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February 2, 2026 2025 Results Leader in Wealth Management Protection & Advisory Europe’s most resilient Bank The best year ever, paving the way for the new Business Plan Bad loans reset to near zero
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MIL-BVA362-03032014-90141/VR 1 Contents Key messages FY25: the best year ever Appendix: 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 2 2025 Results: an excellent year (1) According to EBA definition (2) ~13.2% considering €2.3bn buyback to be launched in July, subject to shareholders’ approval (3) Vs 1.1.25 post Basel 4 impact and taking into account ~20bps Italy Budget Law impact (€570m) (4) €3,234m paid as interim dividend on 26.11.25 (€18.6 cents per share) and €3,309m to be paid in May 2026 (€19.0 cents per share), equal to €37.6 cents per share for 2025 (5) Subject to shareholders’ approval (6) Based on ISP average share price in 2025. Subject to shareholders’ approval (7) Over the 2023-2025 period (of which €0.3bn in 2025), including ~€0.35bn structure costs related to the People dedicated to sustain the initiatives/projects 42.2% Lowest-ever Cost/Income ratio, best-in-class in EuropeEffective cost management 0.8% Net NPL ratio(1) at historical low, with Bad loans reset to near zeroZero-NPL Bank >13.9% CET1 ratio(2), up ~110bps in 2025(3), 14.1% not taking into account ~20bps Italy Budget Law impact (€570m)Rock-solid capital position World-class position in Social Impact €1.0bn Contribution already deployed(7) to fight poverty and reduce inequalities €6.5bn Cash dividends(4), of which €3.2bn paid in November 2025 High and sustainable value creation and distribution €2.3bn Buyback to be launched in July(5), on top of the €2bn buyback finalised in October 2025 7.5% Dividend yield(6) €9.3bn Net income, the best year ever, with record-high Commissions and Insurance income Best-in-class profitability 18% ROE, with 22% ROTE >€1bn Pre-tax profit allocated to succeed in the coming years
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MIL-BVA362-03032014-90141/VR 3 2025 Net income Guidance fully delivered… +0.6% vs 2024 Well above €9bn including Q4 managerial actions 2025 Net income vs 2025 Guidance 2025 Net income 2025 Net income Guidance 9.3 Well above €9bn including Q4 managerial actions -0.6% vs 2024 26bps(1) -€0.2bn vs 2024 2025 Results Increase in revenues, managed in an integrated manner Cost reduction, despite tech investments Low Cost of risk Lower Levies and other charges concerning the banking and insurance industry 2025 Guidance (1) Excluding additional provisions to favour de-risking/strengthen the Balance sheet € bn
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MIL-BVA362-03032014-90141/VR 4 (1) According to EBA definition (2) Post ~20bps Italy Budget Law impact (€570m). ~13.2% considering €2.3bn buyback to be launched in July, subject to shareholders’ approval (3) On an accrual basis Net income €6.5bn Business Plan target for 2025 Net NPL ratio(1) ~1% throughout the Business Plan horizon Cost/Income ratio 46.4% Business Plan target for 2025 2022-2025 Business Plan targets2025 results €9.3bn 0.8% 42.2% Value distribution >€22bn distribution target for 2021-2025(3), with any additional distribution to be evaluated year-by-year starting from 2023 €33.4bn distribution for 2021-2025(3) CET1 ratio >12% throughout the Business Plan horizon >13.9%(2) … exceeding 2022-2025 Business Plan targets… Tech investments €5.0bn Business Plan target for 2022-2025 €5.6bn
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MIL-BVA362-03032014-90141/VR 5 … while allocating >€1bn of 2025 Pre-tax profit to strengthen future profitability Pre-tax, € m ~945 Provisions/write-downs to favour de-risking/strengthen the Balance sheet ~85 Costs to anticipate already agreed voluntary exits Total ~1,030 Note: figures may not add up exactly due to rounding Fully equipped to succeed in any scenario ~€700m impact on Net income, mostly in Q4
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MIL-BVA362-03032014-90141/VR 6 Costs down on a yearly basis while strongly investing in technology, with the lowest-ever Cost/Income ratio at 42.2% €9.3bn Net income (+8% vs FY24), the best year ever, with >€1bn Pre-tax profit allocated to succeed in the coming years Excellent 2025 performance while paving the way for the new Business Plan CET1 ratio up ~110bps(1) in 2025 at >13.9%(2) (+>125bps at 14.1% not considering the Italy Budget Law impact) Significant growth in Customer financial assets to ~€1.5 trillion (+€75bn(5) vs FY24, of which +€46bn(5) in Q4) €6.5bn cash dividends(3) (of which €3.3bn to be paid in May) and €2.3bn buyback(4) for 2025 (1) Vs 1.1.25 post Basel 4 impact (2) ~13.2% considering €2.3bn buyback to be launched in July. Subject to shareholders’ approval (3) €3,234m paid as interim dividend on 26.11.25 (€18.6 cents per share) and €3,309m to be paid in May 2026 (€19.0 cents per shar e), equal to €37.6 cents per share for 2025 (4) To be launched in July. Subject to shareholders’ approval (5) €56bn and €27bn, respectively, not considering €19bn related to an Institutional client previously classified in Due to banks Record-high year for Commissions (+6% vs FY24) and Insurance income (+5% vs FY24) 4Q25, the best quarter ever for Commissions (+10% vs 4Q24) High and increasing value creation and distribution with Balance sheet further strengthened The best year and best Q4 ever for Operating income and Operating margin NPL stock, ratios and NPL inflows at historical lows, with Bad loans reset to near zero and Net NPL stock down to just €3.9bn
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MIL-BVA362-03032014-90141/VR 7 High, increasing and sustainable value creation and distribution 15 17 FY23 FY24 FY25 18 ROE(1), % The best year ever, with growing ROE/ROTE… 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 and Net income (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 and Net income (3) Based on ISP average number of shares in 2025 (4) Excluding AT1, TBVPS equal to €2.5 in FY23, €2.6 in FY24 and €2.7 in FY25 FY23 FY24 FY25 42.0 48.1 53.0 +10% EPS(3), € cents x Tangible book value per share(4), € 3.1 3.2 … and a significant increase in EPS, DPS and TBVPS x DPS, € cents 34.1 37.6 x ROTE(2), % 21 2219 3.0 29.6
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MIL-BVA362-03032014-90141/VR 8 Rock-solid and significantly growing capital position CET1 ratio 2025 evolution Note: figures may not add up exactly due to rounding (1) Post >40bps Basel 4 impact and taking into account €2bn buyback finalised in October 2025 (2) To be launched in July. Subject to shareholders’ approval % 1.1.25(1) (post Basel 4) >125bps 2025 evolution 31.12.25 pre-Italy Budget Law impact ~(20bps) Italy Budget Law impact 31.12.25 >12.8 14.1 >13.9 Strong organic capital generation capacity ~14.9% including additional ~100bps benefit from DTA absorption ~25~13.9% 14.1% ~(20) >13.9% x Q4 evolution ~13.2% including €2.3bn buyback(2) 30.9.25 31.12.25 pre-Italy Budget Law impact 31.12.25Q4 evolution Italy Budget Law impact ISP 2026 fully loaded requirements SREP + combined buffer 10%
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MIL-BVA362-03032014-90141/VR 9 Zero-NPL Bank status further strengthened in Q4, with Bad loans reset to near zero Bad loans stockNPL stock Net NPL ratio(1), %xNet NPL€ bn Net Bad loans€ bn 1.1 31.12.24 1.3 30.9.25 0.8 31.12.25 3.5 4.1 2.4 -€1.7bn 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 (1) According to EBA definition 1.01.0 4.9 31.12.24 4.8 30.9.25 3.9 31.12.25 9.7 9.9 7.6 -€2.3bn 0.8
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MIL-BVA362-03032014-90141/VR 10 ISP is among the best banks 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: Deutsche Bank, ING Group and Nordea (31.12.25 data); Crédit Ag ricole Group, 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 30.6.25 Source: EBA Transparency Exercise, Investor presentations, press releases, conference calls and financial statements 31.12.25 x Net NPL ratio(2) x Gross NPL ratio(2) 17.1 13.5 13.1 7.7 6.7 6.3 3.9 3.2 2.6 8.5 10.8 1.2%2.9% 2.3% 1.0%2.8%1.4%1.7% 2.2%1.7% 2.0% 0.7%1.8% 1.2% 0.7%1.4%1.1%0.9% 1.2%1.2% 0.9% 1.5% 0.8% Peer 9 Peer 10 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 8 Peer 7
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MIL-BVA362-03032014-90141/VR 11 Increasing revenues, managed in an integrated manner to create value Operating income € m FY24 FY25 27,107 27,270 +€163m Net interest income Net fees and commissions Insurance income Profits on financial assets and liabilities at fair value f(x) Note: figures may not add up exactly due to rounding FY24 FY25 9,386 9,980 +€594m Well-diversified and resilient business model FY24 FY25 1,735 1,815 +€80m 256 691 FY24 FY25 +€435m FY24 FY25 15,718 14,796 -€922m % Euribor 1M (average data) +2.12+3.56
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MIL-BVA362-03032014-90141/VR 12 Resilient Net interest income, above 2023 level Strong and resilient NII… € m … despite strong Euribor decline %, Euribor 1M (average data) FY23(1) FY24 FY25 14,700 15,718 14,796 FY23 FY24 FY25 3.24 3.56 2.12 +€96m -112bps (1) 2023 data restated to reflect the current consolidation perimeter Growth expected in 2026, also thanks to core deposit hedging and volume growth
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MIL-BVA362-03032014-90141/VR 13 Best year ever for Commissions and Insurance income … with excellent Q4 performance € m Strong growth in 2025… € m 1,735 9,386 FY24 1,815 9,980 FY25 11,121 11,795 +6% 424 450 2,416 4Q24 2,444 3Q25 443 2,652 4Q25 2,840 2,894 3,095 +10% Growth mainly driven by Management, dealing and consultancy activities and by P&C Insurance income Net fees and commissions Insurance income Net fees and commissions +€674m +€255m Note: figures may not add up exactly due to rounding
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MIL-BVA362-03032014-90141/VR 14 Cost reduction while strongly investing in technology Operating costs € m €5.6bn IT investments deployed in the 2022-2025 period 2024 (166) Personnel costs 49 Administrative costs 47 Depreciation 2025 11,570 11,500 -0.6% 42.7 42.2 Cost/Income ratio, %x Note: figures may not add up exactly due to rounding Increase mainly due to one-offs and acceleration of investments (e.g., Winter Olympic Games and training for transformational initiatives in preparation for the Business Plan) Increase mainly due to IT investments
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MIL-BVA362-03032014-90141/VR 15 Low Cost of risk with NPL inflows at historical lows and stable overlays € m Cost of risk bps FY24 1,097 FY25 1,274 1,745 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 (1) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans (2) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans 30 FY24 26 FY25 41 Additional provisions to favour de-risking and strengthen the Balance sheet NPL inflows(1) from Performing loans Net inflow(2) € bn 2.9 FY24 FY25 3.5 2.6 3.2 -€0.3bn Additional provisions to favour de-risking and strengthen the Balance sheet High-quality origination
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MIL-BVA362-03032014-90141/VR 16 Our excellent performance benefits all our stakeholders Shareholders Employees Public sector Households and businesses Medium/Long-term new lending, € bnTaxes(4), € bn Net income, € bn Personnel expenses, € bn FY25 9.3 FY25 7.0 FY25 4.9 56.3 FY25 86.1 €6.5bn cash dividends(1) + €2.3bn buyback(2) ISP confirmed as Top Employer Europe 2026(3) and Top Employer Italy(3) for the second and fifth consecutive year, respectively ~35% of cash dividends (~€2.3bn) go directly to Italian households and charitable foundations ~2,850 Italian companies helped to return to performing status(5) in 2025 (~146,800 since 2014) Of which in Italy +23% vs 2024 +30% vs 2024 (1) Of which €3,234m paid as interim dividend on 26.11.25 (€18.6 cents per share) and €3,309m to be paid in May 2026 (€19.0 cents per share), equal to €37.6 cents per share for 2025 (2) To be launched in July. Subject to shareholders’ approval (3) By Top Employers Institute (4) Direct and indirect (5) Deriving from Non-performing loans outflow €5.5bn considering €0.6bn impact on capital from Italy Budget Law
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MIL-BVA362-03032014-90141/VR 17 ISP is fully equipped to succeed in any scenario… Zero-NPL Bank with Bad loans reset to near zero, net NPL ratio at 0.8%(2) 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 an d strong liquidity Low Cost/Income ratio despite significant tech investments (€5.6bn deployed(1) and ~2,430 IT specialists hired(1)) High strategic flexibility in managing Costs also thanks to an acceleration in our tech transformation Almost zeroed and adequately provisioned Russia exposure Long-standing, motivated and cohesive management team with strong track record in delivering on commitments (1) In the 2022-2025 period (2) According to EBA definition Well-diversified loan portfolio, high-quality origination and best-in-class proactive credit management Leadership in technology, risk profile, Cost management and Wealth Management, Protection & Advisory activities
