Banca Ifis S.p.a. · MIL:IF
Banca Ifis — FY2025 Earnings Presentation
59 slides from Banca Ifis's earnings presentation, Feb 11, 2026
Slide 1: 2025FY results
2025FY results 11 February 2026
Slide 2: Index
Index 1. 4Q25 Consolidated results 2. Focus on Banca Ifis stand-alone: 4Q25 results 3. Appendices 3.1 Banca Ifis stand-alone – Financial results 3.2 Banca Ifis stand-alone - Company overview 3.3 illimity - Company overview 2
Slide 3: 4Q25 Consolidated results
1 4Q25 Consolidated results 3
Slide 4: 2025 and 4Q25 Group results
2025 and 4Q25 Group results 1 In 2025, the Group net income of €328mln underscores Banca Ifis’s resilient profitability and illimity’s first consolidation (with badwill and non-recurring expenditures) • Banca Ifis’s proven track record in reliable execution and value creation was affirmed by success
Slide 5: Update on illimity
Update on illimity 1 In 2H25, we conducted a comprehensive analysis of illimity’s business and portfolio, alongside the ECB- requested due diligence 2 The due diligence on illimity’s assets revealed €75mln adjustments of which €20mln were already booked in 9M2025 results and the remaining €55mln are
Slide 6: Long term value creation leveraging on the combined Group's excellences
Long term value creation leveraging on the combined Group’s excellences Current accounts Factoring Illimity: Payments Vision for the Auto and equipment leasing smart digital Loans to pharmacy retail banking Credit cards combined Banca Ifis: Lending (M/L term) Retail deposits entity unparalleled SME
Slide 7: Value capture through integration
Value capture through integration Completed Actions completed Next steps • Due diligence on illimity assets Due 1H 2026 diligence • Subsidiaries’ strategy (i.e., rebranding of and strategy SGR as Furstenberg SGR, sale of 50% of Completion of the combined entity target Hype) operating model and struc
Slide 8: IT restructuring secures cost synergies while maintaining innovation focus
IT restructuring secures cost synergies while maintaining innovation focus 1 The restructuring of the IT partnerships secures the targeted IT synergies for Banca Ifis 2 Banca Ifis reviewed both of illimity’s IT partnerships. In this context: 3 The relationship with a primary IT vendor has been redes
Slide 9: Non-core assets valorization ongoing at rapid pace
Non-core assets valorization ongoing at rapid pace 1 Banca Ifis started a strategic review of illimity’s assets and subsidiaries to evaluate potential disposals, focusing on strategic fit with Banca Ifis long-term value creation and investment required. We expect some disposals to occur throughout 2
Slide 10: Group's quarterly results reflect the expected non-recurring items related to the illimity transaction
Group’s quarterly results reflect the expected non-recurring items related to the illimity transaction 4Q25 FY 2025 Reclassified Consolidated Consolidated o/w Ifis o/w illimity Consolidated o/w Ifis o/w illimity Income Statement - (€ mln) Net interest income 186.5 127.1 59.4 559.3 470.8 88.5 Net com
Slide 11: Ifis Group non-recurring items evolution 2Q25-4Q25
Ifis Group non-recurring items evolution 2Q25-4Q25 In 2025, Ifis booked net positive non- Non-recurring items (€mln) recurring items of +€201mln, stemming from the difference between +€448mln badwill and -€247mln restructuring costs: -48 • -€75mln from illimity’s due diligence -€80mln 4Q25 -90 -€29m
Slide 12: Funding synergies from refinancing existing maturities
Funding synergies from refinancing existing maturities Group’s funding maturity (€mln) • Banca Ifis and illimity are already operating more efficiently and effectively in the capital markets 1 (1) • In July 2025 Banca Ifis issued a senior bond 61 at 3.6% refinanced illimity's €300mln 6.6% 110 3 1.49
Slide 13: Solid capital ratios after the consolidation of illimity
Solid capital ratios after the consolidation of illimity Total capital CET1 at 13.7% pro-forma for the 16.8% (1.5)% 15.3% +0.7% 16.0% disposal of Hype and of a large NPL exposure (13% excluding CET1 proforma) 14.3% (1.3)% 13.0% +0.7% 13.7% Key items of CET1 evolution in 4Q25 (1.37%) (0.14 %) 0,18% 0
Slide 14: Asset quality
Asset quality Asset quality ratios Key trends Gross Net • The evolution of asset quality ratios is mainly due to the 5.2% reviews of illimity’s book and due to B-ilty, with migration from performing loans into past due and UTP. B-ilty positions 4.7% are 80% covered by government guarantees 3.1% • Mo
Slide 15: 2026 net income guidance
2026 net income guidance 1 2026 is the integration year, centered on restructuring and derisking illimity, with synergies delivering benefits mainly in 2027 (administrative costs, IT, HR) 2 The key management actions will include refinancing outstanding bonds and customer deposits, review IT contrac
Slide 16: Focus on Banca Ifis stand-alone: 4Q25 results
2 Focus on Banca Ifis stand-alone: 4Q25 results 16
Slide 17: Net revenues
Net revenues Quarterly Revenues • Net revenues in 4Q25 at €177mln (+6% YoY and +28% QoQ) 6% YoY o Commercial & Corporate Banking revenues at €85mln (€84mln in 3Q25, €82mln in 4Q24) impacted by usual year- end seasonality as well as by base rate effect o Npl revenues* at €88mln (€54mln in 3Q25, €81ml
Slide 18: Commercial activity focused on profitability
Commercial activity focused on profitability Factoring turnover (€bn) New leasing: equipment and New leasing: automotive technology (€mln) (€mln) -1% YoY -2% YoY +7% YoY Market +2% Market +16% Market +3% 131 129 3.4 3.5 3.4 91 98 74 70 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 • Factoring: factor
Slide 19: Npl portfolio: streamlining workout efficiency
Npl portfolio*: streamlining workout efficiency Quarterly cash collection (€mln) Revenues from judicial and extrajudicial recovery** (€mln) 94 94 103 74 61 88 • 4Q25 cash at €103mln • Npl revenues were impacted by positive year-end seasonality 50 45 42 47 35 13 47 49 53 48 46 39 4Q24 3Q25 4Q25 4Q24
Slide 20: Interest income and cost of funding evolution
Interest income and cost of funding evolution Commercial banking interest income (excluding Npl Business, Non Core and Treasury) and interest expenses Average gross interest income* Cost of funding Base rate, Euribor 3M 5.7% 5.3% 4.9% 4.8% 4.7% • Base rate QoQ stable • Aggregate interest income QoQ:
Slide 21: Total quarterly costs steady through significant efficiency effort
Total quarterly costs steady through significant efficiency effort Operating 107 103 106 Other operating costs: -€6mln QoQ mainly due to: costs • +€4mln QoQ marketing and IT expenses (project activation) • -€9mln (cost adjustment) from the disposal of “€40 late 36 33 collection” for invoices vs. the
Slide 22: No signs of widespread macro credit risks materializing in Banca Ifis's commercial business
No signs of widespread macro credit risks materializing in Banca Ifis’s commercial business Payment days in factoring Stage 1 and stage 2 loans* Coverage Stage 1: 0.5% Coverage Stage 2: 1.8% 92% 91% 91% 91% 91% 90% 90% 91% 93% 92% 91% 92% 78 79 77 76 76 76 77 75 75 75 75 74 8% 9% 9% 9% 9% 10% 9% 9%
Slide 23: Quarterly results
Quarterly results Reclassified Consolidated Income Statement - (€ 3Q25 4Q25 FY24 FY25 mln) 1 Net interest income 101.2 127.1 532.5 470.8 Includes €400mln badwill and €16mln Net commission income 22.0 24.8 91.8 91.1 restructuring costs Trading and other revenues 15.6 25.2 74,9 104.8 Total Revenues 13
