Consolidated Interim Report as of 30th June 2025

Consolidated Interim Report

2025

AT 30 JUNE

Consolidated Interim Report at 30 June 2025

BOARD OF DIRECTORS 29 JULY 2025

This Document has been translated from that issued in Italy, from the Italian into the English language, solely for the convenience of international readers. The Italian version remains the definitive version.

Banca Generali S.p.A. Administrative and control bodies Board of Directors - 29 July 2025

Manager in Charge of Preparing the Company's Financial Reports

Tommaso Di Russo

2 CONSOLIDATED INTERIM REPORT AT 30.06.2025

BANCA GENERALI S.P.A.

Contents

1. Group Economic and Financial Highlights 5
2. Interim Report on Operations 9

   1. Summary of Half-year Operations 10

   2. Macroeconomic Context 12

   3. Banca Generali's Competitive Positioning 14

   4. Operating Result 19

   5. Balance Sheet and Net Equity Aggregates 35

   6. Performance of Group Companies 51

   7. Related Party Transactions 56

   8. Group's Human Capital and Financial Advisor Network 58

   9. Products and Marketing 67

   10. Auditing 73

   11. Organisation and ICT 75

   12. Main Risks and Uncertainties 81

   13. Outlook for the Second Half of 2025 84

3. Condensed Consolidated Half-year Financial Statements 87

   CONSOLIDATED ACCOUNTING STATEMENTS 88

   Consolidated Balance Sheet 88

   Consolidated Profit and Loss Account 90

   Consolidated Statement of Comprehensive Income 91

   Consolidated Statement of Changes in Equity 92

   Consolidated Cash Flow Statement 94

   NOTES AND COMMENTS 96

   Part A - Accounting Policies 97

   Part B - Information on the Consolidated Balance Sheet 109

   Part C - Information on the Consolidated Profit and Loss Account 137

   Part D - Consolidated Statement of Comprehensive Income 152

   Part E - Information on Consolidated Net Equity 154

   Part F - Business Combinations of Companies or Business Units 156

   Part G - Related Party Transactions 160

   Part H - Segment Reporting 166

4. Attestation to the Condensed Half-Year Financial Statements Pursuant to Article 81-ter of Consob Regulation 11971 Dated 14 May 1999, as Further Amended and Extended 169
5. Independent Auditors' Report 173
6. Annexes 177

1

GROUP ECONOMIC AND FINANCIAL HIGHLIGHTS

Group Economic and Financial Highlights

CONSOLIDATED ECONOMIC AND FINANCIAL HIGHLIGHTS

(€ MILLION) 30.06.2025 30.06.2024 CHANGE %

PERFORMANCE INDICATORS

30.06.2025 30.06.2024 CHANGE %

NET EQUITY

30.06.2025 31.12.2024 CHANGE %

NET PROFIT

(€ million)

OWN FUNDS

(€ million)

-16.4%

-0.4%

239.6

200.2

1,004.2

1,000.4

500

1,000

400

800

300

600

200

400

100

200

0

30.06.2024 30.06.2025

0

31.12.2024 30.06.2025

BANCA GENERALI S.P.A.

NET INFLOWS

(€ MILLION) 30.06.2025 30.06.2024 CHANGE %

TOTAL CLIENT ASSETS

(€ BILLION) 30.06.2025 31.12.2024 CHANGE %

1. For a greater understanding of operating performance, mandatory contributions (of both an ordinary and extraordinary nature) paid to funds for the protection of the banking system (Italian Interbank Deposit Protection Fund, European Single Resolution Fund and Italian National Resolution Fund) and to the insurance system (Guarantee Fund for the insurance sector) have been reclassified from the administrative expenses aggregate to a separate item. The restatement better represents the evolution of the costs linked to the Bank's operating structure by separating them from the systemic charges incurred.

2. The cost/income ratio measures the ratio of operating expenses to net operating income.

3. Ratio of operating expenses, gross of non-recurring components, to period-end exact total client assets within Assoreti's scope and total client assets of BG Valeur, annualised.

