Banca Ifis S.p.a. · MIL:IF
Banca Ifis — 9M 2025 Earnings Presentation
55 slides from Banca Ifis's earnings presentation, Nov 11, 2025
Slide 1: 9M25 results
9M25 results 11 November 2025
Slide 2: Index
Index 1. 3Q25 Consolidated results 2. Focus on Banca Ifis stand-alone: 3Q25 results 3. Appendices 3.1 Banca Ifis stand-alone – Financial results 3.2 Banca Ifis stand-alone - Company overview 3.3 illimity - Company overview 2
Slide 3: 3Q25 Consolidated results
1 3Q25 Consolidated results 3
Slide 4: 3Q25 Group results
3Q25 Group results 1 In 3Q25, the Group net income of €385mln reflects Banca Ifis’s resilient profitability and the effects of illimity first consolidation (with badwill and non-recurring expenditures) 2 Banca Ifis standalone confirms its robust profitability, which is on track to achieve its net in
Slide 5: Update on illimity
Update on illimity 1 In 3Q25, illimity reported a net loss of -€22mln (-€11mln excluding non-recurring items) due to seasonality and the start of the restructuring process that will require a few additional quarters. illimity’s return to profitability is expected during 2026 2 The due diligence on i
Slide 6: Value capture through integration
Value capture through integration Actions taken Next steps Change of Settlement of the exchange offer and delisting Completion of due diligence requested by ECB control 4Q ‘25 Completion of: Appointment of the new BoD, Chairman, CEO ‒ Commercial and retail target product offer and Due • Due
Slide 7: Group's quarterly results reflect seasonality and non-recurring items related to illimity transaction
Group’s quarterly results reflect seasonality and non- recurring items related to illimity transaction 3Q25 • 3Q25 consolidated net income at €385mln which includes Reclassified Consolidated the following non-recurring items: Consolidated o/w Ifis o/w illimity Income Statement - (€ mln) o +€400mln b
Slide 8: Funding synergies from refinancing existing maturities
Funding synergies from refinancing existing maturities Group’s funding maturity (€mln) • Banca Ifis and illimity will operate more efficiently and effectively in the capital 300 1 markets • We expect to progressively refinance funding maturities at a lower rate 2 1.476 360 • In July, we have issued
Slide 9: Solid capital ratios to face the integration of illimity
Solid capital ratios to face the integration of illimity CET1 of 14.25% as of 30 Sep 25, Total calculated including 9M net income 18.18% (1.39)% 16.79% capital and net of interim dividend (and also net of full year foreseeable dividend not paid out yet) CET1 16.52% (2.27)% 14.25% Key items of CET1 e
Slide 10: Asset quality
Asset quality Asset quality ratios 3Q25 Key assumptions - asset quality ratios exclude the following items • Government Bonds (Italy, France, Spain, Germany) at amortized 4.7% cost (NBV €2.6bn) • Banca Ifis NPL business (NBV €1.5bn) 2.7% • NPE acquired (POCI) as part of the business of the Bank (i.e
Slide 11: Disposal of illimity's stake in Hype
Banca Ifis accepted €85mln offer from Banca Sella for the disposal of illimity's stake in Hype. 1 In June 2023, illimity and Banca Sella Holding entered into a shareholders’ agreement governing their respective holdings in Hype 2 In February 2025, a deadlock arose – under illimity’s previous managem
Slide 12: Focus on Banca Ifis stand-alone: 3Q25 results
2 Focus on Banca Ifis stand-alone: 3Q25 results 12
Slide 13: Net revenues
Net revenues Quarterly Revenues • Net revenues in 3Q25 at €139mln (-12% YoY and -19% QoQ) -12% YoY o Commercial banking revenues at €84mln (€83mln in 2Q25, €93mln in 3Q24) impacted by usual Summer seasonality as well as by base rate effect o Npl revenues* at €54mln (€76mln in 2Q25, €55mln in 3Q24) i
Slide 14: Commercial activity focused on profitability
Commercial activity focused on profitability Factoring turnover New leasing equipment and New leasing automotive Excluding Pharma (€bn) technology (€mln) (€mln) 5% YoY 7% YoY 15% YoY Market +7% Market -4% Market -16% - - 95 3.3 3.4 3.5 69 78 74 70 61 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 • Fa
Slide 15: Npl portfolio: streamlining workout efficiency
Npl portfolio*: streamlining workout efficiency Quarterly cash collection (€mln) Revenues from judicial and extrajudicial recovery** (€mln) 83 95 94 53 73 61 • 3Q25 cash collection remains solid at €94mln • Npl revenues were impacted by usual summer seasonality but are 49 45 20 solid YoY 43 13 • 3Q2
Slide 16: Interest income and cost of funding evolution
Interest income and cost of funding evolution Commercial banking interest income (excluding Npl Business, Non Core and Treasury) and interest expenses Average gross interest income* Cost of funding Base rate, Euribor 3M 6.2%** 5.7% 5.3% 4.9% 4.8% • Base rate QoQ stable • Aggregate interest income Qo
Slide 17: Total quarterly costs steady through significant efficiency effort
Total quarterly costs steady through significant efficiency effort Operating 94* 103 103 Other operating costs: +€5mln QoQ mainly due to: costs • +€2mln QoQ on marketing and IT expenses (project activation) Exposed to 34 • +€1.6mln QoQ lower costs offset related to leasing (“altri 39 Inflation 29 pr
Slide 18: No signs of widespread macro credit risks materializing in Banca Ifis's commercial business
No signs of widespread macro credit risks materializing in Banca Ifis’s commercial business Payment days in factoring Stage 1 and stage 2 loans* Coverage Stage 1: 0.8% Coverage Stage 2: 2.3% 92% 91% 91% 91% 91% 90% 90% 91% 93% 92% 91% 78 79 77 76 76 76 77 75 75 75 75 8% 9% 9% 9% 9% 10% 9% 9% 7% 8% 9
Slide 19: Quarterly results
Quarterly results Reclassified Consolidated Income Statement - (€ 2Q25 3Q25 9M24 9M25 mln) 1 Net interest income 111.8 101.2 404,4 343.7 3Q25 net revenues reflect the usual Summar Net commission income 23.8 22.0 69,6 66.4 seasonality, the reduction in base rate and Trading and other revenues 36.6 15
Slide 20: Appendices
<> Banca lfis Appendices
Slide 21: Index 3.1 Banca Ifis stand-alone – Financial results
Index 3.1 Banca Ifis stand-alone – Financial results 21
Slide 22: 3Q25 Results: P&L break-down by business unit
3Q25 Results: P&L break-down by business unit Commercial & Corporate banking Corp. Banking Tot. Commercial Non core & 1 Includes €400mln badwill Data in € mln Npl Factoring Leasing & Corporate Consolidated & Lending G&S banking 2 Breakdown of customer loans Net interest income 51 27 13 16 56 (6) 101
Slide 23: Factoring
Factoring Turnover - €bn • Banca Ifis has strong focus on profitability: in 3Q25 factoring average spread at 3.61% (on top of base rate), vs. 3.55% in 2Q25 3.5 3.3 3.4 3.4 3,5 3.0 3.0 • Net revenues** / average customer loans at 6.2% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net customer 2,572 2,744 2,361
Slide 24: Leasing
Leasing New business - €mln 1• In 3Q25 new business remained strong 1 150 169 130 223 149 173 144 despite usual summer seasonality • Automotive: Banca Ifis’s strategy (i) 39 premium/luxury segments (not volumes) (ii) 27 28 price/margin discipline (iii) remarketing 31 93 26 22 38 54 22 42 51 agreemen
Slide 25: Npl Business: portfolio evolution
Npl Business*: portfolio evolution Npl portfolio evolution (including Revalea) Key numbers* • 1.8mln tickets, #1.2mln borrowers NBV** 1,534 1,525 €mln • Extensive portfolio diversification by location, type and age of borrower GBV €bn 19.0 0.1 (0.8) 18.3 Npls acquired in 3Q25: €0.1bn GBV • Starting
Slide 26: Npl Business: ERC
Npl Business*: ERC ERC assumptions ERC: €2.5bn (including Revalea) • ERC based on proprietary statistical models built using internal historical data series and homogeneous clusters of borrowers 1.30 2.55 o Type of borrower, location, age, amount due, employment status 1.25 2.5 o Time frame of recov
Slide 27: Npl Business: GBV and cash recovery
Npl Business*: GBV and cash recovery Judicial recovery Non judicial recovery – Voluntary plans 1Q25 data Judicial recovery (€ mln) GBV % GBV, data in €mln include Revalea To be processed Frozen 1,410 16% 603 565 550 Court injunctions [“precetto”] and foreclosures 1,191 14% 528 522 510 510 Order of a
Slide 28: Npl Business: cash recovery and P&L contribution
Npl Business*: cash recovery and P&L contribution 1 Cash collection • Starting 2025, Banca Ifis concentrated on streamlining recovery activity on the existing stocks with more focus on extrajudicial activity and on the disposal of tail portfolios • In 9M05, Banca Ifis disposed ca. €3.5bn of NPL port
Slide 29: Npl Business: GBV and NBV evolution
Npl Business*: GBV and NBV evolution GBV - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Waiting for workout - Positions at cost 126 254 257 428 324 563 453 Extrajudicial positions 12,838 11,561 10,575 8,515 10,862 10,369 9,202 - Ongoing attempt at recovery 12,310 11,039 10,065 8,005 10,259 9,804 8,652 -
Slide 30: Npl Business: P&L and cash evolution
Npl Business*: P&L and cash evolution P&L - €mln 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Waiting for workout - Positions at cost Extrajudicial positions 21 20 13 35 31 20 13 - Ongoing attempt at recovery (2) (2) (3) (7) (1) (3) (2) - Non-judicial payment plans 23 22 17 41 32 23 15 Judicial positions 52 6
Slide 31: Npl Business: portfolio diversification
Npl Business*: portfolio diversification Breakdown of GBV by type Breakdown of GBV by borrower age Other Consumer 18-39 4% 29% 6% 40-49 >60 20% 43% Banking 50-59 67% 31% Breakdown of GBV by ticket size Breakdown of GBV by region 5k North 10% 39.0% > 100k 27% from 5k to South & Island Center 20k 29%
Slide 32: Customer loans
Customer loans Customer loans (€ mln) 10,552 10,704 10,548 • 3Q25 customer loans at €10,548 mln, -€155mln QoQ mainly due to Factoring seasonality (-€126mln QoQ) 2,299 2,223 2,178 • Banca Ifis maintained disciplined in pricing and underwriting 2,482 2,600 2,633 1,603 6,733 1,623 6,934 1,611 6,829 2,6
Slide 33: Funding
Funding Funding (€mln) 11,231 11,645 11,609 • Customer deposits +1% QoQ 1,491 2,139 2,053 • Securitizations: €902mln of factoring 300 500 500 1,577 1,328 902 • €500mln MRO to finance the proprietary government portfolio 1,490 1,515 1,920 • In July, Banca Ifis issued €400mln senior bond with a 3.625%
Slide 34: Reclassified consolidated operating costs
Reclassified consolidated operating costs* Operating costs (€mln) 3Q25 operating costs (stable QoQ) 107 • +€2mln QoQ mainly due to different timing in variable compensation 98 103 103 94 accrual and national contractual increases maturing • -€3mln QoQ in other operating costs driven by: o -€8mln QoQ
Slide 35: Proprietary portfolio: resilient contribution to P&L
Proprietary portfolio: resilient contribution to P&L • Mid duration level The core yields level in 3Q25 has been taken • Low volatility accounting treatment: FVTPL < 1% as a good opportunity to upsize proprietary • Low RWA density and relevant funding eligibility portfolio, also adding ~€200mln Germ
Slide 36: Index 3.2 Banca Ifis stand-alone - Company overview
Index 3.2 Banca Ifis stand-alone - Company overview 36
Slide 37: Banca Ifis: a long-term track record of sustainable growth
Banca Ifis: a long-term track record of sustainable growth Banca Ifis: a long-term track record of sustainable growth Leadership in small-ticket Acquisition in specialty finance Entry in small ticket profitable segments Specialized Npl factoring player 2022-24 2011-15 2016-21 1983-2010 Shareholder I
Slide 38: Stable shareholders and governance
Stable shareholders and governance • La Scogliera provides, as main shareholder, continuity and stability to Banca Ifis La Scogliera (Fürstenberg Family) • Strategic ESG focus both in specific positioning initiatives and in core operations (AAA MSCI rating) o Long term value creation with a strategy
Slide 39: A Family Bank challenger, but with years track record
A Family Bank challenger, but with 40 years track record Commercial and Corporate Banking Npl ► Specialised player for SMEs, with a broad range of credit ► Investor and servicer specialized in small ticket NPEs, products (factoring, lending, leasing, and rental) with a distinctive vertically integra
Slide 40: Consistent core net income growth, driven by our core capabilities, with a low risk profile
Consistent “core net income” growth, driven by our core capabilities, with a low risk profile Net income target, €mln Actual Target Banca Ifis’ risk profile Business Plan targets Net 118 137 160 • Structurally protected liquidity income, €mln position (maturities) • Marginal contribution of extraord
Slide 41: Banca Ifis's superior risk-return trade-off (1/3)
Banca Ifis’s superior risk-return trade-off (1/3) Data in Turnover 4 times per year; client/debtor double risk € bn assessment; rapidly adapting sector exposure Secured against the pharmacies in a regulated sector, protected from competitors 2.6 80% state guaranteed >80% in rating classes 1-5 1.6 Av
Slide 42: Banca Ifis's superior risk-return trade-off (2/3)
