Banca Generali S.p.a. · MIL:BGN
Banca Generali — Q1 2026 Earnings Presentation
79 slides from Banca Generali's earnings presentation, May 6, 2026
Slide 1: Investor Presentation 1Q 2026 Results
Investor 1Q 2026 RESULTS Presentation 6 May 2026
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: Executive Summary - 1Q 2026 Results
EXECUTIVE SUMMARY - 1Q 2026 RESULTS A strong start to the year • Net Profit at €126m (+15% YoY), driven by equally strong recurring and variable components • Total BG Assets at €113bn (+9% YoY) proving resilient and benefitting from market recovery in April • Capital and Liquidity Ratios remain soli
Slide 4: Net Profit: Strong Start to the Year
NET PROFIT STRONG START TO THE YEAR Net Profit 122.0 110.3 131.2 126.4 €\m 1Q 2026 solid net profit at €126m (+15% YoY) +7.5% reflecting positive operating Recurring Net Profit1 momentum partly offset by +5.5% higher tax-rate €\m 88.7 93.5 82.0 87.0 1Q 2026 recurring net profit at €94m (+8% YoY) dri
Slide 5: Net Financial Income
NET FINANCIAL INCOME NET INTEREST INCOME REMAINS ON THE RISE Net Financial Income (NFI) 83.9 88.0 92.7 91.8 €\m 1Q 2026 Net Financial Income at €92m (+4% +4.2% YoY) reflecting solid NII trend +0.5% 82.2 82.7 Net Interest Income 79.4 79.3 1Q 2026 NII at €83m (+4% 1Q24 1Q25 4Q25 1Q26 YoY) as higher vo
Slide 6: Total Gross Fees
TOTAL GROSS FEES SOLID AND WELL DIVERSIFIED BUSINESS MOMENTUM Total Gross Fees 311.3 313.0 341.2 347.9 €\m 1Q 2026 total gross fees at €348m (+11% +8.1% YoY) reflecting positive +1.1% trend across all business 298.1 301.3 lines 278.6 256.8 Gross Recurring Fees 1Q 2026 gross recurring fees at €301m 1
Slide 7: Gross Recurring Fees (1/2)
GROSS RECURRING FEES (1/2) INVESTMENT FEES LIFTED BY HIGHER ASSETS Investment Fees1 €\m +6.7% Management Fees +0.7% 254.8 256.5 219.4 240.4 1Q 2026 investment Advisory Fees 14.2 14.5 12.1 13.3 fees at €257m (+7% YoY) benefitting from 207.3 227.1 240.6 242.0 asset growth 1Q24 1Q25 4Q25 1Q26 Avg. Inve
Slide 8: Gross Recurring Fees (2/2)
GROSS RECURRING FEES (2/2) STRONGER CONTRIBUTION FROM NON-MANAGED ASSETS Other Fees €\m +17.1% Entry Fees 1Q 2026 entry fees at +3.4% €16m (+30% YoY) driven by Brokerage Commissions 43.3 44.8 37.4 38.2 strong AUC-related offering 16.2 (structured products and Banking Fees 12.5 16.6 16.5 placements)
Slide 9: Total Payout Ratio on Fees
TOTAL PAYOUT RATIO ON FEES BENEFITS DRIVEN BY A LOWER COST OF GROWTH Total Fee Expenses 138.5 150.4 156.1 160.1 €\m 1Q 2026 total fee o/w Fee Expenses on NII1 3.6 2.6 2.6 2.1 expenses at €160m (+6% YoY) with an improved total payout ratio 46.3% 47.1% 45.7% 46.5% o/w Payout to FAs, Ordinary 1Q 2026 t
Slide 10: Operating Costs (1/2)
OPERATING COSTS (1/2) COST DISCIPLINE MAINTAINED WHILE ACCELERATING ON GROWTH INITIATIVES Total Operating 68.3 82.6 108.7 90.8 Costs €\m 1Q 2026 total operating costs of €91m, +8% YoY +8.3% excluding non-recurring Core Operating -14.1% items (+10% YoY reported) Costs1 96.1 76.1 82.5 61.8 1Q 2026 cor
Slide 11: Operating Costs (2/2)
OPERATING COSTS (2/2) COST RATIOS CONTINUE TO REFLECT STRONG EFFICIENCY Operating Costs / Total Assets Cost / Income Ratio 55.8% 54.7% 0.37% 46.9% 47.3% 0.33%0.33% 0.32% 0.32% 45.9% 0.31% 0.30% 0.31%0.30% 44.6% 0.28% 0.28% 43.0% 40.8% 39.0% 38.0% 42.1% 40.7% 35.6% 0.28% 40.1% 35.1% 36.8% 35.9% 0.28%
Slide 12: Summing Up
SUMMING UP Comments (€m) 1Q25 1Q26 % Chg 1Q 2026 operating profit excluding performance fees at €142m (+7% YoY) boosted by strong net recurring Net Financial Income 88.0 91.8 4.4% fees (+10%) Net recurring fees 128.2 141.2 10.1% Variable fees 34.4 46.6 35.5% Total Banking Income 250.6 279.6 11.6% Co
Slide 13: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and sustai
Slide 14: Balance Sheet – Total Liabilities & Equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY POSITIVE BACKDROP THANKS TO HIGHER DEPOSITS Total Liabilities & Equity: Volumes and Yields €\bn Total Deposits 17.0 18.5 19.0 1.3 1.3 1 0.6 Client Deposits 0.7 1.0 0.9 1Q 2026 total deposits at 2 Other Deposits €16.2bn (+12% YoY) of 14.5 15.8 16.2 which 86%
Slide 15: Balance Sheet – Total Assets
BALANCE SHEET – TOTAL ASSETS YIELDS ON INTEREST BEARING ASSETS STABLE Total Assets & Interest Bearing Assets: Volumes and Yields €\bn 18.5 19.0 Interest Bearing Assets 17.0 1.4 1.7 Financial Assets 1.2 2.5 2.5 1Q 2026 interest bearing 2.3 assets at €17.2bn (+12% Loans to Clients YoY) mostly represen
Slide 16: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS SOLID CAPITAL RATIOS Total Capital Ratio % Leverage Ratio % CET1 AT1 Capital ratios impacted by 24.4% 5.9% CRR3 (-0.1 ppts) and higher 2.4% 5.6% corporate and financial bond 18.9% 18.5% 5.2% investments (-0.3 ppts) partly 1.8% 1.8% offset by retained earnings (85% payout
Slide 17: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 18: Total Assets (1/3)
TOTAL ASSETS (1/3) STRONG RECOVERY IN APRIL Total Assets €\bn 1Q 2026 total assets at €120.2bn (+8% YoY) of which: 124.2 - €113.1bn distributed by BG FA 120.9 120.2 network 110.9 7.4 7.5 7.0 - €7.0bn distributed by AG Italian 7.0 agent networks (hybrid products) Breakdown In April 2026, total assets
Slide 19: Total Assets (2/3)
TOTAL ASSETS (2/3) BG: RESILIENT THROUGH MARCH VOLATILITY, FOLLOWED BY A LARGE REBOUND IN APRIL BG Total Assets by Contract €\bn BG Total Assets by Fee Category1 €\bn 1Q 2026 total assets at €113.2bn (+9% YoY) 113.5 113.2 116.7 113.5 113.2 116.7 with a strong increase 103.9 12.7 103.9 in April to €1
Slide 20: Total Assets (3/3)
TOTAL ASSETS (3/3) BG: MANAGED SOLUTIONS FUELED BY STRONG IN-HOUSE PRODUCTS MOMENTUM BG Total Assets - Focus on Managed Solutions €\bn 1Q 2026 managed solutions at €51.7bn (+8% YoY) with in- 52.6 53.9 house products1 at 53% of total 51.7 Managed Solutions - Breakdown 47.9 (+2ppt YoY) 12.4 12.6 12.1
Slide 21: Net Inflows: Record Start to the Year
NET INFLOWS RECORD START TO THE YEAR Total Net Inflows by Fee Category1 €\bn Focus on Managed Solutions €\bn 1.9 1Q 2026 total net inflows +27.8% at €1.9bn (+28% YoY), the 0.5 best start to year ever, in a 1.6 0.4 +26.0% 1.5 context of great geopolitical 0.2 0.1 and macro uncertainty 1.2 0.9 0.4 0.2
Slide 22: Net Inflows by Acquisition Channel
NET INFLOWS BY ACQUISITION CHANNEL POSITIVE TREND BOTH FOR EXISTING FAS AND NEW RECRUITS Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 60 1Q 2026 net inflows from 1.9 the existing network at 51 €1.4bn (+50% YoY), 1.6 1.5 0.5 45 26 representing 75% of total 18 (67% in 1
Slide 23: Net Inflows: April Update
NET INFLOWS: APRIL UPDATE STRONG GROWTH PATH CONTINUES Total Net Inflows by Fee Category1 €\bn Net Inflows by Acquisition Channel €\bn 0.9 April 2026 total net inflows at €0.9bn, +38% vs. the last two-year 0.9 average, even including 0.7 extraordinary outflows 0.6 0.6 0.2 0.6 0.6 0.4 0.4 0.3 0.1 0.1
