Banco Comercial Portugues S.a. · EURONEXT:BCP
Banco Comercial Portugues — Investor Presentation (September 2026)
113 slides from Banco Comercial Portugues's investor presentation, September 2026
Slide 1: Corporate Presentation
Corporate Presentation September 2026
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
Slide 3: Agenda
AGENDA 01. 02. 03. 04. 05. Macro and Business Performance Strategic H1’26 Other Overview Plan Earnings information
Slide 4: Macro and Business Overview
01 MACRO AND BUSINESS OVERVIEW 4
Slide 5: Key highlights
Key highlights In Portugal, in 2026, public finance metrics should continue to exhibit a favorable evolution (State budget surplus 1 at 0.7% in 2025, with 0.1% forecasted to 2026; Public debt at 89.7% of GDP in 2025, with 87.8% forecasted to 2026) after the interruption of consolidation trend during
Slide 6: Fiscal consolidation back on track after a difficult period constrained by the pandemic
Fiscal consolidation back on track after a difficult period 1 constrained by the pandemic Budget deficit Debt level (Public debt) (% of GDP) (% of GDP) Including recapitalisation Budget of CGD surplus 1.2 129 131 133 131 131 126 121 134 124 0.1 0.7 0.7 0.1 114 116 111 100 97 93.5 89.7 87.8 -0.9 -1.9
Slide 7: Portugal is now better prepared to withstand adverse shocks
Portugal is now better prepared to withstand adverse shocks 1 after convergence path towards Euro Zone debt average Public debt Household debt Corporate debt (% of GDP) (% of GDP) (% of GDP) 140 80 110 130 100 70 120 90 110 60 80 100 53 72 90 70 90 50 65 87 50 80 60 70 40 50 2015 2017 2019 2021 2023
Slide 8: Portugal's structural reforms supported sustained economic growth
Portugal’s significant structural reforms supported sustained 1 economic growth, except during the Covid-19 pandemic in 2020 Real GDP growth rate Unemployment rate (Year-on-Year, %) (%) +5.7 +6.8 +3.5 +2.9 +2.7 +3.1 +2.1 +1.9 +1.9 +1.7 +0.8 +1.8 +2.0 16.5 17.1 14.5 13.4 12.9 10.8 11.5 -1.7 -0.9 9.2
Slide 9: Portuguese economy faces uncertainty with a positive outlook
Despite growth being dampened by the Middle East conflict, the 1 Portuguese economy faces the uncertainty with a positive outlook Real GDP growth rate projected by the IMF for 2026 Unemployment rate (%) (%, seasonally adjusted) 13 13 2.1 12 12 1.9 11 11 10 10 9 9 1.1 1.1 8 8 7 7 6 6 5 5 4 4 IMF Oct'
Slide 10: Direct exposure to Middle East sits below EU average
Current environment brings challenges, but Portugal’s direct 1 exposure sits below EU average Electricity generated from Trade with Middle East Renewable energy consumption renewable sources (2024 data; % of total trade) (% of total consumption) (% of total net electricity generation) 40% 100% 34.2%
Slide 11: Portuguese housing market dynamics reflect supply-demand imbalances
Portuguese housing market dynamics continue to reflect 1 structural supply-demand imbalances Housing price index Housing Market Transactions (Year-on-Year % change) (Year-on-Year, annual average, %) 25 30.4 23.2 20 19.1 20.7 16.7 14.6 15 8.3 9.9 5.2 6.4 2.6 2.9 3.8 10 -4.7 5 0 -5 -11.4 -8.7 -6.4 -10
Slide 12: Conservative underwriting standards and resilient household balance sheets
Conservative underwriting standards and resilient household 1 balance sheets support mortgage book quality Household Debt-to-Disposable income ratio Average LTV & DSTI ratios of New Mortgage Production (%) (%, LHS axis: Loan-to-Value ratio; RHS axis: Debt Service-to-Income ratio) 80 40 93.8 92.9 92.