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MIL-BVA362-03032014-90141/VR 18 … and is far better positioned than its peers Rock-solid capital base and best-in-class risk profile Fully phased-in CET1(1)/Total illiquid assets(1)(2) %, 31.12.25 ~420bps considering DTA absorption(4) and €2.3bn buyback(5) ~310(6)~390 Buffer vs 2026 requirements SREP + combined buffer(3), bps, 31.12.25 x Well-diversified and resilient business model with fully-owned product factories Contribution from Net fees and commissions and Insurance income to Operating income %, FY25 High strategic flexibility to manage Costs also thanks to significant tech investments Cost/Income ratio %, FY25 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 2026 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) To be launched in July, subject to shareholders’ approval (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 61 25 ISP Peer average 43 27 ISP Peer average(7) ISP Peer average(1) 42.2 52.6 58% considering €2.3bn buyback(5)
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MIL-BVA362-03032014-90141/VR 19 Unique Commissions-driven and efficient business model, coupled with strong tech investments Depreciation on Operating costs(3),% >12%10%-12%<10% (1) Sample: Deutsche Bank, ING Group, Lloyds Banking Group and Nordea (31.12.25 data); Barclays, BBVA, BNP Paribas, Commerzbank, HSBC, Santander, Société Générale, Standard Chartered, UBS and UniCredit (30.9.25 data) (2) Sample: Deutsche Bank, ING Group, Lloyds Banking Group and Nordea (31.12.25 data); BBVA, Commerzbank, HSBC, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas and Société Générale (30.6.25 data) (3) Sample: Nordea (31.12.25 data); BBVA, Commerzbank, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, HSBC, ING Group, Lloyds Banking Group and Société Générale (30.6.25 data); Deutsche Bank (31.12.24 data) 11 12 13 14 35 3734 3833 3932 4031 4130 4236 4329 4428 5527 5626 5725 70 0 24 40 23 45 22 50 21 55 20 60 19 65 1810 17 75 16 80 15 Contribution from Commissions and Insurance income to Operating income(2),% Cost/Income(1) % (reverse scale) Peer average: 52.5%(1) Peer average: 27.5%(2) Peer 1Peer 2 Peer 3Peer 4 Peer 5 Peer 6 Peer 7 Peer 9 Peer 8 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14
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MIL-BVA362-03032014-90141/VR 20 Ready to deliver a ~€10bn Net income in 2026 ▪ Growth in DPS and EPS ▪ 95% total payout(1) (75% cash and 20% buyback(2)) ▪ Dividend yield(3) >7%, best-in-class in Europe 2026 Net income Guidance (1) On Stated Net income, subject to ECB and shareholders’ approvals (2) If CET1 ratio is >12.5% and no options for higher-ROI capital allocation to external growth are available (focusing on Wealth Management). Subject to ECB and shareholders’ approvals (3) Based on: ISP share price as at 30.1.26, 75% cash payout ratio and 2026 Net income Guidance of ~€10bn. Subject to shareholders’ approval 2026 Net income ~10€ bn Increase in revenues, mainly driven by Commissions and Insurance income Stable Costs Increase in tax rate (due to Italy Budget Law) and in Levies and other charges concerning the banking and insurance industry Significant decline in provisions
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MIL-BVA362-03032014-90141/VR 21 Contents FY25: the best year ever Key messages Appendix: 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 22 FY25: €9.3bn Net income, while paving the way to succeed in the coming years (562) (3,579) (563)(1,745)(1,453) (3,028) (7,019) (12)6911,815 9,980 27,270 15,770 13,462 9,321 14,796 Other operating income/expenses Other charges/gains(2) 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(3) Insurance income ~€60m in costs to anticipate already agreed voluntary exits (~€85m pre- tax) Δ% vs FY24 (5.9) 6.3 169.9 0.6 (2.3) 1.6 3.3 37.0 6.8 (2.0) 7.6n.m.4.6 1.5 (11.6) (45.0) Non-motor P&C revenues at €703m (+12% vs FY24), €765m including credit-linked products FY25 P&L; € m Note: figures may not add up exactly due to rounding (1) ~€945m including ~€10m write-offs booked in Charges (net of tax) for integration and exit incentives (2) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations (3) 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 ~€935m provisions/write-downs to favour de-risking and strengthen the Balance sheet(1) ~+€670m DTA and other positive fiscal items in Q4 Costs down 0.6% Stable overlaysEuribor down 144bps
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MIL-BVA362-03032014-90141/VR 23 4Q25: best quarter ever for Commissions and >€1bn Pre-tax profit allocated to succeed in the future 4Q25 P&L; € m Other operating income/expenses Other charges/gains(2) 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(3) Insurance income Note: figures may not add up exactly due to rounding (1) ~€915m including ~€10m write-offs booked in Charges (net of tax) for integration and exit incentives (2) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations (3) 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 Non-motor P&C revenues at €176m (+10% vs 4Q24), €188m including credit-linked products Δ% vs 3Q25 0.1 8.5 (28.4) 29.9 43.6 8.7 246.0 (26.9)(1.6) (16.2)2.9 n.m.n.m. (47.6) n.m. n.m. Δ% vs 4Q24 2.5(3.1) 9.8 4.5 (5.3) 8.9 (0.0) 99.6 (18.3) 15.66.8(95.5) 53.8 n.m. (50.0)n.m. (236)77(440) (962) (388) (992) (2,164) 158443 2,652 6,838 3,294 1,892 1,7333,684 ~€60m in costs to anticipate already agreed voluntary exits (~€85m pre-tax) ~+€670m DTA and other positive fiscal items ~€905m provisions/write-downs to favour de-risking and strengthen the Balance sheet(1) Costs down 1.1%Euribor down 115bps Stable overlays
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MIL-BVA362-03032014-90141/VR 24 € m Net income 2009 2010 2011 2012 2013(2) 2014 2015 2016 2017 pro- forma(3) 2018 2019 2020(4) 2021 4,379 2022(5) 2024 202520232007(1) 3,950 2,553 2,805 2,705 2,043 1,605 1,218 1,251 2,739 2008 3,816 4,050 4,182 3,5053,111 5,524 7,724 8,666 9,321 4,185 +8% ISP is a proven delivery machine with Net income growing structurally since 2013 (1) Excluding capital gain made on the sales of Cariparma, FriulAdria and other branches (2) Excluding goodwill and intangible assets impairment (3) Management data including the contribution of the two former Venetian banks – excluding public cash contribution – and the Morval Group consolidation (4) Excluding accounting effects from the combination with UBI Banca and goodwill impairment (5) 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 >€1bn Pre-tax profit allocated to succeed in the coming years (€0.7bn net of taxes)
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MIL-BVA362-03032014-90141/VR 25 Net interest income trend breakdown 37 248 FY24 Volumes Spread Financial components FY25 15,718 (1,207) 14,796 Commercial component € m, FY25 vs FY24 Net interest income – Yearly comparison % Euribor 1M (average data) +3.56 +2.12 17 3Q25 Volumes Spread Financial components 4Q25 3,680 (8) 3,684 (5) Commercial component Net interest income – Quarterly comparison € m, 4Q25 vs 3Q25 % Euribor 1M (average data) +1.91+1.89 Including hedging on core deposits (as at 31.12.25: ~€160bn core deposits hedged, 4-year duration, ~1.7% yield, ~€2.4bn monthly maturities) Note: figures may not add up exactly due to rounding
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MIL-BVA362-03032014-90141/VR 26 A Wealth Management, Protection & Advisory leader, with ~€1.5 trillion in Customer financial assets, growing further in Q4 Customer financial assets(1) € bn 31.12.24 30.9.25 31.12.25(2) 1,382.2 1,411.5 1,457.2 31.12.24 30.9.25 31.12.25(2) 584.5 573.2 600.2 31.12.24 30.9.25 31.12.25 535.5 553.3 562.0 31.12.24 30.9.25 31.12.25 252.9 273.0 282.6 31.12.24 30.9.25 31.12.25 177.4 179.0 182.9 Direct deposits Assets under management(3) Assets under administration(3) 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) Including €19bn related to an Institutional client previously classified in Due to banks (3) Data restated for the inclusion of third-party AuM products in Assets under management (previously included in Assets under administration) €883bn in Direct deposits and Assets under administration will fuel our Wealth Management, Protection & Advisory businesses +€75bn(2) +€151bn gross inflow in FY25 (+€15bn net) €46bn(2) increase in Q4 +€9.6bn +€8.8bn +€27.0bn(2) +€3.9bn
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MIL-BVA362-03032014-90141/VR 27 The best year and best quarter ever for Commissions Record-high year for Commissions… 5,732 FY24 6,306 FY25 9,386 9,980 +6% +10% Commissions from Management, dealing and consultancy activities … with Q4 being the best quarter ever… € m€ m 1,452 4Q24 1,535 3Q25 1,657 4Q25 2,416 2,444 2,652 +10% +14% Commissions from Management, dealing and consultancy activities … and significant growth in additional Commissions(1) generated by 360-degree advisory services € m 316 399 FY24 FY25 +26% 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 €170bn€139bn Well-diversified and resilient business model
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MIL-BVA362-03032014-90141/VR 28 Strong contribution to Group P&L from Wealth Management, with growing AuM inflows Note: figures may not add up exactly due to rounding (1) Excluding Corporate Centre (2) AM = Asset Management (3) BdT WM = Banca dei Territori Wealth Management (4) Data restated for the inclusion of third-party AuM products in Assets under management (previously included in Assets under administration) … with growing AuM net inflow % of 25 Gross income(1) Strong contribution from Wealth Management… 17% 10% 6% 13% 19% 22% 13% IMI Corporate & Investment Banking International Banks Private Banking Insurance AM(2) BdT WM(3) Wealth Management & Protection 46% Banca dei Territori 32% % of FY25 Gross income(1) Fully-owned product factories enable quick time-to-market and production/distribution synergies FY24(4) FY25(4) 10.9 15.0 151136 € bn x AuM gross inflow, € bn €39bn in 4Q25 (+9% vs 3Q25 and 4Q24)
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MIL-BVA362-03032014-90141/VR 29 The best year and best Q4 ever for Insurance income, driven by P&C … with growing P&C contribution(1), driven by the Non-motor business 99 703 FY18 626 FY24 FY25 271 732 805 +12% € m % 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 13.6 % P&C non-motor product penetration on ISP clients(2) Strong increase in Insurance income… € m ISP’s integrated Bancassurance model generates benefits for customers and the Group Health and accident(3): 58% Home and family: 28% Other: 1% Businesses: 13% 13.1 Q4 FY24 FY25 1,735 1,815 +5% 424 443 x +4% 3.0 6.86.6
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MIL-BVA362-03032014-90141/VR 30 Best-in-class contribution from Commissions and Insurance income to revenues % Contribution from Commissions and Insurance income to Operating income(1) Well-diversified business model (1) Sample: Deutsche Bank, ING Group, Lloyds Banking Group and Nordea (31.12.25 data); BBVA, Commerzbank, HSBC, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas and Société Générale (30.6.25 data) 57 43 35 32 32 30 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%
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MIL-BVA362-03032014-90141/VR 31 Cost reduction with high flexibility for further decrease Operating costs € m Personnel costs Depreciation f(x) Total Operating costs FY24 FY25 11,570 11,500 -0.6% Investing for growth in technology (+€43m), while rationalising real estate and other FY24 FY25 7,185 7,019 -2.3% Administrative costs -2.2% excluding the impact of national labour contract renewal and depreciation linked to tech investments -4.0% excluding the impact of national labour contract renewal FY24 FY25 1,406 1,453 +3.3% ~3,900 headcount reduction in 2025 FY24 FY25 2,979 3,028 +1.6% 42.7 42.2 Cost/Income ratio, %x Note: figures may not add up exactly due to rounding Increase mainly due to one-offs/acceleration of investments
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MIL-BVA362-03032014-90141/VR 32 Best-in-class Cost/Income ratio in Europe % 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 42.2 42.2 44.1 45.0 49.8 51.6 54.0 55.2 56.0 57.4 57.5 62.3 62.4 77.6 36.8 (1) Sample: Deutsche Bank, ING Group, Lloyds Banking Group and Nordea (31.12.25 data); Barclays, BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., HSBC, Santander, Société Générale, Standard Chartered, UBS and UniCredit (30.9.25 data) Peer average: 52.6%
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MIL-BVA362-03032014-90141/VR 33 NPL coverage among the best in Europe NPL coverage(1) % (1) Including only banks in the EBA Transparency Exercise. Sample: Deutsche Bank, ING Group and Nordea (31.12.25 data); Crédit Agricole Group, Société Générale and UniCredit (30.9.25 data); BBVA, BNP Paribas, Commerzbank and Santander (30.6.25 data) 52.5 49.6 48.6 48.6 45.4 44.6 43.8 42.8 34.6 31.1 27.0 Peer average: 42.0% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10
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MIL-BVA362-03032014-90141/VR 34 ISP is among the best banks in Europe for Stage 2 loans Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 31.12.25 8%12% 7% 4%9%11% 10% 6%10%7% (1) Including only banks in the EBA Transparency Exercise. Sample: Deutsche Bank and Nordea (31.12.25 data); BBVA, 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 144 72 65 64 44 41 32 28 14 52 Peer 8 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 9
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MIL-BVA362-03032014-90141/VR 35 Almost zeroed Russia exposure Loans to customers net of provisions – Banca Intesa, € bn Local presence in Russia Loans to customers net of ECA(1) guarantees and provisions, € bn 30.6.22 31.12.24 31.12.25 3.2 0.3 0.2 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 30.6.22 31.12.24 31.12.25 0.4 <0.1 0.0
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MIL-BVA362-03032014-90141/VR 36 Rock-solid capital base, with strong organic capital generation Note: figures may not add up exactly due to rounding (1) €6.5bn dividends and €0.4bn AT1 coupons for 2025 (2) To be launched in July, subject to shareholders’ approval %, bps ISP 2026 fully loaded requirements SREP + combined buffer CET1 ratio evolution x Q4 evolution 31.12.24 post buyback finalised in October 2025 >(40) Basel 4 impact 1.1.25 post Basel 4 impact ~305 Net income ~(225) Dividends and AT1 coupons(1) ~(10) RWA evolution ~60 Other 31.12.25 pre-Italy Budget Law impact (~20) Italy Budget Law impact 31.12.25 ~13.3% >12.8% 14.1% >13.9% 10% +>125bps DTA and valuation reserves ~55 ~(45)~13.9% 30.9.25 14.1% 31.12.25 ~(10) ~25 ~14.9% including additional ~100bps benefit from DTA absorption ~13.2% including €2.3bn buyback(2) ~(20) >13.9% 31.12.25
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MIL-BVA362-03032014-90141/VR 37 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 The adverse scenario applies severe macro-economic and financial shocks, including a cumulative GDP loss above 7pp for Italy and a decline of >40% in the European equity market 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
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MIL-BVA362-03032014-90141/VR 38 Liquidity ratios Best-in-class MREL and sound liquidity position Note: figures may not add up exactly due to rounding (1) Preliminary management data (2) To be launched in July. Subject to shareholders’ approval (3) Combined Buffer Requirement (4) Last twelve-month average (5) Preliminary data (6) 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 %, 31.12.25 2025 Business Plan target Buffer: 12.5 CBR(3): 4.5 MREL: 21.0 Total ratio Buffer: 4.4 CBR(3): 4.5 MREL: 13.5 Subordination ratio 38.1 22.5 €39bn €14bn 25.5 18.0 %, 31.12.25 140 122 LCR(4) NSFR(5) ~115 ~125 Liquid assets(6) 175 177 111 118 30.9.25 31.12.25 286 295 € bn Other reserves HQLA High buffers vs regulatory requirements 37.3% and 21.7% respectively, taking into account €2.3bn buyback(2) €37bn and €11bn respectively, taking into account €2.3bn buyback(2)
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MIL-BVA362-03032014-90141/VR 39 Unparalleled support to address social needs Expanding food and shelter program for people in need 68.2m interventions 50m >100% Continuous commitment to culture Progetto Cultura and Gallerie d’Italia museums 30,000sqm across 4 venues with ~2,644,000 visitors 30,000sqm 100% New social lending(1) €25bn >100% Strong focus on financial inclusion Promoting innovation €199m investments in startups 904 innovation projects launched €100m >100% >100% 800 Promoting innovation World-class position in Social Impact, with €1.0bn already deployed(2) to fight poverty and reduce inequalities €26.7bn Continued ESG commitment… 2022-2025 Business Plan main ESG initiatives Results achieved as at 31.12.25 (2022-2025) 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 2023-2025 period (of which €0.3bn in 2025), including ~€0.35bn structure costs related to the People dedicated to sustain the initiatives/projects
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MIL-BVA362-03032014-90141/VR 40 … including on climate Result achieved vs BP targetxNOT EXHAUSTIVE (1) National Recovery and Resilience Plan (2) Including green and circular criteria (3) 2021-2025. Starting from 30.6.24 the figure also includes the 2022 -2025 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) As at 30.9.25 (8) Emissions reduction data for 2025 will be available in the Climate Report to be published in March 2026 (9) 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% (7) 100% 95% (7) 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)) €89.4bn (3) €76bn (4) >100% of which circular economy new lending(2) €15.9bn €8bn >100% New green lending to individuals(5) €15.2bn €12bn >100% ESG Labs 16 opened >12 >100% 76% 60% >100% 2022-2025 Business Plan main ESG initiatives Results achieved as at 31.12.25 (2022-2025) 2022-2025 Business Plan targets Emissions reduction (main achievements)(8): ▪ From 2022 to 2024, the Group set 2030 targets for the 10 most emitting sectors(9) 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
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MIL-BVA362-03032014-90141/VR 41 Contents Appendix: 2022-2025 Business Plan successfully completed Key messages FY25: the best year ever
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MIL-BVA362-03032014-90141/VR 42 2022-2025 Business Plan successfully completed 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 confirmed as Top Employer Europe 2026(1) and Top Employer Italy(1) for the second and fifth consecutive year, respectively ▪ Ranked first among Banking & Finance companies in the LinkedIn Top Companies 2025 for career development and professional growth (1) By Top Employers Institute
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MIL-BVA362-03032014-90141/VR 43 Massive upfront de-risking, slashing Cost of risk ▪ Massive deleveraging with €7.7bn gross NPL stock reduction in 2022-2025, reducing Net NPL ratio to 0.8%(1) and overdelivering on 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 inflows 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 4Q25, three new synthetic securitisations were completed: the first, with Simple Transparent Standardised (STS) label, on a ~€4.1bn portfolio of Corporate and Large Corporate loans, the second on a ~€3bn portfolio of Large Corporate revo lving credit facilities and the third on a ~$1.3bn portfolio of revolving credit facilities towards investment funds managed by top tier asset managers. As at 31.12.25, 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 ~€35bn ▪ Further strengthened the capital efficiency initiatives and extended the scope of Credit Strategy to ESG criteria, shifting ~€31bn of new lending in 2025 (~€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 successfully completed 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
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MIL-BVA362-03032014-90141/VR 44 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 ~2,430 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.) ▪ Completed 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 ▪ Completed the release of new omnichannel products for ISP clients on platform (personal loans, Credit Protection Insurance, SpensieRata(1), bank accounts, CJ Onboarding and CJ Trasformazione, in progress for mortgages and investments) ▪ AI Lab in Turin operational ▪ 1,502 branches closed since 4Q21 in light of launch ▪ Digital platform for analytical cost management up and running, with 50 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 ~866k sqm since 4Q21 ▪ ~8,750 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. Released the development of Digital Mobile Acquisition features in Croatia, finalisation in Slovenia is underway ▪ Completed the activities to improve the customer experience of branch digital processes in Hungary, Slovenia, Albania and Croatia (e.g., 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 and the customer migration to the target system has been completed ▪ Digital Process Transformation: processes identified and activated E2E transformation activities (especially involvingprocurement processes, customer onboarding, hereditary succession process management, bank account closing process and control management processes). The E2E transformation activities will leverageon 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 were completed and activities for the first tokenised UCITS fund under Italian law have begun. In the AI field, the first automated operational processes have been released ▪ Completed significant upgrades on the app to expand maximum capacity in terms of number of concurrent online customers (3x compared to the previous peak capacity) 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 successfully completed
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MIL-BVA362-03032014-90141/VR 45 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 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 46 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 solutions leveraging the partnerships with major hyperscalers ▪ Public cloud regions in Turin and Milan available and ~50% of cloud migration already executed ahead of schedule ▪ €5.6bn IT investments deployed and ~2,430 IT specialists(1) hired ▪ successfully deployed to mass market retail clients through our new digital bank ( ) ▪ 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) ▪ 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 31.12.21 31.12.25 ~10% 64% Applications already cloud-based % of total applications Lower IT CapEx and OpEx, faster time-to-market, easier scalability and fintech collaboration/integration 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 47 Key elements of our cloud-based digital platform : Group cloud-based digital platform Modular : 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 successfully completed
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MIL-BVA362-03032014-90141/VR 48 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 31.12.25 (3) Cumulative data since isybank launch <3 minutes average onboarding time <30 clicks required to open an account ~313m transactions completed(2) ~€2.9bn customer deposits(2) Immediately active accounts and cards for client banking needs ~900,000 accounts opened(2) by new customers (78% under 35 years old) … and gaining strong momentum 30.9.24 31.12.24 31.12.25 >300 >530 ~900 Accounts opened by new customers k#(3) ▪ >50% 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 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 49 (1) Sample: BBVA Italia, Hype, N26 Italia and Revolut Italia (2) Including MAV, F24, Pago PA (3) Partial functionalities (4) Digital Relationship Managers Product offering broader than digital challengers(1) Product offering broader and more innovative than digital challengers 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 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 catalogue (2) (3) (3) (3) Insurance servicesProtection & Investments Saving services 2022-2025 Business Plan successfully completed Peer 1 Peer 2 Peer 3 Peer 4
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MIL-BVA362-03032014-90141/VR 50 … with strong benefits for the Group AI use cases, # AI program at scale with strong benefits for the Group 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 >61k participants, Data & AI Community >9k members) — Group-wide AI training & communities ― Academic partnerships (e.g., Berkeley USA SkyLab, CETIF Master Responsible AI Executive Program, Bicocca Strategic Innovation for Sustainable and Smart Ecosystems Program, SDA Bocconi EMF FinTech Lab) — developing advanced AI expertise ― Strategic partnerships (e.g., Opening Future with Google Cloud & TIM >23k People involved and >3.3k 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 ― Implementation of RAI(1) by design in AI use cases ▪ According to the 2025 Evident AI Index, the Group is now ranked third in the world for publications on Responsible AI topics Scaling adoption of GenAI solutions in several areas (e.g., HR support, digital branch, regulatory analysis, technical support and coding) 104 150 31.12.24 31.12.25 2025 BP Target 153 ~300~215 ~300 (1) Responsible Artificial Intelligence 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 51 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) + Collaboration with BlackRock with the creation of the new Digital Wealth Management platform targeting European Private and Affluent clients already available in Belgium and Luxembourg with Asset management activities 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 52 Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/7) Unmatched client advisory network through Private Banking, Banca dei Territori and IBD Sizeable amount of Direct deposits and Assets under administration, to fuel AuM growth Direct deposits and Assets under administration(4), € bn 727 156 31.12.22 2023-2025 growth 31.12.25(5) 883 Note: figures may not add up exactly due to rounding (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 (4) Data restated for the inclusion of third-party AuM products in Assets under management (previously included in Assets under administration) (5) Including €19bn related to an Institutional client previously classified in Due to banks ~10,450 Relationship Managers in the Banca dei Territori Division for Exclusive and Affluent clients ~150 Digital Branch Relationship Managers All BdT clients ~5,700 Relationship Managers for Affluent clients BdT Affluent clients ~2,750 Relationship Managers for Exclusive clients(3) and 1,076 dedicated advisory centers BdT Exclusive clients ~1,850 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) ~1,100 Advisory Relationship Managers IBD individual clients 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 53 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 (>€102bn assets managed as at 31.12.25 vs €100bn 2025 Business Plan target): ~79,000 new contracts and €23.8bn in Customer financial asset inflows in 2025, on top of ~125,000 new contracts and €36.9bn in Customer financial asset inflows 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 And roid 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. Available since October 2025 SkiTap26, the new contactless wearable bracelet created for the Milan-Cortina 2026 Winter Olympic and Paralympic Games. The device integrates two distinct functions thanks to two different chips positioned on opposite sides of the bracelet: one for contactless payments and the other for charging ski passes and accessing Snowit-enabled ski facilities ▪ 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 ~€5.6bn as at 31.12.25). Launched 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 successfully completed
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MIL-BVA362-03032014-90141/VR 54 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 – Multi-Booking Advisory Model) 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 launched the new app for ETF investments and saving plans ▪ The strategic partnership with Man Group Asteria is fully operational, with over ~€2.8bn inflow as at 31.12.25 ▪ 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 ▪ On 1.10.25, the partial demerger of Eurizon Capital SGR to Fideuram – Intesa Sanpaolo Private Banking became effective, with the transfer of selected Eurizon Wealth Management products distributed by the Private Banking Division's networks ▪ On 17.11.25, the acquisition of the business of Fideuram Asset Management UK Ltd by Eurizon SLJ Capital Ltd was finalised, along with the simultaneous start of Fideuram Asset Management UK Ltd liquidation ▪ On 1.12.25, Eurizon Capital SA merged into Eurizon Capital SGR, maintaining operations in Luxembourg through a newly established local branch. The operations carried out in France, Spain, and Germany by Eurizon Capital SA will continue through newly established branches of Eurizon Capital SGR ▪ 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", including 19 index funds covering the main bond and equity asset classes, and including both listed classes (UCITS-ETFs) and traditional ones (retail and institutional). There are 21 UCITS-ETFs classes listed on the Milan Stock Exchange ▪ 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 is progressively consolidating with 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 Growth in Commissions, driven by Wealth Management, Protection & Advisory 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 55 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 Italian post-pandemic recovery plans ▪ Launched the Group's first Private Debt Fund, a partnership between ISP and Eurizon Capital Real Assets (ECRA), to support the 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, portfolio 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 and defined key development areas (e.g., solutions in the FX & Commodity sector) ▪ Further strengthened the commercial activities related to the equity business and expanded the European Equity Research coverage ▪ The development of digital asset activities is underway (e.g., custody services), in line with the Group's overall strategy ▪ 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 platform, leveraging Group best practices ▪ Completed the Certificates Issuance Plan scheduled for 2025: four issuances completed in Croatia, two in Slovakia and one in Hungary ▪ 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 Egypt. 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 project 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, Albania, Hungary, Czech Republic and Croatia) with several deals already finalised. With reference to the New Factoring Digital Platform, the project has envisaged the VUB Prague branch as the pilot Bank with 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: 20 issuances completed, focusing on the SME segment in Croatia, Serbia, Slovenia, Czech Republic and Slovakia ▪ 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 customers. The acquisition, completed on 31.5.24, strengthened ISP’s presence in Romania and offers new opportunities for Italian corporates Key highlights 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 and the Group’s VUB Bank awarded as best bank in Slovakia in 2025 (1) Fixed-Income, Currencies and Commodities 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 56 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 improvement of the customer experience on distinctive services (Accumulation Plans in ETFs) • 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 improvement to the Trading+ app of the QuickTrade platform (new charts) • Ongoing expansion of the product offering (launched new dedicated Funds and Certificates) • 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 • ~1,800 new clients since the launch(1), of which ~800 in 2025 Key figures Significant development for all services with €3.5bn Customer financial assets and ~81k clients as at 31.12.25(2) 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 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 57 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 has developed 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 Since November 2025, the new Fideuram Direct app is available on app stores in Belgium and Luxembourg 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 58 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 2022-2025, 68.2m interventions carried out, providing 56.5m food interventions, 4.6m dormitory spaces, 6.4m medicine prescriptions and 730,000 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. ~2,800 students (aged 18-29) applied for the program in 2025: ~1,450 interviewed and >700 trained/in-training through 28 classes (~5,600 trained/in-training since 2019). ~2,500 companies involved since its inception in 2019 ‒ The fifth edition of the program “Generation4Universities” started in May and ended in December, 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 ▪ Inequalities and educational inclusion: ‒ Educational inclusion program: strengthened partnerships with main Italian universities and schools, >4,000 schools and >28,000 students involved in 2025 to promote educational inclusion, supporting merit and social mobility (~8,000 schools involved in 2022-2025) ‒ “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, 16 classes were activated, of which 12 have completed the program. Since its launch, the project has provided free training and skills development to 295 people in the regions of Tuscany, Campania, Latium, and Apulia, totalling 6,914 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: the enhancement of the Group's ongoing initiatives and the identification of new partnerships with leading sector operators allowed the promotion of ~7,000 housing units of social housing and student bed places over the 2022–2025 period (1) 2024-2025 does not include, in line with the new classification rules, green loans disbursed to young people included in 2022 and 2023 data ▪ Disbursed €6.3bn in social lending and urban regeneration in 2025 (€26.7bn(1) in 2022-2025) ‒ Lending to the third sector: in 2025, granted loans supporting non-profit organisations for a total of €345m (€1.2bn in 2022-2025) ‒ Fund for Impact: in 2025, €127m 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 2025, committed €34m 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 2022-2025) 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 59 Continuous commitment to culture Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/5) ▪ Gallerie d’Italia, a museum with 4 branches: Milan, Naples, Turin, and Vicenza. In 2025: ‒ ~750,000 visitors, free entry for visitors under 18 (~143,000 under 18 and students) ‒ 18 new main exhibitions including: promotion of great Italian art (in Milan, "Eterno e visione" on Neoclassical art; in Naples, "Un altro Seicento", rediscovery of 17th century women artists); 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; for the tenth anniversary of the Intesa Sanpaolo Skyscraper in Turin, Warhol’s Triple Elvis at the "Gallerie d’Italia off"); photography exhibitions (in Turin, "Jeff Wall", images by the one of the greatest living photographers reflecting on contemporary society, "Carrie Mae Weems“, on the theme of racial and gender equality, “Olivo Barbieri” on urbanisation in China; in Vicenza, “Cristina Mittermeier“ on the defence of the planet ); illustrious guests: (”Raffaello” in Naples; ”Barocci” in Turin); "Le cronache di Napoli", a monumental public and participatory art project by street artist JR. 11 national and international partners (including Galleria Borghese in Rome, Musei Vaticani, Museo Nazionale del Cinema in Turin, Bibliothèque National de France, National Geographic, Aperture, Rauschenberg Foundation) ‒ Production of exhibitions at other venues (Blue Exit by Rauschenberg from the Agrati collection at the Miart art fair in Milan ; "Anastasia Samoylova" at the Artissima art fair in Turin); travelling exhibitions: circulation of photographic exhibitions of Gallerie d’Italia to other venues (“Cristina Mittermeier“, 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; "Daniele Ratti" in Istituto di Candiolo; "Cronache d’acqua" at the Cortona International Photography Festival); co-productions (exhibition by National Geographic photographer David Doubilet on ocean health in Florence, with Fondazione CR Firenze ; exhibition of works from the Galleria Borghese in Cuneo, in collaboration with Fondazione CRC; " Tiziano", in Brianza, in collaboration with Fondazione Costruiamo il Futuro; the Christmas exhibitions of the Municipality of Milan at Palazzo Marino and of the Municipality of Vicenza at the Basilica Palladiana) ‒ Free educational and inclusive activities: ~5,000 visits and workshops for schools, ~109,000 children and young participants, ~750 itineraries for disabled and people exposed to fragile contexts, ~9,700 participants ‒ Museums as community spaces: ~840 visits and activities for adults and families ( ~13,700 participants); ~510 cultural events and initiatives (~36,100 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; "La Quadriennale d’arte" and the concurrent Restituzioni exhibition at the Palaexpo. Partnership for the Vatican Pavilion at the Venice Architecture Biennale alongside the Dicastery for Culture and Education of the Holy See ▪ Restituzioni, one of the most important restoration programs in the world : opening of the final exhibition of the 20th edition at the Palazzo delle Esposizioni in Rome, with enhancement of 128 restored artworks of the national heritage from all 20 Italian regions, in partnership with 51 territorial bodies of the Italian Minis try of Culture and 60 restoration laboratories (as well as an Italy-Belgium collaboration) ▪ Partnerships: support and joint support of artistic, cultural, social, and training initiatives with public and private institutions, inclu ding: partnerships with 7 Bank Foundations (Fondazione Compagnia di San Paolo, Cariplo, Cariparo, CR Firenze, CR Cuneo, CR Forlì, Caript); 3 international fairs (Miart in Milan, Artissima in Turin and Turin International Book Fair); 15 prominent Italian museums (including Pinacoteca di Brera, Museo Poldi Pezzoli and Veneranda Biblioteca Ambrosiana in Milan, Museo Egizio in Turin, Reggia di Venaria, Gallerie dell’Accademia in