Intesa Sanpaolo S.p.a. · MIL:ISP

Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — FY2024 Earnings Presentation

111 slides from Intesa Sanpaolo's earnings presentation, Feb 4, 2025

1. Slide 1: 2024 Results

   2024 Results The best year ever Ready to be a well above €9bn Net income Bank A strong bank for a sustainable world February 4, 2025

2. Slide 2: 2024 results: an excellent year…

   MIL-BVA362-03032014-90141/VR 2024 results: an excellent year… Net income, best year ever, with 9% Commissions growth, while Best-in-class profitability €8.7bn allocating €0.9bn Gross income to succeed in the coming years Effective cost management 42.7% Cost/Income ratio, best-in-class in Europe Zero

3. Slide 3: … well above 2022-2025 Business Plan targets

   MIL-BVA362-03032014-90141/VR … well above 2022-2025 Business Plan targets 2024 results 2022-2025 Business Plan targets 2024 Net income €8.7bn €6.5bn Business Plan target for 2025 Cost/Income ratio 42.7% 46.4% Business Plan target for 2025 Net NPL ratio(1) 1.0% ~1% throughout the Business Plan horizo

4. Slide 4: The best Net income ever…

   MIL-BVA362-03032014-90141/VR The best Net income ever… Net income €m Net impact of provisions/ write-downs for Russia-Ukraine exposure 8,666 7,724 +12% 5,524 4,050 4,182 4,185 3,816 3,505 3,111 2,553 2,805 2,705 2,739 2,043 1,605 4,379 1,218 1,251 2008 2009 2010 2011 2012 2013(1) 2014 2015 2016 2017

5. Slide 5: … at €9bn when excluding non-recurring items

   MIL-BVA362-03032014-90141/VR … at €9bn when excluding non-recurring items and managerial actions to strengthen future profitability 2024 Net income €m ~€0.7bn Net income (~€0.9bn Gross income) allocated to succeed in the future ~200 ~(500) ~9,050 8,666 ~300 ~390 ~€440m pre-tax ~€450m pre-tax ~€290m

6. Slide 6: Strong acceleration in Commissions with AuM net inflow gaining momentum

   MIL-BVA362-03032014-90141/VR Strong acceleration in Commissions with AuM net inflow gaining momentum… Strong growth in Net fees and commissions in … with a double-digit increase in Q4 on a yearly … and a strong acceleration in AuM net inflow 2024… basis… €m €m € bn 9,386 2,416 2,307 8,576 +9% +14% 5

7. Slide 7: … and effective cost management while strongly investing in technology

   MIL-BVA362-03032014-90141/VR … and effective cost management while strongly investing in technology Cost/Income ratio % €m Cost/Income ratio 25,227 27,107 -2.6pp +7.5% Operating 45.3 42.7 income 2023 2024 f(x) 11,420 11,570 +1.3% Operating costs 2023 2024 2023 2024 Best-in-class Cost/Income ratio in

8. Slide 8: Our tech transformation is enabling generational change and efficiency gains

   MIL-BVA362-03032014-90141/VR Our tech transformation is enabling generational change and significant efficiency gains, with 9,000 exits at no social cost Our tech transformation … enabling generational change and significant efficiency gains ( ) is accelerating… IT investments People, # Of which 1,5

9. Slide 9: Increasing and sustainable value creation and distribution

   MIL-BVA362-03032014-90141/VR Increasing and sustainable value creation and distribution … driving strong and sustainable value … and significant increases in EPS, DPS and The best-ever Net income… distribution coupled with a rock-solid capital TBVPS position… x ROTE(1), % Buyback x EPS(4), € cents N

10. Slide 10: Improved Net income guidance for 2025

    MIL-BVA362-03032014-90141/VR Improved Net income guidance for 2025 2025 Net income guidance Well above €9bn ~€9bn  Fully phased-in CET1 ratio post Basel 4 at ~13.7% as at 31.12.25(1), taking into account €2bn buyback to be launched in June 2025(2) and not including additional ~100bps benefit from D

11. Slide 11: Our excellent performance benefits all our stakeholders

    MIL-BVA362-03032014-90141/VR Our excellent performance benefits all our stakeholders Shareholders Employees Net income, € bn ~40% of cash dividends (>€2.4bn) go directly to Personnel expenses, € bn Italian households and to charitable foundations 8.7 7.2 FY24 FY24 ISP recognised as Top Employer Euro

12. Slide 12: Contents

    MIL-BVA362-03032014-90141/VR Contents FY24: the best year ever ISP is fully equipped for further success Appendix: 2022-2025 Business Plan proceeding at full speed 11

