Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — Q1 2025 Earnings Presentation
111 slides from Intesa Sanpaolo's earnings presentation, May 6, 2025
Slide 1: 1Q25 Results
1Q25 Results An excellent start to the year with €2.6bn Net income Well-diversified and resilient business model, ready to succeed in any scenario A strong bank for a sustainable world May 6, 2025
Slide 2: ISP has delivered an excellent start to the year…
MIL-BVA362-03032014-90141/VR ISP has delivered an excellent start to the year… Net income, the best quarter ever, with Commissions up 7% (+11% Best-in-class profitability €2.6bn from Wealth Management & Protection activities) and best-ever Insurance income Effective cost management 38.0% Lowest-ever
Slide 3: … with the best quarterly Net income ever
MIL-BVA362-03032014-90141/VR … with the best quarterly Net income ever Net income €m Net impact of provisions/ write-downs for Russia-Ukraine exposure 2,615 2,301 +14% 1,956 1,749 1,689 1,516 1,252 1,163 1,151 1,075 1,064 1,050 901 804 806 688 661 503 1,043 306 1Q07(1) 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Slide 4: Increasing value creation and distribution, with 20% annualised ROE
MIL-BVA362-03032014-90141/VR Increasing value creation and distribution, with 20% annualised ROE … coupled with a rock-solid and increasing … and significant growth in EPS, DPS and The best quarterly Net income ever… capital position… TBVPS Net income, € m x ROTE(1), %; annualised Fully phased-in CE
Slide 5: 2025 Net income guidance confirmed at well above €9bn, with best-in-class dividend yield
MIL-BVA362-03032014-90141/VR 2025 Net income guidance confirmed at well above €9bn, with best-in-class dividend yield 2025 Net income guidance Well above €9bn ▪ Growth in DPS and EPS ▪ Fully phased-in CET1 ratio at >13.7% as at 31.12.25(1), not including additional ~100bps benefit from DTA absorptio
Slide 6: Our excellent performance benefits all our stakeholders
MIL-BVA362-03032014-90141/VR Our excellent performance benefits all our stakeholders Shareholders Employees Net income, € bn ~40% of cash dividends (>€0.7bn) go directly to Personnel expenses, € bn Italian households and to charitable foundations 2.6 1.6 1Q25 1Q25 ISP recognised as Top Employer Euro
Slide 7: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q25: an excellent start to the year ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan proceeding at full speed 6
Slide 8: An excellent start to the year
MIL-BVA362-03032014-90141/VR An excellent start to the year €2.6bn Net income (+14% vs 1Q24), the best quarter ever €1.8bn cash dividends accrued in Q1, €3bn cash dividends to be paid in May(1) and €2bn buyback to be launched in June The best quarter ever for Insurance income (+9% vs 4Q24) and the b
Slide 9: 1Q25: strong increase in profitability
MIL-BVA362-03032014-90141/VR 1Q25: strong increase in profitability 1Q25 P&L; € m Non-motor P&C revenues at €179m (+8% vs 1Q24), €198m including credit-linked products 6,792 265 (2) 462 (1,583) 2,435 (623) 4,214 3,963 (372) (224) (27) (1,250) 2,615 (98) 3,632 income/expenses charges/gains(1) Other o
Slide 10: Increase in revenues, managed in an integrated manner to create value…
MIL-BVA362-03032014-90141/VR Increase in revenues, managed in an integrated manner to create value… Operating income €m 3,947 3,801 3,632 -€169m Net interest income -€90m when adjusting for the different number of days in 1Q24 4Q24 1Q25 the two quarters 6,756 6,668 6,792 +€124m 2,276 2,416 2,435 +€1
Slide 11: … with the quarterly Net interest income decrease more than offset by the growth in financial market activities
MIL-BVA362-03032014-90141/VR … with the quarterly Net interest income decrease more than offset by the growth in financial market activities Net interest income Profits on financial assets and liabilities at fair value €m % Euribor 1M (average data) €m -€90m when adjusting for the different number o
Slide 12: Net interest income impacted by a decline in interest rates and fewer days in the quarter
MIL-BVA362-03032014-90141/VR Net interest income impacted by a decline in interest rates and fewer days in the quarter Net interest income – Quarterly comparison Net interest income – Yearly comparison € m, 1Q25 vs 4Q24 % Euribor 1M (average data) € m, 1Q25 vs 1Q24 % Euribor 1M (average data) ~€
Slide 13: Leader in Wealth Management, Protection & Advisory, with ~€1.4 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR Leader in Wealth Management, Protection & Advisory, with ~€1.4 trillion in Customer financial assets Customer financial assets(1) € bn QoQ decline mainly due to Corporate client 577.3 584.5 573.9 funding seasonality and Direct deposits wholesale funding +€45.5bn 31.3.24
Slide 14: Strong acceleration in Commissions driven by Wealth Management…
MIL-BVA362-03032014-90141/VR Strong acceleration in Commissions driven by Wealth Management… … with a strong growth in additional Commissions(1) Increase in Net fees and commissions… generated by 360-degree advisory services, acting also Strong contribution from Wealth Management as a stabiliser for
Slide 15: … coupled with best-ever quarter for Insurance income
MIL-BVA362-03032014-90141/VR … coupled with best-ever quarter for Insurance income Best-ever quarter for Insurance income… … with growing P&C contribution, driven by the Non-motor business €m €m Non-motor % As a % of Net fees and commissions + Insurance income Motor/Credit-linked products % P&C non-
Slide 16: 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) % 55 43 33 33 30 30 28 Peer average: 27 26 26 27% 22 21 20 19 12 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 ISP Peer 1 Peer
Slide 17: Lowest-ever Cost/Income ratio with high flexibility for further Cost reduction
MIL-BVA362-03032014-90141/VR Lowest-ever Cost/Income ratio with high flexibility for further Cost reduction Cost/Income ratio % €m +1.9% vs 4Q24 Cost/Income ratio 6,756 6,792 -0.4pp +0.5% Operating 38.4 38.0 income 1Q24 1Q25 f(x) -28.1% vs 4Q24 2,591 2,578 -0.5% Operating costs 1Q24 1Q25 1Q24 1Q25 €
Slide 18: Cost reduction while strongly investing in technology
MIL-BVA362-03032014-90141/VR Cost reduction while strongly investing in technology Operating Costs €m x Cost/Income ratio, % Total Operating Costs -3.2% excluding the impact of national labour contract renewal 2,285 Personnel 1,602 1,583 costs -1.2% -2.7% excluding the impact of national 3,584 labou
Slide 19: Our tech transformation is enabling generational change and significant efficiency gains
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 €4.4bn alread
Slide 20: 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) % 77.5 63.6 59.0 59.1 59.6 53.8 55.2 Peer average: 52.8 50.4 51.0 52.4% 42.9 43.7 41.8 37.5 37.9 38.0 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 21: Zero-NPL Bank status and NPL inflow at historical lows…
MIL-BVA362-03032014-90141/VR Zero-NPL Bank status and NPL inflow at historical lows… NPL stock NPL inflow(2) from Performing loans € bn Net NPL x Net NPL ratio(1), % € bn Net inflow(3) 3.5 1.0 1.0 10.1 9.9 -80% -€0.2bn -4% 2.5 0.7 0.7 5.0 5.0 0.6 0.6 31.3.24 31.3.25 1Q12 1Q24 1Q25 ▪ Stage 2 loans do
Slide 22: … with 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 19.6 12.9 12.6 9.8 8.6 8.0 6.6 6.0 5.0 3.1 2.5 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 23: … as well as 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) 127 80 68 65 61 46 38 33 28 16 11% 8% 8% 10% 13% 11% 8% 8% 7% 4% 31.3.25 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 Transparen
Slide 24: … driving annualised Cost of risk to historical lows
MIL-BVA362-03032014-90141/VR … driving annualised Cost of risk to historical lows Loan loss provisions Cost of risk €m bps; annualised 234 224 22 21 1Q24 1Q25 1Q24 1Q25 ▪ NPL coverage up 0.6pp in Q1 Low Cost of risk in line with Zero-NPL Bank status ▪ Overlays stable at €0.9bn Note: figures may not
Slide 25: Russia exposure reduced to <0.1% of Group customer loans, with local loans near zero
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 26: Rock-solid capital base, with ~45bps CET1 increase in Q1 and further growth in the coming quarters
MIL-BVA362-03032014-90141/VR Rock-solid capital base, with ~45bps CET1 increase in Q1 and further growth in the coming quarters, allowing high flexibility for additional distributions Fully phased-in CET1 ratio evolution CET1 ratio projections ISP 2025 fully loaded requirements SREP + combined buffe
Slide 27: 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) %, % RWA, 31.3.25 31.3.24 %, requirement %, 31.3.25 2025 Business Plan target € bn Other reserves HQLA x Buffer vs requirement 36.7 147 278 +€14bn 264 ~125 121 Buffer: 10.5 109 111
Slide 28: Enhanced ESG commitment…
MIL-BVA362-03032014-90141/VR Enhanced 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 31.3.25 (2022-1Q25) targets Unparalleled support to Expanding food and shelter program for address social pe
Slide 29: … 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 31.3.25 (2022-1Q25) targets New lending to support the green economy, circular economy and ecological transiti
Slide 30: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q25: an excellent start to the year ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan proceeding at full speed 29
Slide 31: 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 (e.g., EBA stress test), low leverage and strong liquidity Well-diversified and resilient business model, with revenues managed in an integrat
Slide 32: … and is 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 %, 31.3.25 x Buffer vs requirements SREP + %, 1Q25 %, 1Q25 x Deprecia
Slide 33: … also thanks to a unique Commissions-driven and efficient business model, coupled with strong tech investments
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%(2) 0 40 Peer 1 Peer 2 Peer 3 45 Peer 4 Peer 5 50 Peer
Slide 34: 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, with the US representing only 10% of exports and 3% of GDP Resilient and adaptive Very resilient I
Slide 35: … and 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 36: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q25: an excellent start to the year ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan proceeding at full speed 35
Slide 37: ISP delivered the best quarter ever and is fully equipped to succeed in any scenario
MIL-BVA362-03032014-90141/VR ISP delivered the best quarter ever and is fully equipped to succeed in any scenario The best quarter ever Fully equipped to succeed in any scenario ▪ €2.6bn Net income, the best quarter ever ▪ Resilient profitability, rock-solid capital position (also in adverse scenari
Slide 38: 2025 Net income guidance raised to well above €9bn
MIL-BVA362-03032014-90141/VR 2025 Net income guidance raised to well above €9bn ▪ Resilient Net interest income (thanks to a higher contribution Increase in from core deposits hedging) revenues, managed in an ▪ Growth in Commissions and Insurance, leveraging on our leadership in Wealth Management, P
Slide 39: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q25: an excellent start to the year ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan proceeding at full speed 38
Slide 40: 2022-2025 Business Plan proceeding at full speed
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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-cla
Slide 41: Massive upfront de-risking, slashing Cost of risk
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Massive upfront de-risking, slashing Cost of risk Key highlights ▪ Massive deleveraging with €5.3bn gross NPL stock reduction in 2022-1Q25, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target ▪ Focus on m
Slide 42: Structural Cost reduction, enabled by technology
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 ▪ Ins
Slide 43: Our tech transformation is accelerating and operating successfully
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 t
Slide 44: Tech transformation accelerating with >60% of applications already cloud-based
MIL-BVA362-03032014-90141/VR Mooney Enel 2022-2025 Business Plan proceeding at full speed Tech transformation accelerating with >60% of applications already cloud-based : our cloud-native … already successfully … being progressively extended Applications already cloud-based tech backbone… deployed t
Slide 45: Group cloud-based digital platform
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed : 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 techno
Slide 46: A new digital bank with an innovative customer experience delivered in less than 12 months
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed A new digital bank with an innovative customer experience delivered in less than 12 months … and gaining strong Unique digital customer experience… … already appreciated by the market… momentum Accounts opened by new custo
Slide 47: Product offering broader and more innovative than digital challengers
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 Fully accessible product catalo
Slide 48: Accelerated the development of innovative digital features
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Accelerated the development of ’s innovative digital features, further enriching the customer experience Enriched digital offering, ahead of schedule ▪ Disposable virtual cards ▪ Installment payments (SpensieRata) 4Q23 ▪ R
Slide 49: A unique approach coupling digital with the human touch of ISP’s Digital Branch
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed : a unique approach coupling digital with the human touch of ISP’s Digital Branch A digital service … through ISP’s A digital bank … with innovative model with no Digital Branch at scale thanks to technology driving physic
Slide 50: AI program at scale with strong benefits for the Group
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 case
Slide 51: Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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-m
Slide 52: Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 administ
Slide 53: Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 th
Slide 54: Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/7) Key highlights ▪ The growth strategy of REYL ISP - the Swiss Hub of the Private Banking Division - is underway, and together with ISP Wealth M
Slide 55: Growth in Commissions, driven by Wealth Management, Protection & Advisory (5/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 Italia
Slide 56: Growth in Commissions, driven by Wealth Management, Protection & Advisory (6/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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-
Slide 57: Growth in Commissions, driven by Wealth Management, Protection & Advisory (7/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 Mana
Slide 58: Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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
Slide 59: Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 1Q25: ‒ 233,000 visitors, free
Slide 60: Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5) ▪ Innovation projects: 63 innovation projects released in 1Q25 by Intesa Sanpaolo Innovation Center (ISPIC) for a t
Slide 61: Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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)
Slide 62: Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5) ▪ €72.2bn disbursed in the period 2021-1Q25(1) out of the €76bn in new lending available for the green economy, cir
Slide 63: Leading ESG position in the main sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed 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 AA 89 9.1 Only bank i
Slide 64: Our People are our most important asset
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Our People are our most important asset Key highlights ▪ ~4,800 professionals hired since 2021 ▪ ~7,850 people reskilled and ~43m training hours delivered since 2022 ▪ ~305 talents have completed their development path as
Slide 65: 1Q25 Results – Detailed information
1Q25 Results Detailed information
Slide 66: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 1Q25 31.3.25 Operating income 6,792 Loans to customers 416,797 Operating costs (2,578) Customer financial assets(1) 1,378,695 Cost/Income ratio 38.0% of which Direct deposits from banking business 573,911 Operating margin 4,214 of whi
Slide 67: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 66
Slide 68: 1Q25 vs 1Q24: the best quarter ever with €2.6bn Net income
MIL-BVA362-03032014-90141/VR 1Q25 vs 1Q24: the best quarter ever with €2.6bn Net income €m 1Q24 1Q25 % Net interest income 3,947 3,632 (8.0) Net fee and commission income 2,276 2,435 7.0 Income from insurance business 455 462 1.5 Profits on financial assets and liabilities at fair value 81 265 227.
Slide 69: Q1 vs Q4: strong increase in profitability
MIL-BVA362-03032014-90141/VR Q1 vs Q4: strong increase in profitability €m 4Q24 1Q25 % Net interest income 3,801 3,632 (4.4) Net fee and commission income 2,416 2,435 0.8 Income from insurance business 424 462 9.0 Profits on financial assets and liabilities at fair value 5 265 n.m. Other operating
Slide 70: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q24 2Q24 3Q24 4Q24 1Q25 Net interest income 3,947 4,028 3,942 3,801 3,632 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 Income from insurance business 455 448 408 424 462 Profits on financial assets and liabilities at fair value 81 20 150
Slide 71: 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) ~€3,710m when adjusting for the different number of days in the two quarters -4.4% -8.0% 3,801 3,947 3,632 3,632 (38) (25) (110) (21) (262) (28) Decline d
Slide 72: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m €m 2,416 2,435 2,276 2,435 +0.8% +7.0% 4Q24 1Q25 1Q24 1Q25 ▪ 2.3% growth vs 4Q24 excluding performance fees ▪ Best Q1 ever ▪ Growth driven by Commissions from Management, dealing ▪ 11.2% increase (+€159m
Slide 73: 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 Guarantees given / received 48 50 44 45 38 Collection and payment services 167 178 178 188 170 Current accounts 327 328 332 335 323 Credit and debit c
Slide 74: Income from insurance business
MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m €m 462 455 462 424 +9.0% +1.5% 4Q24 1Q25 1Q24 1Q25 ▪ Strong acceleration in Q1 ▪ The best quarter ever ▪ Double-digit growth in Non-motor P&C revenues(1) at €179m ▪ Strong growth in Non-motor P&C revenu
Slide 75: 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 €m 265 265 +227.2% n.m. 81 5 4Q24 1Q25 1Q24 1Q25 Contributions by activity 1Q24 4Q24 1Q25 Customers 72 95 83 Capital market (198) (136) 90 Securities portfolio and Treasury 20
Slide 76: Operating costs
MIL-BVA362-03032014-90141/VR Operating costs Quarterly analysis Yearly analysis Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m -2.7% excluding the impact of national labour contract renewal and Adjustments linked to tech investments (€4.4bn already -3.2% excluding
Slide 77: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m Additional provisions to favour de-risking €m 482 -53.5% 224 234 224 418 -4.3% 4Q24 1Q25 1Q24 1Q25 ▪ Increased NPL coverage (+0.6pp vs 31.12.24) ▪ Annualised Cost of credit at 21bps ▪ Overlays stable at €0.9b
Slide 78: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 77
Slide 79: ~€1.4 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR ~€1.4 trillion in Customer financial assets % 31.3.25 vs 31.3.24 and 31.12.24 Customer financial assets(1) Direct deposits from banking business € bn QoQ decline due to negative market performance € bn 1,382 1,379 QoQ decline mainly due to Corporate client 1,333 fundin
Slide 80: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.3.25 ~70% Households % Percentage of total ~30% Corporates Wholesale Retail 574 Current accounts 22 380 and deposits Repos and 16 - securities lending 441 Senior bonds(1) 37 8 Covered bonds 31 - 133
Slide 81: 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 18 18 Retail 2024 16 ◼ €2bn dual-tranche senior preferred, €1bn AT1, €1.5bn senior non-preferred 10 10 and €1.25bn Tier 2 placed. On average 86%
Slide 82: High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets
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 % 270 264 278 207 20
Slide 83: Rock-solid and increased capital base
MIL-BVA362-03032014-90141/VR Rock-solid and increased capital base Fully phased-in Common equity ratio Fully phased-in Tier 1 ratio Fully phased-in Total capital ratio €1.8bn dividends accrued in Q1 €1.8bn dividends accrued in Q1 €1.8bn dividends accrued in Q1 % % % 18.5%(1) not including any Q1 Net
Slide 84: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 83
Slide 85: Non-performing loans: NPL ratios and NPL stock
MIL-BVA362-03032014-90141/VR Non-performing loans: NPL ratios and NPL stock x Gross NPL ratio, % x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL Net NPL € bn € bn 31.3.24 31.12.24 31.3.25 31.3.24 31.12.24 31.3.25 Bad loans 3.7 3.5 3.8 Bad loans 1.0 1.1 1.2 - of whic
Slide 86: Non-performing loans: sizeable coverage
MIL-BVA362-03032014-90141/VR Non-performing loans: sizeable coverage Cash coverage; % Total NPL(1) 50.8 49.5 50.1 31.3.24 31.12.24 31.3.25 Bad loans Unlikely to pay Past due 72.9 68.0 67.3 39.1 39.8 40.2 29.3 29.8 31.0 31.3.24 31.12.24 31.3.25 31.3.24 31.12.24 31.3.25 31.3.24 31.12.24 31.3.25 Note:
Slide 87: 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 Impact from the acquisition of the two former Venetian banks 3.5 3.4 Impact from the acquisition of Impact from the
Slide 88: 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 1,229 739 708 1Q24 4Q24 1Q25 Bad loans Unlikely to pay Past due 937 424 403 312 275 270 24 17 14 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 Note: figures may not add up exactly due to
Slide 89: 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 1,092 617 606 1Q24 4Q24 1Q25 Bad loans Unlikely to pay Past due 850 364 363 234 231 238 20 11 4 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 Note: figures may not add up exactly due to roun
Slide 90: 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 31.3.25) Breakdown by economic business sector Repos, Capital markets and 31.3.25 Institutional Clients Public Adminis
Slide 91: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 90
Slide 92: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.3.25 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 93: Banca dei Territori: 1Q25 vs 1Q24
MIL-BVA362-03032014-90141/VR Banca dei Territori: 1Q25 vs 1Q24 €m 1Q24 1Q25 % Net interest income 1,739 1,745 0.3 Net fee and commission income 1,207 1,278 5.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 29 31 6.9 Other operating income (expense
Slide 94: Banca dei Territori: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q1 vs Q4 €m 4Q24 1Q25 % Net interest income 1,684 1,745 3.6 Net fee and commission income 1,237 1,278 3.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 35 31 (11.4) Other operating income (expenses
Slide 95: IMI Corporate & Investment Banking: 1Q25 vs 1Q24
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 1Q25 vs 1Q24 €m 1Q24 1Q25 % Net interest income 758 722 (4.7) Net fee and commission income 283 312 10.2 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (32) 194 n.m. Other operating i
Slide 96: IMI Corporate & Investment Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q1 vs Q4 €m 4Q24 1Q25 % Net interest income 757 722 (4.6) Net fee and commission income 369 312 (15.4) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (178) 194 n.m. Other operating in
Slide 97: International Banks: 1Q25 vs 1Q24
MIL-BVA362-03032014-90141/VR International Banks: 1Q25 vs 1Q24 €m 1Q24 1Q25 % Net interest income 655 613 (6.4) Net fee and commission income 150 168 12.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 19 32 68.4 Other operating income (expenses) (
Slide 98: International Banks: Q1 vs Q4
MIL-BVA362-03032014-90141/VR International Banks: Q1 vs Q4 €m 4Q24 1Q25 % Net interest income 630 613 (2.7) Net fee and commission income 163 168 3.1 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 10 32 220.0 Other operating income (expenses) (14)
Slide 99: Private Banking: 1Q25 vs 1Q24
MIL-BVA362-03032014-90141/VR Private Banking: 1Q25 vs 1Q24 €m 1Q24 1Q25 % Net interest income 313 260 (16.9) Net fee and commission income 533 562 5.4 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 7 20 185.7 Other operating income (expenses) 7 5 (
Slide 100: Private Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Private Banking: Q1 vs Q4 €m 4Q24 1Q25 % Net interest income 269 260 (3.3) Net fee and commission income 537 562 4.7 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 19 20 5.3 Other operating income (expenses) (2) 5 n.m.
Slide 101: Asset Management: 1Q25 vs 1Q24
MIL-BVA362-03032014-90141/VR Asset Management: 1Q25 vs 1Q24 €m 1Q24 1Q25 % Net interest income 14 11 (21.4) Net fee and commission income 214 215 0.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 0 (100.0) Other operating income (expenses) 11 13
Slide 102: Asset Management: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Asset Management: Q1 vs Q4 €m 4Q24 1Q25 % Net interest income 16 11 (31.3) Net fee and commission income 232 215 (7.3) +2% when excluding performance fees Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 0 0 n.m. Other op
Slide 103: Insurance: 1Q25 vs 1Q24
MIL-BVA362-03032014-90141/VR Insurance: 1Q25 vs 1Q24 €m 1Q24 1Q25 % Net interest income 0 0 n.m. Net fee and commission income 1 1 0.0 Income from insurance business 447 461 3.1 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (7) (2) (71.4) Opera
Slide 104: Insurance: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Insurance: Q1 vs Q4 €m 4Q24 1Q25 % Net interest income 0 0 n.m. Net fee and commission income 1 1 0.0 Income from insurance business 420 461 9.8 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) 2 (2) n.m. Operating inc
Slide 105: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 1Q25 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 19% 1 Loans 17.7 Banca 1 Asset Management(3) 21.2 Insurance(*) 7% 46% dei Territori 1 Deposits(4) 21.3 13% Private
Slide 106: International Banks by country
MIL-BVA362-03032014-90141/VR International Banks by country Data as at 31.3.25 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania(*) Moldova Ukraine(**) Egypt Operating income (€ m) 101 202 39 155 12 121 20 33 4 687 112 800 11.8% Operating costs (€ m) 37 6
Slide 107: 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 55,263 59,511 4,163 118,937 380,725 Austria 705 1,747 -73 2,379 444 Belgium 3,569 4,747 -33 8,283 829 Bulgaria 0 21 15 36 5 Croatia 1,356 405 41 1,802 9
Slide 108: 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 43,300 42,656 967 86,923 10,679 Austria 617 1,441 -107 1,951 0 Belgium 3,412 4,526 -52 7,886 0 Bulgaria 0 21 15 36 0 Croatia 1,194 405 41
Slide 109: 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 3,141 10,661 2,233 16,035 22,141 Austria 88 289 33 410 220 Belgium 108 148 18 274 185 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 74 Cyprus 0 0 27 27 0 Czec
Slide 110: 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 8,822 6,194 963 15,979 347,905 Austria 0 17 1 18 224 Belgium 49 73 1 123 644 Bulgaria 0 0 0 0 5 Croatia 162 0 0 162 8,386 Cyprus 0 0 0 0
Slide 111: 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
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