Slide 13: Portuguese financial system market shares
22 Portuguese financial system market shares Gross loans + Balance Sheet Customer funds Core operating profit* (June 2026) (June 2026) 23% 17% 16% 20% 11% 11% 17% 16% 11% 8% Bank 1 BCP Bank 3 Bank 4 Bank 5 Banco 1 BCP Banco 2 Banco 4 Banco 5 Branches (June 2026)** • Concentration of the Portuguese b
Slide 14: Strengthened capital position, liquidity and asset quality of Portuguese banks
Strengthened capital position, liquidity and asset quality 2 prepare the Portuguese banking sector for the next cycle LTD (Loans-to-deposits) ratio CET1 (Common Equity Tier 1) ratio 17.1% 18.0% 18.0% 18.2% 15.5% 15.4% 96% 96% 93% 89% 87% 85% 12.4% 11.4% 13.9% 13.2% 14.3% 15.3% 81% 78% 78% 75% 76% 77
Slide 15: Building the leading private sector bank in Portugal
Building the leading private sector bank in Portugal and a relevant 3 player in selected markets ACCELERATING SUSTAINABLE DIGITAL VALUE CREATION TRANSFORMATION REFOCUS ON CORE & RESILIENCE ONE BRAND, MARKETS INTERNATIONAL INTERNATIONAL EXPANSION & SCALE 2021-2024 DOMESTIC BANCASSURANCE CONSOLIDATION
Slide 16: Relevant presence in the core geographies
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): €45.1 billion On-shore branch in Macao, China Customer funds: €77.5 billion Loans to Customers (gross): €527 million E
Slide 17: 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 38.9% 170.9 Other PT institutionals Portugal 1.0% 16.0% 18.3% 112.1 Retail China 19.8% UK /
Slide 18: Governance 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
Slide 19: Performance
02 PERFORMANCE 19
Slide 20: Main highlights
Main highlights 1 Robust business model with a recurring capacity to generate operating results ≈€2.4 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 2.8% in H1’26 (Portugal: 2.2% up from 0.6% in 2013) ▪ One of t
Slide 21: BCP: Supporting the Economy and Generating Value
BCP: Supporting the Economy and Generating Value H1 2026 Results NII Cost-to-Income Cost of Risk +3.4% y/y 37% 32 bp ROE NIM: 2.83% Group 14.6% Portugal 15.0% CET1 NPE ratio Active Customers 15.1% 2.2% (Portugal 1.6%) +4.4% y/y 21
Slide 22: 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) +87% +45% 2,607 1,419 2,400 2,267 1,288 1,316 1,784 970 908 888 764 731 1,286 1,317 1,243 1,230 721 1,159 1,169 1,166 1,219 672 660 687 2015 2016 2017 2018 2019 2020 2021 20
Slide 23: Net interest income resilient to interest rate cuts
1 Net interest income resilient to interest rate cuts Net Interest Income NIM (Million euros) 2.6% 1,467 1,335 1,338 2.2% 2.1% 2.2% 1.8% 1.8% 1.7% 951 1.5% 1.6% 1.6% 1.4% 1.5% 711 736 808 803 789 805 831 733 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1'26 2015 2016 2017 2018 2019 2020 2
Slide 24: Multiple fee streams support revenue diversification
1 Multiple fee streams support revenue diversification and growth Fees and commissions base breakdown and growth (Million euros) +40% 593 626 561 563 475 483 482 514 448 457 456 179 173 174 176 122 136 135 149 121 134 135 208 215 199 201 187 198 215 215 193 187 179 153 160 167 172 173 208 233 134 13
Slide 25: Strong improvement in operating costs and cost of risk
1 Strong improvement in operating costs and cost of risk Recurring* operating costs down by ≈22% ... with a ≈56% reduction in branches... Operating costs (€ mln) Branches (#) 910 696 638 624 602 609 631 619 602 585 600 659 885 671 618 578 546 354 505 478 434 408 399 398 389 385 2011 2015 2016 2017 2
Slide 26: Significant reduction of NPE and other legacy exposures
2 Significant reduction of NPE and other legacy exposures… NPEs NPE coverage (€ mln) Total 89% 100% 100% 108% 112% 120% 130% 126% 142% 138% 151% 158% coverage* - 9.0 billion +79 pp 109% 101% 9,777 89% 90% 8,538 68% 69% 6,754 58% 63% 50% 4,797 39% 42% 3,246 Coverage by 31% 2,363 1,878 LLRs 5,572 5,02
Slide 27: Strengthening coverage levels
2 ... whilst strengthening coverage levels NPE breakdown Total NPEs NPE total coverage* (June 2026) (June 2026) (June 2026) 158% 119% 43% Real estate collateral 100% Individuals 25% 6% Cash, other fin.collat. 49% NPLs >90d 10% Companies 51% 61% 51% Other NPE 109% LLRs 49% 1% 83% 38% Individuals Comp
Slide 28: Strong balance sheet
3 Strong balance sheet Balance sheet breakdown Securities portfolio (€ bln) (€ bln) 9.6 Equity 8.5 Debt issued Securities 45.3 45.3 3.2 4.4 12.1 18.5 9.4 Other 12.9 93.2 Deposits 68.0 Loans 63.8 12.1 35.9 Sovereign 47.5 debt 4.8 7.3 Other -2.09 -4.3 IMM (net)* Dec 11 Jun 26 (net) Dec 11 Jun 26 Sover
Slide 29: Reinforcement of liquidity position
3 Reinforcement of liquidity position Deposits Net loans (€ bln) (€ bln) +81% +23% 56.8 61.2 63.8 84.0 89.7 93.2 52.0 48.0 47.6 48.1 52.3 54.0 56.4 56.2 56.1 69.6 75.9 77.9 51.5 48.8 51.2 55.2 60.8 63.3 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25 Jun26 Dec15 Dec16 Dec17 Dec18 D
Slide 30: 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 8.1 30.9 33.0 30.3 0.8 Retail Bonds 25.5 23.9 25.8 0.1 Securitizations 22.5 1.8 Certificates Total 16.9 17.1 collateral 13.9 12.1 12.8 2.3 3.0 MTN 0.5 Buffer 0.
