Banco Bpm Spa · MIL:BAMI
Banco Bpm Spa — Banco Bpm Societa Ord — 9M 2025 Earnings Presentation
43 slides from Banco Bpm Spa's earnings presentation, Nov 6, 2025
Slide 1: Group 9M 2025 Results Presentation
Group 9M 2025 Results Presentation 06 November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any questions and answers session and any written or oral material discussed following the distribution of this document. The distrib
Slide 3: Methodological Notes
Methodological Notes The balance sheet and income statement schemes contained in this news document have been reclassified along management criteria in order to provide an indication on the Group’s overall performance based on more easily understandable aggregate operating and financial data. These
Slide 4: Agenda
Agenda 1 Executive Summary 5 2 Key Highlights 11 3 Final Remarks 24 4 9M 2025 Performance Details 27 4
Slide 5: Executive Summary
Executive Summary 1
Slide 6: Delivered our vision: distinctive footprint and solid integrated business model
Delivered our vision: distinctive footprint and solid integrated business model enabling sustainable growth and value generation COMPETITIVE POSITION: RECENTLY ESTABLISHED ROBUST SUPERIOR FRANCHISE PRODUCT FACTORIES SET-UP BUSINESS MODEL 30/09/25 Focused presence in high-potential Total economic are
Slide 7: 9M 2025 Net Income at €1.66bn, well on track towards FY Guidance
9M 2025 Net Income at €1.66bn, well on track towards FY Guidance CET 1 ratio at 13.52%, comfortably above Plan minimum threshold 9M 2025 NET INCOME AT 85% OF FY 2025 GUIDANCE STRONG CAPITAL POSITION CONFIRMED €m ~1,950 CET 1 ratio Fully Phased3 1,696 1,665 13% Plan >85% 13.52% minimum 13.32% thresho
Slide 8: 9M 2025: Outstanding economics
9M 2025: Outstanding economics • Increasing contribution from Non-interest components (49% of Total Revenues PF vs. 39% in 9M24) • Strong performance in C/I (45%) and CoR (34bps) GROWING REVENUES, IMPROVING QUALITY STRONG COST CONTROL €m +5.0% €m €1,953 Like for 4,607 4,481 Like, -2.1% 4,269 1,995 2
Slide 9: Top-level organic capital generation: 152bps in 9 months
Top-level organic capital generation: 152bps in 9 months Robust Liquidity and Funding CET 1 RATIO WELL ABOVE 13% PLAN MINIMUM THRESHOLD After absorbing €1.17bn of accrued dividends (-203bps) Capital position well above target, after 15.0% absorbing: +152bps 13.52% 2 ▪ Impact from Anima acquisition 1
Slide 10: More capital light
Trajectory vs. Strategic Plan: new, capital-light business model already adopted in 2025, allowing credible progress towards targets MORE DIVERSIFIED AND RESILIENT BUSINESS MODEL NET INCOME ADJ. FY 2024 9M 2025 PF1 2027 Target2 FY 2024 9M 2025 PF1 2027 Target2 Non-NII Revenues 40% 49% 50% More capit
Slide 11: Key Highlights
Key Highlights 2
Slide 12: Q3 2025 Net income at €450m: Positive dynamic despite lower interest rates and seasonality
Q3 2025 Net income at €450m: Positive dynamic despite lower interest rates and seasonality P&L HIGHLIGHTS €m Q2 25 Q3 25 Chg. Q/Q PROFIT FROM CONTINUING OPERATIONS (PRE-TAX): Q/Q BRIDGE Net interest income 785 758 -3.5% €m Net fees and commissions 630 622 -1.4% Income from associates 24 28 Income fr
Slide 13: 9M 2025: Net Income at €1,665m confirms continuing positive momentum
9M 2025: Net Income at €1,665m confirms continuing positive momentum 9M 25 MAIN P&L TRENDS 9M 23 9M 24 9M 25 Chg. Vs. P&L HIGHLIGHTS €m 9M 24 9M 25 Chg. Y/Y Pro Forma 3 €m 9M 23 4,269 4,481 Net interest income 2,585 2,360 -8.7% 2,361 3,945 Net fees and commissions 1,546 1,827 18.1% 1,961 REVENUES +1