13. Slide 13: The best year ever

    MIL-BVA362-03032014-90141/VR The best year ever €8.7bn Net income (+12% vs FY23), the best year ever €9bn Net income when excluding non-recurring items and managerial actions to strengthen future profitability €6.1bn cash dividends(1) (~10% dividend yield(2)) and €2bn buyback(3) for 2024 Best year a

14. Slide 14: FY24: €8.7bn Net income, the best year ever

    MIL-BVA362-03032014-90141/VR FY24: €8.7bn Net income, the best year ever FY24 P&L; € m Non-motor P&C revenues at €626m (+17% vs ~€290m due to non- ~€450m ~€500m Q4 ~€300m Costs related FY23), €717m including credit-linked products recurring component in Q4 provisions/write- DTA benefit to 4,000 volu

15. Slide 15: 4Q24: strong growth in Commissions and Insurance income

    MIL-BVA362-03032014-90141/VR 4Q24: strong growth in Commissions and Insurance income, while paving the way to succeed in the coming years 4Q24 P&L; € m Non-motor P&C revenues at €160m (+10% vs ~€185m ~€500m ~€300m costs 4Q23), €194m including credit-linked products ~€290m due to non- ~€1.65bn recurr

16. Slide 16: Resilient Net interest income with strong growth on a yearly basis

    MIL-BVA362-03032014-90141/VR Resilient Net interest income with strong growth on a yearly basis Net interest income – Quarterly comparison Net interest income – Yearly comparison € m,  4Q24 vs 3Q24 % Euribor 1M (average data) € m,  FY24 vs FY23 % Euribor 1M (average data) 1,123 393 15,718 14,700 3

17. Slide 17: ~€1.4 trillion in Customer financial assets

    MIL-BVA362-03032014-90141/VR ~€1.4 trillion in Customer financial assets, ready to leverage on our leadership in Wealth Management, Protection & Advisory Customer financial assets(1) € bn +€6.9bn 577.6 588.9 584.5 Direct deposits +€12.8bn in Q4 excluding repos +€77bn 31.12.23 30.9.24 31.12.24 1,378.

18. Slide 18: Well-diversified business model to succeed in any rate scenario

    MIL-BVA362-03032014-90141/VR Well-diversified business model to succeed in any rate scenario thanks to a strong contribution from Wealth Management… Strong contribution from Wealth … with strong growth in Net fees and … and accelerating in Q4 Management… commissions in 2024… % of FY24 Gross income(1

19. Slide 19: … and from Protection, driven by the Non-motor business

    MIL-BVA362-03032014-90141/VR … and from Protection, driven by the Non-motor business The best year ever for Insurance income… … with growing P&C contribution, driven by the Non-motor business €m x Q4 €m Non-motor % As a % of Net fees and commissions + Insurance income Motor/Credit-linked products %

20. Slide 20: Best-in-class contribution from Commissions and Insurance income to revenues

    MIL-BVA362-03032014-90141/VR Best-in-class contribution from Commissions and Insurance income to revenues Contribution from Commissions and Insurance income to Operating income(1) % 53 41 33 32 32 30 28 28 26 Peer average: 24 23 27% 21 19 18 13 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 ISP Peer 1 Peer

21. Slide 21: Ready to leverage on our leadership in Wealth Management, Protection & Advisory

    MIL-BVA362-03032014-90141/VR Ready to leverage on our leadership in Wealth Management, Protection & Advisory Fully-owned product factories under a single … with strong growth in Customer financial assets Distinctive advisory networks and top-notch oversight unit enabling quick time-to-market and man

22. Slide 22: Unmatched client advisory network with ~17,000 People

    MIL-BVA362-03032014-90141/VR Unmatched client advisory network with ~17,000 People dedicated to fueling AuM growth Unmatched client advisory network through Private Banking Sizeable amount of Direct deposits and Assets under and Banca dei Territori administration, to fuel AuM growth Direct deposits

23. Slide 23: Lowest Cost/Income ratio ever with high flexibility for further Cost reduction

    MIL-BVA362-03032014-90141/VR Lowest Cost/Income ratio ever with high flexibility for further Cost reduction Operating Costs €m -0.5% excluding the impact of national labour contract renewal Total Operating Costs -1.1% excluding the impact of national 7,026 7,185 labour contract renewal and Depreciat

