Slide 1: 3Q25 & 9M25 Results Presentation
3Q25 & 9M25 Results Presentation MILAN | NOVEMBER 6TH | 2025
Slide 2: Disclaimer
Disclaimer The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no rel
Slide 3: Agenda
Agenda Executive summary Executive summary B:Dynamic | Full Value 2027 B:Dynamic | Full Value 2027 Group results Group results Update on BPSO integration Update on BPSO integration Final remarks Final remarks Annexes Annexes 3
Slide 4: Outstanding shareholders' remuneration sustained by robust business growth
Outstanding shareholders’ remuneration sustained by robust business growth Share price evolution(1) Customer Loans & TFAs € €bn Total Return(1)(2) +278% ~540 539.9 12 BPSO tender offer completed 10 392.4 248.3 “B:Dynamic | Full 370.9 8 Value 2027” 164.1 186.9 Indirect Funding 6 Deposits 4 165.8 Publ
Slide 5: Total Revenues at €4.6 bn and Net Profit at €1.5 bn, including BPSO
Total Revenues at €4.6 bn and Net Profit at €1.5 bn, including BPSO 9M25Key Financial Highlights(1) 9M25 Net Profit at €1.5 bn Record Net Profit excluding BPSO at €1.3 bn Total Revenues Net Profit €4.6 bn €1.5 bn o.w. BPER excl. BPSO €4.2 bn o.w. BPER excl. BPSO €1.3 bn (+2.1% 9M/9M) (+19.6% 9M/9M)(
Slide 6: 9M record Net Profit at €1.3 bn, excl. BPSO, supported by strong commissions growth
9M record Net Profit at €1.3 bn, excl. BPSO, supported by strong commissions growth and continued cost efficiency P&L Key Figures (€m) Net Profit stated vs adjusted (€m) BPER excl. BPSO Net Profit BPER excl. BPSO BPER incl. BPSO 575.1 442.9 460.5 425.0 388.5 412.9 9M25 9M/9M 3Q25 Q/Q Y/Y 9M25 3Q25 3
Slide 7: FY25 BPER Guidance strengthened by 6-month BPSO contribution
FY25 BPER Guidance strengthened by 6-month BPSO contribution BPER excluding BPSO BPER including BPSO FY24 9M25 FY25 Guidance vs FY24 9M25 FY25 Guidance Total Revenues €5.6 bn €4.2 bn ~€5.5 bn €4.6 bn ~€6.4 bn Down mid-single o.w. Net Inter. Income €3.4 bn €2.4 bn digit €2.7 bn Up mid-single o.w. Net
Slide 8: Agenda
Agenda Executive summary Executive summary B:Dynamic | Full Value 2027 B:Dynamic | Full Value 2027 Group results Group results Update on BPSO integration Update on BPSO integration Final remarks Final remarks Annexes Annexes 8
Slide 9: "B:Dynamic | Full Value 2027" on track (BPER excluding BPSO)
“B:Dynamic | Full Value 2027” on track (BPER excluding BPSO) 100% Business Plan initiatives launched Pillar 1 Pillar 2 Pillar 3 KEY HIGHLIGHTS Pillar 1 Leverage our ▪ Continued growth in new lending with an increase of 20.0% 9M/9M (€14.7 bn in 9M25) Unleash our Capture our clients’ full- latent econ
Slide 10: Agenda
Agenda Executive summary Executive summary B:Dynamic | Full Value 2027 B:Dynamic | Full Value 2027 Group results Group results Update on BPSO integration Update on BPSO integration Final remarks Final remarks Annexes Annexes 10
Slide 11: Total Revenues excl. BPSO up by 2.1% 9M/9M mainly thanks to increasing contribution of Net Commissions
Total Revenues excl. BPSO up by 2.1% 9M/9M mainly thanks to increasing contribution of Net Commissions Total Revenues (quarterly) (€m) KEY HIGHLIGHTS 9.6% 9.7% 9.8% 9.8% Net Rev/RWA 9.1% 9.5% 9.6% 9.5% 1,800.0 10.0% 1,794.3 BPER EXCLUDING BPSO Total Revenues 1,600.0 1,396.9 1,445.6 1,428.9 1,423.1 6
Slide 12: Resilient NII performance in 3Q25 at €806.8 m, excl. BPSO
Resilient NII performance in 3Q25 at €806.8 m, excl. BPSO NII (quarterly) (€m) KEY HIGHLIGHTS -4.0% Y/Y 1,078.3 BPER EXCLUDING BPSO Net Interest Income 843.6 838.9 840.8 853.7 NII 811.9 814.1 806.8 (€m) ▪ 9M25 NII stood at €2.4 bn with a reduction of 3.6% 9M/9M better than expected -3.6% 2,704.3 ▪ 3
Slide 13: Continued solid performance of Net Commission Income up by 6.0% 9M/9M, excl. BPSO
Continued solid performance of Net Commission Income up by 6.0% 9M/9M, excl. BPSO Net Commission Income(1) (quarterly) (€m) KEY HIGHLIGHTS +8.4% Y/Y BPER EXCLUDING BPSO Net Commission Income 646.2 Net Commission Income 555.8 541.1 (€m) 498.7 516.0 487.9 522.4 529.0 ▪ 9M25 Net Commission Income up at
Slide 14: Significant increase in TFAs at c. €320 bn since the launch of B:Dynamic
Significant increase in TFAs at c. €320 bn since the launch of “B:Dynamic | Full Value 2027”, at €414 bn including BPSO TFAs (€bn) KEY HIGHLIGHTS +5.3% Y/Y 414.0 BPER EXCLUDING BPSO 319.5 23.8 298.1 298.7 303.5 306.3 303.0 312.3 Deposits 21.5 81.1 21.4 21.2 21.1 21.0 21.2 21.3 ▪ Stable Deposits at €
Slide 15: Attention to cost efficiency proven by cost reduction by 3.5% 9M/9M, excl. BPSO
Attention to cost efficiency proven by cost reduction by 3.5% 9M/9M, excl. BPSO Cost/Income(1) & Total Costs (quarterly) (€m) KEY HIGHLIGHTS -0.5% Y/Y BPER EXCLUDING BPSO Total Costs (€m) Total Costs 52.7% Cost/Income -3.5% 2,135.7 50.6% 50.6% 45.0% ▪ 9M25 Total Costs decreased by 3.5% 9M/9M to 47.3
Slide 16: 9M25 sound CoR at 34bps, excl. BPSO. NPE Coverage Ratio increased to 56.3%
9M25 sound CoR at 34bps, excl. BPSO. NPE Coverage Ratio increased to 56.3% amongst the highest in Italy LLPs (€m) and CoR(1) (quarterly) (bps) KEY HIGHLIGHTS +3 bps Y/Y 50 BPER EXCLUDING BPSO LLPs (€m) 43 Cost of Risk (CoR) 120.0 39 45 38 -11.1% 100.0 35 40 CoR 27 ▪ In 9M25, CoR(1) at 34bps down by
Slide 17: Sound Asset Quality, NPE Ratios among the lowest in Italy
Sound Asset Quality, NPE Ratios among the lowest in Italy Gross NPE stock (€bn) KEY HIGHLIGHTS -0.8% Y/Y BPER EXCLUDING BPSO 3.0 Gross NPE Stock 2.5 2.5 2.4 2.4 2.5 0.2 ▪ Gross and Net NPE Ratios improved Y/Y 2.3 2.2 0.2 0.1 0.1 0.1 0.2 0.1 0.8 0.1 0.7 0.7 0.6 0.6 0.7 Stage Classification 0.7 0.5 ▪
Slide 18: RWAs lower given high quality lending & business dynamics
RWAs lower given high quality lending & business dynamics RWAs(1) (€bn) KEY HIGHLIGHTS 82.4 55.9 55.6 54.6 1.8 BPER EXCLUDING BPSO 53.4 53.4 53.2 54.2 1.1 1.1 12.4 2.3 1.1 1.0 1.2 1.0 ▪ At the end of September 2025, RWAs landed at €79.6 bn excl. 7.0 7.0 8.1 9.6 9.6 9.6 Basel IV impact €52.9 bn, excl
Slide 19: CET1 Ratio at 15.1% and, excluding Alba Leasing, at 15.7%
CET1 Ratio at 15.1% and, excluding Alba Leasing, at 15.7% Capital evolution KEY HIGHLIGHTS 16.2% 15.8% 15.8% BPER EXCLUDING BPSO 15.8% CET1 15.1% Organic Capital Generation (OCG)(1) 15.3% ▪ OCG of €1.7 bn in 9M25 with an impact on CET1 14.9% Ratio of +272bps, supported by the positive 494.5 income d
Slide 20: Robust Balance Sheet with a sound liquidity profile
Robust Balance Sheet with a sound liquidity profile Balance sheet (€bn) KEY HIGHLIGHTS Other Assets Balance sheet: €204.8 bn 19.7 BPER INCLUDING BPSO 34.9 LCR and NSFR Financial Assets at ▪ LCR stood at 165% at the end of September amortised Cost 11.0 11.1 2025. Excluding Alba Leasing, the ratio imp
Slide 21: Bond portfolio evolution and duration
Bond portfolio evolution and duration Italian Government Bonds (€bn) KEY HIGHLIGHTS +47.3% Y/Y BPER INCLUDING BPSO 20.8 Italian Govies 14.8 14.8 11.3 13.6 ▪ Italian Govies stood at €20.8 bn at the end of 8.7 8.9 10.0 September 2025 ▪ This portfolio was 48.9% of the Total Bonds outstanding 1Q24 2Q24
Slide 22: All Rating Agencies improved credit profile in 9M25
All Rating Agencies improved credit profile in 9M25 Bond Issued(1) (€bn) Bond Maturities(1) (€bn) KEY HIGHLIGHTS 12.0 1.1 BPER INCLUDING BPSO Bond issued and maturities 3.6 3.8 4.2 ▪ Main wholesale issuances in 9M25 include a 0.4 €0.5 bn Senior Non-Preferred Bond issued by 0.9 1.5 BPER and a €0.5 bn
Slide 23: Agenda
Agenda Executive summary Executive summary B:Dynamic | Full Value 2027 B:Dynamic | Full Value 2027 Group results Group results Update on BPSO integration Update on BPSO integration Final remarks Final remarks Annexes Annexes 23
Slide 24: 23 Workstreams launched
BPER and BPSO integration activities fully on track to target approximately mid-April ‘26 merger 23 Workstreams launched KEY ACTIVITIES ▪ Set up of a “Core” team dedicated to the integration ▪ Appointed BPSO’s new Board of Directors ▪ Completed 9M25 consolidated financial statements, including BPSO
Slide 25: Annual synergies expected at ~€290m, to be fully achieved in 2027
Annual synergies expected at ~€290m, to be fully achieved in 2027 Pre-tax annual synergies (€m) Revenues Increase client share of wallet and cross-selling ~100 synergies opportunities leveraging on shared product factories Cost Integration costs expected at ~€400 m, expensed for ~190 synergies 75% i
Slide 26: Progress update – Indicative timeline of the transaction
Progress update – Indicative timeline of the transaction Status 6 Feb. ‘25 BPER notice pursuant to Art. 102 CFA End of May / Release of all the Supervisory authorities’ prior authorizations Beginning of Jun. ’25 Approval of the Offer Document by CONSOB 2 Jul. ‘25 Authorization from AGCM subject to t
Slide 27: Agenda
Agenda Executive summary Executive summary B:Dynamic | Full Value 2027 B:Dynamic | Full Value 2027 Group results Group results Update on BPSO integration Update on BPSO integration Final remarks Final remarks Annexes Annexes 27
Slide 28: Divisional Database in 9M25, excl. BPSO
Divisional Database in 9M25, excl. BPSO Retail Private & Wealth Manag. Corporate Core Revenues(4) €m 2,338 355 768 o.w. Net Inter. Income €m 1,337 57 451 o.w. Net Comm. Income €m 989 298 296 Wealth Net Comm. Inc.(1)€m 689 Cost/Income(2) 60% 40% 29% Gross Performing Loans €bn 51.0 0.7 34.8 Direct Dep
Slide 29: Final Remarks
Final Remarks Outstanding BPER shareholders’ remuneration sustained by robust business Continued business growth thanks to the banking network commercial strength Asset quality amongst the best in Italy Robust capital. Strong Organic Generation at €1.7 bn in 9M25, excl. BPSO “B:Dynamic | Full Value
Slide 30: Agenda
Agenda Executive summary Executive summary B:Dynamic | Full Value 2027 B:Dynamic | Full Value 2027 Group results Group results Update on BPSO integration Update on BPSO integration Final remarks Final remarks Annexes Annexes 30
Slide 31: Group P&L
Group P&L 3Q25 9M25 9M24 P&L - (€m) Delta 9M/9M Delta 9M/9M (%) Stated = Delta Q/Q (%) Delta Y/Y (%) Stated Stated Adjusted Net interest income 2,704.3 2,523.2 181.1 7.2% 1,078.3 32.4% 28.3% Net commission income 1,709.7 1,502.7 207.0 13.8% 646.2 23.7% 32.4% Core Income 4,414.0 4,025.9 388.1 9.6% 1,
Slide 32: 2024 Non-recurring P&L items
2024 Non-recurring P&L items Gain/(Loss) on Non-recurring items Operat. Costs investments Tax effects Net Profit Capital gain on disposal of the 1Q -€150.1 m +€2.1 m -€148.0 m NPE servicing platform 2Q Costs related to HR actions +€173.8 m -€52.1 m +€121.6 m 2024 Costs related to HR actions +€19.8 m
Slide 33: Group Reclassified Balance Sheet
Group Reclassified Balance Sheet Assets (€bn) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Q/Q Chg YTD Y/Y Customer Loans 87.7 89.0 88.9 90.1 89.6 92.7 125.9 +35.8% +39.7% +41.7% Securities Portfolio 26.5 26.5 27.7 29.0 30.7 32.0 45.0 +40.3% +54.8% +62.1% Interbank Assets (1) 12.6 10.1 10.4 9.4 8.9 8.9 13.2 +
Slide 34: Asset Quality Breakdown
Asset Quality Breakdown Gross exposures (€m) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 excl. BPSO 3Q25 incl. BPSO Q/Q Y/Y YTD B/D B/D B/D B/D B/D B/D B/D B/D Abs. Chg Abs. Chg Abs. Chg Non Performing Exposures (NPEs) 2,336 2.6% 2,513 2.8% 2,525 2.8% 2,212 2.4% 2,387 2.6% 2,382 2.5% 2,504 2.7% 2,982 2.3% 60
Slide 35: Financial Assets: Highlights
Financial Assets: Highlights Bonds PTF Geographical Breakdown (%) Govies Geographical Breakdown (%) Other USA 7.3% 3.9% Other Spain 22.2% 5.5% France 5.7% Spain 4.4% Italy Germany 54.8% 5.9% Italy 77.6% France 12.8% Bonds PTF Maturities (1) (€bn) Italian Govies Maturities (1) (€bn) 24.1 13.1 3.5 1.7
Slide 36: Commercial dynamics: loans and deposits evolution
Commercial dynamics: loans and deposits evolution Commercial loans by geography (€bn) Commercial deposits by geography (€bn) 87.7 89.0 88.9 90.1 89.6 92.7 125.9 103.8 104.4 102.7 104.3 103.8 107.4 147.4 10.1% 10.1% 10.3% 10.5% 10.5% 10.5% 13.2% 13.1% 13.4% 13.8% 13.7% 13.7% 13.7% 13.0% 12.4% 12.3% 1
Slide 37: ESG focus
ESG focus Environmental Social Governance ▪ 100% use of electricity from renewable ▪ Implementation of the BPER’s “Bene ▪ Included by S&P Global in the sources Comune” Service supporting Third Sector “Sustainability Yearbook 2025” ▪ About €2.7 bn of new ESG Lending in entities and Impact lending ▪ I
Slide 38: Contacts for Investors and Financial Analysts
Dummy figures Contacts for Investors and Financial Analysts Nicola Sponghi Chiara Leonelli Head of Investor Relations Investor Relations nicola.sponghi@bper.it chiara.leonelli@bper.it Maria Accarrino Ilaria Picelli Investor Relations Investor Relations maria.accarrino@bper.it ilaria.picelli@bper.it