Banca Ifis’s superior risk-return trade-off (2/3) € bn Average Duration in Y Average ticket size Factoring 2.6 0.21* €350k* Leasing 1.4 1.9 €55k auto €65k equipment Rental 0.2 1.4 €6k Medium term lending 0.7 2.6 €200k (MCC €120k; Sace €1400k) Loans to pharmacies 0.7 7.5 €400k Structured finance 0.8
Slide 43: Banca Ifis's superior risk-return trade-off (3/3)
Banca Ifis’s superior risk-return trade-off (3/3)* Customer deposit breakdown Very limited corporate deposits 6,163 6,234 Corporate 21% 917 975 Retail Other deposits** 79% 712 763 319 287 Corporate deposits Rendimax deposits: 82% protected by FITD German retail deposits Above €100K 18% Below €100K R
Slide 44: MSCI upgraded Banca Ifis's ESG rating to AAA
MSCI upgraded Banca Ifis’s ESG rating to AAA Strong ESG commitment reflected in the ESG rating: Banca Ifis’s upgraded to AAA from AA on 29 March 2025 • Banca Ifis’s Overall Industry Adjusted Score was 7.0 compared to industry average of 5.1 Industry Banca Ifis Dimensions Weight average Score Financi
Slide 45: Our ESG achievements
Our ESG achievements Financed Reporting Emissions and transparency Approximately 80% of exposures and financed Climate reporting aligned with the emissions, focused on Automotive sector recommendations of the Task force on Climate- related Financial Disclosures Projects and Impact partnerships measu
Slide 46: Our ESG goals
Our ESG goals Environmental Social Governance SME clients’ environmental transition Social Impact Lab Governance ESG Support SME clients’ sustainable Manage projects to foster diversity and Further strengthen inclusion and diversity transition via subsidized loans, advisory, social inclusion in a de
Slide 47: Index 3.3 illimity - Company overview
Index 3.3 illimity - Company overview 47
Slide 48: A restructuring story with a profitable Corporate Banking business
A restructuring story with a profitable Corporate Banking business Corporate Banking (core business) Non-core business ► Corporate banking for SMEs, with a broad range of credit ► Run-off of NPL portfolio and other non-core assets through products (factoring, structured finance, acquisition finance,
Slide 49: Illimity: ongoing restructuring, return to profitability expected in 2026
Illimity: ongoing restructuring, return to profitability expected in 2026 Reclassified Consolidated Income Statement – 3Q25 illimity net loss of -€22.4mln, include -€10.5mln write offs 3Q25 (€ mln) linked to IT Net interest income 29.1 Net commission income 16.1 • Revenues impacted by seasonality an
Slide 50: Illimity total assets and liabilities
Illimity total assets and liabilities Assets (€mln) Liabilities (€mln) 7,855 7,432 7,855 7,432 268 Total Funding 531 233 103 476 95 Other and Tangible/Intangible assets 1 784 501 712 471 Other liabilities 3 961 777 2,316 2,176 Tax Assets 961 976 Shareholders Equity Cash Other funding 4 6,802 6,487 4
Slide 51: Non-Core Assets
>80% of illimity’s customer loan book has a duration shorter than 4Y Customer Loans/ Avg. Residual Maturity Assets at FV (years) Avg. Exposure 1 Special lending in the context of M&A, capex, Structured finance 0.9 3.6 ~ €6mln shareholders reorganization, PE investments Factoring 0.5 0.3 ~ €2mln Shor
Slide 52: illimity's loan book coverage boosted by public guarantees and insurances
illimity’s loan book coverage boosted by public guarantees and insurances Net Customer Loans, Data in € bn 1/3 of loans with 80% public guarantees 2/3 of loans covered by 4.2 credit insurance 0.9 Mainly senior notes with Most NPL portfolios are underlying commercial secured 0.5 loans 0.7 100% of loa
Slide 53: Large part of the adjustments of illimity's portfolio already completed in previous quarters
Large part of the adjustments of illimity’s portfolio already completed in the previous quarters Write offs and non-recurring charges in 4Q24 – 9M25 The assessment of illimity’s assets led to €319mln write offs booked in 4Q24 and 9M25 concentrated in the NPL €mln portfolio and in b-ilty 1 Booked in
Slide 54: Funding synergies from refinancing exiting maturities
Funding synergies from refinancing exiting maturities Total funding (€mln) Focus on Retail term deposits maturities Retail - Germany (Raisin) Retail - Italy 6,802 6,487 585 961 777 Other Institutional funding 1 481 154 962 976 2 Bonds 343 315 679 544 285 284 114 100 Retail 92 431 Retail 1,094 1,119
Slide 55: Disclaimer
Disclaimer • This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations,