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Millennium bcp CORPORATE PRESENTATION
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2 l This document is not an offer of securities for sale in the United States, Canada, Australia, Japan or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered pursuant to the US Securities Act of 1933 or are exempt from such registration. Any public offering of securities in the United States, Canada, Australia or Japan would be made by means of a prospectus that will contain detailed information about the company and management, including financial statements l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards (‘IFRS’) of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended. l The figures for the first three months of 2025 and 2026 were not audited l The matters discussed in this document may include forward-looking statements that are subject to risks and uncertainties. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of BCP to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond BCP's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as BCP's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which BCP operates or in economic or technological trends or conditions, including inflation and consumer confidence. Attendees at thispresentation are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Even if BCP’sfinancial condition, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments, as well as BCP past performance, may not be indicative of results or developments in future periods.BCP expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law l The information in this presentation is for information purposes only and should be read in conjunction with all other information made public by the BCP Group. l The figures presented do not constitute any form of commitment by BCP in regard to future earnings. Disclaimer l In the second quarter of 2025 the Bank reclassified a portfolio of debt instruments associated to credit operations, previously included in the Securities Portfolio (Debt securities held not associated with credit operations), now recognizing them as Loans to Customers (Debt securities held associated with credit operations) The historical amounts considered for the purposes of this analysis are presented according to this reclassification, aiming to ensure their comparability, thus differing from the disclosed accounting. This accounting reclassification also led to the reclassification of the respective results, namely other impairments and provisions, credit impairment, net interest income, and results from financial operations. l With effect from March 2026, reverse repurchase agreements (reverse repos) were excluded from the aggregate amount of loans to customers according to the management criteria adopted by the Bank. The corresponding historical amounts are presented considering these reclassifications with the purpose of ensuring their comparability. The impacts in March 2026 and March 2025 were EUR 532 million and EUR 108 million, respectively.
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Macro and Business Overview Performance 2013-Q1’26 Strategic Plan 01. 02. 03. AGENDA Q1’26 Earnings Other information 04. 05.
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4 01 MACRO AND BUSINESS OVERVIEW
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5 Key highlights In Portugal, in 2026, public finance metrics should continue to exhibit a favorable evolution (State budget surplus at 0.7% in 2025, with 0.1% forecasted to 2026; Public debt at 89.7% of GDP in 2025, with 87.8% forecasted to 2026) after the interruption of consolidation trend during 2020-2021 due to the pandemic. Concentrated banking system (top 5 banks account for ≈80% of total market), with comfortable liquidity and capital position, together with a reduction of non-performing loans weight. BCP is a reference privately-owned bank in Portugal, with a unique international position, diversified shareholder structure and a clear governance model. 1 Unemployment rate stood at 6.0% in 2025 (5.9% expected for 2026), a much lower value than the maximum of 17.1% registered in 2013. The real estate market has been resilient. 2 3 The Portuguese economy grew above the European Area average for the fourth consecutive year, with a real GDP growth rate of 1.9% in 2025. In 2025, despite volatility, the Portuguese economy showcased resilience supported by strong domestic demand, sustained investment growth and robust and diversified exports. For 2026, economic growth is expected to remain robust, driven by private consumption and investment, underpinned by a strong labour market and the continued inflow of European funds. The Portuguese economy is projected to remain in a current and capital account surplus over the next several years. The external surplus reached 2.7% and 3.3% of GDP in 2025 and 2024, respectively.
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6 Fiscal consolidation back on track after a difficult period constrained by the pandemic • Surplus in public accounts of 0.7% of GDP in 2025 and 0.1% forecasted for 2026 • Economic growth combined with robust primary balances led to a significant reduction in public debt, reaching 89.7% of GDP in 2025 and should reach 87.8% in 2026 • 10-year Portuguese public debt yield at 3.5% as of 31 March 2026, representing a spread of 45 bps to Germany’s 10-year government bond yield. Budget deficit 10-year Portuguese public debt Yields Debt level (Public debt) Source: Ministry of Finance. Source: Ministry of Finance. Including recapitalisation of CGD Budget surplus -0.9 -11.4 -7.7 -6.2 -5.1 -7.4 -4.4 -1.9 -3.0 -0.3 0.1 -5.8 -2.9 -0.3 1.2 0.7 0.7 0.1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 100 114 129 131 133 131 131 126 121 116 134 124 111 97 93.5 89.7 87.8 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 1 (% of GDP) (% of GDP) (%) Source: Thomson Reuters. -4 0 4 8 12 16 20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Average≈4% ≈3.5%
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7 90 87 70 80 90 100 110 120 130 140 70 80 90 100 110 120 130 140 2015 2017 2019 2021 2023 2025 Portugal Euro Zone 53 51 40 50 60 70 80 40 50 60 70 80 2015 2017 2019 2021 2023 2025 Portugal Euro Zone 65 73 60 70 80 90 100 60 70 80 90 100 110 2015 2017 2019 2021 2023 2025 Portugal Euro Zone Public debt Household debt Corporate debt • By 2026, Portugal's debt as a percentage of GDP will be lower than the Euro Area average and the IMF expects it to reach the end of the decade close to Germany’s debt to GDP level • After a strong adjustment period, households and companies have financing capacity that can be used as a cushion to absorb external shocks, if needed (% of GDP) (% of GDP) (% of GDP) Source: Datastream. Portugal is now better prepared to withstand adverse shocks after convergence path towards Euro Zone debt average1 Portugal Euro ZonePortugal Euro ZonePortugal Euro Zone
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8 Portugal’s significant structural reforms supported sustained economic growth, except during the Covid-19 pandemic in 2020 Real GDP growth rate Inflation rate Unemployment rate 1 (%)(Year-on-Year, %) Source: Statistics Portugal, IMF. Source: Statistics Portugal, IMF. +1.7 -1.7 -4.1 -0.9 +0.8 +1.8 +2.0 +3.5 +2.9 +2.7 -8.3 +5.7 +6.8 +3.1 +2.1 +1.9 +1.9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 10.8 13.4 16.5 17.1 14.5 12.9 11.5 9.2 7.2 6.6 7.0 6.7 6.1 6.5 6.4 6.0 5.9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F (Annual rate of change, %, Monthly data) -2 0 2 4 6 8 10 12 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17 01/18 01/19 01/20 01/21 01/22 01/23 01/24 01/25 01/26 Portugal Euro Zone Dec’25: 2.4% 2.0% 2026F: 3.1% 2.6% • Real GDP grew by 1.9% in 2025 and is projected to grow 1.9% yearly on average between 2026-28, above most European peers. With a diversified and open economy, the main engines of growth are Investment, Private Consumption and Exports • In 2025, the unemployment rate decreased to 6.0%, the lowest level registered since 2010. In a context of resilient labour market, the unemployment rate in 2026 is expected to remain at low levels (~5.9%) • The inflation rate is expected to increase to around the 3% level, amid high levels of uncertainty and trade disruption due to the Middle East conflict Source: Eurostat, IMF.
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9 Source: World Economic Outlook, October 2025 and April 2026; IMF; Datastream. 4 5 6 7 8 9 10 11 12 13 4 5 6 7 8 9 10 11 12 13 mar/16 mar/18 mar/20 mar/22 mar/24 mar/26 Portugal Euro Zone 2,1 1,9 1,1 1,1 IMF Oct25 IMF Apr26 Portugal Euro Zone Real GDP growth rate projected by the IMF for 2026 Unemployment rate (%) (%, seasonally adjusted) 2.1 1.9 1.11.1 Despite growth being dampened by the Middle East conflict, the Portuguese economy faces the uncertainty with a positive outlook1 Portugal Euro ZonePortugal Euro Zone IMF Oct’25 IMF Apr’26
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10 Source: Energy in Figures – 2025 Edition, ADENE – Energy Agency; Eurostat. 1.3 1.0 5.0 3.9 % Exports % Imports Portugal Euro Area Energy imports from the Middle East in 2024: • 0% oil • 0% natural gas • 4% refined products Current environment brings challenges, but Portugal’s direct exposure sits below EU average1 Trade with Middle East Renewable energy consumption Electricity generated from renewable sources (2024 data; % of total trade) (% of total consumption) (% of total net electricity generation) 34.2% 20.0% 0% 10% 20% 30% 40% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Portugal EU • Portugal’s share of net electricity generated from renewable energy sources has nearly doubled since 2017, reaching 82.9% in 2025 • This performance stands well ahead of the EU’s average of 47.3% and underscores Portugal’s leadership position 82.9% 47.3% 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Portugal EU • Portugal’s renewable energy consumption share has expanded from 14.4% to 34.2% since 2000, outpacing the EU’s increase from 6.1% to 20.0% over the same period
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11 Housing price index Housing Market Transactions Completed Buildings and Building Permits -15 -10 -5 0 5 10 15 20 25 Q4'10 Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Housing price index New buildings Used buildings (Year-on-Year % change) 8.3 -28.1 -18.4 5.2 6.4 30.4 19.1 20.7 16.7 2.6 -11.4 23.2 2.9 -18.5 14.6 9.9 25.0 15.5 3.8 -4.7 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (Year-on-Year, annual average, %) • The increase in house prices over recent years has largely reflected structural supply-demand imbalances, with constrained housing supply owing to limited construction capability, higher construction costs (+33% since 2020), land scarcity and regulatory constraints interacting with resilient demand dynamics • More recently, housing market conditions have shown signs of gradual normalization, with housing transactions declining by 4.7% YoY in Q4’25, while building permits reached their highest level since 2011, supporting a potential recovery in supply over the medium term • At the same time, the continued decline in the share of non-resident investors in 2025 points to a moderation in external demand pressures within the Portuguese housing market (Units) 28,790 26,219 17,380 15,847 28,090 25,659 25,470 26,061 0 10,000 20,000 30,000 40,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Building PermitsCompleted Buildings Source: Statistics Portugal, Bank of Portugal. Portuguese housing market dynamics continue to reflect structural supply-demand imbalances1
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12 Household Debt-to-Disposable income ratio Average LTV & DSTI ratios of New Mortgage Production LTV ratio by Bucket (%) (%, LHS axis: Loan-to-Value ratio; RHS axis: Debt Service-to-Income ratio) • Household indebtedness remains below historical averages, supporting borrower resilience • Despite the introduction of support measures for young borrowers (‘Garantia Jovem’), mortgage underwriting standards remain conservative, with 92% of loans exhibiting LTVs below 80% at Dec’25. Higher-risk exposures remain limited, with loans above 80% LTV accounting for only 8% of total mortgages • DSTI ratios remain sound and broadly stable, with only c.5% of new mortgages exceeding 40%. Higher-income households account for c.66% of outstanding mortgages, supporting debt- servicing resilience 93.8 92.9 92.8 87.4 82.6 77.2 72.7 69.3 66.5 66.5 71.9 69.5 63.4 56.7 55.0 56.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0% 20% 40% 60% 80% 100% Dec'20 Dec'24 Dec'25 75.1 29.7 20 25 30 35 40 60 65 70 75 80 Dec/2018 Dec/2019 Dec/2020 Dec/2021 Dec/2022 Dec/2023 Dec/2024 Dec/2025 LTV DSTI DSTI ratio by Bucket <=20% ]20%;40%] ]40%;60%] ]60%;80%] ]80%;100%] 51% 30% 14% 3% 2% <=20% ]20%;30%] ]30%;40%] ]40%;50%] >50% Dec’25 Source: Bank of Portugal. Conservative underwriting standards and resilient household balance sheets support mortgage book quality1
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13 19% 16% 12% 9% 9% Bank 1 Bank 2 BCP Bank 4 Bank 5 • Concentration of the Portuguese banking system. The 5 largest banks, together, had an ≈80% market share in business volumes • BCP is the second largest bank in Portugal by business volume and the third largest in terms of core operating profit, with a market share of ~17% considering the total of the Portuguese banking system • BCP is one of the most efficient banks in Portugal, with only 12% of the branch network of the banking industry 2 Gross loans + Balance Sheet Customer funds Branches Core operating profit* (December 2025)(March 2026) (March 2026)** *Core operating profit = net interest income + net fees and commission income – operating costs **Data for the system as of June 2025. 20% 16% 15% 12% 8% Bank 1 Bank 2 BCP Bank 4 Bank 5 23% 17% 17% 11% 11% Bank 1 BCP Bank 3 Bank 4 Bank 5 Portuguese financial system market shares2
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14 Strengthened capital position, liquidity and asset quality prepare the Portuguese banking sector for the next cycle NPL (Non-performing loans) ratio LTD (Loans-to-deposits) ratio CET1 (Common Equity Tier 1) ratio NPL coverage 2 Source: Bank of Portugal. 96% 96% 93% 89% 87% 85% 81% 78% 78% 75% 76% Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 40.8% 45.3% 49.4% 52.0% 51.5% 55.0% 52.5% 55.5% 55.4% 55.4% 55.8% Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 17.5% 17.2% 13.3% 9.4% 6.2% 4.9% 3.7% 3.0% 2.7% 2.4% 2.1% Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 12.4% 11.4% 13.9% 13.2% 14.3% 15.3% 15.5% 15.4% 17.1% 18.0% 17.9% Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25
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15 Building the leading private sector bank in Portugal and a relevant player in selected markets3 Incorporation and organic growth to become relevant player 1985-1995 Leadership in Portugal, setting the foundations for expansion in Poland and Greece Partnership with Ageas for insurance business 2000-2005 Consolidation of international expansion with a single brand 2005–2012 Focus on Portugal and on affinity markets Reference bank in Portugal Portugal - Poland – Mozambique – Angola (since 2016 with a partnership with BPA) 2012–2017 Leading bank in Portugal and strong position in Poland and Mozambique Business model transformation to adapt to new customer needs 2017- … Consolidation to reach critical mass 1995-2000 … to leadership in Portugal and to international presence through growth in selected affinity retail markets From foundation…
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16 Bank Millennium Market share: 5.3% on loans, 5.6% on deposits Loans to Customers (gross): €18.8 billion Customer funds: €35.1 billion Employees: 6,885 Branches: 591 BCP shareholding: 50.01% Focus on retail Key Innovator Millennium bim Market share: 17.7% on loans, 20.4% on deposits Loans to Customers (gross): €722 million Customer funds: €2,355 million Employees: 2,669 Branches: 191 BCP shareholding: 66.67% Market reference Key innovator Millennium bcp Market share: 16.4% on loans, 18.3% on deposits Loans to Customers (gross): €43.9 billion Customer funds: €75.4 billion Employees: 6,043 Branches: 388 Leading private sector bank 2 employees On-shore branch in Macao, China Loans to Customers (gross): €527 million Customer funds: €312 million Employees: 29 Branches: 1 On & off-shore branch Market shares as at April 2026 (Millennium bcp) and as at February 2026 (Bank Millennium and Millennium bim). Millennium bcp has a relevant presence in the core geographies under its growth strategy3
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17 3 Diversified shareholder base, geographically scattered3 Number of Shareholders Shareholder structure Per geography (Thousands) (Last available information) (Last available information) 170.9 116.8 Dec 10 Mar 26 Fosun 20.5% Sonangol 19.9% Retail 21.4% PT institutionals 0.8% Non-PT institutionals 37.4% Portugal 19.8% China 20.5% Africa 20.2% UK / USA 17.6% Other 21.9%
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18 Modelo de administração e fiscalização monista, composto por um Conselho de Administração One-tier management and supervisory model, composed by a Board of Directors3 Remuneration and Welfare Board Nominations and Remunerations Committee Corporate Governance, Ethics and Sustainability Committee Risk Assessment Committee Client OmbudsmanBoard of Directors General Meeting of Shareholders Strategic Board Audit CommitteeStatutory Auditor (ROC) Company Secretary Executive Committee Commissions and Sub-Commissions Corporate Human Resources Retail Private Banking and Investment Products & Services Conduct, Compliance and Operational Risk Credit Costs and Investments Costs and Investments Sub-Commission CALCO Risk Credit and Non-Performing Assets Monitoring Pension Funds Risk Monitoring Operational Resilience Sustainability Digital Transformation and Technology Model Monitoring and Validation Sub-Commission
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19 02 PERFORMANCE 2013-Q1’26
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20 Robust business model with a recurring capacity to generate operating results ≈€2.4 billion per annum1 ▪ Net interest income with low sensitivity to interest rate cuts due to the hedges that the Bank has in place: NIM of 2.9% in Q1’26 (Portugal: 2.2% up from 0.6% in 2013) ▪ One of the most efficient banks in the Eurozone, with a cost to income ratio of 36% in Q1’26 Focus on NPE management through a dedicated recovery strategy in Portugal: NPE reduction of €12.0 billion from €12.8 billion at year-end 2013 to €0.7 billion at March 31, 2026. Increased coverage by provisions to 105% (94% for the Group) from 28% in 2014. Total coverage1 of 154% (128% for the Group) at March 31, 2026 2 Polish subsidiary maintains strong operational trends: +66.3% y/y increase in net income3 5 Sustainable funding strategy: as of March 31, 2026 the loans to deposits ratio stood at 68%. Excess of €0.9 billion on ECB and Eligible Assets of €30.3 billion3 Capital position above regulatory requirements: fully implemented CET1 ratio2 of 15.1%, compared to minimum required CET1 (SREP) of 10.29%; fully implemented total capital ratio2 of 19.3% versus a SREP requirement of 14.73%4 1 By loan-loss reserves and collaterals. 2 Estimated fully implemented ratio (March 2026) including 10% of unaudited Q1’26 net income. Excluding any distributions, the proforma CET1 ratio would be 15.7%. 3 Before non-controlling interests. Main highlights
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21 BCP: Supporting the Economy and Generating Value Cost-to-Income 36% Cost of Risk 35 bp ROE Group 15.9% Portugal 17.0% CET1 15.1% NPE ratio 2.3% (Portugal 1.7%) Active Customers +4.6% y/y Q1 2026 Results NII +2.4% y/y NIM: 2.86%
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22 1,286 1,317 1,243 1,159 1,169 1,166 1,219 1,784 2,607 2,267 2,400 628 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 908 888 764 672 660 687 721 970 1,419 1,288 1,316 399 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 Robust business model with a strong Pre-Provision Profit (PPP)1 (Million euros) BCP Consolidated (Million euros) BCP Portugal +87% +45%
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23 -123 -83 -69 -56 -56 -52 -57 27 263 167 94 112 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 1.21% 0.78% 0.44% 0.33% 0.26% 0.13% 0.01% 0.09% 0.69% 1.30% 0.75%0.58% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 Net interest income resilient to interest rate cuts Net Interest Income NIM 1 ... as well as the evolution of funding costs Rates normalization will impact the evolution of the cost of deposits... (Million euros) (Portugal, spread on TDs book vs Euribor 3m, bps) (Interest expenses divided by interest-bearing liabilities) 1.5% 1.6% 1.8% 1.8% 1.7% 1.6% 1.4% 1.5% 2.6% 2.2% 2.1% 2.2% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 711 736 808 803 789 805 831 951 1,467 1,335 1,338 358 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26
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24 134 136 141 153 146 160 167 172 173 208 233 193 187 179 199 201 187 198 215 215 208 215121 134 135 122 136 135 149 173 174 176 179448 457 456 475 483 482 514 561 563 593 626 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Bancassurance, AM & other market-related fees Lending, Cards & Other Accounts & Transfers (Million euros) Fees and commissions base breakdown and growth Fees as a % of average business volumes1 +40% 61 40 55 53 49 49 64 38 52 55 54 48 65 37 54 58 48 47 BCP Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 Dec’23 Dec’24 Dec’25 (Basis points) Evolution of fee mix diversification 1 Loans to customers (gross) + Balance Sheet Customer Funds. Portuguese Peers. Multiple fee streams support revenue diversification and growth1 (As a % of Total Fees) Bancassurance, AM & other market-related fees 30% 33% 37% +5.7% Lending, Cards & Other 43% 39% 34% +1.1% Accounts & Transfers 27% 28% 29% +4.0% Dec’15 Dec’20 Dec’25 CAGR ‘15-’25
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25 910 638 624 602 609 631 619 602 585 600 659 696 176 2011 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 175 266 140 105 76 92 69 54 53 30** 31 33 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 Strong improvement in operating costs and cost of risk ... and a ≈39% reduction in employees Recurring* operating costs down by ≈23% ... with a ≈56% reduction in branches... Cost of risk and loan-loss charges 1 *Excluding non-usual items. Stated operating costs: €438 million in 2016, €588 million in 2017, €638 million in 2018, €671 milli on in 2019, €650 million in 2020, €693 million in 2021, €602 million in 2022, €616 million in 2023, €672 million in 2024, € 719 million in 2025 and €176 million in Q1’26. **Cost of risk including an impairment reversal occurred in Q2’24, without this ef fect cost of risk would stand at 39bp at the Group level and 42bp for Portugal in 2024. Branches (#) Employees (#) Operating costs (€ mln) Cost of risk (bps) Impairment charges (€ mln) 885 671 618 578 546 505 478 434 408 399 398 389 388 2011 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 9,959 7,459 7,333 7,189 7,095 7,204 7,013 6,289 6,252 6,242 6,203 6,046 6,043 2011 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 730 1,045 533 389 279 354 273 218 208 119 134 36
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26 1.2 1.6 1.5 1.3 0.8 0.7 0.4 0.2 0.1 0.05 0.04 0.03 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 1.4 1.2 1.0 1.0 0.9 0.8 0.8 0.4 0.4 0.3 0.3 0.3 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 5,572 5,029 4,058 2,651 1,689 1,255 776 333 360 373 343 362 9,777 8,538 6,754 4,797 3,2462,363 1,878 1,361 1,107 973 749 746 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23Dec24Dec25 Mar26 Significant reduction of NPE and other legacy exposures… Foreclosed assets (net of impairments) NPEs NPE coverage Restructuring funds 2 (€ mln) *Coverage by LLRs and collateral. NPL>90d NPE include loans to Customers only. - 9.0 billion Total coverage* Coverage by LLRs 31% 39% 42% 50% 58% 63% 68% 69% 89% 90% 101% 105% Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 -1.6 billion -1.0 billion +74 pp Other NPE 89% 100% 100% 108% 112% 120% 130% 126% 142% 138% 151% 154%
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27 NPE include loans to Customers only. *By loan-loss reserves and collaterals. ... whilst strengthening coverage levels2 NPL >90d total coverage* NPE total coverage* Other NPE total coverage* NPE breakdown Total NPEs 55% 128% 91%1% 2% 1%44% 25% 35% 100% 154% 127% Individuals Companies Total 18% 67% 44%0.3% 17% 9%81% 24% 51% 100% 108% 104% Individuals Companies Total 36% 94% 105%0% 10% 5% 64% 24% 43%100% 128% 154% Individuals Companies Total Individuals 48% Companies 52% NPLs >90d 49% Other NPE 51% (March 2026) (March 2026) (March 2026) (March 2026) (March 2026) LLRs Real estate collateral Cash, other fin.collat. LLRs Real estate collateral Cash, other fin.collat. LLRs Real estate collateral Cash, other fin.collat.
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28 7.3 34.5 4.8 8.4 12.1 42.9 Dec 11 Mar 26 68.0 47.5 62.0 90.7 12.1 12.9 42.9 -3.8 3.2 18.5 -1.18 7.2 4.4 9.7 Mar 26Dec 11 (€ bln)(€ bln) (€ bln) (€ bln) Other Sovereign debt *IMM (net): “resources from credit institutions” (€0.7 billion), less “cash and deposits at Central Banks” (€3.3 billion), “l oans and advances to credit institutions repayable on demand” (€0.2 billion), and “loans and advances to credit institutions at amortized cost” (€1.1 billion). Dec 11 Mar 26 Debt Securities 16.2 5.4 MTN 7.6 3.0 Bonds + Certificates 4.1 2.3 Covered Bonds 3.3 0.0 Securitizations 1.2 0.1 Subordinated Debt 1.1 1.4 Loan Agreements 1.2 0.0 Total 18.5 6.8 Dec 11 Mar 26 Portugal 4.7 3.1 T-bills and other 1.7 1.4 Bonds 3.0 1.7 Poland 0.8 12.5 Mozambique 0.3 0.6 Other 1.5 18.3 Total 7.3 34.5 Strong balance sheet Sovereign debt portfolio Balance sheet breakdown Securities portfolio Debt issued 3 Equity IMM (net)* Debt issued Deposits Loans Other (net) Securities
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29 Reinforcement of liquidity position Loans-to-Deposits Ratio Deposits Net loans Performing loans 3 (€ bln)(€ bln) (€ bln) +19%+76% -32 pp 51.5 48.8 51.2 55.2 60.8 63.3 69.6 75.9 77.9 84.0 89.7 90.7 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 52.0 48.0 47.6 48.1 52.3 54.0 56.4 56.2 56.1 56.8 61.2 62.0 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 101% 98% 93% 87% 86% 85% 81% 74% 72% 68% 68% 68% Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 +36% 31.8 30.8 31.2 32.4 33.5 36.1 38.0 38.8 37.5 37.4 42.5 43.2 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26
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30 158% 124% 158% 218% 216% 230% 269% 212% 276% 342% 334% 319% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 1.4 3.0 1.5 0.1 0.8 Securitizations 5.3 4.4 3.0 2.7 0.3 3.3 1.7 -2.6 -2.1 -2.8 -1.7 -0.9 13.9 12.1 12.8 16.9 17.1 22.5 25.5 23.9 25.8 30.9 33.0 30.3 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Mar26 6.8 Continued reduction of ECB funding3 Net Stable Funding Ratio (NSFR) Outstanding debt repayments (medium-long term) ECB funding Liquidity Coverage Ratio (LCR) (€ bln)(€ bln) Already repaid To be repaid 2.3 0.5 0.4 0.2 Average 2011-2017 Average 2018-2020 Average 2021-2024 Average 2025-Q1'26 116% 112% 124% 133% 135% 140% 150% 154% 167% 181% 180% 179% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 +63 pp +161 pp Retail Bonds Buffer ECB funding Total collateral Certificates MTN Sub
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31 57% 54% 55% 55% 55% 54% 49% 48% 42% 39% 40% 40% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 23% 24% 37% 34% 40% FR DE ES IT (RWAs as a % of assets, latest available data) +4.9 pp 5.6% 6.0% 6.5% 6.2% 7.0% 6.7% 5.9% 6.0% 6.4% 6.4% 6.3% 6.2% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 -17 pp Stronger capital position Leverage Ratio CET1 fully implemented RWAs density (fully implemented) RWAs density (fully implemented) 4 1 The proforma CET1 ratio as of Dec’25 considering a 90% payout ratio would be 15.6%. 10.2% 9.7% 11.9% 12.0% 12.2% 12.2% 11.7% 12.5% 15.4% 16.3% 15.9% 15.1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 1
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32 Fully implemented vs requirement Fully implemented vs requirement Solid capital ratios Common equity tier 1 (CET1)1 Total capital ratio1 Pillar 1 Pillar 2 (P2R) Combined buffer reserve 2 Pillar 1 Pillar 2 (P2R) Combined buffer reserve 2 • CET11 of 15.1% and total capital ratio1 of 19.3%, after deducting the maximum amount distributable to shareholders in respect of 2025 net profit, which reflects 50% in the form of dividends (509.3 million) and 40% through share buybacks (407.5 million) • Capital ratios comfortably above regulatory requirements (including the conservation buffer, O-SII buffer, countercyclical buffer and sectoral systemic risk buffer) • Leverage ratio at 6.2% as of March 2026 15.9% 15.1% 4.5% 1.21% 4.58% 10.29% Mar 25 Mar 26 Requirements 20.0% 19.3% 8.0% 2.15% 4.58% 14.73% Mar 25 Mar 26 Requirements +4.8pp +4.6pp +9.1pp +9.4pp (Fully implemented) (Fully implemented) 4 1 Estimated fully implemented ratio (March 2026) including 10% of unaudited Q1’26 net income. Excluding any distributions, the proforma CET1 ratio would be 15.7%. | 2 Combined buffer reserve comprises: the conservation buffer, the O-SII buffer, the countercyclical buffer (including the increase in the percentage applicable to exposures to counterparties resident in Portugal) and the sectoral systemic risk buffer.
