Banca Generali S.p.a. · MIL:BGN
Banca Generali — 1H 2025 Earnings Presentation
77 slides from Banca Generali's earnings presentation, Jul 29, 2025
Slide 1: Investor Presentation 1H 2025 Results
Investor 1H 2025 RESULTS Presentation 29 July 2025
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: 1H 2025 Results: Executive Summary
1H 2025 RESULTS: EXECUTIVE SUMMARY Solid results in the recurring business • Recurring net profit at €176.3m (+3% YoY) reaching its best level ever • Reported net profit at €200.2m (-16% YoY) for challenging comparison on the variable component • Robust capital and liquidity ratios with CET1/TCR rat
Slide 4: Net Profit
NET PROFIT BEST FIRST HALF RESULTS FOR RECURRING NET PROFIT Net Profit 239.6 200.2 122.0 117.6 110.3 89.9 €\m 1H 2025 net profit at €200m (-16% YoY) due to lower variable components Recurring Net Profit1 +3.4% €\m 1H 2025 recurring net 170.4 176.3 +2.8% profit at €176m (+3% YoY) driven by higher 82.
Slide 5: Net Financial Income
NET FINANCIAL INCOME POSITIVE TREND BOOSTED BY VOLUME EXPANSION AND BY THE ENLARGED PERIMETER Net Financial Income €\m 1H 2025 NFI at €177m (+6% +6.2% +7.6% YoY, +2% LfL) on deposit 177.0 expansion and contribution from 166.7 15.3 the extended perimeter 9.1 +1.2% 83.9 88.0 89.0 82.7 1H 2025 NII at €
Slide 6: Total Gross Fees
TOTAL GROSS FEES RECURRING COMPONENT REPRESENTING OVER 90% OF THE TOTAL Total Gross Fees 608.5 592.7 311.3 297.2 313.0 279.6 €\m 1H 2025 total gross fees at €593m (-3% YoY) with +6.9% recurring fees accounting +5.4% for 93% of total (85% in 1H 2024) -2.5% Gross Recurring Fees 514.5 550.2 1H 2025 gro
Slide 7: Gross Recurring Fees (1/2)
GROSS RECURRING FEES (1/2) CONTINUED RESILIENCE DESPITE HEADWINDS IN MARCH-APRIL MARKETS Investment Fees €\m +4.2% Management Fees +6.6% 443.9 473.4 1H 2025 investment Advisory Fees -2.4% 24.9 26.9 fees at €473m (+7% 219.4 224.5 239.6 233.8 YoY) which included the 446.5 12.8 13.3 13.5 419.0 12.1 sha
Slide 8: Gross Recurring Fees (2/2)
GROSS RECURRING FEES (2/2) OVERALL POSITIVE RESULT, WITH MIXED COMPONENT TREND Other Fees €\m +13.8% Entry Fees +8.8% 1H 2025 entry fees at Brokerage 70.6 76.8 -3.5% €22m (-23% YoY) linked to Commissions more challenging financial 12.3 15.9 37.4 33.2 39.1 37.7 markets Banking Fees 29.3 38.5 6.1 6.2
Slide 9: Total Payout Ratio on Fees
TOTAL PAYOUT RATIO ON FEES STABLE PAYOUT ALIGNED WITH BUSINESS MIX Total Fee Expenses 280.8 297.0 138.5 142.3 150.4 146.6 €\m o/w Fee Expenses on NII1 7.0 4.7 3.6 3.4 2.6 2.1 1H 2025 total payout at 53.1%, broadly in line with last year and long o/w Payout to FAs, 47.7% term guidance 47.0% 47.0% 46.
Slide 10: Operating Costs (1/2)
OPERATING COSTS (1/2) COSTS INCLUDE SET UP OF NEW STRATEGIC INITIATIVES Total Operating Costs €\m +20% +20% Intermonte 164.4 136.6 -1% 1H 2025 total operating 2.9 Non Core Items 10.7 costs1 at €164m, of 2.1 82.6 which €147m (+7.9% 11.1 17.0 81.8 Sales Personnel 68.3 YoY) on a like-for-like 68.3 1.5
Slide 11: Operating Costs (2/2)
OPERATING COSTS (2/2) MODERATE INCREASE IN COST RATIOS, WITH OVERALL EFFICIENCY PRESERVED Operating Costs / Total Assets Cost / Income Ratio 55.8% 54.7% 0.40% 52.8% 0.37% 0.33% 0.33% 46.9% 47.3% 0.31%0.30% 0.31%0.30% 45.9% 0.28% 0.31% 44.6% 0.28% 43.0% 40.8% 42.1% 40.7% 35.6% 37.5% 40.1% 35.1% 37.4%
Slide 12: Summing Up
SUMMING UP Comments 1H25 (€m) 1H24 1H25 % Chg Intermonte Operating profit excl. performance fees Reported contribution slightly higher at €266m for: - Higher net financial income (+6% YoY) Net Financial Income 166.7 177.0 6.2% 7.8 - Higher net recurring fees (+8% YoY) Net recurring fees 233.7 253.3
Slide 13: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 private bank, unique Balance Sheet & Capital Ratios by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 14: Balance Sheet – Total Liabilities & Equity
BALANCE SHEET – TOTAL LIABILITIES & EQUITY SHARP DECREASE IN COST OF FUNDING Total Liabilities & Equity: Volumes and Yields €\bn Total Deposits 17.0 17.6 Client Deposits 1 14.7 0.6 1.3 0.5 0.9 1H 2025 total deposits4 2 0.9 Other Deposits 0.7 at €15.0bn (+3% QoQ) of Deposits from 12.7 14.5 15.0 which
Slide 15: Balance Sheet – Total Assets
BALANCE SHEET – TOTAL ASSETS VOLUMES EXPANSION COMPENSATES FOR RATE COMPRESSION Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Interest Bearing Assets 17.0 17.6 14.7 1H 2025 interest bearing Financial Assets 1.2 1.5 assets at €16.0bn (+4% QoQ) 1.0 2.3 2.3 Loans to Clients with the p
Slide 16: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS SOLID CAPITAL RATIOS Total Capital Ratio % Leverage Ratio % CET1 AT1 TCR ratio remains very 24.4% 5.9% sound despite impact from 2.4% 5.7% CRR3 introduction (-3.8ppt) 19.0% 19.7% 5.4% and the first-time integration of 1.2% 2.0% Intermonte (-2.1ppt) partly offset by highe
Slide 17: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 18: Total Assets (1/2)
TOTAL ASSETS (1/2) TOTAL ASSETS HIT A NEW RECORD HIGH Total Assets €\bn Total Assets (by Fee Category1) €\bn 103.8 106.5 99.0 1H 2025 Total Assets at 12.0 103.8 106.5 11.0 11.9 99.0 the new peak of 28.0 29.8 33.6 35.4 €106.5bn (+8% YoY) 27.7 32.7 supported by solid commercial trend and an ongoing re
Slide 19: Total Assets (2/2)
TOTAL ASSETS (2/2) MANAGED PRODUCTS RECOVERED MARCH-APRIL MARKET LOSSES AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 63.9 64.7 24.8 25.0 1H 2025 AUM 60.3 Insurance 22.6 products at €64.7bn 14.9 15.6 Wrappers (+7% YoY) with a 14.5 12.1 12.1 11.1 balanced growth in Financial Wrappers tradit
Slide 20: Net Inflows (1/2)
NET INFLOWS (1/2) IMPROVING QUALITY AND MIX Total Net Inflows (by Fee Category1) €\bn Focus on AUI Net Inflows €\bn 3.6 1.6 1H 2025 Total Net 3.3 1.4 3.0 0.1 Inflows at €3.0bn, fully 0.6 0.5 aligned with FY 2025 2.2 1.4 guidance although some 2.7 1.5 business opportunities 0.9 0.9 are on stand-by li
Slide 21: Net Inflows (2/2)
NET INFLOWS (2/2) STRONG GROWTH IN AUM PRODUCTS DRIVEN BY IN-HOUSE AND INSURANCE PRODUCTS AUM Products €\bn o/w Managed Solutions - Wrappers €\bn 1.5 0.7 1H 2025 Total Net Inflows in Insurance 0.6 Wrappers AUM products at €1.5bn 0.9 0.7 0.4 (+72% YoY), driven by: Financial 0.7 Wrappers 0.6 - €0.7bn
