Banca Ifis S.p.a. · MIL:IF
Banca Ifis — Q1 2026 Earnings Presentation
54 slides from Banca Ifis's earnings presentation, May 7, 2026
Slide 1: 1Q26 results
*% Banca lIfis 1Q26 results 7 May 2026
Slide 2: Index
Index 1. 1Q26 Consolidated results 2. Focus on Banca Ifis stand-alone: 1Q26 results 3. Appendices 3.1 Banca Ifis stand-alone – Financial results 3.2 Banca Ifis stand-alone - Company overview 3.3 illimity - Company overview 2
Slide 3: 1Q26 Consolidated results
1 1Q26 Consolidated results 3
Slide 4: Active portfolio optimization, clear strategic direction
Active portfolio optimization, clear strategic direction 1 Steady profitability in a seasonally softer quarter: 1Q26 net income of €31m, with performance was supported by a strong contribution from the Turnaround segment following the restructuring of a large exposure, while NPL revenues were softer
Slide 5: Consolidated results
Consolidated results Reclassified Consolidated Income Statement – (€ mln) 3Q25 4Q25 1Q26 1Q26 Group net result at Net interest income 130.3 186.5 1 127.4 Net commission income 38.1 40.2 33.7 €31mln: Trading and other revenues 17.1 26.4 2 55.3 Total Revenues 185.5 253.0 216.4 1• Npl revenues reflects
Slide 6: Strategic direction - long term value creation leveraging on the combined Group’s excellences
Strategic direction - long term value creation leveraging on the combined Group’s excellences Current accounts Factoring Illimity: Payments Vision for the Auto and equipment leasing smart digital Loans to pharmacy retail banking Credit cards combined Banca Ifis: Lending (M/L term) Retail deposits en
Slide 7: Our path towards long-term value creation
Our path towards long-term value creation • Speedily execute strategic action (accepting some quarterly earnings volatility): the Group is in advanced negotiations for the disposal of our two largest non-core subsidiaries, AREC Neprix and Abilio, representing a significant step in balance-sheet simp
Slide 8: 2026 priorities: strengthening resilience while creating sustainable value
2026 priorities: strengthening resilience while creating sustainable value 2026 – Executing a successful New Business Plan: long-term value integration creation ➢ Commercial relaunch of illimity’s core ➢ Unparalleled SME & Corporate banking businesses franchise ➢ Legal entity integration, capturing
Slide 9: NPL focus (1/2): optimizing performance in 2026
NPL focus (1/2): optimizing performance in 2026 1 • The strategy focuses on forward flow agreements with originator partners and low-vintage portfolios, consistent with the evolution towards early disposal programs by major originators. Priority is being given to assets offering faster turnaround an
Slide 10: NPL focus (2/2): NPL business model evolution for 2027 and onwards
NPL focus (2/2): NPL business model evolution for 2027 and onwards 1 In response to increasing capital absorption driven by calendar provisioning, Banca Ifis is evaluating options for the evolution of its business model, as a strategic opportunity for capital and profitability optimization 2 Banca I
Slide 11: Funding synergies from refinancing existing maturities
Funding synergies from refinancing existing maturities Group’s funding maturity (€mln) • Banca Ifis and illimity are already operating 2 more efficiently and effectively in the capital 200 markets 1103 61 1 • In July 2025 Banca Ifis issued a senior bond at 3.6% refinanced illimity's €300mln 6.6% 4 3
Slide 12: Asset quality
Asset quality Asset quality ratios Key trends Gross Net • The evolution of asset quality ratios is mainly due to the 6.2% reviews of illimity’s book and due to B-ilty, with migration from performing loans into past due and UTP. B-ilty positions 5.2% are 80% covered by government guarantees 3.9% • Mo
Slide 13: Solid capital ratios to face the integration of illimity
Solid capital ratios to face the integration of illimity Total capital 15.32% 3.65% 18.97% CET1 at 13.71% as of 31 March 26, excluding 1Q26 net income CET1 Key items of CET1 evolution in 1Q26 12.95% 0.76% 13.71% • +0.48% due to lower deduction of Hype’ s goodwill 0.48% 0.15% (0.18%) 0.31% SREP* • +0
Slide 14: Focus on Banca Ifis stand-alone: 1Q26 results
2 Focus on Banca Ifis stand-alone: 1Q26 results 14
Slide 15: Net revenues
Net revenues Quarterly Revenues • Net revenues in 1Q26 at €138mln (-23% YoY and -22% QoQ) -23% YoY o Commercial & Corporate Banking revenues at €81mln (€85mln in 4Q25, €90mln in 1Q25). The performance reflects solid commercial momentum and continued pricing discipline, partly offset by a lower contr
