Banca Generali S.p.a. · MIL:BGN
Banca Generali — H1 2026 Earnings Presentation
75 slides from Banca Generali's earnings presentation, Jul 29, 2026
Slide 1: Investor Presentation 1H 2026 Results
Investor 1H 2026 RESULTS Presentation 29 July 2026
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: Executive Summary – 1H 2026 Results
EXECUTIVE SUMMARY – 1H 2026 RESULTS Best first half results ever • Net Profit at €279m (+39% YoY), driven by operating normalization and supportive financial markets • Total BG Assets at €121bn (+14% YoY) on strong commercial traction and positive performance • Solid Capital Position with CET1/TCR a
Slide 4: Net Profit
NET PROFIT STRONGEST FIRST HALF RESULTS EVER, REPORTED AND RECURRING Net Profit 200.2 278.7 89.9 126.4 152.3 1H 2026 net profit at €279m €\m (+39% YoY) reflecting positive operating trend and financial market tailwinds Recurring Net Profit1 +14.6% +21.5% 1H 2026 recurring net €\m 202.1 profit at €20
Slide 5: Net Financial Income
NET FINANCIAL INCOME HIGHER CONTRIBUTION FROM VOLUMES AND INTERMONTE Net Financial Income 177.0 189.0 89.0 91.8 97.2 (NFI), €\m +3.5% +2.9% 161.7 167.4 +2.5% 1H 2026 NII at €167m (+4% YoY) with a slightly Net Interest Income 82.4 82.7 84.8 lower NIM more than offset by higher volumes 1H25 1H26 2Q25
Slide 6: Total Gross Fees
TOTAL GROSS FEES STRONG GROWTH DRIVEN BY BUSINESS DIVERSIFICATION AND FAVORABLE MARKETS Total Gross Fees 592.7 741.7 279.6 347.9 393.8 €\m 1H 2026 total gross fees +11.9% at €742m (+25% YoY) 615.9 +15.8% reflecting strong 550.2 execution in a favorable +4.4% business environment Gross Recurring Fees
Slide 7: Gross Recurring Fees (1/2)
GROSS RECURRING FEES (1/2) ROBUST GROWTH DRIVEN BY ASSET EXPANSION AND IMPROVED PRODUCT MIX Investment Fees €\m +10.5% +14.3% Management Fees 475.1 524.7 +4.6% 1H 2026 investment fees Advisory Fees 26.9 29.9 at €525m (+10% YoY) 256.5 268.2 including uptick in advisory 234.7 15.4 448.2 494.8 13.5 14.
Slide 8: Gross Recurring Fees (2/2)
GROSS RECURRING FEES (2/2) POSITIVE TREND ACROSS THE BOARD Other Fees €\m Entry Fees +25.6% +21.3% 1H 2026 entry fees at Brokerage 91.1 75.1 €32m (+43% YoY) linked Commissions +3.5% 32.0 to higher demand for Banking Fees 22.4 44.8 46.4 structured products and 36.9 BTP placements 38.5 44.7 16.2 15.8
Slide 9: Total Payout Ratio on Fees
TOTAL PAYOUT RATIO ON FEES BROADLY STABLE QUARTERLY PAYOUT RATIO EXCLUDING POSITIVE ONE-OFFS Total Fee Expenses 297.0 324.0 146.6 160.1 163.9 €\m o/w Fee Expenses on NII1 4.7 4.3 2.2 2.1 2.2 1H 2026 total payout at 51.9% (-1.2 ppts) due to a lower cost of o/w Payout to FAs, 47.0% 45.8% 47.0% 46.5% 4
Slide 10: Operating Costs (1/2)
OPERATING COSTS (1/2) STRONG INVESTMENT TO SUPPORT FUTURE GROWTH Total Operating 164.4 181.8 81.8 90.8 91.0 Costs €\m 1H 2026 total operating costs of €182m, (+11% +8.6% reported; +9% YoY +8.5% excluding non-recurring Core Operating 151.5 164.3 items) Costs1 -0.8% 75.4 82.5 81.8 1H 2026 core operati
Slide 11: Operating Costs (2/2)
OPERATING COSTS (2/2) IMPROVING COST RATIOS DESPITE PUSH ON NEW PROJECTS Operating Costs / Total Assets Cost / Income Ratio 55.8% 54.7% 0.37% 46.9% 47.3% 0.33%0.33% 0.32% 45.9% 0.31% 0.30% 0.31%0.30% 0.30% 44.6% 0.28% 0.28% 43.0% 40.8% 39.0% 42.1% 36.7% 40.7% 35.6% 0.28% 40.1% 35.1% 36.8% 0.27% 36.0
Slide 12: Summing Up
SUMMING UP Comments (€m) 1H25 1H26 % Chg 1H 2026 operating profit excl. performance fees at €299m (+13% YoY) driven by: - Solid net financial income (+7%) Net Financial Income 177.0 189.0 6.8% - Strong net recurring fees (+15%) Net recurring fees 253.3 291.9 15.3% - Stable pay-out ratio to FAs and t
Slide 13: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and sustai
