Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — FY2025 Earnings Presentation
112 slides from Intesa Sanpaolo's earnings presentation, Feb 2, 2026
Slide 1: 2025 Results
2025 Results The best year ever, paving the way for the new Business Plan Bad loans reset to near zero Leader in Wealth Management Protection & Advisory Europe’s most resilient Bank February 2, 2026
Slide 2: Contents
MIL-BVA362-03032014-90141/VR Contents Key messages FY25: the best year ever Appendix: 2022-2025 Business Plan successfully completed 1
Slide 3: 2025 Results: an excellent year
MIL-BVA362-03032014-90141/VR 2025 Results: an excellent year €9.3bn Net income, the best year ever, with record-high Commissions and Insurance income Best-in-class profitability 18% ROE, with 22% ROTE >€1bn Pre-tax profit allocated to succeed in the coming years Effective cost management 42.2% Lowes
Slide 4: 2025 Net income Guidance fully delivered
MIL-BVA362-03032014-90141/VR 2025 Net income Guidance fully delivered… 2025 Guidance 2025 Results 2025 Net income vs 2025 Guidance € bn Increase in revenues, managed in an +0.6% integrated manner vs 2024 Well above €9bn 9.3 including Q4 managerial actions -0.6% Well above Cost reduction, despite tec
Slide 5: … exceeding 2022-2025 Business Plan targets…
MIL-BVA362-03032014-90141/VR … exceeding 2022-2025 Business Plan targets… 2025 results 2022-2025 Business Plan targets Net income €9.3bn €6.5bn Business Plan target for 2025 Cost/Income ratio 42.2% 46.4% Business Plan target for 2025 Tech investments €5.6bn €5.0bn Business Plan target for 2022-2025
Slide 6: … while allocating >€1bn of 2025 Pre-tax profit
MIL-BVA362-03032014-90141/VR … while allocating >€1bn of 2025 Pre-tax profit to strengthen future profitability Pre-tax, € m ~€700m impact on Net income, mostly in Q4 ~1,030 ~85 ~945 Provisions/write-downs to Costs to anticipate Total favour de-risking/strengthen already agreed voluntary exits the B
Slide 7: Excellent 2025 performance while paving the way for the new Business Plan
MIL-BVA362-03032014-90141/VR Excellent 2025 performance while paving the way for the new Business Plan €9.3bn Net income (+8% vs FY24), the best year ever, with >€1bn Pre-tax profit allocated to succeed in the coming years CET1 ratio up ~110bps(1) in 2025 at >13.9%(2) (+>125bps at 14.1% not consider
Slide 8: High, increasing and sustainable value creation and distribution
MIL-BVA362-03032014-90141/VR High, increasing and sustainable value creation and distribution The best year ever, with growing ROE/ROTE… … and a significant increase in EPS, DPS and TBVPS ROE(1), % x ROTE(2), % EPS(3), € cents x DPS, € cents Tangible book value x per share(4), € 18 53.0 17 48.1 15 +
Slide 9: Rock-solid and significantly growing capital position
MIL-BVA362-03032014-90141/VR Rock-solid and significantly growing capital position CET1 ratio 2025 evolution % x Q4 evolution ISP 2026 fully loaded requirements SREP + combined buffer ~14.9% including >125bps 14.1 >13.9 additional ~100bps benefit >12.8 from DTA absorption ~(20bps) 10% 1.1.25(1) 2025
Slide 10: Zero-NPL Bank status further strengthened in Q4
MIL-BVA362-03032014-90141/VR Zero-NPL Bank status further strengthened in Q4, with Bad loans reset to near zero NPL stock Bad loans stock € bn Net NPL x Net NPL ratio(1), % € bn Net Bad loans 9.7 9.9 -€2.3bn 7.6 4.1 3.5 -€1.7bn 2.4 4.9 4.8 3.9 1.1 1.3 0.8 31.12.24 30.9.25 31.12.25 31.12.24 30.9.25 3
Slide 11: ISP is among the best banks in Europe for NPL stock and ratios
MIL-BVA362-03032014-90141/VR ISP is among the best banks 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) 17.1 13.5 13.1 10.8 8.5 7.7 6.7 6.3 3.9 3.2 2.6 1.8% 0.9% 1.2% 1.2% 0.9% 1.1% 1.4% 1.2% 0.8% 0.7% 0.7% 2.9% 1.7% 2.3%
Slide 12: Increasing revenues, managed in an integrated manner to create value
MIL-BVA362-03032014-90141/VR Increasing revenues, managed in an integrated manner to create value Operating income €m % Euribor 1M (average data) 15,718 14,796 -€922m Net interest income FY24 FY25 27,107 27,270 9,386 9,980 +€163m +€594m Net fees and commissions f(x) FY24 FY25 1,735 1,815 +€80m Insur
