Banca Ifis S.p.a. · MIL:IF
Banca Ifis — Q2 2026 Earnings Presentation
52 slides from Banca Ifis's earnings presentation, Aug 4, 2026
Slide 1: 2Q26 results
*% Banca lfis 2Q26 results 4 August 2026
Slide 2: Index
Index 1. 2Q26 Consolidated results 2. Focus on Banca Ifis stand-alone: 2Q26 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: 2Q26 Consolidated results
1 2Q26 Consolidated results 3
Slide 4: Financial performance and de-risking
Financial performance and de-risking 1 1H26 net profit at ca. €8mln (€-23mln loss in 2Q26) which includes ca. €84mln provisions 2 Out of €84mln provisions recorded in 1H26 (of which €73mln in 2Q26), around €30mln reflected the findings th of the on-site inspection conducted by the Bank of Italy at B
Slide 5: Our path towards long-term value creation
Our path towards long-term value creation 1 We are fully on track with the integration of Banca Ifis and illimity, laying the foundations to deliver €75m of annual cost and revenue synergies in 2027 and onwards 2 Illimity completed the disposal of Hype, ARECneprix and Abilio, significantly simplifyi
Slide 6: Strong execution delivered on time, on plan with stability
Strong execution delivered on time, on plan with stability 1 2 3 €50m cost synergy run-rate €25m revenue synergies Simplified Group secured in 2027 activated through commercial structure execution • Non-core subsidiaries €30mln operating costs reduction secured spun off • Completed IT contract reneg
Slide 7: Strategic executions on integration and value creation
Strategic executions on integration and value creation • We completed the renegotiation of the IT agreement with Finomnia Group (Apax) and realigned the altermAInd partnership structure (originally owned 52% by Finomnia and 48% by illimity) • Finomnia Group will acquire 100% of altermAInd Banking, f
Slide 8: Deconsolidation of NPL business: competitive process underway
Deconsolidation of NPL business: competitive process underway, attracting strong interest from high-quality bidders Selected high profile bidders are participating Expected timetable • Italy’s leading integrated platform for small ticket NPL investment and servicing, June/ High level Teaser/NDAs sup
Slide 9: Consolidated results
Consolidated results Reclassified Consolidated Income Statement – (€ mln) 4Q25 1Q26 2Q26 1 1Q26 includes the positive Net interest income 186.5 127.4 134.3 contribution from the Turnaround Net commission income 40.2 33.7 37.6 Trading and other revenues 26.4 1 55.3 18.2 business (former illimity) fro
Slide 10: Asset quality
Asset quality Asset quality ratios • NPEs increased by ca. €152mln, mainly driven by reclassifications Gross Net Gross Net following the internal assessment and Bank of Italy inspection (ca. 6.2% 7.4% €112mln), higher B-Ilty non-performing exposures (ca. €25mln, with 0.9% 7.4% 100% of B-Ilty positio
Slide 11: Capital ratios
Capital ratios Total capital 18.97% -0.53% 18.44% CET1 of 13.39% as of 30 June 26, excluding 1H26 net income CET1 Key items of CET1 evolution in 2Q26: 13.71% -0.32% 13.39% • +0.01% due to lower calendar provisioning deduction • +0.02% due to lower intangible assets 0.01% 0.02% (0.01%) (0.06%) (0.28%
Slide 12: Focus on Banca Ifis stand-alone: 2Q26 results
2 Focus on Banca Ifis stand-alone: 2Q26 results 12
Slide 13: Net revenues
Net revenues Quarterly Revenues • Net revenues in 2Q26 at €155mln (-10% YoY and QoQ) -10% YoY o Commercial & Corporate Banking revenues at €87mln (€81mln in 1Q26, €83mln in 2Q25). The performance reflects solid +12% QoQ commercial momentum, continued pricing discipline and positive seasonality in st
Slide 14: Npl Business: cash recovery and P&L contribution
Npl Business*: cash recovery and P&L contribution • Cash collection remains extremely solid; models have been consistently outperformed • Focus on forward flow agreements and low-vintage portfolios, aligned with the progressive move by major originators toward earlier disposals, with priority on ass
Slide 15: 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 5.3% 4.9% 4.8% 4.7% 4.6% 4.8% • Base rate QoQ: ca +20bps • Aggregate interest in
Slide 16: Total quarterly costs steady through significant efficiency effort
Total quarterly costs steady through significant efficiency effort Operating 103 107 118 costs Other operating costs: €10mln QoQ: 1Q26 benefited from the release of €3mln previously accrued 49 costs that did not materialize Exposed to 34 39 Inflation The remaining €7mln QoQ change are due to seasona
Slide 17: Factoring
Factoring Turnover - €bn • Banca Ifis has strong focus on profitability: in 2Q26 factoring average spread at 3.4% (on top of base rate), well above market average 3.0 3.4 3.5 3.4 3.4 • Net revenues** / average customer loans at 5.7% 2.9 • Loan loss provisions include ca. €17mln precautionary provisi
Slide 18: Factoring – Italian business
Factoring – Italian business* Market share - 2025 Loans and revenues breakdown 21% 7% 3% 32% 45% Other Small [ < 10 mln] 23% Medium [ < 50 mln] 25% Large [ > 50 mln] 6% 38% 27% Active clients Turnover Average loans 2025 Revenues 2025 • Banca Ifis is market leader in terms of number of • Medium/large
Slide 19: Leasing
Leasing New business - €mln 1• In 2Q26 new business strong 1 149 173 144 227 155 179 • Automotive: Banca Ifis’s strategy (i) premium/luxury segments (not volumes) (ii) 40 price/margin discipline (iii) remarketing 28 28 agreements in place 26 22 89 27 51 42 56 42 51 • Equipment and technology: eviden
Slide 20: Corporate banking & lending
Corporate banking & lending New business - €mln 227 322 275 355 222 433 48 • Structured Finance: 30-40 new transactions 47 originated annually, with an average deal size of 57 ca. €12mln and a conservative leverage profile. 74 58 State guaranteed lending 67 160 Broad sector and geographical diversif
Slide 21: No signs of widespread macro credit risks in 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: 0.5% Coverage Stage 2: 2.4% 91% 90% 90% 91% 93% 92% 91% 92% 92% 93% 79 77 76 76 76 77 75 74 74 73 9% 10% 9% 9% 7% 8% 9% 8% 8% 7% 1Q24 2Q2
Slide 22: Appendices
<> Banca Ifis Appendices
Slide 23: Index 3.1 Banca Ifis stand-alone – Financial results
Index 3.1 Banca Ifis stand-alone – Financial results 23
Slide 24: 2Q26 Results: P&L break-down by business unit
2Q26 Results: P&L break-down by business unit Commercial & Corporate banking Tot. Commercial Consolidated 1 Of which €17mln following Corp. Banking Non core & Data in € mln Npl Factoring Leasing & Corporate ex-Group Ifis Bank of Italy inspection & Lending G&S banking results Net interest income 43 2
Slide 25: Commercial activity focused on profitability
Commercial activity focused on profitability New leasing: equipment and New leasing: automotive Factoring turnover (€bn) technology (€mln) (€mln) stable YoY +7% YoY stable YoY Market +3% Market +10% Market +5% 84 95 86 95 3.4 3.4 78 69 2.9 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 • Factoring: fa
Slide 26: Npl Business: portfolio evolution
Npl Business*: portfolio evolution Npl portfolio evolution Key numbers* • 1.6mln tickets, #1.1mln borrowers NBV** 1,522 1,538 €mln • Extensive portfolio diversification by location, type and age of borrower GBV €bn 16.8 0.4 (1.1) 16.2 Npls acquired in 2Q26: €0.4bn GBV • Banca Ifis concentrated on st
Slide 27: Npl Business: ERC
Npl Business*: ERC ERC assumptions ERC: €2.5bn • ERC based on proprietary statistical models built using internal historical data series and homogeneous clusters of borrowers 1.3 2.5 o Type of borrower, location, age, amount due, employment status 1.3 o Time frame of recovery 2.5 o Probability of de
Slide 28: Npl Business: GBV and cash recovery
Npl Business*: GBV and cash recovery Judicial recovery Non judicial recovery – Voluntary plans Judicial recovery (€ mln) GBV % GBV, data in €mln To be processed 603 Frozen 1,227 15% 597 594 Court injunctions [“precetto”] and foreclosures 1,007 12% 565 564 550 Order of assignments 1,049 13% Secured a
Slide 29: Npl Business: GBV and NBV evolution
Npl Business*: GBV and NBV evolution GBV - €mln 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Waiting for workout - Positions at cost 324 563 453 498 341 390 Extrajudicial positions 10,862 10,369 9,202 8,872 8,216 7,533 - Ongoing attempt at recovery 10,259 9,804 8,652 8,308 7,618 6,939 - Non-judicial payment plans
Slide 30: Npl Business: P&L and cash evolution
Npl Business*: P&L and cash evolution P&L - €mln 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Waiting for workout - Positions at cost Extrajudicial positions 31 20 13 42 14 16 - Ongoing attempt at recovery (1) (3) (2) 20 (4) (5) - Non-judicial payment plans 32 23 15 22 18 21 Judicial positions 55 53 48 46 38 38 -
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 19% 45% Banking 50-59 67% 30% Breakdown of GBV by ticket size Breakdown of GBV by region 5k North 10% 38.3% > 100k from 5k to 28% 20k Center South & Island 28%
Slide 32: Customer loans
Customer loans Customer loans (€ mln) 11,090 11,485 11,734 • 2Q26 customer loans at €11,734mln, +€249mln QoQ 2,282 2,822 2,716 mainly due Corp. Banking & Lending (+€180mln QoQ) • Banca Ifis maintained disciplined in pricing and underwriting 2,771 2,824 3,004 1,673 7,217 7,099 1,677 7,437 1,662 2,772
Slide 33: Funding
Funding Funding (€mln) 12,423 12,318 12,819 2,625 • Customer deposits stable +€144mln QoQ 2,791 2,832 400 • Securitizations: €1,029mln factoring 500 - 1,029 907 953 • In Jan 2026, Banca Ifis issued a €400 million 10-year 2,296 2,338 Tier 2 bond, with a 4.55% coupon. This issuance 1,910 strengthens t
Slide 34: Reclassified consolidated operating costs
Reclassified consolidated operating costs* Operating costs (€mln) 2Q26 operating costs (+€11mln QoQ) 106 107 118 • HR costs substantially stable QoQ 103 103 • Other administrative expenses +€10mln QoQ: o 1Q26 benefited from the release of €3mln previously accrued costs that did not materialize o The
Slide 35: Proprietary portfolio: strong contribution to P&L
Proprietary portfolio: strong contribution to P&L • Mid duration level • Low volatility accounting treatment: FVTPL < 1% • Low RWA density and relevant funding eligibility (govies weight at around 81% of total assets in 1H26) Proprietary Finance strategic • Stable contribution from recurrent revenue
Slide 36: Index 3.2 Banca Ifis stand-alone - Company overview
Index 3.2 Banca Ifis stand-alone - Company overview 36
Slide 37: 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 38: Stable shareholding structure and governance
Stable shareholdering structure and governance • Fürstenberg Scogliera Holding SA provides, as main shareholder, Fürstenberg Scogliera continuity and stability to Banca Ifis Holding SA Holding • Strategic ESG focus both in specific positioning initiatives and in (Fürstenberg Family) core operations
Slide 39: 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 2.8 80% state guaranteed >80% in rating classes 1-5 1.7 Av
Slide 40: 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 2.8 0.20* €350k* Leasing 1.4 2.0 €55k auto €60k equipment Rental 0.2 1.4 €6k Medium term lending 0.6 2.5 €190k (MCC €120k; Sace €1200k) Loans to pharmacies 0.8 7.8 €410k Structured finance 1.0
Slide 41: 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 6,283 6,427 Corporate 27% 1,204 1,395 Retail Other deposits** 73% 898 953 Corporate deposits Rendimax deposits: 81% protected by FITD 185 175 German retail deposits Above €100K 19% Below €10
Slide 42: 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 43: 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 44: Our ESG goals
Our ESG goals Environmental Social Governance SME clients’ environmental Social Impact Lab Governance ESG transition Manage projects to foster diversity and Further strengthen inclusion and diversity Support SME clients’ sustainable social inclusion in a dedicated Social (nationality/heritage as wel
Slide 45: Index 3.3 illimity - Company overview
Index 3.3 illimity - Company overview 45
Slide 46: 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 47: illimity total assets and liabilities
illimity total assets and liabilities Assets (€mln) Liabilities (€mln) 6,465 6,283 6,465 6,283 Total Funding 338 109 314 108 249 179 313 Other and Tangible/Intangible assets 1 579 565 312 Other liabilities 3 1,041 1,076 1,978 1,968 Tax Assets 583 512 Shareholders Equity Cash 5,637 5,538 4 Other fund
Slide 48: 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 0.7 ~4 ~ €6mln shareholders reorganization, PE investments Factoring 0.5 <1 ~ €2mln Short
Slide 49: 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 3.6 by credit insurance 0.7 Mainly senior notes with Most NPL portfolios are underlying commercial loans secured 0.5 0.6 100% of
Slide 50: Significant derisking activity carried out on illimity's assets
Significant derisking activity carried out on illimity’s assets Total write offs at €478mln booked from 4Q24 to 1H26 Write offs* and non-recurring charges mainly driven by the NPL portfolio, b-ilty and non-core subsidiaries €mln Booked in 4Q24 1 Booked in FY25 1• -€252mln NPL (non-core) due to the r
Slide 51: 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 5,637 5,538 645 1 1.041 1.076 Other Institutional funding 174 583 512 335 Bonds 2 349 355 748 94 731 471 Retail Coporate 3,678 255 Retail - Ger
Slide 52: 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,