Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — Q1 2026 Earnings Presentation
92 slides from Intesa Sanpaolo's earnings presentation, May 8, 2026
Slide 1: 1Q26 Results: €2.8bn Net income, best quarter ever
1Q26 Results €2.8bn Net income, best quarter ever Firmly on track to deliver ~€10bn Net income in 2026 Leader in Wealth Management Protection & Advisory Europe’s most resilient Bank May 8, 2026
Slide 2: 1Q26 Results: an excellent start to the year…
MIL-BVA362-03032014-90141/VR 1Q26 Results: an excellent start to the year… €2.8bn Net income, the best quarter ever, with record-high revenues Best-in-class profitability 21% Annualised ROE, with 25% annualised ROTE Effective cost management 35.9% Lowest-ever Cost/Income ratio, best-in-class in Euro
Slide 3: … with the best quarterly and Q1 Net income ever
MIL-BVA362-03032014-90141/VR … with the best quarterly and Q1 Net income ever Net income €m Net impact of provisions/ write-downs for Russia-Ukraine exposure 2,761 2,615 +6% 2,301 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 1Q1
Slide 4: High, increasing and sustainable value creation and distribution
MIL-BVA362-03032014-90141/VR High, increasing and sustainable value creation and distribution The best quarter ever with growing ROE/ROTE… … and significant growth in EPS, DPS and TBVPS ROE(1), % x ROTE(2), % Quarterly EPS(3), € cents x Accrued DPS, € cents x Tangible book value per share(4), € 21 1
Slide 5: Firmly on track to deliver ~€10bn Net income in 2026
MIL-BVA362-03032014-90141/VR Firmly on track to deliver ~€10bn Net income in 2026 2026 guidance 1Q26 Results 2026 Net income guidance € bn Increase in revenues, mainly driven by +5.3% ~10 Commissions and Insurance income vs 1Q25 -0.7% Stable Costs vs 1Q25 -24.1% Significant decline in provisions 202
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 ~35% of cash dividends (~€0.7bn) go directly to Personnel expenses, € bn Italian households and to charitable foundations 2.8 1.6 1Q26 1Q26 ISP confirmed as Top Employer Europ
Slide 7: 2026-2029 Business Plan proceeding at full speed
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed Our People are the most important asset Cost reduction Revenue growth Low Cost of risk 1 Global Advisors network at scale 1 Extension of 1 Reset of Bad loans Strengthening of Private Banking 2 leadership Enhancement of ful
Slide 8: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q26: the best quarter ever ISP is fully equipped to succeed in any scenario Final remarks Appendix
Slide 9: The best quarter ever, firmly on track to deliver ~€10bn Net income in 2026
MIL-BVA362-03032014-90141/VR The best quarter ever, firmly on track to deliver ~€10bn Net income in 2026 €2.8bn Net income (+6% vs 1Q25), the best quarter ever, with Gross income up 10% €2.6bn accrued in Q1 for distribution (of which €2.1bn cash dividends) and €3.3bn cash dividends to be paid in May
Slide 10: 1Q26: €2.8bn Net income with increased Revenues and Cost reduction
MIL-BVA362-03032014-90141/VR 1Q26: €2.8bn Net income with increased Revenues and Cost reduction 1Q26 P&L; € m Non-motor P&C revenues at €195m (+9% vs 1Q25), €208m including credit-linked products 7,154 Stable overlays and 2.7pp tax rate increase 505 22 476 high/increased NPL coverage mainly due to I
Slide 11: Increasing Revenues, managed in an integrated manner to create value
MIL-BVA362-03032014-90141/VR Increasing Revenues, managed in an integrated manner to create value Operating income €m % Euribor 1M (average data) 3,632 3,636 +€4m Net interest income 1Q25 1Q26 7,154 2,439 2,515 6,796 +€358m +€76m Net fees and commissions f(x) 1Q25(1) 1Q26 462 476 +€14m Insurance inc
Slide 12: Net interest income trend breakdown
