Banco Comercial Portugues S.a. · EURONEXT:BCP

Banco Comercial Portugues — Investor Presentation (October 2025)

103 slides from Banco Comercial Portugues's investor presentation, October 2025

1. Slide 1: Corporate Presentation

   Millennium bcp CORPORATE PRESENTATION

2. Slide 2: Disclaimer

   Disclaimer l This document is not an offer of securities for sale in the United States, Canada, Australia, Japan or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered pursuant to the US Securities Act of 1933 or are exempt from such registra

3. Slide 3: Agenda

   AGENDA 01. 02. 03. 04. 05. Macro and Business Performance Strategic H1’25 Other Overview 2013-H1’25 Plan Earnings information

4. Slide 4: Macro and Business Overview

   01 MACRO AND BUSINESS OVERVIEW 4

5. Slide 5: Key highlights

   Key highlights In Portugal, in 2025, public finance metrics should continue to exhibit a favorable evolution (State budget surplus 1 at 0.7% in 2024, with 0.3% forecasted to 2025; Public debt at 94% of GDP in 2024, with 92% forecasted to 2025) after the interruption of consolidation trend during 202

6. Slide 6: Fiscal consolidation back on track after a difficult period

   Fiscal consolidation back on track after a difficult period 1 constrained by the pandemic Budget deficit in % of the GDP Debt level (Public debt, % of GDP) Including Budget recapitalisation surplus of CGD 1.2 129 131 133 131 131 126 134 124 0.1 0.7 0.3 114 121 116 111 100 98 94 92 -0.9 -1.9 -0.3 -0.

7. Slide 7: Portugal has implemented profound structural reforms withstanding sustained growth

   Portugal has implemented profound structural reforms withstanding a 1 sustained economic growth, except for 2020 due to the Covid-19 pandemic Real GDP growth rate Unemployment rate (Year-on-Year) (%) +5.7 +6.8 +3.5 +2.9 +2.7 +3.1 +2.1 +1.7 +0.8 +1.8 +2.0 +1.6 16.5 17.1 14.5 13.4 12.9 10.8 11.5 -1.7

8. Slide 8: Portuguese financial system market shares

   2 2 Portuguese financial system market shares Gross loans + Balance Sheet Customer funds Core operating profit* (June 2025) (June 2025) 23% 17% 16% 22% 12% 11% 16% 15% 11% 8% Bank 1 BCP Bank 3 Bank 4 Bank 5 Bank 1 Bank 2 BCP Bank 4 Bank 5 Branches (June 2025)** • Concentration of the Portuguese bank

9. Slide 9: Portuguese financial system

   2 Portuguese financial system LTD (Loans-to-deposits ratio) Cost-to-income ratio 66% 61% 59% 53% 60% 59% 58% 53% 102% 96% 96% 93% 51% 89% 87% 85% 81% 78% 78% 75% 75% 37% 40% 42% Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Jun 25 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec

10. Slide 10: Building the leading private sector bank in Portugal

    Building the leading private sector bank in Portugal and a relevant 3 player in selected markets From foundation… 2017- … 2012–2017 Leading bank in Portugal and strong position in Poland 2005–2012 and Mozambique 2000-2005 Consolidation Business model of international Focus on Portugal transformation

11. Slide 11: Relevant presence in the core geographies under its growth strategy

    Millennium bcp has a relevant presence in the core geographies 3 under its growth strategy Millennium bcp Market share: 16.5% on loans, 18.5% on deposits Loans to Customers (gross): €41.5 billion On-shore branch in Macao, China Customer funds: €72.3 billion Loans to Customers (gross): €503 million E

12. Slide 12: Diversified shareholder base, geographically scattered

    33 Diversified shareholder base, geographically scattered Number of Shareholders Shareholder structure Per geography (Thousands) (Last available information) (Last available information) Non-PT institutionals 170.9 29.2% Other Portugal Fosun 16.3% 22.6% 20.0% 120.3 UK / USA Sonangol 21.2% China 19.5

13. Slide 13: Governance model: one-tier management and supervisory model

    Modelo One-tierde administração management e fiscalização and supervisorymonista, composto by model, composed pora um 3 Conselho de Administração Board of Directors General Meeting of Shareholders Remuneration and Welfare Board Strategic Board Board of Directors Client Ombudsman Company Secretary No

14. Slide 14: Performance 2013-H1'25

    02 PERFORMANCE 2013-H1’25 14

15. Slide 15: Main highlights

    Main highlights 1 Robust business model with a recurring capacity to generate operating results ≈€2.3 billion per annum ▪ Net interest income with low sensitivity to interest rate cuts due to the hedges that the Bank has in place: NIM of 3.0% in H1’25 (Portugal: 2.1% up from 0.6% in 2013) ▪ One of t