Venice; Palazzo Strozzi in Florence, Gallerie Nazionali di Arte Antica and Galleria Nazionale di Arte Moderna e Contemporanea in Rome) and international museums (The National Gallery of London); 19 Art bonus projects to support public cultural heritage (venues in Turin, Bergamo, Amatrice, Pistoia, Cernobbio, Parma, Florence, Rome, Milan, Genoa, Brescia, Lecce, Cosenza, Cortona ) plus the contribution to the restoration of Canova's Cavallo Colossale at Musei Civici di Bassano, the iconic work of the 20 th edition of Restituzioni ▪ Art collections: 336 works on loan to 65 exhibitions at Italian and international venues; ( among works lent abroad: 46 works featured in the exhibition “ Viaggio in Italia" in Luxembourg at Villa Vauban museum and 36 works for the exhibition "Il fascino dell’antico" in Bucharest at the Dacia-Romania Palace, in collaboration with the Group's foreign banks ); 257 restoration activities ▪ Historical Archive: among others, continuation of the digitalisation, inventory and cataloguing work to guarantee broad online access to the mate rial of the Archivio Storico document archive and Archivio Publifoto photographic archive (in 2025, digitalisation of ~80,000 pages of documents; >20,000 historical records produced; digitalisation of 6,288 Publifoto images and 5,573 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; launch of the 6th edition); conclusion of the first phase of a three-year project with IED (Istituto Europeo di Design) school of design 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 60 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: 258 innovation projects released in 2025 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of 904 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); ~450 startups supported and enhanced since 2022. With reference to ecosystem initiatives: since 2019 >270 startups accelerated, >650 proofs of concept and other collaborations, >€190m capital raised and >1,150 new hires. Initiatives activated so far include: – Turin – “Techstars Transformative World Torino”: acceleration program for startups on trend-setting advanced technologies (e.g., AI, Quantum Computing, Robotics, Energy Transition). Since launch in 2019 (6 classes completed), 69 startups accelerated (28 Italian teams), 140 proofs of concept and other contractual collaborations, >€150m in capital raised and >770 new hires – Florence – ”Italian Lifestyle”: in 2025 launched a new edition of the acceleration program aimed at supporting startups focusing on digitalisation in Made in Italy (fashion, tourism and food&wine). Since launch in 2021 (3 classes completed), 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, and “Terra Next Scale-up program” launched in 4Q25, aimed at supporting the scale-up of already accelerated entities in Terra Next. Since its launch in 2022 (3 classes completed), 22 startups accelerated, >200 proof of concept and other contractual collaborations, ~€13m in capital raised and >90 new hires – Venice – “Argo”: acceleration program on Hospitality and Tourism, with the collaboration of the Ministry of Tourism. Since the start in 2023 (3 classes completed), 25 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, in 4Q25, the establishment of 2 other startups has been approved – 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. In 4Q25, the Tech Incubation program ended – 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, 3 classes completed) in Ancona and "Faros" (Blue Economy, 3 classes completed) in Taranto. Since the start, >30 startups accelerated with >45 POCs and other contractual collaborations realised, ~€15m raised and ~70 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, Design-Tech, and Aerospace. Completed the acceleration of 10 startups operating in the New Materials field, ongoing the acceleration of 10 startups operating in the Robotics field and launched the call on Aerospace. Since the start in 2022, 90 startups accelerated in Up2Stars program and 11 startups received €1.75m as part of the Action Esg CLIMATE program ▪ Development of multi-disciplinary applied research projects: – In 2025, 24 ongoing projects (8 in the neuroscience field, 8 in the AI field and 8 in the robotics field), launched 40 projects since 2022. In 2025, launched 13 new projects of which 8 in 4Q25, and the deliverables of 3 research projects were introduced into the Group processes/policies – In 2025, 3 patents obtained: 1 US on the protocol for secure and encrypted data sharing and processing, resulting from an AI research project (patent granted in Italy in 2021), 1 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, 135 corporates involved in open innovation programs. >30 Circular Economy transformation programs have been implemented for companies and institutions. In 2025, ISPIC organised 35 match-making initiatives, generating ~400 matches between startups and SMEs/Corporates. ISPIC has strengthened the partnership with the EDIH network with a new coaching service for startups (>30 startups involved). To support internationalisation of startups and SMEs, ISPIC involved >50 companies in different initiatives within relevant hubs such as London, Paris, Stockholm and Zurich ▪ Diffusion of innovation mindset/culture: in 2025, >30 positioning and match-making (1) events organised (since 2022, 140 events held). Overall >19,000 participants in the events, seminars and various initiatives (~60,000 participants since 2022). In 2025, released 19 innovation reports/publications on technologies and trends (>65 since 2022), including in 4Q25 a study on innovative materials for decarbonisation and two in-depth analyses on regenerative agriculture and robotic applications in agriculture ▪ Neva SGR: In 2025, >€80m of investments in startups (€199m since 2022), of which >€10m in 4Q25 in Italy and abroad Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5) 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 61 Accelerating commitment to Net-Zero (1) Emissions reduction data for 2025 will be available in the Climate Report to be published in March 2026 (2) 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 (3) 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 (4) 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 (5) Institutional Investors’ Group on Climate Change ▪ Emissions reduction(1) : – From 2022 to 2024 the Group set 2030 targets for the 10 most-emitting sectors(2) 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(3), NZAMI, NZAOA, FIT(4), IIGCC(5), 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+, PRI Advance 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 31.12.25, Eurizon contacted 83 companies equal to 75.6% 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 – Fideuram Intesa Sanpaolo Private Banking and Fideuram Asset Management (Ireland) achieved by the end of 2025 coverage levels of financed emissions of 71.3% and 72.1%, respectively, meeting the 70% Stewardship and Engagement targets previously submitted to NZAMI in 2022 ▪ Published the first “SDGs Report”, which illustrates the Group’s contribution to the Sustainable Development Goals of the 2030 Agenda, in addition to the fourth “Climate Report” ▪ “CO2 mitigation solutions” (commercial name of the ex-"Think Forestry“): targeted client engagement for “CO2 mitigation solution” has been launched, 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 Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5) 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 62 Supporting clients through the ESG/climate transition (1) Since 2024 the figure also includes the 2022-2025 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 ▪ €89.4bn disbursed in the period 2021-2025(1) out of the €76bn in new lending available for the green economy, circular economy and green transition(2) ▪ €6.3bn(3) of Green Mortgages in 2025 (€15.2bn in 2022-2025) 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 2025, ISP, Strategic Partner of Ellen MacArthur Foundation (EMF) since 2015, assessed and validated 300 projects for an amount of >€19.5bn; granted ~€9.4bn for 188 transactions (of which ~€5.2bn related to green criteria) and disbursed ~€3.3bn, taking into account previously granted amounts (of which ~€1.6bn related to green criteria). Overall, since 2022, ~1,400 projects assessed and validated for an amount of >€53.4bn, granted 830 transactions for an amount of >€29.7bn (of which ~€17bn related to green criteria), with ~€15.9bn disbursed taking into account projects previously agreed (of which ~€10.7bn 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. ISPIC coordinated the activities of the Italian Alliance for the Circular Economy in 2025, highlighting the central role of innovation, with a focus on the circular economy in promoting the sustainability and competitiveness of the country and its businesses ▪ Activated 16 ESG Laboratories (in Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin, Florence, Macerata, Chieti and Genoa), 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 €4.3bn in 2025 (€11.1bn since product line launch in 2020). Disbursements for the new S-Loan Green Projects product amount to €2.3bn (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 (81% as at 31.12.25) ▪ Strong commitment to Stewardship activities: in 2025, Eurizon Capital SGR took part in 1,641 shareholders' meetings (of which 90% are issuers listed abroad) and 763 engagements (of which 35% on ESG issues); at the same time Eurizon Capital SA and Epsilon SGR(7) took part respectively in 3,628 shareholders' meetings (of which 97% are issuers listed abroad) and 21 shareholders’ meetings (of which 90% are issuers listed abroad); In 2025, Fideuram took part in 61 shareholders' meetings and 123 engagements (of which 89% 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. The ambassador role has been recognised by the network structure; the presentation to ambassadors of the editorial plan including educational content has been launched Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5) 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 63 Leading ESG position in the main sustainability indexes and rankings A A A A A A A- A- A- B B B B C NA NA AAA AAA AA AA AA AA AA AA AA AA AA AA AA AA AA AA 89 88 73 72 71 70 58 58 58 57 57 56 55 52 52 40 8.1 9.0 9.6 9.9 10.6 11.2 12.3 12.4 13.1 13.2 13.5 14.6 15.4 16.6 17.7 19.1 Top ranking for Sustainability(1) Source: CDP Climate Change Score 2025 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as at 14.1.26; S&P Global ESG 2025 Score (https://www.spglobal.com/esg/solutions/data- intelligence-esg-scores as at 14.1.26); Sustainalytics ESG Risk Rating score (source Bloomberg) as at 14.1.26 ISP included in all main indexes: (D) (1) ISP peer group (2) ESG Score 2024 (the latest available) In October 2025, ISP was confirmed the only Italian Bank in the FTSE D&I Index 2025 In March 2025, ISP was included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality 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 The only Italian bank included in the Dow Jones Best-in-Class Indices in 2025 and in CDP Climate A List Ranked first among peer group by Sustainalytics (2025 ESG Industry Top rated and 2025 ESG Regional Top rated; 2025 Low Carbon Leader Global and Regional; 2025 Low Carbon Leader Industry) (D) Included in the FTSE Diversity and Inclusion Index – Top 100 companies 2025 (2) (2) (2) (2) (2) 2022-2025 Business Plan successfully completed
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MIL-BVA362-03032014-90141/VR 64 Our People are our most important asset ▪ ~5,900 professionals hired since 2021 ▪ ~9,325 people reskilled and ~56m training hours delivered since 2022 ▪ ~325 talents have completed their development path as part of the International Talent Program, ongoing for other ~200 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) among the 100 most inclusive and diversity-conscious workplaces in the 2025 FTSE Diversity & Inclusion Index, 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”, which was renewed in 2025 ▪ ISP confirmed as Top Employer Europe 2026(1) and Top Employer Italy(1) for the second and fifth consecutive year, respectively. Banks in Albania, Croatia, Serbia, Slovakia and Romania were also recognised as Top Employer 2026 ▪ 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 successfully completed
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2025 Results Detailed information
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MIL-BVA362-03032014-90141/VR 66 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) Data restated for the inclusion of third-party AuM products in Assets under management (previously included in Assets under administration) (3) 13.2% taking into account €2.3bn buyback to be launched in July, subject to shareholders’ approval € m 2025 - Assets under administration(2) Loans to customers 425,033 31.12.25 Customer financial assets(1) 1,457,175 of which Direct deposits from banking business 600,199 of which Direct deposits from insurance business 182,861 of which Indirect customer deposits 844,619 - Assets under management(2) 562,019 282,600 RWA 310,201 Total assets 959,887 Operating income 27,270 Operating costs (11,500) Cost/Income ratio 42.2% Operating margin 15,770 Gross income (loss) 13,462 Net income 9,321 Fully phased-in CET1 ratio 13.9%(3)