Slide 24: Appendices
<> Banca lfis Appendices
Slide 25: Index 3.1 Banca Ifis stand-alone – Financial results
Index 3.1 Banca Ifis stand-alone – Financial results 25
Slide 26: 4Q25 Results: P&L break-down by business unit
4Q25 Results: P&L break-down by business unit Commercial & Corporate banking 1 €55mln illimity’s due diligence, Tot. Commercial €60mln integration costs Corp. Banking Non core & Data in € mln Npl Factoring Leasing & Corporate Consolidated (early retirement fund, and & Lending G&S banking other costs
Slide 27: Factoring
Factoring Turnover - €bn • Banca Ifis has strong focus on profitability: in 4Q25 factoring average spread at 3.50% (on top of base rate) 3.5 3.3 3.4 3.4 3.5 3.4 3.0 3.0 • Net revenues** / average customer loans at 5.9% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net customer 2,572 2,744 2,361 2,900 2,64
Slide 28: Factoring – Italian business
Factoring – Italian business* Market share - 2025 Loans and revenues breakdown 22% 7% 3% 32% 45% Other Small [ < 10 mln] 23% Medium [ < 50 mln] 25% Large [ > 50 mln] 5% 38% 27% Active clients Turnover Average loans 2025 Revenues 2025 • Banca Ifis is market leader in terms of number of • Medium/large
Slide 29: Leasing
Leasing New business - €mln 1• In 4Q25 new business strong 1 150 169 130 223 149 173 144 227 • Automotive: Banca Ifis’s strategy (i) premium/luxury segments (not volumes) (ii) 39 40 price/margin discipline (iii) remarketing 27 28 agreements in place 31 93 26 22 89 54 22 51 38 42 51 • Equipment and t
Slide 30: Npl Business: portfolio evolution
Npl Business*: portfolio evolution Npl portfolio evolution (including Revalea) Key numbers* • 1.8mln tickets, #1.2mln borrowers NBV** 1,525 1,549 €mln • Extensive portfolio diversification by location, type and age of borrower GBV €bn 18.3 0.7 (1.2) 17.8 Npls acquired in 4Q25: €0.7bn GBV • Starting
Slide 31: Npl Business: ERC
Npl Business*: ERC ERC assumptions ERC: €2.5bn (including Revalea) • ERC based on proprietary statistical models built using internal historical data series and homogeneous clusters of borrowers 1.1 2.5 o Type of borrower, location, age, amount due, employment status 1.4 o Time frame of recovery 2.5
Slide 32: Npl Business: GBV and cash recovery
Npl Business*: GBV and cash recovery Judicial recovery Non judicial recovery – Voluntary plans 1Q25 data Judicial recovery (€ mln) GBV % GBV, data in €mln include Revalea To be processed Frozen 1,372 16% 603 565 550 564 Court injunctions [“precetto”] and foreclosures 1,089 13% 528 522 510 510 Order
Slide 33: Npl Business: cash recovery and P&L contribution
Npl Business*: cash recovery and P&L contribution • Starting 2025, Banca Ifis concentrated on streamlining recovery activity on the existing stocks with more focus on extrajudicial activity and on the disposal of tail portfolios Data in € mln (excluding 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 Y
Slide 34: Npl Business: GBV and NBV evolution
Npl Business*: GBV and NBV evolution GBV - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Waiting for workout - Positions at cost 126 254 257 428 324 563 453 498 Extrajudicial positions 12,838 11,561 10,575 8,515 10,862 10,369 9,202 8,872 - Ongoing attempt at recovery 12,310 11,039 10,065 8,005 10,259
Slide 35: Npl Business: P&L and cash evolution
Npl Business*: P&L and cash evolution P&L - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Waiting for workout - Positions at cost Extrajudicial positions 21 20 13 35 31 20 13 42 - Ongoing attempt at recovery (2) (2) (3) (7) (1) (3) (2) 20 - Non-judicial payment plans 23 22 17 41 32 23 15 22 Judicial
