Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — 1H26 Earnings Presentation
102 slides from Intesa Sanpaolo's earnings presentation, Jul 29, 2026
Slide 1: 1H26 Results
1H26 Results The best six months and the best quarter ever: 2026 Net income guidance upgraded to >€10bn Ready to trigger additional growth Leader in Wealth Management Europe’s most resilient Bank, with a sustainable >20% ROE Protection & Advisory July 29, 2026
Slide 2: 1H26 Results: excellent performance…
MIL-BVA362-03032014-90141/VR 1H26 Results: excellent performance… Net income, the best six months and best quarter ever, with record- €5.6bn high revenues, Commissions and Insurance income Best-in-class profitability 20% Annualised ROE, with 25% annualised ROTE Effective cost management 35.9% Lowest
Slide 3: … with the best six-month and quarterly Net income ever
MIL-BVA362-03032014-90141/VR … with the best six-month and quarterly Net income ever Net income €m Net impact of provisions/ write-downs for Russia-Ukraine exposure 5,554 5,216 +6% 4,766 4,222 3,107 3,268 3,023 2,419 2,566 2,004 2,179 2,266 1,588 1,690 1,707 1,738 1,402 1,274 720 2,346 422 1H07(1) 1
Slide 4: High and sustainable value creation and distribution…
MIL-BVA362-03032014-90141/VR High and sustainable value creation and distribution… Best-in-class and sustainable ROE/ROTE… … with significant growth in EPS, DPS and TBVPS ROTE(1), % x ROE(2), % Half-yearly EPS(3), € cents x Accrued DPS, € cents x Tangible book value per share(4), € 24 25 32.0 29.4 +
Slide 5: … with significant growth in Loans to customers, Direct deposits and Customer financial assets
MIL-BVA362-03032014-90141/VR … with significant growth in Loans to customers, Direct deposits and Customer financial assets Loans to customers Direct deposits Customer financial assets € bn € bn € bn x Assets under management +5% excluding 1,511.4 1,442.9 NPLs 1,390.6 +9% 600.2 612.3 429.8 437.1 570
Slide 6: 2026 Net income guidance upgraded to >€10bn
MIL-BVA362-03032014-90141/VR 2026 Net income guidance upgraded to >€10bn 2026 guidance 1H26 Results 2026 standalone Net income guidance upgraded € bn Increase in revenues, mainly driven by +5.3% Commissions and Insurance income vs 1H25 >€10bn ~€10bn -0.7% Stable Costs vs 1H25 LLPs Significant declin
Slide 7: 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 (~€1.5bn) go directly to Personnel expenses, € bn Italian households and to charitable foundations 5.6 3.2 1H26 1H26 ISP confirmed as Top Employer Europ
Slide 8: 2026-2029 Business Plan proceeding at full speed
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed Our People are the most important asset Cost reduction Revenue growth Low Cost of risk 1 Global Advisors network at scale 1 Extension of 1 Reset of Bad loans Strengthening of Private Banking 2 leadership Enhancement of ful
Slide 9: Contents
MIL-BVA362-03032014-90141/VR Contents 1H26: the best six months ever ISP is fully equipped to succeed in any scenario Combination with Banca Monte dei Paschi di Siena Final remarks Appendix 8
Slide 10: The best six months and quarter ever
MIL-BVA362-03032014-90141/VR The best six months and quarter ever €5.6bn Net income in H1 (+6% vs 1H25) and €2.8bn Net income in Q2 (+7% vs 2Q25), the best six months and quarter ever €5.3bn accrued in H1 for distribution (including €4.2bn cash dividends, of which ~€3.8bn to be paid in November(1))
Slide 11: 1H26: €5.6bn Net income with increased Revenues and Cost reduction
MIL-BVA362-03032014-90141/VR 1H26: €5.6bn Net income with increased Revenues and Cost reduction 1H26 P&L; € m Non-motor P&C revenues at €368m (+7% vs 1H25), €417m including motor and credit-linked products 905 44 14,533 Stable overlays and high/increased 1.9pp tax rate increase 973 5,131 NPL coverag
Slide 12: 2Q26: €2.8bn Net income, the best quarter ever
MIL-BVA362-03032014-90141/VR 2Q26: €2.8bn Net income, the best quarter ever 2Q26 P&L; € m Non-motor P&C revenues at €173m (+5% vs 2Q25), €202m including motor and credit-linked products 400 22 7,379 497 2,616 (1,605) (727) 4,726 (321) 4,278 (258) (190) 3,844 (1,393) 2,793 (92) income/expenses charge
