Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — 9M25 Earnings Presentation
115 slides from Intesa Sanpaolo's earnings presentation, Oct 31, 2025
Slide 1: 9M25 Results
9M25 Results The best nine months ever despite Euribor decline A sustainable 20% ROE Bank, ready to succeed in any scenario October 31, 2025
Slide 2: 9M25: key achievements
MIL-BVA362-03032014-90141/VR 9M25: key achievements €7.6bn Net income, the best nine months ever, with record-high Commissions and Insurance income Best-in-class profitability 20% Annualised ROE, with 24% annualised ROTE Effective cost management 38.9% Lowest-ever 9M Cost/Income ratio, best-in-class
Slide 3: The best 9M Net income ever
MIL-BVA362-03032014-90141/VR The best 9M Net income ever Net income €m Impact of provisions/write-downs for Russia-Ukraine exposure 7,588 7,167 +6% 6,122 4,386 4,006 3,781 3,171 3,310 3,112 3,012 2,726 2,262 2,200 2,335 2,388 1,929 1,688 1,203 3,303 640 9M07(1) 9M08 9M09 9M10 9M11 9M12 9M13 9M14 9M1
Slide 4: Increasing and sustainable value creation and distribution
MIL-BVA362-03032014-90141/VR Increasing and sustainable value creation and distribution The best nine months ever, with growing ROE… … and a significant increase in EPS, DPS and TBVPS ROE(1), annualised x ROTE(2), %; annualised 9M EPS(3), € cents x Accrued DPS, € cents Tangible book value x per shar
Slide 5: Rock-solid and significantly growing capital position, with ~40bps increase in Q3
MIL-BVA362-03032014-90141/VR Rock-solid and significantly growing capital position, with ~40bps increase in Q3 Fully phased-in CET1 ratio 9M evolution Fully phased-in CET1 ratio Q3 evolution % % >14.8% including additional ~100bps >14.8% including additional ~100bps benefit from DTA absorption benef
Slide 6: Strong and resilient NII despite significant Euribor decline
MIL-BVA362-03032014-90141/VR Strong and resilient NII despite significant Euribor decline Strong and resilient NII… … despite strong Euribor decline €m %, Euribor 1M (average data) +€421m -86bps 11,917 3.73 11,112 10,691 3.05 2.19 9M23(1) 9M24 9M25 9M23 9M24 9M25 (1) 9M23 data restated to reflect th
Slide 7: Strong growth in Commissions and Insurance income, with excellent Q3 performance
MIL-BVA362-03032014-90141/VR Strong growth in Commissions and Insurance income, with excellent Q3 performance Strong growth in Commissions and Insurance income in 9M… … with excellent Q3 performance €m Insurance income Net fees and commissions €m Insurance income Net fees and commissions Essentially
Slide 8: Cost reduction while strongly investing in technology
MIL-BVA362-03032014-90141/VR Cost reduction while strongly investing in technology Operating costs x €m -0.4% Cost/Income ratio, % 7,986 (45) 7,956 (32) 47 9M24 Personnel costs Administrative costs Depreciation 9M25 39.1 38.9 €5bn IT investments already deployed in the 2022-9M25 period, of which €1.
Slide 9: Firmly on track to deliver 2025 Net income well above €9bn
MIL-BVA362-03032014-90141/VR Firmly on track to deliver 2025 Net income well above €9bn, including Q4 managerial actions to strengthen future profitability Significant flexibility for delivering 2025 Net income Guidance Q4 managerial actions to strengthen future profitability €7.6bn ▪ Growth in DPS
Slide 10: 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 (~€1.9bn) go directly to Personnel expenses, € bn Italian households and to charitable foundations 7.6 4.9 9M25 9M25 ISP recognised as Top Employer Euro
Slide 11: Contents
MIL-BVA362-03032014-90141/VR Contents 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion 10
Slide 12: The best nine months ever
MIL-BVA362-03032014-90141/VR The best nine months ever €7.6bn Net income in 9M (+6% vs 9M24) the best nine months ever, of which €2.4bn in Q3 Fully phased-in CET1 ratio up ~105bps in 9M(1) at ~13.9%(2) (up ~40bps in Q3) €5.3bn cash dividends already accrued in 9M, of which €3.2bn (€18.6 cents per sh
Slide 13: 9M25 P&L
MIL-BVA362-03032014-90141/VR 9M: €7.6bn Net income driven by Commissions and Insurance income at record highs 9M25 P&L; € m Non-motor P&C revenues at €528m (+13% vs 9M24), €577m including credit-linked products 20,432 633 (13) Stable overlays and 1,372 (4,855) increased NPL coverage 7,328 (2,036) 12
Slide 14: 3Q25 P&L
MIL-BVA362-03032014-90141/VR 3Q25: €2.4bn Net income, the best Q3 ever for Commissions and Insurance income 3Q25 P&L; € m Non-motor P&C revenues at €183m (+16% vs 3Q24), €197m including credit-linked products 6,643 81 (12) 450 Stable overlays and (1,666) increased NPL coverage 2,444 (691) (357) 3,92
Slide 15: Firmly on track to deliver 2025 NII well above 2023 level
MIL-BVA362-03032014-90141/VR Firmly on track to deliver 2025 NII well above 2023 level, despite a significant decline in Euribor Net interest income – 9M comparison Net interest income – Quarterly comparison €m x FY NII (€ m) % Euribor 1M (average data) €m % Euribor 1M (average data) 14,700 15,718 +
Slide 16: 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, 9M25 vs 9M24 % Euribor 1M (average data) € m, 3Q25 vs 2Q25 % Euribor 1M (average data) 11,917 30 3,800 15 3,680 87 11,112 (115) (20) (922) Comm
Slide 17: A Wealth Management, Protection & Advisory leader
MIL-BVA362-03032014-90141/VR A Wealth Management, Protection & Advisory leader, with >€1.4 trillion in Customer financial assets, growing further in Q3… Customer financial assets(1) € bn +€3.1bn 588.9 570.2 573.2 Direct deposits +€33.3bn 30.9.24 30.6.25 30.9.25 1,378.2 1,390.6 1,411.5 +€9.9bn +€96bn
Slide 18: Fuelling strong growth in Commissions, at record highs
MIL-BVA362-03032014-90141/VR … fuelling strong growth in Commissions, at record highs, with excellent performance in Q3 … with Q3 up strongly YoY and essentially stable QoQ … and significant growth in additional Commissions(1) Strong increase in Net fees and commissions in 9M… despite usual summer b
Slide 19: 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 … and an excellent performance in Q3, despite … with AuM net inflow gaining momentum… Management… the usual summer business slowdown % of % of 9M25 25 Gross
Slide 20: Best-ever 9M and Q3 for Insurance income, driven by P&C
MIL-BVA362-03032014-90141/VR Best-ever 9M and Q3 for Insurance income, driven by P&C Best-ever 9M and Q3 for Insurance income… … with growing P&C contribution(1), driven by the Non-motor business €m x Q3 €m Non-motor % As a % of Net fees and commissions + Insurance income Motor/Credit-linked product
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) % 57 43 35 32 31 29 28 Peer average: 26 25 25 27.4% 22 21 20 20 13 Peer 11 Peer 12 Peer 13 Peer 14 Peer 10 ISP Peer 1 Pe
Slide 22: 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, % -3.0% excluding the impact of national labour contract renewal Total Operating costs 4,900 4,855 Personnel -0.9% -2.4% excluding the impact of national labour contract cos
Slide 23: Our tech transformation is enabling generational change
MIL-BVA362-03032014-90141/VR Our tech transformation is enabling generational change and significant efficiency gains Our tech transformation … enabling generational change and significant efficiency gains ( ) is accelerating… IT investments People, # Of which ~1,500 as Global Advisors €5bn already
Slide 24: 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 61.6 62.4 56.4 57.4 57.5 54.0 55.2 Peer average: 49.8 50.7 52.5% 44.1 44.7 42.2 37.5 38.9 36.8 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 25: Zero-NPL Bank status with NPL inflow and stock at historical lows
MIL-BVA362-03032014-90141/VR Zero-NPL Bank status with NPL inflow and stock at historical lows… NPL stock NPL inflow(2) from Performing loans € bn Net NPL x Net NPL ratio(1), % € bn Net inflow(3) 1.0 1.0 1.0 9.9 9.9 9.9 2.3 2.2 -€0.1bn 1.8 1.8 5.0 4.9 4.8 31.3.25 30.6.25 30.9.25 9M24 9M25 Well-diver
Slide 26: ISP among the best in Europe for NPL stock and ratios
MIL-BVA362-03032014-90141/VR … with ISP among the best 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) 34.2 17.1 13.5 13.1 10.6 8.3 7.7 6.7 6.3 4.8 3.2 2.6 1.8% 0.9% 1.2% 1.2% 0.9% 1.2% 1.6% 1.2% 1.0% 0.5% 0.5% 3.0% 1.7% 2
Slide 27: Best in Europe for Stage 2 loans
MIL-BVA362-03032014-90141/VR … as well as for Stage 2 loans Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 144 72 65 64 51 44 41 34 28 15 12% 7% 10% 7% 11% 10% 9% 8% 6% 4% 30.9.25 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 Transparenc
Slide 28: Cost of risk at historical lows with increasing NPL coverage
MIL-BVA362-03032014-90141/VR Cost of risk at historical lows with increasing NPL coverage Loan loss provisions Cost of risk NPL coverage €m bps; annualised % +1.6pp 792 783 25 25 49.5 50.1 51.1 9M24 9M25 9M24 9M25 31.12.24 30.6.25 30.9.25 Overlays stable at €0.9bn Low Cost of risk in line with Zero-
Slide 29: NPL coverage among the best in Europe
MIL-BVA362-03032014-90141/VR NPL coverage among the best in Europe NPL coverage(1) % 52.5 51.1 49.6 48.6 45.4 44.6 43.8 42.8 Peer average: 41.9% 34.4 30.1 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: Cr
Slide 30: Russia exposure reduced to <0.1% of Group customer loans
MIL-BVA362-03032014-90141/VR Russia exposure reduced to <0.1% of Group customer loans, with local loans 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.
Slide 31: Rock-solid capital base, with ~105bps CET1 increase in 9M
MIL-BVA362-03032014-90141/VR Rock-solid capital base, with ~105bps CET1 increase in 9M and ~40bps in Q3 Fully phased-in CET1 ratio evolution %, bps x Q3 evolution ISP 2025 fully loaded requirements SREP + combined buffer +~105bps DTA and valuation reserves >14.8% including additional ~100bps ~13.3%
Slide 32: 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 Pee
Slide 33: 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) %, 30.9.25 %, requirement %, 30.9.25 2025 Business Plan target € bn Other reserves HQLA x Buffer vs requirement 38.0 142 285 285 286 ~125 122 Buffer: 12.5 112 111 111 ~115 25.5 CBR(
Slide 34: 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 30.9.25 (2022-9M25) targets Unparalleled support to Expanding food and shelter program for address social p
Slide 35: 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 30.9.25 (2022-9M25) targets New lending to support the green economy, circular economy and ecological transiti
Slide 36: Contents
MIL-BVA362-03032014-90141/VR Contents 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion 35
Slide 37: 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 38: 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 %, 30.9.25 x Buffer vs 2025 requirements %, 9M25 %, 9M25 x Depreciati
Slide 39: 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 Cost/Income(1) Depreciation on Operating costs(3),% <10% 10%-12% >12% % (reverse scale) Peer average: 27.4%(2) 0 Peer 2 Peer 1 40 Peer 3 Peer 4 Peer 5 45 50 Pe
Slide 40: 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… NOT EXHAUSTIVE Export-oriented companies highly diversified in terms of industry and destination markets (US only 10% of exports and 3% of GDP) Resilient and adaptive Very resilient Italian companies with
Slide 41: 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 69 42 62 3
Slide 42: Contents
MIL-BVA362-03032014-90141/VR Contents 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion 41
Slide 43: ISP delivered the best 9M ever and is fully equipped to succeed
MIL-BVA362-03032014-90141/VR ISP delivered the best 9M ever and is fully equipped to succeed in any scenario The best nine months ever Fully equipped to succeed in any scenario ▪ €7.6bn Net income, the best 9M ever ▪ Resilient profitability, rock-solid capital position (also in adverse scenarios as
Slide 44: Firmly on track to deliver 2025 Net income well above €9bn
MIL-BVA362-03032014-90141/VR Firmly on track to deliver 2025 Net income well above €9bn, including Q4 managerial actions to strengthen future profitability Increase in ▪ Resilient Net interest income (thanks to a higher contribution 2025 Net income Guidance from core deposits hedging) revenues, ▪ Gr
Slide 45: Contents
MIL-BVA362-03032014-90141/VR Contents 9M25: the best nine months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion 44
Slide 46: 2022-2025 Business Plan nearing completion
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 pos
Slide 47: Massive upfront de-risking, slashing Cost of risk
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Massive upfront de-risking, slashing Cost of risk Key highlights ▪ Massive deleveraging with €5.3bn gross NPL stock reduction in 2022-9M25, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target ▪ Focus on modular
Slide 48: Structural Cost reduction, enabled by technology
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 ▪ Insourcin
Slide 49: Our tech transformation is accelerating and operating successfully
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 the
Slide 50: Tech transformation accelerating with 64% of applications cloud-based
MIL-BVA362-03032014-90141/VR Mooney Enel 2022-2025 Business Plan nearing completion 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 through
Slide 51: Group cloud-based digital platform
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion : 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 technology a
Slide 52: A new digital bank delivered in 12 months and chosen by >1m clients
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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) ave
Slide 53: Product offering broader and more innovative than digital challengers
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Product offering broader and more innovative than digital challengers Additional benefits vs Business Plan Product offering broader than digital challengers(1) from ~1 million new customers Product catalogue Peer 1 Peer 2 Peer 3
Slide 54: AI program at scale with strong benefits for the Group
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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, # x
Slide 55: Growth in Commissions, driven by Wealth Management (1/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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-market
Slide 56: Growth in Commissions, driven by Wealth Management (2/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 and Banca dei Territori administration
Slide 57: Growth in Commissions, driven by Wealth Management (3/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 advi
Slide 58: Growth in Commissions, driven by Wealth Management (4/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 imp
Slide 59: Growth in Commissions, driven by Wealth Management (5/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 post
Slide 60: Growth in Commissions, driven by Wealth Management (6/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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-the-ar
Slide 61: Growth in Commissions, driven by Wealth Management (7/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Growth in Commissions, driven by Wealth Management, Protection & Advisory (7/7) An innovative wealth management … Intesa Sanpaolo is developing … to expand the European Digital concept… together with BlackRock… Wealth Management
Slide 62: Significant ESG commitment (1/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 Itali
Slide 63: Significant ESG commitment (2/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 9M25: ‒ ~530,000 visitors, free entr
Slide 64: Significant ESG commitment (3/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5) Innovation projects: 164 innovation projects released in 9M25 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of
Slide 65: Significant ESG commitment (4/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5) ▪ Financed emissions reduction: – From 2022 to 2024, the Group set 2030 targets for the 10 most-emitting sectors(1) withi
Slide 66: Significant ESG commitment (5/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5) ▪ ~€84.7bn disbursed in the period 2021-9M25(1) out of the €76bn in new lending available for the green economy, circular
Slide 67: Leading ESG position in the main sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Leading ESG position in the main sustainability indexes and rankings Top ranking for Sustainability(1) The only Italian bank included in the Dow Jones Best-in-Class Indices and in CDP Climate A List A AAA 89 8.1 Only bank in Ita
Slide 68: Our People are our most important asset
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Our People are our most important asset Key highlights ▪ ~5,250 professionals hired since 2021 ▪ ~8,950 people reskilled and ~51m training hours delivered since 2022 ▪ ~315 talents have completed their development path as part o
Slide 69: 9M25 Results: Detailed information
9M25 Results Detailed information
Slide 70: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 9M25 30.9.25 Operating income 20,432 Loans to customers 421,073 Operating costs (7,956) Customer financial assets(1) 1,411,456 Cost/Income ratio 38.9% of which Direct deposits from banking business 573,217 Operating margin 12,476 of w
Slide 71: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 70
Slide 72: 9M25 vs 9M24: the best 9M ever with €7.6bn Net income
MIL-BVA362-03032014-90141/VR 9M25 vs 9M24: the best 9M ever with €7.6bn Net income €m 9M24 9M25 % Net interest income 11,917 11,112 (6.8) Net fee and commission income 6,970 7,328 5.1 Income from insurance business 1,311 1,372 4.7 Profits on financial assets and liabilities at fair value 251 633 15
Slide 73: Q3 vs Q2: the best Q3 ever for Commissions and Insurance income
MIL-BVA362-03032014-90141/VR Q3 vs Q2: the best Q3 ever for Commissions and Insurance income €m 2Q25 3Q25 % Net interest income 3,800 3,680 (3.2) Net fee and commission income 2,449 2,444 (0.2) Income from insurance business 460 450 (2.2) Profits on financial assets and liabilities at fair value 28
Slide 74: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net interest income 3,947 4,028 3,942 3,801 3,632 3,800 3,680 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 2,444 Income from insurance business 455 448 408 424 462 460 450 Profits on financial asset
Slide 75: 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) -6.8% 11,917 30 87 11,112 (922) -3.2% Commercial 3,800 15 3,680 component (115) (20) Commercial component 2Q25 Volumes Spread Financial 3Q25 9M24 Volumes
Slide 76: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m % 3Q25 vs 3Q24 and 2Q25 €m % 9M25 vs 9M24 6,970 7,328 2,307 2,449 2,444 3Q24 2Q25 3Q25 9M24 9M25 +5.9 (0.2) +5.1 ▪ Best Q3 ever, essentially stable vs Q2 despite the usual ▪ Record-high nine months b
Slide 77: 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 9M24 9M25 Guarantees given / received 48 50 44 45 38 43 43 142 124 Collection and payment services 167 178 178 188 170 176 165 523 511 Curre
Slide 78: Income from insurance business
MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m % 3Q25 vs 3Q24 and 2Q25 €m % 9M25 vs 9M24 1,311 1,372 408 460 450 3Q24 2Q25 3Q25 9M24 9M25 +10.3 (2.2) +4.7 ▪ The best Q3 ever ▪ The best nine months ever ▪ 16% growth vs 3Q24 in Non-motor P&C reven
Slide 79: 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 % 3Q25 vs 3Q24 and 2Q25 €m % 9M25 vs 9M24 633 287 251 150 81 3Q24 2Q25 3Q25 9M24 9M25 (46.0) (71.8) +152.2 Contributions by activity 3Q24 2Q25 3Q25 9M24 9M25 Customers 78
Slide 80: Operating costs
MIL-BVA362-03032014-90141/VR Operating costs Quarterly analysis Yearly analysis % 3Q25 vs 3Q24 and 2Q25 % 9M25 vs 9M24 Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 7,986 7,956 2,736 2,664 2,714 4,900 4,855 1,679 1,606 1,666 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 9M24
Slide 81: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m % 3Q25 vs 3Q24 and 2Q25 €m % 9M25 vs 9M24 792 783 238 281 278 3Q24 2Q25 3Q25 9M24 9M25 +16.8 (1.1) (1.1) ▪ Overlays stable at €0.9bn ▪ Annualised Cost of credit stable at 25bps ▪ NPL coverage ratio at 51.
Slide 82: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 81
Slide 83: >€1.4 trillion in Customer financial assets, up €21bn in Q3
MIL-BVA362-03032014-90141/VR >€1.4 trillion in Customer financial assets, up €21bn in Q3 % 30.9.25 vs 30.9.24 and 30.6.25 Customer financial assets(1) Direct deposits from banking business € bn € bn 1,378 1,391 1,411 589 570 573 30.9.24 30.6.25 30.9.25 30.9.24 30.6.25 30.9.25 +2.4 +1.5 (2.7) +0.5
Slide 84: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 30.9.25 ~75% Households % Percentage of total ~25% Corporates Wholesale Retail 573 Current accounts 21 380 and deposits Repos and 19 - securities lending 443 Senior bonds(1) 35 7 Covered bonds 29 - 130
Slide 85: Strong funding capability: broad access to international markets
MIL-BVA362-03032014-90141/VR Strong funding capability: broad access to international markets 2025-2027 MLT maturities Main wholesale issues € bn Wholesale Retail 2024 17 17 ◼ €2bn dual-tranche senior preferred, €1bn AT1, €1.5bn senior non-preferred and €1.25bn Tier 2 placed. On average 86% demand f
Slide 86: High liquidity: LCR and NSFR well above requirements
MIL-BVA362-03032014-90141/VR High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets 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 % 285 285 286 209 20
Slide 87: 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 €5.3bn dividends accrued in 9M €5.3bn dividends accrued in 9M €5.3bn dividends accrued in 9M % % % 18.5%(1) not includ
Slide 88: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 87
Slide 89: Non-performing loans: NPL ratios and NPL stock at historical lows
MIL-BVA362-03032014-90141/VR Non-performing loans: NPL ratios and NPL stock at historical lows x Gross NPL ratio, % x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL Net NPL € bn € bn 30.9.24 30.6.25 30.9.25 30.9.24 30.6.25 30.9.25 Bad loans 3.7 3.9 4.1 Bad loans 1.1
Slide 90: Non-performing loans: sizeable and increased coverage
MIL-BVA362-03032014-90141/VR Non-performing loans: sizeable and increased coverage Cash coverage; % Total NPL(1) 50.8 50.1 51.1 30.9.24 30.6.25 30.9.25 Bad loans Unlikely to pay Past due 69.7 66.5 67.2 40.1 40.3 40.8 31.0 30.7 30.6 30.9.24 30.6.25 30.9.25 30.9.24 30.6.25 30.9.25 30.9.24 30.6.25 30.9
Slide 91: 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 12.2 Impact from the acquisition of Impact from the acquisition of the two former Venetian banks the two former Vene
Slide 92: 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 793 748 744 3Q24 2Q25 3Q25 Bad loans Unlikely to pay Past due 405 371 371 367 365 353 17 16 20 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 Note: figures may not add up exactly due to r
Slide 93: 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 666 503 549 3Q24 2Q25 3Q25 Bad loans Unlikely to pay Past due 326 338 322 317 211 179 11 16 (2) 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 Note: figures may not add up exactly due to roun
Slide 94: 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 30.9.25) Breakdown by economic business sector Repos, Capital markets and 30.9.25 Institutional Clients Public Adminis
Slide 95: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 94
Slide 96: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 30.9.25 Divisions IMI Banca dei Corporate & Corporate International Private Asset Investment Insurance(4) Centre / Total Territori Banks(1) Banking(2) Management(3) Banking Others(5) Wealth Management Divisions Operating income
Slide 97: Banca dei Territori: 9M25 vs 9M24
MIL-BVA362-03032014-90141/VR Banca dei Territori: 9M25 vs 9M24 €m 9M24 9M25 % Net interest income 5,170 5,160 (0.2) Net fee and commission income 3,644 3,825 5.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 86 106 23.3 Other operating income (exp
Slide 98: Banca dei Territori: Q3 vs Q2
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q3 vs Q2 €m 2Q25 3Q25 % Net interest income 1,717 1,698 (1.1) Net fee and commission income 1,281 1,266 (1.2) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 45 30 (32.6) Other operating income (expe
Slide 99: IMI Corporate & Investment Banking: 9M25 vs 9M24
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 9M25 vs 9M24 €m 9M24 9M25 % Net interest income 2,318 2,279 (1.7) Net fee and commission income 916 928 1.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (223) 479 n.m. Other operati
Slide 100: IMI Corporate & Investment Banking: Q3 vs Q2
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q3 vs Q2 €m 2Q25 3Q25 % Net interest income 779 778 (0.0) Net fee and commission income 291 324 11.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 221 64 (71.2) Other operating incom
Slide 101: International Banks: 9M25 vs 9M24
MIL-BVA362-03032014-90141/VR International Banks: 9M25 vs 9M24 €m 9M24 9M25 % Net interest income 1,895 1,830 (3.4) Net fee and commission income 485 541 11.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 124 117 (5.6) Other operating income (expe
Slide 102: International Banks: Q3 vs Q2
MIL-BVA362-03032014-90141/VR International Banks: Q3 vs Q2 €m 2Q25 3Q25 % Net interest income 609 607 (0.4) Net fee and commission income 196 177 (10.0) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 54 30 (44.0) Other operating income (expenses) (
Slide 103: Private Banking: 9M25 vs 9M24
MIL-BVA362-03032014-90141/VR Private Banking: 9M25 vs 9M24 €m 9M24 9M25 % Net interest income 912 817 (10.4) Net fee and commission income 1,558 1,688 8.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 42 58 38.1 Other operating income (expenses) 2
Slide 104: Private Banking: Q3 vs Q2
MIL-BVA362-03032014-90141/VR Private Banking: Q3 vs Q2 €m 2Q25 3Q25 % Net interest income 277 279 0.5 Net fee and commission income 570 557 (2.3) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 22 16 (30.4) Other operating income (expenses) 5 6 25.5
Slide 105: Asset Management: 9M25 vs 9M24
MIL-BVA362-03032014-90141/VR Asset Management: 9M25 vs 9M24 €m 9M24 9M25 % Net interest income 45 31 (31.1) Net fee and commission income 663 652 (1.7) 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) 37 38
Slide 106: Asset Management: Q3 vs Q2
MIL-BVA362-03032014-90141/VR Asset Management: Q3 vs Q2 €m 2Q25 3Q25 % Net interest income 10 10 (0.6) Net fee and commission income 214 223 4.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 1 60.8 Other operating income (expenses) 12 14 18.8 Op
Slide 107: Insurance: 9M25 vs 9M24
MIL-BVA362-03032014-90141/VR Insurance: 9M25 vs 9M24 €m 9M24 9M25 % Net interest income 0 0 n.m. Net fee and commission income 3 3 0.0 Income from insurance business 1,296 1,367 5.5 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (3) (10) 233.3 O
Slide 108: Insurance: Q3 vs Q2
MIL-BVA362-03032014-90141/VR Insurance: Q3 vs Q2 €m 2Q25 3Q25 % Net interest income (0) (0) 1.7 Net fee and commission income 1 1 3.6 Income from insurance business 457 449 (1.6) Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (4) (3) (4.6) Opera
Slide 109: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 9M25 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 19% 1 Loans 17.6 Insurance(*) 7% Banca 1 Deposits(3) 20.6 46% dei Territori 1 Asset Management(4) 21.2 13% Private
Slide 110: International Banks by country
MIL-BVA362-03032014-90141/VR International Banks by country Data as at 30.9.25 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania(*) Moldova Ukraine(**) Egypt Operating income (€ m) 298 610 115 504 40 381 60 95 13 8 2,123 329 2,453 12.0% Operating costs (€
Slide 111: 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 61,433 60,157 6,179 127,769 381,461 Austria 727 1,810 17 2,554 340 Belgium 4,367 5,404 126 9,897 856 Bulgaria 0 47 14 61 8 Croatia 1,855 494 32 2,381 10
Slide 112: 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 46,887 44,035 3,028 93,950 11,226 Austria 618 1,514 2 2,134 0 Belgium 4,052 4,926 134 9,112 0 Bulgaria 0 47 12 59 0 Croatia 1,646 479 32
Slide 113: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS (2) (3) AC FVTOCI FVTPL Total EU Countries 4,163 9,818 2,113 16,094 21,592 Austria 109 278 16 403 191 Belgium 251 398 -7 642 156 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 97 Cyprus 0 0 14 14 0 Czec
Slide 114: 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 (2) (3) AC FVTOCI FVTPL Total EU Countries 10,383 6,304 1,038 17,725 348,643 Austria 0 18 -1 17 149 Belgium 64 80 -1 143 700 Bulgaria 0 0 2 2 8 Croatia 209 15 0 224 8,789 Cyprus 0
Slide 115: 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