Banca Generali S.p.a. · MIL:BGN
Banca Generali — Q3 2025 Earnings Presentation
87 slides from Banca Generali's earnings presentation, Nov 7, 2025
Slide 1: Investor Presentation 9M 2025 Results
Investor 9M 2025 RESULTS Presentation 7 November 2025
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2025 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 and sustaina
Slide 3: 9M 2025 Results: Executive Summary
9M 2025 RESULTS: EXECUTIVE SUMMARY Consistent improvement in results across all lines • Recurring net profit at €274m (+7% YoY), well positioned for future growth • Reported net profit at €315m (-7% YoY), challenging comparison almost recovered • Capital and liquidity ratios, robust with CET1/TCR ra
Slide 4: Net Profit: Relentless Growth in Recurring Net Profit
NET PROFIT RELENTLESS GROWTH IN RECURRING NET PROFIT Net Profit 338.6 314.6 99.1 110.3 89.9 114.5 €\m 9M 2025 net profit at €315m, supported by strong 3Q results despite usual seasonality Recurring Net Profit1 +6.7% +13.0% €\m 273.8 9M 2025 recurring net 256.7 +9.1% profit at €274m (+7% YoY), a new
Slide 5: Net Financial Income
NET FINANCIAL INCOME SOLID PERFORMANCE IN A CONTEXT OF FALLING MARKET RATES Net Financial Income €\m +6.0% +5.7% 9M 2025 Net Financial 247.9 262.9 Income at €263m (+6% 10.5 20.1 YoY) despite the decrease in market rates -3.5% 81.2 89.0 237.3 242.8 88.0 85.9 1.4 9M 2025 NII at €243m (+2% 8.6 6.6 4.8
Slide 6: Total Gross Fees
TOTAL GROSS FEES TOTAL GROSS FEES UP WITH HIGH-QUALITY MIX Total Gross Fees 894.2 904.5 285.7 313.0 279.6 311.9 €\m 9M 2025 total gross fees at €905m (+1% +7.9% YoY) with recurring fees +9.7% accounting for 92% of total (86% in 9M 2024) +4.1% Gross Recurring Fees 772.0 832.8 9M 2025 gross recurring
Slide 7: Gross Recurring Fees (1/2)
GROSS RECURRING FEES (1/2) ACCELERATION DRIVEN BY ASSET GROWTH Investment Fees €\m +7.3% Management Fees +7.1% 721.5 +5.0% 9M 2025 investment Advisory Fees 673.5 37.8 40.7 fees at €721m (+7% 229.6 240.4 234.7 246.4 YoY) driven by AUI 635.7 680.8 13.0 13.3 13.5 13.8 expansion (+8% YoY) 216.6 227.1 22
Slide 8: Gross Recurring Fees (2/2)
GROSS RECURRING FEES (2/2) ROBUST TREND OUTPERFORMING SEASONALITY Other Fees €\m +29.9% Entry Fees +13.1% 111.3 9M 2025 entry fees at 98.5 €33.8m (-11% YoY), with Brokerage 22.1 Commissions 18.7 -1.9% a stronger 3Q contribution than last year Banking Fees 55.4 27.9 38.2 36.9 36.2 41.9 6.7 8.0 6.4 7.
Slide 9: Total Payout Ratio on Fees
TOTAL PAYOUT RATIO ON FEES PAYOUT IN LINE WITH OUR GUIDELINES Total Fee Expenses 418.7 444.8 137.8 150.4 146.6 147.8 €\m o/w Fee Expenses on NII1 10.3 6.5 3.3 2.6 2.1 1.8 9M 2025 total payout at 52.6%, slightly lower than last year on lower 46.7% 46.6% 46.0% 47.1% 47.0% 45.7% ordinary payout o/w Pay
Slide 10: Operating Costs (1/2)
OPERATING COSTS (1/2) COSTS INCLUDE NEW INITIATIVES WITH POSITIVE IMPACT STARTING IN 2026 Total Operating Costs €\m +7.5% LfL +6.7% LfL 9M 2025 total operating Intermonte 252.6 costs1 at €253m including Non Core Items 210.5 6.8 +7.8% Intermonte (+7.5% LfL) 5.5 15.6 Sales Personnel 16.9 26.3 82.6 81.
Slide 11: Operating Costs (2/2)
OPERATING COSTS (2/2) COST RATIO SLIGHTLY UP, MOSTLY DUE TO NEW PERIMETER Operating Costs / Total Assets Cost / Income Ratio 55.8% 54.7% 0.40% 52.8% 0.37% 0.33% 0.33% 46.9% 47.3% 0.31%0.30% 0.31%0.30% 45.9% 0.28% 0.31% 44.6% 0.28% 43.0% 40.8% 42.1% 37.7% 40.7% 35.6% 40.1% 35.1% 37.4% 35.5% 0.27% 36.
Slide 12: Summing Up
SUMMING UP Comments 9M25 9M25 9M 2025 operating profit excl. (€m) 9M24 % Chg Intermonte Reported contribution performance fees at €398m (+2%), supported by higher Net Net Financial Income 247.9 262.9 6.0% 10.4 Financial Income (+6%), recurring Net recurring fees 353.3 388.0 9.8% 22.0 fees (+10%) par
Slide 13: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results To be the No. 1 private bank, unique Balance Sheet & Capital Ratios by value of Net Inflows, Assets and Recruiting service, innovation Key Projects and Closing Remarks and sustainability
Slide 14: Balance Sheet – Total Liabilities & Equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY GROWING RETAIL DEPOSIT BASE Total Liabilities & Equity: Volumes and Yields €\bn Total Deposits 17.6 17.8 1 15.6 Client Deposits 1.3 1.3 0.9 0.9 0.8 9M 2025 total deposits4 Other Deposits 2 0.7 at €15.4bn (+15% YoY, 13.4 15.0 15.4 +3% QoQ) mostly Deposits fr
Slide 15: Balance Sheet – Total Assets
BALANCE SHEET – TOTAL ASSETS HIGHER FINANCIAL ASSETS AND LOANS TO CLIENTS Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Interest Bearing Assets 17.6 17.8 15.6 Financial Assets 1.5 1.4 1.5 2.3 2.3 9M 2025 interest bearing Loans to Clients 2.1 assets at €16.3bn (+2% Loans to Banks &
Slide 16: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS CAPITAL STRENGTH CONFIRMED Total Capital Ratio % Leverage Ratio % CET1 AT1 9M 2025 capital ratios 24.4% 5.9% robust despite the impact 2.4% 5.6% 19.0% 19.4% 5.4% of CRR3 (-3.8 ppts YTD) 1.2% 2.0% and Intermonte’s first-time consolidation (-2.3 ppts 22.0% YTD), partly off
Slide 17: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Key Projects and Closing Remarks and sustainability
Slide 18: Total Assets (1/2)
TOTAL ASSETS (1/2) PASSING THE €110 BILLION THRESHOLD Total Assets €\bn Total Assets (by Fee Category1) €\bn 110.1 110.1 101.0 103.8 103.8 12.3 101.0 11.9 9M 2025 Total Assets 11.1 33.6 36.9 at new high of €110.1bn 31.4 33.3 28.4 28.0 (+9% YoY) 63.9 66.4 67.7 70.2 73.2 9M 2025 Assets under 61.5 Inve
Slide 19: Total Assets (2/2)
TOTAL ASSETS (2/2) CONFIRMING INCREASING INTEREST IN IN-HOUSE MANAGED PRODUCTS AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 63.9 66.4 24.8 25.6 61.5 Insurance 23.3 9M 2025 AUM products at 14.9 15.8 Wrappers €66.4bn (+8% YoY) driven by 14.5 12.1 12.2 11.2 growing demand for financial Finan
Slide 20: Net Inflows (1/2)
NET INFLOWS (1/2) SOLID VOLUMES IN A CHALLENGING CONTEXT Total Net Inflows (by Fee Category1) €\bn Focus on AUI Net Inflows €\bn 4.7 2.1 4.3 4.4 2.0 0.3 0.9 0.5 9M 2025 Total Net 2.7 2.3 Inflows at €4.4bn, in 1.5 1.8 line with target despite 3.4 1.3 headwinds linked to -0.4 Mediobanca’s 2.0 2.1 exch
Slide 21: Net Inflows (2/2)
NET INFLOWS (2/2) NORMALIZATION OF THE QUALITY AND MIX OF THE INFLOWS AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 1.8 1.5 1.3 0.6 Insurance 0.2 Wrappers 9M 2025 AUM products 0.8 at €1.8bn (+23% YoY) 0.6 1.5 Financial showing 1.2 Wrappers 1.1 0.9 0.8 - more diversified 0.6 product mix 9M2
