Bper Banca S.p.a. · MIL:BPE
Bper Banca — Q4 2025 Earnings Presentation
39 slides from Bper Banca's earnings presentation, Feb 5, 2026
Slide 1: 4Q25 & FY25 Results Presentation
4Q25 & FY25 Results Presentation MILAN | FEBRUARY 5TH | 2026
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: Successful business growth with a relentless integration strategy
Successful business growth with a relentless integration strategy from regional roots to leading domestic franchise A leading banking and A unique platform across all Outstanding shareholders’ wealth management player customer segments(2) remuneration(4) ~€551 bn ~58% Customer Loans & TFAs(1) ~11% (
Slide 5: Outstanding Net Profit evolution to boost Dividend distribution
Outstanding Net Profit evolution to boost Dividend distribution BPER excl. BPSO BPER incl. BPSO €1,532 m of cumulative distributed Dividends €1,368 m of proposed cash Dividends in 2021-2024 for 2025 (o/w €196 m paid in Nov-25) 60.6% of which 33.8% BPER, excl. 31.4% BPSO, €1,781 m ~75% 2,100 17.8% Di
Slide 6: Total Revenues at €6.6 bn and Net Profit adjusted at €2.1 bn, including BPSO
Total Revenues at €6.6 bn and Net Profit adjusted at €2.1 bn, including BPSO FY25Key Financial Highlights(1) FY25 Net Profit Adj. at €2.1 bn Record Net Profit excluding BPSO Adj. at €1.8 bn (+26.6% FY/FY) Total Revenues Net Profit Adj. €6.6 bn €2.1 bn o.w. BPER excl. BPSO €5.7 bn o.w. BPER excl. BPS
Slide 7: FY25 record Net Profit adj., excl. BPSO, at €1.8 bn
FY25 record Net Profit adj., excl. BPSO, at €1.8 bn (+26.6% FY/FY) supported by strong Commissions growth and continued Cost efficiency P&L Key Figures (€m) Net Profit stated vs adjusted (€m) BPER excl. BPSO BPER incl. BPSO BPER excl. BPSO BPER incl. BPSO 621.6 FY25 FY/FY 4Q25 Q/Q Y/Y FY25 4Q25 Q/Q
Slide 8: Strong achievements in FY25 strengthened by 6-month BPSO contribution
Strong achievements in FY25 strengthened by 6-month BPSO contribution BPER excluding BPSO BPER including BPSO Achievements over Achievements over FY24 FY25 Guidance 2025 FY25 Guidance 2025 Total Revenues €5.6 bn €5.7 bn €6.6 bn o.w. Net Inter. Income €3.4 bn €3.3 bn €3.8 bn o.w. Net Comm. Income €2.
Slide 9: 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 9
Slide 10: “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 KEY HIGHLIGHTS Pillar 1 Pillar 2 Pillar 3 Pillar 1 ▪ Continued growth in new lending with an increase of 13.1% FY/FY (€19.6 bn in 2025) ▪ Continued positive evolution of Net Commissions, with a sound
Slide 11: 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 11
Slide 12: Total Revenues up by 2.5% FY/FY, excl. BPSO
Total Revenues up by 2.5% FY/FY, excl. BPSO, mainly thanks to increasing contribution of Net Commissions Total Revenues (quarterly) (€m) KEY HIGHLIGHTS 9.7% 9.8% 9.8% 10.1% 9.5% 9.6% 9.6% 9.5% 9.1% 10.0% 9.0% 1,800.0 BPER EXCLUDING BPSO 1,495.3 Total Revenues 1,600.0 1,361.2 1,396.9 1,371.0 1,445.6
Slide 13: Resilient NII performance in 4Q25, excl. BPSO
Resilient NII performance in 4Q25, excl. BPSO NII (quarterly) (€m) KEY HIGHLIGHTS -2.1% Y/Y 1,111.0 BPER EXCLUDING BPSO 1,078.3 Net Interest Income 843.6 838.9 840.8 853.7 835.7 NII 811.9 814.1 806.8 (€m) ▪ FY25 NII stood at €3.3 bn with a reduction of 3.2% FY/FY better than expected ▪ 4Q25 NII up a
Slide 14: Net Commission Income up by 5.0% FY/FY, excl. BPSO, ahead of Business Plan target
Net Commission Income up by 5.0% FY/FY, excl. BPSO, ahead of Business Plan target Net Commission Income(1) (quarterly) (€m) KEY HIGHLIGHTS +2.3% Y/Y BPER EXCLUDING BPSO 695.7 Net Commission Income 646.2 Net Commission Income 555.8 568.3 (€m) 541.1 522.4 529.0 ▪ FY25 Net Commission Income up at €2.2
Slide 15: Significant increase in TFAs at €328 bn since the launch of B:Dynamic
Significant increase in TFAs at €328 bn since the launch of “B:Dynamic | Full Value 2027”, at €422 bn including BPSO TFAs (€bn) KEY HIGHLIGHTS +7.0% Y/Y 414.0 422.2 BPER EXCLUDING BPSO 327.7 23.8 24.0 303.5 306.3 303.0 312.3 319.5 Total Financial Assets 298.1 298.7 81.9 21.5 21.7 81.1 ▪ TFAs strongl
Slide 16: Cost efficiency progressing ahead of Business Plan target
Cost efficiency progressing ahead of Business Plan target with Total Costs down by 5.1% FY/FY, excl. BPSO Cost/Income(1) & Total Costs (quarterly) (€m) KEY HIGHLIGHTS -9.2% Y/Y BPER EXCLUDING BPSO Total Costs (€m) Total Costs 52.7% ▪ FY25 Total Costs decreased by 5.1% FY/FY to 50.6% 50.6% -5.1% 47.3
Slide 17: FY25 sound CoR at 34bps, excl. BPSO. NPE Coverage Ratio increased to 57.5%
FY25 sound CoR at 34bps, excl. BPSO. NPE Coverage Ratio increased to 57.5% amongst the highest in Italy LLPs (€m) and CoR(1) (quarterly) (bps) KEY HIGHLIGHTS +9 bps Y/Y 43 BPER EXCLUDING BPSO LLPs (€m) 39 38 37 Cost of Risk (CoR) 35 42 120.0 31 31 ▪ In FY25, CoR at 34bps down by 2bps FY/FY, -2.0% 28
Slide 18: 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 +3.7% Y/Y BPER INCLUDING BPSO Gross NPE Stock 3.0 2.5 2.5 2.5 2.8 ▪ Gross and Net NPE Ratios improved over the 2.3 2.4 2.4 2.3 0.2 0.2 0.1 2.2 0.1 0.2 quarter 0.2 0.1 0.1 0.1 0.8 0.1 0.7 0.6 0.7 0.7 0.6 0.
Slide 19: RWAs down, including BPSO, thanks to Alba Leasing deconsolidation
RWAs down, including BPSO, thanks to Alba Leasing deconsolidation and high-quality lending RWAs(1) (€bn) KEY HIGHLIGHTS 82.4 80.1 55.9 55.6 1.8 53.4 53.4 53.2 54.2 54.6 54.0 1.7 BPER INCLUDING BPSO 1.1 1.1 12.4 2.3 1.1 1.0 1.2 1.0 1.2 13.4 ▪ At the end of Dec-25, RWAs down at €80.1 7.0 7.0 8.1 9.6 9
Slide 20: Strong CET1 Ratio at 14.8%, including BPSO, above FY25 Guidance
Strong CET1 Ratio at 14.8%, including BPSO, above FY25 Guidance Capital evolution KEY HIGHLIGHTS 16.2% 15.1% 14.8% BPER INCLUDING BPSO 15.8% 15.8% 15.8% Capital evolution 15.3% ▪ CET1 Ratio landed at 14.8% at the end of 2025 14.9% thanks to the positive contribution from 494.5 income dynamics and Al
Slide 21: 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: €204.6 bn 15.1 BPER INCLUDING BPSO 36.3 LCR and NSFR Financial Assets at ▪ LCR increased at 172% at the end of Dec-25 11.7 vs 165% at the end of Sep-25 amortised Cost 10.4 Loans Breakdo
Slide 22: Bond portfolio evolution and duration
Bond portfolio evolution and duration Italian Government Bonds (€bn) KEY HIGHLIGHTS +37.6% Y/Y 21.7 BPER INCLUDING BPSO 20.8 Italian Govies 14.8 14.8 15.6 13.6 ▪ Italian Govies stood at €21.7 bn at the end of 10.0 11.3 Dec-25 8.7 8.9 ▪ This portfolio was 50.4% of the Total Bonds outstanding Duration
Slide 23: All Rating Agencies improved credit profile in FY25
All Rating Agencies improved credit profile in FY25 Bond Issued(1) (€bn) Bond Maturities(1) (€bn) KEY HIGHLIGHTS 10.3 BPER INCLUDING BPSO Bond issued and maturities 0.7 ▪ Main wholesale issuances in FY25 include a 3.6 3.8 4.2 €0.5 bn Senior Non-Preferred Bond issued by 0.4 0.9 BPER and a €0.5 bn Cov
Slide 24: 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 24
Slide 25: BPER and BPSO integration activities fully on track to target end-of-April ‘26 merger
BPER and BPSO integration activities fully on track to target end-of-April ‘26 merger KEY ACTIVITIES 23 Workstreams launched ▪ All authorizations received for merger ~€290 m Governance & ▪ Consolidated FY25 financial statements including BPSO Annual synergies Organisation ▪ Group policies alignment
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 FY25, excl. BPSO
Divisional Database in FY25, excl. BPSO Retail Private & Wealth Manag. Corporate Core Revenues(4) €m 3,119 481 1,039 o.w. Net Inter. Income €m 1,766 75 609 o.w. Net Comm. Income €m 1,337 406 402 Wealth Net Comm. Inc.(1)€m 928 Cost/Income(2) 61% 39% 30% Gross Performing Loans €bn 51.4 0.8 36.0 Direct
Slide 29: Final Remarks
Final Remarks Record Net Profit achieved in 2025, proposed Dividend payout ratio at 75% Continued business growth thanks to the banking network commercial strength Asset quality amongst the best in Italy Robust capital with Strong Organic Generation at €2.3 bn in FY25, incl. BPSO “B:Dynamic | Full V
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 FY25 FY24 4Q25 P&L - (€m) Delta FY/FY Delta FY/FY (%) Delta Q/Q (%) Delta Y/Y (%) Stated Stated Stated Net interest income 3,815.2 3,376.9 438.4 13.0% 1,111.0 3.0% 30.1% Net commission income 2,405.4 2,058.4 347.0 16.9% 695.7 7.7% 25.2% Core Income 6,220.6 5,435.3 785.3 14.5% 1,806.6 4.8%
Slide 32: 2024-2025 non-recurring P&L items
2024-2025 non-recurring P&L items Impacts on Impacts on Non-recurring items Tax effects Minorities P&L items Net Profit Capital gain on disposal of 1Q -€150.1 m +€2.1 m -€148.0 m the NPE servicing platform 2Q Costs related to HR actions +€173.8 m -€52.1 m -€0.1 m +€121.6 m 2024 Costs related to HR a
Slide 33: PPA
PPA PPA Summary (€m) BPSO Stake 81.33% Purchase Price(1) [A] 4,424.2 Total equity – Tangible Book value [b] 4,316.3 Δ FV - Assets & Liabilities Δ FV - Financial assets measured at AC 434.8 Δ FV - Equity instruments 234.2 Δ FV - Financial liabilities measured at AC (152.7) Δ FV - Provision for risks
Slide 34: Group Reclassified Balance Sheet
Group Reclassified Balance Sheet Assets (€bn) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Q/Q Y/Y Customer Loans 87.7 89.0 88.9 90.1 89.6 92.7 125.9 128.7 +2.2% +42.8% Securities Portfolio 26.5 26.5 27.7 29.0 30.7 32.0 45.0 45.7 +1.7% +57.4% Interbank Assets(1) 12.6 10.1 10.4 9.4 8.9 8.9 13.2 14.2 +7.5%
Slide 35: Asset Quality Breakdown
Asset Quality Breakdown Gross exposures (€m) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 excl. BPSO 3Q25 incl. BPSO 4Q25 excl. BPSO 4Q25 incl. BPSO Q/Q Combined Y/Y Combined B/D B/D B/D B/D B/D B/D B/D B/D B/D B/D Abs. Chg. Abs. Chg. Non Performing Exposures (NPEs) 2,336 2.6% 2,513 2.8% 2,525 2.8% 2,212 2.4%
Slide 36: Financial Assets: Highlights
Financial Assets: Highlights Bonds PTF Geographical Breakdown (%) Govies Geographical Breakdown (%) Other Germany 6.6% 4.7% Other Spain 20.6% 5.3% France Spain 5.5% 4.4% Germany Italy 6.2% 56.7% Italy France 77.9% 12.1% Bonds PTF Maturities (1) (€bn) Italian Govies Maturities (1) (€bn) 25.2 14.0 1.5
Slide 37: 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 92.7 125.9 128.7 103.8 104.4 102.7 104.3 103.8 107.4 147.4 150.8 10.1% 10.1% 10.3% 10.5% 10.5% 10.5% 13.2% 13.8% 13.1% 13.4% 13.8% 13.7% 13.7% 13.7% 1
Slide 38: 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” entities and Impact lending ▪ Approx. €3.9 bn of new ESG lending in ▪
Slide 39: Contacts for Investors and Financial Analysts
Contacts for Investors and Financial Analysts Dummy figures 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