Slide 31: Stronger capital position
4 Stronger capital position CET1 fully implemented RWAs density (fully implemented) +4.9 pp -18 pp 15.4% 16.3% 15.9% 15.1% 1 57% 54% 55% 55% 55% 54% 49% 48% 11.9% 12.0% 12.2% 12.2% 11.7% 12.5% 42% 39% 39% 39% 10.2% 9.7% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1'26 2015 2016 2017 2018
Slide 32: Solid capital ratios
4 Solid capital ratios Common equity tier 1 (CET1)1 (Fully implemented) Fully implemented vs requirement +4.8pp 16.2% 15.1% +9.4pp 10.29% • CET11 ratio of 15.1% and a total capital Combined buffer 4.58% reserve 2 1.21% Pillar 2 (P2R) ratio1 of 19.3%, 4.5% Pillar 1 • Capital ratios comfortably above
Slide 33: Capital requirements
4 Capital requirements Capital above regulatory requirements MDA Buffer June 2026 19.3% CET 1 +481 bp 2.8% 14.73% 1.4% Tier 2 2.54% AT1 1.90% T1 +428 bp 15.1% CET1 10.29% Total +454 bp Requirements SREP Requirements Group Group ratios ratios Jun 26Fully Jun26 FullyImplemented Implemented1 • Total Ca
Slide 34: MREL requirements and Funding Plan execution
4 MREL requirements and Funding Plan execution MREL position (BCP Resolution Group - 30 Jun 2026)* 32.3% 11.5% • Resolution strategy: MPE (Multi Point of Entry)2 • BCP Resolution Group : Perimeter centred in Portugal SP • Preferred Resolution Measure: Bail-in 7.4% SP 2.6% • No subordination requirem
Slide 35: Focused international operations, providing diversification
5 Focused international operations, providing diversification Key international operations Contribution to consolidated results* (€ mln) 170 173 175 186 ** 144 ** 131 149 Bank Millennium 120 Market share: 5.3% on loans, 5.9% on deposits 96 Loans to Customers (gross): €19.4 billion 49 ** Customer fun
Slide 36: Bank Millennium continues to make good progress
5 Bank Millennium continues to make good progress Net income Net operating revenue (Million euros1) (Million euros1) -3.2% Net income Excluding 377.9 805.1 779.6 extraordinary effects2 285.4 +38.7% 166.9 Net income 120.4 H1'25 H1'26 H1'25 H1'26 WIBOR 3 months (average) 5.60% 3.86% • Net income of 16
Slide 37: CHF mortgages decrease by 47% YoY
5 CHF mortgages decrease by 47% YoY CHF mortgage portfolio Cumulative provisions for legal risks 1 (Billion euros*) (Million euros*) % of gross loan portfolio after As a % of CHF 54.6% 1.1% 0.8% 0.8% 0.7% 0.6% 142% 150% 163% 169% 173% mortgage legal risk provisions portfolio -47% 7.3 1,720 1,622 1,4
Slide 38: 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*) +18.4% +4.5% 47.9 Adjusted net income 1 40.5 128.4 134.2 22.1 Net income 13.9 H1'25 H1'26 H1'25 H1'26 MIMO rate (average) 11.92% 9.29% Operating costs • Net income of 13.9 million.
