Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — 1H25 Earnings Presentation
110 slides from Intesa Sanpaolo's earnings presentation, Jul 30, 2025
Slide 1: 1H25 Results
1H25 Results A sustainable 20% ROE Bank with €1.4 trillion in Customer financial assets Well-diversified and resilient business model, ready to succeed in any scenario July 30, 2025
Slide 2: 1H25: key achievements
MIL-BVA362-03032014-90141/VR 1H25: key achievements Net income, the best six months ever, with record-high revenues, Best-in-class profitability €5.2bn Commissions and Insurance income Effective cost management 38.0% Lowest-ever Cost/Income ratio, best-in-class in Europe Zero-NPL Bank 1.0% Net NPL r
Slide 3: The best six-month Net income ever
MIL-BVA362-03032014-90141/VR The best six-month Net income ever Net income €m Net impact of provisions/ write-downs for Russia-Ukraine exposure 5,216 4,766 +9% 4,222 3,268 3,107 3,023 2,419 2,566 2,179 2,266 2,004 1,588 1,690 1,707 1,738 1,402 1,274 2,346 720 422 1H07(1) 1H08 1H09 1H10 1H11 1H12 1H1
Slide 4: Increasing and sustainable value creation and distribution
MIL-BVA362-03032014-90141/VR Increasing and sustainable value creation and distribution, with 20% annualised ROE The best six months ever, with 20% … coupled with a rock-solid and increasing … and a significant increase in EPS, DPS annualised ROE… capital position… and TBVPS ROE(1), x ROTE(2), %; an
Slide 5: 2025 Net income guidance upgraded to well above €9bn
MIL-BVA362-03032014-90141/VR 2025 Net income guidance upgraded to well above €9bn including Q4 managerial actions to strengthen future profitability 2025 Net income guidance Q4 managerial actions to strengthen future profitability ▪ Growth in DPS and EPS ▪ 70% cash payout ratio Well above €9bn Well
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 (~€1.3bn) go directly to Personnel expenses, € bn Italian households and to charitable foundations 5.2 3.2 1H25 1H25 ISP recognised as Top Employer Euro
Slide 7: Contents
MIL-BVA362-03032014-90141/VR Contents 1H25: the best six months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion
Slide 8: The best six months and Q2 ever
MIL-BVA362-03032014-90141/VR The best six months and Q2 ever €5.2bn Net income in H1 (+9% vs 1H24) and €2.6bn Net income in Q2 (+6% vs 2Q24), the best six months and Q2 ever ~€3.7bn cash dividends already accrued in H1, of which ~€3.2bn to be paid in November as an interim dividend(1) The best six m
Slide 9: 1H25 P&L: Net income driven by Commissions and Insurance
MIL-BVA362-03032014-90141/VR H1: €5.2bn Net income driven by Commissions and Insurance income at record highs 1H25 P&L; € m Non-motor P&C revenues at €344m (+12% vs 1H24), €380m including credit-linked products 13,789 552 (1) 922 (3,189) No overlay releases 4,884 (1,345) 8,547 (708) 7,956 (505) (86)
Slide 10: 2Q25 P&L: Net income, the best Q2 ever
MIL-BVA362-03032014-90141/VR 2Q25: €2.6bn Net income, the best Q2 ever with strong quarterly NII growth 2Q25 P&L; € m Non-motor P&C revenues at €165m (+15% vs 2Q24), €182m including credit-linked products 6,997 287 1 No overlay releases 460 (1,606) 2,449 (722) 4,333 (336) 3,993 (281) (59) (1,254) 2,
Slide 11: 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 % Euribor 1M (average data) 7,975 7,432 -€543m Net interest income 1H24 1H25 13,637 13,789 4,663 4,884 +€152m +€221m Net fees and commissions f(x) 1H24 1H25 903 922 +€19m Insurance
Slide 12: Resilient Net interest income…
MIL-BVA362-03032014-90141/VR Resilient Net interest income… Net interest income – Half-yearly comparison €m % Euribor 1M (average data) +€567m 7,835 7,975 7,743 7,432 6,865 1H23 2H23 1H24 2H24 1H25 +2.75 +3.73 +3.82 +3.31 +2.35 -40bps 2025 Net interest income guidance raised to well above 2023 level
Slide 13: … growing in Q2 despite Euribor decline
MIL-BVA362-03032014-90141/VR … growing in Q2 despite Euribor decline Net interest income – Quarterly comparison Net interest income – Yearly comparison € m, 1Q25 vs 2Q25 % Euribor 1M (average data) € m, 1H24 vs 1H25 % Euribor 1M (average data) 43 29 96 3,800 7,975 3,632 7,432 (3) (528) (12) Comm
Slide 14: A Wealth Management, Protection & Advisory leader
MIL-BVA362-03032014-90141/VR A Wealth Management, Protection & Advisory leader, with €1.4 trillion in Customer financial assets, growing further in Q2… Customer financial assets(1) € bn QoQ decline mainly due to 589.8 573.9 570.2 wholesale funding Direct deposits +€37.2bn 30.6.24 31.3.25 30.6.25 1,3
Slide 15: … fueling strong growth in Commissions
MIL-BVA362-03032014-90141/VR … fueling strong growth in Commissions, especially in Wealth Management … with 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 stabilis
Slide 16: Best-ever six months for Insurance income
MIL-BVA362-03032014-90141/VR Best-ever six months for Insurance income, driven by P&C The best six months ever for 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 produc
Slide 17: Best-in-class contribution from Commissions and Insurance income
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 35 33 31 31 29 Peer average: 26 25 25 28% 22 21 20 19 13 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 ISP Peer 9 Peer
Slide 18: Lowest-ever Cost/Income ratio while strongly investing in technology
MIL-BVA362-03032014-90141/VR Lowest-ever Cost/Income ratio while strongly investing in technology Cost/Income ratio % €m Cost/Income ratio 13,637 13,789 -0.5pp +1.1% Operating 38.5 38.0 income 1H24 1H25 f(x) 5,250 5,242 -0.2% Operating costs 1H24 1H25 1H24 1H25 €4.6bn IT investments already deployed
Slide 19: Cost reduction, with high flexibility for further decrease
MIL-BVA362-03032014-90141/VR Cost reduction, with high flexibility for further decrease Operating costs €m -3.2% excluding the impact of national labour contract renewal Total Operating costs 3,221 3,189 Personnel -1.0% -2.3% excluding the impact of national labour contract renewal and Depreciation
Slide 20: Our tech transformation is enabling generational change
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 €4.6bn alread
Slide 21: 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 61.5 56.4 57.1 58.0 52.8 53.8 Peer average: 50.1 50.4 52.3% 42.9 44.4 41.8 36.6 37.5 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 22: 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) 8.5 1.0 1.0 9.9 9.9 -83% 6.2 1.5 1.5 5.0 4.9 1.3 1.3 31.3.25 30.6.25 1H12 1H24 1H25 ▪ Stage 2 loans down €1.4bn vs
Slide 23: … 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 13.1 12.9 10.4 8.6 8.0 6.6 6.4 4.9 3.1 2.7 1.8% 1.2% 0.9% 1.2% 0.9% 1.2% 1.6% 1.2% 1.0% 0.5% 0.5% 3.0% 2.3% 1
Slide 24: … as well as for Stage 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 65 64 61 43 38 33 28 16 11% 8% 10% 7% 13% 10% 8% 8% 7% 4% 30.6.25 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 25: … driving Cost of risk to historical lows
MIL-BVA362-03032014-90141/VR … driving Cost of risk to historical lows Loan loss provisions Cost of risk €m bps; annualised -8.8% 554 -2bps 505 26 24 1H24 1H25 1H24 1H25 Overlays stable at €0.9bn and NPL coverage ratio at 50% Low Cost of risk in line with Zero-NPL Bank status Note: figures may not a
Slide 26: Russia exposure reduced to <0.1% of Group customer loans
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 27: Rock-solid capital base, with 65bps CET1 increase in H1
MIL-BVA362-03032014-90141/VR Rock-solid capital base, with 65bps CET1 increase in H1 Fully phased-in CET1 ratio evolution %, bps x Q2 evolution ISP 2025 fully loaded requirements SREP + combined buffer +65bps DTA and valuation reserves ~14.6% including additional ~100bps ~13.3% ~(125) 13.5%(1) benef
Slide 28: 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, 30.6.25 31.3.24 %, requirement %, 30.6.25 2025 Business Plan target € bn Other reserves HQLA x Buffer vs requirement 36.9 145 278 285 264 +€21bn ~125 121 Buffer: 11.4 ~115
Slide 29: 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 30.6.25 (2022-1H25) targets Unparalleled support to Expanding food and shelter program for address social pe
Slide 30: … 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 30.6.25 (2022-1H25) targets New lending to support the green economy, circular economy and ecological transiti
Slide 31: Contents
MIL-BVA362-03032014-90141/VR Contents 1H25: the best six months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion
Slide 32: 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, low leverage and strong liquidity Well-diversified and resilient business model, with revenues managed in an integrated manner to create valu
Slide 33: … 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 %, 30.6.25 x Buffer vs requirements SREP + %, 1H25 %, 1H25 x Deprecia
Slide 34: … 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 Cost/Income(1) Depreciation on Operating costs(2),% <10% 10%-12% >12% % (reverse scale) Peer average: 27.5%(3) 0 Peer 1 40 Peer 2 45 Peer 3 Peer 5 Peer 4 50 Pe
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… 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 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 69 42 62 3
Slide 37: Contents
MIL-BVA362-03032014-90141/VR Contents 1H25: the best six months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion
Slide 38: ISP delivered the best six months ever and is fully equipped to succeed
MIL-BVA362-03032014-90141/VR ISP delivered the best six months ever and is fully equipped to succeed in any scenario The best six months ever Fully equipped to succeed in any scenario ▪ €5.2bn Net income, the best six months ever ▪ Resilient profitability, rock-solid capital position (also in advers
Slide 39: 2025 Net income guidance upgraded to well above €9bn
MIL-BVA362-03032014-90141/VR 2025 Net income guidance upgraded to well above €9bn including Q4 managerial actions to strengthen future profitability Increase in ▪ Resilient Net interest income (thanks to a higher contribution 2025 Net income guidance from core deposits hedging) revenues, ▪ Growth in
Slide 40: Contents
MIL-BVA362-03032014-90141/VR Contents 1H25: the best six months ever ISP is fully equipped to succeed in any scenario Final remarks Appendix: 2022-2025 Business Plan nearing completion
Slide 41: 2022-2025 Business Plan nearing completion
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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-class pos
Slide 42: Massive upfront de-risking, slashing Cost of risk
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Massive upfront de-risking, slashing Cost of risk Key highlights ▪ Massive deleveraging with €5.4bn gross NPL stock reduction in 2022-1H25, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target ▪ Focus on modular
Slide 43: Structural Cost reduction, enabled by technology
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 ▪ Insourcin
Slide 44: Our tech transformation is accelerating and operating successfully
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 to the
Slide 45: Tech transformation accelerating with 63% of applications already cloud-based
MIL-BVA362-03032014-90141/VR Mooney Enel 2022-2025 Business Plan nearing completion Tech transformation accelerating with 63% of applications already cloud-based : our cloud-native … already successfully … being progressively extended Applications already cloud-based tech backbone… deployed through
Slide 46: Group cloud-based digital platform
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion : 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 technology a
Slide 47: A new digital bank delivered in less than 12 months
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion A new digital bank delivered in less than 12 months and already chosen by ~1m clients … and gaining strong Unique digital customer experience… … already chosen by ~1m clients… momentum Accounts opened by new customers <3 minutes
Slide 48: Product offering broader and more innovative than digital challengers
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 Product catalogue Peer 1 Peer 2 Peer 3
Slide 49: AI program at scale with strong benefits for the Group
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 favoring: AI use cases, # x
Slide 50: Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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-market
Slide 51: Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 administration
Slide 52: Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 the advi
Slide 53: Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 Managem
Slide 54: Growth in Commissions, driven by Wealth Management, Protection & Advisory (5/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 Italian post
Slide 55: Growth in Commissions, driven by Wealth Management, Protection & Advisory (6/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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-the-ar
Slide 56: Growth in Commissions, driven by Wealth Management, Protection & Advisory (7/7)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 Management