Slide 16: Npl Business: cash recovery and P&L contribution
Npl Business*: cash recovery and P&L contribution • Focus on forward flow agreements and low-vintage portfolios, aligned with the progressive move by major originators toward earlier disposals, with priority on assets offering quicker resolution and clearer cash recovery profiles • Increased use of
Slide 17: Commercial activity focused on profitability
Commercial activity focused on profitability New leasing: equipment and New leasing: automotive Factoring turnover (€bn) technology (€mln) (€mln) -4% YoY +2% YoY +7% YoY Market +4% Market -8% Market -1% 129 3.0 3.4 2.9 98 68 69 81 86 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 • Factoring: factorin
Slide 18: Interest income and cost of funding evolution
Interest income and cost of funding evolution Commercial banking interest income (excluding Npl Business, Non Core and Treasury) and interest expenses Average gross interest income* Cost of funding Base rate, Euribor 3M 5.3% 4.9% 4.8% 4.7% 4.6% • Base rate QoQ stable • Aggregate interest income QoQ:
Slide 19: Total quarterly costs steady through significant efficiency effort
Total quarterly costs steady through significant efficiency effort Operating 98 106 107 Other operating costs: €1mln QoQ mainly due to: costs • +€4mln QoQ marketing and IT expenses (project activation) 33 • -€10mln (cost adjustment). 4Q25 included €10mln lower Exposed to 39 30 costs from the disposa
Slide 20: No signs of widespread macro credit risks materializing in Banca Ifis’s commercial business
No signs of widespread macro credit risks materializing in Banca Ifis’s commercial business Payment days in factoring Stage 1 and stage 2 loans* Coverage Stage 1: 0.5% Coverage Stage 2: 1.9% 91% 90% 90% 91% 93% 92% 91% 92% 92% 78 79 77 76 76 76 77 75 75 75 75 74 73 9% 10% 9% 9% 7% 8% 9% 8% 8% 1Q23 2
Slide 21: Appendices
<> Banca Ifis Appendices
Slide 22: Index 3.1 Banca Ifis stand-alone – Financial results
Index 3.1 Banca Ifis stand-alone – Financial results 22
Slide 23: 1Q26 Results: P&L break-down by business unit
1Q26 Results: P&L break-down by business unit Commercial & Corporate banking Tot. Commercial Consolidated 1 Breakdown of customer Corp. Banking Non core & Data in € mln Npl Factoring Leasing & Corporate ex-Group Ifis loans in Non Core & G&S & Lending G&S* banking results Net interest income 41 23 13
Slide 24: Factoring
Factoring Turnover - €bn • Banca Ifis has strong focus on profitability: in 1Q26 factoring average spread at 3.6% (on top of base rate), well above market average, increasing from 3.50% in 4Q25 3.0 3.4 3.5 3.4 2.9 • Net revenues** / average customer loans at 5.6% 1Q25 2Q25 3Q25 4Q25 1Q26 Net custome
Slide 25: Factoring – Italian business
Factoring – Italian business* Market share - 2025 Loans and revenues breakdown 21% 7% 3% 32% 45% Other Small [ < 10 mln] 23% Medium [ < 50 mln] 25% Large [ > 50 mln] 6% 38% 27% Active clients Turnover Average loans 2025 Revenues 2025 • Banca Ifis is market leader in terms of number of • Medium/large
Slide 26: Leasing
Leasing New business - €mln 1• In 1Q26 new business strong 1 149 173 144 227 155 • Automotive: Banca Ifis’s strategy (i) premium/luxury segments (not volumes) (ii) 40 price/margin discipline (iii) remarketing 28 agreements in place 26 22 89 27 51 42 42 51 • Equipment and technology: evidence of 81 9
Slide 27: Npl Business: portfolio evolution
Npl Business*: portfolio evolution Npl portfolio evolution Key numbers* • 1.7mln tickets, #1.1mln borrowers NBV** 1,549 1,522 €mln • Extensive portfolio diversification by location, type and age of borrower GBV €bn 17.8 0.1 (1.1) 16.8 Npls acquired in 1Q26: €0.1bn GBV • Banca Ifis concentrated on st
Slide 28: Npl Business: ERC
Npl Business*: ERC ERC assumptions ERC: €2.6bn • ERC based on proprietary statistical models built using internal historical data series and homogeneous clusters of borrowers 1.2 2.6 o Type of borrower, location, age, amount due, employment status 1.4 o Time frame of recovery 2.5 o Probability of de
Slide 29: Npl Business: GBV and cash recovery
Npl Business*: GBV and cash recovery Judicial recovery Non judicial recovery – Voluntary plans Judicial recovery (€ mln) GBV % GBV, data in €mln To be processed 603 Frozen 1,309 16% 597 Court injunctions [“precetto”] and foreclosures 1,076 13% 565 564 550 Order of assignments 1,020 12% Secured and C
