9M 2025 Investors Presentation

Investor Presentation

9M 2025 RESULTS

7 November 2025

To be the No. 1 private bank, unique by value of service, innovation and sustainability

To be the No. 1

private bank, unique by value of service, innovation and sustainability

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

9M 2025 RESULTS: EXECUTIVE SUMMARY Consistent improvement in results across all lines

• Recurring net profit at €274m (+7% YoY), well positioned for future growth

• Reported net profit at €315m (-7% YoY), challenging comparison almost recovered

• Capital and liquidity ratios, robust with CET1/TCR ratio at 17.4%/19.4% and LCR at 328%

  Solid commercial activity despite challenges linked to Mediobanca's bid

• Total Assets at €110bn (+9% YoY), new high in Banca Generali's history

• Total net inflows at €4.4bn, in line with guidelines set for the year

• October net inflows at €1.2bn (>2x YoY), highlighting strong product mix

  Three priorities to reinforce our long-term growth trajectory

• Core business, focus on AI, FA network empowerment and in-house asset management expansion

• Intermonte, strengthening private banking and tapping new growth areas

• Alleanza, a win-win deal to expand assets and revenues

3

NET PROFIT

RELENTLESS GROWTH IN RECURRING NET PROFIT

99.1 110.3 89.9 114.5

Recurring Net Profit1

€m

256.7

273.8

86.2 87.0 89.4 97.5

9M 2025 net profit at

€315m, supported by strong 3Q results despite usual seasonality

9M 2025 recurring net profit at €274m (+7% YoY), a new high for the period with solid operating trend across all business lines

9M24 9M25 3Q24 1Q25 2Q25 3Q25

Variable Net Profit

€m

81.9

40.8

12.9 23.3 0.5 17.0

9M 2025 variable net profit at €41m (-50% YoY) due to lower market-related fees

9M24 9M25 3Q24 1Q25 2Q25 3Q25

4 NOTE: 1) Recurring net profit computed net of variable fees, trading gains and one-offs

Net Profit

€m

338.6

314.6

NET FINANCIAL INCOME

SOLID PERFORMANCE IN A CONTEXT OF FALLING MARKET RATES

Net Financial Income €m

247.9 262.9

81.2 88.0 89.0 85.9

1.4 8.6 6.6 4.8

79.3 82.4 81.0

9M 2025 Net Financial Income at €263m (+6% YoY) despite the decrease in market rates

9M 2025 NII at €243m (+2%

YoY) supported by higher volumes offsetting decreasing interest rates

9M24 9M25 3Q24 1Q25 2Q25 3Q25

Net Interest Income Trading gains and others

9M 2025 trading gains and others2 at €20m, doubled YoY thanks to Intermonte's market

Total NFI Yield1

Total NIM Yield1

2.38% 2.24%

2.27% 2.07%

2.33%

2.29%

2.32%

2.10%

2.25% 2.15%

2.08% 2.02%

making activity (€9.9m)

5

NOTES: 1) Calculated on average Interest-bearing Assets/Liabilities; 2) Including Banca Generali's ordinary trading activity on banking book, forex and dividends and Intermonte's

selected activities from 'sales and trading' and 'global markets'

TOTAL GROSS FEES

TOTAL GROSS FEES UP WITH HIGH-QUALITY MIX

Total Gross Fees

€m

Gross Recurring Fees

894.2 904.5

285.7

313.0 279.6 311.9

9M 2025 total gross fees at €905m (+1% YoY) with recurring fees accounting for 92% of total (86% in 9M 2024)

9M 2025 gross recurring

257.5278.6 271.6 282.6 9M24 9M25 3Q24 1Q25 2Q25 3Q25

122.2

fees at €833bn (+8% YoY) thanks to an acceleration in 3Q25 overcoming the usual seasonality

Variable Fees

71.7

28.2

34.4

8.0 29.3

9M 2025 variable fees at

€72m (-41% YoY) on a tough YoY comparison

Total Gross Recurring

9M24 9M25

3Q24 1Q25 2Q25 3Q25

LUX IM assets at/close to HWM amounted to

~€12.5bn2 as of 30 Oct.

Fees on Total avg.

Assets

1.06% 1.05% 1.03%

1.08%

1.04% 1.03%

2025

6 NOTES: 1) Including Intermonte's fees for €24.1m in 9M25; 2) Fund performance <3% from HWM (retail and institutional subfunds)

GROSS RECURRING FEES (1/2)

ACCELERATION DRIVEN BY ASSET GROWTH

Investment Fees €m

Management Fees

+7.3%

Advisory Fees

673.5 721.5

37.8 40.7

635.7 680.8

+5.0%

229.6 240.4 234.7 246.4

13.0 13.3 13.5 13.8

216.6 227.1 221.2 232.6

9M 2025 investment fees at €721m (+7% YoY) driven by AUI expansion (+8% YoY)

9M24 9M25 3Q24 1Q25 2Q25 3Q25

Avg. Investment Assets1 €bn

66.8

+8.3%

+8.3%

+3.9%

9M 2025 management fees3 at €681m (+7% YoY, +6% LfL)

x Average AUI Average AUM

65.4

59.5 64.4

60.8

69.7

72.4

70.5

64.1 63.3 65.7

representing 94% of total investment fees

Investment Fees

9M24 9M25 3Q24 1Q25 2Q25 3Q25

9M 2025 management fee margin at 1.41% in line with 1.40%-1.42%

on avg. AUI 1.37%

Management Fees

on avg. AUM2 1.42%

1.36%

1.41%

1.37%

1.42%

1.38% 1.35%

1.44% 1.40%

1.35%

1.40%

guidance

7

NOTES: 1) Net of double counting; 2) Fee margin based on average AUM (managed solutions + traditional life policies) on an annualized basis; 3) Including €7.1m for a change of

contract on investment mandates previously accounted as banking fees

GROSS RECURRING FEES (2/2)

ROBUST TREND OUTPERFORMING SEASONALITY

Other Fees €m

Entry Fees

Brokerage Commissions

Banking Fees

98.5

111.3

27.9 38.2 36.9 36.2

6.4 6.7 7.5 8.0

9M 2025 entry fees at

€33.8m (-11% YoY), with a stronger 3Q contribution than last year

33.8

37.9

12.6

19.5

9M 2025 brokerage fees

9M24 9M25

Avg. Total Assets €bn

97.3 106.1

8.9 12.5 9.9 11.4

3Q24 1Q25 2Q25 3Q25

+3.5%

100.0 104.8 105.0 108.6

at €55.4m (+32% YoY)

boosted by Intermonte (€10.8m) on top of a solid organic growth (+6% LfL)

9M 2025 banking fees1

at €22.1m (+19% YoY)

boosted by Intermonte

(€13.0m) offsetting

Other Fees on

9M24 9M25 3Q24 1Q25 2Q25 3Q25

perimeter changes and new pricing on banking products

Total avg. Assets

0.13%

0.14%

0.11%

0.15%

0.14% 0.13%

8 NOTE: 1) Net of €7.1m for a change of contract on investment mandates now accounted as management fees

TOTAL PAYOUT RATIO ON FEES

PAYOUT IN LINE WITH OUR GUIDELINES

Total Fee Expenses

€m

418.7

444.8

137.8 150.4 146.6 147.8

o/w Fee Expenses on NII1

10.3

6.5

3.3

2.6

2.1

1.8

9M 2025 total payout at 52.6%, slightly lower than last year on lower

o/w Payout to FAs, ordinary

46.7% 46.6%

46.0% 47.1% 47.0% 45.7%

ordinary payout

o/w Payout to FAs, cost of growth

36.2%

0.2%

35.6%

35.7%

36.0%

35.9%

35.0%

9M 2025 fee expenses on NII at €6.5m (-36% YoY) aligned with interest rate decline

o/w Payout to Third Parties

52.9% 52.6% 52.3% 53.1% 53.2% 51.7%

Total Payout Ratio2

(excl. Payout on NII)

6.2% 6.0% 6.3% 6.0% 6.2% 6.0%

9M24 9M25 3Q24 1Q25 2Q25 3Q25

9M 2025 payout to third parties decreased thanks to lower retrocessions on advisory to third-parties

9 NOTES: 1) Fee expenses paid to FAs related to NII; 2) Fee expenses paid to FAs as a percentage of recurring fees

OPERATING COSTS (1/2)

COSTS INCLUDE NEW INITIATIVES WITH POSITIVE IMPACT STARTING IN 2026

Total Operating Costs €m

9M 2025 total operating

Intermonte

Non Core Items

Sales Personnel

210.5

5.5

252.6

6.8

15.6

26.3

203.9

73.9

82.6 81.8 88.2

costs1 at €253m including Intermonte (+7.5% LfL)

Non core items at

Core Operating Costs

3.4 1.5 1.4 3.9

€6.8m of which advisory

5.8 5.5 8.5

5.2 8.5

4.8

9.3

commissions and set-up

64.7 67.1

70.1

costs for strategic

9M24 9M25

Core Operating Costs2 - LfL €m

+ 8.4%

Depreciation

188.1 203.9

3Q24 1Q25 2Q25 3Q25

+8.5%

projects representing

~60% of total

9M 2025 core operating costs at

€204m (+8.4% YoY)

Staff Costs

29.5

32.0

driven by higher staff and IT costs related to

G&A

81.8 87.6

64.7 67.1 66.7 70.1

AI projects and

76.8 84.3

27.4 10.1

29.6

10.5

28.7

10.7

29.2

10.9

Insurbanking

27.2 27.0 27.3 30.0

9M24 9M25 3Q24 1Q25 2Q25 3Q25

10

NOTES: LfL = Excluding change in perimeter related to Intermonte's acquisition; 1) Including Intermonte's operating costs (€26.3m); 2) Core operating costs have been restated to

include BG Suisse among the different lines (vs. previous separated representation). Intermonte has been excluded on a LfL basis

OPERATING COSTS (2/2)

COST RATIO SLIGHTLY UP, MOSTLY DUE TO NEW PERIMETER

Operating Costs / Total Assets Cost / Income Ratio

0.40%

0.37%

0.33% 0.33%

0.31%0.30%

0.28%

0.31%0.30%

0.28%

0.31%

52.8%

55.8% 54.7%

45.9%

46.9% 47.3%

44.6%

43.0%

40.8%

0.27%

37.4%

42.1%

40.7%

36.0% 36.8%

31.1%

40.1% 35.1%

34.9%

35.6% 37.7%

35.5%

35.0%

30.0%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25

Impact from Intermonte

Reported Cost/Income Adjusted Cost/Income 1

Adjusted Cost/Income ex. Intermonte1

11 NOTE: 1) Excluding performance fees and one-off items

SUMMING UP

Comments

9M 2025 operating profit excl. performance fees at €398m (+2%), supported by higher Net Financial Income (+6%), recurring fees (+10%) partly offset by higher costs linked to the speed-up of several strategic projects and change in perimeter

9M 2025 non operating charges3 at

€54m (-10% YoY) thanks to lower regulatory contribution to banking and insurance funds and stabilization of discount rate on actuarial funds

9M 2025 recurring net profit at a new record high level (+6.7% YoY,

+5.1% YoY LfL)

12

NOTES: 1) 9M 2024 provisions adjusted for contribution to insurance funds; 2) Recurring net profit computed net of variable fees, trading gains and one-offs; 3) Provisions, fair-value adjustments, contribution to banking funds and gains/losses from disposal of equity investments

To be the No.1 private bank, unique by value of service, innovation and sustainability

To be the No. 1

private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

BALANCE SHEET - TOTAL LIABILITIES & EQUITY

GROWING RETAIL DEPOSIT BASE

Total Liabilities & Equity: Volumes and Yields €bn

Total Deposits

Client Deposits 1

Other Deposits 2

Deposits from

Banks 3

15.6

0.9 0.7

17.6 17.8

1.3 1.3

0.8

9M 2025 total deposits4

at €15.4bn (+15% YoY,

Other Liabilities

11.8

13.4

12.8

15.0

13.3

15.4

+3% QoQ) mostly

represented by client

deposits

Equity ex. AT1

0.7 0.15

1.2 1.0 1.4

9M 2025 average cost of

1.3

AT1

Cost of Funding

o/w Cost of Client Deposits

o/w Cost of Deposits fro Banks & Institutions

9M24 1H25 9M25

funding decreased (-39bps

YoY, -6bps QoQ) tracking

market rates

14

NOTES: 1) Including €0.5bn promotional repos for retail clients in 9M25 (€0.2bn at 1H25); 2) Referring to debts vs FAs, IFRS16-related liabilities, captive deposits from Generali Group and margins on derivatives; 3) Including repos to financial institutions (Euronext clearing) for €0.8bn at 9M25 (from €0.9bn at 1H25)

BALANCE SHEET - TOTAL ASSETS

HIGHER FINANCIAL ASSETS AND LOANS TO CLIENTS

Total Assets & Interest Bearing Assets: Volumes and Yields €bn

Interest Bearing Assets Financial Assets Loans to Clients

Loans to Banks & Other Assets

15.6

1.5

2.1

14.2

17.6 17.8

1.5

2.3

1.4

16.0

16.3

9M 2025 interest bearing assets at €16.3bn (+2% QoQ), mainly high-quality

Other Assets

10.6

12.2

12.6

financial assets (77%) and secured client loans (14%)

Yield on Interest

Bearing Assets

o/w Loans to Banks & Other Assets

o/w Loans to Clients o/w Financial Assets

15

9M24 1H25 9M25

9M 2025 yield on interest bearing assets sustained by resilient yields on financial assets

CAPITAL AND LIQUIDITY RATIOS

CAPITAL STRENGTH CONFIRMED

Total Capital Ratio % Leverage Ratio %

CET1 AT1

19.0%

1.2% 17.8%

24.4%

2.4%

22.0%

19.4%

2.0% 17.4%

5.4%

5.9%

5.6%

9M 2025 capital ratios robust despite the impact of CRR3 (-3.8 ppts YTD) and Intermonte's first-time consolidation (-2.3 ppts YTD), partly offset by higher net profit and other positive items (+1.1 ppt YTD).

2023 2024 9M25

2023 2024 9M25

Dividend provision aligned

with current policy (83% of

Liquidity Coverage Ratio % Net Stable Funding Ratio %

9M 2025 net profit)

335% 332% 328%

2023 2024 9M25

233% 235%

214%

2023 2024 9M25

Both CET1 and TCR well

above 2025 SREP

requirements (8.7% and

13.2%)

Leverage ratio at 5.6% well above the 3% threshold

16

To be the No.1 private bank, unique by value of service, innovation and sustainability

To be the No. 1

private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Key Projects and Closing Remarks

Annex

TOTAL ASSETS (1/2)

PASSING THE €110 BILLION THRESHOLD

Total Assets €bn Total Assets (by Fee Category1) €bn

101.0 103.8 110.1

11.1 11.9

66.4

63.9

9M24 2024 9M25

o/w Assets under Advanced Advisory €bn

10.4 10.8 11.5

0.8

9M24 2024 9M25

AUM AUC Banking Assets

101.0 103.8 110.1

70.2

73.2

9M24 2024 9M25

Other Assets (Other Fees)

Assets under Investment (Investment Fees) Assets under Investment / Total Assets 67.0% 67.6% 66.5%

9M 2025 Total Assets at new high of €110.1bn (+9% YoY)

9M 2025 Assets under Investment at €73.2bn (+8% YoY) with a spike in 3Q 2025 (+3% QoQ)

9M 2025 other assets at

€36.9bn (+11% YoY) driven by AUC supported by the positive performance of both bonds and equities in the period

18 NOTE: 1) Assets and advisory net of double counting

TOTAL ASSETS (2/2)

CONFIRMING INCREASING INTEREST IN IN-HOUSE MANAGED PRODUCTS

AUM Products €bn o/w Managed Solutions - Wrappers €bn

61.5 63.9 66.4

49.0

50.6

Insurance Wrappers

Financial Wrappers

23.3 24.8 25.6

12.7

12.1

9M24 2024 9M25

9M 2025 AUM products at

€66.4bn (+8% YoY) driven by growing demand for financial managed products:

• Financial wrappers (+11%)

• In-house funds (+9%)

9M24 2024 9M25

Traditional Life Policies Managed Solutions1

o/w Managed Solutions - Funds €bn

9M 2025 Wrapper solutions at €25.6bn (+10% YoY) growing above average

Managed Solutions / Total Assets

46.5% 47.2% 46.0%

Wrappers / Managed Solutions

49.6% 50.6% 50.5%

Third-party Funds

In-house Funds

23.7 24.2 25.0

11.9

11.4

9M24 2024 9M25

driven by financial lines

9M 2025 in-house funds at

~50% of total retail fund assets (+2 p.p. YoY) thanks to compelling strategies

19 NOTE: 1) Managed Solutions = In-house SICAV + Third-party Retail funds/SICAVs + Financial Wrappers + Insurance Wrappers

NET INFLOWS (1/2)

SOLID VOLUMES IN A CHALLENGING CONTEXT

Total Net Inflows (by Fee Category1) €bn Focus on AUI Net Inflows €bn

4.3 4.7 4.4

0.9

2.0 2.1

0.5

9M 2025 Total Net Inflows at €4.4bn, in line with target despite headwinds linked to Mediobanca's exchange tender offer2

2.1

2.0

9M23 9M24 9M25

Other Assets (Other Fees)

Assets under Investment (Investment Fees)

Assets under Investment / Total Net Inflows

9M23 9M24 9M25

AUM

AUC & Banking under Advisory

AUM / AUI Net Inflows

9M 2025 AUI Net Inflows at €2.1bn - equal to 47% of total - confirming a growing interest towards investment solutions

20.4% 42.9% 47.2% n.m. 73.1% 88.0%

20 NOTES: 1) Assets and advisory net of double counting; 2) Mediobanca's voluntary exchange offer on Banca Generali lasted from 28 April 2025 to 21 August 2025

NET INFLOWS (2/2)

NORMALIZATION OF THE QUALITY AND MIX OF THE INFLOWS

AUM Products €bn o/w Managed Solutions - Wrappers €bn

1.5

1.8

Insurance Wrappers

Financial Wrappers

0.6

1.3

0.2

0.8

9M 2025 AUM products at €1.8bn (+23% YoY) showing

- more diversified product mix

-0.4

9M23 9M24 9M25

o/w Managed Solutions - Funds €bn

0.2

• solid demand for in-house solutions (financial wrappers and in-house funds)

• normalization in

9M23 9M24 9M25

Traditional Life Policies Managed Solutions 1

Third-party

Funds

In-house Funds

0.3

0.4

insurance from prior underexposure

9M23 9M24 9M25

21 NOTE: 1) Managed Solutions = In-house SICAV + Third-party Retail funds/SICAVs + Financial Wrappers + Insurance Wrappers

NET INFLOWS BY ACQUISITION CHANNEL

RECRUITMENT STEADILY RECOVERING

Net Inflows by Acquisition Channel €bn Recruitment by Acquisition Channel #

4.3 4.7 4.4

3.6

3.5

3.5

133

85

122

9M 2025 new recruits at 122 professionals (41 in 3Q25), showing signs of trend normalization after headwinds linked to Mediobanca's offer

9M23 9M24 9M25

Net Recruitment (FAs In/Out) Existing Network 1

9M23 9M24 9M25

FAs without Remuneration Package & Junior FAs From Retail & Private Banks

From FA Networks

22 NOTE: 1) Financial Advisors within the Bank excluding new recruits of the year and year-1

NET INFLOWS: OCTOBER UPDATE

STRONG DELIVERY

Net Inflows Breakdown by

Fee Category1 €bn

5.2 5.6

Breakdown of Assets under

Investment €bn

2.9

2.5

1.8

Strong results in October (€1.18bn) driven by a normalization in business trend after the M&A-induced soft data in both 2Q-3Q 2025

Positive contribution from

January -October 2024

January -October 2025

0.1

January -October 2024

January -October 2025

Switzerland thanks to high-profile recruiting through the acquisition of Aequitum (a Swiss external asset manager)

Other Assets

Assets under Investment

Assets under Investment / Total Net Inflows

47.8% 51.6%

AUC & Banking under Advanced Advisory Managed solutions

Traditional Life Policies

Results driven by

managed products as well as strong subscription of BTP Valore placement

23 NOTE: 1) Assets and advisory net of double counting

To be the No. 1 private bank, unique by value of service, innovation and sustainability

To be the No. 1

private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results Balance Sheet & Capital Ratios Net Inflows, Assets and Recruiting

Annex

INTRODUCTION

KEY STRATEGIC DRIVERS

BG CORE BUSINESS

INTERMONTE

ALLEANZA

The Bank is focusing on strengthening its core business through three strategic directives:

• Targeting initiatives aimed at enhancing Financial Advisors' Network

• Expanding Banca Generali Asset Management capabilities and footprint

• Making AI a core part of everything we do, driving excellence across the entire organization

  The acquisition of Intermonte empowers:

• Our Financial Advisors to broaden the range of services offered to our valued and loyal entrepreneur clients, establishing a truly unique positioning for the bank in the market

• The bank to enhance its capital markets capabilities, broadening its product portfolio and

  internalizing a greater share of the value chain

  The first strategic step of the Insurbanking partnership with Generali is focused on expanding the bank's client base in the affluent segment by leveraging:

• The outstanding quality of one of Italy's top-performing insurance distribution channels

• BG's product and service offering, providing access to banking solutions and advanced investment opportunities for a broader audience

25

To be the No. 1 private bank, unique by value of service, innovation and sustainability

To be the No. 1

private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Annex

Key Projects and Closing Remarks

▪

▪

▪

▪

▪

Introduction

BG Core Business Intermonte Alleanza

Closing remarks

1. FA Network

2. Asset Management

3. Artificial Intelligence

Next-Gen

Empower the Network to thrive by embracing generational diversity and fostering new talent

FAs Recruitment1, #

Over 45 y/o 40-45 y/o Under 40 y/o

149

133

123

98

122

78

16 55

39

63

10

50

60

49 73

26

25

50

75

13

60

17

106

173

2021 2022 2023 2024 9M25

Next-Gen Share on Total Recruitments, %

29%

41%

49%

43%

60%

In addition to recruitment, BG is launching a strategic program dedicated to its young

advisors, with a focus on organization, steering and advanced training to accelerate their professional growth and contribution to results

BG Team2

Enhance and evolve the team model to maximize effectiveness and foster cross-functional collaboration and knowledge sharing

Total Team Assets Trend, €bn

24.1

14.3

8.3

2.6

4.3

2021 2022 2023 2024 9M25

Number of Teams, #

29

55

87

139

212

The ongoing growth in numbers will be further reinforced by introducing hyper-personalization within Team agreements, a development to support different models of collaboration with Generali distribution

Network Specialty Verticals

Leverage Network specializations to

increase quality of services and loyalty

Financial Planner Agents (FPAs)

Total Assets Trend, €bn

1.8

1.4

1.4

2.2 2.4

2021 2022 2023 2024 9M25

Headcount, #

73

74

85

106

109

Other vertical initiatives, in addition to the next generation priority, include:

• Ongoing expansion of the Sustainable Advisor line (over 200 FAs, characterized by more gender and age diversity)

• Develop Network's IB specialization

27

Data as of 30.09.2025; NOTES: 1) Recruits both with / without entry bonus incentives; 2) Historical data reconstructed only for the 212 teams currently active; Including individual assets

FA NETWORK

NEW GENERATIONS, TEAM MODEL AND VERTICAL SPECIALIZATIONS

Grow Luxembourg Platform

Launch Irish Platform

a Lift BGFML Share in Retail Funds

b Raise Clients' Equity Exposure

c Enter Active ETFs

1. Onboard third-party flagship

   strategies to the Lux IM platform

2. Broaden industrial advisory with

thematic in-house strategies

BGFML Penetration on BG Retail Funds, %

58%

58%

55% 56% 56%

54%

51%

50%

195

47

BGFML Third-party

1. Equity Step-In: phased allocation into equities

   Brownfield project through a small acquisition:

   1. Build a proprietary active ETF / active-indexing range

      • Capture structural ETF market growth

      • Internalize margins on >€5bn of current client exposure (AUC + AUM)

   2. Diversify manufacturing in Ireland

      • Asset management-friendly hub

      • Regulator with deep ETF expertise

      • Faster time-to-market

2. Maturity-Protected Equity: capital

   protection at maturity

   Two Strategies Live, Strong Early Traction

   Cumulated net inflows, first 10 days1, €m

   49%

   50%

   42%	42%	45% 44% 44% 46%
   2018	2019	2020 2021	2022 2023	2024	9M25

   1 2 3 4 5 6 7 8 9 10

   28

   NOTE: 1) Starting date: 13 October

   
   
   ASSET MANAGEMENT

   STRATEGIC PRIORITIES

   2

ARTIFICIAL INTELLIGENCE (1/2)

29

Cultural Shift Strategic Initiatives

Cultural transformation to embed AI across the organization:

30

ARTIFICIAL INTELLIGENCE (2/2)

DRIVING CULTURAL TRANSFORMATION AND PROJECT DEVELOPMENT THROUGH THREE INITIATIVES