Banco Bpm Spa · MIL:BAMI
Banco Bpm Spa — Banco Bpm Societa Ord — Q4 2025 Earnings Presentation
45 slides from Banco Bpm Spa's earnings presentation, Feb 25, 2026
Slide 1: Group FY 2025 Results Presentation
Group FY 2025 Results Presentation 05 February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any questions and answers session and any written or oral material discussed following the distribution of this document. The distrib
Slide 3: Methodological Notes
Methodological Notes The balance sheet and income statement schemes contained in this news document have been reclassified along management criteria in order to provide an indication on the Group’s overall performance based on more easily understandable aggregate operating and financial data. These
Slide 4: Agenda
Agenda 1 Executive Summary 5 2 Key Highlights 11 3 Final Remarks 25 4 FY 2025 Performance Details 28 4
Slide 5: Executive Summary
Executive Summary 1
Slide 6: Banco BPM's new business model increasingly supports high and sustainable profitability
Banco BPM’s new business model increasingly supports high and sustainable profitability €2.08BN NET INCOME REACHED …SUPPORTED BY ATTRACTIVE already in the first year of the Plan…. AND UNIQUE BUSINESS MODEL 2025 FY RESULTS 2025 GUIDANCE Focused • Core market in the North of Italy: > 75% presence in o
Slide 7: 2025 Net Income >€2.1bn proforma, driven by solid organic growth and Anima integration
2025 Net Income >€2.1bn proforma, driven by solid organic growth and Anima integration FY 2025 NET INCOME +20% Y/Y ORGANIC IMPROVEMENT MORE THAN excl. main one-offs OFFSETTING IMPACT OF EURIBOR REDUCTION €m 2,082 2,121 1,920 PROFIT FROM CONTINUING OPERATIONS (PRE-TAX) €m 1,915 €2.9bn PF 1,569 +20% 1
Slide 8: Outstanding economics in 2025
Outstanding economics in 2025 • Increasing contribution from Non-NII components: share on Total Revenues already at target level • Strong performance in C/I (46%) and CoR (40bps) GROWING REVENUES, IMPROVING QUALITY STRONG COST CONTROL TOTAL REVENUES +4.4% €m €2,610m Like for Like 6,081 -1.7% Y/Y €m
Slide 9: Ongoing improvement in credit risk profile
Ongoing improvement in credit risk profile Gross NPL ratio evolution since 20161: Banco BPM vs. EU and Italian average Gross NPL ratio now at 22.5% 2 Italian level and broadly in line with EU average BBPM 15.3% IT Avg. EU Avg. 5.1% 3.1% 2.8% 2.3% 2.4% 2.2% 2.2% 1.8% 1.9% 1.8% 2016 2023 2024 2025 Dat
Slide 10: Excellent capital generation: 194bps after absorbing ~€1.5bn of dividends
Excellent capital generation: 194bps after absorbing ~€1.5bn of dividends Steadily robust Liquidity and Funding CET 1 RATIO WELL ABOVE 13% PLAN MINIMUM THRESHOLD Fully Phased1 13.58% Stated Capital position well above -242bps target, after absorbing: 15.0% +18bps 13.76% ▪ Impact from Anima acquisiti
Slide 11: Key Highlights
Key Highlights 2
Slide 12: FY 2025 Results: Net income at €2.08bn (>€2.1bn proforma)
FY 2025 Results: Net income at €2.08bn (>€2.1bn proforma) MAIN P&L TRENDS FY 23 FY 24 FY 25 €m Euribor 3M Avg. 3.47% 3.57% 2.18% Chg. FY 25 P&L HIGHLIGHTS €m Q3 25 Q4 25 Chg. Q/Q FY 24 FY 25 Y/Y Pro Forma 3 5,704 5,955 5,431 Net interest income 758 767 1.3% 3,440 3,127 -9.1% 3,128 NII at full 2,961
Slide 13: Net interest income at €3.13bn
Net interest income at €3.13bn Positive signals from spreads, combined with an effective ALM structure NET INTEREST INCOME EVOLUTION EVOLUTION OF COMMERCIAL SPREADS4 €m -9.1% Quarterly average, in % 4.29 4.12 4.00 3.60 3.25 2.94 2.88 2.90 3,440 3,127 +1.3% Asset spread 2.74 2.58 2.47 1.55 1.54 2.06
Slide 14: Loan volumes: positive signals in Q4