Slide 22: Net Inflows by Acquisition Channel
NET INFLOWS BY ACQUISITION CHANNEL RECRUITING CONTINUES ALBEIT AT A SLOWER PACE AMID OUTLOOK UNCERTAINTY Net Inflows by Acquisition Channel €\bn Recruitment by Acquisition Channel # 94 1H 2025 net inflows from new recruits at 3.6 81 3.3 27% of total (28% in 1H 3.0 36 2024) with a slowdown 0.4 1.0 co
Slide 23: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 24: Insurebanking: Market Potential
INSUREBANKING: MARKET POTENTIAL INSURANCE AGENTS MANAGE ONLY A PART OF THEIR CLIENT ASSETS Italian Targetable Financial Household Wealth1 Insurance products represent 25% of the targetable financial wealth of Focus on Targetable Financial Wealth Italian households, yet insurance by Distribution Chan
Slide 25: Insurebanking: Strategic Partnership with Generali Italia (1/2)
INSUREBANKING: STRATEGIC PARTNERSHIP WITH GENERALI ITALIA (1/2) FRAMEWORK AGREEMENT FOR DISTRIBUTION OF BANKING AND INVESTMENT PRODUCTS On 17 April 2025, Banca Generali and Generali Italia signed a framework agreement outlining the partnership principles: 1) development of the distribution of Banca
Slide 26: Insurebanking: Strategic Partnership with Generali Italia (2/2)
INSUREBANKING: STRATEGIC PARTNERSHIP WITH GENERALI ITALIA (2/2) THREE MODELS: FPA, INSUREBANKING, FA/AGENT COLLABORATION Insurebanking Collaboration with Generali In 2024, a strategic assessment of the potential associated with insurebanking was launched, which subsequently led to the identification
Slide 27: Insurebanking: Accelerating on FPA Model
1 INSUREBANKING: ACCELERATING ON FPA MODEL FPA AGENTS SHOW CONSISTENT GROWTH MOMENTUM FPAs Total Assets (financial component only at BG), €/m 2,148 2,298 Financial Planning Agents (FPAs) 1,832 are insurance agents of Generali Italia 1,401 1,455 with a license to operate also as 1,174 986 Financial A
Slide 28: Insurebanking: Direct Insurebanking Just Started
2 INSUREBANKING: DIRECT INSUREBANKING JUST STARTED FRAMEWORK AGREEMENT WITH ALLEANZA SIGNED Alleanza Assicurazioni is 100% controlled by Generali Italia. It has a proprietary direct network made up of 400 agencies and 10,000 insurance consultants serving 1.9 million clients in Italy July 17, October
Slide 29: Closing Remarks
CLOSING REMARKS Key messages On 26 June 2025, the Board of Directors approved the 2026-2028 Strategic Plan, developed on a stand-alone basis A cornerstone of the 2026-2028 Strategic Plan is the partnership established with Generali Group for the development of a new collaboration in the insurebankin
Slide 30: Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks Annex and sustai
Slide 31: Focus on BG Fund Management Luxembourg
FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML) DEEP DIVE ON LUX ASSETS BG FML - Assets by SICAV €\bn BG FML – Total Assets €\bn +4.6% 23.3 23.1 22.1 Institutional Fund 11.4 11.0 11.1 23.3 -0.7% 23.1 Classes 22.1 0.2 0.2 0.2 Retail Fund Retail fund classes 3.9 3.6 11.1 11.9 11.9 3.7 Classes at 52% o
Slide 32: Focus on AUC Assets
FOCUS ON AUC ASSETS LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS AUC Assets by Product Mix1 €\bn Key Features 29.7 27.5 27.8 13% 12% 12% €3.8bn bonds due to expire within 1 year 25% 77% of bonds carrying unrealized capital gains3 23% 24% Only 4% of total AUC invested in structured products (certific
Slide 33: Focus on Financial Assets