16. Slide 16: BCP: A Solid and Efficient Bank

    BCP: A Solid and Efficient Bank H1 2025 Results NII Cost-to-Income Cost of Risk +3.3% y/y 37% 30 bp ROE NIM: 2.97% Group 14.3% Portugal 14.9% CET1 NPE ratio Active Customers 16.2% 2.7% (Portugal 2.0%) +4.1% y/y 16

17. Slide 17: Robust business model with a strong Pre-Provision Profit

    1 Robust business model with a strong Pre-Provision Profit (PPP) BCP Consolidated BCP Portugal (Million euros) (Million euros) 2,607 1,419 2,267 1,288 1,784 970 +98% 908 888 +94% 764 1,286 1,317 1,243 721 1,143 1,159 1,169 1,166 1,219 1,164 666 672 660 687 637 2014 2015 2016 2017 2018 2019 2020 2021

18. Slide 18: Net interest income resilient to interest rate cuts

    11 Net interest income resilient to interest rate cuts Net Interest Income NIM (Million euros) 2.6% 1,467 1,335 2.2% 2.1% 1.8% 1.8% 1.7% 951 1.5% 1.6% 1.6% 1.4% 1.5% 711 736 808 803 789 805 831 659 1.0% 527 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1'25 2014 2015 2016 2017 2018 2019 20

19. Slide 19: Strong improvement in operating costs and cost of risk

    1 Strong improvement in operating costs and cost of risk Recurring* operating costs down by ≈25% ... with a ≈55% reduction in branches... Operating costs (€ mln) Branches (#) 910 690 638 624 602 609 631 619 602 585 600 659 885 695 671 618 578 546 340 505 478 434 408 399 398 396 2011 2014 2015 2016 2

20. Slide 20: Significant reduction of NPE and other legacy exposures

    2 Significant reduction of NPE and other legacy exposures… NPEs NPE coverage (€ mln) Total 87% 89% 100% 100% 108% 112% 120% 130% 126% 142% 138% 142% coverage* - 10.1 billion +66 pp 10,921 89% 90% 94% 9,777 8,538 68% 69% 6,754 58% 63% 50% 4,797 39% 42% 3,246 Coverage by 28% 31% 2,363 1,878 LLRs 6,134

21. Slide 21: Strengthening coverage levels

    2 ... whilst strengthening coverage levels NPE breakdown Total NPEs NPE total coverage* (June 2025) (June 2025) (June 2025) 134% 142% Individuals 100% 22% 42% Real estate collateral 12% 47% NPLs >90d 6% Cash, other fin.collat. 48% Companies 65% 53% 101% 94% LLRs Other NPE 1% 52% 34% Individuals Comp

22. Slide 22: Strong balance sheet

    3 Strong balance sheet Balance sheet breakdown Securities portfolio (€ bln) (€ bln) 8.4 Equity 3.2 6.9 Debt issued 4.4 Securities 40.7 40.7 12.1 18.5 9.3 Other 12.9 85.9 Deposits 68.0 Loans 58.9 12.1 Sovereign 47.5 31.4 debt 4.8 7.3 Other -2.05 Jun 25 -3.7 IMM (net)* Dec 11 Jun 25 Dec 11 (net) Sover

23. Slide 23: Reinforcement of liquidity position

    3 Reinforcement of liquidity position Deposits Net loans (€ bln) (€ bln) +73% +10% 53.7 52.0 48.0 47.6 48.1 52.3 54.0 56.4 56.2 56.1 56.8 58.9 84.0 85.9 69.6 75.9 77.9 49.8 51.5 48.8 51.2 55.2 60.8 63.3 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Jun25 Dec14 Dec15 Dec16 Dec17 D

24. Slide 24: Continued reduction of ECB funding

    3 Continued reduction of ECB funding Outstanding debt repayments (medium-long term) ECB funding (€ bln) (€ bln) Already repaid To be repaid 6.9 30.9 31.4 0.6 Retail Bonds 25.5 23.9 25.8 0,1 Securitizations 22.5 1.4 Certificates Total 16.9 17.1 collateral 14.2 13.9 12.1 12.8 2.3 3.5 MTN Buffer 0.6 0.