Loan volumes: positive signals in Q4 Continuing commitment to support our clients and preserve loan book quality STRONG GENERATION OF NEW LENDING: €28.3BN, +€7BN Y/Y NEW LENDING +33% Y/Y € bn ▪ New lending to Households > +40% Y/Y 28.3 ▪ New lending to Non-Financial Corporates ~ +30% Y/Y ENDURING FO
Slide 15: Total Net Fees & Commissions up at €2.5bn
Total Net Fees & Commissions up at €2.5bn Investment product fees contribute for 49% to total commissions INVESTMENT PRODUCT FEES +11% Y/Y ANTE CONSOLIDATION OF ANIMA €m €1,346m PF TOTAL NET FEES & COMMISSIONS +11.2% 381 1,212 747 831 €m +€5.0% normalized for ecobonus 343 Impact from Upfront fees 27
Slide 16: Focus on Insurance business: strategic role for our Group
Focus on Insurance business: strategic role for our Group Total revenue contribution at €321m in FY25 (+26% Y/Y) 2024 2025 TRANSFORMATIONAL STRATEGY ✓ Full integration of Life ✓ Migration of “Life” to new platform ✓ New JV with CAA in P&C1 ✓ Migration of JV “P&C” to new platform LIFE INSURANCE INSUR
Slide 17: Remarkable increase in Total Customer Financial Assets
Remarkable increase in Total Customer Financial Assets (+€13.7bn in 2025), up at €396bn including Anima consolidation TOTAL CUSTOMER FINANCIAL ASSETS "CAPTIVE" VOLUMES GREW BY €25.7BN SINCE YE 2023 VOLUMES INCLUDING FULL CONSOLIDATION OF ANIMA Stock, in € bn 210.3 222.3 230.0 236.0 Stock as at 31/12
Slide 18: National champion in Asset Management with continuing volume growth
National champion in Asset Management with continuing volume growth and outstanding P&L performance First-class network Outstanding commercial and financial results Total customer financial FOCUS ON AUM: +€8BN Y/Y (+4%) ▪ #1m+ clients € bn assets at €213bn1 203 205 208 211 ▪ #300+ investment profess
Slide 19: Cost/Income ratio down at 46% reflecting rigorous cost discipline
Cost/Income ratio down at 46% reflecting rigorous cost discipline STAFF COSTS €m -1.5% 1,745 1,719 1,798 TOTAL OPERATING COSTS €m -1.7% FY 24 FY 25 FY 25 2,656 2,610 2,739 Like for Like STATED OTHER ADMINISTRATIVE EXPENSES & D&A €m -2.2% FY 24 FY 25 FY 25 Other 910 891 941 Like for Like STATED Admin
Slide 20: CoR down to 40bps driven by effective and prudent credit management
CoR down to 40bps driven by effective and prudent credit management, including the frontloading of ~€300m NPE disposals TREND OF NPEs FY 2024 FY 2025 TOTAL NPEs Down Y/Y even 2.85 including in Q4 € bn 2.49 2.25 -21% COST OF RISK 46bps 40bps Gross Y/Y ~5bps to frontload future derisking Default rate
Slide 21: Significant improvement in FVOCI debt reserves and solid Net Financial Result
Significant improvement in FVOCI debt reserves and solid Net Financial Result RESERVES OF DEBT SECURITIES AT FVOCI1 NET FINANCIAL RESULT Post-tax €m €m FY 24 FY 25 Strong performance 31/12/24 30/09/25 31/12/25 of FVOCID reserves in 2025 driven by 48.4 active management of our bond portfolio -333 -29
Slide 22: Strong liquidity & funding position
Strong liquidity & funding position CASH + UNENCUMBERED ASSETS: +11.1% Y/Y POSITIVE TREND IN KEY € bn INDICATORS 54.7 53.7 48.4 0.5 0.6 Cash 0.6 11.0 4.6 31/12/24 31/12/25 Depo facility with ECB 11.0 • o/w €33.0bn securities Eligible Assets 38.4 43.8 • o/w €10.8bn 31.5 credit claims LCR 132% 147% Ot
Slide 23: Successful access and performance in wholesale funding market
Successful access and performance in wholesale funding market STRONGER CREDIT RATINGS IN 2025 • +1 notch at BBB • +1 notch at Baa1 • +1 notch at BBB (High) • Outlook to Positive (Issuer) (Issuer & Senior Pref.) (Issuer & Senior Pref.) (Issuer & Senior Pref.) • +1 notch at BBB+ • +1 notch at A3 • +1
Slide 24: Very strong capital evolution: CET 1 ratio well above minimum Plan threshold
Very strong capital evolution: CET 1 ratio well above minimum Plan threshold even after absorbing one-off impact of new bank levy CET 1 RATIO: EXCELLENT EVOLUTION IN Q4 MDA BUFFER Fully Phased1 +24bps Fully Phased1 % bps +72bps -63bps +30bps 13.76 13.52 -18bps 13.34 -19bps +4bps 13.58 +18bps 408 425
Slide 25: Final Remarks
Final Remarks 3
Slide 26: A strong and diversified business model, allowing increasing profitability and shareholder remuneration
A strong and diversified business model, allowing increasing profitability and shareholder remuneration BUSINESS MODEL TRANSFORMATION CLOSE TO DESIGNED FOR SUSTAINABLE PROFITABILITY AND COMPLETION: MORE DIVERSIFIED AND RESILIENT FOCUSED ON SHAREHOLDERS DISTRIBUTION NET INCOME excl. FY 2024 FY 2025 P
Slide 27: 2026 outlook: superior shareholder remuneration supported by sustainable profitability
2026 outlook: superior shareholder remuneration supported by sustainable profitability and stronger capital 2025 2026 OVERDELIVERY: P&L SOLID 2026 PROFITABILITY AT ~€2.1bn 2025 PF1 plan target ~€130m PROFITABILITY RECORD LEVEL Net Income Total Revenues €6.08bn €6.07bn ABOVE GUIDANCE OUTLOOK 2026 PRE
Slide 28: FY 2025 Performance Details
FY 2025 Performance Details 4
Slide 29: P&L: Quarterly comparison - Stated
Reclassified income statement (€m) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 P&L: Net interest income Income (loss) from invest. in associates carried at equity 864.4 30.3 858.4 44.6 861.9 31.1 855.3 45.6 816.9 39.8 785.1 23.6 1 757.9 28.2 767.5 29.3 Quarterly Net fee and commission income Inc
Slide 30: P&L: FY comparison Stated
Reclassified income statement (€m) FY 24 FY 25 Chg. Y/Y % P&L: FY comparison Net interest income Income (loss) from invest. in associates carried at equity 3,440.0 151.7 3,127.5 120.9 -9.1% -20.3% Stated Net fee and commission income Income from insurance business 2,054.6 116.4 2,495.3 162.5 21.4% 3
Slide 31: P&L: FY 2025 comparison of stated and adjusted, with one-off details
P&L: FY 2025 comparison of stated and adjusted, with one-off details Reclassified income statement (€m) FY 25 FY 25 Adjusted One-off Net interest income 3,127.5 3,091.6 35.9 Income (loss) from invest. in associates carried at equity 120.9 120.9 0.0 Positive outcome from fiscal litigation Net fee and
Slide 32: Balance Sheet
Balance Sheet Reclassified assets (€ m) Chg. Y/Y Chg. Q/Q 31/12/24 30/09/25 31/12/25 Value % Value % Cash and cash equivalents 12,125 12,077 5,607 -6,518 -53.8% -6,470 -53.6% Loans and advances measured at AC 103,090 102,869 103,612 523 0.5% 743 0.7% - Loans and advances to banks 3,362 4,116 3,899 5
Slide 33: Strong and well diversified liability profile, driven by successful issuance activity
Strong and well diversified liability profile, driven by successful issuance activity Managerial data of the banking business BONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV MREL REQUIREMENTS & BUFFERS outstanding as of 31/12/2025 as of 31/12/2025 Nominal amounts MREL as % of RWA, Phased-in, 11.9%
Slide 34: Total Direct Funding from the Banking business
Total Direct Funding from the Banking business EVOLUTION OF TOTAL DIRECT FUNDING € bn Capital-protected Certificates & other 134.6 137.2 Debt Securities at FV 132.0 REPOs & Other Bonds 100.3 102.6 105.1 C/A, Sight & Time deposits - (Core Funding) (75.9%) (75.9%) (76.2%) (76.6%) (% Share on total) 31
Slide 35: Indirect Customer Funding at €286.0bn, including the consolidation of Anima
Indirect Customer Funding at €286.0bn, including the consolidation of Anima ASSETS UNDER MANAGEMENT (AuM)1 ASSETS UNDER CUSTODY (AuC) € bn € bn 228.0 17.9 +5.5% +12.6% 36.6 69.8 56.4 58.0 66.1 68.5 85.9 53.5 5.0 50.1 0.3 4.9 5.0 Wrapping 16.5 17.8 18.3 57.7 44.7 45.6 46.5 87.6 31/12/2024 30/09/2025
Slide 36: Net Customer Loans at Amortized Cost
Net Customer Loans at Amortized Cost EVOLUTION OF NET CUSTOMER LOANS € bn Change Net Performing Customer Loans 31/12/24 30/09/25 31/12/25 In % Y/Y In % Q/Q 99.7 98.8 99.7 Core customer loans 94.8 93.1 94.2 -0.7% 1.2% 1.6 1.4 1.2 - Medium/Long-Term loans 75.2 74.5 74.5 -0.9% 0.0% - Current Accounts 7
Slide 37: NPE migration dynamics
NPE migration dynamics €m 354 296 Inflows from 212 233 238 207 152 230 Performing to NPEs Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 €m Outflows from NPEs 24 36 25 38 16 13 17 15 to Perf. Loans Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 €m Flows from UTP to 79 80 98 82 42 52 50 49 Bad Loan
Slide 38: Asset Quality details
Asset Quality details Loans to Customers at AC Gross exposures 31/12/2024 30/09/2025 31/12/2025 Chg. Y/Y Chg. Q/Q € m and % Value % Value % Bad Loans 1,160 989 850 -310 -26.7% -139 -14.0% UTP 1,552 1,430 1,346 -206 -13.3% -84 -5.9% Past Due 143 67 55 -88 -61.6% -12 -18.4% NPE 2,855 2,486 2,251 -604
Slide 39: Optimization and diversification of Debt Securities portfolio
Optimization and diversification of Debt Securities portfolio TREND AND BREAKDOWN OF THE BANKING BOOK COMPOSITION BY COUNTERPARTY OF THE BANKING BOOK1 € bn € bn 47.3 46.6 41.3 31/12/24 30/09/25 31/12/25 14.9 14.7 Other2 8.5 8.5 8.6 FVOCI 12.6 Govies & 32.8 38.8 38.1 Supranational AC 32.4 31.9 28.7 3
Slide 40: Capital position in detail
Capital position in detail FULLY PHASED CAPITAL Data as at 30/09/2025 and as at 31/12/2025 Fully Phased for 31/12/2024 30/09/2025 31/12/2025 the exclusion of the application of Art.468 of the CRR 3 on POSITION (€ m and %) FVOCI reserves CET 1 Capital 9,275 8,714 8,855 The ratios Phased-in as at 31/1
Slide 41: Sustainability ESG Update – Key results achieved in FY 2025
Sustainability ESG Update – Key results achieved in FY 2025 Sustainability ESG KPIs Main Sustainability ESG Achievements FY 2024 FY 2025 ▪ Status of achievement as of 31/12/24 of our 2030 Low-Carbon New M/L Term financing1 €5.7bn €7.6bn decarbonization targets on most carbon intensive sectors releas
Slide 42: Significant improvements in ESG Ratings in 2025
Significant improvements in ESG Ratings in 2025 ▪ ISS ESG Corporate Rating upgraded to C (Prime Status) in January 2025 (from C-/Not Prime) ESG Risk Rating improved to 12.6 in December 2025 (from 13.2), notwithstanding methodological headwinds ▪ Transparency Level improved to ‘Very High’ (from ‘High
Slide 43: Successfully continuing our digitalization path
Successfully continuing our digitalization path MAIN ACHIEVEMENTS IN 2025 DIGITAL BANKING KPIs ▪ Wider digitalized customer base: >#1.85m individual # BRANCH AND APP-BASED TRANSACTIONS (M) customers with Digital Identity (72% of active customers) Branch-based APP-based and 53% of Small Business cust
Slide 44: Definitions of key indicators included in the presentation
DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION INDICATOR DEFINITION P&L Adjusted P&L data excluding all one-offs indicated in the Explanatory Notes of the pertinent financial results Press Release CASH + UNENCUMBERED ASSETS I ncluding assets receiv ed as collateral, net of accrued intere
Slide 45: Contacts for Investors and Financial Analysts
Contacts for Investors and Financial Analysts Banco BPM Arne Riscassi +39 02 9477.2091 Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy Silvia Leoni +39 045 867.5613 Carmine Padulese +39 02 9477.2092 investor.relations@bancobpm.it www
Banco Bpm Societa Ord — Q4 2025 Earnings Presentation on 6ix