Slide 36: Npl Business: portfolio diversification
Npl Business*: portfolio diversification Breakdown of GBV by type Breakdown of GBV by borrower age Other Consumer 18-39 4% 28% 6% 40-49 >60 19% 44% Banking 50-59 68% 31% Breakdown of GBV by ticket size Breakdown of GBV by region 5k North 10% 39.2% > 100k 27% from 5k to South & Island Center 20k 28%
Slide 37: Customer loans
Customer loans Customer loans (€ mln) 10,704 10,548 11,090 • 4Q25 customer loans at €11,090mln, +€542mln QoQ 2,282 mainly due to Factoring and Corp. Banking & Lending 2,223 2,178 seasonality (+€187mln QoQ and +€138mln) • Banca Ifis maintained disciplined in pricing and 2,600 2,771 underwriting 2,633
Slide 38: Funding
Funding Funding (€mln) 11,645 11,609 12,423 • Customer deposits stable QoQ 2,139 2,053 2,791 • Securitizations: €953mln of factoring 500 500 500 1,328 902 953 • €500mln MRO to finance the proprietary government portfolio 1,920 1,910 1,515 • In July 2025 Banca Ifis issued a senior bond at 3.6% refina
Slide 39: Reclassified consolidated operating costs
Reclassified consolidated operating costs* Operating costs (€mln) 4Q25 operating costs (+€2.4mln QoQ) 107 106 • +€2mln QoQ for variable compensation accrual and national contractual 98 103 103 increase • +€1mln QoQ in other operating costs: o +€7mln QoQ seasonality (€2mln from NPL portfolio sales) o
Slide 40: Proprietary portfolio: strong contribution to P&L
Proprietary portfolio: strong contribution to P&L • Mid duration level The core yields level in 2025 has been taken • Low volatility accounting treatment: FVTPL < 1% as a good opportunity to diversify proprietary • Low RWA density and relevant funding eligibility (govies weight at around 77% of tota
Slide 41: Index 3.2 Banca Ifis stand-alone - Company overview
Index 3.2 Banca Ifis stand-alone - Company overview 41
Slide 42: A Family Bank challenger, but with years track record
A Family Bank challenger, but with 40 years track record Commercial and Corporate Banking Npl ► Specialised player for SMEs, with a broad range of credit ► Investor and servicer specialized in small ticket NPEs, products (factoring, lending, leasing, and rental) with a distinctive vertically integra
Slide 43: Stable shareholding structure and governance
Stable shareholdering structure and governance • Fürstenberg Scogliera Holding SA provides, as main shareholder, Fürstenberg Scogliera continuity and stability to Banca Ifis Holding SA Holding • Strategic ESG focus both in specific positioning initiatives and in (Fürstenberg Family) core operations
Slide 44: Consistent core net income growth, driven by our core capabilities, with a low risk profile
Consistent “core net income” growth, driven by our core capabilities, with a low risk profile Net income target, €mln Actual Target Banca Ifis’ risk profile Business Plan targets Net 118 137 160 • Structurally protected liquidity income, €mln position (maturities) • Marginal contribution of extraord
Slide 45: Banca Ifis's superior risk-return trade-off (1/3)
Banca Ifis’s superior risk-return trade-off (1/3) Data in Turnover 4 times per year; client/debtor double risk € bn assessment; rapidly adapting sector exposure Secured against the pharmacies in a regulated sector, protected from competitors 2.8 80% state guaranteed >80% in rating classes 1-5 1.7 Av
Slide 46: Banca Ifis's superior risk-return trade-off (2/3)
Banca Ifis’s superior risk-return trade-off (2/3) € bn Average Duration in Y Average ticket size Factoring 2.8 0.20* €325k* Leasing 1.4 1.9 €55k auto €70k equipment Rental 0.2 1.4 €5.5k Medium term lending 0.7 2.6 €210k (MCC €120k; Sace €1400k) Loans to pharmacies 0.8 7.5 €400k Structured finance 0.
Slide 47: Banca Ifis's superior risk-return trade-off (3/3)
Banca Ifis’s superior risk-return trade-off (3/3)* Customer deposit breakdown Very limited corporate deposits 6,234 6,269 Corporate 22% 975 856 Retail Other deposits** 78% 763 1.033 287 261 Corporate deposits Rendimax deposits: 82% protected by FITD German retail deposits Above €100K 18% Below €100K
Slide 48: MSCI upgraded Banca Ifis's ESG rating to AAA
MSCI upgraded Banca Ifis’s ESG rating to AAA Strong ESG commitment reflected in the ESG rating: Banca Ifis’s upgraded to AAA from AA on 29 March 2025 • Banca Ifis’s Overall Industry Adjusted Score was 7.0 compared to industry average of 5.1 Industry Banca Ifis Dimensions Weight average Score Financi
Slide 49: Our ESG achievements
Our ESG achievements Financed Reporting Emissions and transparency Approximately 80% of exposures and financed Climate reporting aligned with the emissions, focused on Automotive sector recommendations of the Task force on Climate- related Financial Disclosures Projects and Impact partnerships measu
Slide 50: Our ESG goals
Our ESG goals Environmental Social Governance SME clients’ environmental Social Impact Lab Governance ESG transition Manage projects to foster diversity and Further strengthen inclusion and diversity Support SME clients’ sustainable social inclusion in a dedicated Social (nationality/heritage as wel
Slide 51: Index 3.3 illimity - Company overview
Index 3.3 illimity - Company overview 51
Slide 52: A restructuring story with a profitable Corporate Banking business
A restructuring story with a profitable Corporate Banking business Corporate Banking (core business) Non-core business ► Corporate banking for SMEs, with a broad range of credit ► Run-off of NPL portfolio and other non-core assets through products (factoring, structured finance, acquisition finance,
Slide 53: illimity: results reflect ongoing restructuring process
illimity: results reflect ongoing restructuring process with profitability expected to gradually improve during 2026 Reclassified Consolidated Income Statement – 3Q25 4Q25 (€ mln) 4Q25 illimity net loss of -€54.2mln impacted by restructuring Net interest income 29.1 59.4 1 process and one-offs: Net
Slide 54: illimity total assets and liabilities
illimity total assets and liabilities Assets (€mln) Liabilities (€mln) 7,432 7,087 7,432 7,087 476 233 Total Funding 95 535 1 712 255 471 Other and Tangible/Intangible assets 562 358 121 777 Other liabilities 3 1,291 2,176 Tax Assets 976 2,072 Shareholders Equity 579 Cash Other funding 4 6,487 6,270
Slide 55: Non-Core Assets
>80% of illimity’s customer loan book has a duration shorter than 4Y Customer Loans/ Avg. Residual Maturity Assets at FV (years) Avg. Exposure 1 Special lending in the context of M&A, capex, Structured finance 0.8 3.6 ~ €6mln shareholders reorganization, PE investments Factoring 0.6 0.3 ~ €2mln Shor
Slide 56: illimity's loan book coverage boosted by public guarantees and insurances
illimity’s loan book coverage boosted by public guarantees and insurances Net Customer Loans, Data in € bn 1/3 of loans with 80% public guarantees ~2/3 of loans covered 4.0 by credit insurance Mainly senior notes with 0.8 underlying commercial Most NPL portfolios are loans secured 0.6 0.7 100% of lo
Slide 57: Assessment and due diligence on illimity's assets completed
Assessment and due diligence on illimity’s assets completed with impacts fully reflected in P&L Write offs and non-recurring charges booked in the P&L (4Q24 – FY25) Total write offs of €381mln booked in 4Q24 and FY25 €mln concentrated in NPL portfolio and b-ilty 1 Booked in 4Q24 381.1 206.9 Booked i
Slide 58: Funding synergies from refinancing exiting maturities
Funding synergies from refinancing exiting maturities Focus on Retail term deposits maturities Total funding (€mln) Retail - Germany (Raisin) Retail - Italy 6,487 6,270 581 777 Other Institutional funding1 1,291 167 976 579 Bonds2 348 544 292 286 524 115 Retail 1,119 99 94 857 Coporate 414 4,191 Ret
Slide 59: Disclaimer
Disclaimer • This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations,