Slide 1: Investor Presentation Preliminary FY 2025 Results
Investor Preliminary Presentation FY 2025 RESULTS 11 February 2026
Slide 2: Agenda: FY 2025 Financial Results
To be the No. 1 private bank, unique by value of service, innovation and sustainability FY 2025 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 and sustaina
Slide 3: High quality results in a watershed year
PRELIMINARY FY 2025 RESULTS HIGH QUALITY RESULTS IN A WATERSHED YEAR Financial results: new all-time high driven by high quality and sustainability • Net Profit at €446m (+3% YoY), thanks to recurring profit growing to €362m (+7% YoY) • Total Assets at €113bn (+9% YoY), with total AUI over €75bn (+8
Slide 4: Net profit highest level ever on both reported and recurring basis
NET PROFIT HIGHEST LEVEL EVER ON BOTH REPORTED AND RECURRING BASIS Reported Net Profit - Yearly Trend €\m 445.8 FY 2025 reported net profit 431.2 at €446m (+3% YoY), 44.3 powered by a stronger 91.9 39.0 326.1 recurring component at 323.1 €362m (+7% YoY), benefitting 5.8 272.1 274.9 from the expansio
Slide 5: Net financial income
NET FINANCIAL INCOME A FURTHER HIKE IN NII COUPLED WITH POSITIVE TRADING AT INTERMONTE Net Financial Income €\m +5.0% +2.1% 355.5 FY 2025 Net Financial 338.6 Income at €356m (+5% YoY) 21.5 30.5 boosted by a further uptick in NII and Intermonte’s +7.9% contribution on trading 317.1 325.0 90.8 92.7 88
Slide 6: Total gross fees
TOTAL GROSS FEES HEALTHY INCREASE HIGHLIGHTING POSITIVE BUSINESS MOMENTUM Total Gross Fees 1,207.6 1,245.7 313.4 313.0 279.6 311.9 341.2 €\m FY 2025 total gross fees +8.6% at €1.2bn (+3% YoY) with 1.130.9 recurring fees (+9% YoY) 1.041.2 +10.8% more than offsetting the +5.5% drop in variable fees an
Slide 7: Gross recurring fees (1/2)
GROSS RECURRING FEES (1/2) ACCELERATION OF INVESTMENT FEES DRIVEN BY VOLUME EXPANSION Investment Fees €\m +7.2% +7.4% Management Fees 910.8 976.3 +3.4% Advisory Fees 54.8 FY 2025 investment fees 51.0 at €976m (+7% YoY) driven 237.2 240.4 234.7 246.4 254.8 by solid asset expansion 859.8 921.5 13.1 13
Slide 8: Gross recurring fees (2/2)
GROSS RECURRING FEES (2/2) POSITIVE TREND FURTHER ENHANCED BY INTERMONTE Other Fees €\m +18.6% +35.6% Entry Fees 154.7 FY 2025 entry fees at €50m Brokerage 130.4 (+4% YoY) driven by 29.2 +19.6% certificates (€1.4bn, +6% Commissions 24.2 YoY) and other placements Banking Fees 75.1 43.3 (€0.9bn +38% Y
Slide 9: Total fee expenses
TOTAL FEE EXPENSES PAYOUT RATIO FULLY IN LINE WITH LONG TERM GUIDELINES Total Fee Expenses 565.1 600.9 146.4 150.4 146.6 147.8 156.1 €\m o/w Fee Expenses on NII1 14.5 9.2 4.2 2.6 2.1 1.8 2.6 FY 2025 total fees at €601m (+6% YoY) confirming guidelines 46.7% 46.3% 47.0% 47.1% 47.0% 45.7% 45.7% o/w Pay
Slide 10: Operating costs (1/2)
OPERATING COSTS (1/2) AFFECTED BY ONE-OFF ITEMS AND PERIMETER CHANGE Total Operating 294.0 361.2 83.5 82.6 81.8 88.2 108.7 FY 2025 total operating Costs €\m costs of €361m (+23% YoY) linked to: 1) change in perimeter; 72.6 Change in perimeter 2) spike of non-core items 13.5 26.0 20.9 24.0 Non-Core I
Slide 11: Operating costs (2/2)
OPERATING COSTS (2/2) TEMPORARY UPTICK IN COST RATIOS Operating Costs / Total Assets Cost / Income Ratio 55.8% 54.7% 52.8% 0.37% 0.33% 0.33% 0.32% 46.9% 47.3% 0.31% 0.30% 0.31%0.30% 45.9% 0.28% 0.28% 44.6% 43.0% 40.8% 39.0% 42.1% 40.7% 35.6% 40.1% 35.1% 0.28% 36.8% 37.4% 36.0% 36.8% 34.9% 36.1% 31.1
Slide 12: Summing up
SUMMING UP Comments FY25 FY25 (€m) FY24 Reported % Chg Intermonte FY 2025 operating profit excluding contribution performance fees at €524m (+1% YoY) with higher net financial income (+5%) Net Financial Income 338.6 355.5 5.0% 15.9 and net recurring fees (+11%) offsetting Net recurring fees 476.1 53
Slide 13: Agenda: Balance Sheet & Capital Ratios
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 Financial Results To be the No. 1 private bank, unique Balance Sheet & Capital Ratios by value of Net Inflows, Assets and Recruiting service, innovation Key Projects and Closing Remarks and sustainability
Slide 14: Balance sheet – total liabilities & equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY STEADY GROWTH IN RETAIL DEPOSITS Total Liabilities & Equity: Volumes and Yields €\bn Total Deposits 17.8 18.5 16.8 1 1.3 1.3 Client Deposits 0.9 0.7 0.8 0.7 FY 2025 total deposits at 2 Other Deposits €15.8bn (+9% YoY, +3% 14.5 15.4 15.8 QoQ) of which 87% De
Slide 15: Balance sheet – total assets
BALANCE SHEET – TOTAL ASSETS ASSET EXPANSION AND RESILIENT INVESTMENT YIELDS Total Assets & Interest Bearing Assets: Volumes and Yields €\bn 17.8 18.5 Interest Bearing Assets (IBA) 16.8 1.4 1.4 FY 2025 interest bearing Financial Assets 1.7 2.3 2.5 assets (IBA) at €16.7bn (+9% Loans to Clients 2.3 Yo
Slide 16: Capital and liquidity ratios
CAPITAL AND LIQUIDITY RATIOS SOLID RATIOS INCLUDING IMPACT FROM INTERMONTE AND CRR3 Total Capital Ratio % Leverage Ratio % CET1 AT1 FY 2025 capital ratios 24.4% 5.9% included several one-offs partly 2.4% 5.4% 5.6% 19.0% 18.9% offset by higher net profit 1.2% 1.8% retention (+2.6 ppts): - impact of C
Slide 17: 2025 dividend proposal
2025 DIVIDEND PROPOSAL PROPOSAL FOR A ROBUST DIVIDEND REMUNERATION Dividend Policy Dividend Proposal 1 FY 2025 DPS proposal at Tot. 70.5% 70.5% 90.5% 77.0% 76.0% 76.0% €2.90 per share (76% payout Payout on consolidated net profit) 2.90 DPS (€) and 2.80 2025 DPS payment to follow 1 1 1.95 2.15 the tr
Slide 18: Agenda: Net Inflows, Assets and Recruiting
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Key Projects and Closing Remarks and sustainability
Slide 19: Total assets (1/2)
TOTAL ASSETS (1/2) SUSTAINED GROWTH ACROSS INVESTMENTS AND OTHER ASSETS Total Assets €\bn Total Assets (by Fee Category1) €\bn 113.5 113.5 103.8 103.8 FY 2025 Total Assets at 92.8 12.7 92.8 new all time high of 11.9 37.9 10.5 33.6 €113.5bn (+9% YoY) 32.4 28.0 29.9 thanks to solid 24.9 commercial act
Slide 20: Total assets (2/2)
TOTAL ASSETS (2/2) AUM GROWTH DRIVEN BY IN-HOUSE PRODUCTS (FINANCIAL WRAPPERS AND FUNDS) AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 26.9 68.4 Insurance 24.8 63.9 21.1 FY 2025 AUM products at 57.4 Wrappers 15.7 12.4 €68.4bn (+7% YoY) driven by 14.9 12.1 14.3 Financial 10.6 a strong inter
Slide 21: Net inflows (1/2)
NET INFLOWS (1/2) COMMERCIAL RESULTS WELL SUPPORTED BY INCREASING QUALITY Total Net Inflows (by Fee Category1) €\bn Focus on AUI Net Inflows €\bn FY 2025 total net inflows 6.6 6.8 3.8 4.0 at €6.8bn thanks to a 5.9 0.6 0.7 normalization in business 2.8 2.8 trend after the M&A 1.4 headwinds2 weighting
Slide 22: Net inflows (2/2)
NET INFLOWS (2/2) POSITIVE NET INFLOWS LED BY FINANCIAL WRAPPERS AND IN-HOUSE FUNDS AUM Products €\bn o/w Managed Solutions - Wrappers €\bn Insurance 2.5 3.2 3.3 1.9 Wrappers 0.3 0.5 0.9 0.1 FY 2025 AUM products Financial at €3.3bn (+4% YoY) Wrappers 0.7 1.6 1.8 driven by: 2.9 0.7 - financial wrappe
Slide 23: Net inflows by acquisition channel
NET INFLOWS BY ACQUISITION CHANNEL RECOVERY UNDERWAY FROM 4Q25 Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # FY 2025 contribution from 173 recruitment dented by 166 Mediobanca’s offer but 6.6 6.8 supported by recruitment in 5.9 54 Switzerland for €0.8bn 123 58 1.6 1.9
Slide 24: Net inflows: January 2026
NET INFLOWS: JANUARY 2026 2026 OFF TO A POSITIVE START Net Inflows Breakdown by Breakdown of New Recruits Fee Category1 €\bn by channel # 0.5 27 January net inflows at 0.4 22 23 €0.5bn driven mainly by 0.3 13 deposits and AUC for the 5 9 acquisition of new clients 0.2 0.4 0.2 Positive trend for in-h
Slide 25: Agenda: Key Projects and Closing Remarks
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 and sustainability
Slide 26: Intermonte (1/2): growth path to 2030
INTERMONTE (1/2) INTERMONTE’S GROWTH PATH TO 2030 Intermonte - 2024-2030 Net Banking Income Evolution €\m Investment banking Intermonte revenues Managed projected to double by 2030 ~14-18 with €40-45m additional AUC & products C revenues driven by: Trading ~4-10 - €18-22m AUC & trading B - €14-18m i
Slide 27: Intermonte (2/2): combined initiatives
INTERMONTE (2/2) COMBINED INITIATIVES START TO BEAR FRUIT Key Initiatives AUC & Trading Managed Products Investment Banking Focus on Structured Products AUM with capital protection 2025 Business Activity • Intermonte’s hedging activity linked • Two equity funds launched on • 160 investment banking r
Slide 28: Generali hybrid products
GENERALI HYBRID PRODUCTS POSITIVE TREND RESUMED IN THE SECOND HALF OF 2025 Insurbanking - Volumes1, €\bn Insurbanking - Margin, % Generali hybrid products (investment component) Mgmt fee margin on hybrid 0.66% 0.63% 0.64% o/w in BG FML sub-funds insurance Advisory and fund products selection service
Slide 29: Alleanza partnership
ALLEANZA PARTNERSHIP POSITIVE START TO THE NEW PARTNERSHIP Insurbanking projected to reach €7.0-€8.5bn in Alleanza Insurbanking: 2030 Targets volumes by 2030 representing 5%-7% of total Alleanza’s targetable wealth managed by third- party institutions Assets Net Banking Income Net revenues forecast
Slide 30: Net inflows guidance
BANCA GENERALI - NET INFLOWS GUIDANCE UPGRADING GUIDANCE ON PRODUCT OFFER AND MARKET CONDITIONS NET INFLOWS 2025 2025 2026 guidance Main Drivers GUIDANCE guidance result Stable financial markets, barring any major market correction Volumes >€6.0bn €6.8bn >€6.5bn Ongoing positive structural Growth an
Slide 31: P&L guidance
BANCA GENERALI - P&L GUIDANCE TO DELIVER PROFITABLE AND REMUNERATIVE GROWTH P&L ITEM 2025 2025 2026 Main Drivers guidance result guidance Increase in client deposits Net Interest (€0.5-1bn) ≥€320m €325m €330-340m Income Stable interest rates Stable52% financial markets, barring major market correcti
Slide 32: Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 33: 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 +24.0% 25.3 23.3 20.4 Institutional Fund +8.7% 25.3 Classes 12.1 11.4 23.3 10.3 20.4 0.1 0.2 3.7 Retail Fund Retail fund classes Classes 10.1 11.9 13.2 0.1 3.9 increasing
Slide 34: Focus on AUC assets
FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS AUC Assets by Product Mix1 €\bn Key Features 32.0 27.8 13% 12% €3.8bn bonds due to expire within 1 year 26% 24.7 24% 77% of bonds carrying unrealized capital gains3 13% 23% Only 4% of total AUC invested in structured products (certific
Slide 35: 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 31% - More than 99% of the bond portfolio is 47% EU Go
Slide 36: 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) 2025 Credit Book €\bn Lending Quality % 17.8 18.5 16.8 0.4 1.4 1.4 0.6 1.7 Financial Assets 2.3 2.5 2.3 Loans to Clients 1.9 99.6 Loans to Banks & 12.6 12.8 Other Assets 11.3 Lin
Slide 37: 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 2.353 2.405 Age 2.260 35-50 2.162 2.204 ~55 2.040 2.087 >50 1.936 1.985 1.841 1.715 Male Gender Female 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Headline FA retention at 95.4%
Slide 38: 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 Banca Generali Assoreti 1 46.5 43.7 40.6 39.2 37.3 35.1 32.8 30.9 28.8 29.0 29.5 25.8 25.8 26.4 As of 30.09.25 24.3 24.0 (last available data) 22.2 23.1 21.2 19.7 18.0 17.9 18.4 15.7 15
Slide 39: Focus on clients
FOCUS ON CLIENTS TREND AND KEY FEATURES Total No. of Clients ‘000 Breakdown by Cluster of Clients 372k €111.9bn1 372 359 0.6% 349 10.8% 342 332 28.8% 28.3% >5m 312 299 500k-5m 290 44.0% 279 100-500k 263 <100k 60.3% 249 21.4% 5.8% No.of Clients AUM (bn/€) Private Banking Assets2: €81.5bn Private Bank
Slide 40: Annex: Banca Generali at a Glance
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 41: Banca Generali in a nutshell
41 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 2,405 Financial Advisors ranked at the top of the industry by quality3 Frontrunner in in
Slide 42: Banca Generali's ambitions: mission, vision and purpose
42 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 43: Banca Generali's key milestones
43 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 44: Banca Generali's market shares
BANCA GENERALI’S MARKET SHARES BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS Reference Segment Banca Generali’s Market Share 2014 2019 2024 Targetable 1.2% 2.1% 2.6% financial wealth1 Private & HNW 2.1% 3.9% 5.1% financial wealth2 Financial Advisor 12.7% 15.4% 15.7% networks3 NOTES: 1) Ita
Slide 45: Banca Generali's organization
45 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 45 NOTE: data as of 31 December 2025
Slide 46: Banca Generali's awards
46 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 Best Private Bank network by Customer in Italy (2025) in Italy (2024) Satisfaction (2026) Financial Times -
Slide 47: Business model
BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s Business Model Financial Private Banking positioning and Banca Generali’s Advisor 1 DISTRIBUTION best in class distribution network core competitive Client advantage • Banking products • Investment Advisory Wealth manage
Slide 48: 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 49: 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 Partner Network: Senior Senior Partners 176.4 unique in terms of Partners PTF >€150m 18% 112 Network positioning to consolidate excellence and enhance su
Slide 50: BG ranking #3 in private banking in Italy
50 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 51: BG ranking #4 in FA networks in Italy
51 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS SINCE 2013 Banca Generali - Total Assets (Assoreti)1 €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 2024 102.7 111.9 84.6 82.2 91.8 73.3 55.7 57.5 66.8 €83.7 €353.8 +128%2 41.6 47.5 29.1 36.6 2013 2014 2015 2016 2017 2018 2
Slide 52: 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: 113.5 €/bn 5% 3% 2% 10% 12% 17% 11% AUI: 75.6 €/bn, 23% 67% of total 26% 15% 13% 6% 11% 14% 13% 20% In-house funds Insurance wrappers AUC Equity
Slide 53: 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 54: Training support
3 TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL Physical Location Training Platform A space dedicated to classroom training A single channel dedicated to FAs for Financial Advisors, as well as a venue training for representation/events 54
Slide 55: Annex: Key Strategic Projects
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 56: FA network: new generations, team model and verticals
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 57: 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 Brownfiel
Slide 58: Artificial intelligence
3 ARTIFICIAL INTELLIGENCE DRIVING CULTURAL TRANSFORMATION AND PROJECT DEVELOPMENT THROUGH THREE INITIATIVES Cultural Shift Strategic Initiatives Efficiency Cultural transformation to embed AI across the organization: • “AI Ambassador” initiative with 40 colleagues appointed, • Development of GRACE,
Slide 59: Annex: Intermonte integration
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 60: Intermonte strategic rationale (1/2)
INTERMONTE - STRATEGIC RATIONALE (1/2) 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 61: Intermonte strategic rationale (2/2)
INTERMONTE - STRATEGIC RATIONALE (2/2) 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 62: Annex: Insurbanking with Alleanza
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 63: Targetable financial household wealth
TARGETABLE FINANCIAL HOUSEHOLD WEALTH ROOM TO OPTIMIZE CLIENT ASSET ALLOCATION Italian Financial Household Wealth €\tn By Channel By Product Targetable financial 6.0 10Y 10Y wealth at €3.8 trillion, net 2.9 3.8 CAGR 2.9 3.8 CAGR 4.8% 5.1% of corporate pension funds +3.4% Focus 19.0% 24.5% +5.4% 18.0
Slide 64: Insurbanking: market potential (1/2)
INSURBANKING: MARKET POTENTIAL (1/2) INSURANCE AGENTS MANAGE ONLY A PART OF THEIR CLIENT ASSETS Italian Targetable Financial Household Wealth €\tn Focus on Targetable Financial Wealth by Distribution Channel / Product Insurance products represent €3.8tn Insurance products Other products ~25% of the
Slide 65: Insurbanking: market potential (2/2)
INSURBANKING: MARKET POTENTIAL (2/2) GENERALI INSURANCE AGENTS REPRESENT ~1/2 OF THE CHANNEL Wealth held by Insurance Agents’ Clients Insurance Products Estimated Wealth distributed by Insurance Agents held by Insurance Agents’ Clients Generali Italia (GIT) stands out €1.0tn as the most qualified pl
Slide 66: Deep dive on Alleanza Assicurazioni (1/2)
DEEP DIVE ON ALLEANZA ASSICURAZIONI (1/2) 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 a
Slide 67: Deep dive on Alleanza Assicurazioni (2/2)
DEEP DIVE ON ALLEANZA ASSICURAZIONI (2/2) A LARGE AND UNTAPPED MARKET POTENTIAL Wealth held by Alleanza’s Clients Alleanza Life Estimated Wealth held by Alleanza Clients Reserves Alleanza’s Clients Breakdown Alleanza stands out as a leading life insurance company, holding By channel approach Interna
Slide 68: The partnership, combining two strengths
THE PARTNERSHIP, COMBINING TWO STRENGTHS NEW GROWTH ENGINE Collaboration to set up a new growth engine Undisputed leadership in Private for both companies Banking and Wealth Management Providing Alleanza clients with a new integrated range of banking and insurance products with the aim of unlocking
Slide 69: Value proposition to Alleanza clients
FOCUS ON VALUE PROPOSITION TO ALLEANZA CLIENTS LEVERAGING BANCA GENERALI’S PRODUCT PLATFORMS Products/Services provided by Banca Generali to Alleanza Network Products Relevant Outputs A • Banking services • Cross-selling opportunities Banca Generali, (current account and payments) • Improving visibi
Slide 70: AG hybrid products (1/2)
AG HYBRID PRODUCTS (1/2) AGREEMENT WITH ALLEANZA OFF TO A POSITIVE START AM/Investment Advisory Contracts on Generali Hybrid Products1, €\bn Phase 1 Phase 2 Positive start to the Launch of the first hybrid products in Business consolidation with partnership with Alleanza collaboration with AG focus
Slide 71: AG hybrid products (2/2)
AG HYBRID PRODUCTS (2/2) DELIVERING A POSITIVE ADD-ON TO BANCA GENERALI’S PROFITABILITY Focus on Banca Generali’s Profitability, % 1.41% 1.43% 1.43% 1.43% 1.41% 1.41% Profitability of hybrid Banca Generali products overall improved Management fee margin (+1bps on 1H 2025) on a more favorable underly
Slide 72: Annex: Switzerland
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 73: Expansion in Switzerland (1/2)
73 EXPANSION IN SWITZERLAND (1/2) MAIN HIGHLIGHTS Large targetable market estimated at ~140 €\bn, of which: - 80 €\bn1 represented by potential assets referring to Italian clients INTERNATIONAL - 60 €\bn1 represented by targetable assets to be managed onshore in Switzerland EXPANSION Opportunity ari
Slide 74: BG Suisse Private Bank (2/2)
BG SUISSE PRIVATE BANK (2/2) TARGET MARKETS AND MODEL CLIENTS MANAGED CLIENTS MANAGED IN SWITZERLAND IN ITALY ➢ Onshore clients in Ticino ➢ BG clients with need for diversification in ➢ Onshore clients in the rest of Switzerland terms of booking centers Target ➢ BG clients and new clients that alrea
Slide 75: Annex: Sustainability
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 76: Sustainability (1/4): main highlights
SUSTAINABILITY (1/4) MAIN HIGHLIGHTS First year application of Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD) New double materiality analysis identified 9 material topics reflecting Banca Generali’s ESG priorities Sustainability fu
Slide 77: Sustainability (2/4): new climate transition plan
SUSTAINABILITY (2/4) NEW CLIMATE TRANSITION PLAN Climate Transition Plan - Targets Operations Investments 2030: -40% GHG emissions (vs. 2030: -55%1 GHG emissions (vs. REDUCTION OF Scope 1 & 2 emissions 2019 baseline) 2019 baseline) CARBON FOOTPRINT (tCO2eq /€m) 2040: NET ZERO GHG emissions 2040: NET
Slide 78: 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 79: Sustainability (4/4): relations with shareholders and authorities
SUSTAINABILITY (4/4) COMMITMENT TO RELATIONS WITH SHAREHOLDERS AND AUTHORITIES MSCI Sustainalytics Negligible Risk Scale: from CCC to AAA Scale: from 100 to 0 S&P Global Standard Ethics Scale: from 0 to 100 Scale: from F to EEE 79
Slide 80: Annex: Sector Data
To be the No.1 private bank, unique by value of service, innovation and sustainability FY 2025 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 81: 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 82: 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 83: 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 84: 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 85: 2026 upcoming events
2026 UPCOMING EVENTS MAY JULY Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa 1 2 1 2 3 4 1Q 2026 Results 1H 2026 Results 3 4 5 6 7 8 9 5 6 7 8 9 10 11 10 11 12 13 14 15 16 Conference Call 12 13 14 15 16 17 18 Conference Call 17 18 19 20 21 22 23 19 20 21 22 23 24 25 24 25 26 27 28 29 30 26 27 28 29 30 31
Slide 86: 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