FOCUS ON FINANCIAL ASSETS HIGH QUALITY OF ASSET MIX IMPROVED FURTHER Focus on Financial Assets (Banking Book) Total PTF Classification Bond PTF Classification Financial assets are high quality and well 4% diversified: Equity & Italy Govt Bonds Alternative - More than 99% of the bond portfolio is 33%
Slide 34: Focus on Loan Book
FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK Total Assets and Interest Bearing Assets €\bn Focus on Loan Book (Banking Book) 1H25 Credit Book €\bn Lending Quality % 16.8 17.6 0.7 14.7 1.4 0.5 1.7 Financial Assets 1.0 2.3 2.3 2.1 Loans to Clients 1.8 99.3 Loans to Banks & 11.3 12.1 Other Assets 10.2 Lin
Slide 35: Focus on Financial Advisory Network (1/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (1/2) SIZE OF THE NETWORK AND KEY FEATURES No. of FAs # Key highlights 2,353 2,386 2,260 <35 2,162 2,204 2,087 Age 35-50 2,040 ~55 1,985 1,936 >50 1,841 1,715 1,645 Male Gender Female 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Headline FA retentio
Slide 36: Focus on Financial Advisory Network (2/2)
FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY Average Assets per FA €\m 1 Banca Generali Assoreti 43.7 44.3 40.6 39.2 37.3 35.1 32.8 28.8 29.0 29.5 25.8 25.8 26.4 24.3 24.0 22.2 23.1 21.2 19.7 18.0 17.9 18.4 15.7 15.8 15.9 14.2 14.6 12.9 13.6 11.2 11.9 11.6
Slide 37: Focus on Clients
FOCUS ON CLIENTS TREND AND KEY FEATURES Total No. of Clients ‘000 Breakdown by Cluster of Clients 367 367k €105.8bn1 359 349 342 0.6% 332 10.4% 27.6% 312 28.2% 299 >5m 290 500k-5m 279 44.1% 100-500k 263 <100k 249 60.8% 243 22.2% 6.1% No.of Clients AUM (bn/€) Private Banking Assets2: €75.9bn Private
Slide 38: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 39: Banca Generali in a Nutshell
39 BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS One of the fastest-growing asset gatherers in Europe1 and #3 player in the Private Banking space in Italy2 Capital-light business model, leveraging on a Network of 2,386 Financial Advisors ranked at the top of the industry3 by quality and productivity
Slide 40: Banca Generali's Ambitions
40 BANCA GENERALI’S AMBITIONS MISSION, VISION AND PURPOSE Vision To be the No. 1 private bank, unique by Value of Service, Innovation and Sustainability Banca Generali’s dynamism - The fastest growing1 company in Italy over last 10 years with a unique business model centered around a wealth manageme
Slide 41: Banca Generali's Key Milestones
41 BANCA GENERALI’S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY Total Client Assets €\bn Administered assets Managed assets 2023 2013 Launch of New strategic BG Suisse positioning 2020 Private Bank 2019 Partnership with Conio Acquisition of Nextam Partners 103.8 2017 (AM boutique) Partnership wi
Slide 42: Banca Generali's Market Shares
BANCA GENERALI’S MARKET SHARES BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS Reference Segment Banca Generali’s Market Share 2014 2019 2024 Targetable 1.2% 2.1% 2.6% financial wealth1 Private & HNW 2.1% 3.9% 5.1% financial wealth2 Financial Advisor 12.7% 15.4% 15.7% networks3 NOTES: 1) Ita
Slide 43: Banca Generali's Organization
43 BANCA GENERALI’S ORGANIZATION COMPANY STRUCTURE Company Structure Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali Bank 100% 100% 100% 100% Asset Brokerage Trust Company Bank Management Company 100% Trust Company 43 NOTE: data as of 30 June 2025
Slide 44: Business Model
BUSINESS MODEL FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY Banca Generali’s Business Model Financial Private Banking positioning and Banca Generali’s Advisor 1 DISTRIBUTION best in class distribution network core competitive Client advantage • Banking products • Investment Advisory Wealth manage
Slide 45: BG's FAs at Top Ranking in the Industry
BG’S FAS AT TOP RANKING IN THE INDUSTRY 1 BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY Positioning vs Industry Productivity vs Industry FA networks by total assets per capita: FAs vs Client FA networks by net inflows per capita: FAs vs Clients Banca Generali ranks at the top of FA networks, by: Net
Slide 46: BG Network Architecture
1 BG NETWORK ARCHITECTURE NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRACT Cluster Assets (%) FAs (#) Assets/FA (€\m) Senior Partner Network: Senior Senior Partners 168.6 unique in terms of Partners PTF >€150m 18% 110 Network positioning to consolidate excellence and enhance su
Slide 47: BG Ranking #4 in FA Networks in Italy
47 BG RANKING #4 IN FA NETWORKS IN ITALY 1 STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS Banca Generali - Total Assets (Assoreti)1 €\bn FA Network Sector Ranking (Assoreti) €\bn 2013 2024 102.7 84.6 82.2 91.8 66.8 73.3 41.6 47.5 55.7 57.5 €83.7 €353.82 +128% 29.1 36.6 2013 2014 2015 2016 2017
Slide 48: BG Ranking #3 in Private Banking in Italy
48 BG RANKING #3 IN PRIVATE BANKING IN ITALY 1 SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013 Banca Generali - Private Banking Assets1 €/bn Private Banking Sector Ranking (Magstat2), €/bn 63.7 73.5 2013 2023 58.3 55.3 44.2 49.1 25.1 29.2 35.5 36.3 €101.6 €251.4 +110% 21.3 15.8 2013 2014 2015 201
Slide 49: BG Diversified Client Portfolio
2 BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % Total Assets: 106.5 €/bn 3% 4% 2% 11% 11% 17% 11% AUI: 71.1 €/bn, 23% 67% of total 25% 16% 12% 6% 11% 12% 15% 21% In-house funds Insurance wrappers AUC Equity
Slide 50: Wealth Management Approach
2 WEALTH MANAGEMENT APPROACH SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS Partnerships with Leading Service Providers Corporate Advisory Real-estate Advisory Advanced Advisory Model Art & Passion Advisory Family Protection & Planning PARTNER LAW FIRMS An Advanced Advisory model to address finan
Slide 51: Training Support
3 TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL Physical Location Training Platform A space dedicated to classroom training A single channel dedicated to FAs for Financial Advisors, as well as a venue training for representation/events 51
Slide 52: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 53: Key Strategic Projects
KEY STRATEGIC PROJECTS AMBITIONS AT WORK Data-driven Bank Continue to build a data-driven, digital and open bank International expansion Accelerate business expansion in Switzerland Intermonte integration Further enhance Banca Generali’s distinctive value proposition Sustainability Be the ESG refere
Slide 54: Data-Driven Bank (1/2)
DATA-DRIVEN BANK (1/2) DATA DRIVEN BANK MAIN HIGHLIGHTS DATA-DRIVEN Unrivalled source of direct data collection for financial companies amid growing BANK market regulation (GDPR/AI Act) State-of-the-art data architecture in cloud (AWS) with reference to data collection, data governance and data mana
Slide 55: BG Home & Digital Tools (2/2)
BG HOME & DIGITAL TOOLS (2/2) DATA DRIVEN BANK EMPOWERING CONSULTANTS THROUGH INTEGRATED PLATFORMS Advisory, simulation and position keeping Tools to support advanced consulting, portfolio BG Home construction and operational management (BGPA, It represents the new digital home of the FEP, BGPP) Con
Slide 56: Expansion in Switzerland (1/3)
56 EXPANSION IN SWITZERLAND (1/3) INTERNATIONAL EXPANSION MAIN HIGHLIGHTS Large targetable market estimated at ~140 €\bn, of which: - 80 €\bn1 represented by potential assets referring to Italian clients INTERNATIONAL - 60 €\bn1 represented by targetable assets to be managed onshore in Switzerland E
Slide 57: BG Suisse Private Bank (2/3)
BG SUISSE PRIVATE BANK (2/3) INTERNATIONAL EXPANSION TARGET MARKETS AND MODEL CLIENTS MANAGED CLIENTS MANAGED IN SWITZERLAND IN ITALY ➢ Onshore clients in Ticino ➢ BG clients with need for diversification in ➢ Onshore clients in the rest of Switzerland terms of booking centers Target ➢ BG clients an
Slide 58: BG Suisse Private Bank (3/3)
BG SUISSE PRIVATE BANK (3/3) INTERNATIONAL EXPANSION FINANCIAL KPIS CH operations KPI Ta r g e t 2024 €1.4bn Total Assets o/w booking center: €0.3bn €\bn o/w managed and advisory: €1.1bn 2025 €2.0-2.5bn Total Assets by year-end €\bn New Recruits of New 20-30 private bankers Swiss Bankers in BG Suiss
Slide 59: Intermonte Integration (1/5)
INTERMONTE INTEGRATION (1/5) INTERMONTE MAIN HIGHLIGHTS Intermonte is an independent Brokerage Company (SIM) with >30 years of experience in the Italian market and a focus on the small/mid caps It mainly operates in two areas, supported by an Equity Research team: • Negotiation, Trading and Derivati
Slide 60: Intermonte Integration (2/5)
INTERMONTE INTEGRATION (2/5) INTERMONTE STRATEGIC & FINANCIAL RATIONALE The transaction aims at internalizing market-recognized capabilities and proven track records that would be difficult to replicate in-house in order to enhance and differentiate BG’s network positioning Compelling strategic Attr
Slide 61: Compelling Integration Benefits (3/5)
COMPELLING INTEGRATION BENEFITS (3/5) INTERMONTE BROKERAGE & MARKET MAKING Business Opportunities Leveraging on trading expertise and dedicated Research and Advisory Activity around Equities, ETFs, Derivatives Brokerage & Internalizing margins on Banca Generali’s negotiation flows (i.e. market-makin
Slide 62: Compelling Integration Benefits (4/5)
COMPELLING INTEGRATION BENEFITS (4/5) INTERMONTE STRUCTURED PRODUCTS Business Opportunities Leveraging Intermonte’s derivatives desk to internalize the derivative component of structured products Further push on enriching the offer with advice and brokerage of structured products Structured Products
Slide 63: Compelling Integration Benefits (5/5)
COMPELLING INTEGRATION BENEFITS (5/5) INTERMONTE INVESTMENT BANKING Business Opportunities Further differentiating Banca Generali’s proposition to attract senior FA profiles, expanding the proposition for entrepreneur-clients and approaching new client segments Capturing a client segment (entreprene
Slide 64: Sustainability (1/7)
SUSTAINABILITY (1/7) SUSTAINABILITY MAIN HIGHLIGHTS First year application of Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD) New double materiality analysis identified 9 material topics reflecting Banca Generali’s ESG priorities Su
Slide 65: New Sustainability Reporting (2/7)
NEW SUSTAINABILITY REPORTING (2/7) SUSTAINABILITY RESULTS OF DOUBLE MATERIALITY ANALYSIS Environmental Social Governance Dislosures Disclosures Disclosures Material topics Material topics Material topics Enhancement of Human Capital: Corruption and bribery Climate change mitigation working condition
Slide 66: New Sustainability Reporting (3/7)
NEW SUSTAINABILITY REPORTING (3/7) SUSTAINABILITY ENVIRONMENTAL DISCLOSURES Most Relevant Topics • Climate Transition Plan approved at the beginning of 2025, with interim and long-term decarbonisation levers and targets to be reached by 2030 and 2040: • Investments: Environmental • Coal phase-out by
Slide 67: New Sustainability Reporting (4/7)
NEW SUSTAINABILITY REPORTING (4/7) SUSTAINABILITY SOCIAL DISCLOSURES Most Relevant Topics • Development of human capital: • Employees - 70,749 training hours provided in 2024 (+7% compared to 2023) with a focus on regulation, cybersecurity, innovation, AI and digital skills (Microsoft Copilot Edge)
Slide 68: New Sustainability Reporting (5/7)
NEW SUSTAINABILITY REPORTING (5/7) SUSTAINABILITY GOVERNANCE DISCLOSURES Most Relevant Topics • Banca Generali aims at actively contributing to economic and social development based on respect for human rights, professional ethics and business transparency • Within this context, anti-corruption and
Slide 69: New Sustainability Reporting (6/7)
NEW SUSTAINABILITY REPORTING (6/7) SUSTAINABILITY ENTITY-SPECIFIC DISCLOSURES Most Relevant Topics • Wealth protection linked to: i) quality of products, designed also to best manage the Entity-specific generational wealth transfer, ii) service innovation, thanks to the development of advanced Discl
Slide 70: ESG Ratings (7/7)
ESG RATINGS (7/7) SUSTAINABILITY TRENDS & MAIN IMPROVEMENTS Key ratings Main take-aways • In 2024, Banca Generali received a rating of A (on a scale of AAA- MSCI Scores CCC) in the MSCI ESG Ratings assessment On a scale from CCC to AAA • Banca Generali SpA received an ESG Risk Rating of 8.73 (Neglig
Slide 71: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 1H 2025 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks Annex and sustai
Slide 72: Total Italian Household Wealth at a Glance
TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE Italian Household Net Wealth €\tn 2024-27E 10Y CAGR CAGR +1.6% +2.2% 12.6 Italian Household Wealth, one of the 11.7 largest in Europe 10.0 10.1 4.3 3.9 2024 Financial Wealth at €6.0 trillion 2.9 3.3 2.1 o/w €3.9 trillion regarded as 2.1 1.4 1.4 Targetable F
Slide 73: Total Addressable Market (1/3)
TOTAL ADDRESSABLE MARKET (1/3) BY CLIENT SEGMENTATION Total Addressable Market (TAM) by cluster of clients €\tn 2024-27E 10Y CAGR CAGR +2.9% +3.3% Private & HNW households wealth 4.3 expected to remain the fastest- 3.9 0.6 growing segment (+4.8% 2024-27E 3.3 0.5 CAGR) 2.9 0.3 1.1 0.3 1.0 0.8 Aging p
Slide 74: Total Addressable Market (2/3)
TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX Total Addressable Market (TAM) by product mix €\tn 2024-27E 10Y CAGR CAGR +2.9% +3.3% Still inefficient household asset 4.3 3.9 allocation with large cash holdings 3.3 1.2 1.0 Increased market volatility and 2.9 product complexity expected to 0.9 0.6 0.9
Slide 75: Total Addressable Market (3/3)
TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL Total Addressable Market (TAM) by distribution channel €\tn 2024-27E +2.9% 10Y CAGR +3.3% CAGR Financial Advisors expected to further gain market share over traditional 4.3 banking industry 3.9 3.3 0.2 Financial Advisors proved as better 2.9 0.1
Slide 76: 2025 Upcoming Events
2025 UPCOMING EVENTS Su Mo NOVEMBER Tu We Th Fr Sa Investor Relations Contacts 1 9M 2025 Results Giuliana Pagliari 2 3 4 5 6 7 8 Investor Relations Manager 9 10 11 12 13 14 15 Conference Call Phone +39 02 408 26548 16 17 18 19 20 21 22 Mobile +39 331 65 30 620 23 24 25 26 27 28 29 30 E-mail: giulian
Slide 77: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a