Banco Bpm Spa · MIL:BAMI
Banco Bpm Spa — Banco Bpm Societa Ord — H1 2025 Earnings Presentation
46 slides from Banco Bpm Spa's earnings presentation, Aug 5, 2025
Slide 1: Group H1 2025 Results Presentation
Group H1 2025 Results Presentation 05 August 2025
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 6 2 Key Highlights 13 3 Final Remarks 25 4 H1 2025 Performance Details 29 4
Slide 5: Executive Summary
Executive Summary 1
Slide 6: H1 2025 Net Income at an all-time high of €1.21bn
H1 2025 Net Income at an all-time high of €1.21bn, well on track towards guidance. CET 1 ratio at 13.3%, well above Plan target STRONG CAPITAL POSITION AFTER H1 2025 NET INCOME > €1.2 BN: 62% OF FY 2025 GUIDANCE ANIMA ACQUISITION… €m ~1,950 Fully Phased3 +31.2% 13.3% +231 1,214 38% 13% 984 750 Eurib
Slide 7: Anima now wholly consolidated: ready to deploy our full potential
Anima now wholly consolidated: ready to deploy our full potential TENDER OFFER ON ANIMA SUCCESSFULLY COMPLETED IN APRIL ▪ Anima consolidation: last step of our (Stake at ~90%, vs. previous 22%) transformational strategy H1 2025 contribution on a proforma basis3 ▪ Sizable contribution to Group’s volu
Slide 8: Increasing P&L contribution from non-interest components
Increasing P&L contribution from non-interest components, now at 47% of total revenues; strong performance in Cost/Income (<45%) and CoR (33bps) SOLID REVENUE GROWTH STRONG COST CONTROL €m €m +3.2% -2.6% 2,883 +141 3,024 1,339 +3 -37 1,304 +44 1,347 TOTAL REVENUES 2,794 -124 +213 Impact from Impact
Slide 9: Very strong Capital position; robust Liquidity and Funding
Very strong Capital position; robust Liquidity and Funding CET 1 RATIO WELL ABOVE 13% PLAN TARGET 15.0% -242bps Capital position well above target, after +132bps absorbing: -62bps 13.3% 2 12.0% ▪ Impact from Anima acquisition 13% Plan Target ▪ Regulatory headwinds, including Basel 3+ MDA & CET1 BUFF
Slide 10: Transformational strategy in action
Transformational strategy in action FOCUS ON KEY PRODUCT FACTORIES 2023 2025 Life Insurance ▪ Full ▪ Migration of “Life” to new integration platform completed in H1 of Life Non-life ▪ Migration of JV “P&C” to Insurance ▪ New JV with new platform to be CAA in P&C completed in H2 ▪ BPM VITA 35%, CAA 6
Slide 11: BANCO BPM + ANIMA: well on track vs. our Plan targets
BANCO BPM + ANIMA: well on track vs. our Plan targets H1 2025 H1 2025 2027 Half-yearly Stated PROFORMA1 Avg. target2 €m Total revenues 3,024 3,150 3,180 o/w NII 1,602 1,603 1,575 o/w Net fees & commissions 1,205 1,339 1,410 Core revenues 2,951 3,074 3,158 Non-interest income on total revenues 47% 49
Slide 12: Key Highlights
Key Highlights 2
Slide 13: H1 2025 Net Income Stated at €1.21bn
H1 2025 Net Income Stated at €1.21bn H1 25 H1 25 MAIN TRENDS LIKE-FOR-LIKE3 P&L HIGHLIGHTS* €m H1 24 Like for Like Chg. H/H STATED €m +11.9% Net interest income 1,723 1,599 -7.2% 1,602 2,883 3,024 Net fees and commissions 1,045 1,091 4.4% 1,205 2,577 2,794 Income from associates 75 81 63 REVENUES In
Slide 14: NII at €1.6bn in H1 2025
NII at €1.6bn in H1 2025 TREND OF NET INTEREST INCOME TREND OF COMMERCIAL SPREADS6 €m -7.0% Quarterly average, in % 4.29 4.12 +1% excl.one –off1 4.00 3.60 3.25 COMMERCIAL SPREAD 2.94 1,723 1,602 -3.9% 2.74 2.58 2.47 1.55 1.54 2.06 1.74 817 785 Asset spread 1.53 1.54 1.51 1.491.45 Liability spread H1
Slide 15: Continuing commitment to support our clients
Continuing commitment to support our clients STRONG GROWTH IN NEW LENDING: +€5.1BN Y/Y DIRECT CUSTOMER FUNDING STOCK IMPACTED EXCLUSIVELY BY DECREASE IN FINANCIAL INSTITUTIONS DRIVEN BY DEPOSITS: +1.6% YTD +€2.7bn in Stock, in € bn NEW LENDING +50.6% July ▪ New lending to Households: +68% Y/Y € bn 1
Slide 16: Total Net Fees & Commissions up at €1.2bn
Total Net Fees & Commissions up at €1.2bn INVESTMENT PRODUCT FEES €m +12.1% 114 546 TOTAL NET FEES & 385 432 COMMISSIONS Upfront fees 151 +27.1% 191 Impact from consolidation €m of Anima in Q2 Running fees 234 +2.7% 240 H1 24 H1 25 H1 25 +4.4% Like for Like STATED 1,205 +€2bn in 1,045 1,091 Investme
Slide 17: Anima consolidation allows to significantly increase Indirect Customer Funding
Anima consolidation allows to significantly increase Indirect Customer Funding, now at €275bn INDIRECT CUSTOMER FUNDING +€3BN YTD LIKE-FOR-LIKE, STRONGLY SUPPORTED BY NET INFLOWS Stock, in € bn 275 Composition of the €222bn AUM post consolidation of Anima +2.7% 54 €67.1bn BBPM’s AUM ante Anima conso
Slide 18: Cost/Income ratio reduced to 44.6%
Cost/Income ratio reduced to 44.6%, driven by rigorous cost discipline STAFF COSTS €m Flat 861 863 890 Positive contribution from solidarity TOTAL OPERATING COSTS fund (~€20m booked in H1 25, further ~€40m in H2 25), set to more €m than compensate new labour -2.6% contract and hirings H1 24 H1 25 H1
Slide 19: CoR down to 33bps driven by effective credit management
CoR down to 33bps driven by effective credit management over the life-cycle TREND OF NPEs FY 2024 H1 20251 € bn TOTAL NPEs o/w excl. NPEs with State Guarantees COST OF RISK 46bps 33bps -23.0% 3.39 -29.0% Default rate 1.07% 0.90% Gross 2.85 2.61 2.55 2.03 1.81 Cure rate 4.28% 7.5% Net 1.65 1.58 1.43
Slide 20: 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 30/06/24 31/12/24 30/06/25 Total Net Financial -11.7 -64.6 14.4 72.7 Result -335 Other NFR Components -492 -509 ▪ H1 2025 benefitted from active €m 114
Slide 21: 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 46.7 46.7 42.4 30/06/24 31/12/24 31/03/25 30/06/25 41.3 14.5 14.6 Other2 8.4 8.5 8.4 8.5 FVOCI 11.8 12.6 Govies & 34.0 32.8 38.4 38.2 Supra
Slide 22: Strong liquidity & funding position
Strong liquidity & funding position CASH + UNENCUMBERED ASSETS: +18.9% Y/Y POSITIVE TREND IN KEY INDICATORS € bn 48.4 49.4 53.7 45.1 0.5 0.5 Cash 0.5 0.6 10.7 11.0 11.3 31/12/24 30/06/25 10.2 Depo facility with ECB • o/w €22.8bn securities Eligible Assets 31.5 32.8 37.7 29.0 • o/w €14.9bn credit cla
Slide 23: Very strong capital position, well above minimum Plan target
Very strong capital position, well above minimum Plan target CET 1 RATIO EVOLUTION MDA BUFFER EVOLUTION On top of -53bps Fully Phased already booked in Q1 Fully Phased % bps 14.76 +85bps -72bps +41bps -9bps -189bps 2 13.32 13% Plan 559 -144 2 Target -36 379 >350bps Plan Target 31/03/25 Q2 2025 Divid
Slide 24: Final Remarks
Final Remarks 3
Slide 25: 2025 Guidance: Top-level results and shareholders remuneration
2025 Guidance: Top-level results and shareholders remuneration, while confirming a solid capital position • TOTAL REVENUES: positive Y/Y trend, considering one further ECB rate cut in Q3: FY 2025 NET INCOME GUIDANCE – NII “at full funding cost”1 SINGLE DIGIT CONFIRMED AT ~€1.95BN, PROFITABILITY – Ne
Slide 26: Strong improvement in market perception of our fundamentals
Strong improvement in market perception of our fundamentals, leading to outstanding share price performance since Anima offer announcement SIZEABLE INCREASE IN CONSENSUS – PROGRESSIVELY REDUCING THE GAP VS. OUR NET PROFIT TARGET Net Income 2027 +46% €m 2,150 1,955 Δ ~ +10% Consensus1 1,852 1,628 vs.
Slide 27: Six-month journey to implement our new capital light business model
Six-month journey to implement our new – capital light – business model: ready to reap the full benefits from our product factories H1 25 RESULTS AT ALL-TIME HIGH, ALREADY ALIGNED WITH OUR TARGETED P&L TRAJECTORY FY 2024 H1 2025 Proforma1 2027 Half-yearly excl. one-offs excl. one-offs Avg. target2 R
Slide 28: H1 2025 Performance Details
H1 2025 Performance Details 4
Slide 29: P&L: Quarterly comparison - Stated
P&L: Reclassified income statement (€m) Net interest income Q1 24 864.4 Q2 24 858.4 Q3 24 861.9 Q4 24 855.3 Q1 25 816.9 Q2 25 785.1 1 Quarterly Income (loss) from invest. in associates carried at equity Net interest, dividend and similar income 30.3 894.7 44.6 903.0 31.1 893.1 45.6 901.0 39.8 856.7
Slide 30: P&L: H1 comparison - Stated
P&L: Reclassified income statement (€m) Net interest income H1 24 1,722.8 H1 25 1,602.1 Chg. H/H % -7.0% H1 comparison - Stated Income (loss) from invest. in associates carried at equity Net interest, dividend and similar income 74.9 1,797.7 63.4 1,665.5 -15.4% -7.4% Net fee and commission income 1,
Slide 31: P&L: H1 2025 Comparison of stated and adjusted with one off details
P&L: H1 2025 Comparison of stated and adjusted with one off details H1 25 Reclassified income statement (€m) H1 25 One-off Non-recurring items Adjusted Net interest income 1,602.1 1,566.2 35.9 Positive outcome from fiscal litigation Income (loss) from invest. in associates carried at equity 63.4 63.
Slide 32: Balance Sheet
Balance Sheet Reclassified assets (€ m) 30/06/24 31/12/24 31/03/25 30/06/25 Chg. Y/Y Value % Chg. YTD Value % Chg. Q/Q Value % Cash and cash equivalents 10,994 12,125 12,170 11,733 739 6.7% -392 -3.2% -437 -3.6% Loans and advances measured at AC 104,406 103,090 104,155 104,621 216 0.2% 1,532 1.5% 46
Slide 33: Strong and well diversified liability profile
Strong and well diversified liability profile, driven by successful issuance activity BONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV MREL REQUIREMENTS & BUFFERS outstanding as of 30/06/2025 as of 30/06/2025 Nominal amounts MREL as % of RWA, phased-in, including Combined Buffer 11.3% Senior Prefer
Slide 34: Wholesale bond maturities and calls
Wholesale bond maturities and calls SENIORITY PROFILE OF WHOLESALE BOND MATURITIES1 & CALLS2 UNTIL YE 2027 € bn Calls 0.30 Calls 0.40 €0.70bn 0.40 €1.05bn 0.65 0.75 0.75 1.25 Maturities Calls 0.50 0.50 Maturities €3.25bn €0.5bn €2.65bn Maturities 3 1.26 €1.26bn 1.40 1.25 Jul.-Dec. 2025 FY 2026 FY 20
Slide 35: Total Direct Funding from the Banking business
Total Direct Funding from the Banking business EVOLUTION OF TOTAL DIRECT FUNDING € bn Capital-protected Certificates & other 132.0 131.6 134.9 Debt Securities at FV 129.8 REPOs & Other Bonds 101.1 100.3 101.9 100.2 C/A, Sight & Time deposits - (Core Funding) (77.9) (75.9%) (76.1%) (75.5%) (% Share o
Slide 36: Indirect Customer Funding at €275.4bn, including the consolidation of Anima
Indirect Customer Funding at €275.4bn, including the consolidation of Anima ASSETS UNDER MANAGEMENT (AuM)1 ASSETS UNDER CUSTODY (AuC) € bn € bn 221.9 16.5 +4.7% 34.0 +10.8% 64.1 66.1 66.0 67.1 53.5 4.9 5.0 87.3 51.2 52.2 0.2 4.6 4.9 47.1 50.1 16.0 16.5 16.8 17.3 84.1 53.3 43.4 44.7 44.3 44.8 30/06/2
Slide 37: Net Customer Loans at Amortized Cost
Net Customer Loans at Amortized Cost EVOLUTION OF NET CUSTOMER LOANS € bn -0.3% +0.7% Change Net Performing Customer Loans 30/06/24 31/12/24 31/03/25 30/06/25 In % Y/Y In % YTD In % Q/Q 100.8 100.8 100.4 Core customer loans 95.3 94.8 97.2 94.7 -0.7% -0.2% -2.6% 99.7 - Medium/Long-Term loans 76.2 75.
Slide 38: NPE migration dynamics
NPE migration dynamics €m 354 296 Inflows from 212 233 238 207 Performing to NPEs Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 €m Outflows from NPEs 24 36 25 38 17 15 to Perf. Loans Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 €m Flows from UTP to 79 80 98 82 42 52 Bad Loans Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Data r
Slide 39: Asset Quality details
Asset Quality details Loans to Customers at AC Gross exposures 30/06/2024 31/12/2024 31/03/2025 30/06/2025 Chg. Y/Y Chg. YTD Chg. Q/Q € m and % Value % Value % Value % Bad Loans 1,545 1,160 1,140 998 -547 -35.4% -163 -14.0% -142 -12.5% UTP 1,697 1,552 1,549 1,535 -162 -9.6% -17 -1.1% -14 -0.9% Past
Slide 40: Capital position in detail
Capital position in detail The ratios phased-in as at 30/06/2025, including the FULLY PHASED CAPITAL 30/06/2024 31/12/2024 31/03/2025 30/06/2025 application of the Art.468 of the CRR 3 on FVOCI POSITION (€ m and %) reserves are the following: CET 1 Capital 9,438 9,275 9,599 8,552 • CET 1: 14.15% (15
Slide 41: Sustainability ESG Update – Key results in H1 2025
Sustainability ESG Update – Key results in H1 2025 Sustainability ESG KPIs Main Sustainability ESG Achievements H1 2024 H1 2025 ▪ NZBA: Low-Carbon New M/L • publication of the status of achievement as of 31/12/24 of our € 2.6 bn € 4.3bn Term financing1 decarbonization targets on most carbon intensiv
Slide 42: Sustainability: progress in our Net-Zero strategy (1/2)
Sustainability: progress in our Net-Zero strategy (1/2) EMISSION INTENSITY REDUCTION FOR THE MOST CARBON INTENSIVE SECTORS FOR BBPM: • Targets for 2030 approved in August 2024 • Status at YE 2024 published in May 2025 TARGETS IN TERMS OF CARBON INTENSITY Representing ~70% of the overall financed RED
Slide 43: Sustainability: progress in our Net-Zero strategy (2/2)
Sustainability: progress in our Net-Zero strategy (2/2) TRANSITION PLANS PUBLISHED IN MAY 2025: • the plans outline the short-term actions already in place and the medium-long term actions that may need to be activated to achieve the targets Banco BPM's business strategy includes targets to achieve
Slide 44: Successfully continuing our digitalization path
Successfully continuing our digitalization path MAIN ACHIEVEMENTS IN H1 2025 DIGITAL BANKING KPIs ▪ Wider digitalized customer base: >1.7m individual # BRANCH AND APP-BASED TRANSACTIONS (M) customers with Digital Identity (>2/3 of active customers) Branch-based APP-based and 50% of Small Business cu
Slide 45: Definitions of key indicators included in the presentation
DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION INDICATOR DEFINITION CASH + UNENCUMBERED ASSETS I ncluding assets receiv ed as collateral, net of accrued interests. Managerial data, net of haircuts CORE REVENUES Core Rev enues: NI I + Net Commissions + I ncome from Associates and I ncome
Slide 46: 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
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