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33 10.29% 15.1% 1.90% 1.4% 2.54% 2.8% SREP Requirements Group ratios Mar26 Fully Implemented 14.73% 19.3% CET1 AT1 Tier 2 March 2026 CET 1 +478 bp T1 +426 bp Total +456 bp Requirements Group ratios Mar 26 Fully Implemented1 1 Estimated fully implemented ratios (March 2026) including 10% of unaudited Q1’26 net income. 2 Capital Requirement Regulation 3 (CRR3). Capital requirements Capital above regulatory requirements MDA Buffer 4 • Total Capital requirement of 14.73% and CET1 requirement of 10.29%. • CET1 requirement already reflects changes in the composition of P2R in line with the ECB’s announcement of December 21, 2022, bringing forward Article 104a of CRD V (allowing Banks to use AT1 and T2 capital to meet part of the P2R). • CET1 stood at 15.1% and the total capital ratio at 19.3% (fully implemented), incorporating the effects resulting from CRR32.
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34 7.2% 0.5% 1.4% 2.7% Mar 26 (%LRE) CET13 AT1 T2 SP 19.8% 1.4% 3.7% 7.4% Mar 26 (%TREA) CET13 AT1 T2 SP • Resolution strategy: MPE (Multi Point of Entry)2 • BCP Resolution Group : Perimeter centred in Portugal • Preferred Resolution Measure: Bail-in • No subordination requirements have been applied to the BCP Resolution Group • As of March 31, 2026, BCP complied with MREL requirement, including CBR, applicable since July, 2025 (with a buffer of 2.8% of TREA, amounting to c. EUR 790 million) • Funding Plan execution in 2026 • Early redemption of the EUR 500 million of SP on February 12, 2026 (not eligible as of January 31, 2026). • 500 million of Senior Preferred issued on February 5, 2026 with a maturity of 6.25 years and Call Option on the year 5.25. • Until year-end 2026 the Bank estimates to issue approximately EUR 1,000 million. MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements *Preliminary data 1 Requirements covered by the 2024 Resolution Planning Cycle, applicable since July 2025 (24.89%). MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework. 2 In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 15.36% and MREL - TEM of 5.91% from 29May 2025. 3 Including unaudited net income for 1Q26. 4 Including RRE – Sectoral Systemic Risk Buffer and CCyB – Countercyclical Capital Buffer. MREL Requirement1 + CBR4 MREL Requirement1 11.7% 29.56% 6.86% 32.4% MREL requirements and Funding Plan MREL position (BCP Resolution Group - 31 Mar 2026)* 4
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35 1 Subsidiaries’ net income presented for Q1’25 reflect the same exchange rate as of Q1’26 for comparison purposes. Focused international operations, providing diversification5 Bank Millennium Market share: 5.3% on loans, 5.6% on deposits Loans to Customers (gross): €18.8 billion Customer funds: €35.1 billion Employees: 6,885 Branches: 591 BCP shareholding: 50.01% -146 170 173 175 186 144 49 -35 -44 131 120 149 40 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 (€ mln) *Comparable, assuming shareholding in Bank Millennium (Poland) constant at 50.1% and excluding discontinued operations. **Excluding IAS 29 impact for the Angolan operation ( -€28.4 million in 2017, +€0.8 million in 2018 and -€5.7 million in 2019). Net income with Bank Millennium goodwill impairment Net income without Bank Millennium goodwill impairment Millennium bim Market share: 17.7% on loans, 20.4% on deposits Loans to Customers (gross): €722 million Customer funds: €2,355 million Employees: 2,669 Branches: 191 BCP shareholding: 66.67% Key international operations Contribution to consolidated results* International contribution per operation1 Q1’25 Q1’26 ** ** ** (€ mln) Poland 42.4 71.2 Mozambique 3.3 5.5 Other 0.6 1.1 Exchange rate effect 0.9 -- Net income international operations 47.1 77.7 Non-controlling int. (Poland+Mozambique) -22.6 -37.3 Contribution from international operations 24.5 40.4
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36 Bank Millennium5 Net income Operating Costs Net operating revenue (Million euros1) (Million euros1) (Million euros1) 1 FX effect excluded.€/Zloty constant at March 2026 levels: Income Statement 4.23; Balance Sheet 4.30. | 2 Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients. | 3 Includes provisions for legal risk, costs with out-of-court settlements and legal advice, before taxes. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes. 42.4 71.2 169.9 121.7 Q1'25 Q1'26 Net income Net income Excluding extraordinary effects2 +67.8% 135.7 148.8 22.3 27.6 158.1 176.5 Q1'25 Q1'26 394.5 394.3 Q1'25 Q1'26 -0.1% +11.6% • Net income of 71.2 million in Q1’26, compared to 42.4 million in the same period last year (+67.8%) • Net income influenced by charges associated with the CHF mortgage loan portfolio despite falling 61%3 YoY, standing at 50.1 million in Q1’26 • Customer funds grew by 14.5%. • Loans to Customers (gross) increased by 4.8%, with corporate loans increasing by 26.5% • CET1 ratio of 13.8% and a total capital ratio of 17.6%, both above the minimum requirements of 8.3% and 11.8%, respectively. WIBOR 3 months (average) 3.87%5.86% Resol. Fund + DGF
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37 CHF mortgages decrease by 44% YoY5 (Billion euros*) CHF mortgage portfolio (Number of cases) New individual lawsuits and extrajudicial agreements Cumulative provisions for legal risks 1 (Million euros*) Individual Lawsuits (‘000 cases) * FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23, Balance Sheet 4.30. 1 Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others. | 2 Includes provisions for legal risk, costs with out-of-court settlements and legal advice, before taxes. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). CHF costs 2 (Million euros*) % of gross loan portfolio after legal risk provisions 7.3 1.4 1.2 1.1 0.9 0.8 2008 3M25 6M25 9M25 2025 3M26 54.6% -15% -44% 1.1%1.4% 0.8% 0.8% 0.7% As a % of CHF mortgage portfolio 1,710 1,721 1,622 1,465 1,326 3M25 6M25 9M25 2025 3M26 142%132% 150% 163% 169% 1,080 1,030 903 699 8931,102 1,087 1,209 1,093 641 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 # New individual lawsuits # Extrajudicial agreements 21.1 14.4 3M25 3M26 129.6 50.1 Q1'25 Q1'26 -61%-6.7#
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38 5 Millennium bim's results influenced by the context Net income Operating costs Net operating revenue (Million euros*) (Million euros*) (Million euros*) *FX effect excluded. €/Metical constant at March 2026 levels: Income Statement 75.05; Balance Sheet 73.29. 1 Net income excluding impacts associated with sovereign debt. MIMO rate (average) 12.35% Adjusted net income 1 32.2 32.1 Q1'25 Q1'26 63.2 65.5 Q1'25 Q1'26 +3.7% 3.5 5.5 21.5 22.8 Q1'25 Q1'26 -0.3% +68.2% 9.32% • Net income of 5.5 million, which represents an increase of 68.2% compared with the same period last year • Provisions and impairments of 21.4 million, including impacts associated with sovereign debt • Customer funds increased by 8.9% compared to March 2025 • Loans to Customers grew by 14.0% compared to March 2025 • NPE ratio at 4.8% • Capital ratio of 42.6% Net income
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39 03 STRATEGIC PLAN
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40 Deliver more value Main targets for strategic cycle 2025-2028 Q1’26 2028Metrics S&P Global CSA (percentile) Top quartileTop quartileESG commitment Cost-to-income Portugal Cost of risk Portugal < 40% < 37% < 50 bps < 45 bps 36% 31% 35 bp 33 bp Execution discipline ROE Shareholder distribution Superior returns > 13.5%15.9% 2025 activity 90%2 Robust capital CET1 ratio > 13.5%15.1%1 > 190€bn > 120€bn > 8mn > 3mn 176€bn 119€bn 7.4mn 2.9mn Healthy organic growth Business volumes Portugal Number of customers Portugal Mobile customers Portugal >80% > 75% 75% 67% Up to 75% of cumulative net income of 4.0- 4.5€bn in 2025-20283 subject to supervisory approval and achievement of Plan’s relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target 1 Estimated fully implemented ratio (March 2026) including 10% of the unaudited net income of Q1’26, already considering the deduction of the maximum share buyback amount, corresponding to 40% of the 2025 net income. Excluding any distributions, the CET1 ratio would be 15.7%. | 2 Includes a 50% dividend payout and a 40% share buyback programme of 2025 net income. | 3 Including dividend payments and share buybacks during the 2025-28 cycle.
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41 Distinct position Aiming to be the relationship bank with the best experience, human and digital enabled, for families and companies and one of the most efficient banks in the Eurozone: cost to income ratio of 36%1 Robust business model with highly recurrent operating results, supported by a continued track record of improvement in operating performance: PPP ≈€2.4 billion per annum2 Leadership in customer centricity and primacy across geographies4 Strong balance sheet with a fully implemented CET1 ratio at 15.1% and loans to deposits of 68%, as of March 31, 20263 5 Strategic Vision: “Deliver more value to our customers, our people and our shareholders” Investment case: Create and deliver more value
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42 04 Q1’26 EARNINGS
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43 Disclaimer l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards (‘IFRS’) of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended. l The figures presented do not constitute any form of commitment by BCP in regard to future earnings. l The figures for the first three months of 2025 and 2026 were not audited l The information in this presentation is for information purposes only and should be read in conjunction with all other information made public by the BCP Group. l In the second quarter of 2025 the Bank reclassified a portfolio of debt instruments associated to credit operations, previously included in the Securities Portfolio (Debt securities held not associated with credit operations), now recognizing them as Loans to Customers (Debt securities held associated with credit operations) The historical amounts considered for the purposes of this analysis are presented according to this reclassification, aiming to ensure their comparability, thus differing from the disclosed accounting. This accounting reclassification also led to the reclassification of the respective results, namely from other impairment and provisions to loan impairment. The results arising from these operations, associated with both net interest income and net trading income, were also reclassified, although the total amount of each item presented in this analysis did not change compared to the amounts disclosed in previous periods. l With effect from March 2026, reverse repurchase agreements (reverse repos) were excluded from the aggregate amount of loans to customers according to the management criteria adopted by the Bank. The corresponding historical amounts are presented considering these reclassifications with the purpose of ensuring their comparability. The impacts in March 2026 and March 2025 were EUR 532 million and EUR 108 million, respectively. l The publication of Instruction No. 17/2025 by the Bank of Portugal amends Instruction No. 16/2004, concerning the indicators to be used by credit institutions when disclosing information to the public. This amendment aims to align the indicators disclosed to the public with the definitions and criteria used by the European Banking Authority (EBA), specifically associating the calculation formulas of these indicators with specific elements of the FINancial REPorting Standards (FINREP). Thus, unlike the rest of the information disclosed in this presentation, which considers the full consolidation perimeter, these indicators are calculated according to the prudential perimeter. A table with the aforementioned indicators, calculated according to the provisions of the current version of the instruction, is attached and should be consulted in conjunction with the profitability, efficiency, and transformation indicators shown throughout this presentation.
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44 AGENDA
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45 Highlights 01
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46 1 Before non-controlling interests. | 2 FX effect excluded. 66.3% with FX effect | 3 Includes provisions for legal risks, costs relating to out-of-court settlements and legal advice. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes and non-controlling interests, FX effect excluded. 62% with FX effect | 4Estimated fully implemented ratio (March 2026) including 10% of unaudited Q1’26 net income. Excluding any distributions, the proforma CET1 ratio would be 15.7%.| 5 Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD). | 6 FX effect excluded. 23.4% with FX effect Business Model Supporting the Economy and Generating Value Profitability ▪ Group’s net income of 305.8 million in Q1’26, corresponding to an increase of 25.6% compared with the same period last year (243.5 million). This performance resulted in a ROE of 15.9% (13.9% in Q1’25) and reflects the Bank’s ability to generate value ▪ Net income in Portugal stood at 265.4 million in Q1’26, representing an increase of 21.2% compared with the same period last year (218.9 million) ▪ Net income from international operations up by 65.0%1, reaching to 77.71 million in Q1’26, compared with 47.11 million in Q1’25. Highlight for Bank Millennium, which recorded a net income of 71.21 million, representing a 67.8%2 increase compared to Q1’25. This evolution largely reflects the 61%3 reduction in charges associated with the CHF mortgage loan portfolio, which stood at 50.1 million in the first three months of the year ▪ Solid capital ratios, CET14 of 15.1% and total capital ratio4 of 19.3%, after deducting the maximum amount distributable to shareholders in respect of 2025 net profit, which reflects 50% in the form of dividends (509.3 million) and 40% through share buybacks (407.5 million) ▪ Liquidity indicators well above regulatory requirements. LCR5 at 319%, NSFR5 at 179% and LtD5 at 68%. Eligible assets available for financing with the ECB of 30 billion ▪ Group’s Loans to Customers increased by 7.2% YoY to 63.4 billion and total Customer funds grew by 7.9% YoY to 112.8 billion. In Portugal, Loans to Customers increased by 9.6% YoY and total Customer funds rose by 6.3% YoY. Bank Millennium loans to companies up by 26.5%6 YoY ▪ Significant reduction in non-performing assets, highlighting the decrease in the Group’s NPE of 238 million compared to March 2025 ▪ Cost of risk in Q1’26 stood at 35bp for the Group, compared with 38bp in the same period last year. In Portugal, the cost of risk stood at 33bp in Q1’26, in line with the figure for the same period last year ▪ Active customers increased by 5% YoY to 7.4 million, Mobile customers rose by 8% and accounted for 75% of the customer base in March 2026 BCP received authorization from the competent authorities for the proposed share buyback equivalent to 40% (407.5 million) ofthe annual net income of 2025.
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47 0v 0v Customer Recognition 2,790 7,363 1,784 1,935 Mar 25 Mar 26 +151 67% +8% +143 2,024 2,167+7% 2,896 5,090 5,515 Mar 25 Mar 26 +426 75% +8% +385 5,562 5,947+7% 81% 7,040 75% Portugal Group These awards are the exclusive responsibility of the attributing entities. Customer counting criteria used in the Strategic Plan. ‘000 Customers ‘000 Customers Digital Mobile Active Digital Active Mobile Customer base growth Based on the quality of the Teams and distinctive digital skills +5% New Companies Website
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48 + 7% 182 195 Q1'25 Q1'26 % Digital Sales (#)4 # Digital Interactions (mio)2 83 83 #1 Millennium App leads ratings 74 74 9 9 Q1'25 Q1'26 App Site Mobile with a complete and innovative value proposition, combined with a superior experience, translates into consolidated growth in interactions and sales % Digital Transactions (#)3 NPS5 Digital Customers Mar 2026 5 largest Banks 1 Includes P2P transfers in Millennium app 2 Interactions (Millennium website and app), individuals includes AB 3 Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.48% of total transactions 4 Digital sales (Millennium website and app) in number of operations 5 Digital channels satisfaction (NPS), 5 largest banks, Source: BASEF-Marktest 4.9 4.8 4.8 +6% Transactions1 +5% Sales +18% Credit Cards (#) +10% P2P Transfers (#) 48 77% % Digital Investment funds(#) 75% % Digital Personal Loans (#) 88% Total Mortgage fundings with Approval Letters digitally signed (#) 40% Mortgage fundings with Digital Mortgage Deed Appointments (#) N U M B E R O F T R A N S A C T I O N S Y / Y jan-mar 2026 vs jan–mar 2025 Strong mobile growth P E N E T R A T I O N R A T E 2026 1Q 89 91 11 9 Q1'25 Q1'26 Digital ATM 99.6 99.6
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49 Net income of 305.8 million in Q1’26 1 Includes dividends from equity instruments, other net operating income, net trading income and equity accounted earnings. 2 Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale) 2 1 (Million euros) Q1'25 Q1'26 % D Net interest income 721.1 738.4 +2.4% +17.3 Commissions 201.4 218.0 +8.2% +16.6 Core income 922.5 956.3 +3.7% +33.9 Operating costs -339.7 -354.9 +4.5% -15.2 Core operating profit 582.8 601.4 +3.2% +18.7 Other income -13.3 26.7 +40.0 Profit before impairment and provisions 569.4 628.1 +10.3% +58.7 Impairment, other provisions and results on modification -191.2 -148.1 -22.6% +43.1 Of which: Loans impairment -55.6 -55.9 +0.4% -0.2 Of which: legal risk on CHF mortgages (Poland) -98.1 -44.9 -54.2% +53.2 Profit before income tax 378.2 480.1 +26.9% +101.8 Income taxes, non-controlling interests and discontinued operations -134.8 -174.3 +29.3% -39.5 Net income 243.5 305.8 +25.6% +62.3
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50 Delivering value ore value ROE 15.9% 50 EPS +29.1% BVPS + DPS +18.2% ROTE 16.6% 1 2 Return on Equity (RoE) | Return on Tangible Equity (RoTE) | Book value per share (BVPS) | Dividend per share (DPS) | Earnings per share (EPS) | 1 Considering the evolution of the book value per share (AT1 adjusted) from March 2025 to March 2026 and the €0.03 dividend per share relating to 2024 earnings, paid in 2025. | 2 Evolution of the net income for the period (adjusted for AT1 coupons) divided by the average number of shares outstanding, compared with the same period last year.
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51 Group 02 Profitability
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52 Group (Consolidated, million euros) Portugal (Million euros) International operations (Million euros) Net interest margin Net interest income Net interest margin Net interest margin 721.1 738.4 Q1'25 Q1'26 395.2 380.6 Q1'25 Q1'26 325.8 357.7 Q1'25 Q1'26 -3.7% 3.00% 2.86% +2.4% 4.55% 3.95% 2.12% 2.20% +9.8%
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53 Group (Consolidated, million euros) Portugal (Million euros) International operations (Million euros) Banking fees and commissions Market-related fees and commissions Fees and commissions 170.5 180.9 30.9 37.1 201.4 218.0 Q1'25 Q1'26 125.0 133.9 22.7 26.4 147.8 160.4 Q1'25 Q1'26 45.4 47.0 8.2 10.7 53.6 57.6 Q1'25 Q1'26 +8.2% +8.5% +7.4%
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54 Group (Consolidated, million euros) Portugal (Million euros) International operations (Million euros) Equity earnings + dividends Mandatory contributions Other operating income Mandatory contributions Net trading income1 Other net operating income 2 Mandatory contributions29.5 49.8 13.5 15.8 -56.3 -38.8 -13.3 26.7 Q1'25 Q1'26 16.2 12.41.1 1.4 -54.3 -44.6 -37.0 -30.9 Q1'25 Q1'26 46 52 13.3 37.412.4 14.4 -2.0 5.7 23.7 57.6 Q1'25 Q1'26 46 52 1 Net trading income includes -5.3 million in Q1’25 of costs related to out -of-court settlements with Customers related with CHF l oan portfolio. | 2 Other operating income includes +8.1 million in Q1’25 and +8.5 million in Q1’26 related with the compensation for provisions for legal risk on CHF mortgages of Eu ro Bank (guaranteed by Société Générale) and includes charges related with negotiation costs and legal procedures of CHF loans.
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55 Group (Consolidated, million euros) Portugal (Million euros) International operations (Million euros) Other administrative costs Depreciation Staff costs Cost to income Operating costs Cost to income Cost to income 91.2 99.0 61.2 62.2 18.7 17.5 171.1 178.7 Q1'25 Q1'26 96.9 97.4 51.9 56.2 19.9 22.7 168.6 176.2 Q1'25 Q1'26 188.1 196.4 113.0 118.4 38.6 40.2 339.7 354.9 Q1'25 Q1'26 37% 36% 34% 31% +4.4% 42% 44% +4.5% +4.5%
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56 Group (Consolidated, million euros) Portugal (Million euros) International operations (Million euros) 55.6 55.9 33.3 47.0 98.1 44.9 187.0 147.7 Q1'25 Q1'26 Cost of risk Loan-loss reserves Cost of risk Loan-loss reserves Cost of risk Loan-loss reserves Cost of risk and provisions CHF mortgage legal risk (Poland)1 Other Loans 22.3 20.1 28.1 31.4 98.1 44.9 148.5 96.4 Q1'25 Q1'26 612 -1.7% 33.3 35.8 5.1 15.638.5 51.3 Q1'25 Q1'26 -35.1% 35bp 1.395 38bp 1.419 33bp 33bp 47bp 41bp 777 783 642 +0.8% -4.6% +33.5% -21.0% -54.2% -54.2% 1 Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 8.1 million in Q1’25 and 8.5 million in Q1’26.
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57 Group Portugal International operations (Consolidated, billion euros) (Billion euros) (Billlion euros) 0.876 0.734 Mar 25 Mar 26 0.841 0.746 Mar 25 Mar 260.84 0.77 0.88 0.71 1.72 1.48 Mar 25 Mar 26 NPE loans ratio NPE loans ratio NPE ratio (EBA) NPE ratio (EBA) Continued decrease of NPEs 1.7% NPE NPL>90d Other million million million 2.1% 1.7% 4.6% 3.8% 1.5% 1.3% 2.3% -13.9% -11.4% -16.3% -238 -96 -143 0 0 0 Mar 25 Mar 260 0 00 0 0 (Total impairment + collaterals*)/ NPE 118.6% 127.7% Total impairment / NPE 82.6% 94.3% Impairments allocated to NPE / NPE 52.9% 55.3% NPL>90 days ratio 1.4% 1.2% NPE ratio 2.9% 2.3% NPE ratio inc. securities and off-BS (EBA) 1.8% 1.4% NPE include loans to Customers only. * Considering State guarantees or supranational, the ratio would stand at 122.4% in March 2025 and 132.5% in March 2026.
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58 Group 02 Business activity
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59 Group Portugal International operations (Consolidated, billion euros) (Billion euros) (Billlion euros) 48.5 53.9 36.6 36.8 1.3 1.6 18.2 20.5 104.6 112.8 Mar 25 Mar 26 Demand deposits Term deposits Other BS funds Off-BS funds Customer funds 19.9 22.9 10.9 10.92.9 3.7 33.7 37.4 Mar 25 Mar 26 28.6 31.0 25.7 26.0 1.3 1.615.3 16.9 70.9 75.4 Mar 25 Mar 26 +7.9% +6.3% +11.1% +6.8% +13.0% Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investme nts).
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60 Group Portugal International operations (Consolidated, billion euros) (Billion euros) (Billlion euros) Companies Personal Mortgage NPE include loans to Customers only, except if otherwise indicated . Loan portfolio NPE: -13.9% (-0.238 billion) billion billion 22.4 24.7 7.6 7.9 29.2 30.7 59.2 63.4 Mar 25 Mar 26 -0.14 +0.5619.08 19.50 Mar 25 NPE Performing Mar 26 -0.10 +3.9440.08 43.92 Mar 25 NPE Performing Mar 26 +9.6% +2.2% +7.2% +3.84 +0.42 +5.2% +10.6%
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61 Group 02 Capital and liquidity
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62 (Fully implemented) (Fully implemented) Fully implemented vs requirement Fully implemented vs requirement Solid capital ratios Common equity tier 1 (CET1)1 Total capital ratio1 Pillar 1 Pillar 2 (P2R) Combined buffer reserve 2 Pillar 1 Pillar 2 (P2R) Combined buffer reserve 2 1 Estimated fully implemented ratio (March 2026) including 10% of unaudited Q1’26 net income. Excluding any distributions, the proforma CET1 ratio would be 15.7%. | 2 Combined buffer reserve comprises: the conservation buffer, the O-SII buffer, the countercyclical buffer (including the increase in the percentage applicable to exposures to counterparties resident in Portugal) and the sectoral systemic risk buffer. • CET11 of 15.1% and total capital ratio1 of 19.3%, after deducting the maximum amount distributable to shareholders in respect of 2025 net profit, which reflects 50% in the form of dividends (509.3 million) and 40% through share buybacks (407.5 million) • Capital ratios comfortably above regulatory requirements (including the conservation buffer, O-SII buffer, countercyclical buffer and sectoral systemic risk buffer) • Leverage ratio at 6.2% as of March 2026 15.9% 15.1% 4.5% 1.21% 4.58% 10.29% Mar 25 Mar 26 Requirements 20.0% 19.3% 8.0% 2.15% 4.58% 14.73% Mar 25 Mar 26 Requirements +4.8pp +4.6pp +9.1pp +9.4pp
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63 -35 bp +70 bp -66 bp -15 bp -9 bp -10 bp -9 bp -13 bp Dec 25 15% of 2025 Additional SBB Dec 25 proforma P&L Dividends +SBB Credit Risk RWA Poland Credit Risk RWA Portugal AFS Reserves RWA Securitisation Poland Other Mar 26 Common equity tier 1 (CET1)1 quarterly evolution 15.9% 15.1% 15.6% -20 bp 1 Estimated fully implemented ratio (March 2026) including 10% of the unaudited net income of Q1’26.