Slide 39: Strategic Plan
Vv ( < Y @ ZF Y \ y. »/s oad f 4 = " STRATEGIC
Slide 40: Deliver more value
Deliver more value Main targets for strategic cycle 2025-2028 Metrics H1’26 2028 Business volumes 182€bn > 190€bn Portugal 123€bn > 120€bn Healthy Number of customers 7.4mn > 8mn organic Portugal 2.9mn > 3mn growth Mobile customers 75% >80% Portugal 67% > 75% Cost-to-income 37% < 40% Execution Portu
Slide 41: 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
Slide 42: H1'26 Earnings
Banco Comercial Portugués, S.A. Ea mings "Mew Ce H1’26 >»
Slide 43: 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
Slide 44: Agenda
AGENDA 44
Slide 45: Highlights
01 Highlights 45
Slide 46: Supporting the Economy and Generating Value
Supporting the Economy and Generating Value ▪ Group’s net income of 565.8 million in H1’26, which represents a 12.7% increase compared with the same period last year (502.3 million), reflecting the Bank’s capacity to generate value ▪ Net income in Portugal stood at 470.2 million in H1’26, correspond
Slide 47: Customer base growth
Customer base growth Based on the quality of the Teams and distinctive digital skills Group Customer +4% Active 7,121 7,433 Recognition +411 5,608 +8% 5,197 75% Mobile Jun 25 Jun 26 +376 Digital 5,673 6,049 81% +7% Portugal Active 2,818 +4% 2,925 0v +151 1,973 1,822 +8% New Companies Website Mobile
Slide 48: Mobile with a complete and innovative value proposition
Mobile with a complete and innovative value proposition and a superior experience, reflected in consolidated growth in interactions and sales STRONG MOBILE GROWTH 34x No OPERATIONS Y/Y JAN-JUN 2026 vs JAN–JUN 2025 Million daily / month Sales 2 logins1 in App Credit Cards Personal Loans +8% YOY Avera
Slide 49: Net income of 565.8 million in H1'26
Net income of 565.8 million in H1’26 (Million euros) H1'25 H1'26 % D Net interest income 1,444.1 1,493.8 +3.4% +49.8 Commissions 413.8 438.0 +5.8% +24.2 Core income 1,857.9 1,931.9 +4.0% +74.0 Operating costs -683.5 -720.2 +5.4% -36.7 Core operating profit 1,174.3 1,211.7 +3.2% +37.3 1 Other income
Slide 50: Delivering value
Delivering value ROE BVPS + DPS 1 14.6% +19.5% ore ROTE EPS value 15.2% +15.0% 2 Return on Equity (RoE) | Return on Tangible Equity (RoTE) | Book value per share (BVPS) | Dividend per share (DPS) | Earnings per share (EPS) | 1 Considering the evolution of the book value per share (AT1 adjusted) from
Slide 51: Group Profitability
02 Group Profitability 51
Slide 52: Net interest income
Net interest income Group Portugal (Consolidated, million euros) (Million euros) Net interest 2.12% 2.22% Net interest margin 2.97% 2.83% +11.3% margin 733.2 658.8 +3.4% 1,493.8 1,444.1 H1'25 H1'26 International operations (Million euros) Net interest 4.47% 3.84% margin -3.1% 785.3 760.6 H1'25 H1'26
Slide 53: Fees and commissions
Fees and commissions Group Portugal (Consolidated, million euros) (Million euros) +5.0% +5.8% 307.1 322.4 438.0 55.3 49.9 413.8 Market-related 76.3 fees and 66.6 257.2 267.1 commissions H1'25 H1'26 International operations (Million euros) Banking fees and commissions 347.3 361.7 +8.3% 106.7 115.6 16
Slide 54: Other operating income
Other operating income Group Portugal (Consolidated, million euros) (Million euros) 36.6 18.5 33.9 13.9 28.5 41.0 -9.9 38.0 7.0 -21.6 -38.3 Equity earnings + dividends 31.8 H1'25 H1'26 81.2 Mandatory contributions 32.8 42.2 Net trading income1 55.8 Of which: Banking sector 28.6 31.2 Resolution Fund
Slide 55: Operating costs
Operating costs Group Portugal (Consolidated, million euros) (Million euros) Cost to income 37% 37% Cost to income 35% 33% +5.4% +5.4% 360.7 720.2 342.4 40.2 45.7 683.5 82.1 105.4 114.9 Depreciation 76.8 196.7 200.2 Other 239.4 223.4 administrative costs H1'25 H1'26 International operations (Million
Slide 56: Cost of risk and provisions
Cost of risk and provisions Group Portugal (Consolidated, million euros) (Million euros) Cost of risk 30bp 32bp Cost of risk 33bp 32bp +35.6% -20.9% 100.8 370.4 74.4 28.3 5.6 68.8 72.5 292.9 CHF mortgage legal -62.6% H1'25 H1'26 218.2 Loan-loss +4.1% risk (Poland)1 81.5 769 801 reserves Internationa