Slide 14: NII at €2.36bn in 9M 2025
NII at €2.36bn in 9M 2025 TREND OF NET INTEREST INCOME COMMERCIAL SPREADS5 4.29 4.12 4.00 3.60 3.25 2.94 2.88 Quarterly average, in % €m -8.7% 2.74 2.58 2.47 Asset spread 1.55 1.54 2.06 1.74 1.53 1.54 1.51 1.49 1.45 1.47 1.41 2,585 2,360 -3.5% Liability spread 785 758 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q
Slide 15: Continuing commitment to support our clients and preserve loan book quality
Continuing commitment to support our clients and preserve loan book quality: ready to take advantage from recovery in investments STRONG GROWTH IN NEW LENDING: +€5.9BN Y/Y CONTINUING FOCUS ON STOCK IMPACTED BY DECREASE IN FINANCIAL INSTITUTIONS SAFE CREDIT MANAGEMENT NEW LENDING € bn +€2.2bn in ▪ Ne
Slide 16: Total Net Fees & Commissions up at €1.83bn
Total Net Fees & Commissions up at €1.83bn INVESTMENT PRODUCT FEES +10.7% Y/Y ANTE CONSOLIDATION OF ANIMA €m +10.7% 234 863 TOTAL NET FEES & 568 629 COMMISSIONS Upfront fees 217 +23.7% 268 Impact from €m consolidation of +2.7% 360 Anima in Q2 e Q3 Running fees 351 9M 24 9M 25 9M 25 +3.0% Like for Li
Slide 17: Anima consolidation significantly increased Total Customer Financial Assets, now at €388bn
Anima consolidation significantly increased Total Customer Financial Assets, now at €388bn TOTAL CUSTOMER FINANCIAL ASSETS Stock, in € bn VOLUMES INCLUDING FULL "CAPTIVE" VOLUMES GREW BY €19.7BN SINCE YE 2023, CONSOLIDATION OF ANIMA1 O/W +€7.7BN IN 9M 2025 Stock as at 30/09/25, in € bn Cap.-protecte
Slide 18: National champion in Asset Management with continuing volume growth and P&L performance
National champion in Asset Management with continuing volume growth and P&L performance First-class network Outstanding commercial and financial results FOCUS ON AUM: +2.4% YTD ▪ #1m+ clients Total Assets at €210bn1 € bn 203 205 208 ▪ #300+ investment professionals • o/w €208bn AUM Wrapping 16 16 17
Slide 19: Cost/Income ratio at 45%, driven by rigorous cost discipline
Cost/Income ratio at 45%, driven by rigorous cost discipline STAFF COSTS €m -1.0% 1,296 1,284 1,337 TOTAL OPERATING COSTS Positive contribution from solidarity fund (~€40m booked in 9M 25, €m further ~€20m in 4Q 25), set to more -2.1% than compensate new labour contract and hirings 1,995 1,953 2,039
Slide 20: CoR down to 34bps driven by effective credit management over the life-cycle
CoR down to 34bps driven by effective credit management over the life-cycle TREND OF NPEs FY 2024 9M 20251 TOTAL NPEs € bn 3.19 COST OF RISK 46bps 34bps Gross 2.85 2.49 -22.0% Y/Y Default rate 1.07% 0.81% Net 1.70 1.58 1.35 Cure rate 4.28% 6.41% 30/09/24 31/12/24 30/09/25 Net Default rate 0.98% 0.70
Slide 21: Significant improvement in FVOCI debt reserves and solid Net Financial Result
Significant improvement in FVOCI debt reserves and solid Net Financial Result RESERVES OF DEBT SECURITIES AT FVOCI1 NET FINANCIAL RESULT Post-tax €m €m Strong performance of 30/09/24 31/12/24 30/09/25 FVOCID reserves in 2025 driven by active -47.7 96.9 Total Net Financial Result management of our bo
Slide 22: Strong liquidity & funding position
Strong liquidity & funding position CASH + UNENCUMBERED ASSETS: +10.9% Y/Y POSITIVE TREND IN KEY INDICATORS € bn 48.4 54.7 49.4 0.5 Cash 0.5 0.6 11.0 8.1 11.0 31/12/24 30/09/25 Depo facility with ECB Eligible Assets 38.4 • o/w €22.3bn securities 36.4 31.5 • o/w €16.1bn credit claims 132% 157% Other