24. Slide 24: Zero-NPL Bank status and NPL inflow at historical lows…

    MIL-BVA362-03032014-90141/VR Zero-NPL Bank status and NPL inflow at historical lows… NPL stock NPL inflow(2) from Performing loans € bn Net NPL x Net NPL ratio(1), % € bn Net inflow(3) 16.4 0.9 1.0 9.9 9.7 -78% -€0.2bn 12.0 3.8 3.3 3.5 5.0 4.9 2.8 2.5 2.9 FY23 FY24 FY12 FY22 FY23 FY24 Stage 2 loans

25. Slide 25: … with ISP among the best in Europe for NPL stock and ratios

    MIL-BVA362-03032014-90141/VR … with ISP among the best in Europe for NPL stock and ratios… Net NPL stock for the main European banks(1) € bn x Net NPL ratio(2) x Gross NPL ratio(2) 34.2 20.3 13.3 12.1 10.7 8.6 8.5 6.8 6.2 4.9 2.8 2.4 1.8% 0.9% 1.2% 1.2% 1.2% 0.9% 1.6% 1.2% 1.0% 0.5% 0.5% 3.0% 1.7% 2

26. Slide 26: … as well as for Stage 2 loans

    MIL-BVA362-03032014-90141/VR … as well as for Stage 2 loans… Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 132 85 67 61 56 48 34 34 33 16 11% 8% 8% 13% 9% 11% 8% 8% 7% 4% 31.12.24 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 (1) Including only banks in the EBA Transparen

27. Slide 27: … driving lowest-ever Cost of risk

    MIL-BVA362-03032014-90141/VR … driving lowest-ever Cost of risk Loan loss provisions (LLP) Cost of risk Additional provisions to €m bps favour de-risking 1,529 1,274 36 30 32 26 FY23 FY24 FY23 FY24 Low Cost of risk in line with Overlays stable at €0.9bn Zero-NPL Bank status Note: figures may not add

28. Slide 28: Russia exposure reduced to 0.1% of Group customer loans

    MIL-BVA362-03032014-90141/VR Russia exposure reduced to 0.1% of Group customer loans Cross-border exposure to Russia Local presence in Russia Loans to customers net of ECA(1) guarantees and provisions, € bn Loans to customers net of provisions – Banca Intesa, € bn 3.2 -90% 0.4 0.4 0.3 <0.1 <0.1 -83%

29. Slide 29: Rock-solid capital base

    MIL-BVA362-03032014-90141/VR Rock-solid capital base Fully phased-in CET1 ratio evolution x %, bps ISP 2025 fully loaded requirements SREP + combined buffer Q4 evolution ~14.7% taking into account €2bn buyback(1) Including ~35bps RWA optimisation benefit ~15.4% ~13.2% ~285 ~(215) >13.9% 0 ~30 ~(5) ~

30. Slide 30: Capital will increase, allowing high flexibility for additional distributions

    MIL-BVA362-03032014-90141/VR Capital will increase, allowing high flexibility for additional distributions CET1 ratio projections Fully phased-in CET1 ratio, % 2022-2025 Business Plan target (confirmed) >14% ~14.5% ~13.7% >12% 31.12.25(1) 31.12.25(1) 31.12.25(1) post 2025 post total Basel 4 impact a

31. Slide 31: Best-in-class MREL and liquidity ratios

    MIL-BVA362-03032014-90141/VR Best-in-class MREL and liquidity ratios MREL(1) Liquidity ratios %, % RWA, 31.12.24 31.3.24 %, requirement %, 31.12.24 2025 Business Plan target x Buffer vs requirement 155 40.8 40.1% and 23.1% respectively, taking into account €2bn buyback(3) ~125 122 Buffer: 14.6 ~115

32. Slide 32: Enhanced ESG commitment…

    MIL-BVA362-03032014-90141/VR Enhanced ESG commitment… NOT EXHAUSTIVE x Result achieved vs BP target Results achieved as 2022-2025 Business Plan 2022-2025 Business Plan main ESG initiatives at 31.12.24 (2022-2024) targets Unparalleled support to Expanding food and shelter program for address social p

33. Slide 33: … including on climate

    MIL-BVA362-03032014-90141/VR … including on climate NOT EXHAUSTIVE x Result achieved vs BP target Results achieved as 2022-2025 Business Plan 2022-2025 Business Plan main ESG initiatives at 31.12.24 (2022-2024) targets New lending to support the green economy, circular economy and ecological transit

34. Slide 34: Contents

    MIL-BVA362-03032014-90141/VR Contents FY24: the best year ever ISP is fully equipped for further success Appendix: 2022-2025 Business Plan proceeding at full speed 33