4. Ratio of net result to the arithmetic average of net equity, including net profit, at the end of the period and at the end of the previous year.

5. Ratio of net result for the period to period-end exact total client assets within Assoreti's scope and total client assets within the Swiss market, annualised.

6. Total client assets within Assoreti's scope and total client assets within the Swiss market.

NET INFLOWS

(€ million)

TOTAL CLIENT ASSETS

(€ billion)

3,638

3,005

103.8

106.5

10,000

8,000

6,000

4,000

2,000

100

+2.6%

80

60

40

20

-17.4%

0

30.06.2024 30.06.2025

0

31.12.2024 30.06.2025

2

INTERIM REPORT ON OPERATIONS

1. Summary of Half-year Operations

   Banca Generali's consolidated net profit amounted to 200.2 million euros in the first half of 2025 compared to 239.6 million euros for the same period of the previous year. The change was mainly attributable to variable fees linked to financial markets.

   Net of variable fees and of other non-recurring items, recurring net profit grew by +3.4% on an annual basis to 176.3 million euros, accounting for 88% of total net profit compared to 71% for the same period of the previous year. This performance confirms the Bank's ability to increase the recurring - and thus sustainable - component of its results, even in an operating context made more complex by financial market volatility and the uncertainty linked to the Public Voluntary Exchange Offer launched by Mediobanca on 28 April 2025.

   The consolidation scope changed compared to the previous year as a result of the acquisition of Intermonte, following the voluntary tender offer completed on 31 January 2025. Therefore, Inter-monte's balance sheet and profit and loss aggregates were included in the consolidated capital and financial position at 30 June 2025. The financial contribution of the acquisition, referring to the first half of 2025, amounted to 3.2 million euros and had no significant impacts overall on the Banking Group's main operating aggregates. However, an analysis of the most significant impacts on the various items of the Profit and Loss Account is provided below.

   With regard to the Profit and Loss Account, further details are provided on individual items:

   Net banking income stood at 472.7 million euros, down compared to the first half of 2024 (-4.4%). This aggregate changed as a result of the increase in both net financial income (177.0 million euros; +6.2%) and net recurring fees (253.3 million euros; +8.4%), offset by the sharp decline in variable fees, which amounted to 42.4 million euros (-54.8%).

   Operating expenses totalled 164.4 million euros (+20.4% on an annual basis), with a 27.8 million euro increase attributable for approximately 17 million euros to the acquisition of Intermonte Group - net of which the item would have changed only by 7.9% - and for 2.9 million euros to one-off charges.

   Net of these items, core operating expenses amounted to 133.6 million euros on a like-for-like basis, up 8.4%.

   Operating efficiency indicators remained at excellent levels, even taking into account Intermonte Group's component: the ratio of total costs to total assets stood at 31 bps, slightly up compared to 28 bps for the first half of 2024; the cost/income ratio, adjusted for non-recurring items, grew to 37.5% compared to 33.3% for the same period of the previous year.

   Provisions, contributions and charges related to the banking and insurance systems and net adjustments amounted to 36.1 million euros, down compared to 39.5 million euros for the first half of 2024, due to the end of the initial period for the constitution of the deposit protection funds (-9.1 million euros), partly offset by higher charges for adjustments to non-performing loans (+5.4 million euros).

   The change in this item included 11 million euro non-recurring provisions for commercial activities aimed at restoring customers' potential losses resulting from investments made in illiquid assets distributed by the Bank; these provisions however declined slightly compared to the provisions allocated in the first half of 2024.

   Operating profit before taxation was 272.2 million euros, down 46.0 million euros compared to the same period of the previous year (-14.5%).

   At the end of the first half of 2025, total consolidated assets amounted to 17.6 billion euros, increasing by slightly less than 0.8 billion euros (+4.5%) compared to the end of 2024, whereas core loans stood at 16.3 billion euros.

   Total net inflows from banks and customers amounted to 15.0 billion euros, up 3.5% compared to the capital position at year-end 2024, and were made up for just slightly more than 2% (0.4 billion

   euros) of interbank funding.