Slide 13: 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) 7,432 7,480 +€48m Net interest income 1H25 1H26 14,533 4,891 5,131 13,795 +€738m +€240m Net fees and commissions f(x) 1H25(1) 1H26 922 973 +€51m Insurance
Slide 14: Net interest income growth despite Euribor decline…
MIL-BVA362-03032014-90141/VR Net interest income growth despite Euribor decline… Net interest income – Half-yearly comparison €m % Euribor 1M (average data) +€48m 7,432 7,364 7,480 1H25 2H25 1H26 +2.35 +1.90 +1.99 -36bps 2026 Net interest income guidance raised to well above €15bn 13
Slide 15: … with strong acceleration in Q2, mainly thanks to the commercial component
MIL-BVA362-03032014-90141/VR … with strong acceleration in Q2, mainly thanks to the commercial component Net interest income – Quarterly comparison Net interest income – Half-yearly comparison € m, 1Q26 vs 2Q26 % Euribor 1M (average data) € m, 1H25 vs 1H26 % Euribor 1M (average data) +€208m +€48
Slide 16: Best six months and Q2 ever for Commissions and record-high Insurance income
MIL-BVA362-03032014-90141/VR Best six months and Q2 ever for Commissions and record-high Insurance income Growth in Commissions and Insurance income… … with excellent Q2 performance… … and growing AuM inflows €m Insurance income €m Insurance income Gross AuM inflows, € bn Net fees and commissions Ne
Slide 17: Strong growth in Commissions on a yearly and quarterly basis despite market volatility
MIL-BVA362-03032014-90141/VR Strong growth in Commissions on a yearly and quarterly basis despite market volatility … and significant growth in additional Strong increase in Commissions in H1… … with Q2 up strongly YoY and QoQ… Commissions(1) from 360-degree advisory services €m Commissions from Man
Slide 18: Best six months and quarter ever for Insurance income, driven by P&C
MIL-BVA362-03032014-90141/VR Best six months and quarter ever for Insurance income, driven by P&C Best six months and quarter ever for Insurance income… … with growing P&C contribution(1), driven by the Non-motor business €m x Q2 €m Non-motor % As a % of Net fees and commissions + Insurance income M
Slide 19: A Wealth Management, Protection & Advisory leader, with >€1.5tn in Customer financial assets
MIL-BVA362-03032014-90141/VR A Wealth Management, Protection & Advisory leader, with >€1.5tn in Customer financial assets, up €68bn in Q2 Customer financial assets(1) € bn +€42.2bn 570.2 600.2 612.3 +€120.7bn Direct deposits 1,511.4 30.6.25(2) 31.3.26 30.6.26 1,442.9 1,390.6 +€49.2bn 589.6 +€81.2bn
Slide 20: ~19,100 People fuelling Wealth Management & Protection activities
MIL-BVA362-03032014-90141/VR ~19,100 People fuelling Wealth Management & Protection activities Unmatched client advisory network through … supporting the strong contribution of Wealth Private Banking, Banca dei Territori and International Banks… Management & Protection to Gross income % of 1H26 Gros
Slide 21: Best-in-class contribution from Commissions and Insurance income to revenues
MIL-BVA362-03032014-90141/VR Best-in-class contribution from Commissions and Insurance income to revenues Contribution from Commissions and Insurance income to Operating income(1) % 55 42 37 34 31 30 27 27 Peer average: 25 28% 24 23 22 21 21 13 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 ISP Peer 1 Peer
Slide 22: Lowest-ever Cost/Income ratio with high flexibility for further Cost reduction
MIL-BVA362-03032014-90141/VR Lowest-ever Cost/Income ratio with high flexibility for further Cost reduction Cost/Income ratio % €m 13,795 14,533 Cost/Income ratio +5% -2.2pp Operating 38.1 35.9 income 1H25 1H26 f(x) 5,260 5,222 -1% Operating costs 1H25 1H26 1H25 1H26 €6bn IT investments already depl
Slide 23: Cost reduction while strongly investing in growth and technology
MIL-BVA362-03032014-90141/VR Cost reduction while strongly investing in growth and technology Operating costs €m Total Operating costs 3,192 3,180 Personnel -0.4% costs 5,260 5,222 -0.7% 1H25 1H26 1,360 1,358 Administrative -0.1% f(x) costs 1H25 1H26 708 684 Depreciation -3.4% 1H25 1H26 1H25 1H26 No
Slide 24: Our tech transformation is enabling generational change and significant efficiency gains
MIL-BVA362-03032014-90141/VR Our tech transformation is enabling generational change and significant efficiency gains Workforce evolution People, # x 1H26 ▪ ~1,600 exits from the agreements already signed with Italian Labour Unions(1) ▪ ~4,500 potential exits of People who applied to Focused on Incl
Slide 25: 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) % 69.3 60.6 55.3 55.5 55.8 56.5 53.3 53.8 Peer average: 49.3 49.3 50.7% 44.7 42.8 42.9 37.4 35.9 34.3 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 26: Lowest-ever half-yearly Cost of risk, with a strong increase in NPL coverage
MIL-BVA362-03032014-90141/VR Lowest-ever half-yearly Cost of risk, with a strong increase in NPL coverage Loan loss provisions Cost of risk NPL coverage €m bps; annualised % +1.5pp 505 428 24 48.6 50.1 20 1H25 1H26 1H25 1H26 31.12.25 30.6.26 Low Cost of risk, in line High and strongly €0.9bn overlay
Slide 27: Zero-NPL Bank status with high-quality origination and Bad loans reset to near zero
MIL-BVA362-03032014-90141/VR Zero-NPL Bank status with high-quality origination and Bad loans reset to near zero NPL stock NPL inflow(2) from Performing loans € bn Net NPL x Net NPL ratio(1), % € bn Net inflow(3) 1.0 0.8 9.9 1.5 1.4 8.0 1.3 1.2 4.9 Of which only 4.0 €0.9bn Bad loans 30.6.25 30.6.26
Slide 28: Rock-solid capital base, well above SREP requirements
MIL-BVA362-03032014-90141/VR Rock-solid capital base, well above SREP requirements CET1 ratio evolution %, bps x Q2 evolution ISP 2026 fully loaded requirements SREP + combined buffer >13.8% including >13.9% additional ~75bps ~(75) ~13.2% ~180 ~(175) ~13.1% from DTA absorption ~(35) ~25 10% 31.12.25
Slide 29: 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(5) %, 30.6.26 %, requirement %, 30.6.26 2029 Business Plan target € bn Other reserves HQLA x Buffer vs requirement 36.0 138 299 308 285 ~130 120 Buffer: 9.9 26.1 ~115 113 116 111 CBR(2
Slide 30: Contents
MIL-BVA362-03032014-90141/VR Contents 1H26: the best six months ever ISP is fully equipped to succeed in any scenario Combination with Banca Monte dei Paschi di Siena Final remarks Appendix 29
Slide 31: 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, low leverage and strong liquidity Well-diversified and resilient business model, with revenues managed in an integrated manner to create valu
Slide 32: … and is far better positioned than its peers…
MIL-BVA362-03032014-90141/VR … and is far better positioned than its peers… Contribution from Commissions and CET1(1)/Total illiquid assets(1)(2) Cost/Income ratio Insurance income to Operating income %, 30.6.26 x Buffer vs 2026 requirements %, 1H26 %, 1H26 SREP + combined buffer(3), bps, 30.6.26 58
Slide 33: … also thanks to a unique Commissions-driven and efficient business model
MIL-BVA362-03032014-90141/VR … also thanks to a unique Commissions-driven and efficient business model, coupled with strong tech investments Depreciation on Operating costs(3),% <10% 10%-12% >12% Cost/Income(1) % (reverse scale) Peer average: 28.0% 0 Peer 1 Peer 2 40 Peer 3 Peer 5 Peer 4 45 Peer 6 5
Slide 34: ISP can count on top-notch asset quality, with Bad loans reset to near zero…
MIL-BVA362-03032014-90141/VR ISP can count on top-notch asset quality, with Bad loans reset to near zero… Net NPL stock for the main European banks(1) € bn x Net NPL ratio(2) x Gross NPL ratio(2) 19.9 14.1 13.7 10.5 Only €0.9bn 8.9 Bad loans 7.8 6.5 6.4 4.0 3.5 2.4 1.8% 0.9% 1.3% 1.2% 1.0% 1.2% 1.3%
Slide 35: … a low level of Stage loans…
MIL-BVA362-03032014-90141/VR … a low level of Stage 2 loans… Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 128 82 -6% vs 62 59 31.12.25 49 48 44 30 30 14 11% 7% 7% 8% 10% 10% 9% 7% 6% 4% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 30.6.26 (1) Sample: Nordea, Santander a
Slide 36: … and a high level of NPL coverage
MIL-BVA362-03032014-90141/VR … and a high level of NPL coverage NPL coverage(1) % +1.5pp vs 31.12.25 55.7 50.1 48.5 48.0 45.9 45.5 42.7 41.2 Peer average: 42.0% 33.8 33.0 25.8 Peer 10 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 NPL coverage among the best in Europe (1) Sample: Nor
Slide 37: Russia exposure near zero
MIL-BVA362-03032014-90141/VR Russia exposure near zero 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 <0.1 0.0 30.6.22 30.6.26 30.6.22 30.6.26 No new financing
Slide 38: Italy’s strong fundamentals support the resilience of the economy…
MIL-BVA362-03032014-90141/VR Italy’s strong fundamentals support the resilience of the economy… Strong gross wealth (€13 trillion, of which €6 trillion in financial assets) paired with low debt level Low debt/high wealth Record-high deposits, with ~2% YoY growth expected over the 2026-2029 Business
Slide 39: … and Italian corporates are by far stronger than in the past
MIL-BVA362-03032014-90141/VR … and Italian corporates are by far stronger than in the past Italian corporates are far better capitalised than in the … with liquidity buffers at historical highs past… Financial Debt/Financial Debt + Equity, % Deposits/Loans to non-financial companies, % 45 70 42 62 3
Slide 40: Contents
MIL-BVA362-03032014-90141/VR Contents 1H26: the best six months ever ISP is fully equipped to succeed in any scenario Combination with Banca Monte dei Paschi di Siena Final remarks Appendix 39
Slide 41: Transaction structure
MIL-BVA362-03032014-90141/VR Transaction structure ISP to offer 16 newly issued ordinary shares for every 10 MPS shares tendered (1.6 exchange ratio) + Voluntary public tender and €1.0 cash for every MPS share tendered exchange Offer on all MPS ordinary shares (the “Offer”) ISP convened an EGM to ma
Slide 42: Consideration offered
MIL-BVA362-03032014-90141/VR Consideration offered The Offer envisages an exchange ratio of 1.6, plus €1.0 cash for every MPS share tendered, which implies a price of €10.091 for every MPS share, equal to a total consideration of €30.6bn(1) and represents: Exchange ratio ▪ A ~12.5% premium based on
Slide 43: ~80% MPS + Mediobanca Net income retained
MIL-BVA362-03032014-90141/VR ~80% MPS + Mediobanca Net income retained 2025 data, € bn Combined entity post MPS + Mediobanca Unipol Agreement(1) Operating income 27.3 7.6 33.0 P&L Operating costs (11.5) (3.5)(2) (13.9) Net income 9.3 2.4(3) 11.3 Customer financial 1,457 361 1,712 assets of which Dir
Slide 44: Fully on track to complete Tender and Exchange Offer by end of 2026
MIL-BVA362-03032014-90141/VR Fully on track to complete Tender and Exchange Offer by end of 2026 Delivery 8 June 2026 ISP’s notice pursuant to art. 102 27 June 2026 Offer Document filing 10 September ISP Shareholders’ Extraordinary General Meeting conferring mandate to the BoD for the capital increa
Slide 45: Contents
MIL-BVA362-03032014-90141/VR Contents 1H26: the best six months ever ISP is fully equipped to succeed in any scenario Combination with Banca Monte dei Paschi di Siena Final remarks Appendix 44
Slide 46: ISP delivered the best six months ever and is fully equipped to succeed in any scenario
MIL-BVA362-03032014-90141/VR ISP delivered the best six months ever and is fully equipped to succeed in any scenario 1H26, the best six months ever Fully equipped to succeed in any scenario ▪ €5.6bn Net income, the best six months ever ▪ Resilient profitability, rock-solid capital position (as also
Slide 47: 2026 Net income guidance upgraded to >€10bn
MIL-BVA362-03032014-90141/VR 2026 Net income guidance upgraded to >€10bn 2026 guidance 1H26 Results 2026 standalone Net income guidance upgraded € bn Increase in revenues, mainly driven by +5.3% Commissions and Insurance income vs 1H25 >€10bn ~€10bn -0.7% Stable Costs vs 1H25 LLPs Significant declin
Slide 48: Contents
MIL-BVA362-03032014-90141/VR Contents 1H26: the best six months ever ISP is fully equipped to succeed in any scenario Combination with Banca Monte dei Paschi di Siena Final remarks Appendix 47
Slide 49: 2026-2029 Business Plan proceeding at full speed (1/3)
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed, with key industrial initiatives well underway (1/3) NOT EXHAUSTIVE 1H26 Key highlights ✓ 2.0 rollout and extension ongoing, progressing towards legacy decommissioning to deliver structural IT Cost reduction ✓ 19 AI/GenAI/
Slide 50: 2026-2029 Business Plan proceeding at full speed (2/3)
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed, with key industrial initiatives well underway (2/3) NOT EXHAUSTIVE 1H26 Key highlights ✓ The Global Advisors network increased to ~2,400 People and ~100 Global Advisors offices in high-potential areas not covered by Exclu
Slide 51: 2026-2029 Business Plan proceeding at full speed (3/3)
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed, with key industrial initiatives well underway (3/3) NOT EXHAUSTIVE 1H26 Key highlights ✓ Bad loans reset to near zero Low Cost of ✓ Credit governance framework upgraded through newly-established strategic and operational
Slide 52: Leading ESG position: main sustainability ratings
MIL-BVA362-03032014-90141/VR Leading ESG position: main sustainability ratings MSCI ESG Rating S&P Global – ESG Score Range (best to worst): AAA to CCC Range (best to worst): 100 to 0 AAA AAA AAA AAA AAA AAA 87 AA AA AA AA AA AA AA AA AA AA 82 (1) (1) 73 71 69 68 63 61 59 58 58 57 55 52 52 47 Peer 1
Slide 53: A world-class position in Social Impact…
MIL-BVA362-03032014-90141/VR A world-class position in Social Impact… MAIN HIGHLIGHTS x Result achieved vs BP target Results achieved as 2026-2029 Business Plan 2026-2029 Business Plan main ESG initiatives at 30.6.26 targets Addressing the key Contribution to fight poverty systemic social and reduce
Slide 54: ... while supporting clients in the sustainable transition
MIL-BVA362-03032014-90141/VR ... while supporting clients in the sustainable transition MAIN HIGHLIGHTS x Result achieved vs BP target Results achieved as 2026-2029 Business Plan 2026-2029 Business Plan main ESG initiatives at 30.6.26 targets New MLT lending for the sustainable transition(1) €9.7bn
Slide 55: Detailed information
1H26 Results Detailed information Leader in Wealth Management Europe’s most resilient Bank, with a sustainable >20% ROE Protection & Advisory
Slide 56: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 1H26 30.6.26 Operating income 14,533 Loans to customers 437,125 Operating costs (5,222) Customer financial assets(1) 1,511,359 Cost/Income ratio 35.9% of which Direct deposits from banking business 612,345 Operating margin 9,311 of wh
Slide 57: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 56
Slide 58: 1H26 vs 1H25: the best six months ever with €5.6bn Net income
MIL-BVA362-03032014-90141/VR 1H26 vs 1H25: the best six months ever with €5.6bn Net income €m 1H25 1H26 ∆% Net interest income 7,432 7,480 0.6 Net fee and commission income 4,891 5,131 4.9 Income from insurance business 922 973 5.5 Profits on financial assets and liabilities at fair value 552 905 63
Slide 59: Q2 vs Q1: the best quarter ever with €2.8bn Net income
MIL-BVA362-03032014-90141/VR Q2 vs Q1: the best quarter ever with €2.8bn Net income €m 1Q26 1Q26 2Q26 2Q26 % ∆% Net interest income 3,636 3,844 5.7 Net fee and commission income 2,515 2,616 4.0 Income from insurance business 476 497 4.4 Profits on financial assets and liabilities at fair value 505
Slide 60: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Net interest income 3,632 3,800 3,680 3,684 3,636 3,844 Net fee and commission income 2,439 2,452 2,448 2,655 2,515 2,616 Income from insurance business 462 460 450 443 476 497 Profits on financial assets and liabilities at
Slide 61: 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) +€48m 7,432 77 158 7,480 +€208m (187) 3,636 68 67 73 3,844 Commercial component Commercial component 1Q26 Volumes Spread Financial 2Q26 1H25 Volumes Sprea
Slide 62: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m % 2Q26 vs 2Q25 and 1Q26 €m % 1H26 vs 1H25 4,891 5,131 2,452 2,515 2,616 2Q25 1Q26 2Q26 1H25 1H26 +6.7 +4.0 +4.9 ▪ Best Q2 ever ▪ Record-high six months ▪ Growth vs 2Q25 driven by Commissions from Man
Slide 63: Net fee and commission income: quarterly development breakdown
MIL-BVA362-03032014-90141/VR Net fee and commission income: quarterly development breakdown Net fee and commission income €m 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 Guarantees given / received 38 43 43 41 42 36 81 78 Collection and payment services 170 176 165 192 171 177 346 348 Current accounts 32
Slide 64: Income from insurance business
MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m % 2Q26 vs 2Q25 and 1Q26 €m % 1H26 vs 1H25 922 973 460 476 497 2Q25 1Q26 2Q26 1H25 1H26 +8.0 +4.4 +5.5 ▪ 2Q26, the best quarter ever ▪ The best six months ever ▪ 5% yearly growth in Non-motor P&C rev
Slide 65: 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 % 2Q26 vs 2Q25 and 1Q26 €m % 1H26 vs 1H25 905 505 400 552 287 2Q25 1Q26 2Q26 1H25 1H26 +39.4 (20.8) +63.9 Contribution by activity €m 2Q25 1Q26 2Q26 1H25 1H26 Customers 96
Slide 66: Operating costs
MIL-BVA362-03032014-90141/VR Operating costs Quarterly analysis Yearly analysis % 2Q26 vs 2Q25 and 1Q26 % 1H26 vs 1H25 Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 5,260 5,222 2,672 2,569 2,653 3,192 3,180 1,607 1,575 1,605 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 1H25
Slide 67: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m % 2Q26 vs 2Q25 and 1Q26 €m % 1H26 vs 1H25 505 428 281 258 170 2Q25 1Q26 2Q26 1H25 1H26 (8.2) +51.8 (15.2) ▪ Strong increase in NPL coverage (+1.5pp vs 31.12.25) ▪ Annualised Cost of credit at 20bps ▪ €0.9
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: >€1.5 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR >€1.5 trillion in Customer financial assets % 30.6.26 vs 30.6.25 and 31.3.26 Customer financial assets(1) Direct deposits from banking business € bn 1,511 € bn 1,391 1,443 570 600 612 30.6.25(2) 31.3.26 30.6.26 30.6.25(2) 31.3.26 30.6.26 +8.7 +4.7 +7.4 +2.0 ▪ €121bn in
Slide 70: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 30.6.26 ~75% Households % Percentage of total ~25% Corporates Wholesale Retail 612 Current accounts 23 389 and deposits Repos and 41 - securities lending 456 Senior bonds(1) 34 5 156 Covered bonds 28 -
Slide 71: 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 17 Wholesale 16 Retail 2025 ◼ €0.5bn Tier 2, €1bn AT1 and €0.5bn covered bond placed. On average(2) 86% 10 10 demand from foreign investors; orderbooks av
Slide 72: 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) with Central Banks(2) (net of haircuts) € bn Other reserves HQLA € bn Other reserves HQLA 299 308 285 209 206 213 116 113 111 79 83 82 174 182 195 130 123 131 30
Slide 73: Rock-solid capital base
MIL-BVA362-03032014-90141/VR Rock-solid capital base Common equity ratio Tier 1 ratio Total capital ratio €5.3bn accrued in H1 for distribution, of which €4.2bn cash dividends €5.3bn accrued in H1 for distribution, of which €4.2bn cash dividends €5.3bn accrued in H1 for distribution, of which €4.2bn
Slide 74: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 73
Slide 75: 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 30.6.25 31.3.26 30.6.26 30.6.25 31.3.26 30.6.26 Bad loans 3.9 2.6 2.9 Bad loans 1.3 0.8 0.9 - of wh
Slide 76: Non-performing loans coverage: sizeable and strongly increased
MIL-BVA362-03032014-90141/VR Non-performing loans coverage: sizeable and strongly increased Cash coverage; % Total NPL(1) Bad loans reset to near zero 48.6 49.5 50.1 31.12.25 31.3.26 30.6.26 Bad loans Unlikely to pay Past due 67.3 68.6 69.2 40.8 40.6 40.6 28.8 29.3 29.9 31.12.25 31.3.26 30.6.26 31.1
Slide 77: Non-performing loans inflows at historical lows
MIL-BVA362-03032014-90141/VR Non-performing loans inflows at historical lows Gross inflow of new NPL(1) from Performing loans Net inflow of new NPL(1) from Performing loans € bn € bn Impact from the acquisition of Impact from the acquisition of the two former Venetian banks the two former Venetian b
Slide 78: 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 Of which €797m in Q2 1,456 1,385 1H25 1H26 Bad loans Unlikely to pay Past due Of which €471m in Q2 Of which €300m in Q2 791 793 635 547 Of which €26m in Q2 30 45 1H25 1H26 1H25 1H26 1H2
Slide 79: 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 Of which €683m in Q2 1,272 1,180 1H25 1H26 Bad loans Unlikely to pay Past due Of which €392m in Q2 Of which €275m in Q2 681 652 576 497 Of which €16m in Q2 15 31 1H25 1H26 1H25 1H26 1H25 1H
Slide 80: 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 30.6.26) Breakdown by economic business sector Repos, Capital markets and 30.6.26 Institutional Clients Public Adminis
Slide 81: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 80
Slide 82: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 30.6.26 Divisions 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 Operatin
Slide 83: Banca dei Territori: 1H26 vs 1H25
MIL-BVA362-03032014-90141/VR Banca dei Territori: 1H26 vs 1H25 €m 1H25 1H26 ∆% Net interest income 3,421 3,447 0.8 Net fee and commission income 2,559 2,620 2.4 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 75 136 81.3 Other operating income (expen
Slide 84: Banca dei Territori: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q2 vs Q1 €m 1Q26 2Q26 ∆% Net interest income 1,699 1,748 2.9 Net fee and commission income 1,311 1,309 (0.1) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 31 105 239.6 Other operating income (expens
Slide 85: IMI Corporate & Investment Banking: 1H26 vs 1H25
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 1H26 vs 1H25 €m 1H25 1H26 ∆% Net interest income 1,501 1,582 5.4 Net fee and commission income 604 692 14.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 415 686 65.3 Other operating
Slide 86: IMI Corporate & Investment Banking: Q2 vs Q1
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q2 vs Q1 €m 1Q26 2Q26 ∆% Net interest income 761 821 7.9 Net fee and commission income 315 377 19.7 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 450 235 (47.7) Other operating income
Slide 87: International Banks: 1H26 vs 1H25
MIL-BVA362-03032014-90141/VR International Banks: 1H26 vs 1H25 €m 1H25 1H26 ∆% Net interest income 1,223 1,181 (3.4) Net fee and commission income 364 378 3.8 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 86 86 0.0 Other operating income (expenses)
Slide 88: International Banks: Q2 vs Q1
MIL-BVA362-03032014-90141/VR International Banks: Q2 vs Q1 €m 1Q26 2Q26 ∆% Net interest income 583 598 2.7 Net fee and commission income 180 199 10.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 21 65 210.5 Other operating income (expenses) (9) (1
Slide 89: Private Banking: 1H26 vs 1H25
MIL-BVA362-03032014-90141/VR Private Banking: 1H26 vs 1H25 €m 1H25 1H26 ∆% Net interest income 538 564 4.8 Net fee and commission income 1,132 1,207 6.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 42 35 (16.7) Other operating income (expenses) 9
Slide 90: Private Banking: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Private Banking: Q2 vs Q1 €m 1Q26 2Q26 ∆% Net interest income 276 289 4.8 Net fee and commission income 595 612 2.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 16 19 21.1 Other operating income (expenses) 7 6 (14.5) O
Slide 91: Asset Management: 1H26 vs 1H25
MIL-BVA362-03032014-90141/VR Asset Management: 1H26 vs 1H25 €m 1H25 1H26 ∆% Net interest income 21 18 (14.3) Net fee and commission income 432 460 6.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 1 0.0 Other operating income (expenses) 24 34 41.
Slide 92: Asset Management: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Asset Management: Q2 vs Q1 €m 1Q26 2Q26 ∆% Net interest income 9 10 15.5 Net fee and commission income 224 236 5.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 0 0 (36.2) Other operating income (expenses) 15 19 31.2 Op
Slide 93: Insurance: 1H26 vs 1H25
MIL-BVA362-03032014-90141/VR Insurance: 1H26 vs 1H25 €m 1H25 1H26 ∆% Net interest income 0 0 n.m. Net fee and commission income 2 2 0.0 Income from insurance business 918 972 5.9 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (6) (4) (33.3) Opera
Slide 94: Insurance: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Insurance: Q2 vs Q1 €m 1Q26 2Q26 ∆% Net interest income 0 0 7.3 Net fee and commission income 1 1 8.4 Income from insurance business 475 497 4.7 Profits on financial assets and liabilities at fair value 0 0 173.6 Other operating income (expenses) (3) (2) (17.8) Operating
Slide 95: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 1H26 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 21% 1 Loans 17.0 Banca 1 Deposits(3) 20.4 44% dei Territori Insurance(*) 7% 1 Factoring(4) 20.6 13% Private Banking
Slide 96: International Banks by country
MIL-BVA362-03032014-90141/VR International Banks by country Data as at 30.6.26 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania Moldova Ukraine(*) Egypt Operating income (€ m) 216 400 76 312 28 258 39 46 8 4 1,387 220 1,607 11.1% Operating costs (€ m) 83
Slide 97: Total exposure by main countries
MIL-BVA362-03032014-90141/VR Total exposure(1) by main countries €m DEBT SECURITIES Banking Business LOANS (2) (3) AC FVTOCI FVTPL Total EU Countries 69,530 67,214 10,240 146,984 396,632 Austria 745 1,468 35 2,248 631 Belgium 5,413 7,703 692 13,808 1,100 Bulgaria 0 27 5 32 27 Croatia 2,056 243 32 2,
Slide 98: 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 (2) (3) AC FVTOCI FVTPL Total EU Countries 52,749 51,962 5,124 109,835 13,153 Austria 618 1,313 0 1,931 0 Belgium 4,360 6,691 436 11,487 0 Bulgaria 0 27 5 32 0 Croatia 1,840 228 32
Slide 99: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS (3) AC FVTOCI FVTPL(2) Total EU Countries 5,367 9,637 3,501 18,505 26,677 Austria 127 137 34 298 151 Belgium 980 974 254 2,208 204 Bulgaria 0 0 0 0 18 Croatia 0 0 0 0 111 Cyprus 0 0 24 24 0
Slide 100: 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 (3) AC FVTOCI FVTPL(2) Total EU Countries 11,414 5,615 1,615 18,644 356,802 Austria 0 18 1 19 480 Belgium 73 38 2 113 896 Bulgaria 0 0 0 0 9 Croatia 216 15 0 231 9,370 Cyprus 0 0 0
Slide 101: Disclaimer (1/2)
MIL-BVA362-03032014-90141/VR Disclaimer (1/2) “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 correspond
Slide 102: Disclaimer (2/2)
MIL-BVA362-03032014-90141/VR Disclaimer (2/2) The voluntary public tender and exchange offer referred to in this presentation is promoted by Intesa Sanpaolo S.p.A. on all the ordinary shares of Banca Monte dei Paschi di Siena S.p.A. (the “Offer”). Prior to the commencement of the acceptance period,