25. Slide 25: Stronger capital position

    4 Stronger capital position CET1 fully implemented RWAs density (fully implemented) +7.3 pp -17 pp 15.4% 16.3% 16.2% 56% 57% 54% 55% 55% 55% 54% 49% 48% 11.9% 12.0% 12.2% 12.2% 11.7% 12.5% 42% 39% 39% 10.2% 9.7% 8.9% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1'25 2014 2015 2016 2017 20

26. Slide 26: Solid capital ratios

    4 Solid capital ratios Common equity tier 1 (CET1)1 (Fully implemented) Fully implemented vs requirement +6.6pp 16.2% 16.2% • CET1 stood at 16.2% and total capital ratio +10.4pp 9.58% at 20.2% incorporating the effects resulting 3.82% Combined buffer from CRR33 reserve 2 1.27% Pillar 2 (P2R) 4.5% Pi

27. Slide 27: Capital requirements

    4 Capital requirements Capital above regulatory requirements MDA Buffer June 2025 20.2% CET 1 +658 bp 2.9% 1.2% 14.07% Tier 2 2.56% AT1 1.92% T1 +585 bp 16.2% CET1 9.58% Total +615 bp Requirements SREP Requirements Group Group ratios ratios Jun 25 Fully Jun25 FullyImplemented Implemented1 • Total Ca

28. Slide 28: MREL requirements and Funding Plan execution

    4 MREL requirements and Funding Plan execution MREL position (BCP Resolution Group - 30 Jun 2025)* 35.5% 12.9% • Resolution strategy: MPE (Multi Point of Entry)2 • BCP Resolution Group : Perimeter centred in Portugal 9.4% SP SP 3.4% • Preferred Resolution Measure: Bail-in • No subordination requirem

29. Slide 29: Focused international operations, providing diversification

    5 Focused international operations, providing diversification Key international operations Contribution to consolidated results* (€ mln) 178 170 173 175 186 ** 144 ** 131 Bank Millennium 120 Market share: 5.4% on loans, 5.6% on deposits 78 Loans to Customers (gross): €18.2 billion 49 ** Customer fun

30. Slide 30: Bank Millennium

    5 Bank Millennium Net income Net operating revenue (Million euros1) (Million euros1) +6.9% +13.6% Net income Excluding 355.9 380.4 809.8 extraordinary effects2 713.0 +43.1% Net income 84.6 121.1 H1'24 H1'25 H1'24 H1'25 3m WIBOR (average) 5.86% 5.60% • Net income of 121.1 million in H1'25 which compa

31. Slide 31: CHF mortgages decrease by 31% year-on-year

    5 CHF mortgages decrease by 31% year-on-year CHF mortgage portfolio Individual lawsuits (Billion euros*) (Number of cases) % of gross loan 54.6% 2.4% 2.2% 1.5% 1.4% 1.1% portfolio after legal risk -31% provisions 22,141 22,260 7.2 21,854 21,092 -10% 20,294 Gross loan 1.8 1.6 1.5 1.4 1.2 portfolio be

32. Slide 32: Millennium bim's results influenced by the context

    5 Millennium bim's results influenced by the context Net income Net operating revenue (Million euros*) (Million euros*) +6.9% 128.6 137.5 -48.8% 46.3 23.7 H1'24 H1'25 H1'24 H1'25 MIMO rate (average) 16.10% 11.92% Operating costs • Net income of 23.7 million, a reduction of 22.6 (Million euros*) mill

33. Slide 33: Strategic Plan

    Vv : Aa 7 ? Me a. C © oid Ai y 1 A —— -] / —, ~*~ \ STRATEGIC

34. Slide 34: Deliver more value: targets for 2025-2028

    Deliver more value Main targets for strategic cycle 2025-2028 Metrics H1’25 2028 Business volumes 167€bn > 190€bn Portugal 114€bn > 120€bn Healthy Number of customers 7.1 mn > 8mn organic Portugal 2.8mn > 3mn growth Mobile customers 73% >80% Portugal 65% > 75% Cost-to-income 37% < 40% Execution Port

35. Slide 35: Investment case: Create and deliver more value

    Investment case: Create and deliver more value Aiming to be the relationship bank with the best experience, human and digital enabled, for families and 1 companies and one of the most efficient banks in the Eurozone: cost to income ratio of 37% Robust business model with highly recurrent operating r

36. Slide 36: H1'25 Earnings

    Banco Comercial Portugués, S.A. Earnings Presentation © @ H1’25

37. Slide 37: Disclaimer

    Disclaimer l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards (‘IFRS’) of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended. l The figures present

38. Slide 38: Agenda

    AGENDA 38

39. Slide 39: Highlights

    01 Highlights 39

40. Slide 40: A Solid and Efficient Bank

    A Solid and Efficient Bank ▪ Group’s net income of 502.3 million in H1’25, corresponding to an increase of 3.5% compared to H1’24, reaching a ROE of 14.3% in June 2025 ▪ Net income in Portugal increased by 3.2% from 411 million in H1’24, to 424 million in H1’25 Profitability ▪ Net income from intern

41. Slide 41: Customer base growth

    Customer base growth Based on the quality of the Teams and distinctive digital skills Group ‘000 Customers Customer Active 6,842 7,121 Recognition +428 As % of active 5,197 Customers 4,769 +9% 73% Mobile Jun 24 Jun 25 Digital 5,302 5,673 80% +7% Portugal ‘000 Customers Active 2,737 2,818 As % of act

42. Slide 42: Innovation focused on Customer needs and mobile growth

    Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales Strong mobile growth Y/Y (Number of operations, Jan-Jun 2025 vs Jan–Jun 2024) +11% +12% National +47% Account +39% Investment Transactions1 Transfers Opening (#) Funds(#) +13% +42% 76% Mortgage Approval

43. Slide 43: Net income of 502.3 million in H1'25

    Net income of 502.3 million in H1’25 (Million euros) H1'24 H1'25 % D Net interest income 1,397.5 1,444.1 +3.3% +46.5 Commissions 397.8 413.8 +4.0% +16.0 Core income 1,795.4 1,857.9 +3.5% +62.5 Operating costs -618.8 -683.5 +10.5% 1 -64.8 Core operating profit 1,176.6 1,174.3 -0.2% -2.3 Other income

44. Slide 44: Delivering shareholder value

    Delivering shareholder value ROE BVPS + DPS 14.3% +14.5% 1 ROTE DIVIDEND YIELD 14.9% 8.9% 2 Return on Equity (RoE) | Return on Tangible Equity (RoTE) | 1 Considering the evolution of the book value per share from June 2024 to June 2025 and the €0.03 dividend per share relating to 2024 earnings, paid

45. Slide 45: Group: Profitability

    02 Group Profitability 45

46. Slide 46: Net interest income

    Net interest income Group Portugal (Consolidated, million euros) (Million euros) Net interest 2.29% 2.12% Net interest margin margin 3.08% 2.97% -2,2% +3.3% 673.3 658.8 1,444.1 1,397.5 H1'24 H1'25 International operations (Million euros) Net interest 4.53% 4.47% margin +8.4% 724.3 785.3 H1'24 H1'25

47. Slide 47: Fees and commissions

    Comissões Fees and commissions Group Portugal (Consolidated, million euros) (Million euros) +6.7% +4.0% 287.8 307.1 413.8 49.9 397.8 48.8 Market-related 66.6 fees and 61.3 257.2 commissions 239.0 H1'24 H1'25 International operations (Million euros) Banking fees 347.3 -3.1% and commissions 336.6 110.

48. Slide 48: Other net operating income

    Outros proveitos Other net operating income Group Portugal (Consolidated, million euros) (Million euros) 13.9 -1.0 28.5 29.0 -9.9 7.0 -4.7 -21.6 31.8 -25.3 -45.9 Mandatory H1'24 H1'25 55.8 contributions 39.7 32.8 Equity earnings + dividends 32.3 Of which: Banking sector 27.9 28.6 Resolution Fund PT

49. Slide 49: Operating costs

    Operating costs Group Portugal (Consolidated, million euros) (Million euros) Cost to income 33% 35% Cost to income 35% 37% +8.5% 1 315.6 342.4 +10.5% 1 683.5 36.7 40.2 100.5 105.4 618.8 76.8 Depreciation 71.2 178.4 196.7 223.4 H1'24 H1'25 Other 207.9 International operations administrative costs (Mi

50. Slide 50: Cost of risk and provisions

    Cost of risk and provisions Group Portugal (Consolidated, million euros) (Million euros) Cost of risk 28bp1 33bp Cost of risk 34bp1 30bp -12.8% 85.3 -5.0% 74.4 389.9 29.7 5.6 370.4 55.6 68.8 CHF mortgage legal -8.3% H1'24 H1'25 237.8 218.2 Loan-loss -20.7% risk (Poland)2 reserves 970 769 Internation

51. Slide 51: Continued decrease of NPEs

    Continued decrease of NPEs Group Portugal (Consolidated, billion euros) (Billion euros) -289 million -336 million -26.1% 1.109 -17.1% 0.820 1.97 1.63 NPE 1.19 0.84 Jun 24 Jun 25 Other 0.77 0.79 NPE loans ratio 2.8% 2.0% Jun 24 Jun 25 NPE ratio (EBA) 1.9% 1.5% Jun 24 Jun 25 International operations (