MIL-BVA362-03032014-90141/VR Net interest income trend breakdown Net interest income – Yearly comparison Net interest income – Quarterly comparison € m, 1Q26 vs 1Q25 % Euribor 1M (average data) € m, 1Q26 vs 4Q25 % Euribor 1M (average data) Up when excluding the impact from the +1% vs 4Q25 when a
Slide 13: Best Q1 ever for Commissions and record-high Insurance income
MIL-BVA362-03032014-90141/VR Best Q1 ever for Commissions and record-high Insurance income Commissions and Insurance income up despite market … with resilient AuM inflows volatility… €m Insurance income Net fees and commissions Gross AuM inflows, € bn 2,991 38 39 39 2,901 +3% 462 476 2,439 2,515 1Q2
Slide 14: Commissions up on a yearly basis despite market volatility
MIL-BVA362-03032014-90141/VR Commissions up on a yearly basis despite market volatility … with a strong growth in additional Commissions(1) generated by 360- Increase in Net fees and commissions… degree advisory services, acting also as a stabiliser for market volatility €m Commissions from Manageme
Slide 15: Best quarter ever for Insurance income, driven by P&C
MIL-BVA362-03032014-90141/VR Best quarter ever for Insurance income, driven by P&C Strong increase in Insurance income… … with growing P&C contribution(1), 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: A Wealth Management, Protection & Advisory leader, with >€1.4 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR A Wealth Management, Protection & Advisory leader, with >€1.4 trillion in Customer financial assets Customer financial assets(1) € bn +€26.3bn 573.9 600.2 600.2 Direct deposits +€64bn 31.3.25(2) 31.12.25 31.3.26 1,457.2 1,442.9 1,378.7 +€22.3bn +€39bn gross inflow 533.2
Slide 17: ~19,000 People fuelling Wealth Management & Protection activities
MIL-BVA362-03032014-90141/VR ~19,000 People fuelling Wealth Management & Protection activities Unmatched client advisory network through … supporting the strong contribution of Wealth Private Banking, Banca dei Territori and International Banks… Management & Protection to Gross income % of 1Q26 Gros
Slide 18: 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 42 37 32 31 30 27 27 Peer average: 26 25 28% 23 22 21 21 13 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 ISP Peer 1 Peer
Slide 19: 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 6,796 7,154 Cost/Income ratio +5.3% -2.2pp Operating 38.1 35.9 income 1Q25 1Q26 f(x) 2,588 2,569 -0.7% Operating costs 1Q25 1Q26 1Q25 1Q26 €5.7bn IT investments already
Slide 20: Costs reduction while strongly investing in growth and technology
MIL-BVA362-03032014-90141/VR Costs reduction while strongly investing in growth and technology Operating costs €m Total Operating costs 1,585 1,575 Personnel -0.6% costs 2,588 2,569 -0.7% 1Q25 1Q26 631 631 Administrative Stable f(x) costs 1Q25 1Q26 Strong investments in growth and technology 372 363
Slide 21: 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 Workforce evolution People, # x 1Q26 ▪ ~1,600 exits from the agreements already signed with Italian Labour Unions(1) ▪ ~4,500 potential exits of People who applied to Focused on Incl
Slide 22: 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) % 69.3 60.6 56.5 57.0 55.0 55.3 52.7 53.3 53.4 Peer average: 49.3 51.0% 45.5 42.8 42.9 35.9 37.4 33.4 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 23: Lowest-ever Cost of risk, with strong increase in NPL coverage
MIL-BVA362-03032014-90141/VR Lowest-ever Cost of risk, with strong increase in NPL coverage Loan loss provisions Cost of risk NPL coverage €m bps; annualised % +0.9pp 224 21 48.6 49.5 170 16 1Q25 1Q26 1Q25 1Q26 31.12.25 31.3.26 Low Cost of risk, in line High and increased €0.9bn overlays with Zero-N
Slide 24: Zero-NPL Bank status with Bad loans reset to near zero
MIL-BVA362-03032014-90141/VR Zero-NPL Bank status with high-quality origination and Bad loans reset to near zero NPL stock NPL inflow(2) from Performing loans € bn Net NPL x Net NPL ratio(1), % € bn Net inflow(3) 1.0 0.8 0.8 9.9 1.0 7.6 7.7 -€0.4bn 0.7 0.6 0.8 5.0 Of which only 0.6 0.5 3.9 3.9 €0.8b
Slide 25: Rock-solid capital base, well above SREP requirements
MIL-BVA362-03032014-90141/VR Rock-solid capital base, well above SREP requirements CET1 ratio evolution %, bps ISP 2026 fully loaded requirements SREP + combined buffer >13.9% ~13.9% including ~13.2% additional >80bps ~(75) ~90 ~(90) >13.0% benefit from DTA ~(15) ~10 ~(15) absorption +~10bps already
Slide 26: 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) %, 31.3.26 %, requirement %, 31.3.26 2029 Business Plan target € bn Other reserves HQLA x Buffer vs requirement 34.7 139 295 299 ~130 121 Buffer: 9.2 25.5 ~115 118 116 CBR(2): 4.5 2
Slide 27: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q26: the best quarter ever ISP is fully equipped to succeed in any scenario Final remarks Appendix 26
Slide 28: ISP is fully equipped to succeed in any scenario…
MIL-BVA362-03032014-90141/VR ISP is fully equipped to succeed in any scenario… Resilient profitability, rock-solid capital position even in adverse scenarios, as shown in the EBA stress test, low leverage and strong liquidity Well-diversified and resilient business model, with revenues managed in an
Slide 29: … and is far better positioned than its peers…
MIL-BVA362-03032014-90141/VR … and is far better positioned than its peers… Contribution from Net fees and commissions CET1(1)/Total illiquid assets(1)(2) Cost/Income ratio and Insurance income to Operating income %, 31.3.26 %, 1Q26 %, 1Q26 55 42 51.0 28 35.9 25 ISP(3) Peer average ISP Peer average(
Slide 30: … also thanks to a unique Commissions-driven and efficient business model
MIL-BVA362-03032014-90141/VR … also thanks to a unique Commissions-driven and efficient business model, coupled with strong tech investments Depreciation on Operating costs(3),% <10% 10%-12% >12% Cost/Income(1) % (reverse scale) Peer average: 27.9% 0 35 Peer 1 40 Peer 2 Peer 3 45 Peer 4 Peer 5 Peer
Slide 31: ISP can count on top-notch asset quality, with Bad loans reset to near zero…
MIL-BVA362-03032014-90141/VR ISP can count on top-notch asset quality, with Bad loans reset to near zero… Net NPL stock for the main European banks(1) € bn x Net NPL ratio(2) x Gross NPL ratio(2) 18.1 14.1 13.7 10.5 Only €0.8bn 8.9 Bad loans 7.8 6.5 6.4 3.9 3.5 2.5 1.8% 0.9% 1.2% 1.2% 0.9% 1.1% 1.2%
Slide 32: … a low level of Stage loans…
MIL-BVA362-03032014-90141/VR … a low level of Stage 2 loans… Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 128 77 -5% vs 62 59 31.12.25 49 48 45 31 30 14 11% 7% 7% 8% 10% 10% 10% 7% 6% 4% 31.3.26 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 (1) Including only banks in th
Slide 33: … and a high level of NPL coverage
MIL-BVA362-03032014-90141/VR … and a high level of NPL coverage NPL coverage(1) % 55.7 49.5 48.5 48.0 45.8 45.5 42.8 41.2 Peer average: 42.0% 33.8 33.0 25.7 Peer 10 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 NPL coverage among the best in Europe (1) Including only banks in the EB
Slide 34: Russia exposure near zero
MIL-BVA362-03032014-90141/VR Russia exposure 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 0.4 0.2 0.0 30.6.22 31.3.26 30.6.22 31.3.26 No new financing/
Slide 35: 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… Strong gross wealth (€13 trillion, of which €6 trillion in financial assets) paired with low private debt Low debt/high wealth Record-high deposits, with ~2% YoY growth over the 2026-29 Business Plan hori
Slide 36: … 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 70 42 62 3