Slide 23: Very strong capital position, well above minimum Plan threshold
Very strong capital position, well above minimum Plan threshold CET 1 RATIO EVOLUTION MDA BUFFER EVOLUTION Fully Phased Fully Phased % bps +78bps -66bps 1 13.32 +20bps -13bps 13.52 13% Plan minimum 381 401 1 threshold 350bps Plan minimum threshold Q3 2025 Dividends DTA & 30/06/25 RWA & 30/09/25 perf
Slide 24: Final Remarks
Final Remarks 3
Slide 25: Strong 9M 2025: solid performance, robust capital, value delivered
Strong 9M 2025: solid performance, robust capital, value delivered ▪ Robust Non-NII related business, benefiting from FY 2024 9M 2025 PF1 2027 Target our unique product factories model ROE ADJ. 14.5% 16.3% >16% INCREASING PROFITABILITY ▪ Continuing strong focus on efficiency, ensuring cost disciplin
Slide 26: Profitability growth driven by fee-based model and operational performance
Profitability growth driven by fee-based model and operational performance keep 2025 guidance firmly within reach, despite volatile environment 2025 GUIDANCE: Y/Y COMPARISON Positive trend in total revenues driven by non-NII components, offsetting the PROFITABILITY pressure on net interest income fr
Slide 27: 9M 2025 Performance Details
9M 2025 Performance Details 4
Slide 28: P&L: Quarterly comparison - Stated
P&L: Reclassified income statement (€m) Net interest income Q1 24 864.4 Q2 24 858.4 Q3 24 861.9 Q4 24 855.3 Q1 25 816.9 1 Q2 25 785.1 Q3 25 757.9 Quarterly Income (loss) from invest. in associates carried at equity Net fee and commission income 30.3 537.8 44.6 507.3 31.1 501.2 45.6 508.3 39.8 575.1
Slide 29: P&L: 9M comparison - Stated
P&L: Reclassified income statement (€m) 9M 24 9M 25 Chg. Y/Y % Net interest income 2,584.7 2,360.0 -8.7% 9M comparison - Stated Income (loss) from invest. in associates carried at equity Net fee and commission income 106.1 1,546.3 91.6 1,826.9 -13.6% 18.1% Income from insurance business 87.8 114.6 3
Slide 30: P&L: 9M 2025 Comparison of stated and adjusted, with one off details
P&L: 9M 2025 Comparison of stated and adjusted, with one off details Reclassified income statement (€m) 9M 25 9M 25 Adjusted One-off Non-recurring items Net interest income 2,360.0 2,324.1 35.9 Positive outcome from fiscal litigation Income (loss) from invest. in associates carried at equity 91.6 91
Slide 31: Balance Sheet
Reclassified assets (€ m) Chg. Y/Y Chg. YTD Chg. Q/Q Balance Sheet Cash and cash equivalents 30/09/24 9,079 31/12/24 12,125 30/06/25 11,733 30/09/25 12,077 Value 2,998 % 33.0% Value -48 % -0.4% Value 344 % 2.9% Loans and advances measured at AC 103,573 103,090 104,621 102,869 -704 -0.7% -220 -0.2% -
Slide 32: Strong and well diversified liability profile, driven by successful issuance activity
Strong and well diversified liability profile, driven by successful issuance activity BONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV MREL REQUIREMENTS & BUFFERS outstanding as of 30/09/2025 as of 30/09/2025 Nominal amounts MREL as % of RWA, phased-in, including Combined Buffer 11.4% Senior Prefer
Slide 33: Wholesale bond maturities and calls
Wholesale bond maturities and calls SENIORITY PROFILE OF WHOLESALE BOND MATURITIES1 & CALLS2 UNTIL YE 2027 € bn Calls 0.30 Calls 0.40 €0.70bn 0.40 €1.05bn 0.65 0.75 0.75 3 1.25 Maturities 0.50 Maturities €3.25bn €2.64bn Maturities 4 1.26 €1.26bn 1.39 1.25 Oct.-Dec. 2025 FY 2026 FY 2027 Senior Pref.
Slide 34: Total Direct Funding from the Banking business
Total Direct Funding from the Banking business EVOLUTION OF TOTAL DIRECT FUNDING € bn Capital-protected Certificates & other 132.0 134.9 134.6 Debt Securities at FV 128.6 REPOs & Other Bonds 97.3 100.3 101.9 102.6 C/A, Sight & Time deposits - (Core Funding) (75.7%) (75.9%) (75.5%) (76.2%) (% Share o
Slide 35: Indirect Customer Funding at €279.9bn, including the consolidation of Anima
Indirect Customer Funding at €279.9bn, including the consolidation of Anima ASSETS UNDER MANAGEMENT (AuM)1 ASSETS UNDER CUSTODY (AuC) € bn € bn 224.9 17.4 +4.8% +9.1% 35.0 68.5 53.5 55.0 0.3 Wrapping 65.4 66.1 67.1 86.4 49.1 50.1 52.2 4.7 4.9 5.0 5.0 16.2 16.5 17.3 17.8 54.7 86.2 44.5 44.7 44.8 45.6
Slide 36: Net Customer Loans at Amortized Cost
Net Customer Loans at Amortized Cost EVOLUTION OF NET CUSTOMER LOANS € bn Change 100.2 100.4 98.8 Net Performing Customer Loans 30/09/24 31/12/24 30/06/25 30/09/25 In % Y/Y In % YTD In % Q/Q 99.7 Core customer loans 95.1 94.8 94.7 93.1 -2.1% -1.8% -1.7% 1.7 1.6 1.4 1.4 - Medium/Long-Term loans 75.7
Slide 37: NPE migration dynamics
NPE migration dynamics €m 354 296 Inflows from 212 233 238 207 152 Performing to NPEs Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 €m Outflows from NPEs 24 36 25 38 16 17 15 to Perf. Loans Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 €m Flows from UTP to 79 80 98 82 42 52 50 Bad Loans Q1 24 Q2 24 Q3 24 Q4
Slide 38: Asset Quality details
Asset Quality details Loans to Customers at AC Gross exposures 30/09/2024 31/12/2024 30/06/2025 30/09/2025 Chg. Y/Y Chg. Q/Q € m and % Value % Value % Bad Loans 1,282 1,160 998 989 -293 -22.9% -9 -0.9% UTP 1,703 1,552 1,535 1,430 -273 -16.0% -105 -6.8% Past Due 204 143 75 67 -137 -67.1% -8 -10.9% NP
Slide 39: Optimization and diversification of Debt Securities portfolio
Optimization and diversification of Debt Securities portfolio TREND AND BREAKDOWN OF THE BANKING BOOK COMPOSITION BY COUNTERPARTY OF THE BANKING BOOK1 € bn € bn 46.7 47.3 42.9 30/09/24 31/12/24 30/06/25 30/09/25 41.3 14.6 14.9 Other2 8.3 8.5 8.5 8.5 FVOCI 13.1 12.6 Govies & 34.6 32.8 38.2 38.8 Supra
Slide 40: Capital position in detail
Capital position in detail FULLY PHASED CAPITAL The ratios phased-in as at 30/09/2025, including the 30/09/2024 31/12/2024 30/06/2025 30/09/2025 application of the Art.468 of the CRR 3 on FVOCI POSITION (€ m and %) reserves are the following: CET 1 Capital 9,583 9,275 8,552 8,714 • CET 1: 14.36% (14
Slide 41: Sustainability ESG Update – Key results in 9M 2025
Sustainability ESG Update – Key results in 9M 2025 Sustainability ESG KPIs Main Sustainability ESG Achievements 9M 2024 9M 2025 ▪ Status of achievement as of 31/12/24 of our 2030 decarbonization targets on most Low-Carbon New M/L carbon intensive sectors released in May 2025 € 4.2bn € 5.7 bn Term fi
Slide 42: Definitions of key indicators included in the presentation
DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION INDICATOR DEFINITION CASH + UNENCUMBERED ASSETS I ncluding assets receiv ed as collateral, net of accrued interests. Managerial data, net of haircuts CORE REVENUES Core Rev enues: NI I + Net Commissions + I ncome from Associates and I ncome
Slide 43: Contacts for Investors and Financial Analysts
Contacts for Investors and Financial Analysts Banco BPM Arne Riscassi +39 02 9477.2091 Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy Silvia Leoni +39 045 867.5613 Carmine Padulese +39 02 9477.2092 investor.relations@bancobpm.it www
Banco Bpm Societa Ord — 9M 2025 Earnings Presentation on 6ix