   The banking book financial assets stood at 12.2 billion euros (+7.4% compared to the end of 2024). Nearly 95% of the assets was invested in bonds with a residual life of 3.7 years and a duration of 1.4 years, of which 48.7% floating-rate securities.

   Exposures composed of loans to customers reached 2.3 billion euros (-0.2% compared to year-end 2024).

   The interbank position, net of the bond component, fell to 1.1 billion euros, dropping significantly compared to the previous year (-20.7%), mainly as a result of the decline in deposits with the ECB (-0.3 billion euros).

   With reference to capital requirements, the Bank confirmed the soundness of its regulatory aggregates. CET1 ratio was 17.7% and Total Capital ratio was 19.7%. As regards data at 30 June 2025, these ratios take into account an impact of approximately 3.9 percentage points due to the new CRR3 framework and of about 1.7 percentage points due to the integration of Intermonte. These ratios were above the specific requirements set by the Bank of Italy for the Group (i.e., CET1 ratio at 8.69% and Total Capital Ratio at 13.19%) for the SREP - Supervisory Review and Evaluation.

   In the first half of 2025, total net inflows amounted to 3.0 billion euros, with a sharp improvement in terms of product component. Net inflows from Assets under Investment stood at 1.6 billion euros in the period, up +12.0% compared to the previous year and accounting for 54% of the total compared to 40% in the first half of 2024.

   Net inflows from Other assets amounted to 1.4 billion euros in the six-month period, driven by demand for assets under administration (1.3 billion euros), albeit declining from the previous years' peaks as a result of the modest contribution of deposits (107 million euros) following the reinvestment of liquidity.

   The Group's total client assets stood at 106.5 billion euros, including the around 0.7 billion euro contribution deriving from the assets managed by the Swiss subsidiaries, and grew by +7.6% on an annual basis.

   In addition, managed assets also included 1.4 billion euros referring to assets under administration of the Generali Group companies, 4.4 billion euros related to BGFML's Sicavs (3.2 billion euros) and third-party funds (1.2 billion euros) underlying institutional portfolio management of Generali Group insurance companies, as well as 0.8 billion euros regarding units of Sicavs distributed directly by BGFML, for an overall total of 113.1 billion euros.

   Assets under Advanced Advisory reached 10.9 billion euros (+6.4% compared to 2024), with a 10.3% ratio to total client assets.

2. Macroeconomic Context

   In the first half of the year, the performance of European and US stock markets diverged significantly. The two main benchmarks - the Eurostoxx 600 and the S&P 500 indices - ended the period at approximately +6.7% and -6.5%, respectively, in euros. The depreciation of the US dollar against the euro contributed significantly to this performance differential. In particular, the euro-dollar exchange rate went from 1.03 to 1.17 in the period, depreciating by approximately 13%.

   After a long period of underperformance, the Eurozone outperformed the United States thanks to more attractive ratings and lower investor confidence in the Trump administration's actions. The US President's April announcement of high tariffs - in the case of China, exceeding 100% - triggered a global stock market sell-off. Over the next few weeks, in light of the negotiations between the United States and its main trade partners, the market fully recouped the losses incurred. In particular, an agreement was reached with the UK and a preliminary agreement was made with China, already partly confirmed by the Chinese government. Another factor that contributed to equity index volatility in the first half of the year was the outbreak of the conflict in the Middle East following Israel's attack against Tehran. However, the news of the conflict was quickly absorbed by the markets as there was no escalation that could lead to the closure of the Strait of Hormuz by the Iranians, which would have caused a surge in oil prices, with negative repercussions in terms of growth and inflation for the major global economies.

   In that scenario, the European Central Bank cut interest rates for the eighth time in a year, bringing its deposit rates to 2%, while the Fed left rates unchanged, mainly due to uncertainty surrounding the evolution of growth and inflation dynamics linked to the entry into force of tariffs. In this context, government bonds underperformed corporate bonds. The latter benefited from attractive absolute yields (around 6% for high-yield bonds) and from volatility that, as in 2024, proved lower than that of government bonds. Despite the turbulences due to the tariff announcement, the macroeconomic scenario remains supportive for lending which continues to benefit from positive technical factors, with demand still very high. In fact, the return on investments in investment-gra-de and high-yield securities allows for absorbing any short-term volatility. Among government bonds, the excellent performance of Italian BTP bonds is worth noting, with the spread against the ten-year German bond falling to 82 bps, demonstrating investors' renewed confidence towards Italy. BTP outperformed government bonds from core Eurozone countries such as France and Germany due to their political uncertainty.

   On the equity front, given the uncertainty stemming from the Trump administration's domestic and foreign policies and compounded by a deterioration in consumer confidence, with a consequent downward revision of growth estimates by the Federal Reserve (from 2.1% to 1.4% for the current year), international investors diversified their portfolios also outside the US. The American market closed the half-year underperforming developed countries and emerging markets in a way not seen for years. The main beneficiary of this capital reallocation was Europe, particularly driven by Ger-many's February announcement of a major stimulus package of approximately 800 billion euros over ten years for rearmament and infrastructure. The banking sector (approximately +34%) and the industrial sector (approximately +18%) were among the best performing industries in the period. The former benefited from record-high profits reported by credit institutions, while the latter from the investments that will be necessary to implement the German fiscal stimulus.

   As regards emerging markets, the Chinese stock market closed the period at about +1.7% in euros, especially thanks to the performance of the technology sector - one of the Chinese government's primary growth targets.

   In terms of currencies, the first half of the year was particularly marked by the weakening of the US dollar against the major global currencies. The dollar lost, respectively, 13% against the euro and about 8% against the Yen, due to greater mistrust on the part of consumers and investors in the American economy. This has encouraged greater geographical investment diversification and a consequent weakening of the US currency.

   During the first half of the year, the Commodity Index Total Return (BCOMTR Index) recorded a performance of approximately -7% in euros, mainly due to the depreciation of the US dollar. The precious metals sector, driven by gold (approximately +25% in euros), was very positive and still supported by constant purchases by the world's main emerging economies, and first and foremost by China, aimed at greater diversification of their foreign investments. Platinum, palladium and silver also rose significantly. More cyclical sectors such as energy and industrial metals were essentially stable as a result of the persistent uncertainty over the evolution of the global economic cycle.

3. Banca Generali's Competitive Positioning

   Banca Generali is a leading Italian distributor of financial products and services for Affluent and Private customers through Financial Advisors. The Group's markets of reference are asset management and distribution through its networks of Financial Advisors.

   1. The asset management market

      The Italian asset management industry closed the first five months of 2025 with net inflows of

      13.1 billion euros, mainly due to net inflows from Italian funds and GP retail solutions. Long-term bond funds recorded significant net inflows, driven by market trends and ongoing high interest rates.

      Assets under management amounted to 1,444 billion euros (net of assets invested in collective management solutions), of which 1,280 billion euros (89%) was invested in Italian and foreign funds and 164 billion euros in retail portfolio management solutions.

      Long-term funds accounted for almost all open-ended funds (91% in May 2025). These funds included the following categories:

      › bond funds (36.4% of total assets or 466.3 billion euros), with +9.2 billion euro net inflows in the first five months of the year;

      › equity funds (30.6% of total assets or 391.8 billion euros), with net outflows of approximately

      -0.9 billion euros;

      › flexible funds (14.0% of total assets or 179.6 billion euros), with net outflows of -0.8 billion euros;

      › balanced funds (9.7% of total assets or 123.6 billion euros), with net outflows of -5.6 billion euros since year-start;

      › hedge funds (0.1% of total assets or 0.8 billion euros), with net inflows of 0.02 billion euros since year-start.

      Money-market funds amounted to 54.8 billion euros (4.3% of total open-ended funds), with net inflows of 5.0 billion euros since year-start. The remaining 4.9% consisted of unclassified funds.