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MIL-BVA362-03032014-90141/VR 67 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
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MIL-BVA362-03032014-90141/VR 68 Note: figures may not add up exactly due to rounding 2024 2025 % Net interest income 15,718 14,796 (5.9) Net fee and commission income 9,386 9,980 6.3 Income from insurance business 1,735 1,815 4.6 Profits on financial assets and liabilities at fair value 256 691 169.9 Other operating income (expenses) 12 (12) n.m. Operating income 27,107 27,270 0.6 Personnel expenses (7,185) (7,019) (2.3) Other administrative expenses (2,979) (3,028) 1.6 Adjustments to property, equipment and intangible assets (1,406) (1,453) 3.3 Operating costs (11,570) (11,500) (0.6) Operating margin 15,537 15,770 1.5 Net adjustments to loans (1,274) (1,745) 37.0 Net provisions and net impairment losses on other assets (680) (392) (42.4) Other income (expenses) 153 (171) n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 13,736 13,462 (2.0) Taxes on income (4,048) (3,579) (11.6) Charges (net of tax) for integration and exit incentives (587) (353) (39.9) Effect of purchase price allocation (net of tax) (94) (76) (19.1) Levies and other charges concerning the banking and insurance industry (net of tax) (348) (113) (67.5) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 7 (20) n.m. Net income 8,666 9,321 7.6 € m 2025 vs 2024: the best year ever while paving the way to succeed in the coming years
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MIL-BVA362-03032014-90141/VR 69 3Q25 % Net interest income 3,680 3,684 0.1 Net fee and commission income 2,444 2,652 8.5 Income from insurance business 450 443 (1.6) Profits on financial assets and liabilities at fair value 81 58 (28.4) Other operating income (expenses) (12) 1 n.m. Operating income 6,643 6,838 2.9 Personnel expenses (1,666) (2,164) 29.9 Other administrative expenses (691) (992) 43.6 Adjustments to property, equipment and intangible assets (357) (388) 8.7 Operating costs (2,714) (3,544) 30.6 Operating margin 3,929 3,294 (16.2) Net adjustments to loans (278) (962) 246.0 Net provisions and net impairment losses on other assets (35) (250) 614.3 Other income (expenses) (2) (190) n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 3,614 1,892 (47.6) Taxes on income (1,152) 77 n.m. Charges (net of tax) for integration and exit incentives (64) (164) 156.3 Effect of purchase price allocation (net of tax) (17) (14) (17.6) Levies and other charges concerning the banking and insurance industry (net of tax) (3) (60) n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (6) 2 n.m. Net income 2,372 1,733 (26.9) 4Q25 € m Q4 vs Q3: best quarter ever for Commissions and >€1bn Pre-tax profit allocated to succeed in the future Note: figures may not add up exactly due to rounding
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MIL-BVA362-03032014-90141/VR 70 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 4Q25 Net interest income 3,947 4,028 3,942 3,801 3,632 3,800 3,680 3,684 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 2,444 2,652 Income from insurance business 455 448 408 424 462 460 450 443 Profits on financial assets and liabilities at fair value 81 20 150 5 265 287 81 58 Other operating income (expenses) (3) (2) (5) 22 (2) 1 (12) 1 Operating income 6,756 6,881 6,802 6,668 6,792 6,997 6,643 6,838 Personnel expenses (1,602) (1,619) (1,679) (2,285) (1,583) (1,606) (1,666) (2,164) Other administrative expenses (630) (725) (713) (911) (623) (722) (691) (992) Adjustments to property, equipment and intangible assets (359) (315) (344) (388) (372) (336) (357) (388) Operating costs (2,591) (2,659) (2,736) (3,584) (2,578) (2,664) (2,714) (3,544) Operating margin 4,165 4,222 4,066 3,084 4,214 4,333 3,929 3,294 Net adjustments to loans (234) (320) (238) (482) (224) (281) (278) (962) Net provisions and net impairment losses on other assets (52) (125) (150) (353) (23) (84) (35) (250) Other income (expenses) 57 31 (2) 67 (4) 25 (2) (190) Income (Loss) from discontinued operations 0 0 0 0 0 0 0 0 Gross income (loss) 3,936 3,808 3,676 2,316 3,963 3,993 3,614 1,892 Taxes on income (1,280) (1,234) (1,189) (345) (1,250) (1,254) (1,152) 77 Charges (net of tax) for integration and exit incentives (56) (46) (61) (424) (57) (68) (64) (164) Effect of purchase price allocation (net of tax) (29) (25) (28) (12) (24) (21) (17) (14) Levies and other charges concerning the banking and insurance industry (net of tax) (257) (37) 1 (55) (9) (41) (3) (60) Impairment (net of tax) of goodwill and other intangible assets 0 0 0 0 0 0 0 0 Minority interests (13) (1) 2 19 (8) (8) (6) 2 Net income 2,301 2,465 2,401 1,499 2,615 2,601 2,372 1,733
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MIL-BVA362-03032014-90141/VR 71 Yearly analysis Quarterly analysis Net interest income Note: figures may not add up exactly due to rounding 15,718 14,796248 Volumes Spread 2025 37 (1,207) -5.9% Commercial component3,680 3,684 Volumes Spread 4Q25 17 (8) (5) +0.1% Commercial component € m € m 3Q25 2024Financial components Financial components Euribor 1M (average data) +1.89 % +1.91 +3.56 +2.12 Euribor 1M (average data) % Including hedging on core deposits (as at 31.12.25: ~€160bn core deposits hedged, 4y duration, ~1.7% yield, and ~€2.4bn monthly maturities)
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MIL-BVA362-03032014-90141/VR 72 Net fee and commission income Yearly analysis Quarterly analysis ▪ Best quarter ever ▪ Growth vs 4Q24 driven by Commissions from Management, dealing and consultancy activities (+14.1%; +€205m) ▪ Record-high year ▪ 10% increase in Commissions from Management, dealing and consultancy activities (+€574m) € m € m 2,416 2,444 2,652 4Q24 3Q25 4Q25 9,386 9,980 2024 2025 +9.8 +8.5 +6.3 % 2025 vs 2024 % 4Q25 vs 4Q24 and 3Q25
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MIL-BVA362-03032014-90141/VR 73 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 4Q25 2024 2025 Guarantees given / received 48 50 44 45 38 43 43 41 187 165 Collection and payment services 167 178 178 188 170 176 165 192 711 703 Current accounts 327 328 332 335 323 327 325 330 1,322 1,305 Credit and debit cards 96 120 102 101 86 116 94 113 419 409 Commercial banking activities 638 676 656 669 617 662 627 676 2,639 2,582 Dealing and placement of securities 303 282 230 235 373 360 328 351 1,050 1,412 Currency dealing 3 3 2 3 3 2 4 3 11 12 Portfolio management 660 679 683 688 685 659 675 777 2,710 2,796 Distribution of insurance products 375 402 404 394 400 412 417 423 1,575 1,652 Other 73 84 97 132 112 108 111 103 386 434 Management, dealing and consultancy activities 1,414 1,450 1,416 1,452 1,573 1,541 1,535 1,657 5,732 6,306 Other net fee and commission income 224 261 235 295 245 246 282 319 1,015 1,092 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 2,444 2,652 9,386 9,980
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MIL-BVA362-03032014-90141/VR 74 Income from insurance business Yearly analysis Quarterly analysis ▪ The best Q4 ever ▪ 10% growth vs 4Q24 in Non-motor P&C revenues(1) at €176m, €188m including credit-linked products ▪ The best year ever ▪ 12% growth in Non-motor P&C revenues(1) at €703m, €765m including credit-linked products € m € m (1) Including Commissions 424 450 443 4Q24 3Q25 4Q25 1,735 1,815 2024 2025 +4.5 (1.6) +4.6 % 2025 vs 2024 % 4Q25 vs 4Q24 and 3Q25
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MIL-BVA362-03032014-90141/VR 75 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 2025 (3) 364 330 4Q24 (136) 95 46 % 2025 vs 2024 % 4Q25 vs 4Q24 and 3Q25 5 81 58 4Q24 3Q25 4Q25 256 691 2024 2025 n.m. (28.4) +169.9 4Q25 (60) 85 33 2024 (496) 323 429 3Q25 (115) 100 96
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MIL-BVA362-03032014-90141/VR 76 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 Cost/Income ratio (42.2%) (1) In the 2022-2025 period 3,584 2,714 3,544 4Q24 3Q25 4Q25 2,285 1,666 2,164 4Q24 3Q25 4Q25 911 691 992 4Q24 3Q25 4Q25 388 357 388 4Q24 3Q25 4Q25 +30.6 (1.1) +29.9 (5.3) +43.6 +8.9 +8.7 - % 4Q25 vs 4Q24 and 3Q25 2025 vs 2024 % 11,570 11,500 2024 2025 7,185 7,019 2024 2025 1,406 1,453 2024 2025 2,979 3,028 2024 2025 (0.6) (2.3) +1.6 +3.3 -2.2% excluding the impact of national labour contract renewal and Adjustments linked to tech investments (€5.6bn deployed)(1) -4.0% excluding the impact of national labour contract renewal Investing for growth (technology +€43m), while rationalising real estate and other Increase mainly due to one-offs/ acceleration of investments
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MIL-BVA362-03032014-90141/VR 77 Net adjustments to loans Yearly analysis Quarterly analysis ▪ Overlays stable at €0.9bn ▪ NPL stock down 24% (-€2.3bn) vs 30.9.25 ▪ Low Cost of credit at 26bps when excluding additional provisions to favour de-risking and strengthen the Balance sheet ▪ NPL stock, ratios and inflows at historical lows, with Bad loans reset to near zero and net NPL stock down to just €3.9bn € m € m 482 278 314 4Q24 3Q25 4Q25 962 1,274 1,097 2024 2025 1,745 +99.6 +246.0 +37.0 % 2025 vs 2024 % 4Q25 vs 4Q24 and 3Q25 Additional provisions to favour de-risking and strengthen the Balance sheet Additional provisions to favour de-risking and strengthen the Balance sheet
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MIL-BVA362-03032014-90141/VR 78 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
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MIL-BVA362-03032014-90141/VR 79 ~€1.5 trillion in Customer financial assets, growing further in Q4 Note: figures may not add up exactly due to rounding (1) Net of duplications between Direct deposits and Indirect customer deposits (2) Including €19bn related to an Institutional client previously classified in Due to banks (3) Data restated for the inclusion of third-party AuM products in Assets under management (previously included in Assets under administration) 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. % 31.12.25 vs 31.12.24 and 30.9.25 1,382 1,411 1,457 31.12.24 30.9.25 31.12.25(2) 585 573 600 31.12.24 30.9.25 31.12.25(2) 535 553 562 253 273 283 31.12.24(3) 30.9.25(3) 31.12.25(3) 788 826 845 177 179 183 31.12.24 30.9.25 31.12.25 +5.4 +3.2 +2.7 +4.7 +3.1 +2.2 +7.1 +2.2
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MIL-BVA362-03032014-90141/VR 80 Funding mix Note: figures may not add up exactly due to rounding (1) Including €19bn related to an Institutional client previously classified in Due to banks (2) Including Senior non-preferred (3) Certificates of deposit + Commercial papers (4) Including Certificates Retail Total % 24 76 100 Wholesale(1) Retail € bn; 31.12.25 Breakdown of Direct deposits from banking business 144 600 456 Percentage of total 20 389Current accounts and deposits 31 -Repos and securities lending 7Senior bonds(2) 7Subordinated liabilities 7 55(4)Other deposits 30 -Covered bonds 18(3) -Short-term institutional funding 5 Placed with Private Banking clients ▪ Retail funding represents 76% of Direct deposits from banking business ▪ 84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (64% including Corporates) ▪ Very granular deposit base: average deposits ~€12k for Households (~19.5m clients) and ~€67k for Corporates (~1.8m clients) ~75% Households ~25% Corporates 32 Wholesale(1)
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MIL-BVA362-03032014-90141/VR 81 Strong funding capability: broad access to international markets Note: figures may not add up exactly due to rounding (1) Funding mix and size could change according to market conditions and asset growth (2) Not considering the €0.5bn covered bond issued by VUB Banka 2026 - 2028 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 2026 wholesale funding plan (1) € bn Light 2026 funding plan 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 7 8 6 10 10 FY26 FY27 9 FY28 17 18 16 Subordinated debt (AT1 + T2) ~2 Senior non- preferred ~2 Senior preferred ~2 Covered bonds 2026 funding plan ~2 ~8
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MIL-BVA362-03032014-90141/VR 82 High liquidity: LCR and NSFR well above regulatory requirements 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 140%(4) and NSFR at 122%(5) € bn Unencumbered eligible assets with Central Banks (2) (net of haircuts) € bn Liquid assets (1) % Loan to Deposit ratio (3) 154 175 177 111 111 118 31.12.24 30.9.25 31.12.25 264 286 295 127 130 128 80 82 86 31.12.24 30.9.25 31.12.25 207 211 214 Other reserves HQLA Other reserves HQLA 72 73 71 31.12.24 30.9.25 31.12.25
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MIL-BVA362-03032014-90141/VR 83 Rock-solid and significantly increased capital base (1) Of which €3.2bn paid as an interim dividend on 26.11.25 (2) To be launched in July, subject to shareholders’ approval (3) Post Basel 4 impact (>40bps) and taking into account €2bn buyback finalised in October 2025 (4) Taking into account 70% cash dividend payout ratio ▪ ~100bps additional benefit from DTA absorption after 2025 not included in the fully phased-in CET1 ratio ▪ 6.1% leverage ratio, 5.8% taking into account €2.3bn buyback(2) Fully phased - in Total capital ratio Fully phased - in Common equity ratio Fully phased - in Tier 1 ratio %%% After €6.5bn dividends in 2025(1) After €6.5bn dividends in 2025(1) After €6.5bn dividends in 2025(1) 12.8 13.9 13.9 1.1.25(3) (post Basel 4) 30.9.25(3)(4) 31.12.25 15.3 16.4 16.4 1.1.25(3) (post Basel 4) 30.9.25(3)(4) 31.12.25 18.4 19.3 19.5 1.1.25(3) (post Basel 4) 30.9.25(3)(4) 31.12.25 ▪ 14.1% not taking into account ~20bps Italy Budget Law impact ▪ 13.2% taking into account €2.3bn buyback(2) 15.6% taking into account €2.3bn buyback(2) 18.7% taking into account €2.3bn buyback(2)
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MIL-BVA362-03032014-90141/VR 84 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
Page 86
MIL-BVA362-03032014-90141/VR 85 Non-performing loans: Bad loans reset to near zero 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 31.12.24 0.5 - 0.8 2.2 3.5 5.7 2.3 2.0 9.7 4.9 0.4 - 0.3 1.4 31.12.24 1.1 3.4 1.2 1.0 3.9 0.3 - 0.1 1.1 31.12.25 0.8 2.8 0.9 0.8 7.6 0.5 - 0.4 1.6 31.12.25 2.4 4.7 1.8 1.5 9.9 0.6 0.1 0.9 2.1 30.9.25 4.1 5.2 2.3 2.0 4.8 0.4 - 0.3 1.3 30.9.25 1.3 3.1 1.1 1.0 Lowest-ever NPL stock and ratios
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MIL-BVA362-03032014-90141/VR 86 Non-performing loans 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; % 68.0 67.2 67.3 31.12.24 30.9.25 31.12.25 29.8 30.6 28.8 31.12.24 30.9.25 31.12.25 39.8 40.8 40.8 31.12.24 30.9.25 31.12.25 49.5 51.1 48.6 31.12.24 30.9.25 31.12.25 Bad loans reset to near zero Reset to near zero
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MIL-BVA362-03032014-90141/VR 87 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 16.4 15.5 12.3 8.7 5.8 4.7 4.4 4.5 3.7 3.5 3.8 3.3 3.5 3.2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 12.0 11.0 8.6 5.7 3.1 2.3 2.0 3.4 2.6 2.5 2.8 2.5 2.9 2.6 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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MIL-BVA362-03032014-90141/VR 88 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 1,229 744 1,025 3Q24 4Q24 3Q25 4Q25 405 937 371 763 3Q24 4Q24 3Q25 4Q25 371 275 353 215 3Q24 4Q24 3Q25 4Q25 17 17 20 47 3Q24 4Q24 3Q25 4Q25
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MIL-BVA362-03032014-90141/VR 89 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 1,092 549 806 3Q24 4Q24 3Q25 4Q25 179 850 211 585 3Q24 4Q24 3Q25 4Q25 326 231 322 180 3Q24 4Q24 3Q25 4Q25 11 16 41 3Q24 4Q24 3Q25 4Q25 (2)
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MIL-BVA362-03032014-90141/VR 90 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 31.12.25) 17% 14% 29% 6% 19% 12% Global Corporate International network Residential mortgages 2% 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 30% ❑ 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 8.5% Non-financial companies 37.9% of which: UTILITIES 4.9% SERVICES 4.5% REAL ESTATE 2.7% FOOD AND DRINK 2.6% DISTRIBUTION 2.5% INFRASTRUCTURE 2.3% CONSTRUCTION AND MATERIALS FOR CONSTR. 2.1% TRANSPORTATION MEANS 1.9% METALS AND METAL PRODUCTS 1.8% ENERGY AND EXTRACTION 1.8% AGRICULTURE 1.5% FASHION 1.5% TOURISM 1.3% MECHANICAL 1.2% CHEMICALS, RUBBER AND PLASTICS 1.1% ELECTRICAL COMPONENTS AND EQUIPMENT 1.1% TRANSPORT 0.9% PHARMACEUTICAL 0.7% FURNITURE AND WHITE GOODS 0.5% MEDIA 0.4% WOOD AND PAPER 0.4% OTHER CONSUMPTION GOODS 0.1% 31.12.25
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MIL-BVA362-03032014-90141/VR 91 Contents Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base Asset quality
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MIL-BVA362-03032014-90141/VR 92 Operating income (€ m) 12,254 4,824 3,258 3,440 1,058 1,806 630 27,270 Operating margin (€ m) 5,948 3,273 1,845 2,360 807 1,419 118 15,770 Net income (€ m) 2,815 2,047 1,240 1,625 936 895 (237) 9,321 Cost/Income (%) 51.5 32.2 43.4 31.4 23.7 21.4 n.m. 42.2 RWA (€ bn) 90.7 112.5 41.1 16.5 2.9 0.0 46.6 310.2 Direct deposits from banking business (€ bn) 260.6 127.3 64.7 45.7 0.0 0.0 101.9 600.2 Loans to customers (€ bn) 220.0 124.1 48.9 14.7 0.4 0.0 16.9 425.0 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 31.12.25
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MIL-BVA362-03032014-90141/VR 93 Note: figures may not add up exactly due to rounding 2024 2025 % Net interest income 6,854 6,890 0.5 Net fee and commission income 4,881 5,161 5.7 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 120 201 67.5 Other operating income (expenses) 13 2 (84.6) Operating income 11,868 12,254 3.3 Personnel expenses (3,456) (3,381) (2.2) Other administrative expenses (2,986) (2,923) (2.1) Adjustments to property, equipment and intangible assets (2) (2) 0.0 Operating costs (6,444) (6,306) (2.1) Operating margin 5,424 5,948 9.7 Net adjustments to loans (1,043) (1,476) 41.5 Net provisions and net impairment losses on other assets (151) (119) (21.2) Other income (expenses) 17 51 200.0 Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 4,247 4,404 3.7 Taxes on income (1,398) (1,406) 0.6 Charges (net of tax) for integration and exit incentives (287) (145) (49.5) Effect of purchase price allocation (net of tax) (20) (15) (25.0) Levies and other charges concerning the banking and insurance industry (net of tax) (190) (23) (87.9) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 2,352 2,815 19.7 Banca dei Territori: 2025 vs 2024 € m
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MIL-BVA362-03032014-90141/VR 94 Note: figures may not add up exactly due to rounding 3Q25 4Q25 % Net interest income 1,698 1,731 1.9 Net fee and commission income 1,266 1,336 5.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 95 216.0 Other operating income (expenses) 0 (2) n.m. Operating income 2,994 3,160 5.5 Personnel expenses (811) (937) 15.5 Other administrative expenses (710) (895) 26.0 Adjustments to property, equipment and intangible assets (0) (0) 9.7 Operating costs (1,522) (1,833) 20.4 Operating margin 1,473 1,327 (9.9) Net adjustments to loans (219) (696) 217.9 Net provisions and net impairment losses on other assets (15) (36) 132.7 Other income (expenses) 0 (0) n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,238 595 (51.9) Taxes on income (405) (177) (56.3) Charges (net of tax) for integration and exit incentives (22) (73) 237.3 Effect of purchase price allocation (net of tax) (4) (4) (3.4) Levies and other charges concerning the banking and insurance industry (net of tax) 0 (20) n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 807 322 (60.1) Banca dei Territori: Q4 vs Q3 € m
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MIL-BVA362-03032014-90141/VR 95 Note: figures may not add up exactly due to rounding 2024 2025 % Net interest income 3,075 3,062 (0.4) Net fee and commission income 1,286 1,318 2.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (402) 444 n.m. Other operating income (expenses) 0 0 n.m. Operating income 3,959 4,824 21.8 Personnel expenses (584) (600) 2.7 Other administrative expenses (952) (937) (1.6) Adjustments to property, equipment and intangible assets (16) (14) (12.5) Operating costs (1,552) (1,551) (0.1) Operating margin 2,407 3,273 36.0 Net adjustments to loans (68) (294) 332.4 Net provisions and net impairment losses on other assets (5) (67) n.m. Other income (expenses) 0 123 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 2,334 3,035 30.0 Taxes on income (736) (957) 30.0 Charges (net of tax) for integration and exit incentives (32) (31) (3.1) 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 1,566 2,047 30.7 IMI Corporate & Investment Banking: 2025 vs 2024 € m
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MIL-BVA362-03032014-90141/VR 96 Note: figures may not add up exactly due to rounding 3Q25 4Q25 % Net interest income 778 783 0.6 Net fee and commission income 324 389 20.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 64 (35) n.m. Other operating income (expenses) (0) 0 n.m. Operating income 1,166 1,138 (2.5) Personnel expenses (127) (219) 72.4 Other administrative expenses (228) (288) 26.6 Adjustments to property, equipment and intangible assets (4) (3) (2.1) Operating costs (358) (511) 42.6 Operating margin 808 627 (22.4) Net adjustments to loans (66) (196) 196.9 Net provisions and net impairment losses on other assets (4) (52) n.m. Other income (expenses) 1 122 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 739 502 (32.1) Taxes on income (239) (139) (41.9) Charges (net of tax) for integration and exit incentives (6) (12) 109.6 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 495 351 (29.1) IMI Corporate & Investment Banking: Q4 vs Q3 € m
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MIL-BVA362-03032014-90141/VR 97 2024 2025 % Net interest income 2,525 2,439 (3.4) Net fee and commission income 648 738 13.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 134 149 11.2 Other operating income (expenses) (67) (68) 1.5 Operating income 3,240 3,258 0.6 Personnel expenses (707) (735) 4.0 Other administrative expenses (532) (546) 2.6 Adjustments to property, equipment and intangible assets (134) (132) (1.5) Operating costs (1,373) (1,413) 2.9 Operating margin 1,867 1,845 (1.2) Net adjustments to loans (134) (34) (74.6) Net provisions and net impairment losses on other assets (46) (24) (47.8) Other income (expenses) 1 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,688 1,787 5.9 Taxes on income (420) (444) 5.7 Charges (net of tax) for integration and exit incentives (94) (67) (28.7) Effect of purchase price allocation (net of tax) 8 1 (87.5) Levies and other charges concerning the banking and insurance industry (net of tax) (23) (34) 47.8 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (13) (3) (76.9) Net income 1,146 1,240 8.2 International Banks: 2025 vs 2024 € m Note: figures may not add up exactly due to rounding
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MIL-BVA362-03032014-90141/VR 98 3Q25 4Q25 % Net interest income 607 609 0.3 Net fee and commission income 177 197 11.4 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 32 5.5 Other operating income (expenses) (16) (20) 27.5 Operating income 799 818 2.4 Personnel expenses (174) (218) 25.2 Other administrative expenses (128) (166) 29.6 Adjustments to property, equipment and intangible assets (33) (34) 3.0 Operating costs (335) (418) 24.7 Operating margin 464 400 (13.7) Net adjustments to loans (18) (69) 288.8 Net provisions and net impairment losses on other assets (21) (6) (69.7) Other income (expenses) 0 (1) n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 425 324 (23.9) Taxes on income (105) (72) (30.9) Charges (net of tax) for integration and exit incentives (13) (21) 62.7 Effect of purchase price allocation (net of tax) (1) 4 n.m. Levies and other charges concerning the banking and insurance industry (net of tax) (6) (11) 73.9 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (0) (2) 707.4 Net income 300 221 (26.2) International Banks: Q4 vs Q3 € m Note: figures may not add up exactly due to rounding
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MIL-BVA362-03032014-90141/VR 99 2024 2025 % Net interest income 1,181 1,100 (6.9) Net fee and commission income 2,094 2,247 7.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 60 80 33.3 Other operating income (expenses) 20 13 (35.0) Operating income 3,355 3,440 2.5 Personnel expenses (544) (548) 0.7 Other administrative expenses (416) (423) 1.7 Adjustments to property, equipment and intangible assets (106) (109) 2.8 Operating costs (1,066) (1,080) 1.3 Operating margin 2,289 2,360 3.1 Net adjustments to loans (23) (17) (26.1) Net provisions and net impairment losses on other assets (45) (32) (28.9) Other income (expenses) 20 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 2,241 2,311 3.1 Taxes on income (718) (645) (10.2) Charges (net of tax) for integration and exit incentives (42) (34) (19.0) Effect of purchase price allocation (net of tax) (20) (19) (5.0) Levies and other charges concerning the banking and insurance industry (net of tax) (22) (6) (72.7) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 23 18 (21.7) Net income 1,462 1,625 11.1 Private Banking: 2025 vs 2024 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