Slide 14: Balance Sheet – Total Liabilities & Equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY SLIGHT INCREASE IN VOLUMES IN FIRST HALF Total Liabilities & Equity: Volumes and Yields €\bn Total Deposits 18.8 19.0 18.8 17.6 1.3 1.3 1.3 1 Client Deposits 1.3 0.8 1.0 0.8 1H 2026 total deposits at 0.9 €16.1bn (+7% YoY) while Other Deposits 2 16.1 16.2 16
Slide 15: Balance Sheet – Total Assets
BALANCE SHEET – TOTAL ASSETS YIELDS TREND TURNED POSITIVE IN THE QUARTER Total Assets & Interest Bearing Assets: Volumes and Yields €\bn 18.8 19.0 18.8 Interest Bearing Assets 17.6 1.5 1.7 1.6 1H 2026 interest bearing Financial Assets 1.5 2.6 2.5 2.6 assets at €17.1bn (+7% YoY, 2.3 little changed Qo
Slide 16: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS CAPITAL RATIOS FURTHER STRENGTHENED Total Capital Ratio % Leverage Ratio % CET1 AT1 Capital ratios increased driven 24.4% 5.9% by retained earnings (+0.7ppts) 2.4% 5.6% 5.7% partly offset by higher RWA 18.9% 19.0% linked to business expansion 1.8% 1.8% (-0.5ppts). 22.0%
Slide 17: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 18: Total Assets (1/3)
TOTAL ASSETS (1/3) ACCELERATING BUSINESS EXPANSION Total Assets €\bn 1H 2026 total assets at €129.0bn (+14% YoY) o/w: 129.0 120.9 - €121.1bn distributed by BG FA network 113.6 7.9 7.4 - €7.9bn distributed by AG Italian agent 7.1 networks (hybrid products) Breakdown At the end of June, contribution o
Slide 19: Total Assets (2/3)
TOTAL ASSETS (2/3) BG PASSES THE €120 BILLION THRESHOLD WITH €80 BILLION IN AUI BG Total Assets by Contract €\bn BG Total Assets by Fee Category1 €\bn 121.1 121.1 1H 2026 total assets at 113.5 113.5 €121.1bn (+14% YoY) 106.5 13.3 106.5 12.0 reflecting strong 10.9 40.7 commercial push in 37.9 35.4 80
Slide 20: Total Assets (3/3)
TOTAL ASSETS (3/3) IN-HOUSE PRODUCTS: A KEY GROWTH DRIVER FOR MANAGED SOLUTIONS BG Total Assets - Focus on Managed Solutions €\bn 1H 2026 managed solutions 56.9 at €57.0bn (+16% YoY) with in- 52.6 house products1 (+21% YoY) Managed Solutions - Breakdown 49.1 13.2 reaching 53% of total (+2.4ppt 12.4
Slide 21: Net Inflows
NET INFLOWS RECORD FIRST HALF DELIVERY DRIVING INCREASE IN YEAR-END TARGET Total Net Inflows by Fee Category1 €\bn Focus on Managed Solutions €\bn 1H 2026 total net 4.4 inflows at €4.4bn (+47% YoY), the best first-half +47% ever, thanks to strong 3.6 1.9 2.3 pickup in commercial 3.0 +128% activity a
Slide 22: Net Inflows by Acquisition Channel
NET INFLOWS BY ACQUISITION CHANNEL STRONG RECRUITMENT MOMENTUM Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 4.4 106 1H 2026 net inflows 3.6 94 1.2 from net recruitment at 3.0 81 42 €1.2bn (+43% YoY), 1.0 36 representing 26% of total 0.8 35 with the contribution from e
Slide 23: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and sustai
Slide 24: Asset Management Operations (1/2)
ASSET MANAGEMENT OPERATIONS (1/2) THREE STRATEGIC HUBS FOR A DIVERSIFIED AM PLATFORM Banca Generali AM Hubs LUX-based product factory centered Italian investment hub with strong Fully operational Dublin-based AM company around three Sicavs expertise in financial wrappers, enhanced focused on active
Slide 25: Asset Management Operations (2/2)
ASSET MANAGEMENT OPERATIONS (2/2) RECENT NEW PRODUCT LAUNCHES DIFFERENT STRATEGIC PRIORITIES FLAGSHIP INVESTMENT STRATEGIES INVESTMENT PERSONALISATION MARGIN INTERNALISATION AND PROTECTION AND PROTECTION AND NICHE SOLUTIONS 1 YTD 2026 YTD Net inflows ~€1.4bn YTD Net inflows ~€0.5bn ~€0.1bn Net Inflo
Slide 26: Closing Remarks – Guidance Summary
CLOSING REMARKS GUIDANCE SUMMARY Item 1H26 Result 2026 Guidance Main Drivers • Stable financial markets, barring any major market correction ~€7.5bn Net Inflows – Volumes Growth €4.4bn • Ongoing positive structural and cyclical sector growth trends (from >€6.5bn) • Higher contribution from recruitin
Slide 27: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 28: Focus on BG Fund Management Luxembourg
FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn 28.0 25.3 23.1 28.0 Institutional 13.0 25.3 Fund Classes 12.1 0.2 11.1 1H 2026 retail fund 23.1 classes reach 54% 0.1 3.6 0.2 3.7 Retail Fund 15.0 of BG FML total Classes
Slide 29: Focus on Generali Hybrid Products
FOCUS ON GENERALI HYBRID PRODUCTS POSITIVE CONTRIBUTION Insurbanking - Volumes1, €\bn Insurbanking - Margin, % Generali hybrid products (investment component) Mgmt fee margin on hybrid 0.66% 0.64% 0.69% Advisory and fund o/w in BG FML sub-funds insurance selection services products provided to Gener
Slide 30: Focus on AUC Assets
FOCUS ON AUC ASSETS LARGE EXPOSURE TO IN THE MONEY BONDS AUC Assets by Asset Class1 €\bn Key Features 35.2 32.0 29.7 15% 13% 13% €4.2bn bonds due to expire within 1 year 26% 26% 25% 60% of bonds carrying unrealized capital gains2 4% of total AUC invested in structured products (certificates) 61% 60%
Slide 31: Focus on ETFs
FOCUS ON ETFS INCREASING EXPOSURE OVER TIME TO SUPPORT BUSINESS NEEDS ETF Exposure – Historical Series €\bn AUC Funds Financial Wrappers Insurance Wrappers BG has been integrating ETFs 8.8 into its investment offering for 0.5 more than 10 years, leveraging 7.3 them to improve efficiency and 0.4 port
Slide 32: Focus on Financial Assets
FOCUS ON FINANCIAL ASSETS HIGH QUALITY FINANCIAL ASSET MIX Focus on Financial Assets (Banking Book) Total PTF Classification Bond PTF Classification Financial assets are high quality and well 4% diversified: Italy Govt Bonds Equity & Alternative - More than 99% of the bond portfolio is 34% 46% EU Go
Slide 33: Focus on Loan Book
FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK Total Assets and Interest Bearing Assets €\bn Focus on Loan Book (Banking Book) 18.9 1H26 Credit Book €\bn Lending Quality % 18.5 17.6 0.4 1.4 1.6 0.5 1.5 2.5 2.6 Financial Assets 2.3 Loans to Clients 2.1 99.6 Loans to Banks & 12.8 13.0 12.2 Other Assets Lin
Slide 34: Focus on Financial Advisory Network (1/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs1 # Key highlights <35 2,473 2,353 2,405 Age 2,260 35-50 2,162 2,204 ~55 2,040 2,087 >50 1,936 1,985 1,841 Male Gender Female 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Headline FA retention at 98.4%
Slide 35: Focus on Financial Advisory Network (2/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY Average Assets per FA €\m 48.3 Banca Generali Assoreti 1 46.5 43.7 40.6 39.2 37.3 35.1 32.8 31.8 28.8 29.0 29.5 25.8 25.8 26.4 24.3 24.0 22.2 23.1 21.2 19.7 18.0 17.9 18.4 15.7 15.8 15.9 14.2 14.6 12.9 13.6 11.2
Slide 36: Focus on Clients
FOCUS ON CLIENTS EXPANDING CLIENT BASE WITH A DEEPER PRIVATE BANKING VIEW Total No. of Clients ‘000 1H26 Asset Breakdown1 by Cluster of Clients % Private Banking 88.2 94.3 379 Assets, bn/€ 372 359 349 342 332 79.0% Cluster of clients by 29.5% 312 34.0% 299 assets with BG 290 279 73.7% >€5m 263 €500k
Slide 37: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 38: Banca Generali in a Nutshell
38 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS One of the fastest-growing asset gatherers in Europe1 and #3 player in the Private Banking space in Italy2 Capital-light business model, leveraging on a Network of 2,473 Financial Advisors ranked at the top of the industry by quality3 Frontrunner in in
Slide 39: Banca Generali's Ambitions
39 BANCA GENERALI’S AMBITIONS MISSION, VISION AND PURPOSE Vision To be the No. 1 private bank, unique by Value of Service, Innovation and Sustainability Banca Generali’s dynamism - The fastest growing1 company in Italy over last 10 years with a unique business model centered around a wealth manageme
Slide 40: Banca Generali's Key Milestones
40 BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY Total Client Assets €\bn Administered assets Managed assets 2025 Acquisition of 2013 2023 Intermonte New strategic Launch of positioning 2020 BG Suisse Partnership Private Bank 113.5 2019 with Conio Acquisition of 103.8 Nextam 2017
Slide 41: Banca Generali's Market Shares
BANCA GENERALI’S MARKET SHARES BG HAS GROWN ITS MARKET SHARE ACROSS ALL SEGMENTS OVER THE LAST DECADE To t a l C l i e n t A s s e t s Reference Segment Banca Generali’s Market Share – 1 0 Y C h g . €\bn 2015 2025 Chg. >2.7x 113.5 Targetable financial wealth1 1.4% 2.9% +1.5pp. Private & HNW financia
Slide 42: Banca Generali's Organization
42 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali Bank 100% 100% 100% 100% Asset Brokerage Trust Company Bank Management Company 100% Trust Company 42 NOTE: Data as of 30 June 2026
Slide 43: Banca Generali's Awards
43 BANCA GENERALI’S AWARDS RECOGNIZED PLAYER IN THE ITALIAN WEALTH MANAGEMENT SPACE Wealth Management/ Financial Advisor Private Banking Network ESG Best Financial Advisor Top Sustainable Bank Italy's Best for High-Net network by Customer in Italy (2024) Worth (2026) Satisfaction (2026) Euromoney In
Slide 44: Banca Generali's Business Model
BANCA GENERALI’S BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s business model is centered around a network of Financial Advisors providing comprehensive wealth advisory services to support clients in managing and protecting their family wealth 1 Distribution 2 Produ
Slide 45: BG's FAs at Top Ranking in the Industry
BG’S FAS AT TOP RANKING IN THE INDUSTRY 1 BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY Positioning vs Industry Productivity vs Industry FA networks by total assets per capita: FAs vs Client FA networks by net inflows per capita: FAs vs Clients Banca Generali ranks at the top of FA networks, by: Net
Slide 46: BG Network Architecture
1 BG NETWORK ARCHITECTURE NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRACT Cluster Assets (%) FAs (#) Assets/FA (€\m) Senior Senior Partner Network: Senior Partners Partners PTF >€150m 18% 124 173.1 unique in terms of Network positioning to consolidate excellence and enhance su
Slide 47: BG Ranking #3 in Private Banking in Italy
47 BG RANKING #3 IN PRIVATE BANKING IN ITALY 1 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 Banca Generali - Private Banking Assets1 €/bn Private Banking Sector Ranking (Magstat), €/bn 73.5 81.5 2013 2024 58.3 55.3 63.7 44.2 49.1 35.5 36.3 €101.6 €281.3 +135% 25.1 29.2 11.9 16.0 2013 2014 2015
Slide 48: BG Ranking #4 in FA Networks in Italy
48 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS SINCE 2013 Banca Generali - Total Assets (Assoreti) €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 2025 102.7 111.9 84.6 82.2 91.8 73.3 55.7 57.5 66.8 €83.7 €384.5 +149%2 41.6 47.5 29.1 36.6 2013 2014 2015 2016 2017 2018 20
Slide 49: BG Diversified Client Portfolio
2 BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % Total Assets: 121.1 €/bn 5% 3% 2% 10% 12% 16% 11% AUI: 80.4 €/bn, 23% 66% of total 27% 14% 13% 7% 11% 21% 13% 12% In-house funds Insurance wrappers AUC Equity
Slide 50: Wealth Management Approach
2 WEALTH MANAGEMENT APPROACH SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS Partnerships with Leading Service Providers Corporate Advisory Real-estate Advisory Advanced Advisory Model Art & Passion Advisory Family Protection & Planning PARTNER LAW FIRMS An Advanced Advisory model to address finan
Slide 51: Training Support
3 TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL Physical Location Training Platform Average training hours performed by BG People at best practice level: A space dedicated to classroom training for Financial Advisors, as well as a venue A single channel dedicated to FAs training for repre
Slide 52: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks by value of Annex ▪ Financial Back-up service, inno
Slide 53: FA Network
FA NETWORK 1 NEW GENERATIONS, TEAM MODEL AND VERTICAL SPECIALIZATIONS Next-Gen BG Team2 Network Specialty Verticals Empower the Network to thrive by Enhance and evolve the team model to Leverage Network specializations to embracing generational diversity and maximize effectiveness and foster cross-
Slide 54: Asset Management Strategic Priorities
ASSET MANAGEMENT 2 STRATEGIC PRIORITIES Grow GROWLuxembourg LUXEMBOURGPlatform PLATFORM LaunchIRISH LAUNCH IrishPLATFORM Platform a Lift BGFML Share in Retail Funds b Raise Clients’ Protection Exposure c Enter Active ETFs 1. Onboard third-party flagship 1. Equity Step-In: phased allocation strategie
Slide 55: Artificial Intelligence
3 ARTIFICIAL INTELLIGENCE CULTURAL AND OPERATIONAL TRANSFORMATION UNDERWAY Key Figures Main Initiatives AI Ambassadors • AI Factory: a new organizational unit dedicated to the ~120 Colleagues appointed to foster AI culture within the Bank design, evaluation, and implementation of AI solutions within
Slide 56: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks by value of Annex ▪ Financial Back-up service, inno
Slide 57: Intermonte - Strategic Rationale (1/3)
INTERMONTE - STRATEGIC RATIONALE (1/3) EXPANDING CAPACITY IN GLOBAL MARKETS AND STRENGTHENING THE OFFERING FOR SMES Strengthening Banca Generali Group’s Strategic Positioning Expanding BG’s Enhancing expertise in negotiation and Global Markets structuring (derivatives desk) to boost THE STRATEGIC pr
Slide 58: Intermonte - Strategic Rationale (2/3)
INTERMONTE - STRATEGIC RATIONALE (2/3) CREATING A DISTINCTIVE MODEL TO SERVE ITALIAN ENTREPRENEURIAL FAMILIES Create a unique model that combines the dynamism of a FA network with the specialized expertise of an Investment Banking boutique Offering entrepreneur clients high value-added services, fro
Slide 59: Intermonte - Ambitions (3/3)
INTERMONTE - AMBITIONS (3/3) GROWTH PATH TO 2030 1H 2026 FY 2026 Targets by 2030 Results Target €40-45m additional revenues by 2030 x2 vs. 2024 total revenues €7.8m €10-15m revenue synergies revenue synergies already achieved expected by 2026 mainly from AUC 25%-30% of total & Banking synergies 59
Slide 60: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting private bank, unique Key Projects and Closing Remarks by value of Annex ▪ Financial Back-up service, inno
Slide 61: Insurbanking - Deep Dive on Alleanza (1/3)
INSURBANKING - DEEP DIVE ON ALLEANZA (1/3) PROACTIVE NETWORK OF TALENTED PROFESSIONALS Alleanza: high quality Network focused on Life and Protection Wide and highly-qualified Distribution Network Within the €100 billion distributed Key Features 2024 Life Premiums Ranking, €/bn by Generali, Alleanza
Slide 62: Insurbanking - Market Potential (2/3)
INSURBANKING - MARKET POTENTIAL (2/3) A LARGE AND UNTAPPED MARKET POTENTIAL Wealth Held by Alleanza Clients Wealth held with Alleanza clients third-parties Alleanza clients wealth, €\bn breakdown breakdown Alleanza stands out as a leading life insurance company, holding assets of ~170 around ~€40bn
Slide 63: Insurbanking - Growth Ambitions (3/3)
INSURBANKING - GROWTH AMBITIONS (3/3) BANKING BUSINESS AND INSURANCE WRAPPER: TARGETS BY 2030 1H 2026 FY 2026 Product Targets by 2030 Results Targets Assets in Conto Unico New current accounts New current €3.0-3.5bn Conto accounts >5,000 Average net margin Unico Total 15,000 (banking products & AUC)
Slide 64: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 65: Sustainability (1/4)
SUSTAINABILITY (1/4) MAIN HIGHLIGHTS Sustainability embedded in Banca Generali’s vision and guides the way the Bank creates long-term value Double materiality analysis updated confirming 9 material topics aligned with Banca Generali’s ESG priorities ESG fully incorporated into our governance structu
Slide 66: Sustainability (2/4) New Climate Transition Plan
SUSTAINABILITY (2/4) NEW CLIMATE TRANSITION PLAN Climate Transition Plan - Targets Operations Investments 2030: -40% GHG emissions 2030: -55%1 GHG emissions REDUCTION OF GHG Scope 1 & 2 emissions (tCO2eq) vs. 2019 baseline (tCO2eq /€m) vs. 2019 baseline EMISSIONS 2040: NET ZERO GHG emissions 2040: N
Slide 67: Sustainability (3/4) ESG Commercial Approach
SUSTAINABILITY (3/4) ESG COMMERCIAL APPROACH BG Personal Portfolio (BGPP) - ESG platform ESG product offering 58 LUX IM sub-funds art. 8 and art.9 integration of ESG factors and/or specific thematic features 3 BG Collection sub-funds integration of ESG factors and/or specific thematic features 7 por
Slide 68: Sustainability (4/4) ESG Ratings
SUSTAINABILITY (4/4) HIGH PROFILE RATINGS FROM LEADING ESG RATING AGENCIES MSCI Sustainalytics 0 - 9.99 range = Negligible isk Scale: from CCC to AAA Scale: from 100 to 0 S&P Global Standard Ethics Inclusion in the S&P Dow Jones Best-in- Class Europe Index Scale: from 0 to 100 Scale: from F to EEE 6
Slide 69: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2026 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Key Projects and Closing Remarks service, innovation Annex ▪ Financial B
Slide 70: Total Italian Household Wealth at a Glance
TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn 2025-28E 10Y CAGR CAGR +1.9% +2.4% 13.0 Italian Household Wealth, one of the 12.1 largest in Europe 10.0 10.3 4.5 4.1 2025 Financial Wealth estimated at 3.0 3.4 2.3 €6.3 trillion o/w €4.1 trillion regarded 2.2 1.4 1.5 as Ta
Slide 71: Total Addressable Market (1/3) by Client Segmentation
TOTAL ADDRESSABLE MARKET (1/3) BY CLIENT SEGMENTATION Total Addressable Market (TAM) by cluster of clients €\tn 2025-28E 10Y CAGR CAGR +3.1% +3.2% 4.5 Private & HNW households wealth 4.1 expected to remain the fastest- 0.6 0.5 growing segment (+4.5% 2025-28E 3.4 CAGR) 3.0 0.4 1.2 1.0 0.3 0.8 Aging p
Slide 72: Total Addressable Market (2/3) by Product Mix
TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Total Addressable Market (TAM) by product mix €\tn 2025-28E 10Y CAGR CAGR +3.1% +3.2% 4.5 Still inefficient household asset 4.1 allocation with large cash holdings 1.3 (~€1.4tn in 2025, 34% of TAM) 3.4 1.1 3.0 0.9 Increased market volatility and 0.7 1.0
Slide 73: Total Addressable Market (3/3) by Distribution Channel
TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL Total Addressable Market (TAM) by distribution channel €\tn Banks Other channels FA Networks Not allocated by channel Financial Advisors expected to further 4.5 gain market share over traditional 4.1 3.4 0.2 banking industry 3.0 0.2 0.1 1.1 Fina
Slide 74: 2026 Upcoming Events
2026 UPCOMING EVENTS NOVEMBER Su Mo Tu We Th Fr Sa Investor Relations Contacts 9M 2026 Results investor.relations@bancagenerali.it 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Conference Call 15 16 17 18 19 20 21 Corporate Website 22 23 24 25 26 27 28 www.bancagenerali.com 29 30 74
Slide 75: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a