      EVOLUTION OF NET INFLOWS AND ASSETS UNDER MANAGEMENT

      NET INFLOWS ASSETS

      (€ MILLION) MAY 2025 DEC. 2024 DEC. 2023 DEC. 2022 DEC. 2021 MAY 2025 DEC. 2024 DEC. 2023 DEC. 2022 DEC. 2021

      Italian funds	7,283	15,927	5,484	66	5,848	293,004	283,750	250,550	228,259	259,028
      Foreign funds	1,111	-6,750	-26,028	9,272	58,921	986,568	986,921	873,469	846,450	1,004,303
      Total funds	8,394	9,177	-20,544	9,338	64,769	1,279,573	1,270,671	1,124,019	1,074,709	1,263,331
      GP Retail	4,745	9,425	2,030	7,316	12,021	164,400	162,452	156,495	144,428	164,343
      Total	13,139	18,602	-18,514	16,654	76,790	1,443,973	1,433,123	1,280,514	1,219,137	1,427,674

      Source: Assogestioni data.

      THE OPEN-ENDED (UCITS) MARKET IN ITALY (€ BILLION)

      29.6

      0.8

      21.3

      -9.4

      -52.4

      -143.7

      -0.7

      5.7

      -33.4

      1.2

      48.7

      91.5

      94.3

      34.5

      76.7

      0.1

      3.8

      18.9

      64.8

      9.3

      -20.5

      9.2

      8.4

      150

      100

      50

      0

      -50

      100

      150

      2003 2004 2005 2006 2007 2008 2009 2010 2011

      2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

      May 2025

      Source: Assogestioni data.

   2. The Assoreti market

      Net inflows amounted to +25.0 billion euros in the first five months of 2025, with a +5.2 billion euro increase (+26.4%) compared to the same period of the previous year.

      Net inflows from assets under management stood at +10.1 billion euros, up significantly compared to the same period of the previous year. In this segment, the contribution of mutual funds and Sicavs was +7.5 billion euros, whereas that of discretionary mandates was +2.6 billion euros.

      Net inflows from insurance products stood at 4.9 billion euros, confirming the renewed interest towards these solutions compared to the first five months of 2024.

      Net inflows from assets under administration closed on a positive note (+10.1 billion euros), down compared to the particularly good result for the same period of the previous year (-29.2%). This item included +0.8 billion euro net inflows from liquidity and +9.2 billion euro net inflows from assets under custody.

      NET INFLOWS ASSORETI MARKET

      ASSORETI MARKET CHANGE

      (€ MILLION) MAY 2025 YTD MAY 2024 YTD EURO %

      Assets under Management	10,075	4,618	5,456	118.1%
      Insurance products	4,868	957	3,911	408.6%
      Assets under Administration	10,075	14,224	-4,149	-29.2%
      Total	25,018	19,799	5,219	26.4%

      Source: Assoreti.

   3. Banca Generali

      In the first half of 2025, Banca Generali's net inflows amounted to 3.0 billion euros.

      Managed solutions recorded significant net inflows (849 million euros since year-start), driven by demand for financial wrappers (629 million euros since year-start) and in-house funds and Sicavs (202 million euros since year-start), the latter also thanks to the new in-house sub-funds launched to respond to customers' investment needs.

      Demand for traditional life insurance policies was particularly robust, with 662 million euro net inflows, confirming customers' strong interest towards protection; these trends drove the growth of Assets under Investment.

      Assets under administration significantly normalised compared to the previous year: net inflows from AUC & Banking under Advisory amounted to 107 million euros in the reporting period compared to 567 million euros for the previous year (-81.1%). Albeit remaining at excellent levels (1.4 billion euros), Other Assets (Assets under Custody and liquidity) declined sharply compared to

      2.2 billion euros for 2024 (-37%), mainly due to a lower demand for Assets under Custody.