Slide 13: Resilient Net interest income, above 2023 level
MIL-BVA362-03032014-90141/VR Resilient Net interest income, above 2023 level Strong and resilient NII… … despite strong Euribor decline €m %, Euribor 1M (average data) +€96m -112bps 15,718 3.56 14,700 14,796 3.24 2.12 FY23(1) FY24 FY25 FY23 FY24 FY25 Growth expected in 2026, also thanks to core depo
Slide 14: Best year ever for Commissions and Insurance income
MIL-BVA362-03032014-90141/VR Best year ever for Commissions and Insurance income Strong growth in 2025… … with excellent Q4 performance €m Insurance income Net fees and commissions €m Insurance income Net fees and commissions +€674m +€255m 11,795 3,095 11,121 2,840 2,894 1,815 443 1,735 424 450 +6%
Slide 15: Cost reduction while strongly investing in technology
MIL-BVA362-03032014-90141/VR Cost reduction while strongly investing in technology Operating costs x €m -0.6% Cost/Income ratio, % 11,570 11,500 (166) 47 49 Increase mainly due to Increase mainly due to one-offs and acceleration of IT investments investments (e.g., Winter Olympic Games and training
Slide 16: Low Cost of risk with NPL inflows at historical lows
MIL-BVA362-03032014-90141/VR Low Cost of risk with NPL inflows at historical lows and stable overlays NPL inflows(1) from Performing loans Loan loss provisions Cost of risk € bn Net inflow(2) €m Additional provisions to favour de-risking and strengthen the bps Additional provisions to favour de-risk
Slide 17: Our excellent performance benefits all our stakeholders
MIL-BVA362-03032014-90141/VR Our excellent performance benefits all our stakeholders Shareholders Employees Net income, € bn ~35% of cash dividends (~€2.3bn) go directly to Personnel expenses, € bn Italian households and charitable foundations 9.3 7.0 FY25 FY25 ISP confirmed as Top Employer Europe 2
Slide 18: ISP is fully equipped to succeed in any scenario
MIL-BVA362-03032014-90141/VR ISP is fully equipped to succeed in any scenario… Resilient profitability, rock-solid capital position even in adverse scenarios, as shown in the EBA stress test, low leverage and strong liquidity Well-diversified and resilient business model, with revenues managed in an
Slide 19: … and is far better positioned than its peers
MIL-BVA362-03032014-90141/VR … and is far better positioned than its peers Fully phased-in CET1(1)/Total illiquid Contribution from Net fees and commissions Cost/Income ratio assets(1)(2) and Insurance income to Operating income %, 31.12.25 x Buffer vs 2026 requirements %, FY25 %, FY25 x Depreciatio
Slide 20: Unique Commissions-driven and efficient business model
MIL-BVA362-03032014-90141/VR Unique Commissions-driven and efficient business model, coupled with strong tech investments Cost/Income(1) Depreciation on Operating costs(3),% <10% 10%-12% >12% % (reverse scale) Peer average: 27.5%(2) 0 Peer 2 Peer 1 40 Peer 3 Peer 4 45 Peer 5 50 Peer 6 Peer 7 Peer av
Slide 21: Ready to deliver a ~€10bn Net income in 2026
MIL-BVA362-03032014-90141/VR Ready to deliver a ~€10bn Net income in 2026 Increase in revenues, mainly driven by 2026 Net income Guidance Commissions and Insurance income € bn ~10 Stable Costs Significant decline in provisions 2026 Net income ▪ Growth in DPS and EPS Increase in tax rate (due to Ital
Slide 22: Contents
MIL-BVA362-03032014-90141/VR Contents Key messages FY25: the best year ever Appendix: 2022-2025 Business Plan successfully completed 21
Slide 23: FY25: €9.3bn Net income, while paving the way
MIL-BVA362-03032014-90141/VR FY25: €9.3bn Net income, while paving the way to succeed in the coming years FY25 P&L; € m Non-motor P&C revenues at €703m (+12% vs ~€935m provisions/write-downs to ~+€670m DTA ~€60m in costs to FY24), €765m including credit-linked products favour de-risking and strength
Slide 24: 4Q25: best quarter ever for Commissions
