium 251 398 -7 642 156 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 97 Cyprus 0 0 14 14 0 Czech Republic 0 19 0 19 15 Denmark 49 56 1 106 11 Estonia 0 0 0 0 0 Finland 11 88 -1 98 1 France 930 2,862 132 3,924 3,140 Germany 293 682 138 1,113 4,913 Greece 51 98 152 301 1,922 Hungary 98 29 1 128 457 Ireland 66 10 -3 73 211 Italy 1,611 3,028 1,312 5,951 8,185 Latvia 0 0 0 0 0 Lithuania 0 0 0 0 0 Luxembourg 93 875 -1 967 104 Malta 0 0 0 0 123 The Netherlands 181 598 35 814 15 Poland 0 5 -1 4 1 Portugal 36 154 46 236 154 Romania 0 0 1 1 50 Slovakia 35 77 0 112 3 Slovenia 0 7 0 7 0 Spain 332 494 275 1,101 1,755 Sweden 17 60 3 80 88 Albania 0 0 0 0 19 Egypt 0 0 0 0 31 Japan 19 361 7 387 15 Russia 0 0 0 0 41 Serbia 0 0 0 0 41 United Kingdom 89 240 112 441 2,434 U.S.A. 124 787 178 1,089 713 Other Countries 298 2,949 125 3,372 3,404 Total 4,693 14,155 2,535 21,383 28,290 LOANS € m
Page 114
MIL-BVA362-03032014-90141/VR 113 Exposure to other customers by main countries(1) Note: management accounts. Figures may not add up exactly due to rounding (1) Book Value of debt securities and net loans as at 30.9.25 (2) Taking into account cash short positions (3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €9,264m (of which €1,568m in Italy) € m DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 10,383 6,304 1,038 17,725 348,643 Austria 0 18 -1 17 149 Belgium 64 80 -1 143 700 Bulgaria 0 0 2 2 8 Croatia 209 15 0 224 8,789 Cyprus 0 0 0 0 40 Czech Republic 139 0 0 139 878 Denmark 72 92 1 165 191 Estonia 0 0 0 0 2 Finland 57 41 0 98 130 France 615 1,568 85 2,268 3,070 Germany 681 688 43 1,412 2,338 Greece 0 0 2 2 53 Hungary 72 0 0 72 3,988 Ireland 1,443 1,812 353 3,608 387 Italy 4,833 972 474 6,279 293,944 Latvia 0 0 0 0 0 Lithuania 0 0 0 0 1 Luxembourg 597 110 31 738 7,478 Malta 0 0 0 0 10 The Netherlands 347 409 19 775 2,262 Poland 265 9 4 278 513 Portugal 198 36 0 234 34 Romania 0 0 0 0 1,732 Slovakia 77 0 0 77 16,131 Slovenia 12 0 0 12 2,089 Spain 575 387 29 991 3,317 Sweden 127 67 -3 191 409 Albania 0 0 0 0 636 Egypt 0 0 0 0 1,307 Japan 86 145 8 239 794 Russia 3 0 0 3 909 Serbia 0 0 0 0 5,390 United Kingdom 678 258 62 998 12,541 U.S.A. 1,151 1,247 96 2,494 9,996 Other Countries 3,319 1,587 367 5,273 15,525 Total 15,620 9,541 1,571 26,732 395,741 LOANS
Page 115
MIL-BVA362-03032014-90141/VR 114 Disclaimer “The manager responsible for preparing the company’s financial reports, Elisabetta Stegher, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records”. * * * This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.