      BANCA GENERALI'S NET INFLOWS

      BG GROUP CHANGES VS 30.06.2024

      (€ MILLION) 30.06.2025 30.06.2024 AMOUNT %

      Assets under Investment	1,618	1,444	174	12.0%
      Managed solutions	849	861	-12	-1.4%
      Funds and Sicavs	202	113	89	78.8%
      Financial wrappers	629	717	-88	-12.3%
      Insurance wrappers	18	31	-13	-41.9%
      Traditional life insurance policies	662	16	646	n.a.
      AUC & Banking under Advisory	107	567	-460	-81.1%
      Other assets	1,387	2,194	-807	-36.8%
      Assets under Custody	1,280	1,951	-671	-34.4%
      Liquidity	107	243	-136	-56.0%
      Total	3,005	3,638	-633	-17.4%

      Note: overall reported figure including the Swiss market.

      BREAKDOWN OF ANNUAL NET INFLOWS (€ MILLION)

      5,020

      5,130

      5,866

      7,685

      5,707

      5,855

      6,648

      3,005

      10,000

      8,000

      6,000

      4,000

      2,000

      0

      -2,000

      480

      1,748

      2,792

      935

      1,864

      2,331

      203

      3,182

      2,481

      5,303

      2,869

      -487

      1,972

      4,549

      -814

      801

      6,221

      -1,167

      341

      2,855

      3,452

      662

      849

      1,494

      June

      2018 2019 2020 2021 2022 2023 2024 2025

      Assets under Administration
      Managed solutions
      Traditional life insurance policies
      
      

      BANCA GENERALI'S TOTAL CLIENT ASSETS (ASSORETI)

      BG GROUP CHANGES VS 31.12.2024

      (€ MILLION) 30.06.2025 31.12.2024 AMOUNT %

      Assets under Investment	70,558	68,469	2,089	3.1%
      Managed solutions	48,545	48,085	460	1.0%
      Funds and Sicavs	24,090	24,182	-92	-0.4%
      Financial wrappers	12,396	11,857	539	4.5%
      Insurance wrappers	12,059	12,046	13	0.1%
      Traditional life insurance policies	15,576	14,914	662	4.4%
      AUC & Banking under Advisory	6,437	5,469	968	17.7%
      Other assets	35,240	34,250	989	2.9%
      Assets under Custody	23,941	22,914	1,028	4.5%
      Liquidity	11,298	11,337	-38	-0.3%
      Total client assets	105,797	102,719	3,078	3.0%

      At 30 June 2025, the Group's AUM (excluding BG Valeur and BG Suisse) amounted to 105.8 billion euros (+3.0%), with managed solutions remaining the main component of its asset mix, accounting for 45.9% of total managed assets. The weight of traditional life insurance policies remained essentially unchanged at 14.7% of the total (14.5% at 31 December 2024).

      Banca Generali's total client assets evolution

      The following tables illustrate the quarterly evolution of Banca Generali's net inflows and total client assets, and provide a breakdown of net inflows by macro-components.

      TOTAL CLIENT ASSETS (€ BILLION)

      41.5

      47.5

      55.7

      57.5

      66.8

      73.3

      84.6

      82.2

      91.8

      102.7

      105.8

      100

      90

      80

      70

      60

      50

      40

      30

      20

      10

      0

      41.7

      25.2

      35.2

      39.7

      27.6

      20.7

      18.5

      14.9

      15.6

      12.8 14.8

      16.3

      14.3

      11.5

      16.5

      15.3

      9.8

      12.5

      14.9

      15.4

      16.5

      14.6

      19.2 21.5 28.0 27.3 31.8 36.2 43.2 39.2 42.3 48.1 48.5

      2015 2016 2017 2018 2019 2020 2021

      2022

      2023

      2024

      June 2025

      Managed solutions
      Traditional life insurance policies
      Assets under Administration
      
      

      EVOLUTION OF TOTAL CLIENT ASSETS AND NET INFLOWS

      95.7 97.9

      99.9 102.7 103.2 105.8

      91.8

      84.6

      76.3 79.4

      81.0

      82.9

      79.9 79.6 82.2

      85.0 87.3 87.8

      73.3

      73.3

      67.1 69.2

      61.1 62.9 65.0

      66.8

      100

      90

      80

      70

      60

      50

      40

      30

      20

      10

      1,411 1,427 938

      1,354 1,494 1,322

      1,249

      1,801

      1,661

      2,134

      1,670

      2,220

      1,460

      1,587

      1,012

      1,648 1,524 1,745

      1,075

      1,511 1,649

      1,989

      1,096

      1,914

      1,476

      1,529

      4,000

      3,500

      3,000

      2,500

      2,000

      1,500

      1,000

      500

      0 0

      1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

      TOTAL ASSETS

      (€ billion)

      Total client assets
      Net inflows
      
      

      NET INFLOWS

      (€ million)

      Considering BG Valeur and BG Suisse as well, at 30 June 2025, the Group's AUM amounted to

      106.5 billion euros, with managed solutions remaining the main component of its asset mix, accounting for 45.9% of total managed assets. The Assets under Investment component, including managed solutions, insurance products and AUC & Banking under Advisory, stood at 71.1 billion euros, up compared to year-end 2024 and accounting for 66.7% of total assets (assets under advisory amounted to 10.9 billion euros at 30 June 2025).

      BG GROUP CHANGES VS 31.12.2024

      (€ MILLION) 30.06.2025 31.12.2024 AMOUNT %

      Assets under Investment	71,077	70,170	907	1.3%
      Managed solutions	48,827	48,956	-129	-0.3%
      Mutual funds and Sicavs	24,090	24,182	-92	-0.4%
      Financial wrappers	12,915	12,728	188	1.5%
      Insurance wrappers	11,822	12,046	-224	-1.9%
      Traditional life insurance policies	15,813	14,914	898	6.0%
      AUC & Banking under Advisory	6,437	6,300	137	2.2%
      Other assets	35,416	33,656	1,760	5.2%
      Assets under Custody	24,103	22,411	1,692	7.6%
      Liquidity	11,313	11,245	67	0.6%
      Total client assets	106,493	103,826	2,666	2.6%

4. Operating Result1

   Banca Generali Group closed the first half of 2025 with consolidated net profit of 200.2 million euros, down compared to the first half of 2024 (-16.4%), largely as a result of the decline in non-recurring net profit (-65.5%), which had surged in the first half of 2024 driven by the recovery of performance fees.

   However, the result for the period benefited from the robust increase in recurring net profit, which stood at 176.3 million euros (+3.4%), mainly driven by higher total assets and the expansion of the Banking Group's consolidation scope.

   CHANGE

   (€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

   Net interest income	161,741	157,539	4,202	2.7%
   Net income (loss) from trading activities and dividends	15,253	9,117	6,136	67.3%
   Net financial income	176,994	166,656	10,338	6.2%
   Recurring fee income	550,221	514,467	35,754	6.9%
   Fee expense	-296,968	-280,814	-16,154	5.8%
   Net recurring fees	253,253	233,653	19,600	8.4%
   Variable fee income	42,436	93,985	-51,549	-54.8%
   Net fees	295,689	327,638	-31,949	-9.8%
   Net banking income	472,683	494,294	-21,611	-4.4%
   Staff expenses	-80,422	-65,236	-15,186	23.3%
   Other general and administrative expenses (net of duty recoveries)	-67,059	-57,362	-9,697	16.9%
   Net adjustments of property, equipment and intangible assets	-22,497	-20,034	-2,463	12.3%
   Other operating expenses/income	5,587	6,048	-461	-7.6%
   Net operating expenses	-164,391	-136,584	-27,807	20.4%
   Operating result	308,292	357,710	-49,418	-13.8%
   Net adjustments to non-performing loans	-4,625	773	-5,398	n.a.
   Net provisions for liabilities and contingencies	-30,026	-30,206	180	-0.6%
   Contributions and charges related to the banking and insurance system	-1,115	-10,192	9,077	-89.1%
   Gains (losses) from equity investments valued at equity	-323	108	-431	n.a.
   Operating profit before taxation	272,203	318,193	-45,990	-14.5%
   Income taxes for the period	-71,504	-78,634	7,130	-9.1%
   Net profit attributable to minority interests	547	-	547	n.a.
   Net profit	200,152	239,559	-39,407	-16.4%
   Recurring net profit	176,321	170,442	5,879	3.4%
   Non-recurring net profit	23,831	69,117	-45,286	-65.5%