MIL-BVA362-03032014-90141/VR 4Q25: best quarter ever for Commissions and >€1bn Pre-tax profit allocated to succeed in the future 4Q25 P&L; € m Non-motor P&C revenues at €176m (+10% vs ~€905m provisions/write-downs to ~+€670m DTA ~€60m in costs to 4Q24), €188m including credit-linked products favour
Slide 25: ISP is a proven delivery machine with Net income growing since 2013
MIL-BVA362-03032014-90141/VR ISP is a proven delivery machine with Net income growing structurally since 2013 Net income €m Impact of provisions/write-downs for Russia-Ukraine exposure >€1bn Pre-tax profit allocated to succeed in the coming years (€0.7bn net of taxes) 9,321 8,666 +8% 7,724 5,524 3,9
Slide 26: Net interest income trend breakdown
MIL-BVA362-03032014-90141/VR Net interest income trend breakdown Net interest income – Yearly comparison Net interest income – Quarterly comparison € m, FY25 vs FY24 % Euribor 1M (average data) € m, 4Q25 vs 3Q25 % Euribor 1M (average data) 15,718 37 3,680 17 3,684 248 14,796 (8) (5) (1,207) Comm
Slide 27: A Wealth Management, Protection & Advisory leader
MIL-BVA362-03032014-90141/VR A Wealth Management, Protection & Advisory leader, with ~€1.5 trillion in Customer financial assets, growing further in Q4 Customer financial assets(1) € bn +€27.0bn(2) 584.5 573.2 600.2 Direct deposits +€75bn(2) 31.12.24 30.9.25 31.12.25(2) 1,457.2 +€8.8bn 1,382.2 1,411
Slide 28: The best year and best quarter ever for Commissions
MIL-BVA362-03032014-90141/VR The best year and best quarter ever for Commissions … and significant growth in additional Commissions(1) Record-high year for Commissions… … with Q4 being the best quarter ever… generated by 360-degree advisory services €m Commissions from Management, €m Commissions fro
Slide 29: Strong contribution to Group P&L from Wealth Management
MIL-BVA362-03032014-90141/VR Strong contribution to Group P&L from Wealth Management, with growing AuM inflows Strong contribution from Wealth Management… … with growing AuM net inflow % of % of FY25 Gross income(1)income(1) 25 Gross € bn x AuM gross inflow, € bn 15.0 Wealth International Management
Slide 30: The best year and best Q4 ever for Insurance income
MIL-BVA362-03032014-90141/VR The best year and best Q4 ever for Insurance income, driven by P&C Strong increase in Insurance income… … with growing P&C contribution(1), driven by the Non-motor business €m x Q4 €m Non-motor % As a % of Net fees and commissions + Insurance income Motor/Credit-linked p
Slide 31: Best-in-class contribution from Commissions and Insurance income
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) % 57 43 35 32 32 30 28 26 Peer average: 25 25 27% 22 21 20 20 13 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 ISP Peer 2 Peer
Slide 32: Cost reduction with high flexibility for further decrease
MIL-BVA362-03032014-90141/VR Cost reduction with high flexibility for further decrease Operating costs €m x Cost/Income ratio, % -4.0% excluding the impact of national labour contract renewal Total Operating costs 7,185 7,019 Personnel -2.3% -2.2% excluding the impact of national labour contract cos
Slide 33: Best-in-class Cost/Income ratio in Europe
MIL-BVA362-03032014-90141/VR Best-in-class Cost/Income ratio in Europe Cost/Income ratio(1) % 77.6 62.3 62.4 56.0 57.4 57.5 54.0 55.2 Peer average: 51.6 52.6% 49.8 44.1 45.0 42.2 42.2 36.8 37.5 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 ISP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer
Slide 34: NPL coverage among the best in Europe
MIL-BVA362-03032014-90141/VR NPL coverage among the best in Europe NPL coverage(1) % 52.5 49.6 48.6 48.6 45.4 44.6 43.8 42.8 Peer average: 42.0% 34.6 31.1 27.0 Peer 10 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 Transparency Exercise. Sample: De
Slide 35: ISP is among the best banks in Europe for Stage loans
MIL-BVA362-03032014-90141/VR ISP is among the best banks in Europe for Stage 2 loans Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 144 72 65 64 52 44 41 32 28 14 12% 7% 10% 7% 11% 10% 9% 8% 6% 4% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 31.12.25 (1) Including only ba
Slide 36: Almost zeroed Russia exposure
MIL-BVA362-03032014-90141/VR Almost zeroed Russia exposure 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 0.4 0.3 0.2 <0.1 0.0 30.6.22 31.12.24 31.12.25 30.6.22 31
Slide 37: Rock-solid capital base, with strong organic capital generation
MIL-BVA362-03032014-90141/VR Rock-solid capital base, with strong organic capital generation CET1 ratio evolution %, bps x Q4 evolution ISP 2026 fully loaded requirements SREP + combined buffer +>125bps DTA and valuation reserves ~14.9% including ~(225) additional ~100bps ~13.3% >12.8% ~305 14.1% >1
Slide 38: ISP is a clear winner of the EBA stress test
MIL-BVA362-03032014-90141/VR ISP is a clear winner of the EBA stress test thanks to its well-diversified and resilient business model 2027 adverse scenario impact on transitional CET1 ratio(1) bps 677 481 396 378 Peer average: 346bps 308 279 281 290 186 187 62 Peer 10 ISP Peer 1 Peer 2 Peer 3 Peer 4
Slide 39: Best-in-class MREL and sound liquidity position
MIL-BVA362-03032014-90141/VR Best-in-class MREL and sound liquidity position MREL(1) Liquidity ratios Liquid assets(6) %, 31.12.25 %, requirement %, 31.12.25 2025 Business Plan target € bn Other reserves HQLA x Buffer vs requirement 37.3% and 21.7% 38.1 respectively, taking 140 286 295 into account
Slide 40: Continued ESG commitment…
MIL-BVA362-03032014-90141/VR Continued 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 31.12.25 (2022-2025) targets Unparalleled support to Expanding food and shelter program for address social
Slide 41: … 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 31.12.25 (2022-2025) targets New lending to support the green economy, circular economy and ecological transit
Slide 42: Contents
MIL-BVA362-03032014-90141/VR Contents Key messages FY25: the best year ever Appendix: 2022-2025 Business Plan successfully completed 41
Slide 43: 2022-2025 Business Plan successfully completed
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed 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-class
Slide 44: Massive upfront de-risking, slashing Cost of risk
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Massive upfront de-risking, slashing Cost of risk Key highlights ▪ Massive deleveraging with €7.7bn gross NPL stock reduction in 2022-2025, reducing Net NPL ratio to 0.8%(1) and overdelivering on Business Plan target ▪ Focus
Slide 45: Structural Cost reduction, enabled by technology
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Structural Cost reduction, enabled by technology Key highlights ▪ operational with ~470 dedicated specialists ▪ Continuous extension of the platform to the entire Group, in particular for the Private Banking Division ▪ Insou
Slide 46: Our tech transformation is accelerating and operating successfully
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed 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 to
Slide 47: Tech transformation accelerating with 64% of applications cloud-based
MIL-BVA362-03032014-90141/VR Mooney Enel 2022-2025 Business Plan successfully completed Tech transformation accelerating with 64% of applications already cloud-based : our cloud-native … already successfully … being progressively extended Applications already cloud-based tech backbone… deployed thro
Slide 48: Cloud-native Modular Secure
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed : 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 technolo
Slide 49: A new digital bank delivered in 12 months and chosen by >1m clients
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed A new digital bank delivered in 12 months and already chosen by >1m clients … and gaining strong Unique digital customer experience… … already chosen by >1m clients… momentum Accounts opened by new customers <3 minutes k#(3)
Slide 50: Product offering broader and more innovative than digital challengers
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Product offering broader and more innovative than digital challengers Product offering broader than digital challengers(1) Product catalogue Peer 1 Peer 2 Peer 3 Peer 4 Debit cards Cards in eco-sustainable Cards material EU
Slide 51: AI program at scale with strong benefits for the Group
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed 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 cases,
Slide 52: Growth in Commissions, driven by Wealth Management (1/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/7) Fully-owned product factories under a single oversight unit enabling Distinctive advisory networks and top-notch digital tools quick time-to-mar
Slide 53: Growth in Commissions, driven by Wealth Management (2/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/7) Unmatched client advisory network through Private Banking, Sizeable amount of Direct deposits and Assets under Banca dei Territori and IBD admin
Slide 54: Growth in Commissions, driven by Wealth Management (3/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/7) Key highlights ▪ Direct Advisory - as part of our digital offering - up and running, allowing customers to build investment portfolios with the
Slide 55: Growth in Commissions, driven by Wealth Management (4/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/7) Key highlights ▪ As part of the international development strategy, the strengthening of operational platforms is underway. Started a project to
Slide 56: Growth in Commissions, driven by Wealth Management (5/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (5/7) Key highlights ▪ Developed commercial initiatives to support clients in different sectors to optimise the incorporation of European and Italian
Slide 57: Growth in Commissions, driven by Wealth Management (6/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (6/7) A unique Digital Wealth Platform for customers seeking to invest remotely in listed markets and asset management products enabled by state-of-th
Slide 58: Growth in Commissions, driven by Wealth Management (7/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Growth in Commissions, driven by Wealth Management, Protection & Advisory (7/7) An innovative wealth management … Intesa Sanpaolo has developed … to expand the European Digital concept… together with BlackRock… Wealth Manage
Slide 59: Significant ESG commitment (1/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed 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 I
Slide 60: Significant ESG commitment (2/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed 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 2025: ‒ ~750,000 visitors, free
Slide 61: Significant ESG commitment (3/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5) Innovation projects: 258 innovation projects released in 2025 by Intesa Sanpaolo Innovation Center (ISPIC) for a tota
Slide 62: Significant ESG commitment (4/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5) ▪ Emissions reduction(1) : – From 2022 to 2024 the Group set 2030 targets for the 10 most-emitting sectors(2) within
Slide 63: Significant ESG commitment (5/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5) ▪ €89.4bn disbursed in the period 2021-2025(1) out of the €76bn in new lending available for the green economy, circu
Slide 64: Leading ESG position in the main sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Leading ESG position in the main sustainability indexes and rankings Top ranking for Sustainability(1) The only Italian bank included in the Dow A AAA 89 (2) 8.1 Jones Best-in-Class Indices in 2025 and in 88 9.0 A AAA CDP Cl
Slide 65: Our People are our most important asset
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan successfully completed Our People are our most important asset Key highlights ▪ ~5,900 professionals hired since 2021 ▪ ~9,325 people reskilled and ~56m training hours delivered since 2022 ▪ ~325 talents have completed their development path as pa
Slide 66: Detailed information