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MIL-BVA362-03032014-90141/VR 100 Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions 3Q25 4Q25 % Net interest income 279 283 1.7 Net fee and commission income 557 558 0.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 16 23 46.2 Other operating income (expenses) 6 (3) n.m. Operating income 857 862 0.6 Personnel expenses (127) (174) 37.0 Other administrative expenses (104) (115) 10.2 Adjustments to property, equipment and intangible assets (27) (28) 3.3 Operating costs (258) (317) 22.7 Operating margin 598 545 (9.0) Net adjustments to loans 4 (11) n.m. Net provisions and net impairment losses on other assets (6) (6) 1.8 Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 597 528 (11.4) Taxes on income (189) (100) (46.8) Charges (net of tax) for integration and exit incentives (6) (16) 163.3 Effect of purchase price allocation (net of tax) (5) (4) (6.5) Levies and other charges concerning the banking and insurance industry (net of tax) 0 (4) n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 3 9 206.7 Net income 400 413 3.1 Private Banking: Q4 vs Q3 € m
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MIL-BVA362-03032014-90141/VR 101 Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions 2024 2025 % Net interest income 61 42 (31.1) Net fee and commission income 895 966 7.9 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) 48 48 0.0 Operating income 1,005 1,058 5.3 Personnel expenses (119) (121) 1.7 Other administrative expenses (123) (120) (2.4) Adjustments to property, equipment and intangible assets (9) (10) 11.1 Operating costs (251) (251) 0.0 Operating margin 754 807 7.0 Net adjustments to loans 0 2 n.m. Net provisions and net impairment losses on other assets (2) 1 n.m. Other income (expenses) 30 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 782 810 3.6 Taxes on income (196) 138 n.m. Charges (net of tax) for integration and exit incentives (3) (8) 166.7 Effect of purchase price allocation (net of tax) (4) (4) 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 579 936 61.7 Asset Management: 2025 vs 2024 € m
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MIL-BVA362-03032014-90141/VR 102 3Q25 4Q25 % Net interest income 10 11 5.9 Net fee and commission income 223 314 41.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 1 (34.5) Other operating income (expenses) 14 10 (28.4) Operating income 248 335 35.4 Personnel expenses (24) (51) 114.2 Other administrative expenses (28) (35) 24.1 Adjustments to property, equipment and intangible assets (3) (3) 3.3 Operating costs (55) (89) 62.7 Operating margin 193 246 27.7 Net adjustments to loans (0) 0 n.m. Net provisions and net impairment losses on other assets 0 0 (80.5) Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 193 246 27.6 Taxes on income (48) 281 n.m. Charges (net of tax) for integration and exit incentives (1) (5) 268.1 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) (96.4) Net income 143 521 264.6 Asset Management: Q4 vs Q3 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
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MIL-BVA362-03032014-90141/VR 103 2024 2025 % Net interest income 0 0 n.m. Net fee and commission income 4 4 0.0 Income from insurance business 1,716 1,808 5.4 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) 0 (6) n.m. Operating income 1,720 1,806 5.0 Personnel expenses (153) (161) 5.2 Other administrative expenses (191) (190) (0.5) Adjustments to property, equipment and intangible assets (36) (36) 0.0 Operating costs (380) (387) 1.8 Operating margin 1,340 1,419 5.9 Net adjustments to loans 0 0 n.m. Net provisions and net impairment losses on other assets (1) (42) n.m. Other income (expenses) 0 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 1,339 1,377 2.8 Taxes on income (108) (425) 293.5 Charges (net of tax) for integration and exit incentives (27) (23) (14.8) Effect of purchase price allocation (net of tax) (8) 14 n.m. Levies and other charges concerning the banking and insurance industry (net of tax) (46) (48) 4.3 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests 0 0 n.m. Net income 1,150 895 (22.2) Insurance: 2025 vs 2024 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
Page 105
MIL-BVA362-03032014-90141/VR 104 3Q25 4Q25 % Net interest income (0) 0 n.m. Net fee and commission income 1 1 14.7 Income from insurance business 449 441 (1.8) Profits on financial assets and liabilities at fair value 0 0 (14.5) Other operating income (expenses) (3) 3 n.m. Operating income 447 445 (0.3) Personnel expenses (36) (54) 50.6 Other administrative expenses (46) (61) 31.0 Adjustments to property, equipment and intangible assets (10) (9) (7.8) Operating costs (92) (124) 34.6 Operating margin 355 322 (9.4) Net adjustments to loans 0 0 n.m. Net provisions and net impairment losses on other assets 0 (42) n.m. Other income (expenses) (0) 0 n.m. Income (Loss) from discontinued operations 0 0 n.m. Gross income (loss) 355 280 (21.2) Taxes on income (105) (97) (7.8) Charges (net of tax) for integration and exit incentives (5) (8) 77.7 Effect of purchase price allocation (net of tax) (1) 18 n.m. Levies and other charges concerning the banking and insurance industry (net of tax) 0 (24) n.m. Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m. Minority interests (0) 0 n.m. Net income 244 169 (30.8) Insurance: Q4 vs Q3 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions
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MIL-BVA362-03032014-90141/VR 105 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 31.12.25 (3) Including bonds (4) Mutual funds; data as at 30.9.25 (5) Data as at 30.9.25 2025 Operating income breakdown by business area (1) Leader in Italy Market share (2) Ranking 46% 12% 4% 13% 7% 18% Banca dei Territori International Banks Asset Management(*) Private Banking(*) Insurance(*) IMI Corporate & Investment Banking 17.5 20.5 21.2 22.6 24.2 Loans Deposits(3) Asset Management(4) Factoring(5) Pension Funds(5) 1 1 1 1 % 1
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MIL-BVA362-03032014-90141/VR 106 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 30.9.25 figures at the exchange rate as at 31.12.25 (1) Net adjustments to loans/Net customer loans Hungary Slovakia Slovenia Croatia SerbiaBosnia Albania Romania(*) Egypt Total CEE Total Ukraine(**)Moldova Data as at 31.12.25 % of the Group Operating income (€ m) 409 810 153 660 54 519 80 122 17 13 2,836 437 3,273 12.0% Operating costs (€ m) 161 279 59 252 31 169 38 94 14 14 1,110 118 1,227 10.7% Net adjustments to loans (€ m) (7) 75 9 (20) 2 3 (1) (20) (0) (5) 35 (2) 34 1.9% Net income (€ m) 191 270 60 344 15 270 29 20 3 1 1,203 188 1,391 14.9% Customer deposits (€ bn) 7.6 22.3 3.7 14.5 1.3 7.3 1.9 2.3 0.2 0.2 61.3 3.3 64.6 10.8% Customer loans (€ bn) 4.7 19.9 2.7 10.7 1.1 6.1 0.7 1.7 0.2 0.0 47.5 1.4 48.9 11.5% Performing loans (€ bn) 4.7 19.7 2.7 10.5 1.1 6.0 0.7 1.6 0.2 0.0 47.1 1.4 48.5 11.5% of which: Retail local currency 45% 58% 39% 51% 30% 19% 30% 27% 70% n.m. 47% 48% 47% Retail foreign currency 0% 0% 0% 0% 11% 24% 9% 7% 0% n.m. 4% 0% 4% Corporate local currency 28% 34% 61% 48% 38% 20% 16% 48% 14% n.m. 37% 38% 37% Corporate foreign currency 27% 8% 0% 0% 21% 36% 45% 18% 16% n.m. 12% 14% 13% Non-performing loans (€ m) 38 178 15 135 5 46 5 17 0 0 439 7 446 11.5% Non-performing loans coverage 59% 56% 64% 51% 72% 71% 67% 67% 100% 100% 60% 85% 61% Cost of credit(1) (bps) n.m. 37 34 n.m. 17 4 n.m. n.m. n.m. n.m. 7 n.m. 7
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MIL-BVA362-03032014-90141/VR 107 Total exposure(1) by main countries DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 61,960 60,823 6,569 129,352 388,955 Austria 727 1,817 14 2,558 176 Belgium 4,379 5,308 230 9,917 883 Bulgaria 0 48 1 49 9 Croatia 1,896 260 38 2,194 10,362 Cyprus 0 0 24 24 49 Czech Republic 139 445 49 633 1,360 Denmark 161 130 0 291 209 Estonia 0 0 0 0 2 Finland 320 386 -1 705 107 France 8,709 11,697 963 21,369 8,735 Germany 1,312 2,822 25 4,159 7,119 Greece 81 107 179 367 2,150 Hungary 1,276 1,366 133 2,775 5,360 Ireland 1,964 1,973 388 4,325 822 Italy 26,282 14,829 3,703 44,814 312,803 Latvia 0 0 0 0 7 Lithuania 0 0 0 0 5 Luxembourg 958 2,372 77 3,407 7,354 Malta 0 0 0 0 162 The Netherlands 1,391 1,086 35 2,512 2,697 Poland 697 140 20 857 586 Portugal 769 823 35 1,627 241 Romania 55 877 16 948 1,927 Slovakia 1,842 972 35 2,849 16,702 Slovenia 101 181 0 282 2,428 Spain 8,748 13,037 585 22,370 6,226 Sweden 153 147 20 320 474 Albania 8 700 8 716 673 Egypt 430 1,016 0 1,446 1,940 Japan 105 3,668 -42 3,731 966 Russia 3 0 0 3 842 Serbia 7 461 0 468 6,156 United Kingdom 801 2,116 219 3,136 14,197 U.S.A. 4,222 9,500 67 13,789 11,068 Other Countries 7,278 9,347 1,014 17,639 23,913 Total 74,814 87,631 7,835 170,280 448,710 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 31.12.25 (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 €76,362m (of which €45,534m in Italy) € m
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MIL-BVA362-03032014-90141/VR 108 DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 47,176 44,498 2,883 94,557 11,636 Austria 618 1,542 0 2,160 0 Belgium 4,050 5,043 50 9,143 0 Bulgaria 0 48 0 48 0 Croatia 1,689 245 38 1,972 1,309 Cyprus 0 0 0 0 0 Czech Republic 0 400 49 449 0 Denmark 0 0 0 0 0 Estonia 0 0 0 0 0 Finland 251 256 0 507 0 France 7,069 7,295 707 15,071 1 Germany 334 1,570 -98 1,806 15 Greece 0 0 3 3 0 Hungary 1,078 1,309 132 2,519 373 Ireland 384 78 0 462 0 Italy 19,914 10,643 1,754 32,311 8,846 Latvia 0 0 0 0 7 Lithuania 0 0 0 0 0 Luxembourg 315 1,079 1 1,395 0 Malta 0 0 0 0 0 The Netherlands 834 84 0 918 0 Poland 422 126 19 567 0 Portugal 535 656 -3 1,188 58 Romania 55 877 15 947 246 Slovakia 1,720 895 35 2,650 344 Slovenia 89 174 0 263 367 Spain 7,819 12,178 181 20,178 70 Sweden 0 0 0 0 0 Albania 8 700 8 716 0 Egypt 430 1,016 0 1,446 419 Japan 0 3,190 -53 3,137 0 Russia 0 0 0 0 0 Serbia 7 461 0 468 600 United Kingdom 0 1,566 3 1,569 0 U.S.A. 2,974 7,537 -142 10,369 0 Other Countries 3,792 5,225 275 9,292 4,672 Total 54,387 64,193 2,974 121,554 17,327 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 31.12.25 (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 €52,756m (of which €42,418m in Italy). The total of FVTOCI reserves (net of tax and allocation to insurance products under management) amounts to -€1,472m (of which -€306 in Italy) € m Banking business government bond duration: 6.2y Adjusted duration due to hedging: 0.6y
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MIL-BVA362-03032014-90141/VR 109 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 31.12.25 (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 €13,590m (of which €1,512m in Italy) DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 4,370 10,177 2,596 17,143 25,151 Austria 109 245 12 366 57 Belgium 266 211 180 657 201 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 128 Cyprus 0 0 24 24 0 Czech Republic 0 45 0 45 198 Denmark 83 56 0 139 11 Estonia 0 0 0 0 0 Finland 11 89 -1 99 0 France 965 2,858 174 3,997 5,284 Germany 299 635 87 1,021 3,544 Greece 81 107 171 359 2,062 Hungary 126 57 1 184 558 Ireland 71 0 -7 64 119 Italy 1,632 3,288 1,511 6,431 9,952 Latvia 0 0 0 0 0 Lithuania 0 0 0 0 2 Luxembourg 94 1,196 25 1,315 25 Malta 0 0 0 0 152 The Netherlands 181 622 17 820 27 Poland 5 5 -3 7 1 Portugal 36 131 36 203 152 Romania 0 0 1 1 11 Slovakia 36 77 0 113 13 Slovenia 0 7 0 7 10 Spain 348 476 364 1,188 2,628 Sweden 27 72 4 103 16 Albania 0 0 0 0 6 Egypt 0 0 0 0 160 Japan 19 360 0 379 15 Russia 0 0 0 0 42 Serbia 0 0 0 0 20 United Kingdom 111 242 90 443 2,515 U.S.A. 121 747 113 981 713 Other Countries 350 2,610 264 3,224 3,862 Total 4,971 14,136 3,063 22,170 32,484 LOANS € m
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MIL-BVA362-03032014-90141/VR 110 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 31.12.25 (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 €10,016m (of which €1,604m in Italy) € m DEBT SECURITIES Banking Business AC FVTOCI FVTPL(2) Total(3) EU Countries 10,414 6,148 1,090 17,652 352,168 Austria 0 30 2 32 119 Belgium 63 54 0 117 682 Bulgaria 0 0 1 1 9 Croatia 207 15 0 222 8,925 Cyprus 0 0 0 0 49 Czech Republic 139 0 0 139 1,162 Denmark 78 74 0 152 198 Estonia 0 0 0 0 2 Finland 58 41 0 99 107 France 675 1,544 82 2,301 3,450 Germany 679 617 36 1,332 3,560 Greece 0 0 5 5 88 Hungary 72 0 0 72 4,429 Ireland 1,509 1,895 395 3,799 703 Italy 4,736 898 438 6,072 294,005 Latvia 0 0 0 0 0 Lithuania 0 0 0 0 3 Luxembourg 549 97 51 697 7,329 Malta 0 0 0 0 10 The Netherlands 376 380 18 774 2,670 Poland 270 9 4 283 585 Portugal 198 36 2 236 31 Romania 0 0 0 0 1,670 Slovakia 86 0 0 86 16,345 Slovenia 12 0 0 12 2,051 Spain 581 383 40 1,004 3,528 Sweden 126 75 16 217 458 Albania 0 0 0 0 667 Egypt 0 0 0 0 1,361 Japan 86 118 11 215 951 Russia 3 0 0 3 800 Serbia 0 0 0 0 5,536 United Kingdom 690 308 126 1,124 11,682 U.S.A. 1,127 1,216 96 2,439 10,355 Other Countries 3,136 1,512 475 5,123 15,379 Total 15,456 9,302 1,798 26,556 398,899 LOANS
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MIL-BVA362-03032014-90141/VR 111 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.