Banca Generali S.p.a. · MIL:BGN
Banca Generali — Q1 2025 Earnings Presentation
78 slides from Banca Generali's earnings presentation, May 9, 2025
Slide 1: Investor Presentation 1Q 2025 Results
Investor 1Q 2025 RESULTS Presentation 9 May 2025
Slide 2: Agenda: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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: 1Q 2025 Results: Executive Summary
1Q 2025 RESULTS: EXECUTIVE SUMMARY Positive quarterly results delivered amid volatile markets • Recurring net profit at €87.0m (+6% YoY) well on track to sustainable growth • Reported net profit at €110.3m (-10% YoY) embedding financial markets-linked components • Strong operational efficiency with
Slide 4: Net Profit: Positive Start in a Complex Environment
NET PROFIT POSITIVE START IN A COMPLEX ENVIRONMENT Net Profit 122.0 117.6 99.1 92.6 110.3 €\m 1Q 2025 solid net profit at €110m (-10% YoY) driven by the recurring Recurring Net Profit1 +6.1% component (~80% of total) €\m +5.3% 88.5 86.2 87.0 82.0 82.6 1Q 2025 recurring net profit at €87m (+6% YoY) l
Slide 5: Net Financial Income: Steady Result Thanks to Growing Deposits
NET FINANCIAL INCOME STEADY RESULT THANKS TO GROWING DEPOSITS Net Financial Income (NFI) €\m +4.8% 1Q 2025 NFI at €88m (+5% -3.1% YoY) thanks to flat NII and 90.8 88.0 higher trading gains 83.9 82.7 81.2 4.5 4.7 1.4 11.0 8.6 1Q 2025 NII at €79m (flat YoY) 79.4 78.1 79.8 79.8 79.3 supported by higher
Slide 6: Total Gross Fees
TOTAL GROSS FEES HIGHER RECURRING COMPONENT DRIVEN BY HIGHER ASSETS Total Gross Fees 311.3 297.2 285.7 313.4 313.0 €\m 1Q 2025 total gross fees +8.5% at €313m (+1% YoY) with +3.5% a higher recurring component more than offsetting lower variable Gross Recurring Fees 256.8 257.6 257.5 269.2 278.6 fees
Slide 7: Gross Recurring Fees (1/2)
GROSS RECURRING FEES (1/2) POSITIVE TREND DESPITE MORE CONSERVATIVE INVESTMENT PROFILE Investment Fees1 €\m +8.5% Management Fees +0.3% 219.4 224.5 229.6 237.2 238.0 1Q 2025 investment fees Advisory Fees 12.1 12.8 13.0 13.1 13.3 at €238m (+8.5% YoY) well above last year’s level 207.3 211.7 216.6 224
Slide 8: Gross Recurring Fees (2/2)
GROSS RECURRING FEES (2/2) OTHER FEES REACHED NEW HIGHS Other Fees €\m +8.5% 1Q 2025 other fees at Entry Fees €41m (+9% YoY) driven by +27.1% brokerage and extended Brokerage Commissions 37.4 40.6 perimeter 33.2 31.9 6.1 27.9 9.1 Banking Fees 6.2 5.5 6.4 1Q 2025 entry fees at €13m 14.8 19.0 14.5 15.
Slide 9: Total Payout Ratio on Fees
TOTAL PAYOUT RATIO ON FEES STABLE AND IN LINE WITH LONG TERM GUIDANCE Total Fee Expenses 146.4 138.5 142.3 137.8 150.4 €\m o/w Fee Expenses on NII1 3.6 3.4 3.3 4.2 2.6 1Q 2025 total payout at 53.1%, in line with last 47.7% year adjusted for 2Q 46.3% 46.0% 47.0% 47.1% o/w Payout to FAs, 2024 one-off
Slide 10: Operating Costs (1/2)
OPERATING COSTS (1/2) COST BASE TRACKING ASSET EXPANSION Total Operating Costs €\m +21% Intermonte 83.5 -1% 82.6 1Q 2025 total operating 73.9 68.3 68.3 (1.9) 5.5 1.5 costs1 at €82.6m of which Non Core Items 3.4 5.5 1.0 1.1 8.5 €74.1m (+8.5% YoY) on a 5.8 5.4 5.6 like-for-like basis Sales Personnel 7
Slide 11: Operating Costs (2/2)
OPERATING COSTS (2/2) COST RATIOS REMAIN AT BEST-IN-CLASS LEVELS Operating Costs / Total Assets Cost / Income Ratio 55.8% 54.7% 0.40% 52.8% 0.37% 0.33% 0.33% 46.9% 47.3% 0.31%0.30% 0.31%0.30% 0.32% 45.9% 0.28% 44.6% 0.28% 43.0% 0.28% 40.8% 42.1% 40.7% 35.6% 37.5% 40.1% 35.1% 37.4% 36.0% 36.8% 34.9%
Slide 12: Summing Up
SUMMING UP Comments o/w 1Q25 1Q25 (€m) 1Q24 % Chg Intermonte Reported Recurring operating profit stable at contribution €134m reflecting: Net Financial Income 83.9 88.0 4.8% 5.1 - Solid revenue trend supported by Net recurring fees 118.3 128.2 8.4% 6.4 steady financial income and higher Variable fee
Slide 13: Agenda: Balance Sheet & Capital Ratios
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 COST OF FUNDING TRENDING LOWER Total Liabilities & Equity: Volumes and Yields €\bn Total Deposits 16.8 17.0 1 15.2 0.9 0.6 1Q 2025 total deposits4 Client Deposits 1.1 0.7 0.9 at €14.5bn (+11% YoY) of 0.9 Other Deposits 2 which 88% represented 13.1 14.5 14.5
Slide 15: Balance Sheet – Total Assets
BALANCE SHEET – TOTAL ASSETS SOLID VOLUMES, RESILIENT YIELDS Total Assets & Interest Bearing Assets: Volumes and Yields €\bn 16.8 17.0 Interest Bearing Assets 15.2 1Q 2025 interest bearing 1.2 Financial Assets 1.0 1.7 assets at €15.3bn (+11% YoY) 2.3 2.3 o/w: 2.2 Loans to Clients - Financial Assets
Slide 16: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS SOLID CAPITAL RATIOS Total Capital Ratio % Leverage Ratio % CET1 AT1 Capital ratios impacted by 24.4% 5.9% Basel IV introduction (-3.8ppt) 2.4% 5.7% and the first-time integration of 19.0% 19.2% 5.4% Intermonte (-2.3ppt) partly 1.2% 2.0% offset by higher net profit and 2
Slide 17: Agenda: Net Inflows, Assets and Recruiting
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 (1/2)
TOTAL ASSETS (1/2) GROWTH PATH CONTINUES AMID A FAST-CHANGING MARKET ENVIRONMENT Total Assets €\bn Total Assets (by Fee Category1) €\bn 103.8 103.9 1Q 2025 Total Assets at 96.8 103.8 103.9 11.9 12.2 96.8 €103.9bn (+7% YoY) 10.5 supported by solid 28.0 28.8 33.6 34.7 26.9 31.5 commercial trend 65.3 7
Slide 19: Total Assets (2/2)
TOTAL ASSETS (2/2) MORE THAN HALF OF MANAGED SOLUTIONS IN WRAPPERS AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 1Q 2025 AUM Products at 63.9 62.9 Insurance 24.8 24.3 €62.9bn (+6% YoY) held up 59.4 22.0 Wrappers well on sticky demand for 14.9 15.0 14.5 12.1 11.9 protection and bespoke 10.9
Slide 20: Net Inflows (1/2)
NET INFLOWS (1/2) SOUND VOLUMES, IMPROVING AUI MIX Total Net Inflows €\bn Total Net Inflows (by Fee Category1) €\bn 1.5 1Q 2025 Total Net Inflows 1.6 at €1.5bn in a context of 1.5 1.5 1.6 1.5 great geopolitical and 2.6 0.4 macro uncertainty 1.5 1.0 0.6 1.0 0.2 1.4 0.5 1Q 2025 AUI Net -0.3 -0.1 0.6 I
Slide 21: Net Inflows (2/2)
NET INFLOWS (2/2) MANAGED SOLUTIONS MORE THAN DOUBLED YOY AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 0.5 1Q 2025 Total Net Inflows 0.1 0.3 0.3 in AUM products at €0.5bn 0.3 Insurance Wrappers driven mostly by positive 0.1 demand for in-house 0.4 0.3 Financial managed solutions, such as:
Slide 22: Net Inflows by Acquisition Channel
NET INFLOWS BY ACQUISITION CHANNEL WELL-DIVERSIFIED GROWTH Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 1Q 2025 Net Inflows 1.6 1.5 1.5 from net recruitment at 51 36% of total and stable 0.2 45 contribution from the 0.6 0.5 18 existing network (€1bn) 18 29 1.3 1Q 2025
Slide 23: Net Inflows: April Update
NET INFLOWS: APRIL UPDATE MANAGED SOLUTIONS GATHERING PACE Net Inflows Breakdown by Breakdown of Assets under Fee Category1 €\bn Investment €\bn 2.3 2.1 Jan-Apr total net inflows at €2.1bn with a robust 0.9 contribution from April 1.4 1.4 (€0.6bn) despite less 0.7 0.4 supportive financial markets 0.
Slide 24: Agenda: Business Update and Closing Remarks
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 25: Voluntary Exchange Offer on Banca Generali
VOLUNTARY EXCHANGE OFFER ON BANCA GENERALI PROMOTED BY MEDIOBANCA TO BE PAID IN ASSICURAZIONI GENERALI’S SHARES The • On 28 April 2025 Mediobanca launched a public voluntary exchange Offer for 100% of Banca Generali Public shares with the consideration consisting of the shares in Assicurazioni Gener
Slide 26: Banca Generali's Reaction
BANCA GENERALI’S REACTION BOD ACKNOWLEDGMENT AND INITIATIVES • BoD of Banca Generali, in an extraordinary meeting, formally acknowledged Mediobanca’s Offer on the day it was launched last 28 April 2025 BoD 28 April 2025 • BoD specified that the Offer was neither solicited, nor agreed upon • BoD will
Slide 27: Framework Agreement with Generali Group (1/2)
FRAMEWORK AGREEMENT WITH GENERALI GROUP (1/2) INSURANCE DISTRIBUTION AGREEMENT AND BRAND LICENCE AGREEMENT 1 March 2018 Key objects of the agreement Downloadable from the Banca Generali website 1. Brand License Agreement ➢ Free use of the Brand Banca Generali is granted in conjunction with the Insur
Slide 28: Framework Agreement with Generali Group (2/2)
FRAMEWORK AGREEMENT WITH GENERALI GROUP (2/2) SUPPLEMENTARY AND AMENDING ADDENDUM TO THE DISTRIBUTION AGREEMENT1 2a April 2025 2b April 2025 Amended Agreement of IDA Framework Agreement for the distribution of banking and investment products 1. More precise definition of expected service levels 1. D
Slide 29: Focus on Distribution of Banking and Investment Products
FOCUS ON DISTRIBUTION OF BANKING AND INVESTMENT PRODUCTS FRAMEWORK AGREEMENT EXPANDED AND SIGNED Partnership with Generali Italia • Three main areas of collaboration between Banca Generali, Generali Italia and its subsidiary Alleanza to mutually strengthen value proposition to clients • Partnership
Slide 30: Final Remarks
FINAL REMARKS Banca Generali’s key priorities in any transaction that involves the bank directly or indirectly… • We are the most important pure player in wealth management in Italy with a clear purpose: to protect and value the savings and investments of our clients. • Quality of service, innovatio
Slide 31: Agenda: Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 32: 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 +6% 23.3 22.6 21.4 Institutional Fund 11.4 23.3 10.7 10.9 -3% 22.6 Classes 21.4 0.2 0.2 0.2 3.9 Retail Fund Retail fund classes 3.7 Classes 10.7 11.9 11.7 3.8 at 52% of BG
Slide 33: Focus on AUC Assets
FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS AUC Assets by Product Mix1 €\bn Key Features 28.7 27.8 26.8 12% 13% €3.7bn bonds due to expire within 1 year 12% 24% 24% 65% of bonds carrying unrealized capital gains3 23% Only 4% of total AUC invested in structured products (certific
Slide 34: Focus on Financial Assets
FOCUS ON FINANCIAL ASSETS HIGH QUALITY OF ASSET MIX IMPROVED FURTHER Focus on Financial Assets (Banking Book) Total PTF Classification Bond PTF Classification Financial assets are high quality and well 4% diversified: Equity & Italy Govt Bonds Alternative - 99% of the bond portfolio is made up of 30
Slide 35: 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) 1Q25 Credit Book €\bn Lending Quality % 16.8 17.0 0.4 Interest Bearing Assets 15.2 0.5 1.7 1.2 Financial Assets 1.0 2.3 2.3 2.2 Loans to Clients 1.8 99.6 Loans to Banks & Other A
Slide 36: Focus on Financial Advisory Network (1/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs # Key highlights 2,353 2,379 2,260 <35 2,162 2,204 2,087 Age 35-50 2,040 ~55 1,985 1,936 >50 1,841 1,715 1,645 Male Gender Female 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 Headline FA retentio
Slide 37: 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 1 Banca Generali Assoreti 43.7 43.4 40.6 39.2 37.3 35.1 32.8 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 11.9 11.6
Slide 38: Focus on Clients
FOCUS ON CLIENTS TREND AND KEY FEATURES Total No. of Clients ‘000 Breakdown by Cluster of Clients 359 364 364k €103.2bn1 349 342 0.6% 332 10.2% 27.5% 312 28.0% 299 >5m 290 500k-5m 279 43.8% 100-500k 263 <100k 249 61.2% 243 22.4% 6.3% No.of Clients AUM (bn/€) Private Banking Assets2: €73.6bn Private
Slide 39: Agenda: Banca Generali at a Glance
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 40: Banca Generali in a Nutshell
40 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 2,379 Financial Advisors ranked at the top of the industry3 by quality and productivity
Slide 41: Banca Generali's Ambitions
41 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 42: Banca Generali's Key Milestones
42 BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY Total Client Assets €\bn Administered assets Managed assets 2023 2013 Launch of New strategic BG Suisse positioning 2020 Private Bank 2019 Partnership with Conio Acquisition of Nextam Partners 103.8 2017 (AM boutique) Partnership wi
Slide 43: 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 44: Banca Generali's Organization
44 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 44 NOTE: data as of 31 March 2025
Slide 45: Business Model
BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s Business Model Financial Advisor Private Banking positioning and Banca Generali’s 1 DISTRIBUTION best in class distribution network core competitive Client advantage • Banking products • Investment Advisory Wealth manage
Slide 46: 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 47: BG Ranking #4 in FA Networks in Italy
47 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS Banca Generali - Total Assets (Assoreti)1 €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 2024 102.7 84.6 82.2 91.8 66.8 73.3 41.6 47.5 55.7 57.5 €83.7 €353.82 +128% 29.1 36.6 2013 2014 2015 2016 2017
Slide 48: BG Ranking #3 in Private Banking in Italy
48 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 (Magstat2), €/bn 63.7 73.5 2013 2023 58.3 55.3 44.2 49.1 25.1 29.2 35.5 36.3 €101.6 €251.4 +110% 21.3 15.8 2013 2014 2015 201
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: 103.9 €/bn 3% 4% 2% 11% 11% 18% 12% AUI: 69.1 €/bn, 22% 67% of total 25% 16% 12% 6% 12% 13% 14% 20% 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 A space dedicated to classroom training A single channel dedicated to FAs for Financial Advisors, as well as a venue training for representation/events 51
Slide 52: Agenda: Key Projects
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 53: Key Strategic Projects
KEY STRATEGIC PROJECTS AMBITIONS AT WORK Data-driven Bank Continue to build a data-driven, digital and open bank International expansion Accelerate business expansion in Switzerland Intermonte integration Further enhance Banca Generali’s distinctive value proposition Sustainability Be the ESG refere
Slide 54: Data-Driven Bank (1/3)
DATA DRIVEN DATA-DRIVEN BANK (1/3) BANK MAIN HIGHLIGHTS DATA-DRIVEN Unrivalled source of direct data collection for financial companies amid growing BANK market regulation (GDPR/AI Act) State-of-the-art data architecture in cloud (AWS) with reference to data collection, data governance and data mana
Slide 55: Scoring of Potential (2/3)
DATA DRIVEN SCORING OF POTENTIAL (2/3) BANK EXPLOITING DATA TO POWER THE COMMERCIAL PROCESS Provide the FA network with engagement Foster collaboration between Cloud architecture in place ideas to stimulate commercial process Bank and FA network Client Banker District Score of Score of Score of Clie
Slide 56: Scoring of Potential (3/3)
DATA DRIVEN SCORING OF POTENTIAL (3/3) BANK FIRST TOOL FOR SCORING CLIENT POTENTIAL First proprietary tool for scoring client potential (fully developed in-house) Data enrichment and analysis based on PSD2 and machine learning techniques to improve client profiling Commercial approach co-designed wi
Slide 57: Expansion in Switzerland (1/3)
57 INTERNATIONAL EXPANSION IN SWITZERLAND (1/3) EXPANSION 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 E
Slide 58: BG Suisse Private Bank (2/3)
INTERNATIONAL BG SUISSE PRIVATE BANK (2/3) EXPANSION 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 an
Slide 59: BG Suisse Private Bank (3/3)
BG SUISSE PRIVATE BANK (3/3) INTERNATIONAL EXPANSION FINANCIAL KPIS CH operations KPI Ta r g e t 2024 €1.4bn Total Assets o/w booking center: €0.3bn €\bn o/w managed and advisory: €1.1bn 2025 €2.0-2.5bn Total Assets by year-end €\bn New Recruits of New 20-30 private bankers Swiss Bankers in BG Suiss
Slide 60: Intermonte Integration (1/5)
INTERMONTE INTEGRATION (1/5) INTERMONTE MAIN HIGHLIGHTS Intermonte is an independent Brokerage Company (SIM) with >30 years of experience in the Italian market and a focus on the small/mid caps It mainly operates in two areas, supported by an Equity Research team: • Negotiation, Trading and Derivati
Slide 61: Intermonte Integration (2/5)
INTERMONTE INTEGRATION (2/5) INTERMONTE STRATEGIC & FINANCIAL RATIONALE The transaction aims at internalizing market-recognized capabilities and proven track records that would be difficult to replicate in-house in order to enhance and differentiate BG’s network positioning Compelling strategic Attr
Slide 62: Compelling Integration Benefits (3/5)
COMPELLING INTEGRATION BENEFITS (3/5) INTERMONTE BROKERAGE & MARKET MAKING Business Opportunities Leveraging on trading expertise and dedicated Research and Advisory Activity around Equities, ETFs, Derivatives Brokerage & Internalizing margins on Banca Generali’s negotiation flows (i.e. market-makin
Slide 63: Compelling Integration Benefits (4/5)
COMPELLING INTEGRATION BENEFITS (4/5) INTERMONTE STRUCTURED PRODUCTS Business Opportunities Leveraging Intermonte’s derivatives desk to internalize the derivative component of structured products Further push on enriching the offer with advice and brokerage of structured products Structured Products
Slide 64: Compelling Integration Benefits (5/5)
COMPELLING INTEGRATION BENEFITS (5/5) INTERMONTE INVESTMENT BANKING Business Opportunities Further differentiating Banca Generali’s proposition to attract senior FA profiles, expanding the proposition for entrepreneur-clients and approaching new client segments Capturing a client segment (entreprene
Slide 65: Sustainability (1/7)
SUSTAINABILITY (1/7) SUSTAINABILITY 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 Su
Slide 66: New Sustainability Reporting (2/7)
NEW SUSTAINABILITY REPORTING (2/7) SUSTAINABILITY RESULTS OF DOUBLE MATERIALITY ANALYSIS Environmental Social Governance Dislosures Disclosures Disclosures Material topics Material topics Material topics Enhancement of Human Capital: Corruption and bribery Climate change mitigation working condition
Slide 67: New Sustainability Reporting (3/7)
NEW SUSTAINABILITY REPORTING (3/7) SUSTAINABILITY ENVIRONMENTAL DISCLOSURES Most Relevant Topics • Climate Transition Plan approved at the beginning of 2025, with interim and long-term decarbonisation levers and targets to be reached by 2030 and 2040: • Investments: Environmental • Coal phase-out by
Slide 68: New Sustainability Reporting (4/7)
NEW SUSTAINABILITY REPORTING (4/7) SUSTAINABILITY SOCIAL DISCLOSURES Most Relevant Topics • Development of human capital: • Employees - 70,749 training hours provided in 2024 (+7% compared to 2023) with a focus on regulation, cybersecurity, innovation, AI and digital skills (Microsoft Copilot Edge)
Slide 69: New Sustainability Reporting (5/7)
NEW SUSTAINABILITY REPORTING (5/7) SUSTAINABILITY GOVERNANCE DISCLOSURES Most Relevant Topics • Banca Generali aims at actively contributing to economic and social development based on respect for human rights, professional ethics and business transparency • Within this context, anti-corruption and
Slide 70: New Sustainability Reporting (6/7)
NEW SUSTAINABILITY REPORTING (6/7) SUSTAINABILITY ENTITY-SPECIFIC DISCLOSURES Most Relevant Topics • Wealth protection linked to: i) quality of products, designed also to best manage the Entity-specific generational wealth transfer, ii) service innovation, thanks to the development of advanced Discl
Slide 71: ESG Ratings (7/7)
ESG RATINGS (7/7) SUSTAINABILITY TRENDS & MAIN IMPROVEMENTS Key ratings Main take-aways • In 2024, Banca Generali received a rating of A (on a scale of AAA- MSCI Scores CCC) in the MSCI ESG Ratings assessment On a scale from CCC to AAA • In 2025, Banca Generali SpA received an ESG Risk Rating of 9.0
Slide 72: Agenda: Sector Data
To be the No.1 private bank, unique by value of service, innovation and sustainability 1Q 2025 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 73: Total Italian Household Wealth
TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn 2024-27E 10Y CAGR CAGR +1.6% +2.2% 12.6 Italian Household Wealth, one of the 11.7 largest in Europe 10.0 10.1 4.3 3.9 2024 Financial Wealth at €6.0 trillion 2.9 3.3 2.1 o/w €3.9 trillion regarded as 2.1 1.4 1.4 Targetable F
Slide 74: Total Addressable Market (1/3)
TOTAL ADDRESSABLE MARKET (1/3) BY CLIENT SEGMENTATION Total Addressable Market (TAM) by cluster of clients €\tn 2024-27E 10Y CAGR CAGR +2.9% +3.3% Private & HNW households wealth 4.3 expected to remain the fastest- 3.9 0.6 growing segment (+4.8% 2024-27E 3.3 0.5 CAGR) 2.9 0.3 1.1 0.3 1.0 0.8 Aging p
Slide 75: Total Addressable Market (2/3)
TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Total Addressable Market (TAM) by product mix €\tn 2024-27E 10Y CAGR CAGR +2.9% +3.3% Still inefficient household asset 4.3 3.9 allocation with large cash holdings 3.3 1.2 1.0 Increased market volatility and 2.9 product complexity expected to 0.9 0.6 0.9
Slide 76: Total Addressable Market (3/3)
TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL Total Addressable Market (TAM) by distribution channel €\tn 2024-27E 10Y CAGR +2.9% +3.3% CAGR Financial Advisors expected to further gain market share over traditional 4.3 banking industry 3.9 3.3 0.2 Financial Advisors proved as better 2.9 0.1
Slide 77: 2025 Upcoming Events
2025 UPCOMING EVENTS JULY Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 1H 2025 Results Investor Relations Contacts 13 14 15 16 17 18 19 Conference Call Giuliana Pagliari 20 21 22 23 24 25 26 Investor Relations Manager 27 28 29 30 31 Phone +39 02 408 26548 Mobile +39 331 65 30 620 E-mail: giuliana
Slide 78: 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