Slide 57: Continued decrease of NPEs
Continued decrease of NPEs Group Portugal (Consolidated, billion euros) (Billion euros) -86 million -187 million -10.5% -11.5% 0.820 0.734 NPE 1.63 1.44 Other 0.84 0.67 NPL>90d 0.79 0.77 Jun 25 Jun 26 NPE loans ratio 2.0% 1.6% Jun 25 Jun 26 NPE ratio (EBA) 1.5% 1.3% Jun 25 Jun 26 International opera
Slide 58: Group Business activity
02 Group Business activity 58
Slide 59: Customer funds
Customer funds Group Portugal (Consolidated, billion euros) (Billion euros) +9.8% +7.2% 116.7 72.3 77.5 15.9 17.7 106.2 1.4 1.8 21.6 26.3 25.1 Off-BS funds 18.9 1.8 30.0 31.6 Other BS funds 1.4 37.3 Jun 25 Jun 26 Term deposits 35.9 International operations +8.9% (Billlion euros) +15.3% 39.1 34.0 3.9
Slide 60: Loan portfolio
Loan portfolio Group Portugal (Consolidated, billion euros) (Billion euros) +3.55 billion NPE: -11.5% (-0.187 billion) +8.6% 45.05 +8.3% 41.50 +3.64 65.2 -0.09 60.2 +7.0% 31.4 Jun 25 NPE Performing Jun 26 Mortgage 29.3 International operations (Billlion euros) 8.1 +1.47 billion Personal 7.6 +7.9% +1
Slide 61: Group Capital and liquidity
02 Group Capital and liquidity 61
Slide 62: Solid capital ratios
Solid capital ratios Common equity tier 1 (CET1)1 (Fully implemented) Fully implemented vs requirement +4.8pp 16.2% 15.1% +9.4pp 10.29% • CET11 ratio of 15.1% and a total capital Combined buffer 4.58% reserve 2 1.21% Pillar 2 (P2R) ratio1 of 19.3%, 4.5% Pillar 1 • Capital ratios comfortably above Ju
Slide 63: CET1 quarterly evolution
Common equity tier 1 (CET1)1 quarterly evolution +59 bp -55 bp 15.1% -23 bp +15 bp +9 bp 15.1% Mar 26 P&L Dividends RWA Credit NCI elegibility Other Jun 26 + SBB Poland impacts 1 Estimated fully implemented ratio (June 2026) including 10% of the unaudited net income of H1’26. 63
Slide 64: MREL requirements and Funding Plan execution
MREL requirements and Funding Plan execution MREL position (BCP Resolution Group - 30 Jun 2026)* 32.3% 11.5% • Resolution strategy: MPE (Multi Point of Entry)2 • BCP Resolution Group : Perimeter centred in Portugal SP • Preferred Resolution Measure: Bail-in 7.4% SP 2.6% • No subordination requiremen
Slide 65: Pension fund
Pension fund Pension fund coverage Structure of pension fund (Million euros) Coverage 109% 109% Real-estate: Pension fund 3,313 3,348 18% Cash and other: Bonds: 51% 5% Pension liabilities 3,053 3,062 Equities: 0% Investment Funds: 26% Jun 25 Jun 26 Pension fund Jun 25 Jun 26 Pension fund • Discount
Slide 66: Robust liquidity position
Robust liquidity position Liquidity ratios (CRD/CRR) Liquidity excess in ECB (Billion euros) 326% Eligible assets 31.6 30.3 +0.36 billion 0.96 0.60 183% Jun 25 Jun 26 Net loans to deposits ratio 68% 68% 100% NSFR (Net stable LCR (Liquidity Jun 25 Jun 26 funding ratio) coverage ratio) 66
Slide 67: Portugal
03 Portugal 67
Slide 68: Profitability in Portugal
Profitability in Portugal Net income Net operating revenue (Million euros) (Million euros) +11.5% 1,092.2 +10.9% 979.8 470.2 424.0 H1'25 H1'26 H1'25 H1'26 Operating Costs Impairment and other provisions (Million euros) (Million euros) +5.4% 342.4 360.7 +35.6% 100.8 74.4 H1'25 H1'26 H1'25 H1'26 68
Slide 69: Net interest income
Net interest income (Million euros) +11.3% +105.4 +42.6 +5.0 733.2 +11.4 658.8 -4.2 -3.0 -82.7 2.12% 2.22% H1'25 Performing Credit Impact of Deposit's cost Securities Wholesale Excess H1'26 credit volume rate NPE effect portfolio funding liquidity effect effect reduction effect cost effect and other
Slide 70: Commissions and other income
Commissions and other income Commissions Other income (Million euros) (Million euros) 36.6 H1'25 H1'26 YoY Banking fees and commissions 257.2 267.1 +3.8% 33.9 Cards and transfers 78.0 79.9 +2.4% 13.9 Loans and guarantees 43.7 44.9 +2.8% Bancassurance 61.5 66.2 +7.6% Equity earnings + dividends 28.5
Slide 71: Operating costs
Operating costs Operating Costs Employees (Million euros) Cost to income 35% 33% +5.4% 6,224 5,996 360.7 342.4 45.7 Depreciation 40.2 Other administrative 105.4 114.9 costs Jun 25 Jun 26 Branches 396 385 Staff costs 196.7 200.2 H1'25 H1'26 Jun 25 Jun 26 71
Slide 72: NPEs decrease
NPEs decrease Non-performing exposures (NPE) NPE build-up (Million euros) (Million euros) -86 million Jun 26 Jun 26 -10.5% (Million euros) 820 vs. Jun 25 vs. Dec 25 734 Opening balance 820 749 Other NPE 430 358 Net 60 23 Write-offs -46 -31 NPL>90d 390 376 Sales -100 -7 Ending balance 734 734 Jun 25
Slide 73: NPE coverage
NPE coverage NPE total coverage* NPL>90d total coverage* 158% 135% 118% 119% 100% 21% 100% 43% Real estate collateral 2% 6% 32% Real estate collateral 25% Cash, other fin. collat. 1% Cash, other fin. collat. 10% 43% 61% 1% 112% 109% LLRs 85% LLRs 1% 83% 57% 38% Individuals Companies Total Individual
Slide 74: Foreclosed assets and corporate restructuring funds
Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds (Million euros) (Million euros) -0.9% 82 323 320 63 Turismo Algarve FCR fund * 41 42 Impairment 36 35 Corporate restructuring funds 282 278 Net value 46 29 Jun 25 Jun 26 Jun 25 Jun 26 Sales of foreclo
Slide 75: Customer funds and loans to Customers
Customer funds and loans to Customers Total Customers Funds* Loans to Customers (gross) (Billion euros*) (Billion euros*) +7.2% 77.5 72.3 +8.6% 45.1 17.7 41.5 Off-BS funds 15.9 Other BS funds 1.8 1.4 +10.8% 22.7 Mortgage 20.5 26.3 Term deposits 25.1 +5.9% 2.9 Personal 2.6 Demand deposits 30.0 31.6 C
Slide 76: Performing loans in Portugal
Performing loans in Portugal Performing loans to individuals increased by 11.1%, highlighting the mortgage loan portfolio which increased by 2.3 billion. Performing loans to companies increased by Performing loans portfolio 6.1% (Billion euros) The Bank maintains a prominent position in the corporat
Slide 77: International operations
04 International operations 77
Slide 78: Contribution from international operations
Contribution from international operations Contribution from international operations (Million euros) 1 (Million euros) H1'25 H1'26 Δ% Poland 120.4 166.9 38.7% Mozambique 22.1 13.9 -37.0% +22.1% 95.6 Other 1.7 2.7 58.4% 78.3 Exchange rate effect 2.4 -- -- Net income international 146.6 183.5 25.2% o
Slide 79: Bank Millennium continues to make good progress
Bank Millennium continues to make good progress Net income Net operating revenue (Million euros1) (Million euros 1) -3.2% Net income Excluding 805.1 779.6 extraordinary effects2 377.9 285.4 +38.7% 166.9 Net income 120.4 H1'25 H1'26 H1'25 H1'26 WIBOR 3 months (average) 5.60% 3.86% • Net income of 166
Slide 80: Net interest income influenced by interest rates decrease
Net interest income influenced by interest rates decrease Net interest income Operating costs (Million euros*) (Million euros*) 4.18% 3.54% +9.1% NIM 326.6 -3.3% 299.3 676.8 654.6 Other 141.7 157.6 Staff costs 157.6 169.0 H1'25 H1'26 H1'25 H1'26 Commissions and other income Mandatory contributions (
Slide 81: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 2.1% 1.9% NPL>90d 153% 145% 373.2 376.2 571.9 547.4 Jun 25 Jun 26 Jun 25 Jun 26 Loan impairment (net of recoveries) (Million euros*) Cost of risk 21bp 34bp • NPL>90d accounted for 1.9% of
Slide 82: Customers funds and loans to Customers
Customers funds and loans to Customers Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +16.8% 36,628 +8.8% 3,866 19,385 31,368 17,822 Off-BS funds 3,034 10,035 8,642 Term deposits 9,769 Mortgage 8,675 4,782 22,727 Personal 4,623 Demand deposits 18,565 +31.8% 5,961 Compan
Slide 83: CHF mortgages decrease by 47% YoY
CHF mortgages decrease by 47% YoY CHF mortgage portfolio Cumulative provisions for legal risks 1 (Billion euros*) (Million euros*) % of gross loan portfolio after As a % of CHF 54.6% 1.1% 0.8% 0.8% 0.7% 0.6% 142% 150% 163% 169% 173% mortgage legal risk provisions portfolio -47% 7.3 1,720 1,622 1,465
Slide 84: 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*) +18.4% +4.5% 47.9 Adjusted net income 1 40.5 128.4 134.2 22.1 Net income 13.9 H1'25 H1'26 H1'25 H1'26 MIMO rate (average) 11.92% 9.29% Operating costs • Net income of 13.9 million. A
Slide 85: Net interest income increase
Net interest income increase Net interest income Operating costs (Million euros*) (Million euros*) NIM 8.32% 8.28% Cost to income 51% 48% +5.8% -2.3% 101.9 107.8 66.0 64.5 Other 39.1 34.1 Staff costs 26.9 30.5 H1'25 H1'26 H1'25 H1'26 Commissions and other income Employees Branches (Million euros*) -
Slide 86: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 3.6% 3.0% NPL>90d 125% 243% 53.3 23.9 21.9 29.8 Jun 25 Jun 26 Jun 25 Jun 26 Loan impairment (net of recoveries) (Million euros*) Cost of risk 144bp 125bp • NPL>90d ratio of 3.0% as of June
Slide 87: Business volumes
Business volumes Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +10.4% +11.8% 2,486 738 660 9 2,252 Mortgage 9 985 330 Term deposits 1,011 Personal 256 1,501 Demand deposits 1,241 Companies 394 399 Jun 25 Jun 26 Jun 25 Jun 26 *FX effect excluded. €/Metical constant at J
Slide 88: Key figures
05 Key figures 88
Slide 89: Deliver more value
Deliver more value Main targets for strategic cycle 2025-2028 Metrics H1’26 2028 Business volumes 182€bn > 190€bn Portugal 123€bn > 120€bn Healthy Number of customers 7.4mn > 8mn organic Portugal 2.9mn > 3mn growth Mobile customers 75% >80% Portugal 67% > 75% Cost-to-income 37% < 40% Execution Portu
Slide 90: Commitment to people and society
COMMITMENT TO PEOPLE AND SOCIETY Millennium bcp Foundation Society Sustainability Supported by BCP, the ‘Festival ao BCP is once again included in the Millennium Gallery – ‘Gestures and Largo’ returns to Lisbon for its 18th FTSE Russell's ‘FTSE4Good’ index, Forms’ Exhibition. Collections of edition,
Slide 91: External recognition
EXTERNAL RECOGNITION Millennium bcp: 2026 Millennium bcp: '2026 Five stars' Millennium bcp: Companies Consumer’s Choice, in the Bank, in the 'Large Banks' and Website is 'Product of the Year ‘Large Banks’ category for the 'Mobile Apps' categories 2026' in the Business Solutions 6th consecutive year
Slide 92: Appendix
06 Appendix 92
Slide 93: Financial highlights according to Instruction No. 16/2004 from Banco de Portugal
FINANCIAL HIGHLIGHTS ACCORDING TO INSTRUCTION No. 16/2004 FROM BANCO DE PORTUGAL, AS THE CURRENTLY EXISTING VERSION Jun 25 Jun 26 Following the publication of Banco de Portugal Instruction No. 17/2025, which amends Instruction No. 16/2004 concerning the Profitability indicators to be used by credit
Slide 94: Sovereign debt portfolio
Sovereign debt portfolio Sovereign debt portfolio Sovereign debt maturity (Milhões de euros*) (Milhões de euros*) Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 YoY QoQ >5y, ≤8y: 13% Portugal 2,628 2,382 2,158 3,133 3,053 +16% -3% T-bills and other 704 456 390 1,384 1,296 +84% -6% >2y, ≤5y: 56% >8y, ≤10y: 1% Bo
Slide 95: Sovereign debt portfolio breakdown
Sovereign debt portfolio breakdown Million euros Portugal Poland Mozambique Other Total Trading book 1,304 53 0 199 1,555 ≤ 1 year 1,298 27 0 197 1,522 > 1 year and ≤ 2 years 0 3 0 0 3 > 2 years and ≤ 5 years 2 18 0 0 20 > 5 years and ≤ 8 years 1 3 0 0 4 > 8 years and ≤ 10 years 0 2 0 0 2 > 10 years
Slide 96: Diversified and collateralised portfolio
Diversified and collateralised portfolio Breakdown Loans per collateral LTV of the mortgage portfolio (Consolidated) (Consolidated) (Portugal) Other 75-80 Mortgage guarantees 8% 80-90 48% 25% 60-75 Companies 14% 39% 25% >90 Real 7% guarantees 57% Unsecured 0-40 18% 50-60 15% 19% 40-50 12% Personal/
Slide 97: Interest rate risk hedging portfolio
Interest rate risk hedging portfolio Outstanding position in fixed rate bonds and interest rate swaps Total bond’s portfolio ≥6 years, Average rate 2.3% 2.3% 2.5% 2.7% 21% ≤ 3 years, 25% 32,530 4-5 years, 27,707 54% Unhedged bonds 23,656 Interest rate 19,194 4-5 years, swaps 39% 18,620 ≤3 17,726 yea
Slide 98: Consolidated income statement
Consolidated income statement (Million euros) For the 6-month periods ended June 30, 2025 and 2026 Int e rna t io na l o pe ra t io ns G ro up P o rt uga l T o tal B a nk M ille nnium ( P o la nd) M ille nnium bim ( M o z.) O t he r int . o pe ra t io ns Jun 2 5 Jun 2 6 Δ % Jun 2 5 Jun 2 6 Δ % Jun 2