52. Slide 52: Group: Business activity

    02 Group Business activity 52

53. Slide 53: Customer funds

    Customer funds Group Portugal (Consolidated, billion euros) (Billion euros) +5.5% +4.6% 106.2 69.1 72.3 100.7 14.5 15.9 18.9 1.3 1.4 Off-BS funds 16.8 25.1 25.2 1.4 Other BS funds 1.3 28.0 30.0 35.9 Jun 24 Jun 25 36.8 Term deposits International operations (Billlion euros) +4.1% +7.5% 31.6 34.0 2.3

54. Slide 54: Loan portfolio

    Loan portfolio Group Portugal (Consolidated, billion euros) (Billion euros) +1.83 billion NPE: -17.1% (-0.336 billion) 39.67 41.50 +2.12 +3.4% -0.29 60.3 58.3 29.3 Jun 24 NPE Performing Jun 25 Mortgage 28.3 International operations (Billlion euros) +0.16 billion Personal 7.2 7.6 18.66 +0.20 18.81 -0

55. Slide 55: Group: Capital and liquidity

    02 Group Capital and liquidity 55

56. Slide 56: Solid capital ratios

    Solid capital ratios Common equity tier 1 (CET1)1 (Fully implemented) Fully implemented vs requirement +6.6pp 16.2% 16.2% • CET1 stood at 16.2% and total capital ratio +10.4pp 9.58% at 20.2% incorporating the effects resulting 3.82% Combined buffer from CRR33 reserve 2 1.27% Pillar 2 (P2R) 4.5% Pill

57. Slide 57: Stronger capital position

    Stronger capital position Leverage ratio (Fully implemented, latest available data) 7.0% 6.4% 5.6% 5.5% 4.0% Leverage ratio of 6.4% as of June 2025 FR DE ES IT RWA density (RWAs as a % of assets, latest available data) 38% 39% RWAs density in very conservative values (39% as 34% of June 2025) compar

58. Slide 58: MREL requirements and Funding Plan execution

    MREL requirements and Funding Plan execution MREL position (BCP Resolution Group - 30 Jun 2025)* • Resolution strategy: MPE (Multi Point of Entry)2 35.5% 12.9% • BCP Resolution Group : Perimeter centred in Portugal • Preferred Resolution Measure: Bail-in 9.4% SP SP 3.4% • No subordination requiremen

59. Slide 59: Pension fund

    Fundo de pensões Pension fund Pension fund coverage Structure of pension fund (Million euros) Coverage 112% 109% Real-estate: 18% Pension fund 3,327 3,313 Cash and other: 6% Pension Bonds: 53% Equities: 1% liabilities 2,978 3,053 Investment Funds: Fundo de pensões 23% Jun 24 Jun 25 Pension fund Jun

60. Slide 60: Robust liquidity position

    Robust liquidity position Liquidity ratios (CRD/CRR) Liquidity excess in ECB (Billion euros) Eligible assets 28.9 31.6 336% -0.30 billion 0.90 0.60 Jun 24 Jun 25 181% Net loans to deposits ratio 69% 69% NSFR (Net stable LCR (Liquidity Jun 24 Jun 25 funding ratio) coverage ratio) 60

61. Slide 61: Portugal

    03 Portugal 61

62. Slide 62: Profitability in Portugal

    Profitability in Portugal Net income Net operating revenue (Million euros) (Million euros) +2.1% 960.1 979.8 +3.2% 411.0 424.0 H1'24 H1'25 H1'24 H1'25 Operating Costs Impairment and other provisions (Million euros) (Million euros) 1 +8.5% 315.6 342.4 -12.8% 85.3 74.4 H1'24 H1'25 H1'24 H1'25 1 Operat

63. Slide 63: Net interest income

    Net interest income (Million euros) -2.2% 673.3 +37.6 +28.2 +33.2 658.8 +81.1 -22.6 -163.6 -8.4 NIM 2.29% 2.12% H1'24 Performing Credit rate Impact of Deposit's Impact of Effect of Excess H1'25 credit volume effect NPE reduction interest securities wholesale cost liquidity effect effect portfolio (i

64. Slide 64: Commissions and other income

    Commissions and other income Commissions Other income (Million euros) (Million euros) 13.9 -1.0 H1'24 H1'25 YoY Banking fees and commissions 239.0 257.2 +7.7% 28.5 Cards and transfers 83.4 78.0 -6.5% Equity earnings + dividends 29.0 Loans and guarantees 40.4 43.7 +8.1% 7.0 Bancassurance 43.5 61.5 +4

65. Slide 65: Operating costs

    Operating costs Operating Costs Employees (Million euros) +8.5% 1 342.4 6,274 6,224 315.6 40.2 Depreciation 36.7 Other administrative 105.4 costs 100.5 Jun 24 Jun 25 Branches 398 396 Staff costs 196.7 178.4 H1'24 H1'25 Jun 24 Jun 25 1 Operating costs year-on-year change in a pro forma basis of +5.1%

66. Slide 66: NPEs decrease

    NPEs decrease Non-performing exposures (NPE) NPE build-up (Million euros) (Million euros) -289 million Jun 25 Jun 25 -26.1% (Million euros) vs. Jun 24 vs. Dec 24 1,109 Opening balance 1,109 973 820 Net outflows/inflows -21 -90 Other NPE 747 430 Write-offs -37 -13 Sales -231 -49 NPL>90d 363 390 Endin

67. Slide 67: NPE coverage

    NPE coverage NPE total coverage* NPL>90d total coverage* 151% 126% 134% 142% 23% 100% 3% 100% 37% Real estate collateral 22% 42% Real estate collateral 2% 12% 6% 51% Cash, other fin. collat. Cash, other fin. collat. 125% 65% 1% LLRs 101% 94% LLRs 86% 1% 47% 34% Individuals Companies Total Individual

68. Slide 68: Foreclosed assets and corporate restructuring funds

    Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds (Million euros) (Million euros) -17.9% 393 111 Turismo Algarve 323 82 74 FCR fund * Impairment 45 41 36 -19 million Corporate 319 282 Net value 66 46 restructuring funds -29.2% Jun 24 Jun 25 Jun 24 Ju

69. Slide 69: Customer funds and loans to Customers

    Customer funds and loans to Customers Total Customers Funds* Loans to Customers (gross) (Milhões (Billion de euros*) euros) (Milhões de euros*) (Billion euros) +4.6% 72.3 +4.6% 69.1 41.5 15.9 39.7 Off-BS funds 14.5 Other BS funds 1.3 1.4 Mortgage 19.0 20.5 25.2 25.1 Term deposits Personal 2.4 2.6 De

70. Slide 70: Performing loans in Portugal

    Performing loans in Portugal Performing loans to individuals increase by 8.0%, highlighting the mortgage loan Performing loans portfolio portfolio which increase by 1.5 billion. Performing loans to companies increase by 2.5% (Billion euros) The Bank maintains a prominent position in the corporate se

71. Slide 71: International operations

    04 International operations 71

72. Slide 72: Contribution from international operations

    Contribution from international operations Contribution from international operations (Million euros) (Million euros2) H1’24 H1’25 % Poland 84.6 121.1 43.1% Excluding extraordinary +0.5% effects of Bank 207.2 208.2 Mozambique 3 46.3 23.7 -48.8% Millennium1 Other 1.5 1.8 24.5% Exchange rate effect -1

73. Slide 73: Positive evolution of Bank Millennium net income

    Evolução positiva do resultado líquido Bank Millennium Net income Net operating revenue (Million euros1) (Million euros 1) +6.9% +13.6% Net income Excluding 355.9 380.4 809.8 extraordinary effects2 713.0 +43.1% Net income 84.6 121.1 H1'24 H1'25 H1'24 H1'25 3m WIBOR (average) 5.86% 5.60% • Net income

74. Slide 74: Significant increase in net interest income

    Aumento expressivo Net interest da margem financeira income increase Net interest income Operating costs (Million euros*) (Million euros*) +15.1% NIM 4.32% 4.18% +4.9% 301.0 261.5 648.8 680.8 142.5 Other 123.1 158.5 Staff costs 138.4 H1'24 H1'25 H1'24 H1'25 Commissions and other income Contributions

75. Slide 75: Credit quality

    Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 2.2% 2.1% NPL>90d 156% 153% 391.8 378.0 613.1 579.2 Jun 24 Jun 25 Jun 24 Jun 25 Loan impairment (net of recoveries) (Million euros*) Cost of risk 50bp 21bp • NPL>90d accounted for 2.1% of

76. Slide 76: Customers funds and loans to Customers

    Customers funds and loans to Customers Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +6.7% -0.7% 31,771 29,766 3,073 2,293 18,210 18,076 Off-BS funds 9,895 Term deposits 10,558 Mortgage 9,406 8,812 Personal 4,510 4,682 18,803 Demand deposits 16,915 Companies 4,294 4,58

77. Slide 77: CHF mortgages decrease by 31% year-on-year

    CHF mortgages decrease by 31% year-on-year CHF mortgage portfolio Individual lawsuits (Billion euros*) (Number of cases) % of gross loan 54.6% 2.4% 2.2% 1.5% 1.4% 1.1% portfolio after legal risk 22,141 22,260 provisions 21,854 -31% 7.2 21,092 20,294 -10% Gross loan 1.8 1.6 1.5 1.4 1.2 portfolio befo