Slide 24: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and sustai
Slide 25: Introducing Investlinx
INTRODUCING INVESTLINX A PROVEN, INDEPENDENT ACTIVE ETF PLATFORM A binding offer has been signed for the acquisition of an initial 75% equity stake of Investlinx, with call and put options in place for the acquisition of the remaining 25% by 2031 at the latest Investlinx at a glance Current area of
Slide 26: Strategic and Industrial Rationale
STRATEGIC AND INDUSTRIAL RATIONALE BUILDING A SCALABLE ETF PLATFORM The investment adds a scalable growth engine to Banca Generali, offering attractive upside and limited execution risk without changing its risk profile or capital discipline. 1. Acquiring a turn-key platform with limited execution r
Slide 27: Banca Generali's Approach to ETF Business
BANCA GENERALI’S APPROACH TO ETF BUSINESS INCREASING EXPOSURE OVER TIME TO SUPPORT BUSINESS NEEDS ETF Exposure – Historical Series €\bn AUC Funds Financial Wrappers Insurance Wrappers 8.2 BG has been integrating ETFs 0.5 into its investment offering for 7.3 more than 10 years, leveraging 0.4 6.7 the
Slide 28: Investlinx Transaction: Timeline and Next Steps
INVESTLINX SET TO HAVE A GROWING ROLE TO DRIVE VALUE CHAIN CONTROL AND SUSTAINABLE GROWTH Investlinx Transaction: Timeline and Next Steps Launch of first initiatives Initial initiatives focused on: July 2026 Closing • ETF solutions for retail clients with an advisory contract May 2026 • ETFs as unde
Slide 29: Closing Remarks - Net Inflows Guidance
CLOSING REMARKS - NET INFLOWS GUIDANCE UPGRADING GUIDANCE ON PRODUCT OFFER AND MARKET CONDITIONS NET INFLOWS 2025 2026 guidance Main Drivers GUIDANCE result Stable financial markets, barring any major market correction Volumes Ongoing positive structural and €6.8bn >€6.5bn Growth cyclical sector gro
Slide 30: Closing Remarks - P&L Guidance
CLOSING REMARKS - P&L GUIDANCE TO DELIVER PROFITABLE AND REMUNERATIVE GROWTH P&L ITEM 2025 2026 Main Drivers result guidance NEW Increase in client deposits (€0.5-1bn Net Interest YoY) €325m €335-345m Income Avg. Euribor 6M at 2.5% Stable52% financial markets, barring major market correction Managem
Slide 31: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 32: Focus on BG Fund Management Luxembourg
FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn 25.3 24.5 25.9 22.6 Institutional 25.3 25.9 Fund Classes 12.1 11.5 12.3 24.5 10.9 1Q 2026 retail fund 22.6 0.2 0.1 0.2 classes reach 53% 0.2 3.7 3.6 Retail Fund of BG FML
Slide 33: Focus on Generali Hybrid Products
FOCUS ON GENERALI HYBRID PRODUCTS POSITIVE CONTRIBUTION Insurbanking - Volumes1, €\bn Insurbanking - Margin, % Generali hybrid products (investment component) Mgmt fee margin on hybrid 0.66% 0.64% 0.69% Advisory and fund o/w in BG FML sub-funds insurance selection services products provided to Gener
Slide 34: Focus on AUC Assets
FOCUS ON AUC ASSETS LARGE EXPOSURE TO IN THE MONEY BONDS AUC Assets by Product Mix1 €\bn Key Features 32.0 32.3 28.7 13% 13% €3.8bn bonds due to expire within 1 year 13% 26% 25% 24% 56% of bonds carrying unrealized capital gains3 4% of total AUC invested in structured products (certificates) 63% 61%
Slide 35: Focus on Financial Assets
FOCUS ON FINANCIAL ASSETS HIGH QUALITY FINANCIAL ASSET MIX Focus on Financial Assets (Banking Book) Total PTF Classification Bond PTF Classification Financial assets are high quality and well 4% diversified: Italy Govt Bonds Equity & Alternative - More than 99% of the bond portfolio is 45% EU Govt B
Slide 36: Focus on Loan Book
FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK Total Assets and Interest Bearing Assets €\bn Focus on Loan Book (Banking Book) 19.0 1Q26 Credit Book €\bn Lending Quality % 18.5 17.0 0.3 1.4 1.7 0.5 1.2 2.5 2.5 Financial Assets 2.3 Loans to Clients 2.0 99.7 Loans to Banks & 12.8 13.0 Other Assets 11.9 Lin
Slide 37: Focus on Financial Advisory Network (1/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs1 # Key highlights <35 2,405 2,451 2,353 Age 35-50 2,260 ~55 2,162 2,204 2,040 2,087 >50 1,936 1,985 1,841 Male Gender Female 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 Headline FA retention at 99.4%
Slide 38: Focus on Financial Advisory Network (2/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY Average Assets per FA €\m Banca Generali Assoreti 1 46.5 45.6 43.7 40.6 39.2 37.3 35.1 32.8 31.8 28.8 29.0 29.5 25.8 25.8 26.4 24.3 24.0 22.2 23.1 21.2 19.7 18.0 17.9 18.4 15.7 15.8 15.9 14.2 14.6 12.9 13.6 11.2
Slide 39: Private Banking Assets
PRIVATE BANKING ASSETS BEHIND THE NUMBERS: A HIGHER PRIVATE BANKING EXPOSURE 2025 Private Banking Asset Exposure as % of BG Total Assets1 Private Banking Assets <100k €81.5bn +€5.9bn <100k €87.4bn New asset segmentation by cluster of clients based on a family-account 78.1% perspective 72.8% +5.3ppt
Slide 40: Focus on Clients
FOCUS ON CLIENTS EXPANDING CLIENT BASE WITH A DEEPER PRIVATE BANKING VIEW Total No. of Clients ‘000 1Q26 Asset Breakdown1 by Cluster of Clients % Private Banking 81.0 86.9 Assets, bn/€ 372 377 359 349 342 332 77.8% Cluster of clients by 28.7% 312 33.1% 299 assets with BG 290 279 72.5% >€5m 263 €500k
Slide 41: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 42: Banca Generali in a Nutshell
42 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS One of the fastest-growing asset gatherers in Europe1 and #3 player in the Private Banking space in Italy2 Capital-light business model, leveraging on a Network of 2,451 Financial Advisors ranked at the top of the industry by quality3 Frontrunner in in
Slide 43: Banca Generali's Ambitions
43 BANCA GENERALI’S AMBITIONS MISSION, VISION AND PURPOSE Vision To be the No. 1 private bank, unique by Value of Service, Innovation and Sustainability Banca Generali’s dynamism - The fastest growing1 company in Italy over last 10 years with a unique business model centered around a wealth manageme
Slide 44: Banca Generali's Key Milestones
44 BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY Total Client Assets €\bn Administered assets Managed assets 2025 Acquisition of 2013 2023 Intermonte New strategic Launch of positioning 2020 BG Suisse Partnership Private Bank 113.5 2019 with Conio Acquisition of 103.8 Nextam 2017
Slide 45: Banca Generali's Market Shares
BANCA GENERALI’S MARKET SHARES BG HAS GROWN ITS MARKET SHARE ACROSS ALL SEGMENTS OVER THE LAST DECADE To t a l C l i e n t A s s e t s Reference Segment Banca Generali’s Market Share – 1 0 Y C h g . €\bn 2015 2025 Chg. >2.7x 113.5 Targetable financial wealth1 1.4% 2.9% +1.5pp. Private & HNW financia
Slide 46: Banca Generali's Organization
46 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali Bank 100% 100% 100% 100% Asset Brokerage Trust Company Bank Management Company 100% Trust Company 46 NOTE: Data as of 31 March 2026
Slide 47: Banca Generali's Awards
47 BANCA GENERALI’S AWARDS RECOGNIZED PLAYER IN THE ITALIAN WEALTH MANAGEMENT SPACE Wealth Management/ Financial Advisor Private Banking Network ESG Best Financial Advisor Top Sustainable Bank Italy's Best for High-Net network by Customer in Italy (2024) Worth (2026) Satisfaction (2026) Euromoney In
Slide 48: Banca Generali's Business Model
BANCA GENERALI’S BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s business model is centered around a network of Financial Advisors providing comprehensive wealth advisory services to support clients in managing and protecting their family wealth 1 Distribution 2 Produ
Slide 49: BG's FAs at Top Ranking in the Industry
BG’S FAS AT TOP RANKING IN THE INDUSTRY 1 BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY Positioning vs Industry Productivity vs Industry FA networks by total assets per capita: FAs vs Client FA networks by net inflows per capita: FAs vs Clients Banca Generali ranks at the top of FA networks, by: Net
Slide 50: BG Network Architecture
1 BG NETWORK ARCHITECTURE NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRACT Cluster Assets (%) FAs (#) Assets/FA (€\m) Senior Senior Partner Network: Senior Partners Partners PTF >€150m 18% 122 164.7 unique in terms of Network positioning to consolidate excellence and enhance su
Slide 51: BG Ranking #3 in Private Banking in Italy
51 BG RANKING #3 IN PRIVATE BANKING IN ITALY 1 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 Banca Generali - Private Banking Assets1 €/bn Private Banking Sector Ranking (Magstat), €/bn 73.5 81.5 2013 2024 58.3 55.3 63.7 44.2 49.1 35.5 36.3 25.1 29.2 €101.6 €281.3 +135% 11.9 16.0 2013 2014 2015
Slide 52: BG Ranking #4 in FA Networks in Italy
52 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS SINCE 2013 Banca Generali - Total Assets (Assoreti) €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 2025 102.7 111.9 84.6 82.2 91.8 73.3 55.7 57.5 66.8 €83.7 €384.5 +149%2 41.6 47.5 29.1 36.6 2013 2014 2015 2016 2017 2018 20
Slide 53: BG Diversified Client Portfolio
2 BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % Total Assets: 113.2 €/bn 5% 3% 2% 11% 11% 17% 11% AUI: 74.8 €/bn, 66% of total 23% 25% 15% 12% 7% 11% 13% 14% 20% In-house funds Insurance wrappers AUC Equity
Slide 54: Wealth Management Approach
2 WEALTH MANAGEMENT APPROACH SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS Partnerships with Leading Service Providers Corporate Advisory Real-estate Advisory Advanced Advisory Model Art & Passion Advisory Family Protection & Planning PARTNER LAW FIRMS An Advanced Advisory model to address finan
Slide 55: Training Support
3 TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL Physical Location Training Platform Average training hours performed by BG People at best practice level: A space dedicated to classroom training for Financial Advisors, as well as a venue A single channel dedicated to FAs training for repre
Slide 56: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks by value of Annex ▪ Financial Back-up service, inno
Slide 57: FA Network: New Generations, Team Model
FA NETWORK 1 NEW GENERATIONS, TEAM MODEL AND VERTICAL SPECIALIZATIONS Next-Gen BG Team2 Network Specialty Verticals Empower the Network to thrive by Enhance and evolve the team model to Leverage Network specializations to embracing generational diversity and maximize effectiveness and foster cross-
Slide 58: Asset Management Strategic Priorities
ASSET MANAGEMENT 2 STRATEGIC PRIORITIES Grow Luxembourg GROW LUXEMBOURGPlatform PLATFORM LaunchIRISH LAUNCH IrishPLATFORM Platform a Lift BGFML Share in Retail Funds b Raise Clients’ Protection Exposure c Enter Active ETFs 1. Onboard third-party flagship 1. Equity Step-In: phased allocation strategi
Slide 59: Artificial Intelligence
3 ARTIFICIAL INTELLIGENCE CULTURAL AND OPERATIONAL TRANSFORMATION UNDERWAY Key Figures Main Initiatives AI Ambassadors • AI Factory: a new organizational unit dedicated to the >110 Colleagues appointed to foster AI culture within the Bank design, evaluation, and implementation of AI solutions within
Slide 60: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks by value of Annex ▪ Financial Back-up service, inno
Slide 61: Intermonte - Strategic Rationale (1/3)
INTERMONTE - STRATEGIC RATIONALE (1/3) EXPANDING CAPACITY IN GLOBAL MARKETS AND STRENGTHENING THE OFFERING FOR SMES Strengthening Banca Generali Group’s Strategic Positioning Expanding BG’s Enhancing expertise in negotiation and Global Markets structuring (derivatives desk) to boost THE STRATEGIC pr
Slide 62: Intermonte - Strategic Rationale (2/3)
INTERMONTE - STRATEGIC RATIONALE (2/3) CREATING A DISTINCTIVE MODEL TO SERVE ITALIAN ENTREPRENEURIAL FAMILIES Create a unique model that combines the dynamism of a FA network with the specialized expertise of an Investment Banking boutique Offering entrepreneur clients high value-added services, fro
Slide 63: Intermonte - Ambitions (3/3)
INTERMONTE - AMBITIONS (3/3) GROWTH PATH TO 2030 Intermonte - 2024-2030 Net Banking Income Evolution €\m Investment banking Intermonte revenues Managed projected to double by 2030 ~14-18 with €40-45m additional AUC & products C revenues driven by: Trading ~4-10 - €18-22m AUC & trading B - €14-18m in
Slide 64: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks by value of Annex ▪ Financial Back-up service, inno
Slide 65: Insurbanking - Deep Dive on Alleanza (1/3)
INSURBANKING - DEEP DIVE ON ALLEANZA (1/3) PROACTIVE NETWORK OF TALENTED PROFESSIONALS Alleanza: high quality Network focused on Life and Protection Wide and highly-qualified Distribution Network Within the €100 billion distributed Key Features 2024 Life Premiums Ranking, €/bn by Generali, Alleanza
Slide 66: Insurbanking - Market Potential (2/3)
INSURBANKING - MARKET POTENTIAL (2/3) A LARGE AND UNTAPPED MARKET POTENTIAL Wealth Held by Alleanza Clients Wealth held with Alleanza clients third-parties Alleanza clients wealth, €\bn breakdown breakdown Alleanza stands out as a leading life insurance company, holding assets of ~170 around ~€40bn
Slide 67: Insurbanking - Growth Ambitions (3/3)
INSURBANKING - GROWTH AMBITIONS (3/3) BANKING BUSINESS AND INSURANCE WRAPPER: TARGETS BY 2030 Products/Services provided by Banca Generali to Alleanza Network and related Targets Service Product Targets by 2030 Conto Unico Assets in Conto Unico A • Banking services Banca Generali, €3.0-3.5bn provide
Slide 68: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 69: Sustainability (1/4): Main Highlights
SUSTAINABILITY (1/4) MAIN HIGHLIGHTS Sustainability embedded in Banca Generali’s vision and guides the way the Bank creates long-term value Double materiality analysis updated confirming 9 material topics aligned with Banca Generali’s ESG priorities ESG fully incorporated into our governance structu
Slide 70: Sustainability (2/4): New Climate Transition Plan
SUSTAINABILITY (2/4) NEW CLIMATE TRANSITION PLAN Climate Transition Plan - Targets Operations Investments 2030: -40% GHG emissions 2030: -55%1 GHG emissions REDUCTION OF GHG Scope 1 & 2 emissions (tCO2eq) vs. 2019 baseline (tCO2eq /€m) vs. 2019 baseline EMISSIONS 2040: NET ZERO GHG emissions 2040: N
Slide 71: Sustainability (3/4): ESG Commercial Approach
SUSTAINABILITY (3/4) ESG COMMERCIAL APPROACH BG Personal Portfolio (BGPP) - ESG platform ESG product offering 58 LUX IM sub-funds art. 8 and art.9 integration of ESG factors and/or specific thematic features 3 BG Collection sub-funds integration of ESG factors and/or specific thematic features 7 por
Slide 72: Sustainability (4/4): Relations with Shareholders and Authorities
SUSTAINABILITY (4/4) COMMITMENT TO RELATIONS WITH SHAREHOLDERS AND AUTHORITIES MSCI Sustainalytics 7.8 6.1 9.2 8.7 9.5 Negligible Risk 24.3 28.5 28.8 2019 2020 2021 2022 2023 2024 2025 2026 Scale: from CCC to AAA Scale: from 100 to 0 S&P Global Standard Ethics Scale: from 0 to 100 Scale: from F to E
Slide 73: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 74: Total Italian Household Wealth at a Glance
TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn 2025-28E 10Y CAGR CAGR +1.9% +2.4% 13.0 Italian Household Wealth, one of the 12.1 largest in Europe 10.0 10.3 4.5 4.1 2025 Financial Wealth estimated at 3.0 3.4 2.3 €6.3 trillion o/w €4.1 trillion regarded 2.2 1.4 1.5 as Ta
Slide 75: Total Addressable Market (1/3): By Client Segmentation
TOTAL ADDRESSABLE MARKET (1/3) BY CLIENT SEGMENTATION Total Addressable Market (TAM) by cluster of clients €\tn 2025-28E 10Y CAGR CAGR +3.1% +3.2% 4.5 Private & HNW households wealth 4.1 expected to remain the fastest- 0.6 0.5 growing segment (+4.5% 2025-28E 3.4 CAGR) 3.0 0.4 1.2 1.0 0.3 0.8 Aging p
Slide 76: Total Addressable Market (2/3): By Product Mix
TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Total Addressable Market (TAM) by product mix €\tn 2025-28E 10Y CAGR CAGR +3.1% +3.2% 4.5 Still inefficient household asset 4.1 allocation with large cash holdings 1.3 (~€1.4tn in 2025, 34% of TAM) 3.4 1.1 3.0 0.9 Increased market volatility and 0.7 1.0
Slide 77: Total Addressable Market (3/3): By Distribution Channel
TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL Total Addressable Market (TAM) by distribution channel €\tn Banks Other channels FA Networks Not allocated by channel Financial Advisors expected to further 4.5 gain market share over traditional 4.1 3.4 0.2 banking industry 3.0 0.2 0.1 1.1 Fina
Slide 78: 2026 Upcoming Events
2026 UPCOMING EVENTS JULY Su Mo Tu We Th Fr Sa Investor Relations Contacts 1 2 3 4 1H 2026 Results investor.relations@bancagenerali.it 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Conference Call 19 20 21 22 23 24 25 Corporate Website 26 27 28 29 30 31 www.bancagenerali.com NOVEMBER Su Mo Tu We Th Fr Sa 1 2
Slide 79: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a