Slide 99: Consolidated balance sheet
Consolidated balance sheet (Million euros) 30 June 30 June 30 June 30 June 2026 2025 2026 2025 ASSETS LIABILITIES Cash and deposits at Central Banks Financial liabilities at amortised cost 3,826.6 3,043.7 Loans and advances to credit institutions repayable on demand 216.3 271.5 Deposits from credit
Slide 100: Consolidated net income
Consolidated net income Impact on (Million euros) H1'25 H1'26 YoY earnings Net interest income 1,444.1 1,493.8 +3.4% +49.8 Net fees and commissions 413.8 438.0 +5.8% +24.2 Other income* -9.9 18.5 +28.4 Net operating revenue 1,848.0 1,950.3 +5.5% +102.4 Staff costs -383.3 -398.7 +4.0% -15.4 Other adm
Slide 101: Net Income - Group - per quarter
Net Income - Group - per quarter Group (Million euros) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 vs % Q1'26 vs % Q2'25 Net interest income 723.0 722.5 731.5 738.4 755.5 2.3% 4.5% Net fees and commissions 212.4 215.0 218.6 218.0 220.0 0.9% 3.6% Equity earnings + dividends 18.4 13.6 17.6 15.8 22.3 41.2% 21.1% Net
Slide 102: Net Income - Portugal - per quarter
Net Income - Portugal - per quarter Portugal (Million euros) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 vs % Q1'26 vs % Q2'25 Net interest income 332.9 336.0 343.5 357.7 375.4 4.9% 12.8% Net fees and commissions 159.3 158.4 160.5 160.4 162.1 1.1% 1.7% Equity earnings + dividends 16.1 11.7 15.6 14.4 19.5 35.1% 21
Slide 103: Net Income - International op. - per quarter
Net Income – International op. - per quarter International Operations (Million euros) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 vs % Q1'26 vs % Q2'25 Net interest income 390.1 386.6 388.0 380.6 380.0 -0.1% -2.6% Net fees and commissions 53.1 56.6 58.1 57.6 58.0 0.6% 9.3% Equity earnings + dividends 2.3 1.9 2.0
Slide 104: 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. Average equity - weighted average of the average of monthly equity in the period. Average total assets - weighted average
Slide 105: Glossary (2/2)
Glossary (2/2) Loans to Customers (net) - loans to Customers at amortized cost net of impairment (excluding reverse repos), debt instruments at amortized cost associated to credit operations net of impairment and balance sheet amount of loans to Customers at fair value through profit or loss. Loan t
Slide 106: Other information
M < @ 05) OTHER INFORMATION
Slide 107: 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 2026) 12.8 -2.7 -5.1 0.7 +0.1 +0.1 +0.1 0.7 0.4 +0.0 -4.3 Dec 13 Net new Write-offs Sales
Slide 108: Senior debt Ratings
Senior debt Ratings Baa1 BBB+ Moody’s - Investment Grade S&P - Investment Grade Last rating action 27 May 26 (Outlook improvement) Last rating action 12 Mar 25 (Upgrade) BBB+ +7 notches +6 notches Baa1 BBB Stable Baa2 Positive BBB- Outlook Outlook Baa3 (27 May 26) BB+ Ba1 BB Ba2 BB- Ba3 B+ B1 B 2016
Slide 109: Last rating actions
Last rating actions BCP is rated Investment Grade by the four main rating agencies BCP had 21 rating actions by Rating Agencies since the end of 2022 reflecting the progress in NPA reduction, strengthening of capitalization, funding and liquidity levels and improvement in profitability leading to th
Slide 110: 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 BB
Slide 111: 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 May-… May-… Jan-21 Jan-22 Jan-23 Jan-24 Jan-26 Jan-20 Jan-25 Sep-21 May-18 Sep-18 Sep-25 May-19 Sep-19 Sep-20 May-21 May-22 Sep-22 May-23 Sep-23 May-24 Sep-24
Slide 112: Wholesale funding – Last deals executed in 2026 & 2025
Wholesale funding – Last deals executed in 2026 & 2025 in Euro Capital Markets 12nc7 Tier 2 Notes 6nc5 Senior Preferred Notes 6.25nc5.25 Senior Preferred Notes 12nc7 Tier 2 Notes Issuer: Banco Comercial Português, S.A. Issuer: Banco Comercial Português, S.A. Issuer: Banco Comercial Português, S.A. I
Slide 113: Investor Relations Division
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 (September 2026) on 6ix