Slide 30: Npl Business: GBV and NBV evolution
Npl Business*: GBV and NBV evolution GBV - €mln 1Q25 2Q25 3Q25 4Q25 1Q26 Waiting for workout - Positions at cost 324 563 453 498 341 Extrajudicial positions 10,862 10,369 9,202 8,872 8,216 - Ongoing attempt at recovery 10,259 9,804 8,652 8,308 7,618 - Non-judicial payment plans 603 565 550 564 597 J
Slide 31: Npl Business: P&L and cash evolution
Npl Business*: P&L and cash evolution P&L - €mln 1Q25 2Q25 3Q25 4Q25 1Q26 Waiting for workout - Positions at cost Extrajudicial positions 31 20 13 42 14 - Ongoing attempt at recovery (1) (3) (2) 20 (4) - Non-judicial payment plans 32 23 15 22 18 Judicial positions 55 53 48 46 38 - Freezed** - - - -
Slide 32: Npl Business: portfolio diversification
Npl Business*: portfolio diversification Breakdown of GBV by type Breakdown of GBV by borrower age Other Consumer 18-39 4% 28% 6% 40-49 >60 19% 44% Banking 50-59 68% 31% Breakdown of GBV by ticket size Breakdown of GBV by region 5k North 10% 38.7% > 100k from 5k to 28% 20k Center South & Island 28%
Slide 33: Customer loans
Customer loans Customer loans (€ mln) 10,548 11,090 11,485 • 1Q26 customer loans at €11,485mln, +€395mln QoQ 2,282 2,822 mainly due to increase in government bonds in Non 2,178 Core & G&S (+€492mln QoQ) • Banca Ifis maintained disciplined in pricing and 2,771 2,824 underwriting 2,633 1,611 6,829 1,6
Slide 34: Funding
Funding Funding (€mln) 11,609 12,423 12,318 • Customer deposits stable QoQ 2,791 2,832 2,053 • Securitizations: €907mln factoring 500 500 - 907 902 953 • In July 2025 Banca Ifis issued a senior bond at 3.6% 2,296 refinanced illimity's €300mln 6.6% bond (Dec 2025 1,920 1,910 maturity) and, in Jan 202
Slide 35: Reclassified consolidated operating costs
Reclassified consolidated operating costs* Operating costs (€mln) 1Q26 operating costs (+€1mln QoQ) 106 107 • -€1mln QoQ HR costs due to variable compensation accrual 98 103 103 • +€2mln QoQ in other operating costs: o -€4mln QoQ seasonality in NPL recovery costs o -€4mln QoQ marketing and IT expens
Slide 36: Proprietary portfolio: strong contribution to P&L
Proprietary portfolio: strong contribution to P&L • Mid duration level • Low volatility accounting treatment: FVTPL < 1% • Low RWA density and relevant funding eligibility (govies weight at around 80% of total assets in 1Q26) • Significant and stable contribution to P&L mainly given by recurrent sou
Slide 37: Index 3.2 Banca Ifis stand-alone - Company overview
Index 3.2 Banca Ifis stand-alone - Company overview 37
Slide 38: A Family Bank challenger, but with years track record
A Family Bank challenger, but with 40 years track record Commercial and Corporate Banking Npl ► Specialised player for SMEs, with a broad range of credit ► Investor and servicer specialized in small ticket NPEs, products (factoring, lending, leasing, and rental) with a distinctive vertically integra
Slide 39: Stable shareholding structure and governance
Stable shareholdering structure and governance • Fürstenberg Scogliera Holding SA provides, as main shareholder, Fürstenberg Scogliera continuity and stability to Banca Ifis Holding SA Holding • Strategic ESG focus both in specific positioning initiatives and in (Fürstenberg Family) core operations
Slide 40: Consistent “core net income” growth, driven by our core capabilities, with a low risk profile
Consistent “core net income” growth, driven by our core capabilities, with a low risk profile Net income target, €mln Actual Target Banca Ifis’ risk profile Business Plan targets Net 118 137 160 • Structurally protected liquidity income, €mln position (maturities) • Marginal contribution of extraord
Slide 41: Banca Ifis’s superior risk-return trade-off (1/3)
Banca Ifis’s superior risk-return trade-off (1/3) Data in Turnover 4 times per year; client/debtor double risk € bn assessment; rapidly adapting sector exposure Secured against the pharmacies in a regulated sector, protected from competitors 2.6 80% state guaranteed >80% in rating classes 1-5 1.7 Av
Slide 42: Banca Ifis’s superior risk-return trade-off (2/3)
Banca Ifis’s superior risk-return trade-off (2/3) € bn Average Duration in Y Average ticket size Factoring 2.6 0.20* €350k* Leasing 1.4 2.0 €55k auto €60k equipment Rental 0.2 1.4 €5.5k Medium term lending 0.7 2.5 €200k (MCC €120k; Sace €1400k) Loans to pharmacies 0.8 7.5 €400k Structured finance 0.
Slide 43: Banca Ifis’s superior risk-return trade-off (3/3)
Banca Ifis’s superior risk-return trade-off (3/3)* Customer deposit breakdown Very limited corporate deposits 6,234 6,269 Corporate 24% 856 1,204 Retail Other deposits** 76% 1,033 898 261 Corporate deposits Rendimax deposits: 82% protected by FITD 185 German retail deposits Above €100K 19% Below €10
Slide 44: MSCI upgraded Banca Ifis’s ESG rating to AAA
MSCI upgraded Banca Ifis’s ESG rating to AAA Strong ESG commitment reflected in the ESG rating: Banca Ifis’s upgraded to AAA from AA on 29 March 2025 • Banca Ifis’s Overall Industry Adjusted Score was 7.0 compared to industry average of 5.1 Industry Banca Ifis Dimensions Weight average Score Financi
Slide 45: Our ESG achievements
Our ESG achievements Financed Reporting Emissions and transparency Approximately 80% of exposures and financed Climate reporting aligned with the emissions, focused on Automotive sector recommendations of the Task force on Climate- related Financial Disclosures Projects and Impact partnerships measu
Slide 46: Our ESG goals
Our ESG goals Environmental Social Governance SME clients’ environmental Social Impact Lab Governance ESG transition Manage projects to foster diversity and Further strengthen inclusion and diversity Support SME clients’ sustainable social inclusion in a dedicated Social (nationality/heritage as wel
Slide 47: Index 3.3 illimity - Company overview
Index 3.3 illimity - Company overview 47
Slide 48: A restructuring story with a profitable Corporate Banking business
A restructuring story with a profitable Corporate Banking business Corporate Banking (core business) Non-core business ► Corporate banking for SMEs, with a broad range of credit ► Run-off of NPL portfolio and other non-core assets through products (factoring, structured finance, acquisition finance,
Slide 49: illimity total assets and liabilities
illimity total assets and liabilities Assets (€mln) Liabilities (€mln) 7,087 6,465 7,087 6,465 Total Funding 535 1 255 121 338 109 Other and Tangible/Intangible assets 562 249 358 Other liabilities3 313 579 1.291 2,072 Tax Assets 1.041 1,978 579 Shareholders Equity 583 Cash 4 Other funding 6,270 5,6
Slide 50: Non-Core Assets
>80% of illimity’s customer loan book has a duration shorter than 4Y Customer Loans/ Avg. Residual Maturity Assets at FV (years) Avg. Exposure 1 Special lending in the context of M&A, capex, Structured finance 0.8 ~4 ~ €6mln shareholders reorganization, PE investments Factoring 0.5 <1 ~ €2mln Short
Slide 51: illimity’s loan book coverage boosted by public guarantees and insurances
illimity’s loan book coverage boosted by public guarantees and insurances Net Customer Loans, Data in € bn ~ 1/3 of loans with 80% public guarantees ~ 2/3 of loans covered 3.7 by credit insurance 0.8 Mainly senior notes with Most NPL portfolios are underlying commercial secured 0.5 loans 0.6 100% of
Slide 52: Assessment and due diligence on illimity’s assets completed with impacts fully reflected in FY25 P&L
Assessment and due diligence on illimity’s assets completed with impacts fully reflected in FY25 P&L Write offs and non-recurring charges booked in the P&L Total write offs at €381mln booked in 4Q24 and FY25 (4Q24 – FY25) concentrated in the NPL portfolio and b-ilty €mln 1 Booked in 4Q24 1• -€207mln
Slide 53: Funding synergies from refinancing existing maturities
Funding synergies from refinancing exiting maturities Total funding (€mln) Focus on Retail term deposits maturities Retail - Germany (Raisin) Retail - Italy 6,270 1 579 5,637 Other Institutional funding 1,291 167 1,041 579 Bonds 2 351 524 583 290 94 335 99 857 748 Corporate 412 Retail 257 3,876 191
Slide 54: Disclaimer
Disclaimer • This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations,