Slide 1: 1Q25 Results Presentation
1Q25 Results Presentation MILAN | MAY 8TH | 2025
Slide 2: Initial disclaimer
Initial disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN Anyone receiving such documents shall not distribute, forward or send them (neither by postal service nor OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY OT
Slide 3: Agenda
Agenda Executive summary B:Dynamic | Full Value 2027 Group results Final remarks Update on BPSO Voluntary Public Ex. Offer Annexes 3
Slide 4: Best quarterly Net Profit ever at €443 m
Best quarterly Net Profit ever at €443 m Key Financial Highlights Record quarterly Net Profit (1) up by 43.2% Y/Y(2) at €443 m in 1Q25 Total Revenues Net Profit(1) €1.4 bn €443 m +5.0% Y/Y +43.2% Y/Y(2) Core Revenues up by 0.8% Y/Y and improved Cost/Income ratio at 46.7% Cost/Income CoR (3) 46.7% 31
Slide 5: Record quarterly Net Profit driven by Core Revenues and lower Operating Costs
Record quarterly Net Profit driven by Core Revenues and lower Operating Costs P&L Key Figures (€m) Net Profit stated vs adjusted (€m) 413.9 412.9 442.9 382.5 388.5 1Q25 Y/Y 4Q24 Q/Q 290.7 309.3 296.3 264.1 Total Revenues 1,428.9 +5.0% 1,445.6 -1.2% Core Revenues +3.1% Q/Q excl. o/w NII 811.9 -3.8% 8
Slide 6: 2025 Guidance driven by resilient Core Revenues, operating efficiency and continued capital strength
2025 Guidance driven by resilient Core Revenues, operating efficiency and continued capital strength, despite increasing headwinds FY24 1Q25 FY25 Guidance vs FY24 Total Revenues €5.6 bn €1.4 bn ~€5.4 bn o.w. Net Inter. Income €3.4 bn €812 m Down mid-single digit o.w. Net Comm. Income €2.1 bn €541 m
Slide 7: Agenda
Agenda Executive summary B:Dynamic | Full Value 2027 Group results Final remarks Update on BPSO Voluntary Public Ex. Offer Annexes 7
Slide 8: “B:Dynamyc | Full Value 2027” on track
“B:Dynamyc | Full Value 2027” on track 100% Business Plan initiatives launched Pillar 1 Pillar 2 Pillar 3 KEY HIGHLIGHTS Pillar 1 Unleash our Capture our Leverage our strong balance ▪ Remarkable performance in Net Commission Income up by 8.5% Y/Y, with clients’ full- latent economies value of scale
Slide 9: Agenda
Agenda Executive summary B:Dynamic | Full Value 2027 Group results Final remarks Update on BPSO Voluntary Public Ex. Offer Annexes 9
Slide 10: Resilient performance in Core Revenues Q/Q
Resilient performance in Core Revenues Q/Q Total Revenues (quarterly) (€m) KEY HIGHLIGHTS 9.3% 9.5% 9.6% 9.6% 9.5% 9.7% 8.8% 9.2% 1,800.0 8.6% 1,462.9 9.0% Core Revenues 1,600.0 1,396.9 1,445.6 1,428.9 Total Revenues 1,364.6 1,361.2 1,371.0 1,400.0 1,320.1 1,329.1 75.4 42.0 36.2 75.9 8.0% ▪ Core Rev
Slide 11: Commercial NII stable Q/Q, net of days effect
Commercial NII stable Q/Q, net of days effect NII (quarterly) (€m) KEY HIGHLIGHTS -3.8% Y/Y NII Net Interest Income 870.3 843.6 840.8 853.7 819.0 836.5 838.9 811.9 ▪ NII was down at €811.9 m (-4.9% Q/Q) with (€m) stable commercial dynamics Q/Q (-€1.4 m) 726.0 thanks to positive performance of loan -
Slide 12: Continued solid performance of Net Commission Income, up by 8.5% Y/Y and 3.1% Q/Q
Continued solid performance of Net Commission Income, up by 8.5% Y/Y and 3.1% Q/Q Net Commission Income(1) (quarterly) (€m) KEY HIGHLIGHTS +8.5% Y/Y Net Commission Income Net Commission Income ▪ Net Commission Income up at €541.1 m (+8.5% 555.8 (€m) 517.2 516.0 541.1 496.2 479.6 476.3 498.7 487.9 31
Slide 13: AuM progressing ahead of Plan at €72.1 bn
AuM progressing ahead of Plan at €72.1 bn, up Y/Y by €4.8 bn and Q/Q by €0.6 bn TFA (€bn) KEY HIGHLIGHTS +1.6% Y/Y Deposits 298.1 298.7 303.5 306.3 303.0 282.1 281.1 284.2 290.3 ▪ Deposits at €117.4 bn (-€0.7 bn Q/Q), driven by 21.4 21.2 21.1 21.0 21.2 23.8 23.4 22.5 21.1 customer asset dynamics 65.