Slide 22: Net Inflows by Acquisition Channel
NET INFLOWS BY ACQUISITION CHANNEL RECRUITMENT STEADILY RECOVERING Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 4.7 4.3 4.4 133 122 0.7 1.2 0.9 44 9M 2025 new recruits 85 48 at 122 professionals 29 (41 in 3Q25), showing 44 signs of trend 3.6 3.5 3.5 36 normalization a
Slide 23: Net Inflows: October Update
NET INFLOWS: OCTOBER UPDATE STRONG DELIVERY Net Inflows Breakdown by Breakdown of Assets under Fee Category1 €\bn Investment €\bn 5.6 Strong results in October 5.2 2.9 (€1.18bn) driven by a 2.5 0.3 normalization in business 2.7 trend after the M&A- 2.7 0.6 induced soft data in both 2.1 2Q-3Q 2025 2.
Slide 24: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results Balance Sheet & Capital Ratios To be the No. 1 Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks ▪ Introduction by value of ▪ ▪ BG Core Business In
Slide 25: Introduction: Key Strategic Drivers
INTRODUCTION KEY STRATEGIC DRIVERS The Bank is focusing on strengthening its core business through three strategic directives: BG CORE BUSINESS • Targeting initiatives aimed at enhancing Financial Advisors’ Network • Expanding Banca Generali Asset Management capabilities and footprint • Making AI a
Slide 26: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results Balance Sheet & Capital Ratios To be the No. 1 Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks ▪ Introduction 1. FA Network by value of ▪ ▪ BG Co
Slide 27: FA Network
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 28: Asset Management Strategic Priorities
ASSET MANAGEMENT 2 STRATEGIC PRIORITIES Grow GROWLuxembourg LUXEMBOURGPlatform PLATFORM LaunchIRISH LAUNCH IrishPLATFORM Platform a Lift BGFML Share in Retail Funds b Raise Clients’ Equity Exposure c Enter Active ETFs 1. Onboard third-party flagship 1. Equity Step-In: phased allocation Brownfield pr
Slide 29: Artificial Intelligence (1/2): GRACE
3 ARTIFICIAL INTELLIGENCE (1/2) GRACE 29
Slide 30: Artificial Intelligence (2/2)
3 ARTIFICIAL INTELLIGENCE (2/2) DRIVING CULTURAL TRANSFORMATION AND PROJECT DEVELOPMENT THROUGH THREE INITIATIVES Cultural Shift Strategic Initiatives Efficiency Cultural transformation to embed AI across the organization: • “AI Ambassador” initiative with 40 colleagues appointed, • Development of G
Slide 31: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results Balance Sheet & Capital Ratios To be the No. 1 Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks ▪ Introduction by value of ▪ ▪ BG Core Business In
Slide 32: Intermonte - Strategic Rationale (1/2)
INTERMONTE - STRATEGIC RATIONALE (1/2) 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 33: Intermonte - Strategic Rationale (2/2)
INTERMONTE - STRATEGIC RATIONALE (2/2) 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 34: Intermonte's Growth Path by 2030
INTERMONTE’S GROWTH PATH BY 2030 INTERMONTE REVENUES SET TO DOUBLE DRIVEN BY EXPECTED SYNERGIES Intermonte - 2024-2030 Net Banking Income Evolution €\m Investment banking A AUC & Trading driven by margin Managed internalization on structured ~14-18 AUC & products products and other securities C Trad
Slide 35: Preliminary Combined Initiatives BG – Intermonte
A VIEW ON PRELIMINARY COMBINED INITIATIVES BG – INTERMONTE OBJECTIVE & KEY INITIATIVES AUC & Trading Investment Banking Focus on: Structured Products Focus on: 9M 2025 Business Activity Monthly New Issue of Structured Products1 Breakdown of IB Requests by Status, 9M25 Activity in certificates expand
Slide 36: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results Balance Sheet & Capital Ratios To be the No. 1 Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks ▪ Introduction by value of ▪ ▪ BG Core Business In
Slide 37: Targetable Financial Household Wealth
TARGETABLE FINANCIAL HOUSEHOLD WEALTH ROOM TO OPTIMIZE CLIENT ASSET ALLOCATION Italian Financial Household Wealth €\tn By Channel By Product Targetable financial 6.0 10Y 10Y wealth at €3.8 trillion, net 2.9 3.8 CAGR 2.9 3.8 CAGR 4.8% 5.1% of corporate pension funds +3.4% Focus 19.0% 24.5% +5.4% 18.0
Slide 38: Insurbanking: Market Potential (1/2)
INSURBANKING: MARKET POTENTIAL (1/2) INSURANCE AGENTS MANAGE ONLY A PART OF THEIR CLIENT ASSETS Italian Targetable Financial Household Wealth €\tn Focus on Targetable Financial Wealth by Distribution Channel / Product Insurance products represent €3.8tn Insurance products Other products ~25% of the
Slide 39: Insurbanking: Market Potential (2/2)
INSURBANKING: MARKET POTENTIAL (2/2) GENERALI INSURANCE AGENTS REPRESENT ~1/2 OF THE CHANNEL Wealth held by Insurance Agents’ Clients Insurance Products Estimated Wealth distributed by Insurance Agents held by Insurance Agents’ Clients Generali Italia (GIT) stands out €1.0tn as the most qualified pl
Slide 40: Deep Dive on Alleanza Assicurazioni (1/2)
DEEP DIVE ON ALLEANZA ASSICURAZIONI (1/2) 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 a
Slide 41: Deep Dive on Alleanza Assicurazioni (2/2)
DEEP DIVE ON ALLEANZA ASSICURAZIONI (2/2) A LARGE AND UNTAPPED MARKET POTENTIAL Wealth held by Alleanza’s Clients Alleanza Life Estimated Wealth held by Alleanza Clients Reserves Alleanza’s Clients Breakdown Alleanza stands out as a leading life insurance company, holding By channel approach Interna
Slide 42: Banca Generali's Competitive Positioning
BANCA GENERALI’S COMPETITIVE POSITIONING ADDRESSING THE AFFLUENT SEGMENT REPRESENTS A WIN-WIN OPPORTUNITY Banca Generali: undisputed Leadership in Private Banking and Wealth Management Segment Client Assets €\bn Growth Rate 73.5 63.7 58.3 55.3 Private 44.2 49.1 Banca Generali has been the 35.5 36.3
Slide 43: The Partnership, Combining Two Strengths
THE PARTNERSHIP, COMBINING TWO STRENGTHS NEW GROWTH ENGINE Collaboration to set up a new growth engine Undisputed leadership in Private for both companies Banking and Wealth Management Providing Alleanza clients with a new integrated range of banking and insurance products with the aim of unlocking
Slide 44: Focus on Value Proposition to Alleanza Clients
FOCUS ON VALUE PROPOSITION TO ALLEANZA CLIENTS LEVERAGING BANCA GENERALI’S PRODUCT PLATFORMS Products/Services provided by Banca Generali to Alleanza Network Products Relevant Outputs A • Banking services • Cross-selling opportunities Banca Generali, (current account and payments) • Improving visibi
Slide 45: Generali Hybrid Products (1/2)
GENERALI HYBRID PRODUCTS (1/2) ON A STEADILY GROWING TREND FOR THE LAST FEW YEARS AM/Investment Advisory Contracts on Generali Hybrid Products1, €\bn Phase 1 Phase 2 Starting from 2013, BG provides Launch of the first hybrid products in Business consolidation with advisory and fund selection collabo
Slide 46: Generali Hybrid Products (2/2)
GENERALI HYBRID PRODUCTS (2/2) DELIVERING A POSITIVE ADD-ON TO BANCA GENERALI’S PROFITABILITY Focus on Banca Generali’s Profitability, % 1.41% 1.43% 1.43% 1.43% 1.41% 1.34% Profitability on hybrid Banca Generali Management insurance products has fee margin contracted since 2020, 2020 2021 2022 2023
Slide 47: Insurbanking Projected Growth Path
INSURBANKING PROJECTED GROWTH PATH FINANCIAL TARGETS FOR BANCA GENERALI BY 2030 Alleanza Insurbanking: 2030 Targets Assets Net Banking Income Insurbanking projected to reach Euro €7.0-€8.5bn in volumes by 2030 representing 5%-7% of total Alleanza’s targetable wealth managed by third-party institutio
Slide 48: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2025 Financial Results Balance Sheet & Capital Ratios To be the No. 1 Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks ▪ Introduction by value of ▪ ▪ BG Core Business In
Slide 49: FY 2025 Commercial Targets
FY 2025 COMMERCIAL TARGETS FULLY CONFIRMED BY BOTH VOLUMES AND PRODUCT MIX NET INFLOWS GUIDANCE Trend Target Comments Total Net Inflows, €\bn CONFIRMED 6.6 >6.0 5.7 5.9 Commitment to total net inflows Volumes well above €6 billion by 2025 Growth year-end confirmed 5.6 10M25 52% 2022 2023 2024 2025E
Slide 50: Level of Satisfaction and Engagement of Our People
LEVEL OF SATISFACTION AND ENGAGEMENT OF OUR PEOPLE FA NETWORK AND EMPLOYEES CONFIRM A HIGHLY POSITIVE MOOD Financial Advisors1 Employees2 FAs & Employees3 Main industry survey on the Italian 2025 Edition of the Generali Global Incentive Off-site Survey with Private Banking and WM sector Pulse Survey
Slide 51: Closing Remarks
CLOSING REMARKS NEW GROWTH CHAPTER After a period of uncertainty, Banca Generali is entering a new phase of growth with commitment and confidence: A clear strategic direction is in place for the core components of the business The acquisition of Intermonte strengthens product capabilities, favors a
Slide 52: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 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 53: 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 +9% 23.3 24.3 22.3 +4% Institutional Fund 11.4 11.8 23.3 24.3 Classes 10.9 22.3 0.2 0.2 0.2 3.7 Retail Fund Retail fund classes 3.6 3.9 11.4 11.9 12.5 Classes stable at 51
Slide 54: Focus on AUC Assets
FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS AUC Assets by Product Mix1 €\bn Key Features 31.2 28.2 27.8 14% 12% 12% €4.0bn bonds due to expire within 1 year 26% 23% 24% 77% of bonds carrying unrealized capital gains3 Only 4% of total AUC invested in structured products (certific
Slide 55: 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 5% diversified: Italy Govt Bonds Equity & Alternative - More than 99% of the bond portfolio is 33% EU Govt B
Slide 56: 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) 9M25 Credit Book €\bn Lending Quality % 17.8 16.8 0.6 15.6 1.4 0.5 1.7 Financial Assets 1.5 2.3 2.3 2.1 Loans to Clients 1.8 99.4 Loans to Banks & 12.6 Other Assets 10.6 11.3 Lin
Slide 57: Focus on Financial Advisory Network (1/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs # Key highlights <35 Age 35-50 2,353 2,408 ~55 2,204 2,260 >50 2,162 2,040 2,087 1,936 1,985 1,841 1,715 1,645 Male Gender Female 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 Headline FA retentio
Slide 58: 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 45.4 43.7 40.6 39.2 37.3 35.1 32.8 29.0 29.5 29.8 28.8 25.8 25.8 26.4 As of 30.06.25 24.3 24.0 (last available data) 22.2 23.1 21.2 19.7 18.0 17.9 18.4 15.7 15
Slide 59: Focus on Clients
FOCUS ON CLIENTS TREND AND KEY FEATURES Total No. of Clients ‘000 Breakdown by Cluster of Clients 369 359 369k €109.4bn1 349 342 0.6% 332 10.7% 28.4% 312 28.3% >5m 299 290 500k-5m 279 44.0% 100-500k 263 <100k 249 60.4% 243 21.7% 5.9% No.of Clients AUM (bn/€) Private Banking Assets2: €79.3bn Private
Slide 60: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 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 61: Banca Generali in a Nutshell
61 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 2,408 Financial Advisors ranked at the top of the industry3 by quality and productivity
Slide 62: Banca Generali's Ambitions
62 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 63: Banca Generali's Key Milestones
63 BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY Total Client Assets €\bn Administered assets Managed assets 2023 2013 Launch of New strategic BG Suisse positioning 2020 Private Bank 2019 Partnership with Conio Acquisition of Nextam Partners 103.8 2017 (AM boutique) Partnership wi
Slide 64: Banca Generali's Market Shares
BANCA GENERALI’S MARKET SHARES BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS Reference Segment Banca Generali’s Market Share 2014 2019 2024 Targetable 1.2% 2.1% 2.6% financial wealth1 Private & HNW 2.1% 3.9% 5.1% financial wealth2 Financial Advisor 12.7% 15.4% 15.7% networks3 NOTES: 1) Ita
Slide 65: Banca Generali's Organization
65 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 65 NOTE: data as of 30 September 2025
Slide 66: Business Model
BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s Business Model Financial Private Banking positioning and Banca Generali’s Advisor 1 DISTRIBUTION best in class distribution network core competitive Client advantage • Banking products • Investment Advisory Wealth manage
Slide 67: 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 68: 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 Partner Network: Senior Senior Partners 177.1 unique in terms of Partners PTF >€150m 18% 109 Network positioning to consolidate excellence and enhance su
Slide 69: BG Ranking #4 in FA Networks in Italy
69 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS Banca Generali - Total Assets (Assoreti)1 €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 2024 102.7 84.6 82.2 91.8 66.8 73.3 41.6 47.5 55.7 57.5 €83.7 €353.82 +128% 29.1 36.6 2013 2014 2015 2016 2017
Slide 70: BG Ranking #3 in Private Banking in Italy
70 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 (Magstat2), €/bn 63.7 73.5 2013 2023 58.3 55.3 44.2 49.1 25.1 29.2 35.5 36.3 €101.6 €251.4 +110% 21.3 15.8 2013 2014 2015 201
Slide 71: 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: 110.1 €/bn 2%4% 2% 11% 12% 19% 11% AUI: 73.2 €/bn, 23% 67% of total 25% 12% 18% 6% 11% 10% 14% 20% In-house funds Insurance wrappers AUC Equity M
Slide 72: 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 73: Training Support
3 TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL Physical Location Training Platform A space dedicated to classroom training A single channel dedicated to FAs for Financial Advisors, as well as a venue training for representation/events 73
Slide 74: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 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 75: Expansion in Switzerland (1/2)
75 EXPANSION IN SWITZERLAND (1/2) MAIN HIGHLIGHTS Large targetable market estimated at ~140 €\bn, of which: - 80 €\bn1 represented by potential assets referring to Italian clients INTERNATIONAL - 60 €\bn1 represented by targetable assets to be managed onshore in Switzerland EXPANSION Opportunity ari
Slide 76: BG Suisse Private Bank (2/2)
BG SUISSE PRIVATE BANK (2/2) TARGET MARKETS AND MODEL CLIENTS MANAGED CLIENTS MANAGED IN SWITZERLAND IN ITALY ➢ Onshore clients in Ticino ➢ BG clients with need for diversification in ➢ Onshore clients in the rest of Switzerland terms of booking centers Target ➢ BG clients and new clients that alrea
Slide 77: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 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 78: Sustainability (1/4)
SUSTAINABILITY (1/4) MAIN HIGHLIGHTS First year application of Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD) New double materiality analysis identified 9 material topics reflecting Banca Generali’s ESG priorities Sustainability fu
Slide 79: Sustainability (2/4)
SUSTAINABILITY (2/4) NEW CLIMATE TRANSITION PLAN Climate Transition Plan - Targets Operations Investments 2030: -40% GHG emissions (vs. 2030: -55%1 GHG emissions (vs. REDUCTION OF Scope 1 & 2 emissions 2019 baseline) 2019 baseline) CARBON FOOTPRINT (tCO2eq /€m) 2040: NET ZERO GHG emissions 2040: NET
Slide 80: Sustainability (3/4)
SUSTAINABILITY (3/4) ESG COMMERCIAL APPROACH BG Personal Portfolio (BGPP) - ESG platform ESG product offering 51 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 BG Eq
Slide 81: Sustainability (4/4)
SUSTAINABILITY (4/4) COMMITMENT TO RELATIONS WITH SHAREHOLDERS AND AUTHORITIES MSCI Sustainalytics Negligible Risk Scale: from CCC to AAA Scale: from 100 to 0 S&P Global Standard Ethics Waiting for CSA 2025 score release Scale: from 0 to 100 Scale: from F to EEE 81
Slide 82: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2025 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 83: Total Italian Household Wealth at a Glance
TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn 2024-27E 10Y CAGR CAGR +1.6% +2.2% 12.6 Italian Household Wealth, one of the 11.7 largest in Europe 10.0 10.1 4.3 3.9 2024 Financial Wealth at €6.0 trillion 2.9 3.3 2.1 o/w €3.9 trillion regarded as 2.1 1.4 1.4 Targetable F
Slide 84: 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 2024-27E 10Y CAGR CAGR +2.9% +3.3% Private & HNW households wealth 4.3 expected to remain the fastest- 3.9 0.6 growing segment (+4.8% 2024-27E 3.3 0.5 CAGR) 2.9 0.3 1.1 0.3 1.0 0.8 Aging p
Slide 85: Total Addressable Market (2/3) by Product Mix
TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Total Addressable Market (TAM) by product mix €\tn 2024-27E 10Y CAGR CAGR +2.9% +3.3% Still inefficient household asset 4.3 3.9 allocation with large cash holdings 3.3 1.2 1.0 Increased market volatility and 2.9 product complexity expected to 0.9 0.6 0.9
Slide 86: Total Addressable Market (3/3) by Distribution Channel
TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL Total Addressable Market (TAM) by distribution channel €\tn 2024-27E +2.9% 10Y CAGR +3.3% CAGR Financial Advisors expected to further gain market share over traditional 4.3 banking industry 3.9 3.3 0.2 Financial Advisors proved as better 2.9 0.1
Slide 87: 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