Slide 37: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q26: the best quarter ever ISP is fully equipped to succeed in any scenario Final remarks Appendix 36
Slide 38: 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 1Q26, the best quarter ever Fully equipped to succeed in any scenario ▪ €2.8bn Net income, the best quarter ever ▪ Resilient profitability, rock-solid capital position (as also shown in
Slide 39: Firmly on track to deliver ~€10bn Net income in 2026
MIL-BVA362-03032014-90141/VR Firmly on track to deliver ~€10bn Net income in 2026 2026 guidance 1Q26 Results 2026 Net income guidance € bn Increase in revenues, mainly driven by +5.3% ~10 Commissions and Insurance income vs 1Q25 -0.7% Stable Costs vs 1Q25 -24.1% Significant decline in provisions 202
Slide 40: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q26: the best quarter ever ISP is fully equipped to succeed in any scenario Final remarks Appendix 39
Slide 41: 2026-2029 Business Plan proceeding at full speed (1/2)
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed, with key industrial initiatives already well underway (1/2) NOT EXHAUSTIVE 1Q26 Key highlights Cost ✓ 2.0 rollout and extension ongoing, progressing towards legacy decommissioning to deliver structural IT Cost reduction r
Slide 42: 2026-2029 Business Plan proceeding at full speed (2/2)
MIL-BVA362-03032014-90141/VR 2026-2029 Business Plan proceeding at full speed, with key industrial initiatives already well underway (2/2) NOT EXHAUSTIVE 1Q26 Key highlights ✓ Bad loans reset to near zero Low Cost of ✓ Credit governance framework upgraded through newly-established strategic and oper
Slide 43: Leading ESG position: main sustainability ratings
MIL-BVA362-03032014-90141/VR Leading ESG position: main sustainability ratings MSCI ESG Rating S&P Global – ESG Score Range (best to worst): AAA to CCC Range (best to worst): 100 to 0 AAA AAA AAA AAA AAA AAA 85 83 AA AA AA AA AA AA AA AA AA AA 73 72(1) 71(1) 70 63 61 59 58 58 58 58 56 52 47 Peer 10
Slide 44: A world-class position in Social Impact…
MIL-BVA362-03032014-90141/VR A world-class position in Social Impact… MAIN HIGHLIGHTS x Result achieved vs BP target Results achieved as 2026-2029 Business Plan 2026-2029 Business Plan main ESG initiatives at 31.3.26 targets Addressing the key systemic social Contribution to fight poverty challenges
Slide 45: ... while supporting clients in the sustainable transition
MIL-BVA362-03032014-90141/VR ... while supporting clients in the sustainable transition MAIN HIGHLIGHTS x Result achieved vs BP target Results achieved as 2026-2029 Business Plan 2026-2029 Business Plan main ESG initiatives at 31.3.26 targets New MLT lending for the sustainable transition(1) €4.2bn
Slide 46: Detailed information
1Q26 Results Detailed information Leader in Wealth Management Protection & Advisory Europe’s most resilient Bank
Slide 47: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 1Q26 31.3.26 Operating income 7,154 Loans to customers 429,832 Operating costs (2,569) Customer financial assets(1) 1,442,922 Cost/Income ratio 35.9% of which Direct deposits from banking business 600,243 Operating margin 4,585 of whi
Slide 48: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 47
Slide 49: 1Q26 vs 1Q25: the best quarter ever with €2.8bn Net income
MIL-BVA362-03032014-90141/VR 1Q26 vs 1Q25: the best quarter ever with €2.8bn Net income €m 1Q25 1Q26 % 1Q25 1Q26 ∆% Net interest income 3,632 3,636 0.1 Net fee and commission income 2,439 2,515 3.1 Income from insurance business 462 476 3.0 Profits on financial assets and liabilities at fair value
Slide 50: Q1 vs Q4: strong increase in profitability
MIL-BVA362-03032014-90141/VR Q1 vs Q4: strong increase in profitability €m 4Q25 4Q25 1Q26 1Q26 % ∆% Net interest income 3,684 3,636 (1.3) Net fee and commission income 2,655 2,515 (5.3) Income from insurance business 443 476 7.4 Profits on financial assets and liabilities at fair value 58 505 770.7
Slide 51: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q25 1Q25 2Q25 2Q25 3Q25 3Q25 4Q25 4Q25 1Q26 1Q26 Net interest income 3,632 3,800 3,680 3,684 3,636 Net fee and commission income 2,439 2,452 2,448 2,655 2,515 Income from insurance business 462 460 450 443 476 Profits on financial assets and liabilities
Slide 52: 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) Up when excluding the impact from the +1% vs 4Q25 when adjusting for the different number of days in the two quarters different number of days in the two
Slide 53: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m €m 2,655 2,515 2,515 -5.3% 2,439 +3.1% 4Q25 1Q26 1Q25 1Q26 ▪ -1.8% vs 4Q25 excluding performance fees ▪ Best Q1 ever ▪ 1.3% increase in Commissions from Commercial banking activities (+€8m) ▪ 3.6% increa
Slide 54: Net fee and commission income: quarterly development breakdown
MIL-BVA362-03032014-90141/VR Net fee and commission income: quarterly development breakdown Net fee and commission income €m 1Q25 1Q25 2Q25 2Q25 3Q25 3Q25 4Q25 4Q25 1Q26 1Q26 Guarantees given / received 38 43 43 41 42 Collection and payment services 170 176 165 192 171 Current accounts 323 327 325 3
Slide 55: Income from insurance business
MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m €m 443 476 462 476 +7.4% +3.0% 4Q25 1Q26 1Q25 1Q26 ▪ Strong acceleration in Q1 ▪ The best quarter ever ▪ 11% growth in Non-motor P&C revenues at €195m(1) ▪ 9% growth in Non-motor P&C revenues at €195m(1
Slide 56: 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 505 505 +90.6% 265 +770.7% 58 4Q25 1Q26 1Q25 1Q26 Contribution by activity €m 1Q25 4Q25 1Q26 Customers 83 85 82 Capital markets 90 (60) 19 Securities portfolio and Treasury
Slide 57: 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 3,549 -27.6% 2,569 2,588 2,569 -0.7% 2,165 -27.3% 1,575 1,585 1,575 -0.6% 4Q25 1Q26 4Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Other administrative exp
Slide 58: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m Additional provisions to favour de-risking and strengthen the Balance sheet €m 962 -82.3% 170 224 170 314 -24.1% 4Q25 1Q26 1Q25 1Q26 ▪ Strong increase in NPL coverage (+0.9pp) ▪ Lowest-ever annualised Cost of
Slide 59: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 58
Slide 60: >€1.4 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR >€1.4 trillion in Customer financial assets % 31.3.26 vs 31.3.25 and 31.12.25 Customer financial assets(1) Direct deposits from banking business € bn QoQ decline due to negative market performance € bn 1,379 1,457 1,443 574 600 600 31.3.25(2) 31.12.25 31.3.26 31.3.25(2
Slide 61: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.3.26 ~75% Households % Percentage of total ~25% Corporates Wholesale Retail 600 Current accounts 22 385 and deposits Repos and 40 - securities lending 450 Senior bonds(1) 31 5 150 Covered bonds 27 -
Slide 62: Strong funding capability: broad access to international markets
MIL-BVA362-03032014-90141/VR Strong funding capability: broad access to international markets 2026-2028 MLT maturities Main wholesale issues € bn 17 Wholesale 16 Retail 2025 ◼ €0.5bn Tier 2, €1bn AT1 and €0.5bn covered bond placed. On average(2) 86% 10 10 demand from foreign investors; orderbooks av
Slide 63: High liquidity: LCR and NSFR well above regulatory requirements
MIL-BVA362-03032014-90141/VR High liquidity: LCR and NSFR well above regulatory requirements 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 % 295 299 278 207 214 206 118 116 109 80 86 83
Slide 64: Rock-solid capital base
MIL-BVA362-03032014-90141/VR Rock-solid capital base Common equity ratio Tier 1 ratio Total capital ratio €2.6bn accrued in Q1 for distribution, of which €2.1bn cash dividends €2.6bn accrued in Q1 for distribution, of which €2.1bn cash dividends €2.6bn accrued in Q1 for distribution, of which €2.1bn
Slide 65: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 64
Slide 66: Non-performing loans: Bad loans reset to near zero
MIL-BVA362-03032014-90141/VR Non-performing loans: Bad loans reset to near zero x Gross NPL ratio, % x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL Net NPL € bn € bn 31.3.25 31.12.25 31.3.26 31.3.25 31.12.25 31.3.26 Bad loans 3.8 2.4 2.6 Bad loans 1.2 0.8 0.8 - of
Slide 67: Non-performing loans coverage: sizeable and increased
MIL-BVA362-03032014-90141/VR Non-performing loans coverage: sizeable and increased vs 31.12.25 Cash coverage; % Total NPL(1) Bad loans reset to near zero 50.1 48.6 49.5 31.3.25 31.12.25 31.3.26 Bad loans Unlikely to pay Past due 67.3 67.3 68.6 40.2 40.8 40.6 31.0 28.8 29.3 31.3.25 31.12.25 31.3.26 3
Slide 68: 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 3.4 Impact from the acquisition of Impact from the acquisition of the two former Venetian banks the two former Veneti
Slide 69: 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 1,025 708 588 -16.9% 1Q25 4Q25 1Q26 Bad loans Unlikely to pay Past due 763 424 322 270 247 215 47 14 19 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 Note: figures may not add up exactly
Slide 70: 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 806 606 497 -18.0% 1Q25 4Q25 1Q26 Bad loans Unlikely to pay Past due 585 364 260 238 222 180 41 15 4 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 Note: figures may not add up exactly due to
Slide 71: 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 31.3.26) Breakdown by economic business sector Repos, Capital markets and 31.3.26 Institutional Clients Public Adminis
Slide 72: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 71
Slide 73: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.3.26 Divisions Divisions IMI Corporate International Private Asset Corporate Banca deiBanca dei Territori IMI Corporate Corporate & International Private Asset Banking(2)(2) Insurance(4) Insurance (4) Centre Centre/ / Total T
Slide 74: Banca dei Territori: 1Q26 vs 1Q25
MIL-BVA362-03032014-90141/VR Banca dei Territori: 1Q26 vs 1Q25 €m 1Q25 1Q25 1Q26 1Q26 % ∆% Net interest income 1,718 1,698 (1.2) Net fee and commission income 1,278 1,311 2.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 31 31 0.0 Other operating
Slide 75: Banca dei Territori: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q1 vs Q4 €m 4Q25 4Q25 1Q26 1Q26 ∆% % Net interest income 1,722 1,698 (1.4) Net fee and commission income 1,336 1,311 (1.9) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 95 31 (67.4) Other operating
Slide 76: IMI Corporate & Investment Banking: 1Q26 vs 1Q25
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 1Q26 vs 1Q25 €m 1Q25 1Q25 1Q26 1Q26 % ∆% Net interest income 722 761 5.4 Net fee and commission income 313 315 0.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 194 450 132.0 Other o
Slide 77: IMI Corporate & Investment Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q1 vs Q4 €m 4Q25 4Q25 1Q26 1Q26 ∆% % Net interest income 783 761 (2.8) Net fee and commission income 389 315 (19.0) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (34) 450 n.m. Other
Slide 78: International Banks: 1Q26 vs 1Q25
MIL-BVA362-03032014-90141/VR International Banks: 1Q26 vs 1Q25 €m 1Q25 1Q25 1Q26 1Q26 % ∆% Net interest income 613 583 (4.9) Net fee and commission income 168 179 6.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 32 21 (34.4) Other operating incom
Slide 79: International Banks: Q1 vs Q4
MIL-BVA362-03032014-90141/VR International Banks: Q1 vs Q4 €m 4Q25 4Q25 1Q26 1Q26 % ∆% Net interest income 609 583 (4.3) Net fee and commission income 197 179 (9.1) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 32 21 (34.4) Other operating income
Slide 80: Private Banking: 1Q26 vs 1Q25
MIL-BVA362-03032014-90141/VR Private Banking: 1Q26 vs 1Q25 €m 1Q25 1Q25 1Q26 1Q26 ∆% % Net interest income 260 275 5.8 Net fee and commission income 562 595 5.9 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 20 16 (20.0) Other operating income (exp
Slide 81: Private Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Private Banking: Q1 vs Q4 €m 4Q25 4Q25 1Q26 1Q26 % ∆% Net interest income 283 275 (2.8) Net fee and commission income 558 595 6.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 23 16 (30.4) Other operating income (expen
Slide 82: Asset Management: 1Q26 vs 1Q25
MIL-BVA362-03032014-90141/VR Asset Management: 1Q26 vs 1Q25 €m 1Q25 1Q25 1Q26 1Q26 ∆% % Net interest income 11 9 (18.2) Net fee and commission income 216 223 3.2 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expens
Slide 83: Asset Management: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Asset Management: Q1 vs Q4 €m 4Q25 4Q25 1Q26 1Q26 ∆% % Net interest income 11 9 (18.2) -2.7% when excluding Net fee and commission income 315 223 (29.2) performance fees Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 0
Slide 84: Insurance: 1Q26 vs 1Q25
MIL-BVA362-03032014-90141/VR Insurance: 1Q26 vs 1Q25 €m 1Q25 1Q26 ∆% 1Q25 1Q26 % Net interest income 0 0 n.m. Net fee and commission income 1 1 0.0 Income from insurance business 461 475 3.0 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (2) (2)
Slide 85: Insurance: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Insurance: Q1 vs Q4 €m 4Q25 4Q25 1Q26 1Q26 % ∆% Net interest income 0 0 n.m. Net fee and commission income 1 1 0.0 Income from insurance business 441 475 7.7 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) 4 (2) n.m.
Slide 86: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 1Q26 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 22% 1 Loans 17.1 Banca 1 Deposits(3) 20.3 44% dei Territori Insurance(*) 7% 1 Asset Management(4) 21.3 13% Private
Slide 87: International Banks by country
MIL-BVA362-03032014-90141/VR International Banks by country Data as at 31.3.26 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania Moldova Ukraine(*) Egypt Operating income (€ m) 97 202 36 151 13 127 19 24 4 674 108 782 10.9% Operating costs (€ m) 40 66 15
Slide 88: 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 66,690 62,644 8,867 138,201 392,188 Austria 731 1,754 51 2,536 560 Belgium 5,280 6,538 446 12,264 954 Bulgaria 0 27 9 36 13 Croatia 2,007 280 32 2,319
Slide 89: 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 AC FVTOCI FVTPL (2) Total(3) EU Countries 51,379 47,697 5,037 104,113 12,344 Austria 618 1,538 0 2,156 0 Belgium 4,276 5,749 252 10,277 0 Bulgaria 0 27 9 36 0 Croatia 1,796 265 32
Slide 90: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS (2) (3) AC FVTOCI FVTPL Total EU Countries 4,862 9,165 2,507 16,534 27,292 Austria 113 187 49 349 147 Belgium 940 741 189 1,870 223 Bulgaria 0 0 0 0 5 Croatia 0 0 0 0 125 Cyprus 0 0 37 37 0
Slide 91: 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 AC FVTOCI FVTPL (2) Total(3) EU Countries 10,449 5,782 1,323 17,554 352,552 Austria 0 29 2 31 413 Belgium 64 48 5 117 731 Bulgaria 0 0 0 0 8 Croatia 211 15 0 226 9,090 Cyprus 0 0 0
Slide 92: 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
Intesa Sanpaolo Spa Ord — Q1 2026 Earnings Presentation on 6ix