Slide 14: Continued improvement of Cost/Income at 46.7%
Continued improvement of Cost/Income at 46.7%, confirming the strong focus on operational efficiency Cost/Income(1) & Total Costs (quarterly) (€m) KEY HIGHLIGHTS Total Costs (€m) -3.2% Y/Y Total Costs -3.2% ▪ In 1Q25, Total Costs at €667.4 m with a lower 53.0% 52.7% Cost/Income Ratio of 46.7% showin
Slide 15: Healthy CoR at 31bps in 1Q25. NPE Coverage Ratio stable
Healthy CoR at 31bps in 1Q25. NPE Coverage Ratio stable at 54.2% Y/Y, among the best in Italy LLPs (€m) and CoR(1) (quarterly) (bps) KEY HIGHLIGHTS LLPs (€m) 160.0 63 58 - 12bps Y/Y 65 Cost of Risk (CoR) -25.8% 140.0 55 43 ▪ In 1Q25, CoR(1) at 31bps slightly up Q/Q, 38 39 45 showing a positive progr
Slide 16: Strong Asset Quality supported by continued commitment to quality origination
Strong Asset Quality supported by continued commitment to quality origination Gross NPE stock (€bn) KEY HIGHLIGHTS Flat Y/Y Gross NPE Stock 3.0 0.2 ▪ Gross NPEs at €2.4 bn slightly up by €0.2 bn 2.5 2.5 2.5 2.5 Q/Q due to very limited NPE disposals 2.3 2.4 1.0 0.2 0.2 2.2 0.2 0.1 2.2 0.2 0.1 0.2 0.1
Slide 17: RWA stable at €54.2 bn in 1Q25, excluding Basel IV impact
RWA stable at €54.2 bn in 1Q25, excluding Basel IV impact RWAs(1) (€bn) KEY HIGHLIGHTS 55.9 RWAs 53.5 53.1 53.5 53.4 53.4 53.2 54.2 52.0 1.1 1.0 0.8 0.9 0.9 2.3 1.1 1.0 1.2 9.6 ▪ At the end of March 2025, RWA landed at €54.2 8.1 bn, excluding €1.7 bn of Basel IV impact mainly 6.0 6.0 7.0 7.0 7.0 €54
Slide 18: CET1 Ratio at 15.8% with Organic Capital Generation of €0.5 bn in 1Q25
CET1 Ratio at 15.8% with Organic Capital Generation of €0.5 bn in 1Q25 Capital evolution KEY HIGHLIGHTS 15.8% 15.8% 15.8% Organic Capital Generation (OCG)(1) 15.3% 14.9% 14.9% ▪ OCG of €540 m in 1Q25 with an impact on CET1 14.5% 14.0% Ratio of +97bps, supported by the positive 13.3% quarterly income
Slide 19: Robust balance sheet with a sound liquidity profile
Robust balance sheet with a sound liquidity profile Balance sheet (€bn) KEY HIGHLIGHTS Other Assets 11.9 Balance sheet: €142.0 bn LCR and NSFR 23.4 ▪ LCR stood at 166% at the end of March, stable Financial Assets at amortised Cost 7.7 compared to the end of December 2024 8.2 Loans Breakdown ▪ NSFR a
Slide 20: Bond portfolio evolution and duration
Bond portfolio evolution and duration Italian Government Bond (€bn) KEY HIGHLIGHTS +55.5% Y/Y Italian Govies 13.6 ▪ Italian Govies stand at €13.6 bn at the end of 10.3 10.2 11.3 10.0 9.0 8.9 10.0 March 2025, up by 19.5% Q/Q and 55.5% Y/Y, 8.7 mainly related to active portfolio management strategy ▪
Slide 21: Balanced profile with manageable redemptions
Balanced profile with manageable redemptions Bond Issued(1) (€bn) Bond Maturities(1) (€bn) KEY HIGHLIGHTS 7.1 Bond issued and maturities 2.6 ▪ In 1Q25, a €500 m Senior Non-Preferred Bond issued, confirming BPER strong access to 3.2 wholesale market 0.5 2.3 1.7 4.6 2.2 1.2 Rating agency 0.7 0.5 0.5 1
Slide 22: Agenda
Agenda Executive summary B:Dynamic | Full Value 2027 Group results Final remarks Update on BPSO Voluntary Public Ex. Offer Annexes 22
Slide 23: Divisional Database in 1Q25
Divisional Database in 1Q25 Retail Private & Wealth Manag. Corporate Core Revenues €m 788 142 250 o.w. Net Inter. Income €m 464 20 137 o.w. Net Comm. Income €m 324 122 113 Wealth Net Comm. Inc.(1)€m 240 Cost/Income 61% 40% 31% Gross Performing Loans €bn 50.8 0.7 34.6 Direct Deposits €bn 75.4 5.3 17.
Slide 24: Final Remarks
Final Remarks Growth supported by Core Revenues and cost efficiency Asset quality amongst the best in Italy with structural low Cost of Risk Robust capital supported by strong Organic Generation of 97bps (+€540 m) “B:Dynamic | Full Value 2027 Plan” fully on track with 100% of initiatives launched 24
Slide 25: Agenda
Agenda Executive summary B:Dynamic | Full Value 2027 Group results Final remarks Update on BPSO Voluntary Public Ex. Offer Annexes 25
Slide 26: Strengthening BPER growth while creating value for all stakeholders
Strengthening BPER growth while creating value for all stakeholders ▪ BPER and BPSO highly complementary franchises with shared product Unique opportunity to combine two banks with similar factories DNA and a robust business model fit ▪ A rooted client-focus culture to support Italian families, smal
Slide 27: BPER and BPSO share same DNA & values
BPER and BPSO share same DNA & values: both are “GO-TO bank” for individuals, families, SMEs and corporates ▪ Same “popolari” roots, constant support, advice and financing to local communities Deeply rooted in the ▪ Sondrio will remain key to the combined Group, with a territorial management with cr
Slide 28: A stronger and resilient banking group delivering sustainable shareholders’ remuneration
A stronger and resilient banking group delivering sustainable and attractive shareholders’ remuneration Combined 2027E target as Target after BPSO per Feb-25 market present. Business Plan UNCHANGED announcement ▪ All previously announced combined financial targets remain unchanged Total Revenues >€7
Slide 29: Agenda
Agenda Executive summary B:Dynamic | Full Value 2027 Group results Final remarks Update on BPSO Voluntary Public Ex. Offer Annexes 29
Slide 30: Group P&L
Group P&L 1Q25 1Q24 P&L - (€m) Delta Y/Y Delta Y/Y (%) Delta Q/Q (%) Stated Stated Net interest income 811.9 843.6 -31.7 -3.8% -4.9% Net commission income 541.1 498.7 42.4 8.5% -2.6% Core Income 1,353.0 1,342.3 10.6 0.8% -4.0% Dividends 3.3 4.9 -1.6 -32.6% 130.9% Gains on equity investments measured
Slide 31: 2023 and 2024 Non-recurring P&L items
2023 and 2024 Non-recurring P&L items Gain/(Loss) on Non-recurring items Operat. Costs investments Tax effects Net Profit Costs related to HR actions +€294.5 m -€82.6 m +€211.8 m 2023 4Q DTAs on tax losses -€380.0 m -€380.0 m Capital gain on disposal of the 1Q -€150.1 m +€2.1 m -€148.0 m NPE servici
Slide 32: Group Reclassified Balance Sheet
Group Reclassified Balance Sheet Assets (€bn) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Q/Q Y/Y Customer Loans 89.4 89.1 86.7 88.2 87.7 89.0 88.9 90.1 89.6 -0.6% +2.2% Securities Portfolio 30.7 30.5 30.0 28.6 26.5 26.5 27.7 29.0 30.7 +5.8% +16.1% (1) Interbank Assets 18.5 10.3 13.4 11.7 12.6 10.1
Slide 33: Asset Quality Breakdown
Asset Quality Breakdown Gross exposures (€m) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Q/Q Y/Y B/D B/D B/D B/D B/D B/D B/D B/D B/D Abs. Chg Abs. Chg Non Performing Exposures (NPEs) 3,022 3.3% 2,504 2.7% 2,530 2.8% 2,197 2.4% 2,336 2.6% 2,513 2.8% 2,525 2.8% 2,212 2.4% 2,387 2.6% 175 7.9% 50 2.2%
Slide 34: Financial Assets: Highlights
Financial Assets: Highlights Bonds PTF Geographical Breakdown (%) Govies Geographical Breakdown (%) Other Germany 7.6% Other 4.4% 20.0% USA 4.6% USA Spain 4.1% 5.9% Spain 4.6% Italy Germany 52.8% Italy 6.5% 77.5% France 12.0% Bonds PTF Maturities (1) (€bn) Italian Govies Maturities (1) (€bn) 21.8 11
Slide 35: Commercial dynamics: loans and deposits evolution
Commercial dynamics: loans and deposits evolution Commercial loans by geography (€bn) Commercial deposits by geography (€bn) 89.4 89.1 86.7 88.2 87.7 89.0 88.9 90.1 89.6 105.0 103.4 107.7 104.9 103.8 104.4 102.7 104.3 103.8 10.0% 10.0% 10.1% 10.5% 10.1% 10.1% 10.3% 10.5% 10.5% 13.1% 13.2% 13.3% 13.5
Slide 36: ESG focus
ESG focus Environmental Social Governance ▪ 100% use of electricity from renewable ▪ Implementation of the BPER’s “Bene ▪ Included by S&P Global in the sources Comune” Service supporting Third Sector “Sustainability Yearbook 2025” ▪ Over €700 m of new ESG Lending in 1Q25 entities and Impact lending
Slide 37: Improved coverage and competitive positioning in the Italian landscape
Update on BPSO Voluntary Public Ex. Offer | 1 Improved coverage and competitive positioning in the Italian landscape High complementary networks Combined pro-forma key 0% with limited overlapping financials 2% 7% 3% 0% 5% Ranking(1): #3 with ~#2k banking TFA (rank #3 with 12% ~€380 bn ~7% market sha
Slide 38: Strong Business fit allowing to enhance offer proposition & increase share of wallet
Update on BPSO Voluntary Public Ex. Offer | 2 Strong Business fit allowing to enhance offer proposition & increase share of wallet Shared products factories Business optimization opportunities Private Banking & Asset Management Wealth Management Factoring & Consumer Bancassurance Finance Digital Ban
Slide 39: Fully on track to complete exchange offer by August 2025
Update on BPSO Voluntary Public Ex. Offer | 3 Fully on track to complete exchange offer by August 2025 Status 6-February 25 BPER notice pursuant to Art. 102 End of February 25 Exchange Offer Document filing and regulatory filings Extraordinary shareholders’ General Meeting of BPER for the resolution
Slide 40: Final disclaimer
Final disclaimer The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and
Slide 41: Contacts for Investors and Financial Analysts
Dummy figures Contacts for Investors and Financial Analysts Nicola Sponghi Chiara Leonelli Head of Investor Relations Investor Relations nicola.sponghi@bper.it chiara.leonelli@bper.it Maria Accarrino Ilaria Picelli Investor Relations Investor Relations maria.accarrino@bper.it ilaria.picelli@bper.it