Slide 57: Significant ESG commitment, with a world-class position in Social Impact (1/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 Itali
Slide 58: Significant ESG commitment, with a world-class position in Social Impact (2/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 1H25: ‒ ~420,000 visitors, free entr
Slide 59: Significant ESG commitment, with a world-class position in Social Impact (3/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5) Innovation projects: 117 innovation projects released in 1H25 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of
Slide 60: Significant ESG commitment, with a world-class position in Social Impact (4/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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) withi
Slide 61: Significant ESG commitment, with a world-class position in Social Impact (5/5)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5) ▪ €78.6bn disbursed in the period 2021-1H25(1) out of the €76bn in new lending available for the green economy, circular
Slide 62: Leading ESG position in the main sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion 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 9.5 Only bank in Ital
Slide 63: Our People are our most important asset
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Our People are our most important asset Key highlights ▪ ~5,000 professionals hired since 2021 ▪ ~8,600 people reskilled and ~46m training hours delivered since 2022 ▪ ~315 talents have completed their development path as part o
Slide 64: 1H25 Results: Detailed information
1H25 Results Detailed information
Slide 65: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 1H25 30.6.25 Operating income 13,789 Loans to customers 418,591 Operating costs (5,242) Customer financial assets(1) 1,390,613 Cost/Income ratio 38.0% of which Direct deposits from banking business 570,153 Operating margin 8,547 of wh
Slide 66: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 65
Slide 67: 1H25 vs 1H24: the best six months ever
MIL-BVA362-03032014-90141/VR 1H25 vs 1H24: the best six months ever with €5.2bn Net income €m 1H24 1H25 % Net interest income 7,975 7,432 (6.8) Net fee and commission income 4,663 4,884 4.7 Income from insurance business 903 922 2.1 Profits on financial assets and liabilities at fair value 101 552
Slide 68: Q2 vs Q1: €2.6bn Net income, the best Q2 ever
MIL-BVA362-03032014-90141/VR Q2 vs Q1: €2.6bn Net income, the best Q2 ever €m 1Q25 2Q25 % Net interest income 3,632 3,800 4.6 Net fee and commission income 2,435 2,449 0.6 Income from insurance business 462 460 (0.4) Profits on financial assets and liabilities at fair value 265 287 8.3 Other operat
Slide 69: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net interest income 3,947 4,028 3,942 3,801 3,632 3,800 Net fee and commission income 2,276 2,387 2,307 2,416 2,435 2,449 Income from insurance business 455 448 408 424 462 460 Profits on financial assets and liabilities at
Slide 70: 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) -6.8% 7,975 7,432 (3) (528) (12) +4.6% 3,632 43 29 96 3,800 Commercial component Commercial component 1Q25 Volumes Spread Financial 2Q25 1H24 Volumes Spre
Slide 71: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income Quarterly analysis Yearly analysis €m % 2Q25 vs 2Q24 and 1Q25 €m % 1H25 vs 1H24 4,663 4,884 2,387 2,435 2,449 2Q24 1Q25 2Q25 1H24 1H25 +2.6 +0.6 +4.7 ▪ Best Q2 ever ▪ Record-high six months ▪ Growth vs 2Q24 driven by Commissions from Man
Slide 72: 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 2Q25 1H24 1H25 Guarantees given / received 48 50 44 45 38 43 98 81 Collection and payment services 167 178 178 188 170 176 345 346 Current accounts 32
Slide 73: Income from insurance business
MIL-BVA362-03032014-90141/VR Income from insurance business Quarterly analysis Yearly analysis €m % 2Q25 vs 2Q24 and 1Q25 €m % 1H25 vs 1H24 903 922 448 462 460 2Q24 1Q25 2Q25 1H24 1H25 +2.7 (0.4) +2.1 ▪ The best Q2 ever ▪ The best six months ever ▪ Double-digit growth in Non-motor P&C revenues(1
Slide 74: 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 % 2Q25 vs 2Q24 and 1Q25 €m % 1H25 vs 1H24 552 265 287 101 20 2Q24 1Q25 2Q25 1H24 1H25 n.m. +8.3 +446.5 Contributions by activity 2Q24 1Q25 2Q25 1H24 1H25 Customers 78 83 9
Slide 75: Operating costs
MIL-BVA362-03032014-90141/VR Operating costs Quarterly analysis Yearly analysis % 2Q25 vs 2Q24 and 1Q25 % 1H25 vs 1H24 Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 5,250 5,242 2,659 2,578 2,664 3,221 3,189 1,619 1,583 1,606 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 1H24
Slide 76: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans Quarterly analysis Yearly analysis €m % 2Q25 vs 2Q24 and 1Q25 €m % 1H25 vs 1H24 554 505 320 281 224 2Q24 1Q25 2Q25 1H24 1H25 (12.2) +25.4 (8.8) ▪ Overlays stable at €0.9bn ▪ Annualised Cost of credit down to 24bps, the best H1 ever ▪ NPL cove
Slide 77: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 76
Slide 78: ~€1.4 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR ~€1.4 trillion in Customer financial assets % 30.6.25 vs 30.6.24 and 31.3.25 Customer financial assets(1) Direct deposits from banking business € bn € bn QoQ decline mainly due to 1,353 1,379 1,391 wholesale funding 590 574 570 30.6.24 31.3.25 30.6.25 30.6.24 31.3.25 3
Slide 79: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 30.6.25 ~70% Households % Percentage of total ~30% Corporates Wholesale Retail 570 Current accounts 20 377 and deposits Repos and 19 - securities lending 440 Senior bonds(1) 35 7 Covered bonds 31 - 130
Slide 80: 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 17 Retail 2024 ◼ €2bn dual-tranche senior preferred, €1bn AT1, €1.5bn senior non-preferred 10 10 and €1.25bn Tier 2 placed. On average 86% de
Slide 81: High liquidity: LCR and NSFR well above regulatory requirements
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 % 280 278 285 210 20
Slide 82: 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 ~€3.7bn dividends accrued in H1 ~€3.7bn dividends accrued in H1 ~€3.7bn dividends accrued in H1 % % % 18.5%(1) not including any H1
Slide 83: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 82
Slide 84: 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 30.6.24 31.3.25 30.6.25 30.6.24 31.3.25 30.6.25 Bad loans 3.6 3.8 3.9 Bad loans 1.0 1.2 1.3 - of which
Slide 85: Non-performing loans: sizeable coverage
MIL-BVA362-03032014-90141/VR Non-performing loans: sizeable coverage Cash coverage; % Total NPL(1) 50.7 50.1 50.1 30.6.24 31.3.25 30.6.25 Bad loans Unlikely to pay Past due 70.8 67.3 66.5 39.7 40.2 40.3 31.6 31.0 30.7 30.6.24 31.3.25 30.6.25 30.6.24 31.3.25 30.6.25 30.6.24 31.3.25 30.6.25 Note: figu
Slide 86: 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 8.5 Impact from the acquisition of Impact from the the
Slide 87: 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 787 748 708 2Q24 1Q25 2Q25 Bad loans Unlikely to pay Past due 411 424 367 370 365 270 6 14 16 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 Note: figures may not add up exactly due to ro
Slide 88: 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 661 666 606 2Q24 1Q25 2Q25 Bad loans Unlikely to pay Past due 352 364 338 317 306 238 3 4 11 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 Note: figures may not add up exactly due to roundin
Slide 89: 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 30.6.25) Breakdown by economic business sector Repos, Capital markets and 30.6.25 Institutional Clients Public Adminis
Slide 90: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, funding and capital base Asset quality Divisional results and other information 89
Slide 91: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 30.6.25 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 92: Banca dei Territori: 1H25 vs 1H24
MIL-BVA362-03032014-90141/VR Banca dei Territori: 1H25 vs 1H24 €m 1H24 1H25 % Net interest income 3,483 3,462 (0.6) Net fee and commission income 2,424 2,558 5.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 58 76 31.0 Other operating income (expe
Slide 93: Banca dei Territori: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q2 vs Q1 €m 1Q25 2Q25 % Net interest income 1,745 1,717 (1.6) Net fee and commission income 1,278 1,281 0.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 31 45 45.2 Other operating income (expenses
Slide 94: IMI Corporate & Investment Banking: 1H25 vs 1H24
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 1H25 vs 1H24 €m 1H24 1H25 % Net interest income 1,553 1,501 (3.3) Net fee and commission income 615 604 (1.8) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (121) 415 n.m. Other opera
Slide 95: IMI Corporate & Investment Banking: Q2 vs Q1
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q2 vs Q1 €m 1Q25 2Q25 % Net interest income 722 779 7.8 Net fee and commission income 313 291 (7.0) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 194 221 14.3 Other operating income
Slide 96: International Banks: 1H25 vs 1H24
MIL-BVA362-03032014-90141/VR International Banks: 1H25 vs 1H24 €m 1H24 1H25 % Net interest income 1,275 1,222 (4.2) Net fee and commission income 330 365 10.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 78 86 10.3 Other operating income (expense
Slide 97: International Banks: Q2 vs Q1
MIL-BVA362-03032014-90141/VR International Banks: Q2 vs Q1 €m 1Q25 2Q25 % Net interest income 613 609 (0.6) Net fee and commission income 168 196 16.8 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 32 54 70.5 Other operating income (expenses) (14)
Slide 98: Private Banking: 1H25 vs 1H24
MIL-BVA362-03032014-90141/VR Private Banking: 1H25 vs 1H24 €m 1H24 1H25 % Net interest income 622 538 (13.5) Net fee and commission income 1,055 1,132 7.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 24 42 75.0 Other operating income (expenses) 1
Slide 99: Private Banking: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Private Banking: Q2 vs Q1 €m 1Q25 2Q25 % Net interest income 260 277 6.5 Net fee and commission income 562 570 1.4 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 20 22 12.0 Other operating income (expenses) 5 5 (7.8) Op
Slide 100: Asset Management: 1H25 vs 1H24
MIL-BVA362-03032014-90141/VR Asset Management: 1H25 vs 1H24 €m 1H24 1H25 % Net interest income 29 21 (27.6) Net fee and commission income 436 429 (1.6) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 1 0.0 Other operating income (expenses) 24 24 0
Slide 101: Asset Management: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Asset Management: Q2 vs Q1 €m 1Q25 2Q25 % Net interest income 11 10 (7.5) Net fee and commission income 215 214 (0.2) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 0 1 123.8 Other operating income (expenses) 13 12 (8.4
Slide 102: Insurance: 1H25 vs 1H24
MIL-BVA362-03032014-90141/VR Insurance: 1H25 vs 1H24 €m 1H24 1H25 % Net interest income 0 0 n.m. Net fee and commission income 2 2 0.0 Income from insurance business 889 918 3.3 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (5) (6) 20.0 Operati
Slide 103: Insurance: Q2 vs Q1
MIL-BVA362-03032014-90141/VR Insurance: Q2 vs Q1 €m 1Q25 2Q25 % Net interest income (0) (0) (283.5) Net fee and commission income 1 1 (0.3) Income from insurance business 461 457 (1.0) Profits on financial assets and liabilities at fair value 0 0 (80.2) Other operating income (expenses) (3) (4) 41.
Slide 104: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 1H25 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 19% 1 Loans 17.5 Insurance(*) 7% Banca 1 Deposits(3) 20.8 46% dei Territori 1 Asset Management(4) 21.1 13% Private
Slide 105: International Banks by country
MIL-BVA362-03032014-90141/VR International Banks by country Data as at 30.6.25 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania(*) Moldova Ukraine(**) Egypt Operating income (€ m) 200 412 77 349 26 255 40 64 8 4 1,436 218 1,655 12.0% Operating costs (€ m
Slide 106: 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 58,570 59,088 5,395 123,053 380,704 Austria 705 1,753 38 2,496 334 Belgium 3,722 5,124 331 9,177 887 Bulgaria 0 42 34 76 8 Croatia 1,532 428 43 2,003 10
Slide 107: 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 45,088 41,896 2,022 89,006 10,963 Austria 617 1,457 2 2,076 0 Belgium 3,555 4,834 281 8,670 0 Bulgaria 0 42 34 76 0 Croatia 1,333 413 43
Slide 108: 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 3,831 10,489 2,437 16,757 21,513 Austria 88 278 26 392 191 Belgium 109 183 49 341 127 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 122 Cyprus 0 0 16 16 0 Cze
Slide 109: 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 9,651 6,703 936 17,290 348,228 Austria 0 18 10 28 143 Belgium 58 107 1 166 760 Bulgaria 0 0 0 0 8 Croatia 199 15 0 214 8,697 Cyprus 0 0 0
Slide 110: 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