78. Slide 78: Millennium bim's results influenced by the context

    Millennium bim's results influenced by the context Net income Net operating revenue (Million euros*) (Million euros*) +6.9% 128.6 137.5 -48.8% 46.3 23.7 H1'24 H1'25 H1'24 H1'25 MIMO rate (average) 16.10% 11.92% Operating costs (Million euros*) • Net income of 23.7 million, a reduction of 22.6 millio

79. Slide 79: Net interest income reflects the interest rate environment

    Net interest income reflects the interest rate environment Net interest income Operating costs (Million euros*) (Million euros*) NIM 8.1% 8.3% Cost to income 49.9% 51.4% +9.1% +10.2% 100.0 109.1 70.7 64.2 Other 37.9 41.9 Staff costs 26.2 28.8 H1'24 H1'25 H1'24 H1'25 Commissions and other income Empl

80. Slide 80: Credit quality

    Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 3.8% 3.6% NPL>90d 114% 125% 23.4 23.2 26.8 28.9 Jun 24 Jun 25 Jun 24 Jun 25 Loan impairment (net of recoveries) (Million euros*) Cost of risk 58bp 144bp • NPL>90d ratio of 3.6% as of June

81. Slide 81: Business volumes

    Business volumes Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +6.1% +3.9% 2,183 640 2,057 616 9 Mortgage 9 980 207 248 Personal Term deposits 1,107 1,203 Companies 400 382 Demand deposits 950 Jun 24 Jun 25 Jun 24 Jun 25 *FX effect excluded. €/Metical constant at June

82. Slide 82: Key figures

    05 Key figures 82

83. Slide 83: Deliver more value: targets for 2025-2028

    Deliver more value Main targets for strategic cycle 2025-2028 Metrics H1’25 2028 Business volumes 167€bn > 190€bn Portugal 114€bn > 120€bn Healthy Number of customers 7.1 mn > 8mn organic Portugal 2.8mn > 3mn growth Mobile customers 73% >80% Portugal 65% > 75% Cost-to-income 37% < 40% Execution Port

84. Slide 84: Commitment to people and society

    COMMITMENT TO PEOPLE AND SOCIETY Millennium bcp Foundation Society Sustainability Millennium bcp gallery (Museu Millennium bcp renews its Millennium bcp once again Nacional de Arte Contemporânea): commitment to the Oeiras supports the Festival ao Largo, Exhibition “Caminhos”: presents 31 Community V

85. Slide 85: External recognition

    EXTERNAL RECOGNITION Millennium bcp: 2025 Millennium bcp: 2025 Five Millennium bcp: Leadership Consumer’s Choice, in the stars Bank, “Large Banks” in the ”Inovadora COTEC” “Large Banks” category for category programme the 5th consecutive year Millennium bcp: 2025 Five ActivoBank: 2025 Five stars Mil

86. Slide 86: Appendix

    06 Appendix 86

87. Slide 87: Sovereign debt portfolio

    Sovereign debt portfolio Sovereign debt portfolio Sovereign debt maturity (Milhões de euros*) (Consolidated, million euros) (Milhões de euros*) Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 YoY QoQ >5y, ≤8y: 22% Portugal 6,672 6,207 4,453 2,787 2,628 -61% -6% T-bills and other 1,466 947 985 663 704 -52% +6% >8

88. Slide 88: Sovereign debt portfolio breakdown

    Sovereign debt portfolio breakdown Million euros Portugal Poland Mozambique Other Total Trading book 751 171 0 98 1,020 ≤ 1 year 742 1 0 98 842 > 1 year and ≤ 2 years 4 82 0 0 86 > 2 years and ≤ 5 years 2 55 0 0 57 > 5 years and ≤ 8 years 1 8 0 0 9 > 8 years and ≤ 10 years 0 25 0 0 25 > 10 years 1 0

89. Slide 89: Diversified and collateralised portfolio

    Diversified and collateralised portfolio Carteira de crédito Breakdown Loans per collateral LTV of the mortgage portfolio (Consolidated) (Consolidated) (Portugal) Other 75-80 Mortgage guarantees 9% 60-75 49% 25% 80-90 27% Companies 13% 39% >90 Real 3% guarantees 58% Unsecured 50-60 0-40 17% 15% 21%

90. Slide 90: Consolidated net income

    Consolidated net income Impact on (Million euros) H1'24 H1'25 YoY earnings Net interest income 1,397.5 1,444.1 +3.3% +46.5 Net fees and commissions 397.8 413.8 +4.0% +16.0 Other income* -45.9 -9.9 -78.4% +35.9 Net operating revenue 1,749.5 1,848.0 +5.6% +98.4 Staff costs -339.7 -383.3 +12.8% -43.6 O

91. Slide 91: Consolidated balance sheet

    Consolidated balance sheet 30 June 30 June 30 June 30 June (Million euros) 2025 2024 * 2025 2024 * LIABILITIES ASSETS Financial liabilities at amortised cost Cash and deposits at Central Banks 3,043.7 3,710.4 Deposits from credit institutions and other funds 771.7 1,161.0 Loans and advances to credi

92. Slide 92: Consolidated income statement per quarter

    Consolidated income statement per quarter Quarterly (Million euros) 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Net interest income 701.3 713.2 720.1 721.1 723.0 Dividends from equity instruments 0.8 0.0 0.2 0.0 0.8 Net fees and commission income 200.6 206.8 208.1 201.4 212.4 Other net operating income -40.3 -25.

93. Slide 93: Consolidated income statement

    Consolidated income statement (Million euros) For the 6-month periods ended June 30, 2024 and 2025 In tern ation al op eration s G rou p P ortu g al T otal Ban k M illen n iu m ( P olan d ) M illen n iu m b im ( M oz .) O th er in t. op eration s Jun 2 4 Jun 2 5 Δ% Jun 2 4 Jun 2 5 Δ% Jun 2 4 Jun 2 5

94. Slide 94: Glossary (1/2)

    Glossary (1/2) Assets placed with Customers – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions. Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers. Bus

95. Slide 95: Glossary (2/2)

    Glossary (2/2) 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, o

96. Slide 96: Other Information

    M < @ 05) OTHER INFORMATION

97. Slide 97: The NPE reduction plan is being implemented

    The NPE reduction plan is being implemented Reconciliation of NPLs>90d with NPEs (EBA definition) NPEs down €12.0 billion from end-2013 NPLs>90d vs NPEs (Portugal, billion euros) (Portugal, billion euros, June 2025) 12.8 -2.7 -5.0 +0.1 +0.1 +0.1 0.8 +0.1 0.8 0.4 -4.2 Dec 13 Net new Write-offs Sales

98. Slide 98: Senior debt Ratings

    Senior debt Ratings Baa1 BBB+ Moody’s - Investment Grade S&P - Investment Grade Last rating action 21 Mai 25 (Upgrade of BCA and Last rating action 12 Mar 25 (Upgrade) deposits rating) BBB+ +7 notches +6 notches Baa1 BBB Baa2 Stable Stable Outlook BBB- Outlook Baa3 BB+ Ba1 BB Ba2 BB- Ba3 B+ B1 2016

99. Slide 99: Last rating actions

    Last rating actions BCP is rated Investment Grade by the four main rating agencies BCP had 17 rating actions by Rating Agencies since the end of 2022 reflecting the progress in NPA reduction, strengthening of capitalization levels and improvement in profitability leading to eleven upgrades Upgrade P

100. Slide 100: Ratings

     Ratings Moody's Standard & Poor's Intrinsic Baseline Credit Assessment/ Adjusted BCA baa2/ Baa2 Stand-alone credit profile (SACP) bbb+ Counterparty Risk Assessment LT/ST A2 / P-1 (cr) Resolution Counterparty Credit Rating LT/ST A- / A-2 Counterparty Risk LT/ST A2 / P-1 Issuer Credit Rating LT/ST BBB

101. Slide 101: Progress recognised by the market

     Progress recognised by the market CDS 5 yr Portuguese Republic CDS 5 yr BCP (Basis points) (Basis points) 300 500 400 200 300 200 100 100 0 0 CDS BCP yield curve (senior) (Basis points) • Since the beginning of 2018, the BCP CDS spreads remained 200 relatively stable until the end of 2022 and declin

102. Slide 102: Wholesale funding – Last deals executed in 2025 & 2024

     Wholesale funding – Last deals executed in 2025 & 2024 in Euro Capital Markets Additional Tier 1 5nc4 Senior Preferred Notes 12nc7 Tier 2 Notes 6nc5 Senior Preferred Notes Issuer: Banco Comercial Português, S.A. Issuer: Banco Comercial Português, S.A. Issuer: Banco Comercial Português, S.A. Issuer:

103. Slide 103: Investor Relations Division contacts

     INVESTOR RELATIONS DIVISION Bernardo Collaço, Head EQUITY REPORTING, DEBT AND RATINGS Alexandre Moita Luís Morais +351 211 131 321 +351 211 131 337 investors@millenniumbcp.pt BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Register

Banco Comercial Português — Investor Presentation (October 2025) on 6ix