2025 Results Detailed information
Slide 67: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 2025 31.12.25 Operating income 27,270 Loans to customers 425,033 Operating costs (11,500) Customer financial assets(1) 1,457,175 Cost/Income ratio 42.2% of which Direct deposits from banking business 600,199 Operating margin 15,770 of
Slide 68: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 67
Slide 69: 2025 vs 2024: the best year ever
MIL-BVA362-03032014-90141/VR 2025 vs 2024: the best year ever while paving the way to succeed in the coming years €m 2024 2025 % Net interest income 15,718 14,796 (5.9) Net fee and commission income 9,386 9,980 6.3 Income from insurance business 1,735 1,815 4.6 Profits on financial assets and liabi
Slide 70: Q4 vs Q3: best quarter ever for Commissions
MIL-BVA362-03032014-90141/VR Q4 vs Q3: best quarter ever for Commissions and >€1bn Pre-tax profit allocated to succeed in the future €m 3Q25 4Q25 % Net interest income 3,680 3,684 0.1 Net fee and commission income 2,444 2,652 8.5 Income from insurance business 450 443 (1.6) Profits on financial ass
Slide 71: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net interest income 3,947 4,028 3,942 3,801 3,632 3,800 3,680 3,684 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 2,444 2,652 Income from insurance business 455 448 408 424 462 460 450 443 Profi
Slide 72: 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) -5.9% 15,718 37 248 14,796 (1,207) +0.1% Commercial 3,680 17 3,684 component (8) (5) Commercial component 3Q25 Volumes Spread Financial 4Q25 2024 Volumes
Slide 73: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m % 4Q25 vs 4Q24 and 3Q25 €m % 2025 vs 2024 9,386 9,980 2,416 2,444 2,652 4Q24 3Q25 4Q25 2024 2025 +9.8 +8.5 +6.3 ▪ Best quarter ever ▪ Record-high year ▪ Growth vs 4Q24 driven by Commissions from Mana
Slide 74: 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 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Guarantees given / received 48 50 44 45 38 43 43 41 187 165 Collection and payment services 167 178 178 188 170 176 165 192 7
Slide 75: Income from insurance business
MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m % 4Q25 vs 4Q24 and 3Q25 €m % 2025 vs 2024 1,735 1,815 424 450 443 4Q24 3Q25 4Q25 2024 2025 +4.5 (1.6) +4.6 ▪ The best Q4 ever ▪ The best year ever ▪ 10% growth vs 4Q24 in Non-motor P&C revenues(1) a
Slide 76: 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 % 4Q25 vs 4Q24 and 3Q25 €m % 2025 vs 2024 691 256 81 58 5 4Q24 3Q25 4Q25 2024 2025 n.m. (28.4) +169.9 Contributions by activity 4Q24 3Q25 4Q25 2024 2025 Customers 95 100 8
Slide 77: Operating costs
MIL-BVA362-03032014-90141/VR Operating costs Quarterly analysis Yearly analysis % 4Q25 vs 4Q24 and 3Q25 % 2025 vs 2024 Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 11,570 11,500 3,584 3,544 7,185 7,019 2,285 2,164 2,714 1,666 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 202
Slide 78: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m % 4Q25 vs 4Q24 and 3Q25 €m % 2025 vs 2024 Additional provisions to favour de-risking Additional provisions to favour de-risking and strengthen the Balance sheet and strengthen the Balance sheet 1,745 1,27
Slide 79: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 78
Slide 80: ~€1.5 trillion in Customer financial assets, growing further in Q4
MIL-BVA362-03032014-90141/VR ~€1.5 trillion in Customer financial assets, growing further in Q4 % 31.12.25 vs 31.12.24 and 30.9.25 Customer financial assets(1) Direct deposits from banking business € bn € bn 1,382 1,411 1,457 585 573 600 31.12.24 30.9.25 31.12.25(2) 31.12.24 30.9.25 31.12.25(2) +5
Slide 81: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.12.25 ~75% Households % Percentage of total ~25% Corporates Wholesale(1) Retail 600 Current accounts 20 389 and deposits Repos and 31 - securities lending 456 Senior bonds(2) 32 7 Covered bonds 30 -
Slide 82: Strong funding capability: broad access to international markets
MIL-BVA362-03032014-90141/VR Strong funding capability: broad access to international markets 2026-2028 MLT maturities Main wholesale issues € bn Wholesale 18 Retail 2024 17 16 ◼ €2bn dual-tranche senior preferred, €1bn AT1, €1.5bn senior non-preferred and €1.25bn Tier 2 placed. On average 86% deman
Slide 83: High liquidity: LCR and NSFR well above regulatory requirements
MIL-BVA362-03032014-90141/VR High liquidity: LCR and NSFR well above regulatory requirements 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 % 286 295 264 207 211 214 111 118 111 80 82 86
Slide 84: Rock-solid and significantly increased capital base
MIL-BVA362-03032014-90141/VR Rock-solid and significantly increased capital base Fully phased-in Common equity ratio Fully phased-in Tier 1 ratio Fully phased-in Total capital ratio After €6.5bn dividends in 2025(1) After €6.5bn dividends in 2025(1) After €6.5bn dividends in 2025(1) % % % 18.7% taki
Slide 85: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 84
Slide 86: Non-performing loans: Bad loans reset to near zero
MIL-BVA362-03032014-90141/VR Non-performing loans: Bad loans reset to near zero x Gross NPL ratio, % x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL Net NPL € bn € bn 31.12.24 30.9.25 31.12.25 31.12.24 30.9.25 31.12.25 Bad loans 3.5 4.1 2.4 Bad loans 1.1 1.3 0.8 - o
Slide 87: Non-performing loans coverage
MIL-BVA362-03032014-90141/VR Non-performing loans coverage Cash coverage; % Total NPL(1) Bad loans reset to near zero 49.5 51.1 48.6 31.12.24 30.9.25 31.12.25 Bad loans Unlikely to pay Past due Reset to near zero 68.0 67.2 67.3 39.8 40.8 40.8 29.8 30.6 28.8 31.12.24 30.9.25 31.12.25 31.12.24 30.9.25
Slide 88: 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 16.4 Impact from the acquisition of Impact from the acquisition of 15.5 the two former Venetian banks the two former
Slide 89: 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 1,025 793 744 3Q24 4Q24 3Q25 4Q25 Bad loans Unlikely to pay Past due 937 763 405 371 371 353 275 215 20 47 17 17 3Q24 4Q24 3Q25 4Q25 3Q24 4Q24 3Q25 4Q25 3Q24 4Q24 3Q25 4Q25 Note:
Slide 90: 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 1,092 806 503 549 3Q24 4Q24 3Q25 4Q25 Bad loans Unlikely to pay Past due 850 585 211 326 322 179 231 180 16 41 11 (2) 3Q24 4Q24 3Q25 4Q25 3Q24 4Q24 3Q25 4Q25 3Q24 4Q24 3Q25 4Q25 Note: figur
Slide 91: 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 31.12.25) Breakdown by economic business sector Repos, Capital markets and 31.12.25 Institutional Clients Public Admin
Slide 92: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 91
Slide 93: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.12.25 Divisions IMI Corporate Banca dei Corporate & International Private Asset Insurance(4) Centre / Total Territori Investment Banks(1) Banking(2) Management(3) Others(5) Banking Wealth Management Divisions Operating income
Slide 94: Banca dei Territori: 2025 vs 2024
MIL-BVA362-03032014-90141/VR Banca dei Territori: 2025 vs 2024 €m 2024 2025 % Net interest income 6,854 6,890 0.5 Net fee and commission income 4,881 5,161 5.7 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 120 201 67.5 Other operating income (expe
Slide 95: Banca dei Territori: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q4 vs Q3 €m 3Q25 4Q25 % Net interest income 1,698 1,731 1.9 Net fee and commission income 1,266 1,336 5.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 95 216.0 Other operating income (expenses)
Slide 96: IMI Corporate & Investment Banking: 2025 vs 2024
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 2025 vs 2024 €m 2024 2025 % Net interest income 3,075 3,062 (0.4) Net fee and commission income 1,286 1,318 2.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (402) 444 n.m. Other ope
Slide 97: IMI Corporate & Investment Banking: Q4 vs Q3
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q4 vs Q3 €m 3Q25 4Q25 % Net interest income 778 783 0.6 Net fee and commission income 324 389 20.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 64 (35) n.m. Other operating income (
Slide 98: International Banks: 2025 vs 2024
MIL-BVA362-03032014-90141/VR International Banks: 2025 vs 2024 €m 2024 2025 % Net interest income 2,525 2,439 (3.4) Net fee and commission income 648 738 13.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 134 149 11.2 Other operating income (expen
Slide 99: International Banks: Q4 vs Q3
MIL-BVA362-03032014-90141/VR International Banks: Q4 vs Q3 €m 3Q25 4Q25 % Net interest income 607 609 0.3 Net fee and commission income 177 197 11.4 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 32 5.5 Other operating income (expenses) (16) (20
Slide 100: Private Banking: 2025 vs 2024
MIL-BVA362-03032014-90141/VR Private Banking: 2025 vs 2024 €m 2024 2025 % Net interest income 1,181 1,100 (6.9) Net fee and commission income 2,094 2,247 7.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 60 80 33.3 Other operating income (expenses
Slide 101: Private Banking: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Private Banking: Q4 vs Q3 €m 3Q25 4Q25 % Net interest income 279 283 1.7 Net fee and commission income 557 558 0.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 16 23 46.2 Other operating income (expenses) 6 (3) n.m. O
Slide 102: Asset Management: 2025 vs 2024
MIL-BVA362-03032014-90141/VR Asset Management: 2025 vs 2024 €m 2024 2025 % Net interest income 61 42 (31.1) Net fee and commission income 895 966 7.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 2 100.0 Other operating income (expenses) 48 48 0
Slide 103: Asset Management: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Asset Management: Q4 vs Q3 €m 3Q25 4Q25 % Net interest income 10 11 5.9 Net fee and commission income 223 314 41.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 1 (34.5) Other operating income (expenses) 14 10 (28.4)
Slide 104: Insurance: 2025 vs 2024
MIL-BVA362-03032014-90141/VR Insurance: 2025 vs 2024 €m 2024 2025 % Net interest income 0 0 n.m. Net fee and commission income 4 4 0.0 Income from insurance business 1,716 1,808 5.4 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) 0 (6) n.m. Opera
Slide 105: Insurance: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Insurance: Q4 vs Q3 €m 3Q25 4Q25 % Net interest income (0) 0 n.m. Net fee and commission income 1 1 14.7 Income from insurance business 449 441 (1.8) Profits on financial assets and liabilities at fair value 0 0 (14.5) Other operating income (expenses) (3) 3 n.m. Operat
Slide 106: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 2025 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 18% 1 Loans 17.5 Insurance(*) 7% Banca 1 Deposits(3) 20.5 46% dei Territori 1 Asset Management(4) 21.2 13% Private
Slide 107: International Banks by country
MIL-BVA362-03032014-90141/VR International Banks by country Data as at 31.12.25 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania(*) Moldova Ukraine(**) Egypt Operating income (€ m) 409 810 153 660 54 519 80 122 17 13 2,836 437 3,273 12.0% Operating costs
Slide 108: 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 61,960 60,823 6,569 129,352 388,955 Austria 727 1,817 14 2,558 176 Belgium 4,379 5,308 230 9,917 883 Bulgaria 0 48 1 49 9 Croatia 1,896 260 38 2,194 10,
Slide 109: 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 47,176 44,498 2,883 94,557 11,636 Austria 618 1,542 0 2,160 0 Belgium 4,050 5,043 50 9,143 0 Bulgaria 0 48 0 48 0 Croatia 1,689 245 38 1,97
Slide 110: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total(3) EU Countries 4,370 10,177 2,596 17,143 25,151 Austria 109 245 12 366 57 Belgium 266 211 180 657 201 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 128 Cyprus 0 0 24 24 0 Czec
Slide 111: 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 10,414 6,148 1,090 17,652 352,168 Austria 0 30 2 32 119 Belgium 63 54 0 117 682 Bulgaria 0 0 1 1 9 Croatia 207 15 0 222 8,925 Cyprus 0 0 0
Slide 112: 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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