Interim report
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28 October 2026 Millennium bcp Earnings release as at 30 September 2026 Profitability Business model Supporting the Economy and Generating Value ■ Group's net income amounted to EUR 873.7 million in the first nine months of 2026, corresponding to an increase of 12.6% compared with the same period of the previous year (EUR 775.9 million), reflecting the Bank's capacity to generate value. ■ Net income in the activity in Portugal stood at EUR 727.9 million in the first nine months of 2026, representing an increase of 11.2% compared with the same period of the last year. ■ Net income1 from international operations increased by 21.8% , amounting to EUR 281.0 million in the first nine months of 2026, compared with EUR 230.7 million in the first nine months of 2025. Highlight to Bank Millennium, which recorded a net income of EUR 259.7 1 million, representing a 29.6%2 increase compared to the first nine months of 2025. This performance largely reflects the 64.1%3 reduction in charges associated with CHF mortgage loan portfolio. ■ Solid capital ratios4, CET1 ratio stood at 15.2% and total capital ratio at 20.0%. ■ Liquidity indicators 5 remain well above regulatory requirements : LCR at 330%, NSFR at 180% and LtD at 70%. Eligible assets available to discount at ECB of EUR 30 billion. ■ Group's Loans to customers grew 7.8% to EUR 66.2 billion and total Customer funds increased 7.1% to EUR 116.3 billion compared to September 2025. In Portugal, Loans to Customers increased by 7.8% and total Customer funds rose by 5.8% . Bank Millennium loans to companies recorded an increase of 24.5% 6 from September 2025. ■ Non-performing assets maintain downward trend , highlighting the decrease in the NPE of the Group of EUR 157 million compared to September 2025. ■ Cost of risk in the first nine months of 2026 stood at 34 b.p. in the Group and at 32 b.p. in the activity in Portugal. ■ Active Customers increased by 4% from the same date of the previous year to 7.5 million. Mobile Customers rose by 8%, representing 76% of the Customer base in September 2026. 1 Before non-controlling interests. 2 FX effect excluded, 28.5% with FX effect. 3 Includes provisions for legal risk, costs with out- of-court settlements and legal advice. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by a third party). Before taxes, non-controlling interests and FX effect excluded (64.4% with FX effect). 4 Fully implemented estimated ratio (September 2026) including 10% of the unaudited net income of the 9M26. Excluding any distribution, the proforma CET1 ratio is 16.9%.5 Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD).6 Fx effect excluded, 21.7% with Fx effect. In accordance with local classification. 1
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FINANCIAL HIGHLIGHTS (1) million EUR 30 Sep. 26 30 Sep. 25 (restated 2) Chg. 26/25 BALANCE SHEET Total assets 114,170 108,937 4.8 % Equity 9,556 8,702 9.8 % Loans to customers (net) 64,774 59,972 8.0 % Total customer funds 116,256 108,537 7.1 % Balance sheet customer funds 94,650 88,823 6.6 % Deposits and other resources from customers 92,718 87,355 6.1 % Loans to customers (net) / Deposits and other resources from customers 69.9 % 68.7 % Loans to customers (net) / Balance sheet customer funds 68.4 % 67.5 % RESULTS Net interest income 2,293.0 2,166.6 5.8 % Net operating revenues 2,993.1 2,824.9 6.0 % Operating costs 1,087.0 1,032.5 5.3 % Operating costs excluding specific items (3) 1,079.5 1,029.3 4.9 % Results on modification (1.6) (5.4) 70.4 % Loan impairment charges (net of recoveries) 167.5 141.0 18.8 % Other impairment and provisions 285.7 444.2 (35.7 %) Income tax 442.5 317.1 39.5 % Net income 873.7 775.9 12.6 % PROFITABILITY AND EFFICIENCY Return on average assets (ROA) 1.2 % 1.1 % Return on equity (ROE) 14.9 % 14.6 % Return on tangible equity (ROTE) 15.5 % 15.2 % Net interest margin 2.85 % 2.92 % Cost-to-core income (3) 36.6 % 36.8 % Cost-to-income 36.3 % 36.6 % Cost-to-income (3) 36.1 % 36.4 % Cost-to-income - Activity in Portugal (3) 32.3 % 34.3 % Staff costs / Net operating revenues (3) 19.7 % 20.3 % CREDIT QUALITY Cost of risk (net of recoveries, in b.p.) 34 31 Non-Performing Exposures (loans to customers) / Loans to customers (4) 2.2 % 2.6 % Total loan impairments (balance sheet) / NPE (loans to customers) (4) 97.1 % 86.8 % Restructured loans / Loans to customers 1.4 % 2.0 % LIQUIDITY Liquidity Coverage Ratio (LCR) 330 % 321 % Net Stable Funding Ratio (NSFR) 180 % 180 % CAPITAL (5) Common equity tier I phased-in ratio 15.3 % 16.1 % Common equity tier I fully implemented ratio 15.2 % 15.9 % Total ratio fully implemented 20.0 % 19.9 % BRANCHES Activity in Portugal 384 394 (2.5 %) International activity 744 787 (5.5 %) EMPLOYEES Activity in Portugal 5,983 6,224 (3.9 %) International activity (6) 9,560 9,631 (0.7 %) 2Earnings 9M 2026
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Notes: (1) Some indicators are presented according to management criteria of the Group, with concepts described and detailed in the Glossary. (2) 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 (in September 2025 the impact was EUR 137 million). With effect from June 2026, repurchase agreements (repos) were excluded from the aggregate amount of deposits and other resources from 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 (in September 2025 the impact was EUR 1.000 million). NPE and Impairments allocated to NPE amounts at the Polish subsidiary for September 2025 were adjusted following the release of the first nine months of 2025 results (EUR -2 million and EUR +1 million, respectively). All indicators associated with the aforementioned reclassifications have been restated accordingly. Reclassifications from previous periods, which have already been duly communicated and accompanied by their respective explanatory notes, are not presented in this report, as the corresponding restated amounts have already been disclosed in prior reports. (3) Excludes the impact of specific items: negative impact of EUR 7.5 million in the first nine months of 2026 and an also negative impact in the amount of EUR 3.2 million in the same period of 2025. In both periods, specific items were recognised in staff costs in the activity in Portugal including costs with employment terminations, namely early retirements and indemnifications and amounts related with mortgage financing to former employees. (4) These indicators refer to loans to customers as defined in the Glossary, which comprise loans to customers at amortised cost (excluding reverse repos), debt instruments at amortised cost associated to credit operations and loans to customers at fair value through profit or loss (excluding reverse repos). (5) The capital ratios as at 30 September 2026 are estimated, including 10% of the accumulated net income (non- audited). (6) Of which, in Poland: 6,903 employees as at 30 September 2026 (corresponding to 6,792 FTE - full-time equivalent) and 6,943 employees as at 30 September 2025 (corresponding to 6,824 FTE - full-time equivalent). The analysis of the international activity is consistent with the Group's consolidated accounts, which may differ from the accounts disclosed locally. 3Earnings 9M 2026
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INSTRUCTION No. 16/2004 FROM BANCO DE PORTUGAL 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, the table below includes 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. FINANCIAL HIGHLIGHTS ACCORDING TO INSTRUCTION No. 16/2004 FROM BANCO DE PORTUGAL, AS THE CURRENTLY EXISTING VERSION 30 Sep. 26 30 Sep. 25 PROFITABILITY Net income / Total assets 1.2 % 1.1 % Net operating revenues / Total assets 3.7 % 3.6 % Net income / Equity 14.5 % 14.0 % EFFICIENCY Cost-to-income ratio 35.3 % 35.9 % Staff costs / Net operating revenues 19.3 % 20.0 % LOANS TO DEPOSITS Loans and advances to non-financial corporations and households / Deposits from non- financial corporations and households 65.6 % 64.4 % 4Earnings 9M 2026
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PROFITABILITY ANALYSIS NET INCOME In the first nine months of 2026 , consolidated net income amounted to EUR 873.7 million, corresponding to a 12.6% growth compared to the EUR 775.9 million achieved in the same period of the previous year and to a return on equity (ROE) of the Group of 14.9% (14.6% in the first nine months of 2025). The growth of the net income of the Group compared to the first nine months of 2025 benefitted mainly from the favourable performance of the activity in Portugal, also reflecting a greater contribution from the international activity compared to the same period of the previous year. Compared to the first nine months of 2025, net income of the Group largely benefitted from the increase of core income. Net trading income, equity accounted earnings and results on modification also showed a favourable evolution, although with a less significant impact on the performance of net income of the Group. On the other hand, the reduction in impairments and provisions contributed significantly to net income growth compared to the first nine months of the previous year. Conversely, over the same period, operating costs showed an increase and other net operating income evolved unfavourably. The growth of core income of the Group compared to the same period of the previous year (+ 5.7%; EUR + 158.0 million), to EUR 2,953.4 million at the end of September of the current year was driven by the performance of the activity in Portugal. In the international activity, core income was in line with the amount recorded in the same period of the previous year, since the reduction in the Polish subsidiary and the increase in the Mozambican subsidiary offset each other. In consolidated terms, the performance of core income was mainly driven by the evolution of net interest income, which stood 5.8% (EUR + 126.4 million) above the amount recorded in the first nine months of 2025 , reaching EUR 2,293.0 million at the end of September 2026, with the impact of the growth in the activity in Portugal being partially offset by the reduction in the international activity. Net commissions of the Group also recorded an increase of 5.0% (EUR +31.6 million) compared to the same period of the previous year, totalling EUR 660.4 million at the end of September 2026. Net commissions increased during the period under review both in Portugal and in the international activity. The significant increase of net trading income of the Group, from EUR 80.7 million in the first nine months of 2025 to EUR 107.4 million in the first nine months of 2026 (EUR + 26.7 million), was driven by the contribution of the activity in Portugal, influenced by gains associated with the sale of credit recovery legacy assets. In the international activity, net trading was lower than a year ago. Equity accounted earnings, in turn, increased 21.1% compared to those recorded in the first nine months of the previous year, totalling EUR 54.0 million in the same period of 2026, with the most significant increase in the activity in Portugal. Although not very significant, results on modification, exclusively recognised in the Polish subsidiary, also contributed to the favourable performance of the net income of the Group, evolving from a negative amount of EUR 5.4 million in the first nine months of 2025 to an also negative amount of EUR 1.6 million at the end of September of the current year (EUR + 3.8 million), influenced by the absence in the first nine months of 2026 of costs associated with contractual modifications negotiated with customers with foreign exchange mortgage loans. The overall impact before taxes and non-controlling interests associated with foreign exchange mortgage loan portfolio in the Polish subsidiary continued to influence the results of the Group, despite a 64.4% reduction, as it evolved from a cost of EUR 380.2 million in the first nine months of 2025 to a cost of EUR 135.5 million in the same period of 2026. To this evolution largely contributed the reduction in the provision booked by this subsidiary to face the legal risk associated with the foreign currency mortgage loan portfolio. 5Earnings 9M 2026
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Impairment and provisions of the Group recorded a significant decrease, driven by the evolution of other impairment and provisions that stood 35.7% (EUR - 158.5 million) below the amount posted in the first nine months of 2025, totalling EUR 285.7 million at the end of September 2026. In the activity in Portugal, other impairment and provisions increased compared with the corresponding period of the previous year. On a consolidated basis, loan impairment charges, net of recoveries, increased by 18.8% (EUR +26.4 million) compared to the first nine months of 2025, totalling EUR 167.5 million in the first nine months of 2026 , influenced by the greater impact of loan portfolio sales in the Polish subsidiary, in first nine months of the previous year. Operating costs increased compared to the first nine months of 2025, both in the activity in Portugal and in the international activity, leading to a 5.3% (EUR +54.5 million) increase on consolidated terms, to EUR 1,087.0 million at the end of September 2026. Other net operating income of the Group, in turn, evolved from a negative amount of EUR 96.6 million in the first nine months of 2025 , to an also negative amount of EUR 122.7 million in the first nine months of 2026 (EUR -26.1 million). This performance was mainly driven by the contribution of the activity in Portugal, reflecting on one hand the increase of the impact of costs with mandatory contributions to which the Bank is subject, and on the other, by the reduction in gains recognised with the sale of assets. In the international activity, other net operating income evolved favourably, influenced by the impacts associated with the foreign exchange mortgage portfolio recognised under this heading. In the first nine months of 2026 , core operating profit of the Group amounted to EUR 1,866.4 million, standing 5.9% above the amount achieved in the same period of the previous year, since the increase in core income exceeded the increase in operating costs. The previous analysis does not exclude the impact of specific items considered in each period in staff costs in the activity in Portugal. In both periods, the impact of specific items before taxes and non-controlling interests was negative in the amount of EUR 7.5 million in the first nine months of 2026 and EUR 3.2 million in the first nine months of 2025 . Excluding the impact of specific items in both periods, core operating profit of the Group was also higher than in the same period of the previous year (+ 6.1%) amounting to EUR 1,873.9 million, at the end of September of the current year. In the activity in Portugal, net income of the first nine months of 2026 amounted to EUR 727.9 million, growing 11.2% from the EUR 654.5 million achieved in the same period of the previous year. The favourable evolution of net income in the activity in Portugal was largely driven by the increase in core income, from EUR 1,460.2 million in the first nine months of 2025 to EUR 1,617.8 million at the end of September of the current year. This performance was mainly driven by the 13.9% (EUR + 138.5 million) increase in net interest income to EUR 1,133.3 million at the end of September of the current year. Net commissions, in turn, grew by 4.1% (EUR +19.0 million) over the same period, reaching a total of EUR 484.5 million in the first nine months of 2026. Net income of the activity in Portugal was also favourably influenced by the significant increase in net trading income (EUR +35.8 million from the first nine months of 2025), totalling EUR 46.6 million in the first nine months of the current year. This evolution includes gains associated with the sale of credit recovery legacy assets. Although to a lesser extent, equity accounted earnings that totalled EUR 48.6 million in the first nine months of 2026, evolved favourably compared to the same period of the previous year (+21.1%, EUR +8.5 million). Net income of the activity in Portugal was further influenced by the increase in impairments and provisions, mainly driven by other impairment and provisions, which rose from EUR 10.2 million to EUR 37.7 million in the first nine months of the current year reflecting a conservative approach given the current uncertain environment. Loan impairment charges (net of recoveries) increased 5.2% (EUR +5.4 million) from the amount recognised in the first nine months of 2025, totalling EUR 109.3 million in the first nine months of 2026, reflecting the growth of the loan portfolio (cost of risk, net of recoveries, stood at 32 basis points in the first nine months of 2026 compared to 33 basis points in the first nine months of 2025). Other net operating income went from a negative amount of EUR 9.6 million in the first nine months of 2025 to an also negative amount of EUR 40.6 million in the same period of 2026 (EUR - 31.0 million). This performance incorporates, on one hand the negative impacts related to mandatory contributions to which the Bank is subject, and on the other, the reduction in gains recognised with the sale of assets. Thus, the comparison with the first nine months of the previous year is influenced by the income recognised during that period, related to the 6Earnings 9M 2026
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Additional Solidarity charge for the Banking Sector paid by the Bank in previous years, following the Constitutional Court Ruling, which declared the Solidarity Additional Framework for the Banking Sector unconstitutional with general binding force. Operating costs increased from the first nine months of 2025 (+ 5.8%; EUR +30.0 million) totalling EUR 547.9 million at the end of September 2026. Excluding the impact of specific items, the increase in operating costs in the activity in Portugal was 5.0%. Given that the increase in core income significantly outpaced the increase in operating costs in the activity in Portugal, core operating profit increased by 13.5% to EUR 1,069.9 million in the first nine months of 2026. Excluding the specific items mentioned above (negative impacts of EUR 7.5 million in the first nine months of 2026 and EUR 3.2 million in the first nine months of 2025 , both recognised in staff costs), core operating profit in the activity in Portugal totalled EUR 1,077.4 million in the first nine months of 2026 , 13.9% above the amount recorded in the same period of the previous year. Regarding international activity, net income evolved positively (+20.0%) from the EUR 121.5 million recorded in the same period of the previous year, totalling EUR 145.8 million at the end of September 2026. This evolution primarily reflects the stronger results reported by Bank Millennium in Poland compared with the first nine months of 2025, while the results obtained by Millennium bim in Mozambique were lower than in the first nine months of the previous year, influenced by the financial context in the country. In fact, net income of Bank Millennium reached EUR 259.7 million in the first nine months of 2026 , showing a strong growth of 28.5% from the EUR 202.0 million recorded in the same period of the previous year. This performance was achieved despite the increase in the income tax rate for banks in Poland, from 19% in 2025 to 30% in 2026. To the favourable performance of the Polish subsidiary largely contributed the reduction in the overall amount of costs associated with the portfolio of foreign exchange mortgage loans, which continue to strongly influence the results of the subsidiary. On the other hand, the performance of the results of the Polish subsidiary was also influenced by the increase in operating costs and in impairment and provisions (excluding the provisions associated with foreign exchange mortgage portfolio) as well as by the reduction in core income and net trading income, when compared to the amounts recorded in the first nine months of 2025. The evolution of core income was due to the reduction in net interest income of the subsidiary, strongly influenced by the reduction in the reference interest rates by the central bank of Poland (a cumulative reduction of 200 basis points since the beginning of 2025 to September 2026). Regarding Millennium bim in Mozambique, net income amounted to EUR 16.8 million in the first nine months of 2026, significantly below the EUR 25.4 million recorded in the first nine months of 2025. This evolution was largely explained by the financial context in the country. The contribution of the Angolan operation to the results of the international activity, through the appropriation of the results of Banco Millennium Atlântico recognised in equity accounted earnings, amounted to EUR 4.5 million in the first nine months of 2026 , corresponding to an increase of EUR 1.2 million compared to the same period of the previous year. Core operating profit, in the international activity, stood at EUR 796.5 million in the first nine months of 2026 , remaining 2.9% below the EUR 820.5 million posted in the same period of the previous year. NET INTEREST INCOME In the first nine months of 2026 , net interest income of the Group reached EUR 2,293.0 million, standing 5.8% above the amount posted in the same period of the previous year. This evolution reflects the favourable performance of the activity in Portugal whose impact was partly offset by the reduction in net interest income in the international activity, when compared to the amount recorded in the first nine months of 2025. In the activity in Portugal, net interest income totalled EUR 1,133.3 million in the first nine months of 2026 , increasing 13.9% from the EUR 994.7 million recorded in the first nine months of 2025 , largely due to the favourable evolution of the commercial business. 7Earnings 9M 2026
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In this regard, the increase in income generated by the customer loan portfolio is noteworthy, driven by the growth in the average balance of customer loan portfolio, despite the reduction in the portfolio interest rates compared with the first nine months of the previous year. The decrease in costs associated with the remuneration of deposits from customers, despite the increase in average balance of interest-bearing deposits compared to the first nine months of 2025, also contributed favourably to the evolution of the net interest income compared to the same period of the previous year. The favourable evolution in net interest income was also supported by an increase in income generated by the sovereign debt portfolio. The decrease in interest rates applied to floating rate issues as well as debt management, with optimisation of funding conditions, resulted in a reduction in costs incurred with issued debt, also contributing positively to the performance of net interest income compared to the first nine months of the previous year. On the other hand, the income generated by securities portfolio excluding the sovereign debt portfolio was lower than that recorded in the first nine months of 2025. In the international activity, net interest income amounted to EUR 1,159.7 million in the first nine months of 2026, standing 1.0% below the EUR 1,171.9 million accounted in the same period of the previous year. This evolution mainly reflects the performance of the Polish subsidiary largely due to the lower income generated by the customer loan portfolio, which, despite growth in volumes, was impacted by the sharp reduction in interest rates (average 3-month WIBOR rate of 5.36% in the first nine months of 2025 and 3.85% in the first nine months of 2026). In contrast, there was a lower cost of deposits from customers and a higher income from securities portfolio. In the Mozambican subsidiary net interest income increased compared to the first nine months of the previous year, despite the increase in May 2026 of the local requirement for non-remunerated cash reserves. In consolidated terms, net interest margin went from 2.92% in the first nine months of 2025 to 2.85% in the first nine months of 2026. In the activity in Portugal, net interest margin evolved from 2.10% in the first nine months of 2025 , to 2.26% in the same period of the current year. Over this period, the 6-month Euribor evolved from 2.23% to 2.50% (average recorded over the nine months of 2025 and 2026, respectively). Net interest margin in the international activity, in turn, evolved from 4.37% in the first nine months of 2025 , to 3.83% in the first nine months of 2026 , mainly reflecting the reduction in this indicator recorded at the subsidiary in Poland. It is noteworthy that the central bank of Poland reduced the reference interest rates six times in 2025 (in May, July, September, October, November and December), and also in March of the current year, corresponding to a cumulative reduction of 200 basis points (from 5.75% at the beginning of 2025 to 3.75% in March 2026, remaining unchanged since then). The increase in liquidity invested in sovereign debt securities, resulting from the growth of customer deposits, although contributing positively to net interest income, led to the reduction in net interest margin compared to the same period of the previous year. EQUITY ACCOUNTED EARNINGS AND DIVIDENDS FROM EQUITY INSTRUMENTS Equity accounted earnings together with dividends from equity instruments, which comprise dividends and equity income received from investments classified as financial assets at fair value through other comprehensive income and as financial assets held for trading, evolved from EUR 45.4 million in the first nine months of 2025, to EUR 54.9 million in the first nine months of 2026, mainly reflecting the performance of the activity in Portugal. In fact, in the activity in Portugal, although no amount relating to dividends from equity instruments was recognised in either the first nine months of 2025 or 2026, the results from equity accounted earnings increased from EUR 40.2 million to EUR 48.6 million in this period, largely influenced by the increase in the results from Millenniumbcp Ageas. In the international activity, equity accounted earnings together with the income of dividends from equity instruments totalled EUR 6.3 million in the first nine months of 2026, evolving favourably from the EUR 5.2 million 8Earnings 9M 2026
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recorded in the same period of the previous year, mainly due to the appropriation of the results generated by Banco Millennium Atlântico in Angola that went from EUR 3.3 million in September 2025 to EUR 4.5 million in the same date in 2026. NET COMMISSIONS In the first nine months of 2026 , net commissions, as a whole, totalled EUR 660.4 million, showing a growth of 5.0% compared to the EUR 628.8 million recorded in the same period of the previous year, benefitting from the performance of both the activity in Portugal and the international activity. In consolidated terms, both banking commissions and commissions related to financial markets stood above the amount recorded in the first nine months of 2025. In fact, banking commissions of the Group stood 4.0% (EUR +20.9 million) above the amount recorded in the first nine months of 2025, amounting to EUR 546.3 million at the end of the first nine months of 2026 , while commissions related to financial markets increased 10.4% (EUR + 10.7 million), totalling EUR 114.1 million in the first nine months of 2026. NET COMMISSIONS million EUR 9M26 9M25 Chg. 26/25 BANKING COMMISSIONS 546.3 525.4 4.0 % Cards and transfers 205.4 199.4 3.1 % Credit and guarantees 103.0 96.0 7.3 % Bancassurance 116.8 103.9 12.5 % Management and maintenance of accounts 123.0 123.7 (0.6 %) Other commissions (1.9) 2.5 (178.0 %) MARKET RELATED COMMISSIONS 114.1 103.4 10.4 % Securities operations 35.5 36.6 (3.1 %) Asset management and distribution 78.6 66.7 17.8 % 660.4 628.8 5.0 % Of which: Activity in Portugal 484.5 465.5 4.1 % International activity 175.9 163.3 7.7 % In the activity in Portugal, net commissions amounted to EUR 484.5 million in the first nine months of 2026 , corresponding to a growth of 4.1% from the EUR 465.5 million recorded in the first nine months of 2025. Both banking commissions, which amounted to EUR 402.5 million in the first nine months of 2026 , and commissions related to markets, which totalled EUR 82.0 million in the same period, evolved favourably, showing increases of 3.7% (EUR +14.5 million) and 5.9% (EUR +4.6 million), respectively. Net commissions related to the banking business in the activity in Portugal evolved favourably, highlighting the growth of commissions associated with the bancassurance activity, with commissions related to cards and transfers, which include amounts charged for transactions carried out with cards and the respective payment networks, for bank transfers and for the use of points of sale (POS), commissions associated with management and maintenance of accounts, and commissions associated with credit and guarantees also performing favourably compared to the same period of the previous year. Other banking commissions, in the activity in Portugal, in turn, stood below the amount posted in the first nine months of 2025. Regarding market related commissions in the activity in Portugal, the increase in asset management and distribution commissions is particularly noteworthy, whereas commissions related to securities operations decreased compared with the amount reported at the end of September 2025. In the international activity, net commissions amounted to EUR 175.9 million in the first nine months of 2026 , 9Earnings 9M 2026
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increasing 7.7% (EUR +12.6 million) from the amount recognised in the same period of the prior year, largely reflecting the growth observed in the Polish subsidiary, but also in the Mozambican subsidiary. Commissions related to banking business in the international activity totalled EUR 143.8 million in the first nine months of 2026, increasing 4.7% (EUR +6.4 million) from the amount recorded in the same period of the previous year, while commissions related to financial markets, in turn, recorded a 23.7% increase (EUR +6.1 million). NET TRADING INCOME In the first nine months of 2026, net trading income amounted to EUR 107.4 million, evolving favourably from the EUR 80.7 million achieved in the same period of the previous year. This performance was largely influenced by the contribution of the activity in Portugal, whose impact was partially offset by the lower contribution from the international activity compared with the first nine months of 2025. In the activity in Portugal, net trading income evolved from EUR 10.8 million in the first nine months of 2025 to EUR 46.6 million in the first nine months of 2026 , influenced by gains associated with the sale of credit recovery legacy assets. In the international activity, net trading income decreased from EUR 69.9 million in the first nine months of 2025 to EUR 60.8 million in the first nine months of 2026 , mainly reflecting the reduction observed in the Polish subsidiary. OTHER NET OPERATING INCOME Other net operating income includes, among others, the costs associated with the resolution and the deposit guarantee funds as well as with the other mandatory contributions, both in the activity in Portugal and in the international activity. Other net operating income evolved from a negative amount of EUR 96.6 million in the first nine months of 2025, to an also negative amount of EUR 122.7 million in the first nine months of 2026, mainly driven by the contribution of the activity in Portugal, the impact of which was partially offset by the performance of the Polish subsidiary. In fact, in the activity in Portugal, other net operating income evolved from a negative amount of EUR 9.6 million in the first nine months of 2025 to an also negative amount of EUR 40.6 million at the end of the first nine months of 2026 . This performance was due on one hand to the increase of the impact of costs with mandatory contributions to which the Bank is subject, and, on the other to the reduction in gains recognised with the sale of assets. Conversely, the performance of other net operating income benefitted from the recognition of revenue associated with the conclusion of litigation processes. The overall amount associated to mandatory contributions in the activity in Portugal went from EUR 20.4 million in the first nine months of 2025 to EUR 42.2 million in the first nine months of 2026 . This evolution was unfavourably influenced by the fact that an income was recognised in the first nine months of the previous year, related to the Additional Solidarity charge for the Banking Sector paid by the Bank in 2020, 2021 and 2022, following the Constitutional Court Ruling No. 478/2025 issued on 3 June 2025, which declared the Solidarity Additional Framework for the Banking Sector unconstitutional with general binding force. Accordingly, not only the self-assessment and payment of the tax, which according to the rules previously in force would have been due by 30 June 2025, was not made, but also an income in the amount of EUR 18.6 million was recognised in the first nine months of 2025 in respect of the tax paid in the period between 2020 and 2022 inclusive. Income relating to the tax paid by the Bank in the remaining years (2023 and 2024) was recognised in the fourth quarter of 2025. The costs incurred with the other mandatory contributions to which the Bank is subject in the activity in Portugal were also higher than those recorded in the first nine months of 2025. The cost incurred with the contribution on the banking sector amounted to EUR 31.3 million, that compares to EUR 28.6 million recognised in the first nine months of the previous year, while the contribution to the National Resolution Fund (FRN) increased from EUR 10.2 million to EUR 10.7 million in the first nine months of 2026, despite the decrease in the contribution rate from 10Earnings 9M 2026
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0.049% to 0.047%. The contribution to the deposit guarantee fund, in turn, remained stable totalling EUR 0.3 million in the first nine months of 2026. Finally, it should be noted that the Single Resolution Board determined that, since the Single Resolution Fund (SRF) had reached its target level, no ex-ante contributions would be charged in 2026, similarly to the two previous years. The reduction of gains recognised from the disposal of assets resulted mainly from the gains associated with financial holdings, but also from the lower results from the disposal of non-current assets held for sale. In the international activity, other net operating income evolved from a cost of EUR 87.0 million recognised in the first nine months of 2025 to a cost of EUR 82.1 million at the end of September 2026. This performance was partly driven by the favourable evolution of the impacts associated with the foreign exchange mortgage loan portfolio recognised under this item in the Polish subsidiary, that evolved from an income of EUR 11.7 million in the first nine months of 2025 to an income of EUR 14.7 million in the first nine months of 2026 . This performance reflects on one hand the favourable evolution of court costs related to the counterclaims filed by Bank Millennium for reimbursement of the amounts owed by customers, and on the other, the reduction in the compensation for costs incurred with the booking of provisions to address the legal risk implicit in foreign exchange mortgage loans, following the indemnity clauses and contractual guarantees provided for in the acquisition contract of Euro Bank S.A. (from EUR 44.7 million in the first nine months of 2025, to EUR 19.5 million in the first nine months of 2026). Costs associated with mandatory contributions borne by the Polish subsidiary totalled EUR 100.2 million in the first nine months of 2026 compared to EUR 101.9 million in the first nine months of 2025. Although not particularly significant, this change resulted from more relevant impacts that offset each other. Thus, since the target level was reached, no contributions to the deposit guarantee fund by Bank Millennium will be charged in 2026 (EUR 13.0 million in the first nine months of 2025). On the other hand, this subsidiary recorded an increase in contributions to the resolution fund, which amounted to EUR 27.4 million in the first nine months of 2026, corresponding to an increase of more than 50% compared to the same period of the previous year. Although with a lower impact, the special tax on the Polish banking sector, was also higher compared to the amount recognised in the first nine months of 2025 (EUR 71.0 million) totalling EUR 72.9 million in the first nine months of 2026. OPERATING COSTS Operating costs totalled EUR 1,087.0 million at the end of September of 2026, standing 5.3% above the EUR 1,032.5 million recorded in the first nine months of the previous year, despite the disciplined management of costs followed by the Group. Operating costs were higher than those recorded in the first nine months of 2025, both in the activity in Portugal and in the international activity. OPERATING COSTS million EUR 9M26 9M25 Chg. 26/25 Staff costs 596.9 575.3 3.8 % Other administrative costs 364.4 341.6 6.7 % Amortisation and depreciation 125.7 115.5 8.8 % 1,087.0 1,032.5 5.3 % Of which: Activity in Portugal 547.9 517.9 5.8 % International activity 539.1 514.6 4.8 % 11Earnings 9M 2026
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The amounts presented do not exclude the impact of specific items considered in each period in staff costs in the activity in Portugal. In both the first nine months of 2026 and the first nine months of 2025 , the impact was negative in the amount of EUR 7.5 million and EUR 3.2 million, respectively. Excluding the specific items mentioned above, operating costs of the Group amounted to EUR 1,079.5 million, standing 4.9% above the EUR 1,029.3 million accounted in the first nine months of 2025 . Other administrative costs increased 6.7% (EUR + 22.8 million), due to the contributions from both the activity in Portugal and the Polish subsidiary, while the increased in staff costs (+ 3.0%, EUR + 17.2 million) was mainly driven by the Polish subsidiary. Amortisation and depreciation, in turn, also stood above the amount recorded a year earlier (+ 8.8%, EUR +10.1 million), mainly influenced by the contribution of the activity in Portugal and in the Polish subsidiary. Both cost-to-income ratio and cost-to-core income ratio remained broadly in line with those recorded in the first nine months of the previous year, evolving from 36.4% to 36.1%, and from 36.8% to 36.6% respectively over the last year, excluding the impact of specific items in both cases. Stated cost-to-income and cost-to-core income ratios, in turn, also remained broadly unchanged, evolving respectively, from 36.6% to 36.3% and from 36.9% to 36.8%, over the same period. In the activity in Portugal, operating costs totalled EUR 547.9 million in the first nine months of 2026 , standing 5.8% above the EUR 517.9 million posted in the first nine months of 2025 . Excluding specific items mentioned above, operating costs increased 5.0%, from EUR 514.7 million to EUR 540.4 million. The evolution of operating costs in the activity in Portugal, not considering the effect of specific items, reflects the increases of 9.6% (EUR +15.5 million) recorded in other administrative costs and of 13.9% (EUR + 8.5 million) in amortisation and depreciation. Staff costs, in turn, remained in line (+ 0.6%; EUR + 1.7 million) with the amount posted in the first nine months of 2025. Excluding the impact of specific items, cost-to-income ratio in the activity in Portugal evolved from 34.3% to 32.3%, while cost-to-core income ratio went from 35.2% to 33.4% in the period under review. Cost-to-income and cost-to-core income stated ratios, in turn, stood at 32.8% and 33.9% in the first nine months of 2026 , levels that compare respectively with 34.5% and 35.5% in the same period of the previous year. In the international activity, operating costs totalled EUR 539.1 million in the first nine months of 2026, standing 4.8% above the EUR 514.6 million accounted in the same period of the previous year. This evolution was mainly due to the increase in the Polish subsidiary, whose impact was partially offset by the reduction in the subsidiary in Mozambique compared to the first nine months of 2025. The evolution of operating costs in the international activity was thus due to the increases of 5.6% (EUR + 15.6 million) in staff costs and of 4.0% (EUR + 7.3 million) in other administrative costs. Amortisation and depreciation recorded a less significant increase compared to the amount accounted in the same period of the previous year (+3.1%; EUR +1.7 million). The cost-to-income ratio of the international activity evolved from 38.9% in the first nine months of 2025 to 40.8% in the first nine months of 2026 , while cost-to-core income ratio, in turn, went from 38.5% to 40.4% in the same period. STAFF COSTS In the first nine months of 2026 , staff costs totalled EUR 596.9 million, standing 3.8% above the EUR 575.3 million accounted in the same period of the previous year. Both in the activity in Portugal and mainly in the international activity, staff costs were higher than in the first nine months of 2025. These amounts include the negative impact of specific items recognised in each period in the activity in Portugal (EUR 7.5 million in the first nine months of 2026 and EUR 3.2 million in the first nine months of 2025). In both periods, specific items, related to staff costs, include costs with employment terminations and amounts related with mortgage financing to former employees. 12Earnings 9M 2026
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Not considering the impact of the specific items, staff costs of the Group increased 3.0% from the EUR 572.1 million accounted for in the first nine months of the previous year, amounting to EUR 589.4 million, at the end of September of the current year. In the activity in Portugal, stated staff costs amounted to EUR 301.3 million in the first nine months of 2026 , standing 2.0% above the EUR 295.3 million recorded in the same period of the previous year. Not considering the impact of the specific items, staff costs remained in line (+ 0.6%) with the amount posted in the first nine months of 2025 totalling EUR 293.8 million in the first nine months of 2026. At the end of September 2026, the number of employees in the activity in Portugal stood at 5,983 employees, 241 employees fewer than on 30 September 2025, despite the hiring of new employees with specific skills, namely on digital, new technologies and internal control areas. In the international activity, staff costs amounted to EUR 295.6 million in the first nine months of 2026 , standing 5.6% above the EUR 280.0 million recorded a year before. The Polish subsidiary was mainly responsible for this evolution, although the subsidiary in Mozambique also contributed to the increase in staff costs compared to the same date in the previous year, albeit to a lesser extent. In the Polish subsidiary, the evolution of staff costs is associated with the development of the strategic initiatives, in a labour market scenario of very low unemployment rates and strong pressure on wages. Although the total number of employees at this subsidiary decreased from 6,943 employees (6,824 FTE - full-time equivalent) on 30 September 2025, to 6,903 employees (6,792 FTE – full-time equivalent) the average number of employees during the first nine months of 2026 was higher than in the first nine months of 2025. In the operation in Mozambique, in turn, although the headcount evolved from 2,688 employees at the end of September 2025 to 2,657 employees at the end of September 2026, the average number of employees remained stable, with salary updates being the main driver of the rise in staff costs compared with the same period of the previous year. On 30 September 2026 , the headcount of the international activity consisted of 9,560 employees, which compares to 9,631 employees at 30 September 2025. OTHER ADMINISTRATIVE COSTS In the first nine months of 2026 , other administrative costs totalled EUR 364.4 million, standing 6.7% above the EUR 341.6 million recorded at the same period of the previous year. This evolution reflects the performance of both the activity in Portugal and the international activity, notwithstanding the disciplined management of costs followed by the Group. In the activity in Portugal, other administrative costs amounted to EUR 177.1 million, corresponding to an increase of 9.6% from the EUR 161.6 million recorded in the first nine months of 2025 . This performance reflects, among others with a less significant impact, the increase in costs associated with information and communication technology, as well as costs associated with advisory services (including support on regulatory matters). In the international activity, other administrative costs amounted to EUR 187.3 million in the first nine months of 2026, representing a 4.0% increase from the EUR 180.0 million posted in the same period of the previous year. This performance largely reflects the increase recorded in other administrative costs in the Polish subsidiary, whose impact was partially offset by the reduction in the Mozambican subsidiary. The Group maintains a process of optimisation of its branch network in order to efficiently serve the markets in which it is present. At the end of September 2026, the activity in Portugal had a network of 384 branches, ten less than at the end of September 2025, while in the Polish subsidiary the reduction compared with the same period of the previous year was 39 branches, to 553 branches as of 30 September 2026. The Mozambican subsidiary, in turn, ended September 2026 with 191 branches, four fewer than at 30 September 2025. 13Earnings 9M 2026
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AMORTISATION AND DEPRECIATION Amortisation and depreciation amounted to EUR 125.7 million in the first nine months of 2026 , standing 8.8% above the amount recorded in the first nine months of 2025, mainly influenced by the performance of the activity in Portugal. In fact, in the activity in Portugal, the increase in amortisation and depreciation was of 13.9%, from EUR 61.0 million in the first nine months of 2025 , to EUR 69.5 million in the same period of the current year, reflecting the investment made in hardware and software, given the Bank's commitment to the digital and technological transformation process. In the international activity, amortisation and depreciation amounted to EUR 56.2 million in the first nine months of 2026, 3.1% above the amount recorded in the first nine months of 2025, with the increase recorded in the Polish subsidiary being offset by the reduction recorded in the Mozambican subsidiary. RESULTS ON MODIFICATION Results on modification evolved very favourably in the period under review, from a negative amount of EUR 5.4 million recorded in the first nine months of 2025, to an also negative amount of EUR 1.6 million in the same period of the current year. In both periods, those amounts were exclusively recorded in the Polish subsidiary. This evolution of results on modification mainly reflects the absence of costs associated with contractual modifications negotiated with customers with foreign exchange mortgage loans recorded in this item in the first nine months of 2026, in contrast to the same period of the previous year, when costs amounting to EUR 2.5 million were recognised. LOAN IMPAIRMENTS In the first nine months of 2026 , impairment for loan losses of the Group (net of recoveries) totalled EUR 167.5 million, standing 18.8% above the EUR 141.0 million accounted for in the same period of the previous year, mainly due to the increase in the international activity. In consolidated terms, the cost of risk of the Group, net of recoveries, stood at 34 basis points in the first nine months of 2026 compared to 31 basis points in the first nine months of 2025. In the activity in Portugal, loan impairment charges (net of recoveries) totalled EUR 109.3 million in the first nine months of 2026 , 5.2% above the EUR 103.9 million recognised in the first nine months of 2025 . This evolution reflected the growth of the loan portfolio, as cost of risk (net of recoveries) stood at 32 basis points in the first nine months of 2026 compared to 33 basis points in the first nine months of 2025. In the international activity, impairment charges (net of recoveries) totalled EUR 58.1 million at the end of September 2026, that compares to EUR 37.1 million recognised in the first nine months of 2025. This performance was mainly driven by the performance of the Polish subsidiary, influenced by loan portfolio sales, with a greater impact in the first nine months of the previous year. In the Mozambican subsidiary, there was also an increase in impairment charges (net of recoveries), although with a less material impact in the scope of this analysis. Cost of risk net of recoveries, in the international activity, went from 26 basis points to 38 basis points in the first nine months of 2026. OTHER IMPAIRMENTS AND PROVISIONS In the first nine months of 2026 , other impairment and provisions totalled EUR 285.7 million, which represents a significant reduction of 35.7% from the EUR 444.2 million recorded in the same period of the previous year. This evolution was mainly driven by the favourable performance of the Polish subsidiary, the impact of which was offset by the increase in other impairments and provisions recorded in the activity in Portugal an in the Mozambican subsidiary. 14Earnings 9M 2026
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In the activity in Portugal, other impairments and provisions evolved from EUR 10.2 million in the first nine months of 2025 to EUR 37.7 million in the same period of the current year, mainly reflecting the increase in provisions for other risks, which reflects a conservative approach given the current uncertain environment. In the international activity, other impairment and provisions amounted to EUR 248.0 million at the end of September 2026, decreasing significantly (- 42.9%) from the amount recognised in the same period of the previous year in which EUR 434.0 million had been recognised. The evolution of the international activity was mainly driven by the decrease recorded in the Polish subsidiary, although its impact was partially offset by the increase observed in the subsidiary in Mozambique. In fact, the provision booked by the Polish subsidiary to face the legal risk associated with foreign exchange mortgage loans was EUR 218.4 million lower than the amount recognised a year before, amounting to EUR 136.6 million at the end of September of the current year, largely contributing to the mentioned evolution. On the other hand, the income, reflected in other net operating income, corresponding to the amount receivable from a third party, following the indemnity clauses and contractual guarantees provided for in the acquisition contract of Euro Bank S.A., decreased EUR 25.2 million compared to the first nine months of 2025, totalling EUR 19.5 million in the first nine months of 2026. In the first nine months of 2026, Bank Millennium also recognised provisions in the amount of EUR 37.6 million to face potential costs, taking into account the uncertainty regarding the evolution of consumer protection-related litigation. In the Mozambican subsidiary, the evolution of other impairments and provisions is mainly explained by the financial context in the country. INCOME TAX Income tax (current and deferred) amounted to EUR 442.5 million in the first nine months of 2026 , which compares to EUR 317.1 million posted in the first nine months of 2025. These expenses include, in the first nine months of 2026 , current tax of EUR 148.2 million (EUR 77.9 million in the first nine months of 2025 ) and deferred tax of EUR 294.3 million (EUR 239.2 million in the first nine months of 2025). Current tax expenses in 2025 and 2026 had been influenced by provisions for legal risks related to the portfolio of foreign currency mortgage loans and the evolution of litigation related to consumer protection and by mandatory contributions to the banking sector, both non-deductible for tax purposes at the level of the Polish subsidiary, by the increase in the tax rate on bank income in Poland from 19% to 30% in 2026 and also by the autonomous taxation of interest on public debt in the Mozambican subsidiary. In 2025, current taxes were positively influenced by the correction of the 2024 tax estimate of the Polish subsidiary, against the reduction of the respective deferred tax assets, with no impact on net income. Deferred tax expenses are explained by the reduction in deferred tax assets secured under the Special Regime applicable to Deferred Tax Assets (REAID), mainly resulting from the results of the activity in Portugal and the evolution of taxable profits in the periods of 2025 and 2026, and by the reduction of the deferred tax assets in the Polish subsidiary, offset by the respective current taxes, with no impact on the net income. 15Earnings 9M 2026
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BALANCE SHEET TOTAL ASSETS Consolidated balance sheet total assets amounted to EUR 114,170 million on 30 September 2026, showing an increase of 4.8% compared to the EUR 108,937 million recorded at the end of the first nine months of 2025, with this evolution being driven by the increases in assets in the international activity (EUR +3,460 million) and in the activity in Portugal (EUR +1,772 million). In the activity in Portugal, total assets totalled EUR 72,033 million at the end of the first nine months of 2026, representing a 2.5% increase compared to the EUR 70,261 million recorded on 30 September 2025. This evolution was mainly due the significant increase observed in the loans to customer portfolio (net of impairment), partially offset by the reductions occurred in deposits at central banks and in deferred tax assets. In the international activity, total assets amounted to EUR 42,136 million on 30 September 2026, showing a growth of 8.9% compared to the EUR 38,676 million posted at the end of the first nine months of the previous year. This evolution is largely explained by the growth in the total assets of the Polish subsidiary, essentially justified by the increase in customer loan portfolio (net of impairment) and in the securities portfolio (mainly local sovereign debt) due to the application of the surplus liquidity generated by the increase in balance sheet customers funds. Assets in the Mozambican subsidiary also recorded an increase, although less significant, mostly in deposits at central banks, following the increase in minimum reserve requirements for domestic currency applied by the Central Bank of Mozambique in May 2026. LOANS TO CUSTOMERS Consolidated loans to customers portfolio (gross loans), as defined in the Glossary, amounted to EUR 66,174 million on 30 September 2026, showing an increase of 7.8% compared to the EUR 61,359 million figure achieved at the end of the first nine months of the previous year. This evolution was driven primarily by the growth in the activity in Portugal, benefitting also from the expansion recorded in the international activity. The evolution of the consolidated loans to customers portfolio is explained by the greater dynamism observed in mortgage loans and in loans to companies, with personal loans also recording a positive contribution, although less significant. In the activity in Portugal, loans to customers (gross) amounted to EUR 45,907 million on 30 September 2026, 7.8% above the EUR 42,579 million recorded at the end of the first nine months of 2025. This growth incorporates a significant increase in performing loans (EUR +3,420 million), slightly offset by the reduction in non-performing exposures (NPE) (EUR -92 million). Mortgage loans in the activity in Portugal stood at EUR 23,234 million on 30 September 2026, recording an increase of 10.1% (EUR +2,131 million) compared to the same date in the previous year, due to the growing demand, driven by government incentives aimed at young people and also to the increase in the average loan amount, in line with the rise in real estate prices. Personal loans in the activity in Portugal also recorded an increase, of 11.0% (EUR +291 million) compared to the figure recorded at the end of the first nine months of 2025, standing at EUR 2,931 million on 30 September 2026. In turn, loans to companies in the activity in Portugal rose by 4.8% (EUR +907 million) compared to the end of the first nine months of 2025, amounting to EUR 19,743 million on 30 September 2026, with the State sponsored loans showing particularly momentum. In the international activity, loans to customers (gross) amounted to EUR 20,266 million on 30 September 2026 , 7.9% higher than the EUR 18,780 million recorded at the end of the first nine months of 2025. By geographies, there was a more significant growth in the Polish subsidiary and a smaller increase in the Mozambican subsidiary. Mortgage loans in the international activity totalled EUR 8,656 million on 30 September 2026 , recording a slight increase of 1.3% compared to the amount recorded at the end of the first nine months of the previous year (EUR 8,541 million on 30 September 2025 ). This change is explained almost entirely by the performance of the Polish 16Earnings 9M 2026
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subsidiary, as the increase in mortgage loans recorded in the subsidiary in Mozambique was not particularly significant in absolute terms. The amount of the mortgage loans portfolio in foreign currency in the Polish subsidiary excluding the portion concerning Euro Bank S.A.1 decreased by EUR 51 million (30 September 2026: EUR 101 million; 30 September 2025: EUR 152 million). Personal loans in the international activity stood at EUR 5,357 million at the end of the first nine months of the current year, recording an increase of EUR 253 million compared to the figure recorded at the end of first nine months of the previous year, driven mainly by the growth recorded in the Polish subsidiary, benefitting also from the positive contribution of the Mozambican subsidiary. In turn, loans to companies in the international activity rose by 21.8% compared to the EUR 5,134 million recorded on 30 September 2025, standing at EUR 6,253 million at the end of the first nine months of 2026, justified by the significant growth in the Polish subsidiary and a smaller increase in the Mozambican subsidiary. LOANS TO CUSTOMERS (GROSS) million EUR 30 Sep. 26 30 Sep. 25 restated Chg. 26/25 INDIVIDUALS 40,178 37,389 7.5 % Mortgage loans 31,890 29,644 7.6 % Personal loans 8,288 7,745 7.0 % COMPANIES 25,996 23,970 8.4 % Services 10,157 9,413 7.9 % Commerce 4,342 4,021 8.0 % Construction 1,718 1,444 19.0 % Others 9,778 9,093 7.5 % 66,174 61,359 7.8 % Of which: Activity in Portugal 45,907 42,579 7.8 % International activity 20,266 18,780 7.9 % QUALITY OF CREDIT PORTFOLIO The Group has in place credit portfolio management and monitoring processes, namely with regard to the assessment of the risk profile of the exposure in different portfolios/segments. These procedures have the purpose of identifying and closely monitoring the customers potentially more affected by the prevailing macroeconomic context, anticipating possible difficulties in complying the responsibilities and defining credit and performance strategies adjusted to the specificities of each customer/group of customers, with a view to both maintaining support to customers considered viable and mitigating credit risk in cases where there are risks of loss in the exposure value. The NPE stock, in consolidated terms, decreased to EUR 1,442 million on 30 September 2026, showing a reduction of EUR 157 million compared to the end of the first nine months of 2025. In the activity in Portugal, the NPE stock totalled EUR 711 million at the end of the first nine months of 2026, showing a reduction of EUR 92 million compared to the same date in the previous year. Regarding credit quality indicators, the NPL ratio for more than 90 days, on a consolidated basis, stood at 1.1% at the end of the first nine months of the current year, slightly below the 1.3% ratio recorded at the end of the first nine months of the previous year. In turn, NPE ratio as a percentage of the total credit portfolio, on a consolidated basis, decreased from 2.6% on 30 September 2025 to 2.2% on 30 September 2026. In the activity in Portugal, the 17Earnings 9M 2026 1 The risk of Euro Bank S.A.'s portfolio is fully covered by a third party, within the scope of the clauses set out in the acquisition contract of that entity.
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NPE ratio as a percentage of the total credit portfolio decreased from 1.9% on 30 September 2025 to 1.5% on 30 September 2026. In consolidated terms, the ratio of total impairments to NPL by more than 90 days evolved from 172.2% on 30 September 2025 to 191.0% on 30 September 2026 . The ratio between total impairment and the stock of NPE showed a significant improvement both in consolidated terms ( 97.1% on 30 September 2026 vis-à-vis 86.8% recorded on 30 September 2025) and in the activity in Portugal ( 109.9% on 30 September 2026 vis-à-vis 95.5% on 30 September 2025). On 30 September 2026, the ratio between specific NPE impairment and NPE stock stood at 55.6% in consolidated terms ( 54.3% on 30 September 2025) and 56.1% in the activity in Portugal ( 52.5% on 30 September 2025). CREDIT QUALITY INDICATORS Group Activity in Portugal 30 Sep. 26 30 Sep. 25 restated Chg. 26/25 30 Sep. 26 30 Sep. 25 Chg. 26/25 STOCK (M€) Loans to customers (gross) 66,174 61,359 7.8 % 45,907 42,579 7.8 % Restructured loans 943 1,240 (23.9 %) 503 727 (30.8 %) NPL > 90 days 733 805 (9.0 %) 333 377 (11.9 %) NPE (Loans to customers) 1,442 1,599 (9.8 %) 711 803 (11.4 %) Total loan impairments (Balance sheet) 1,400 1,387 0.9 % 782 767 2.0 % Impairments allocated to NPE (Balance sheet) 802 868 (7.6 %) 399 422 (5.4 %) RATIOS AS A PERCENTAGE OF LOANS TO CUSTOMERS Restructured loans / Loans to customers (gross) 1.4 % 2.0 % 1.1 % 1.7 % NPL > 90 days / Loans to customers (gross) 1.1 % 1.3 % 0.7 % 0.9 % NPE / Loans to customers (gross) 2.2 % 2.6 % 1.5 % 1.9 % NPE ratio - EBA (includes debt securities and off-balance exposures) 1.3 % 1.6 % 1.2 % 1.4 % COVERAGE BY IMPAIRMENTS Total loan impairments / NPL > 90 days 191.0 % 172.2 % 235.1 % 203.1 % Total loan impairments / NPE 97.1 % 86.8 % 109.9 % 95.5 % Impairments allocated to NPE / NPE 55.6 % 54.3 % 56.1 % 52.5 % Note: unless otherwise stated, the indicators above refer to loans to customers as defined in the Glossary, which comprise loans to customers at amortised cost (excluding reverse repos), debt instruments at amortised cost associated to credit operations and loans to customers at fair value through profit or loss (excluding reverse repos). 18Earnings 9M 2026
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CUSTOMER FUNDS On 30 September 2026, the total customer funds of the Group, as defined in the Glossary, amounted to EUR 116,256 million, representing an increase of EUR 7,719 million ( +7.1%; +7.7% excluding fair value adjustments on hedged non-maturity deposits) compared to the EUR 108,537 million on the same date of the previous year, reflecting the positive performance of both the activity in Portugal and the international activity. The significant growth in deposits and other resources from customers was a key driver in the evolution of consolidated balance sheet customer funds, which showed an increase of EUR 5,827 million ( +6.6%) compared to the EUR 88,823 million achieved at the end of the first nine months of the previous year, reaching EUR 94,650 million on 30 September 2026. In turn, consolidated off-balance sheet customer funds amounted to EUR 21,606 million, representing an increase of EUR 1,892 million compared to the same date of the previous year, mainly due to the dynamism of assets under management and assets placed with customers. Insurance products (savings and investment) also showed positive evolution, although with a more moderate impact on the growth of consolidated off-balance sheet customer funds. In the activity in Portugal, total customer funds reached EUR 77,187 million on 30 September 2026, compared to the EUR 72,960 million recorded at the end of the first nine months of the previous year ( +5.8%; +6.6% excluding fair value adjustments on hedged non-maturity deposits). This growth is mainly due to the increase in balance sheet customer funds, which reached EUR 59,536 million on 30 September 2026 (EUR +2,951 million than the amount recorded on the same date of the previous year), driven by the dynamism of deposits and other resources from customers. Although with a smaller contribution to the growth in total customer funds, off- balance sheet customer funds increased by EUR 1,276 million compared to the end of the first nine months of the previous year (+ 7.8%), reaching EUR 17,651 million on 30 September 2026, with a more significant increase in assets placed with customers. Insurance products (savings and investment) and assets under management also grew, however with a reduced impact. In the international activity, total customer funds stood at EUR 39,069 million at the end of the first nine months of 2026, recording an increase of EUR 3,492 million ( +9.8%) compared to the EUR 35,577 million recorded on 30 September 2025. Balance sheet customer funds, entirely composed of deposits and other resources from customers, stood at EUR 35,114 million on 30 September 2026 (EUR +2,876 million compared to the end of the first nine months of 2025), benefitting from the rising volumes in the Polish subsidiary and also from the smaller increase recorded in the subsidiary in Mozambique. Off-balance sheet customer funds, arising exclusively from the activity in the Polish subsidiary, increased by EUR 616 million compared to the end of the first nine months of the previous year, reaching EUR 3,955 million on 30 September 2026, mainly driven by the increase in assets under management and also by the smaller increase observed in assets placed with customers. Conversely, insurance products (savings and investment) recorded a decrease compared to the end of the first nine months of the previous year, although this reduction was not very significant in absolute terms. On 30 September 2026, balance sheet customer funds, on a consolidated basis, represented 81.4% of total customer funds, with deposits and other resources from customers representing 79.8% of total customer funds, both percentages lower than those recorded on the same date in the previous year ( 81.8% and 80.5%, respectively). The loans to deposits ratio, which results from the quotient between loans to customers (net) and deposits and other resources from customers, stood at 69.9% on 30 September 2026 (slightly above the ratio of 68.7% recorded on the same date in the previous year). The aforementioned indicator, considering balance sheet customer funds, stood at 68.4% (also slightly above the 67.5% ratio on the same date in the previous year). 19Earnings 9M 2026
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TOTAL CUSTOMER FUNDS million EUR 30 Sep. 26 30 Sep. 25 restated Chg. 26/25 BALANCE SHEET CUSTOMER FUNDS 94,650 88,823 6.6 % Deposits and other resources from customers 92,718 87,355 6.1 % Debt securities 1,933 1,468 31.7 % OFF-BALANCE SHEET CUSTOMER FUNDS 21,606 19,713 9.6 % Assets under management 7,594 6,762 12.3 % Assets placed with customers 8,875 8,138 9.0 % Insurance products (savings and investment) 5,137 4,812 6.7 % 116,256 108,537 7.1 % Of which: Activity in Portugal 77,187 72,960 5.8 % International activity 39,069 35,577 9.8 % SECURITIES PORTFOLIO The consolidated securities portfolio, as defined in the Glossary, amounted to EUR 39,099 million on 30 September 2026, showing an increase of 3.3% compared to the EUR 37,863 million recorded on the same date in the previous year, representing 34.2% of total consolidated assets at the end of the first nine months of 2026 (percentage slightly below than the 34.8% recorded on the same date of the previous year), with this increase being explained by the liquidity arising from the growth of consolidated balance sheet customer funds. The securities portfolio allocated to the activity in Portugal stood at EUR 21,238 million on 30 September 2026, recording a slight decrease compared to the EUR 21,338 million posted on 30 September 2025. The securities portfolio allocated to the international activity showed a significant increase, rising from EUR 16,525 million at the end of the first nine months of the previous year to EUR 17,861 million on 30 September 2026. This growth was primarily driven by the activity in the Polish subsidiary, with investment in local public debt standing out, as a result of the liquidity arising from the growth of deposits from customers. LIQUIDITY MANAGEMENT The BCP Group’s liquidity position remained robust between September 2025 and September 2026, supported by a 6.6% growth in balance sheet customer funds, corresponding to an increase of EUR 5.8 billion. In absolute terms, this evolution resulted from equal contributions from operations in Portugal and international operations. These increases correspond to year-on-year growth rates of 5.2% and 8.9%, respectively, with Poland remaining the main driver in the international segment. The loan portfolios of the Group’s three operations recorded strong growth on an individual basis, resulting in a 7.8% increase on a consolidated basis, corresponding to an increase of EUR 4.8 billion. Despite the strong lending momentum, the absolute increase in the loan portfolio remained lower than the growth in balance sheet customer funds. Consequently, the Group maintained a solid structural liquidity position and high levels of eligible assets held with central banks, while its regulatory and internal liquidity risk indicators remained comfortably above the respective requirements across all geographies. As of 30 September 2026, the consolidated Liquidity Coverage Ratio (LCR) stood at 330%, compared with 321% at the same date of the previous year, providing a comfortable buffer above the regulatory minimum requirement of 100%. 20Earnings 9M 2026
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From a structural perspective, the Group maintained a solid and stable funding base, based by customer deposits, particularly in the retail segment, and complemented by medium and long-term funding instruments, namely issuances related to Own Funds and the Minimum Requirement for Own Funds and Eligible Liabilities (MREL), as well as Bank Millennium’s covered bond programme. As of 30 September 2026, the Net Stable Funding Ratio (NSFR) stood at 180%, remaining stable year-on-year and providing a comfortable margin above the regulatory minimum requirement of 100%. At the same date, the loans-to-deposits ratio stood at 70%, compared with 69% a year earlier, reflecting the continued prudent management of the balance sheet structure amid the recovery in lending activity in Portugal since the beginning of the year. In the first nine months of 2026, taking advantage of favourable marketable conditions, BCP carried out two market transactions: on 5 February 2026, the bank issued EUR 500 million in Senior Preferred ("SP") 6.25NC5.25, with a coupon of 3.250% (mid-swaps +72 b.p.), effectively refinancing the exercise, on 12 February of the call option of a previous SP issuance of EUR 500 million, which had a coupon of 1.125%; and on 15 June 2026, BCP placed a Tier 2 issuance of EUR 500 million, with a 12-year maturity and an early redemption option after 7 years (T2 12NC7), and a coupon of 4.125% (mid-swaps +133 b.p.). The liquidity buffer with the European Central Bank increased year-on-year by EUR 701 million, to EUR 31.4 billion. This evolution resulted mainly from the increase in the balance of retained covered bonds, the cash flow earnings and the favourable evolution of the commercial gap. This effect was partially offset by the foreseen loss of eligibility of a mortgage loan portfolio, which occurred at the end of March 2026, and by the execution of operations to exchange highly liquid assets for non-eligible assets, made possible by the size of the eligible asset portfolio. Bank Millennium continues to strengthen its liquidity position, mainly driven by the sustained growth in customer deposits. The bank has also enhanced the diversification of its funding and capital structure. In January 2026, it issued PLN 1.5 billion of perpetual subordinated Additional Tier 1 (AT1) debt, with a coupon of 8.875% (mid- swaps +5.277 b.p.). This was followed on 27 May 2026 by its inaugural EUR 500 million Tier 2 issuance (10.25NC5.25), successfully placed with a coupon of 4.7115% (mid-swaps + 175 b.p.). On 18 September 2026, Bank Millennium proceeded with the early redemption of a EUR 500 million Senior Non-Preferred (“SNP”) issuance, issued in September 2023, with a 9.875% coupon and an original maturity scheduled for September 2027. In addition, between September 2025 and September 2026, the bank issued PLN 1.5 billion of covered bonds, further broadening its long-term funding base. Millennium bim continued to maintain a solid liquidity position, reinforced by the significant increase in customer deposits between September 2025 and September 2026. CAPITAL The estimated CET1 ratio as at 30 September 2026 stood at 15.3% phased-in and 15.2% fully implemented, reflecting a change of -74 and -73 basis points, respectively, compared to the 16.1% and 15.9% phased-in and fully implemented ratios reported in the same date of 2025, comfortably above the minimum regulatory ratios defined within the scope of SREP (Supervisory Review and Evaluation Process) for September 2026 (CET1 10.64%, T1 12.55% and Total 15.09%). The ratios estimated as at 30 September 2026 take into account the deduction of the maximum share buyback amount authorised by ECB totalling EUR 407.5 million, corresponding to 40% of the 2025 net profit, currently being executed. They also reflect the synthetic securitisation of a corporate loan portfolio in Portugal, finalised in September, with an estimated positive impact of approximately 30 basis points. These ratios do not, however, account for the consolidated impact of the synthetic securitisation of a personal loan portfolio executed by the Polish subsidiary in September. The inclusion of this securitisation in the capital ratios of the Polish subsidiary remains contingent upon confirmation from the respective supervisory authorities regarding the fulfilment of significant risk transfer requirements. Beyond the increased shareholder distribution, the evolution of these ratios primarily reflects, on the one hand, robust internal capital generation, underpinned by the solid performance of recurring operations, and, on the other hand, the dynamics of risk-weighted assets, influenced by business growth, particularly in corporate financing. 21Earnings 9M 2026
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SOLVENCY RATIOS million EUR 30 Sep. 26 30 Sep. 25 FULLY PHASED FULLY PHASED Own funds Common Equity Tier 1 (CET1) 6,837 6,837 6,721 6,721 Tier 1 7,464 7,464 7,214 7,214 Total Capital 9,023 9,023 8,437 8,437 Risk weighted assets 45,104 44,547 42,311 41,784 Solvency ratios CET1 15.2 % 15.3 % 15.9 % 16.1 % Tier 1 16.5 % 16.8 % 17.0 % 17.3 % Total capital 20.0 % 20.3 % 19.9 % 20.2 % Note: The capital ratios of September 2026 are estimated, including 10% of the accumulated positive net income. Pursuant to the prevailing transitional arrangements, the estimated capital ratios, not incorporating the third quarter earnings, are presented below: SOLVENCY RATIOS million EUR 30 Sep. 26 30 Sep. 25 PHASED PHASED Own funds Common Equity Tier 1 (CET1) 6,816 6,659 Tier 1 7,443 7,152 Total Capital 9,002 8,376 Risk weighted assets 44,547 41,784 Solvency ratios CET1 15.3 % 15.9 % Tier 1 16.7 % 17.1 % Total capital 20.2 % 20.0 % 22Earnings 9M 2026
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SIGNIFICANT EVENTS IN THE FIRST NINE MONTHS OF 2026 During the first nine months of 2026, despite the uncertainty surrounding the international environment, driven by geopolitical tensions and a challenging macroeconomic backdrop, BCP continued to pursue its strategy of supporting businesses and households, underpinned by close relationships with its Customers and by providing a range of products and services tailored to their needs. On 20 January 2026, the Bank informed that it has exercised the option to early redeem all of its EUR 500,000,000 Senior Preferred Fixed to Floating Rate Notes due 2027 (ISIN: PTBCPHOM0066), issued on 12 February 2021 under the Euro Note Programme, in accordance with condition 6(d) of the terms and conditions of the Notes and the final terms of the Notes. On 29 January 2026, the Bank informed that it has fixed the terms for a new issue of senior preferred debt securities eligible for MREL (Minimum Requirement for own funds and Eligible Liabilities), under its Euro Note Programme. The issue, in the amount of EUR 500 million, has a tenor of 6 years and 3 months, with the option of early redemption by the Bank on 5 May 2031, an issue price of 99.990% and an annual interest rate of 3.250% until the Optional Redemption Date. The interest rate from the Optional Redemption Date was set at 3-month Euribor plus a 0.72% spread. On 7 May 2026, the Bank disclosed information regarding the Annual General Meeting of Shareholders held on that date at the Bank’s premises, with shareholders also participating by electronic means. The Annual General Meeting was attended by Shareholders representing 68.53% of the Bank’s share capital and adopted the following resolutions: Item One – Approval of the management report, the balance sheet and the individual and consolidated accounts for the financial year 2025, the Corporate Governance Report, which includes a chapter on the remuneration of the management and supervisory bodies, and the Sustainability Report; Item Two – Approval of the proposal for the appropriation of profits regarding the 2025 financial year; Item Three – Approval of a vote of trust and praise addressed to the Board of Directors, including to the Executive Committee and to the Audit Committee and each one of their members, as well as to the Chartered Accountant and its representative; Item Four – Approval of the updating the Shareholder Distribution Policy; Item Five – Approval of the aspects of the remuneration framework for Members of the Management and Supervisory Bodies submitted to the Assembly and, in particular, on: a) Updating the Remuneration Policy for Members of the Management and Supervisory Bodies (including ratification of the Remunerations and Welfare Board decision regarding equity and alignment of welfare frameworks); b) The variable component of the remuneration of the executive members of the Board of Directors. Item Six – Approval of the reduction of the Bank's share capital by up to €240,000,000.00 (two hundred and forty million euros), with the special purpose of cancelling own shares already acquired or to be acquired under the share buyback programme, involving the cancellation of own shares representing up to 8% of the total number of shares representing the share capital, as well as the related reserves, with the consequent amendment of Article 4(1) of the Articles of Association; Item Seven – Approval of the increase of the Bank's share capital to €3,000,000,000, by incorporating the special reserve that may be set up under item Six of the Agenda, by the amount corresponding to the resulting share capital reduction and without issuing new shares, with the consequent amendment of Article 4(1) of the Articles of Association; 23Earnings 9M 2026
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Item Eight – Ratification of the co-option of a member of the Board of Directors for the 2022/2025 term of office; Item Nine – Election of the Board of Directors for the 2026/2029 term of office, including the Audit Committee; Item Ten – Election of the Remunerations and Welfare Board for the 2026/2029 term of office; Item Eleven – Approval of the authorisation provided for in Article 5(1) of the Articles of Association, as well as on the amendment of the respective wording; Item Twelve – Approval of the acquisition and disposal of own shares and bonds; Item Thirteen – Approval of the acceptance of the resignation and vote of praise for the outgoing member and selection of the President of the General Assembly to serve until the end of the current term (four-year period 2024/2027). On 13 May 2026, the Bank informed that Fitch Ratings upgraded BCP's long-and short-term deposits to ‘A’ from ‘A-’ and to ‘F1’ from ‘F2’, respectively. On 15 June 2026, the Bank informed that has fixed the terms for an issue of subordinated Tier 2 Notes under its Euro Note Programme. The issue, in the amount of EUR 500 million, has a tenor of 12 years, with the option of early redemption by the Bank at the end of year 7, an annual interest rate of 4.125% during the first 7 years, corresponding to a spread of 1.330% over the 7-year mid-swap rate. The interest rate for the last 5 years will be determined on the basis of the applicable 5-year mid-swap rate plus the mentioned spread. On 30 June 2026, the Bank informed that it has been notified by Banco de Portugal, as the national resolution authority, about the update of its minimum requirements for own funds and eligible liabilities ("MREL" or "Minimum Requirement for own funds and Eligible Liabilities") as decided by the Single Resolution Board. The resolution strategy applied continues to be that of a multiple point of entry ("MPE"). The MREL requirements to be met by BCP Group of Resolution (consisting of BCP, S.A., Banco ActivoBank, S.A. and all the subsidiary companies of BCP apart from Bank Millennium S.A. and Banco Internacional de Moçambique and their respective subsidiaries), with immediate application, is of: • 24.73% of the total risk exposure amount ("TREA") to which adds further a combined buffer requirement ("CBR"), which also includes the “Countercyclical Capital Buffer” — CCyB and the “Systemic Risk Buffer” — SyRB, currently of 4.67%, thus corresponding to total requirements currently of 29.40%; and • 6.75% of the leverage ratio exposure measure ("LRE"). Additionally, the Bank informed that is not subject to any subordination requirements. In accordance with the regulations in force, MREL requirements could be annually updated by the competent authorities, and therefore these targets replace those previously set. On that date, BCP informed that it complied with the established MREL requirements, both as a percentage of the TREA (including the CBR) and as a percentage of the LRE. On 4 June 2026, Banco Comercial Português (“Bank” or “BCP”) commenced the implementation of its Share Buyback Programme, under the terms and conditions set out in the announcement released by BCP on 27 May 2026. On 21 September 2026, the Bank announced that the credit rating agency Morningstar DBRS upgraded BCP's senior unsecured debt rating from A (low) to A, while maintaining a stable trend. The long-term deposit rating was also upgraded to A (high). 24Earnings 9M 2026
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Under the share buyback programme, between 4 June and 23 October 2026, the Bank acquired 297,557,006 shares for a total consideration of EUR 329,362,507. As of 23 October 2026, the Bank held a total of 297,557,006 treasury shares, representing 2.01% of its share capital. SUBSEQUENT EVENTS On 20 October 2026, the Bank informed about the decision to call the currently outstanding EUR 300,000,000 Subordinated Fixed Rate Reset Notes due 17 May 2032 with an outstanding amount of EUR 300 million. AWARDS AND DISTINCTIONS Millennium bcp received several distinctions in the first nine months of 2026: • “Best Investment Bank for Financing” in Portugal, awarded by Euromoney as part of its Awards for Excellence. • “Best Consumer Digital Bank 2026” in Portugal, awarded by Global Finance, with the Bank also receiving several awards across individual subcategories. The Bank was recognised for having the Best Mobile Banking App in Portugal and the Best Online Payments Solution in both Portugal and Western Europe. • The Bank received two awards at the Excellence in Data & AI 2026, an initiative of the Data Science & AI Portugal Association (DSPA), which recognises outstanding projects and professionals in the fields of Data Science and Artificial Intelligence in Portugal. • The Bank was recognised at the Global Retail Banking Innovation Awards, promoted by The Digital Banker, winning the following categories: Best Mobile Banking App – App Millennium; Best Gen-AI Chatbot Initiative – Assistant; Mortgage Product of the Year – Millennium Mortgage 360; Best Mobile Banking Initiative – Security Hub; Best Payments Innovation – Hub Transferir e Pagar; and Digital Lending Product of the Year – NexGen Conversion Engine. • For the sixth consecutive year, the Bank was recognised as “Consumer Choice” in 2026 in the “Large Banks” category. • In 2026, the Bank retained its Five Stars Award leading status in the “Large Banks” and “Banking Apps” categories, for the fourth consecutive year. • In 2026, the Bank achieved the highest rating among the banks assessed in the Five Stars Award – “Large Banks” category. • Millennium bcp’s corporate website was recognised as Product of the Year 2026 in the “Companies” category. • At the Euronext Lisbon Awards 2026, the Bank was recognised in the following categories: Equity Champion (listed company with the highest total return); Local Market Member – Equity (member with the highest trading value on Euronext Lisbon in this category); Market Member – Bonds (member with the highest trading value on Euronext Lisbon in this category); and Structured Finance – Warrants and Certificates (member generating the highest growth in the securities covered by this category). • BCP was recognised by Euromoney as the Bank with the Best Financing Solutions in Portugal, as part of the Awards for Excellence 2026. • The Bank was recognised by Structured Retail Products as the Best Distributor of Structured Products in Portugal. • The Bank was recognised by Euromoney as the Best Digital Bank for SMEs in Portugal. • The Bank received the Global AI & Agentic Award from SS&C Blue Prism, in recognition of BCP’s leadership in the use of generative AI and intelligent agents. • The Appropósito campaign received five distinctions, including Grand Prix, Gold, Silver and Bronze awards at the Prémios Lusófonos da Criatividade. • The Bank once again reinforced its position as a key partner to Portugal’s business community by winning the PME Líder 2025 award. • BCP and Ocidental were awarded a Gold Medal for the Smart Insurance Advisory Tool. ActivoBank also received several distinctions in the first nine months of 2026: • “Best Digital Bank in Portugal”, by the Euromoney Awards for Excellence 2026. • “Consumer Choice” award for the eight consecutive time in the “Digital Bank” category in 2026. • “Five Stars” award for the third consecutive year, in the “Digital Banking” category in 2026. 25Earnings 9M 2026
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• Recognised by DECO PROteste as the Right Choice for Current Accounts, reinforcing its position as one of the most advantageous solutions on the market, as well as the Right Choice for ETF Investments. ActivoBank is therefore the best choice among regulated banks in Portugal in 2026. Bank Millennium was distinguished in the first nine months of 2026: • “Best Digital Bank for Retail and Corporate Customers in Poland” at the Global Finance World’s Best Digital Banks 2026. • “Best Digital Bank for Retail Customers in Poland” at the Euromoney Awards for Excellence 2026. • Bank Millennium was awarded the Golden Bank 2026 title, recognising the highest quality of multichannel Customer service. For the sixth time, the Bank achieved first place in the hotline Customer service category and, for the third consecutive year, secured a podium position for the quality of its chat and e-mail customer service. • Bank Millennium was also recognised as a Top Employer Polska 2026 by the Top Employers Institute. This distinction confirms the Bank’s commitment to fostering an increasingly positive work environment through the adoption of high standards in human resources management and the implementation of HR best practices. • Recognised in the ESG Ranking, having received the ‘Sustainability Champions 2026’ award and a special distinction marking the initiative’s 20th anniversary. • Bank Millennium was recognised as a Bank with a Mission in the Złoty Bankier 2026 ranking. The Bank was acknowledged for its consistent efforts that go beyond the traditional banking offer, as well as for its involvement in ambitious and inspiring initiatives. It stands out as an institution that combines the scale of its operations with responsibility, credibility, and courage in promoting a more ambitious social environment, while demonstrating consistency and reliability as a long-standing patron of culture. • The eSIM purchase feature available through the Millennium App was recognised among the year’s best financial innovations at the Global Finance Innovators Awards. • Bank Millennium was also distinguished as Institution of the Year by the MojeBankowanie.pl portal, winning the following categories: Best Mobile App, Best In-Branch Account Opening Process, and Best Remote Account Opening Process. • Bank Millennium stood out in the Customer Relationship Star category of the Banking Stars ranking. • Customer Experience Leader 2026, an award recognising the quality of the customer experience delivered and the bank’s customer-centric strategy. • Service Quality Star 2026, an award granted based on high levels of consumer satisfaction. • Star of the Decade 2015–2025, an award recognising a decade of excellence and consistency in service quality. • Bank Millennium’s Contact Center received the Gold Grand Prix, the highest distinction in the industry. • Sustainability Champions 2026, a recognition awarded as part of the ESG Responsible Management Ranking. Millennium bim was also distinguished in the first nine months of 2026: • Millennium bim was named Mozambique’s "Best Bank by Euromoney". • Millennium bim was recognised as Mozambique’s "Best Digital Bank" by Euromoney. • Millennium bim was recognised as Mozambique’s "Best Bank" by Global Finance magazine. • Millennium bim was named Mozambique's "Best Consumer Digital Bank" and "Overall Best Corporate Digital Bank" by Global Finance in the World's Best Digital Bank Awards. • Millennium bim was recognised with the “Best Corporate Social Responsibility Initiative – Mozambique COMARP Awards 2026” for its project "Regeneração dos Ecossistemas Costeiros – Mais Moçambique pra Mim”. • The “Haverá sempre um M” campaign won one Gold, one Silver, and one Shortlist award at one of Africa’s most prestigious creativity festivals, the Pitcher Awards 2026. MACROECONOMIC ENVIRONMENT In October, the International Monetary Fund (IMF) slightly revised its projection for global GDP growth in 2026 from 3.0% to 3.1%, in a context where global economic activity showed greater resilience than expected in the first half of the year, despite the adverse effects of the war in the Middle East and the turmoil in the Strait of Hormuz. The IMF kept its projection for the headline inflation rate in 2026 unchanged at 4.7%, reflecting the persistence of upward pressures on energy and food prices. For 2027, the IMF expects global economic growth to accelerate to 3.4%, accompanied by a moderation in inflation to 4.1%, which is subject to a high level of uncertainty depending on geopolitical developments. 26Earnings 9M 2026
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The intensification of inflationary risks was reflected in a reassessment of the expected paths for benchmark interest rates, supported by the decisions of the European Central Bank and the United States Federal Reserve to increase their interest rates by 25 bps, along with a meaningful probability of future adjustment. In this context, and within the usual cycle of presentation and negotiation of government budgets, there was a generalised increase in government bond yields, particularly in the longer maturities, with German 10-year government bonds standing at 3.60% and US counterparts at 5.25% at the end of the quarter. The risk premia of European public debt vis-à-vis Germany, in particular French debt, increased significantly, also impacted by expressions of social discontent. The US stock market recorded an overall positive performance in the quarter, while the European STOXX 600 index contracted by 1.1% in the period. The euro depreciated against the dollar, due to the revaluation of the path of interest rates for the US economy and volatility in European public debt markets. In the second quarter of 2026, there was an acceleration in the pace of the Portuguese GDP quarter-on-quarter growth, from 0.2% to 0.9%, driven by the dynamism of private consumption and exports. In this context, the forecasts for GDP growth in 2026 have been revised upwards, from 1.8% to values above 2.0%. The dynamism of private consumption and the recovery in net external demand should support a robust GDP growth rate, which is forecasted to be higher than the average value expected for the euro area for 2027. Regarding inflation, the year- on-year rate of change rose from 2.2% in the first quarter to 3.4% in the third quarter of 2026, mainly reflecting the increase in energy prices. For the whole year, inflation rate is projected to be slightly above 3%, and a disinflationary process is expected in subsequent years. In Poland, GDP grew by 3.9% year-on-year in the second quarter, which corresponds to an acceleration compared to the previous quarter. Economic activity is expected to maintain a robust pace of growth, with the IMF projecting GDP growth of 3.4% for 2026. The inflation rate reached 4.0% in September 2026, with the National Bank of Poland choosing to maintain the benchmark interest rate at 3.75%. The Zloty depreciated during the third quarter. In Mozambique, economic activity maintains a gradual growth path. GDP grew by 1.7% in the second quarter (year-on-year), driven by the agriculture and services sectors. The IMF has revised upwards its GDP growth projection to 1.0% in 2026. Inflation rate has been decelerating, although it remains at high levels compared to the recent past (6.3% in September 2026). The Central Bank of Mozambique maintained the MIMO rate at 9.25% and revised the minimum reserve requirement regime in order to encourage bank financing for companies that contribute to import substitution and/or increase exports. The official exchange rate of the Metical against the dollar did not change significantly in the quarter. 27Earnings 9M 2026
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CONSOLIDATED INDICATORS, ACTIVITY IN PORTUGAL AND INTERNATIONAL ACTIVITY million EUR Group Activity in Portugal International activity Sep. 26 Sep. 25 (restated) Chg. 26/25 Sep. 26 Sep. 25 (restated) Chg. 26/25 Sep. 26 Sep. 25 (restated) Chg. 26/25 INCOME STATEMENT Net interest income 2,293.0 2,166.6 5.8 % 1,133.3 994.7 13.9 % # 1,159.7 1,171.9 (1.0 %) Dividends from equity instruments 0.9 0.8 8.9 % 0.0 0.0 0.0 % 0.9 0.8 8.9 % Net fees and commissions income 660.4 628.8 5.0 % 484.5 465.5 4.1 % 175.9 163.3 7.7 % Net trading income 107.4 80.7 33.2 % 46.6 10.8 >200% 60.8 69.9 (12.9 %) Other net operating income (122.7) (96.6) (27.0 %) (40.6) (9.6) <-200% (82.1) (87.0) 5.6 % Equity accounted earnings 54.0 44.6 21.1 % 48.6 40.2 21.1 % 5.4 4.4 21.6 % Net operating revenues 2,993.1 2,824.9 6.0 % 1,672.4 1,501.6 11.4 % 1,320.6 1,323.2 (0.2 %) Staff costs 596.9 575.3 3.8 % 301.3 295.3 2.0 % 295.6 280.0 5.6 % Other administrative costs 364.4 341.6 6.7 % 177.1 161.6 9.6 % 187.3 180.0 4.0 % Amortisation and depreciation 125.7 115.5 8.8 % 69.5 61.0 13.9 % 56.2 54.5 3.1 % Operating costs 1,087.0 1,032.5 5.3 % 547.9 517.9 5.8 % 539.1 514.6 4.8 % Operating costs excluding specific items 1,079.5 1,029.3 4.9 % 540.4 514.7 5.0 % 539.1 514.6 4.8 % Profit before impairment and provisions 1,906.0 1,792.4 6.3 % 1,124.5 983.7 14.3 % 781.6 808.6 (3.3 %) Results on modification (1.6) (5.4) 70.4 % 0.0 0.0 0.0 % (1.6) (5.4) 70.4 % Loan impairments (net of recoveries) 167.5 141.0 18.8 % 109.3 103.9 5.2 % 58.1 37.1 56.7 % Other impairment and provisions 285.7 444.2 (35.7 %) 37.7 10.2 >200% 248.0 434.0 (42.9 %) Profit before income tax 1,451.2 1,201.7 20.8 % 977.4 869.6 12.4 % 473.8 332.1 42.6 % Income tax 442.5 317.1 39.5 % 249.7 215.7 15.7 % 192.8 101.4 90.2 % Current 148.2 77.9 90.2 % 7.6 6.5 16.7 % 140.7 71.4 96.9 % Deferred 294.3 239.2 23.0 % 242.1 209.2 15.7 % 52.2 30.0 74.1 % Net income after income tax from continuing operations 1,008.8 884.6 14.0 % 727.8 653.9 11.3 % 281.0 230.7 21.8 % Net income from discontinued operations 0.0 0.0 0.0 % 0.0 0.0 0.0 % 0.0 0.0 0.0 % Non-controlling interests 135.1 108.7 24.2 % (0.1) (0.6) 81.5 % 135.2 109.3 23.7 % Net income 873.7 775.9 12.6 % 727.9 654.5 11.2 % 145.8 121.5 20.0 % BALANCE SHEET AND ACTIVITY INDICATORS Total assets 114,170 108,937 4.8 % 72,033 70,261 2.5 % 42,136 38,676 8.9 % Total customer funds 116,256 108,537 7.1 % 77,187 72,960 5.8 % 39,069 35,577 9.8 % Balance sheet customer funds 94,650 88,823 6.6 % 59,536 56,585 5.2 % 35,114 32,238 8.9 % Deposits and other resources from customers 92,718 87,355 6.1 % 57,604 55,117 4.5 % 35,114 32,238 8.9 % Debt securities 1,933 1,468 31.7 % 1,933 1,468 31.7 % 0 0 0.0 % Off-balance sheet customer funds 21,606 19,713 9.6 % 17,651 16,374 7.8 % 3,955 3,339 18.5 % Assets under management 7,594 6,762 12.3 % 4,660 4,417 5.5 % 2,934 2,346 25.1 % Assets placed with customers 8,875 8,138 9.0 % 8,023 7,341 9.3 % 852 798 6.8 % Insurance products (savings and investment) 5,137 4,812 6.7 % 4,968 4,617 7.6 % 169 195 (13.6 %) Loans to customers (gross) 66,174 61,359 7.8 % 45,907 42,579 7.8 % 20,266 18,780 7.9 % Individuals 40,178 37,389 7.5 % 26,165 23,743 10.2 % 14,013 13,646 2.7 % Mortgage 31,890 29,644 7.6 % 23,234 21,103 10.1 % 8,656 8,541 1.3 % Personal Loans 8,288 7,745 7.0 % 2,931 2,640 11.0 % 5,357 5,105 4.9 % Companies 25,996 23,970 8.4 % 19,743 18,836 4.8 % 6,253 5,134 21.8 % CREDIT QUALITY Total loan impairments (balance sheet) 1,400 1,387 0.9 % 782 767 2.0 % 618 620 (0.4 %) Total loan impairments (balance sheet) / Loans to customers 2.1 % 2.3 % 1.7 % 1.8 % 3.0 % 3.3 % NPE (Loans to customers) 1,442 1,599 (9.8 %) 711 803 (11.4 %) 731 796 (8.2 %) NPE / Loans to customers 2.2 % 2.6 % 1.5 % 1.9 % 3.6 % 4.2 % Total loan impairments (balance sheet) / NPE 97.1 % 86.8 % 109.9 % 95.5 % 84.5 % 77.9 % Restructured loans 943 1,240 (23.9 %) 503 727 (30.8 %) 441 514 (14.2 %) Restructured loans / Loans to customers 1.4 % 2.0 % 1.1 % 1.7 % 2.2 % 2.7 % Cost of risk (net of recoveries, in b.p.) 34 31 32 33 38 26 28Earnings 9M 2026
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BANCO COMERCIAL PORTUGUÊS INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2026 AND 2025 thousand EUR 30 September 2026 30 September 2025 Interest and similar income 3,281,604 3,300,579 Interest and similar expense (988,583) (1,133,977) NET INTEREST INCOME 2,293,021 2,166,602 Dividends from equity instruments 874 803 Net fees and commissions income 660,410 628,781 Gains/(losses) on financial operations at fair value through profit or loss (15,433) 65,877 Foreign exchange gains/(losses) 91,438 15,291 Gains/(losses) on hedge accounting 10,573 2,523 Gains/(losses) arising from derecognition of financial assets and liabilities not measured at fair value through profit or loss 20,830 (3,032) Other operating income / (expenses) (126,758) (127,404) TOTAL OPERATING INCOME 2,934,955 2,749,441 Staff costs 596,926 575,349 Other administrative costs 364,437 341,636 Amortisations and depreciations 125,673 115,531 TOTAL OPERATING EXPENSES 1,087,036 1,032,516 NET OPERATING INCOME BEFORE PROVISIONS AND IMPAIRMENTS 1,847,919 1,716,925 Results on modification (1,596) (5,394) Impairment of financial assets at amortised cost (177,794) (161,066) Impairment of financial assets at fair value through other comprehensive income 2,095 1,094 Impairment of other assets (8,834) (16,235) Other provisions (268,681) (409,043) NET OPERATING INCOME 1,393,109 1,126,281 Share of profit of associates accounted for using the equity method 54,044 44,622 Gains/(losses) on disposal of subsidiaries and other assets 4,080 30,807 NET INCOME BEFORE INCOME TAXES 1,451,233 1,201,710 Income taxes Current (148,218) (77,920) Deferred (294,259) (239,173) NET INCOME AFTER INCOME TAXES FROM CONTINUING OPERATIONS 1,008,756 884,617 Net income from discontinued or discontinuing operations 0 0 NET INCOME AFTER INCOME TAXES 1,008,756 884,617 Net income for the period attributable to: Bank's Shareholders 873,700 775,915 Non-controlling interests 135,056 108,702 NET INCOME FOR THE PERIOD 1,008,756 884,617 Earnings per share (in Euros) Basic 0.057 0.050 Diluted 0.057 0.050 29Earnings 9M 2026
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BANCO COMERCIAL PORTUGUÊS INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2026 AND 2025 AND 31 DECEMBER 2025 thousand EUR 30 September 2026 31 December 2025 30 September 2025 ASSETS Cash and deposits at Central Banks 3,891,174 4,089,540 3,940,899 Loans and advances to credit institutions repayable on demand 259,586 186,011 236,140 Financial assets at amortised cost Loans and advances to credit institutions 1,024,498 861,245 1,119,349 Loans and advances to customers 60,529,179 57,406,675 56,046,118 Debt securities 27,515,990 24,538,875 24,975,807 Financial assets at fair value through profit or loss Financial assets held for trading 1,544,546 1,063,264 1,385,568 Financial assets not held for trading mandatorily at fair value through profit or loss 346,671 353,619 340,229 Financial assets designated at fair value through profit or loss 0 0 37,397 Financial assets at fair value through other comprehensive income 14,356,195 16,045,772 15,572,034 Hedging derivatives 51,624 32,365 23,363 Investments in associates 454,772 455,176 435,833 Non-current assets held for sale 56,466 68,928 69,246 Investment property 3,902 5,011 14,404 Other tangible assets 563,706 581,846 571,795 Goodwill and intangible assets 336,482 322,683 297,037 Current tax assets 4,009 22,380 21,766 Deferred tax assets 1,434,324 1,744,370 1,873,215 Other assets 1,796,635 1,555,167 1,976,807 TOTAL ASSETS 114,169,759 109,332,927 108,937,007 LIABILITIES Financial liabilities at amortised cost Deposits from credit institutions and other funds 1,195,060 878,571 1,435,246 Deposits from customers and other funds 90,629,697 87,672,860 86,349,819 Non-subordinated debt securities issued 3,323,068 3,893,593 4,208,096 Subordinated debt 2,349,699 1,411,658 1,406,057 Financial liabilities at fair value through profit or loss Financial liabilities held for trading 129,735 152,729 264,820 Financial liabilities designated at fair value through profit or loss 4,020,599 3,614,335 3,473,260 Hedging derivatives 54,622 42,728 38,805 Provisions 1,136,982 1,238,513 1,247,496 Current tax liabilities 99,695 86,354 76,792 Deferred tax liabilities 6,803 5,824 7,381 Other liabilities 1,667,472 1,275,005 1,727,552 TOTAL LIABILITIES 104,613,432 100,272,170 100,235,324 EQUITY Share capital 3,000,000 3,000,000 3,000,000 Share premium 16,471 16,471 16,471 Other equity instruments 400,000 400,000 400,000 Legal and statutory reserves 546,124 464,659 464,659 Treasury shares (274,156) 0 (200,000) Reserves and retained earnings 3,346,924 2,913,463 3,038,288 Net income for the period attributable to Bank's Shareholders 873,700 1,018,647 775,915 Non-controlling interests 1,647,264 1,247,517 1,206,350 TOTAL EQUITY 9,556,327 9,060,757 8,701,683 TOTAL LIABILITIES AND EQUITY 114,169,759 109,332,927 108,937,007 30Earnings 9M 2026
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GLOSSARY 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. 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. 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 operating profit - net interest income plus net fees and commissions income deducted from operating costs. Cost of risk, net (expressed in basis points) - ratio of loan impairment (P&L) accounted in the period to loans to customers at amortised cost and debt instruments at amortised 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. Debt instruments – non-subordinated debt instruments at amortised 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 and other funds at amortised cost (excluding repos) 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. EPS (Earnings per share) - earnings per share, considering the ratio between the net income for the year attributable to the Bank's shareholders, deducted from coupons on AT1 (if they exist), and the average number of shares. 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. Insurance products – includes unit linked saving products and retirement saving plans (“PPR”, “PPE” and “PPR/ E”). Loan impairments (balance sheet) – balance sheet impairment related to loans to customers at amortised cost, balance sheet impairment associated with debt instruments at amortised cost related to credit operations and fair value adjustments related to loans to customers at fair value through profit or loss. Loan impairments (P&L) – impairment (net of reversals and net of recoveries - principal and accrual) of financial assets at amortised cost for loans to customers and for debt instruments related to credit operations. Loans to customers (gross) – loans to customers at amortised cost before impairment (excluding reverse repos), debt instruments at amortised cost associated to credit operations before impairment and loans to customers at fair value through profit or loss before fair value adjustments (excluding reverse repos). 31Earnings 9M 2026
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Loans to customers (net) - loans to customers at amortised cost net of impairment (excluding reverse repos), debt instruments at amortised cost associated to credit operations net of impairment and balance sheet amount of loans to customers at fair value through profit or loss (excluding reverse repos). 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. NPE (Non-performing exposures) – 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. NPL > 90 days (Non-performing loans for more than 90 days) – overdue loans (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 including the non-overdue remaining principal of loans. 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 amortisation and depreciation. Other impairment and provisions – impairment (net of reversals) for loans and advances of credit institutions classified at amortised cost, impairment for financial assets (classified at fair value through other comprehensive income and at amortised cost not associated with credit operations), impairment for other assets, namely assets received as payment in kind, investments in associates 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 earnings. Other net operating income – other operating income/(expenses) and gains/(losses) on disposal of subsidiaries and other assets. Performing loans - loans to customers (gross) deducted from Non-performing exposures (NPE). 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 Equity = 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 the 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 (excluding the ones related to assets with 32Earnings 9M 2026
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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 funds. Disclaimer The financial information in this presentation has been prepared under the scope of the International Financial Reporting Standards (“IFRS”) of the BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as the currently existing version. 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. The interim condensed consolidated financial statements, for the nine months ended on 30 September 2026, were prepared in terms of recognition and measurement in accordance with the IAS 34 - Interim Financial Reporting adopted by the EU. The figures presented do not constitute any form of commitment by BCP regarding future earnings. The figures for the first nine months of 2026 and 2025 were not audited. 33Earnings 9M 2026