35. Slide 35: Italy’s solid fundamentals support the resilience of the economy

    MIL-BVA362-03032014-90141/VR Italy’s solid fundamentals support the resilience of the economy The Italian economy is resilient thanks to solid fundamentals Italian GDP YoY evolution  Strong Italian household gross wealth at ~€12,300bn, of which €5,700bn in financial assets, coupled % with low house

36. Slide 36: ISP is far better equipped than its peers

    MIL-BVA362-03032014-90141/VR ISP is far better equipped than its peers thanks to a best-in-class risk profile, rock-solid capital position and a well-diversified and resilient business model Fully phased-in CET1(1) /Total illiquid Contribution from Net fees and commissions Cost/Income ratio assets(1

37. Slide 37: ISP has a unique Commissions-driven and efficient business model

    MIL-BVA362-03032014-90141/VR ISP has a unique Commissions-driven and efficient business model, with strong tech investments Depreciation on Operating costs(3),% <10% 10%-12% >12% Cost/Income(1) % (reverse scale) Peer average: 27% 30 35 40 Peer 2 Peer 1 Peer 3 Peer 4 45 Peer 5 Peer 6 50 Peer 7 Peer a

38. Slide 38: Exceeding on our commitments and fully equipped for further success

    MIL-BVA362-03032014-90141/VR Exceeding on our commitments and fully equipped for further success Fully equipped for further success thanks to a well-diversified The best year ever and resilient business model  €8.7bn Net income, the best year ever; €9bn when excluding  Resilient profitability, roc

39. Slide 39: 2025 Net income guidance raised to well above €9bn

    MIL-BVA362-03032014-90141/VR 2025 Net income guidance raised to well above €9bn  Resilient Net interest income (thanks to a higher contribution from core deposits hedging and an increase in loan volume) Increase in revenues  Growth in Commissions and Insurance, leveraging on our leadership in Weal

40. Slide 40: Contents

    MIL-BVA362-03032014-90141/VR Contents FY24: the best year ever ISP is fully equipped for further success Appendix: 2022-2025 Business Plan proceeding at full speed 39

41. Slide 41: 2022-2025 Business Plan proceeding at full speed

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Our People are our most important asset Massive upfront Structural Cost reduction, Growth in Commissions, Significant ESG commitment, de-risking, slashing enabled by technology driven by Wealth Management, with a world-cla

42. Slide 42: Massive upfront de-risking, slashing Cost of risk

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Massive upfront de-risking, slashing Cost of risk Key highlights  Massive deleveraging with €5.5bn gross NPL stock reduction in 2022-2024, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target  Focus on m

43. Slide 43: Structural Cost reduction, enabled by technology

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Structural Cost reduction, enabled by technology Key highlights  operational with ~470 dedicated specialists  Commercial launch of on 15.6.23 and release of the App on iOS and Android stores; go live of the new official

44. Slide 44: Our tech transformation is accelerating and operating successfully

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Our tech transformation is accelerating and operating successfully : ISP cloud-based digital banking platform New technology backbone already available to mass market retail clients through , being progressively extended t

45. Slide 45: Tech transformation accelerating with >60% of applications cloud-based

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Mooney Enel Tech transformation accelerating with >60% of applications already cloud-based : our cloud-native … already successfully … being progressively extended Applications already cloud-based tech backbone… deployed t

46. Slide 46: Group cloud-based digital platform

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed : Group cloud-based digital platform Key elements of our cloud-based digital platform Cloud-native Modular Secure Scalable Always-on  Scalable hybrid  API-based  Enhanced cyber-  Across segments  24/7/365 cloud techno

47. Slide 47: A new digital bank with an innovative customer experience

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed A new digital bank with an innovative customer experience delivered in less than 12 months … and gaining strong Unique digital customer experience… … already appreciated by the market… momentum Accounts opened by new custo

48. Slide 48: Product offering broader and more innovative than digital challengers

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Product offering broader and more innovative than digital challengers Additional benefits vs Business Plan Product offering broader than digital challengers(1)… from ~1 million new customers Fully accessible product catalo

49. Slide 49: Accelerated development of digital features

    2022-2025 Business Plan proceeding at full speed MIL-BVA362-03032014-90141/VR Accelerated the development of ’s innovative digital features, further enriching the customer experience Enriched digital offering, ahead of schedule  Disposable virtual cards  Installment payments (SpensieRata) 4Q23  R

50. Slide 50: A unique approach coupling digital with the human touch

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed : a unique approach coupling digital with the human touch of ISP’s Digital Branch A digital service … through ISP’s A digital bank … with innovative model with no Digital Branch at scale thanks to technology driving physic

51. Slide 51: AI program at scale with strong benefits for the Group

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed AI program at scale with strong benefits for the Group Dedicated program to adopt AI at scale… … with strong benefits for the Group  Group-wide adoption of AI through the development of AI use cases favouring: AI use case

52. Slide 52: Growth in Commissions, driven by Wealth Management (1/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/5) Key highlights  Direct Advisory as part of our digital offering up and running, allowing customers to build investment portfolios with the ad

53. Slide 53: Growth in Commissions, driven by Wealth Management (2/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/5) Key highlights  The growth strategy of REYL ISP - the Swiss Hub of the Private Banking Division - is underway, and together with ISP Wealth M

54. Slide 54: Growth in Commissions, driven by Wealth Management (3/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/5) Key highlights  Developed commercial initiatives to support clients in different sectors to optimise the incorporation of European and Italia

55. Slide 55: Growth in Commissions, driven by Wealth Management (4/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/5) A unique Digital Wealth Platform for customers seeking to invest remotely in listed markets and asset management products enabled by state-of-

56. Slide 56: Growth in Commissions, driven by Wealth Management (5/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (5/5) An innovative wealth management … Intesa Sanpaolo is developing … to expand the European Digital concept… together with BlackRock… Wealth Mana

57. Slide 57: Significant ESG commitment (1/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/5)  Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the

58. Slide 58: Significant ESG commitment (2/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/5)  Gallerie d’Italia, a museum with 4 branches: Milan, Naples, Turin, and Vicenza. In 2024: ‒ 754,000 visitors, free

59. Slide 59: Significant ESG commitment (3/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5)  Innovation projects: 241 innovation projects released in 2024 by Intesa Sanpaolo Innovation Center (ISPIC) for a

60. Slide 60: Significant ESG commitment (4/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5)  Financed emissions reduction: – In November 2024, 2030 targets on Residential Real Estate, Cement, Aluminium and

61. Slide 61: Significant ESG commitment (5/5)

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5)  ~€68.3bn disbursed in the period 2021-2024(1) out of the €76bn in new lending available for the green economy, ci

62. Slide 62: Leading ESG position in the main sustainability indexes and rankings

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Leading ESG position in the main sustainability indexes and rankings Top ranking(1) for Sustainability (2) The only Italian bank included in the Dow Jones Sustainability Indices 74 A AA 89 9.4 Only bank in Italy, first ban

63. Slide 63: Our People are our most important asset

    MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Our People are our most important asset Key highlights  ~4,550 professionals hired since 2021  ~6,900 people reskilled and ~40.7m training hours delivered since 2022  ~295 talents have completed their development path a

64. Slide 64: 2024 Results

    2024 Results Detailed information

65. Slide 65: Key P&L and Balance sheet figures

    MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 2024 31.12.24 Operating income 27,107 Loans to customers 421,512 Operating costs (11,570) Customer financial assets(1) 1,382,174 Cost/Income ratio 42.7% of which Direct deposits from banking business 584,508 Operating margin 15,537 of

66. Slide 66: Contents

    MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 65

67. Slide 67: 2024 vs 2023: the best year ever with €8.7bn Net income

    MIL-BVA362-03032014-90141/VR 2024 vs 2023: the best year ever with €8.7bn Net income, while paving the way to succeed in the coming years €m 2023 2024  Net interest income 14,700 15,718 6.9 Net fee and commission income 8,576 9,386 9.4 Income from insurance business 1,666 1,735 4.1 Profits on fina

68. Slide 68: Q4 vs Q3: strong growth in Commissions and Insurance income

    MIL-BVA362-03032014-90141/VR Q4 vs Q3: strong growth in Commissions and Insurance income, while paving the way to succeed in the coming years €m 3Q24 4Q24  Net interest income 3,942 3,801 (3.6) Net fee and commission income 2,307 2,416 4.7 Income from insurance business 408 424 3.9 Profits on fina

69. Slide 69: Quarterly P&L

    MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net interest income 3,268 3,597 3,826 4,009 3,947 4,028 3,942 3,801 Net fee and commission income 2,142 2,220 2,099 2,115 2,276 2,387 2,307 2,416 Income from insurance business 397 459 419 391 455 448 408 424 Profi

70. Slide 70: Net interest income

    MIL-BVA362-03032014-90141/VR Net interest income Quarterly analysis Yearly analysis €m % Euribor 1M (average data) €m % Euribor 1M (average data) +6.9% 1,123 393 15,718 14,700 (498) -3.6% 3,942 23 3,801 Commercial component (153) (11) Commercial component 3Q24 Volumes Spread Financial 4Q24 2023 Volu

71. Slide 71: Net fee and commission income

    MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m %  4Q24 vs 4Q23 and 3Q24 €m %  2024 vs 2023 9,386 8,576 2,115 2,307 2,416 4Q23 3Q24 4Q24 2023 2024 +14.2 +4.7 +9.4 ▪ 14% growth vs 4Q23 ▪ 12.5% increase (+€635m) in Commissions from Management, dealing

72. Slide 72: Net fee and commission income: quarterly development breakdown

    MIL-BVA362-03032014-90141/VR Net fee and commission income: quarterly development breakdown €m Net fee and commission income 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Guarantees given / received 34 41 41 39 48 50 44 45 155 187 Collection and payment services 156 164 169 180 167 178 178 188 6

73. Slide 73: Income from insurance business

    MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m %  4Q24 vs 4Q23 and 3Q24 €m %  2024 vs 2023 1,666 1,735 391 408 424 4Q23 3Q24 4Q24 2023 2024 +8.4 +3.9 +4.1 ▪ Further acceleration in 4Q24 (+4% vs Q3) ▪ The best year ever ▪ Strong growth in Non-motor

74. Slide 74: Profits on financial assets and liabilities at fair value

    MIL-BVA362-03032014-90141/VR Profits on financial assets and liabilities at fair value Quarterly analysis Yearly analysis €m %  4Q24 vs 4Q23 and 3Q24 €m %  2024 vs 2023 306 256 150 5 2023 2024 (90) 4Q23 3Q24 4Q24 n.m. (96.7) (16.3) Contributions by activity 4Q23 3Q24 4Q24 2023 2024 Customers 81 78

75. Slide 75: Operating costs

    MIL-BVA362-03032014-90141/VR Operating costs Quarterly analysis Yearly analysis %  4Q24 vs 4Q23 and 3Q24 %  2024 vs 2023 Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 11,420 11,570 3,496 3,584 7,026 7,185 2,736 2,200 2,285 1,679 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 202

76. Slide 76: Net adjustments to loans

    MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m %  4Q24 vs 4Q23 and 3Q24 €m %  2024 vs 2023 Additional provisions to favour de-risking Additional provisions to favour de-risking 1,529 1,274 616 482 1,381 238 1,102 468 418 190 4Q23 3Q24 4Q24 2023 2024 (21

77. Slide 77: Contents

    MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 76

78. Slide 78: ~€1.4 trillion in Customer financial assets

    MIL-BVA362-03032014-90141/VR ~€1.4 trillion in Customer financial assets %  31.12.24 vs 31.12.23 and 30.9.24 Customer financial assets(1) Direct deposits from banking business € bn € bn 1,305 1,378 1,382 +€12.8bn in Q4 excluding repos 578 589 585 31.12.23 30.9.24 31.12.24 31.12.23 30.9.24 31.12.24

79. Slide 79: Funding mix

    MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.12.24 ~70% Households % Percentage of total ~30% Corporates Wholesale Retail 585 Current accounts 21 388 and deposits Repos and 16 - securities lending 449 Senior bonds(1) 39 7 Covered bonds 34 - 136

80. Slide 80: Strong funding capability: broad access to international markets

    MIL-BVA362-03032014-90141/VR Strong funding capability: broad access to international markets 2025-2027 MLT maturities Main wholesale issues € bn Wholesale 22 Retail 2023 18 18  Placed: €1bn Tier 2; €2.25bn dual-tranche green senior non-preferred; £600m green senior non-preferred; two floating rate

81. Slide 81: High liquidity: LCR and NSFR well above requirements

    High liquidity: LCR and NSFR well above regulatory requirements and Business Plan MIL-BVA362-03032014-90141/VR targets Unencumbered eligible assets Liquid assets(1) Loan to Deposit ratio(3) with Central Banks(2) (net of haircuts) € bn Other reserves HQLA € bn Other reserves HQLA % 307 285 264 202 20

82. Slide 82: Rock-solid capital base

    MIL-BVA362-03032014-90141/VR Rock-solid capital base Fully phased-in Common equity ratio Fully phased-in Tier 1 ratio Fully phased-in Total capital ratio After €6.1bn dividends for 2024(1) After €6.1bn dividends for 2024(1) After €6.1bn dividends for 2024(1) % % % 19.0% taking into account €2bn buyb

83. Slide 83: Contents

    MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 82

84. Slide 84: Non-performing loans: NPL ratios and NPL stock

    MIL-BVA362-03032014-90141/VR Non-performing loans: NPL ratios and NPL stock x x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL ratio, % Gross NPL Net NPL € bn € bn 31.12.23 30.9.24 31.12.24 31.12.23 30.9.24 31.12.24 Bad loans 3.4 3.7 3.5 Bad loans 0.9 1.1 1.1 - of wh

85. Slide 85: Non-performing loans: sizeable coverage

    MIL-BVA362-03032014-90141/VR Non-performing loans: sizeable coverage Cash coverage; % Total NPL(1) 49.9 50.8 49.5 31.12.23 30.9.24 31.12.24 Bad loans Unlikely to pay Past due 72.4 69.7 68.0 39.3 40.1 39.8 28.4 31.0 29.8 31.12.23 30.9.24 31.12.24 31.12.23 30.9.24 31.12.24 31.12.23 30.9.24 31.12.24 No

86. Slide 86: Non-performing loans inflows: at historical lows

    MIL-BVA362-03032014-90141/VR Non-performing loans inflows: at historical lows Gross inflow of new NPL(1) from Performing loans Net inflow of new NPL(1) from Performing loans € bn € bn Impact from the acquisition of the two former Venetian banks 16.4 Impact from the acquisition of 15.5 the two former

87. Slide 87: Non-performing loans gross inflow

    MIL-BVA362-03032014-90141/VR Non-performing loans gross inflow €m Gross inflow of new NPL(1) from Performing loans 1,229 1,100 793 4Q23 3Q24 4Q24 Bad loans Unlikely to pay Past due 937 712 405 378 371 275 10 17 17 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 Note: figures may not add up exactly due

88. Slide 88: Non-performing loans net inflow

    MIL-BVA362-03032014-90141/VR Non-performing loans net inflow €m Net inflow of new NPL(1) from Performing loans 1,092 914 503 4Q23 3Q24 4Q24 Bad loans Unlikely to pay Past due 850 581 331 326 179 231 2 11 (2) 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 Note: figures may not add up exactly due to rou

89. Slide 89: Loans to customers: a well-diversified portfolio

    MIL-BVA362-03032014-90141/VR Loans to customers: a well-diversified portfolio Non-retail loans of the Italian banks and companies of the Group Breakdown by business area (data as at 31.12.24) Breakdown by economic business sector Repos, Capital markets and 31.12.24 Institutional Clients Public Admin

90. Slide 90: Russia exposure reduced to 0.1% of Group customer loans

    MIL-BVA362-03032014-90141/VR Russia exposure reduced to 0.1% of Group customer loans € bn, data as at 31.12.24 Local presence Russia Cross-border exposure to Russia Loans to customers (net of ECA guarantees and provisions) 0.1(1) 0.3 ECA(2) guarantees - 0.7(3) Due from banks (net of provisions) 0.7

91. Slide 91: Contents

    MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 90

92. Slide 92: Divisional financial highlights

    MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.12.24 Divisions IMI Banca dei Corporate & Corporate International Private Asset Territori Investment Insurance(4) Centre / Total Banks(1) Banking(2) Management(3) Banking Others(5) Wealth Management Divisions Operating income

93. Slide 93: Banca dei Territori: 2024 vs 2023

    MIL-BVA362-03032014-90141/VR Banca dei Territori: 2024 vs 2023 €m 2023 2024 % Net interest income 6,539 6,673 2.0 Net fee and commission income 4,603 4,891 6.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 111 120 8.1 Other operating income (expen

94. Slide 94: Banca dei Territori: Q4 vs Q3

    MIL-BVA362-03032014-90141/VR Banca dei Territori: Q4 vs Q3 €m 3Q24 4Q24 % Net interest income 1,638 1,634 (0.3) Net fee and commission income 1,222 1,241 1.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 28 35 25.6 Other operating income (expenses

95. Slide 95: IMI Corporate & Investment Banking: 2024 vs 2023

    MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 2024 vs 2023 €m 2023 2024 % Net interest income 2,748 3,075 11.9 Net fee and commission income 1,080 1,286 19.1 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (48) (402) 737.5 Other o

96. Slide 96: IMI Corporate & Investment Banking: Q4 vs Q3

    MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q4 vs Q3 €m 3Q24 4Q24 % Net interest income 765 757 (1.1) Net fee and commission income 301 369 22.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (102) (178) 74.5 Other operating in

97. Slide 97: International Banks: 2024 vs 2023

    MIL-BVA362-03032014-90141/VR International Banks: 2024 vs 2023 €m 2023 2024 % Net interest income 2,387 2,525 5.8 Net fee and commission income 601 648 7.8 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 99 133 34.3 Other operating income (expenses)

98. Slide 98: International Banks: Q4 vs Q3

    MIL-BVA362-03032014-90141/VR International Banks: Q4 vs Q3 €m 3Q24 4Q24 % Net interest income 620 630 1.6 Net fee and commission income 156 163 4.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 47 9 (79.8) Other operating income (expenses) (18) (1

99. Slide 99: Private Banking: 2024 vs 2023

    MIL-BVA362-03032014-90141/VR Private Banking: 2024 vs 2023 €m 2023 2024 % Net interest income 1,267 1,181 (6.8) Net fee and commission income 1,858 2,094 12.7 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 54 61 13.0 Other operating income (expense

100. Slide 100: Private Banking: Q4 vs Q3

     MIL-BVA362-03032014-90141/VR Private Banking: Q4 vs Q3 €m 3Q24 4Q24 % Net interest income 290 269 (7.1) Net fee and commission income 503 536 6.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 18 19 6.5 Other operating income (expenses) 8 (2) n.m.

101. Slide 101: Asset Management: 2024 vs 2023

     MIL-BVA362-03032014-90141/VR Asset Management: 2024 vs 2023 €m 2023 2024 % Net interest income 18 61 238.9 Net fee and commission income 816 894 9.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 20 2 (90.0) Other operating income (expenses) 54 48

102. Slide 102: Asset Management: Q4 vs Q3

     MIL-BVA362-03032014-90141/VR Asset Management: Q4 vs Q3 €m 3Q24 4Q24 % Net interest income 16 16 0.3 Net fee and commission income 228 231 1.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (0) 0 n.m. Other operating income (expenses) 13 11 (9.3) O

103. Slide 103: Insurance: 2024 vs 2023

     MIL-BVA362-03032014-90141/VR Insurance: 2024 vs 2023 €m 2023 2024 % Net interest income 0 0 n.m. Net fee and commission income 3 3 0.0 Income from insurance business 1,625 1,716 5.6 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (15) 0 n.m. Oper

104. Slide 104: Insurance: Q4 vs Q3

     MIL-BVA362-03032014-90141/VR Insurance: Q4 vs Q3 €m 3Q24 4Q24 % Net interest income 0 0 n.m. Net fee and commission income 1 1 4.1 Income from insurance business 407 420 3.2 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) 2 2 (13.9) Operating inc

105. Slide 105: Market leadership in Italy

     MIL-BVA362-03032014-90141/VR Market leadership in Italy 2024 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Market share(2) Ranking Investment Banking % 16% 1 Loans 17.8 Insurance(*) 7% 1 Asset Management(3) 21.2 Banca 47% dei Territori 13% 1 Deposits(4) 21.6 Private

106. Slide 106: International Banks by country

     MIL-BVA362-03032014-90141/VR International Banks by country Data as at 31.12.24 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania(*) Moldova Ukraine(**) Egypt Operating income (€ m) 406 768 166 669 52 510 82 141 16 11 2,819 419 3,238 11.9% Operating costs

107. Slide 107: Total exposure by main countries

     MIL-BVA362-03032014-90141/VR Total exposure(1) by main countries €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total(3) EU Countries 50,841 47,492 -129 98,204 382,039 Austria 696 1,511 -74 2,133 349 Belgium 3,470 4,350 -15 7,805 968 Bulgaria 0 0 16 16 5 Croatia 491 484 50 1,025 9,357

108. Slide 108: Exposure to sovereign risks by main countries

     MIL-BVA362-03032014-90141/VR Exposure to sovereign risks(1) by main countries €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 40,135 33,307 -2,791 70,651 10,594 Austria 617 1,208 -67 1,758 0 Belgium 3,368 4,146 -14 7,500 0 Bulgaria 0 0 16 16 0 Croatia 344 484 50 8

109. Slide 109: Exposure to banks by main countries

     MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS (2) (3) AC FVTOCI FVTPL Total EU Countries 2,467 8,712 1,735 12,914 19,964 Austria 69 285 -9 345 124 Belgium 79 124 0 203 167 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 68 Cyprus 0 0 9 9 1 Czech Rep

110. Slide 110: Exposure to other customers by main countries

     MIL-BVA362-03032014-90141/VR Exposure to other customers by main countries(1) €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 8,239 5,473 927 14,639 351,481 Austria 10 18 2 30 225 Belgium 23 80 -1 102 801 Bulgaria 0 0 0 0 5 Croatia 147 0 0 147 8,023 Cyprus 0 0 0 0

111. Slide 111: Disclaimer

     MIL-BVA362-03032014-90141/VR Disclaimer “The manager responsible for preparing the company’s financial reports, Elisabetta Stegher, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to t

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