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64 7.2% 0.5% 1.4% 2.7% Mar 26 (%LRE) CET13 AT1 T2 SP 19.8% 1.4% 3.7% 7.4% Mar 26 (%TREA) CET13 AT1 T2 SP • Resolution strategy: MPE (Multi Point of Entry)2 • BCP Resolution Group : Perimeter centred in Portugal • Preferred Resolution Measure: Bail-in • No subordination requirements have been applied to the BCP Resolution Group • As of March 31, 2026, BCP complied with MREL requirement, including CBR, applicable since July, 2025 (with a buffer of 2.8% of TREA, amounting to c. EUR 790 million) • Funding Plan execution in 2026 • Early redemption of the EUR 500 million of SP on February 12, 2026 (not eligible as of January 31, 2026). • 500 million of Senior Preferred issued on February 5, 2026 with a maturity of 6.25 years and Call Option on the year 5.25. • Until year-end 2026 the Bank estimates to issue approximately EUR 1,000 million. MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements *Preliminary data 1 Requirements covered by the 2024 Resolution Planning Cycle, applicable since July 2025 (24.89%). MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework. 2 In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 15.36% and MREL - TEM of 5.91% from 29May 2025. 3 Including unaudited net income for 1Q26. 4 Including RRE – Sectoral Systemic Risk Buffer and CCyB – Countercyclical Capital Buffer. MREL Requirement1 + CBR4 MREL Requirement1 11.7% 29.56% 6.86% 32.4% MREL requirements and Funding Plan MREL position (BCP Resolution Group - 31 Mar 2026)*
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65 (Billion euros) 179% 319% NSFR (Net stable funding ratio) LCR (Liquidity coverage ratio) Robust liquidity position Liquidity ratios (CRD/CRR) Liquidity excess in ECB Net loans to deposits ratio Eligible assets billion 0.72 0.92 Mar 25 Mar 26 31.4 30.3 +0.20 68% 68% Mar 25 Mar 26 100%
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66 Portugal 03
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67 (Million euros) (Million euros) (Million euros)(Million euros) 38.5 51.3 Q1'25 Q1'26 Net income Net operating revenue Operating Costs Profitability in Portugal Impairment and other provisions 218.9 265.4 Q1'25 Q1'26 168.6 176.2 Q1'25 Q1'26 497.3 575.7 Q1'25 Q1'26 +4.5% +21.2% +15.8% +33.5%
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68 (Million euros) Net interest income 325.8 +57.8 -64.1 -2.0 +33.6 -2.0 +10.1 -1.5 357.7 Q1'25 Performing credit volume effect Credit rate effect Impact of NPE reduction Deposit's cost effect Securities portfolio effect Wholesale cost effect Excess liquidity and other Q1'26 2.12% 2.20% +9.8% NPE include loans to Customers only. The positive effects of performing loans volume, deposit’s cost and wholesale funding offset the impact of interest rates decrease on the loan portfolio.
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69 (Million euros) (Million euros) Equity earnings + dividends Net trading income Other operating income Commissions and other income Commissions Other income 13.3 37.412.4 14.4 -2.0 5.7 23.7 57.6 Q1'25 Q1'26 Q1'25 Q1'26 YoY Banking fees and commissions 125.0 133.9 +7.1% Cards and transfers 34.5 40.3 +16.8% Loans and guarantees 21.6 22.0 +2.1% Bancassurance 31.4 33.5 +6.9% Management and maintenance of accounts 36.9 38.3 +3.6% Other fees and commissions 0.7 -0.2 -127.3% Market related fees and commissions 22.7 26.4 +16.2% Securities operations 8.3 10.5 +25.8% Asset management and distribution 14.4 15.9 +10.7% Total fees and commissions 147.8 160.4 +8.5%
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70 (Million euros) 96.9 97.4 51.9 56.2 19.9 22.7 168.6 176.2 Q1'25 Q1'26 Other administrative costs Depreciation Staff costs Operating costs Operating Costs Employees Branches 31%Cost to income 397 388 Mar 25 Mar 26 6,229 6,043 Mar 25 Mar 26 +4.5% 34%
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71 (Million euros) (Million euros) (Million euros) 408 362 433 384 841 746 Mar 25 Mar 26 NPEs decrease Non-performing exposures (NPE) NPE build-up Loan impairment (net of recoveries) NPE include loans to Customers only Cost of risk Loan-loss reserves Other NPE million NPL>90d -96 33.3 35.8 Q1'25 Q1'26 33bp 33bp 777 783 -11.4% • NPE in Portugal total 746 million at the end of March 2026, a decrease of 96 million from March 2025 • The decrease in NPEs compared with March 2025 is attributable to a reduction of 49 million in other NPEs and 46 million in NPL>90d • Cost of risk of 33bp in Q1’26, in line with Q1’25, with the loan-loss reserves / NPE ratio ascending to 105% in March 2026 and 92% in March 2025 (Million euros) Mar 26 vs. Mar 25 Mar 26 vs. Dec 25 Opening balance 841 749 Net outflows/inflows 84 12 Write-offs -37 -14 Sales -143 0 Ending balance 746 746
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72 NPE include loans to Customers only. *By loan-loss reserves and collaterals. NPE coverage NPE total coverage* NPL>90d total coverage* Other NPE total coverage* Real estate collateralReal estate collateral Cash, other fin. collat. • Total coverage* ≥100% for both NPE categories (NPL>90d and other NPE) • Higher levels of coverage by loan-loss reserves in loans to companies, where real-estate collateral, which is usually more predictable in value and has greater market liquidity, is less prevalent than in the retail sector: coverage by loan- losses was 94% for companies NPE as of March 2026, reaching 128% for companies NPL>90d LLRs Real estate collateral Cash, other fin. collat. LLRs Cash, other fin. collat. LLRs 36% 94% 105%0% 10% 5% 64% 24% 43%100% 128% 154% Individuals Companies Total 18% 67% 44%0% 17% 9%81% 24% 51% 100% 108% 104% Individuals Companies Total 55% 128% 91%1% 2% 1%44% 25% 35% 100% 154% 127% Individuals Companies Total
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73 (Million euros) (Million euros) (Million euros) Corporate restructuring funds Turismo Algarve FCR fund * Sale value # properties sold Net value Impairment Book value Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds Sales of foreclosed assets 50 32 38 36 89 68 Mar 25 Mar 26 8 4 Q1'25 Q1'26 293 275 41 42 334 317 Mar 25 Mar 26 11 6 114 23 -5.2% • Net foreclosed assets were down by 36.9% between March 2026 and March 2025 • 23 properties were sold in Q1’26 compared to 114 properties sold in Q1’25 • Restructuring funds amounted to 317 million in March 2026 a decrease of 5.2% from March 2025 * The participation in Turismo Algarve FCR was reclassified to investments in associated companies in Q2’24
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74 (Milhões de euros*) (Milhões de euros*) 17.5 18.8 2.6 2.8 20.0 22.3 40.1 43.9 Mar 25 Mar 26 *Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investm ents). Customer funds and loans to Customers 28.6 31.0 25.7 26.0 1.3 1.6 15.3 16.9 70.9 75.4 Mar 25 Mar 26 +6.3% +9.6% +5.2% +11.1% Term deposits Other BS funds Off-BS funds Companies Personal Mortgage Demand deposits Total Customers Funds* Loans to Customers (gross) (Billion euros) (Billion euros)
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75 (Billion euros) (Billlion euros) Companies Personal Mortgage Performing loans portfolio Performing loans in Portugal Evolution of performing loans 17.1 18.5 2.4 2.6 19.8 22.1 39.2 43.2 Mar 25 Mar 26 +2.3 +0.2 +1.4 39.2 43.2 Mar 25 Mortgages Personal Companies Mar 26 +3.9 +10.0% +11.5% +8.2% billion *Source: SWIFT Watch Analytics March 2026 **Source: ALF (December 2025). Performing loans to individuals increased by 11.5%, highlighting the mortgage loan portfolio which increased by 2.3 billion. Performing loans to companies increased by 8.2% The Bank maintains a prominent position in the corporate segment: ✓ PME Leader programme reference Bank, winner of 6 of the last 7 editions ✓ Leading Bank in Inovadora COTEC programme for the 5th consecutive year, with a market share of 48%; Leading Bank in the Inovadora Evolution programme, recognition of good practices in ESG risk management; ✓ Main Bank for companies: Best Bank for companies, Most innovative Bank, Most efficient Bank and Bank with the Most appropriate products according to DATAE 2025; ✓ Best Bank for Sustainable Finance in Portugal 2025 by Global Finance; ✓ Trade Finance with a market share of 23.5%* and Best Foreign Exchange Bank in Portugal in 2026 according to Global Finance; ✓ Best Bank for SMEs - Euromoney Award given based on the investment made in Digitalization and Innovation and personalized Financial Support to SMEs; ✓ Leading Bank in Banco Fomento Guarantees; ✓ Leading Bank in Confirming, with a market share of 28.1%**; ✓ Leading Bank in Leasing, with a market share of 25.9%**; ✓ Reference commercial bank in Portugal for the EIF and the EIB; ✓ Corporates’ website named Product of the Year 2026 (by, PRODUCT OF THE YEAR PORTUGAL) and Best Customer Experience solution (by Finnovate) These awards are of the exclusive responsibility of the attributing entities.
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76 International operations 04
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77 Contribution from international operations Contribution from international operations 1 Subsidiaries’ net income presented for Q1’25 reflect the same exchange rate as of Q1’26 for comparison purposes. 2025 +64.6% 24.5 40.4 Q1'25 Q1'26 1 (Million euros) 11 (Million euros) Q1'25 Q1'26 Δ % Poland 42.4 71.2 67.8% Mozambique 3.3 5.5 68.2% Other 0.6 1.1 83.6% Exchange rate effect 0.9 -- -- Net income international operations 47.1 77.7 65.0% Non-controlling int. (Poland+Mozambique) -22.6 -37.3 65.4% Contribution from international operations 24.5 40.4 64.6%1
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78 (Million euros1) (Million euros 1) (Million euros 1) 42.4 71.2 169.9 121.7 Q1'25 Q1'26 Bank Millennium Net income Net operating revenue Operating Costs Net income Net income Excluding extraordinary effects2 +67.8% 135.7 148.8 22.3 27.6 158.1 176.5 Q1'25 Q1'26 394.5 394.3 Q1'25 Q1'26 -0.1% +11.6% 1 FX effect excluded.€/Zloty constant at March 2026 levels: Income Statement 4.23; Balance Sheet 4.30. | 2 Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients. | 3 Includes provisions for legal risk, costs with out-of-court settlements and legal advice, before taxes. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes. • Net income of 71.2 million in Q1’26, compared to 42.4 million in the same period last year (+67.8%) • Net income influenced by charges associated with the CHF mortgage loan portfolio despite falling 61%3 YoY, standing at 50.1 million in Q1’26 • Customer funds grew by 14.5%. • Loans to Customers (gross) increased by 4.8%, with corporate loans increasing by 26.5% • CET1 ratio of 13.8% and a total capital ratio of 17.6%, both above the minimum requirements of 8.3% and 11.8%, respectively. WIBOR 3 months (average) 3.87%5.86% Resol. Fund + DGF
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79 (Million euros*) (Million euros*) (Million euros*)(Million euros*) Staff costs Resol. FundFees and commissions Net interest income resilient despite interest rates decrease Operating costsNet interest income Mandatory contributionsCommissions and other income Banking tax on assets Other Other DGF NIM 336.8 329.0 Q1'25 Q1'26 76.2 84.4 81.9 92.1 158.1 176.5 Q1'25 Q1'26 43.2 48.4 14.5 16.8 57.7 65.2 Q1'25 Q1'26 4.3 18.0 27.6 23.3 24.3 45.7 51.9 Q1'25 Q1'26 3.65%4.23% +13.6% -2.3% +13.1% +11.6% *FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23. Balance Sheet 4.30.
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80 (Million euros*) (Million euros*) (Million euros*) Cost of risk Credit quality Loan-loss reserves Loan impairment (net of recoveries) 2.2% NPL>90d 45bp45bp 596.8 561.2 Mar 25 Mar 26 150% 144% 398.7 390.7 Mar 25 Mar 26 2.1% 18.8 17.9 Q1'25 Q1'26 *FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23. Balance Sheet 4.30. Coverage ratio NPL>90d Credit ratio NPL>90d • NPL>90d accounted for 2.1% of total loans as of March 2026, compared to 2.2% in March 2025 • Coverage of NPL>90d by loan-loss reserves stood at 144% as of March 2026 (150% in March 2025) • Cost of risk in Q1’26 at 45bp, in line with the same period last year
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81 (Million euros*) (Million euros*) Demand deposits Term deposits Off-BS funds Companies Personal Mortgage Customers funds and loans to Customers Customers funds Loans to Customers (gross) 18,130 21,365 9,676 10,019 2,787 3,65330,592 35,037 Mar 25 Mar 26 4,390 5,554 4,599 4,783 8,936 8,441 17,925 18,778 Mar 25 Mar 26 +14.5% +4.8% *FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23. Balance Sheet 4.30. +26.5%
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82 1,080 1,030 903 699 8931,102 1,087 1,209 1,093 641 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 CHF mortgages decrease by 44% YoY CHF mortgage portfolio New individual lawsuits and extrajudicial agreements Individual lawsuits % of gross loan portfolio after legal risk provisions As a % of CHF mortgage portfolio Cumulative provisions for legal risks 1 CHF costs 2 1,710 1,721 1,622 1,465 1,326 3M25 6M25 9M25 2025 3M26 21.1 14.4 3M25 3M26 7.3 1.4 1.2 1.1 0.9 0.8 2008 3M25 6M25 9M25 2025 3M26 129.6 50.1 Q1'25 Q1'26 54.6% -15% -44% 1.1%1.4% 0.8% 0.8% 0.7% 142%132% 150% 163% 169% -61% -6.7# # New individual lawsuits # Extrajudicial agreements (Number of cases) (‘000 cases) (Million euros*)(Billion euros*) (Million euros*) * FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23, Balance Sheet 4.30. 1 Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others. | 2 Includes provisions for legal risk, costs with out-of-court settlements and legal advice, before taxes. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guarant eed by Société Générale).
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83 (Million euros*) (Million euros*) (Million euros*) MIMO rate (average) Net income Net operating revenue Operating costs Millennium bim's results influenced by the context *FX effect excluded. €/Metical constant at March 2026 levels: Income Statement 75.05; Balance Sheet 73.29. 1 Net income excluding impacts associated with sovereign debt. 12.35% Adjusted net income 1 32.2 32.1 Q1'25 Q1'26 63.2 65.5 Q1'25 Q1'26 +3.7% 3.5 5.5 21.5 22.8 Q1'25 Q1'26 -0.3% +68.2% 9.32% • Net income of 5.5 million, which represents an increase of 68.2% compared with the same period last year • Provisions and impairments of 21.4 million, including impacts associated with sovereign debt • Customer funds increased by 8.9% compared to March 2025 • Loans to Customers grew by 14.0% compared to March 2025 • NPE ratio at 4.8% • Capital ratio of 42.6% Net income
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84 (Million euros*) (Million euros*) (Million euros*) Commissions Staff costs Cost to income Net interest income increase Net interest income Operating costs Commissions and other income BranchesEmployees NIM Other Other 9.0 9.2 3.8 3.4 12.8 12.6 Q1'25 Q1'26 13.1 15.1 19.1 17.1 32.2 32.1 Q1'25 Q1'26 -0.9% 50.5 52.9 Q1'25 Q1'26 +4.8% 195 191 Q1'25 Q1'26 8.61%8.42% 49%51% 2,640 2,669 Q1'25 Q1'26 -0.3% *FX effect excluded. €/Metical constant at March 2026 levels: Income Statement 75.05; Balance Sheet 73.29.
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85 (Million euros*) (Million euros*) (Million euros*) Loan-loss reserves Loan impairment (net of recoveries) Credit quality Cost of risk Coverage ratio NPL>90d Credit ratio NPL>90d NPL>90d 2.8 2.2 Q1'25 Q1'26 125bp180bp 28.3 51.2 Mar 25 Mar 26 23.5 21.4 Mar 25 Mar 26 120% 239%3.0%3.7% *FX effect excluded. €/Metical constant at March 2026 levels: Income Statement 75.05; Balance Sheet 73.29. • NPL>90d ratio of 3.0% as of March 2026, with coverage by loan-loss reserves of 239% on the same date • Cost of risk of 125bp in Q1’26 compared with 180bp in Q1’25
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86 (Million euros*) (Million euros*) Demand deposits Term deposits Companies Personal Mortgage Business volumes 384 406 240 308 9 9634 722 Mar 25 Mar 26 1,203 1,405 960 950 2,163 2,355 Mar 25 Mar 26 +8.9% +14.0% Customers funds Loans to Customers (gross) *FX effect excluded. €/Metical constant at March 2026 levels: Income Statement 75.05; Balance Sheet 73.29.
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87 Key figures 05
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88 Deliver more value Main targets for strategic cycle 2025-2028 Q1’26 2028Metrics S&P Global CSA (percentile) Top quartileTop quartileESG commitment Cost-to-income Portugal Cost of risk Portugal < 40% < 37% < 50 bps < 45 bps 36% 31% 35 bp 33 bp Execution discipline ROE Shareholder distribution Superior returns > 13.5%15.9% 2025 activity 90%2 Robust capital CET1 ratio > 13.5%15.1%1 > 190€bn > 120€bn > 8mn > 3mn 176€bn 119€bn 7.4mn 2.9mn Healthy organic growth Business volumes Portugal Number of customers Portugal Mobile customers Portugal >80% > 75% 75% 67% Up to 75% of cumulative net income of 4.0- 4.5€bn in 2025-20283 subject to supervisory approval and achievement of Plan’s relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target 1 Estimated fully implemented ratio (March 2026) including 10% of the unaudited net income of Q1’26, already considering the deduction of the maximum share buyback amount, corresponding to 40% of the 2025 net income. Excluding any distributions, the CET1 ratio would be 15.7%. | 2 Includes a 50% dividend payout and a 40% share buyback programme of 2025 net income. | 3 Including dividend payments and share buybacks during the 2025-28 cycle.
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89 COMMITMENT TO PEOPLE AND SOCIETY Millennium BCP features, for the fourth consecutive year, in the “Best Practices” section of the Annual Report published by the Centre for Responsible Business and Leadership at Católica Lisbon (UCP) Millennium bcp is supporting Greenvolt’s pioneering project finance to boost the development of distributed renewable energy generation projects in Portugal The 2nd edition of “VolunTeam” as part of AESE’s GOS (Social Organisation Management) programme, a partnership that brings together volunteers from the Bank and participating institutions to create social value IPO & Casa Acreditar, in Coimbra, are receiving support from the BCP Foundation, which is supplementing the contributions made by the bank’s staff as part of the “Millennium Solidário: Christmas 2025” campaign Millennium bcp continues to reduce its environmental footprint in Portugal, with a 11% reduction in electricity consumption (100% green), a 6% reduction in water consumption and a 30% reduction in GHG emissions over the last three years (2023–2025) BCP has published its 21st Sustainability Report, disclosing, in accordance with the new European standards, the 2025 aggregate indicators on the ESG performance of the Group and its operations Millennium BCP and the MBCP Foundation continue to support the “Vela Sem Limites” project, an initiative organised by the Cascais Naval Club, Cascais Municipal Council and CERCICA Millennium bcp, in partnership with the Mbcp Foundation, continues to support EPIS (Entrepreneurs for Social Inclusion) through skills-based volunteering initiatives with young people in vocational education National Museum of Contemporary Art (MNAC) – restoration of the painting “Concerto de Amadores” by Columbano Bordalo Pinheiro Millennium bcp Foundation – 30th Anniversary – Commemorative concert – J.S. Bach’s “Passion according to St John” – held at the Basílica da Estrela World Monument Fund – Support for the conservation and restoration of Almada Negreiros murals in the Alcântara Ferry Terminal Soares dos Reis National Museum – An integrated accessibility project aimed at removing physical, sensory and communication barriers SocietyMillennium bcp Foundation Sustainability
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90 EXTERNAL RECOGNITION Millennium bcp: 2026 Consumer’s Choice, in the “Large Banks” category for the 6th consecutive year ActivoBank: “2026 Five stars” Bank for the 3rd time, “Digital Banking” category Millennium bcp: Companies Website is “Product of the Year 2026” in the Business Solutions category Millennium bcp: “2026 Five stars” Bank, in the “Large Banks” and “Mobile Apps” categories ActivoBank: 2026 Consumer’s Choice, in the “Digital Bank” category for the 8th consecutive year ActivoBank: The Right Choice in Current Accounts by DECO PROteste ActivoBank: The Right Choice of ETF investments by DECO PROteste Bank Millennium: Institution of the Year, with awards in several categories Bank Millennium: Top Employer Polska 2026 Bank Millennium: Golden Bank 2026 award for the best quality of multi-channel customer service Millennium bcp: 1st place in the Technology category at the Kaizen Awards Bank Millennium: A bank with a mission
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91 Appendix 06
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92 FINANCIAL HIGHLIGHTS ACCORDING TO INSTRUCTION No. 16/2004 FROM BANCO DE PORTUGAL, AS THE CURRENTLY EXISTING VERSION Following the publication of Banco de Portugal Instruction No. 17/2025, which amends Instruction No. 16/2004 concerning the indicators to be used by credit institutions in the disclosure of the information to the public, we have included in the table on he side the relevant indicators calculated in accordance with the version of the instruction currently in force. This amendment aims to align the indicators to be disclosed to the public with the definitions and criteria used by the European Banking Authority (EBA), specifically associating the calculation formulas for these indicators with specific elements of the Financial/Accounting Reporting Framework for Supervisory Purposes (FINREP – Common Reporting Framework). Accordingly, unlike the remaining information disclosed in this release, which is based on the full consolidation perimeter, these indicators are calculated using the prudential perimeter. Mar 25 Mar 26 Profitability Net Income / Total assets 1.0% 1.2% Net operating revenues / Total assets 3.6% 3.7% Net Income / Equity 12.7% 14.7% Efficiency Cost-to-income ratio 36.3% 34.9% Staff costs / Net operating revenues 20.0% 19.3% 0.0% 0.0% Loans to Deposits Loans and advances to non-financial companies and individuals / Deposits from non-financial companies and individuals 64.4% 64.7%
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93 (Milhões de euros*) (Milhões de euros*) Sovereign debt portfolio ≤1 ano: 15% >1 ano, ≤2 anos: 16% >2 anos, ≤5 anos: 54% >5 anos, ≤8anos: 14% >8 anos, ≤10 anos: 1% >10 anos: 0% Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 YoY QoQ Portugal 2,787 2,628 2,382 2,158 3,133 +12% +45% T-bills and other 663 704 456 390 1,384 >100% >100% Bonds 2,124 1,924 1,926 1,768 1,749 -18% -1% Poland 8,783 9,380 10,386 11,016 12,512 +42% +14% Mozambique 607 551 582 558 585 -4% +5% Other 18,460 18,877 19,092 18,785 18,253 -1% -3% Total 30,637 31,436 32,442 32,518 34,484 +13% +6% Sovereign debt portfolio Sovereign debt maturity (Consolidated, million euros) ✓ The sovereign debt portfolio totalled 34.5 billion, 23.9 billion of which maturing in more than 2 years ✓ The Portuguese sovereign debt portfolio totalled 3.1 billion, Polish amounted to 12.5 billion and Mozambican amounted to 0.6 billion; “Other” includes, among other, sovereign debt from European Union (5.6 billion), Spain (4.4 billion), France (3.6 billion), Italy (1.6 billion), Belgium (1.3 billion), Austria (0.6 billion) and Ireland (0.5 billion)
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94 *Includes financial assets at fair value through other comprehensive income (11,298 million) and financial assets at amortized cost (21,381million). Sovereign debt portfolio breakdown Million euros Portugal Poland Mozambique Other Total Trading book 1,391 216 0 198 1,805 ≤ 1 year 1,385 88 0 198 1,670 > 1 year and ≤ 2 years 2 30 0 0 32 > 2 years and ≤ 5 years 2 82 0 0 85 > 5 years and ≤ 8 years 1 14 0 0 15 > 8 years and ≤ 10 years 0 2 0 0 2 > 10 years 1 0 0 0 1 Banking book* 1,742 12,297 585 18,055 32,679 ≤ 1 year 3 1,531 301 1,525 3,360 > 1 year and ≤ 2 years 51 2,102 56 3,311 5,520 > 2 years and ≤ 5 years 1,439 8,195 190 8,883 18,706 > 5 years and ≤ 8 years 109 469 38 4,121 4,737 > 8 years and ≤ 10 years 81 0 0 206 287 > 10 years 60 0 0 10 69 Total 3,133 12,512 585 18,253 34,484 ≤ 1 year 1,387 1,619 301 1,722 5,030 > 1 year and ≤ 2 years 53 2,132 56 3,311 5,552 > 2 years and ≤ 5 years 1,441 8,278 190 8,883 18,791 > 5 years and ≤ 8 years 110 482 38 4,121 4,752 > 8 years and ≤ 10 years 81 2 0 206 289 > 10 years 61 0 0 10 71
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95 Carteira de crédito Loans per collateral LTV of the mortgage portfolio (Consolidated) Breakdown Diversified and collateralised portfolio (Portugal)(Consolidated) Mortgage 48% Personal/ other 13% Companies 39% Real guarantees 57% Other guarantees 25% Unsecured 19% ✓ Loans to companies accounted for 39% of the loan portfolio, including 7% to construction and real-estate sectors, as of March 2026 ✓ Mortgage accounted for 48% of the loan portfolio, with low delinquency levels and an average LTV of 60% ✓ 81% of the loan portfolio is collateralised 0-40 19% 40-50 12% 50-60 15% 60-75 26% 75-80 9% 80-90 14% >90 6%
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96 Average annual amounts in millions of euros Interest rate risk hedging portfolio Outstanding position in fixed rate bonds and interest rate swaps 2.3% 2.4%2.3% 2.4%Average rate Total bond’s portfolio Unhedged bonds Total portfolio rating Interest rate swaps Unhedged bonds 12,990 9,520 5,646 1,958 19,207 17,232 11,998 12,372 32,196 26,751 17,644 14,330 2026 2027 2028 2029-2031 ≤ 3 years, 59% 4-5 years, 39% ≥6 years, 2% AAA <-> AA, 40% A+ <-> A-, 51% BBB+, 9% ≤ 3 years, 27% 4-5 years, 53% ≥6 years, 20%
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97 (Million euros) For the 3-month periods ended March 31, 2025 and 2026 Consolidated income statement M ar 2 5 M ar 2 6 Δ % M ar 2 5 M ar 2 6 Δ % M ar 2 5 M ar 2 6 Δ % M ar 2 5 M ar 2 6 Δ % M ar 2 5 M ar 2 6 Δ % M ar 2 5 M ar 2 6 Δ % Interest income 1 ,1 35 1 ,057 -6.9% 522 488 -6.5% 61 3 569 -7.3% 540 506 -6.3% 73 63 -1 4.0% 0 0 -- Interest expense 41 4 31 8 -23.2% 1 96 1 30 -33.7% 21 8 1 88 -1 3.7% 202 1 78 -1 1 .6% 17 10 -39.2% 0 0 1 00.0% N et interest inco me 721 738 2.4% 326 358 9.8% 395 381 -3.7% 339 328 -3.2% 57 53 -6.7% 0 0 >100% Dividends from equity instruments 0 0 -1 00.0% 0 0 -- 0 0 -1 00.0% 0 0 -1 00.0% 0 0 -- 0 0 -- Intermediatio n margin 721 738 2.4% 326 358 9.8% 395 381 -3.7% 339 328 -3.2% 57 53 -6.7% 0 0 >100% Net fees and commission income 201 21 8 8.2% 1 48 1 60 8.5% 54 58 7.4% 44 48 1 1 .1 % 10 9 -8.6% 0 0 -- Other net operating income -56 -39 31 .1 % -2 6 >1 00% -54 -45 1 7.9% -54 -45 1 7.9% 0 0 -49.0% 0 0 >1 00% B asic inco me 866 918 5.9% 472 524 11.1% 395 394 -0.2% 328 332 1.1% 67 62 -7.0% 0 0 >100% Net trading income 30 50 68.6% 13 37 >1 00% 16 12 -23.9% 12 9 -25.5% 4 3 -1 8.6% 0 0 >1 00% Equity accounted earnings 13 16 1 7.2% 12 14 1 6.0% 1 1 31 .4% 0 0 -- 0 0 -23.6% 1 1 62.1 % N et o perating revenues 909 983 8.1% 497 576 15.8% 412 407 -1.1% 340 341 0.2% 71 66 -7.7% 1 1 62.1% Staff costs 1 88 1 96 4.4% 97 97 0.5% 91 99 8.5% 76 84 9.7% 15 15 2.4% 0 0 -- Other administrative costs 113 118 4.7% 52 56 8.3% 61 62 1 .6% 45 48 7.4% 16 14 -1 4.1 % 0 0 -- Amortisation and depreciation 39 40 4.2% 20 23 1 4.1 % 19 18 -6.3% 14 14 7.0% 5 3 -41 .1 % 0 0 -- Operating co sts 340 355 4.5% 1 69 1 76 4.5% 1 71 1 79 4.4% 1 35 1 47 8.7% 36 32 -1 1 .3% 0 0 -- P ro fit bef. impairment and pro visio ns 569 628 10.3% 329 399 21.5% 241 229 -5.0% 205 194 -5.4% 35 33 -4.1% 1 1 62.1% Results on modification -4 0 91 .3% 0 0 -- -4 0 91 .3% -4 0 91 .3% 0 0 -- 0 0 -- Loans impairment (net of recoveries) 56 56 0.4% 33 36 7.2% 22 20 -9.8% 19 18 -6.6% 3 2 -29.5% 0 0 -- Other impairm. and provisions 1 31 92 -30.1 % 5 16 >1 00% 1 26 76 -39.6% 1 06 57 -46.2% 20 19 -4.7% 0 0 -- P ro fit befo re inco me tax 378 480 26.9% 290 348 20.0% 88 132 49.9% 76 119 56.8% 12 12 4.0% 1 1 62.1% Income tax 112 1 37 22.0% 71 83 1 6.0% 41 54 32.5% 33 48 44.4% 8 7 -1 7.3% 0 0 1 00.0% N et inco me after inco me tax fro m co ntinuing o peratio ns 266 343 29.0% 219 265 21.2% 47 78 65.0% 43 71 66.3% 4 5 49.7% 1 1 62.1% Net income from discontinued operations 0 0 -- 0 0 -- 0 0 -- 0 0 -- Non-controlling interests 23 37 65.5% 0 0 35.7% 23 37 65.4% 0 0 -- 0 0 -- 23 37 65.4% N et inco me 243 306 25.6% 219 265 21.2% 25 40 64.6% 43 71 66.3% 4 5 49.7% -22 -36 -65.5% M illennium bim (M o z.) Internatio nal o peratio ns Gro up P o rtugal T o tal B ank M illennium (P o land) Other int. o peratio ns
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98 Consolidated balance sheet (Million euros) 31 March 2026 31 March 2025 ASSETS Cash and deposits at Central Banks 3,280.2 3,159.4 Loans and advances to credit institutions repayable on demand 224.3 326.8 Financial assets at amortised cost Loans and advances to credit institutions 1,066.8 1,282.2 Loans and advances to customers 58,653.7 54,638.2 Debt securities 25,464.5 24,053.6 Financial assets at fair value through profit or loss Financial assets held for trading 2,091.9 1,473.2 Financial assets not held for trading mandatorily at fair value through profit or loss 351.8 343.8 Financial assets designated at fair value through profit or loss - 37.0 Financial assets at fair value through other comprehensive income 15,005.9 13,583.5 Hedging derivatives 73.8 70.7 Investments in associates 470.1 447.2 Non-current assets held for sale 65.1 43.7 Investment property 5.1 21.4 Other tangible assets 571.9 603.4 Goodwill and intangible assets 319.3 276.5 Current tax assets 18.9 24.8 Deferred tax assets 1,668.8 2,113.5 Other assets 1,737.7 1,795.4 TOTAL ASSETS 111,069.6 104,294.3 31 March 2026 31 March 2025 LIABILITIES Financial liabilities at amortised cost Deposits from credit institutions and other funds 742.5 876.1 Deposits from customers and other funds 88,829.1 83,353.8 Non-subordinated debt securities issued 3,849.8 3,743.9 Subordinated debt 1,373.7 1,395.4 Financial liabilities at fair value through profit or loss Financial liabilities held for trading 115.9 219.4 Financial liabilities designated at fair value through profit or loss 3,455.1 3,060.7 Hedging derivatives 38.0 24.7 Provisions 1,202.5 1,166.5 Current tax liabilities 84.8 83.3 Deferred tax liabilities 5.8 4.3 Other liabilities 1,704.5 1,817.1 TOTAL LIABILITIES 101,401.5 95,745.2 EQUITY Share capital 3,000.0 3,000.0 Share premium 16.5 16.5 Other equity instruments 400.0 400.0 Legal and statutory reserves 464.7 384.4 Treasury shares - - Reserves and retained earnings 3,888.1 3,367.0 Net income for the period attributable to Bank's Shareholders 305.8 243.5 Non-controlling interests 1,593.1 1,137.8 TOTAL EQUITY 9,668.1 8,549.1 TOTAL LIABILITIES AND EQUITY 111,069.6 104,294.3
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99 Consolidated net income *Includes dividends from equity instruments, other net operating income, net trading income and equity accounted earnings. (Million euros) Q1'25 Q1'26 YoY Impact on earnings Net interest income 721.1 738.4 +2.4% +17.3 Net fees and commissions 201.4 218.0 +8.2% +16.6 Other income* -13.3 26.7 +40.0 Net operating revenue 909.1 983.0 +8.1% +73.9 Staff costs -188.1 -196.4 +4.4% -8.3 Other administrative costs and depreciation -151.6 -158.6 +4.6% -6.9 Operating costs -339.7 -354.9 +4.5% -15.2 Profit before impairment and provisions 569.4 628.1 +10.3% +58.7 Results on modification -4.2 -0.4 +3.8 Loans impairment (net of recoveries) -55.6 -55.9 +0.4% -0.2 Other impairment and provisions -131.4 -91.8 -30.1% +39.5 Results of modification, Impairment and provisions -191.2 -148.1 -22.6% +43.1 Profit before income tax 378.2 480.1 +26.9% +101.8 Income taxes -112.2 -136.9 +22.0% -24.7 Non-controlling interests -22.5 -37.3 +65.5% -14.8 Net income 243.5 305.8 +25.6% +62.3
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100 Net Income - Group - per quarter Group (Million euros) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 vs % Q4'25 vs % Q1'25 Net interest income 721.1 723.0 722.5 731.5 738.4 0.9% 2.4% Net fees and commissions 201.4 212.4 215.0 218.6 218.0 -0.3% 8.2% Equity earnings + dividends 13.5 18.4 13.6 17.6 15.8 -10.2% 17.0% Net trading income 29.5 26.3 24.8 24.9 49.8 99.9% 68.6% Other net operating income -56.3 -41.3 1.0 -2.2 -38.8 Net operating revenue 909.1 938.8 976.9 990.3 983.0 -0.7% 8.1% Staff costs -188.1 -195.2 -192.0 -217.1 -196.4 -9.5% 4.4% Other administrative costs and depreciation -151.6 -148.6 -156.9 -165.5 -158.6 -4.2% 4.6% Operating costs -339.7 -343.8 -349.0 -382.6 -354.9 -7.2% 4.5% Profit before impairment and provisions 569.4 595.0 627.9 607.7 628.1 3.4% 10.3% Results on modification -4.2 -0.9 -0.3 0.1 -0.4 Loans impairment (net of recoveries) -55.6 -34.1 -51.2 -58.5 -55.9 -4.5% 0.4% Other impairment and provisions -131.4 -149.2 -163.6 -181.6 -91.8 -49.4% -30.1% Results of modification, Impairment and provisions -191.2 -184.3 -215.2 -240.0 -148.1 -38.3% -22.6% Profit before income tax 378.2 410.7 412.8 367.7 480.1 30.6% 26.9% Net income from discontinued operations 0.0 0.0 0.0 0.0 0.0 -- -- Income taxes -112.2 -106.2 -98.7 -91.6 -136.9 49.5% 22.0% Non-controlling interests -22.5 -45.7 -40.5 -33.4 -37.3 11.8% 65.5% Net income 243.5 258.8 273.6 242.7 305.8 26.0% 25.6%
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101 Net Income - Portugal - per quarter Portugal (Million euros) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 vs % Q4'25 vs % Q1'25 Net interest income 325.8 332.9 336.0 343.5 357.7 4.1% 9.8% Net fees and commissions 147.8 159.3 158.4 160.5 160.4 -0.1% 8.5% Equity earnings + dividends 12.4 16.1 11.7 15.6 14.4 -7.7% 16.0% Net trading income 13.3 -6.3 3.8 -3.9 37.4 Other net operating income -2.0 -19.6 12.0 17.8 5.7 -67.7% Net operating revenue 497.3 482.5 521.9 533.5 575.7 7.9% 15.8% Staff costs -96.9 -99.8 -98.6 -120.6 -97.4 -19.3% 0.5% Other administrative costs and depreciation -71.7 -73.9 -77.0 -80.4 -78.9 -1.9% 9.9% Operating costs -168.6 -173.7 -175.5 -201.0 -176.2 -12.3% 4.5% Profit before impairment and provisions 328.7 308.7 346.3 332.5 399.4 20.1% 21.5% Results on modification 0.0 0.0 0.0 0.0 0.0 -- -- Loans impairment (net of recoveries) -33.3 -35.4 -35.1 -30.3 -35.8 18.0% 7.2% Other impairment and provisions -5.1 -0.5 -4.7 -18.3 -15.6 -14.7% 204.8% Results of modification, Impairment and provisions -38.5 -35.9 -39.8 -48.6 -51.3 5.7% 33.5% Profit before income tax 290.2 272.8 306.5 283.9 348.1 22.6% 20.0% Net income from discontinued operations 0.0 0.0 0.0 0.0 0.0 -- -- Income taxes -71.3 -67.8 -76.6 -69.0 -82.7 19.9% 16.0% Non-controlling interests 0.0 0.0 0.5 0.0 0.0 -54.4% -35.7% Net income 218.9 205.1 230.5 214.9 265.4 23.5% 21.2%
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102 Net Income – International op. - per quarter International Operations (Million euros) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 vs % Q4'25 vs % Q1'25 Net interest income 395.2 390.1 386.6 388.0 380.6 -1.9% -3.7% Net fees and commissions 53.6 53.1 56.6 58.1 57.6 -0.8% 7.4% Equity earnings + dividends 1.1 2.3 1.9 2.0 1.4 -30.8% 28.9% Net trading income 16.2 32.6 21.0 28.8 12.4 -57.1% -23.9% Other net operating income -54.3 -21.7 -11.0 -20.0 -44.6 Net operating revenue 411.8 456.3 455.1 456.8 407.4 -10.8% -1.1% Staff costs -91.2 -95.4 -93.5 -96.5 -99.0 2.6% 8.5% Other administrative costs and depreciation -79.9 -74.7 -80.0 -85.1 -79.7 -6.3% -0.2% Operating costs -171.1 -170.1 -173.4 -181.5 -178.7 -1.6% 4.4% Profit before impairment and provisions 240.8 286.2 281.6 275.3 228.7 -16.9% -5.0% Results on modification -4.2 -0.9 -0.3 0.1 -0.4 Loans impairment (net of recoveries) -22.3 1.3 -16.1 -28.2 -20.1 -28.6% -9.8% Other impairment and provisions -126.3 -148.8 -159.0 -163.4 -76.3 -53.3% -39.6% Results of modification, Impairment and provisions -152.7 -148.4 -175.4 -191.5 -96.7 -49.5% -36.7% Profit before income tax 88.0 137.8 106.3 83.8 131.9 57.4% 49.9% Net income from discontinued operations 0.0 0.0 0.0 0.0 0.0 -- -- Income taxes -40.9 -38.4 -22.1 -22.6 -54.2 139.8% 32.5% Net income of international operations 47.1 99.5 84.2 61.2 77.7 27.0% 65.0% Non-controlling interests -22.6 -45.7 -41.0 -33.4 -37.3 11.8% 65.4% Contribution from international operations 24.5 53.7 43.2 27.8 40.4 45.4% 64.6%
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103 Glossary (1/2) Assets placed with Customers – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions. Average equity - weighted average of the average of monthly equity in the period. Average total assets - weighted average of the average of monthly net assets in the period. Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers. Business Volumes - corresponds to the sum of total Customer funds and loans to Customers (gross). Commercial gap – loans to Customers (gross) minus on-balance sheet Customer funds. Core income - net interest income plus net fees and commissions income. Core net income - net interest income plus net fees and commissions income deducted from operating costs. Cost of risk, net (expressed in basis points) - ratio of loans impairment (P&L) accounted in the period to loans to Customers at amortized cost and debt instruments at amort ized cost related to credit operations before impairment at the end of the period. Cost to core income - operating costs divided by core income. Cost to income – operating costs divided by net operating revenues. Coverage of non-performing exposures by impairments – loans impairments (balance sheet) divided by the stock of NPE. Coverage of non-performing loans by impairments – loans impairments (balance sheet) divided by the stock of NPL. Coverage of overdue loans by impairments - loans impairments (balance sheet) divided by overdue loans. Coverage of overdue loans by more than 90 days by impairments - loans impairments (balance sheet) divided by overdue loans by more than 90 days. Debt instruments – non-subordinated debt instruments at amortized cost and financial liabilities measured at fair value through profit or loss ( debt securities and certificates). Debt securities placed with Customers - debt securities issued by the Bank and placed with Customers. Deposits and other resources from Customers – Deposits from Customers at amortized cost and Customer deposits at fair value through profit or loss. Dividends from equity instruments - dividends received from investments classified as financial assets at fair value through other comprehensive income and from financial assets held for trading. Equity accounted earnings - results appropriated by the Group related to the consolidation of entities where, despite having some influence, the Group does not control the financial and operational policies. EPS (Earnings per Share) - earnings per share, considering the ratio between the net income for the year attributable to the Bank's shareholders, deduct ed from coupons on AT1 (if they exist) and the average number of shares. Insurance products – includes unit linked saving products and retirement saving plans (“PPR”, “PPE” and “PPR/E”). Loans impairment (balance sheet) – balance sheet impairment related to loans to Customers at amortized cost, balance sheet impairment associated with debt instr uments at amortized cost related to credit operations and fair value adjustments related to loans to Customers at fair value through profit or loss. Loans impairment (P&L) – impairment (net of reversals and net of recoveries - principal and accrual) of financial assets at amortized cost for loans t o Customers and for debt instruments related to credit operations. Loans to Customers (gross) – loans to Customers at amortized cost before impairment (excluding reverse repos), debt instruments at amortized cost associa ted to credit operations before impairment and loans to Customers at fair value through profit or loss before fair value adjustments.
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104 Glossary (2/2) Loans to Customers (net) - loans to Customers at amortized cost net of impairment (excluding reverse repos), debt instruments at amortized cost associat ed to credit operations net of impairment and balance sheet amount of loans to Customers at fair value through profit or loss. Loan to Deposits ratio (LTD) – loans to Customers (net) divided by deposits and other resources from Customers. Loan to value ratio (LTV) – mortgage amount divided by the appraised value of property. Net commissions - net fees and commissions income. Net interest margin (NIM) - net interest income for the period as a percentage of average interest earning assets. Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings. Net trading income – gains/(losses) on financial operations at fair value through profit or loss, foreign exchange gains/(losses), gains/(losses) on hedge accounting and gains/(losses) arising from derecognition of financial assets and liabilities not measured at fair value through profit or loss. Non-performing exposures (NPE) non-performing loans and advances to Customers (includes loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment ) more than 90 days past -due or unlikely to be paid without collateral realisation, if they recognised as defaulted or impaired. Non-performing loans (NPL) – overdue loans (loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment) more than 90 days past due including the non -overdue remaining principal of loans, i.e. portion in arrears, plus non-overdue remaining principal. Off-balance sheet Customer funds – assets under management, assets placed with Customers and insurance products (savings and investment) subscribed by Customers. Operating costs - staff costs, other administrative costs and depreciation. Other impairment and provisions – impairment (net of reversals) for loans and advances of credit institutions classified at amortized cost, impairment for fina ncial assets (classified at fair value through other comprehensive income and at amortized cost not associated with credit operations), impairment for other assets, namely assets received as payment in kind, investments in associated companies and goodwill of subsidiaries and other provisions. Other net income – dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earni ngs. Other net operating income – net gains from insurance activity, other operating income/(loss) and gains/(losses) arising from sales of subsidiaries and ot her assets. Profit before impairment and provisions – net operating revenues deducted from operating costs. Return on average assets (ROA) – net income (before minority interests) divided by the average total assets. Return on equity (ROE) – net income (after minority interests) deducted from Coupons on AT1 (if they exist), divided by the average equity, with Equit y = Equity - preference shares - other capital instruments, net of treasury shares of the same nature - non-controlling interests. Return on tangible equity (ROTE) – net income (after minority interests) deducted from Coupons on AT1 and from goodwill impairment (if they exist), divided by t he average equity, deducted from goodwill and intangible assets, with Equity = Equity - preference shares - other capital instruments, net of treasury shares of the same nature - non-controlling interests. Securities portfolio - debt instruments at amortised cost not associated with credit operations (net of impairment), financial assets at fair value through profit or loss (exclud ing the ones related to assets with repurchase agreement held for trading, trading derivatives and loans to customers) and financial assets at fair value through other comprehensive income. Spread - increase (in percentage points) to the index used by the Bank in loans granting or fund raising. Total Customer funds - balance sheet Customer funds and off-balance sheet Customer fund. Total Customer funds - balance sheet Customer funds and off-balance sheet Customer funds.
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105 05 OTHER INFORMATION
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106 0.3 +0.0 +0.1 +0.1 +0.1 0.7 NPL >90d Cross- default Quaren -tine* LLRs/gross loans>20% or LLR>€5 million Other triggers NPE -2.7 -5.0 -4.3 12.8 0.7 Dec 13 Net new entries Write-offs Sales Mar 26 (Portugal, billion euros) (Portugal, billion euros, March 2026) *9 months following payment is resumed for loans to companies, 3 months for retail loans. NPE include loans to Customers only. The NPE reduction plan is being implemented Reconciliation of NPLs>90d with NPEs (EBA definition) NPEs down €12.0 billion from end-2013 NPLs>90d vs NPEs
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107 \ Senior debt Ratings Last rating action 12 Mar 25 (Upgrade) S&P - Investment Grade +7 notches Stable Outlook BBB+ Moody’s - Investment Grade Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 BBB+ BBB BBB- BB+ BB BB- B+ B Last rating action 12 May 26 (Upgrade of deposits rating) Fitch - Investment Grade BBB+ BBB BBB- BB+ BB BB- B+ Last rating action 1 Oct 25 (Upgrade) DBRS - Investment Grade BBB+ +4 notches Stable Trend Baa2 A(low) BBB(high) BBB BBB (Low) BB (High) BB +5 notches Positive Outlook (28 Nov 25) A (low) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Baa1 +6 notches Positive Outlook (27 May 26) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Last rating action 27 May 26 (Outlook improvement)
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108 BCP had 20 rating actions by Rating Agencies since the end of 2022 reflecting the progress in NPA reduction, strengthening ofcapitalization, funding and liquidity levels and improvement in profitability leading to twelve upgrades Fitch BB+ Upgrade S&P BBB- Upgrade to IG Upgrade to IG BBB- Moody’s Baa2 Upgrade 17 Mar DBRS BBB Upgrade Dec 2022 Dec 2023 Last rating actions BCP is rated Investment Grade by the four main rating agencies Upgrade BBB(high) Upgrade BBB Baa1 Upgrade Upgrade BBB Positive Outlook Positive Outlook Dec 2024 Upgrade BBB+ Stable Outlook Affirmation Upgrade of deposits rating Baa1 Upgrade A(low) Upgrade BBB+ 12 Sep 21 Sep 22 Nov Fitch 18 Dec DBRS 3 Oct S&P 4 Oct Moody’s 19 Nov 13 Dec Fitch S&P 12 Mar Moody’s 21 May DBRS 1 Oct 28 Nov Fitch Dec 2025 BBB+ 12 May Fitch Affirmation Upgrade of deposits rating
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109 Ratings Moody’s Standard & Poor’s Intrinsic Baseline Credit Assessment/ Adjusted BCA baa2 / baa2 Stand-alone credit profile (SACP) bbb+ LT/ST Counterparty Risk Assessment LT/ST A2 / P-1 (cr) Resolution Counterparty Credit Rating LT/ST A- / A-2 Counterparty Risk LT/ST A2 / P-1 Issuer Credit Rating LT/ST BBB+ / A-2 Deposits LT/ST (Investment Grade) A2 / P-1 Senior Debt (Investment Grade) BBB+ Senior Debt LT/ST (Investment Grade) Baa1 / P-2 Senior Non-Preferred BBB Senior Non-Preferred Baa2 Outlook Stable Outlook deposits / senior Positive / Positive Others Subordinated Debt – MTN (P) Baa3 Subordinated Debt BBB- Subordinated Debt Baa3 Other Short-Term Debt P (NP) Covered Bonds Aaa Fitch Ratings DBRS Intrinsic Viability Rating bbb+ Intrinsic A (low) Support ns Critical Obligations A (high) / R-1 (middle) LT/ST Issuer Default Rating LT/ST (Investment Grade) BBB+ / F2 Deposits LT/ST (Investment Grade) A / R-1 (low) Deposits LT/ST (Investment Grade) A / F1 Senior Debt LT/ST (Investment Grade) A (low) / R-1 (low) Senior Debt LT/ST (Investment Grade) BBB+ / F2 Senior Non-Preferred BBB (high) Senior Non-Preferred BBB Trend Stable Outlook Positive Others Subordinated Debt Lower Tier 2 BBB- Subordinated Debt BBB Additional Tier 1 BB Additional Tier 1 BB (high) Covered Bonds AAA
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110 0 25 50 75 100 125 1 2 3 4 5 7 10 (Basis points)(Basis points) (Basis points) As at May 15, 2026 (Years) 1 year ago • Since the beginning of 2018, the BCP CDS spreads remained relatively stable until the end of 2022 and declined since the beginning of 2023, reflecting the improvement in profitability, operational efficiency, continued reduction of NPE, and strong organic capital generation • Besides these BCP’s intrinsic factors, the BCP CDS spreads benefitted also from the decrease in Portuguese Republic CDS spreads • Spreads on senior preferred debt have remained stable vs. LTM. Progress recognised by the market CDS 5 yr Portuguese Republic CDS BCP yield curve (senior) CDS 5 yr BCP 0 100 200 300 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-… Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-… Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 0 100 200 300 400 500 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26
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111 Issuer: Banco Comercial Português, S.A. ISIN: PTBCPCOM0004 Ratings (M/SP/F/D): Baa2/BBB/BBB-/BBBH Amount: € 500M Issue Date: 21 October 2024 Maturity Date: 21 October 2029 Call option: 21 October 2028 (one time call) subject to the prior approval of the Relevant Authority Coupon: 3.125% p.a., until the Optional Redemption Date, then 3m Euribor + 85bps until the Maturity Date Listing: Euronext Dublin Issuer: Banco Comercial Português, S.A. ISIN: PTBCPMOM0051 Ratings (M/SP/D): Ba1/BBB-/BBB(L) Amount: € 500M Issue Date: 20 March 2025 Maturity Date: 20 March 2037 Call option: 20 March 2032 (On the Optional Redemption Date) Coupon: 4.750% until 20 March 2032, with annual payments; Euribor MS+215bps thereafter, with quarterly payments Listing: Euronext Dublin France 46% DACH 16% Italy 14% UK & Ireland 16% Portugal & Spain 6% Other 2% 5nc4 Senior Preferred Notes Breakdown by investor type and geography 12nc7 Tier 2 Notes Breakdown by investor type and geography 6nc5 Senior Preferred Notes Asset Managers 67% Banks/PB 18% Hedge Funds 6% Central Bank/Official Institutions 5% Insurance/Pension Funds 3% Other 1% Breakdown by investor type and geography 6.25nc5.25 Senior Preferred Notes Breakdown by investor type and geography Wholesale funding – Last deals executed in 2026, 2025 & 2024 in Euro Capital Markets France 39% DACH 18% Italy 13% UK/Ireland 12% Portugal 7% Luxembourg 5% Spain 5% Others 1% Issuer: Banco Comercial Português, S.A. ISIN: PTBCP7OM0004 Ratings (M/SP/D): Baa1/BBB+/BBB(H) Amount: € 500M Issue Date: 24 June 2025 Maturity Date: 24 June 2031 Call option: 24 June 2030 Coupon: 3.125% until 24 June 2030, with annual payments; Euribor 3m+95bps thereafter, with quarterly payments Listing: Euronext Dublin Asset Managers 80%Banks 7% Hedge Funds 3% Private Banking 2% Insurance 8% Asset Managers 75%Banks & PBs 14% Hedge Funds 6% Insurance & PFs 5% France 46% DACH 16% Italy 6% UK & Ireland 7% BeNeLux 8% Portugal & Spain 14% Other 3% Issuer: Banco Comercial Português, S.A. ISIN: PTBCPNOM0043 Ratings (M/SP/F/D): Baa1/BBB+/BBB+/A(L) Amount: € 500M Issue Date: 5 February 2026 Maturity Date: 5 May 2032 Call option: 5 May 2031 Coupon: 3.250% until 5 May 2031, with annual payments; Euribor 3m+72bps thereafter, with quarterly payments Listing: Euronext Dublin Asset Managers 73%Banks 24% Hedge Funds 2% Others 1% France 31% DACH 8% Italy 5%UK & Ireland 5% BeNeLux 25% Iberia 24% Others 2%
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112 INVESTOR RELATIONS DIVISION Bernardo Collaço, Head investors@millenniumbcp.pt BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the. LEI: JU1U6SODG9YLT7N8ZV32 EQUITY Alexandre Moita +351 211 131 321 REPORTING, DEBT AND RATINGS Luís Morais +351 211 131 337