   1The following reclassifications have been made in the presentation of the reclassified Consolidated Profit and Loss Account in order to facilitate understanding of operating performance:

   1. reclassification to the net fee aggregate of the provisions for incentives related to sales and recruitment plans; the net provisions aggregate was restated net of these items, amounting to 8.6 million euros in 2025 and 7.3 million euros in 2024;

   2. reclassification to the other general and administrative expenses aggregate of taxes recovered from customers, accounted for among other operating income and expenses and amounting to 58.1 million euros in 2025 and 49.1 million euros in 2024;

   3. reclassification of the costs of the mandatory contributions paid by the Bank, pursuant to the DSGD and BRRD for the protection of the banking system (contributions to the Italian Interbank Deposit Protection Fund, the European Single Resolution Fund and the Italian National Resolution Fund for previous interventions) and to the new Guarantee Fund for the Life Insurance Sector, from the general and administrative expenses aggregate to a separate item not included in the net operating expenses aggregate; this restatement aligns the Bank's disclosure with the most widespread market practices and enables a better presentation of the performance of costs more closely connected to the Bank's operating structure, split from the amount of the systemic costs incurred.

   The consolidation scope changed compared to the previous year as a result of the acquisition of Intermonte Group, following the voluntary tender offer completed on 31 January 2025. Therefore, Intermonte's operating aggregates were included in the consolidated capital and financial position at 30 June 2025, but not in that at 30 June 2024 used for the comparison. The acquisition's financial contribution, referring to the first half of 2025, amounted to 3.2 million euros and had no significant impacts overall on the Banking Group's main operating aggregates. However, an analysis of the most significant impacts on the various items of the Profit and Loss Account is provided below.

   Net banking income amounted to 472.7 million euros, down 4.4% compared to the first half of 2024.

   This item's performance was however influenced by the evolution of variable fees, impacted by market trends (-51.5 million euros), and by the contribution of Intermonte Group's acquisition (+22.0 million euros); net of these components, net banking income rose slightly by 2%.

   More in detail, net banking income changed due to the following components:

   › the increase in net financial income (177.0 million euros; +6.2%), driven by net income from trading activities dividends (7.2 million euros) that benefited from the contribution of Inter-monte's operations and by a slight increase in net interest income (+2.7%), attributable to the rise in trading volumes within a context of declining interest rates;

   › the good performance of gross recurring fees (550.2 million euros; +6.9%), owing to:

   • the rise in investment fees2 (473.4 million euros; +5.9%), driven by the increase in both traditional gross management fees (446.5 million euros; +5.8%) and total assets;

   • the increase in other recurring fees (76.8 million euros; +14.1%), which benefited from the contribution of Intermonte's trading and corporate advisory services (15.8 million euros);

   › the decline in variable fees to 42.4 million euros (-54.8%), penalised by the negative performance in March-April due to the marked macroeconomic and geopolitical uncertainties.

   Operating expenses totalled 164.4 million euros (+20.4% on an annual basis), with a 27.8 million euro increase attributable for approximately 17 million euros to the acquisition of Intermonte Group - net of which the item would have grown by just 7.9% - and for 2.9 million euros to one-off charges.

   Net of these items, core operating expenses3 amounted to 133.6 million euros on a like-for-like basis, up 8.4%. This aggregate also included 7.3 million euro charges generated by the start of operations of BG Suisse (5.8 million euros in 2024), net of which the growth of core expenses would have decreased to 7.3%, in addition to an acceleration of investments in insurebaking projects with Generali Group and in AI projects.

   Operating efficiency indicators remained at excellent levels, even taking into account Intermonte Group's component: the ratio of total costs to total assets stood at 31 bps, up slightly compared to 28 bps for the first half of 2024; the cost/income ratio, adjusted for non-recurring items, grew to 37.5% compared to 33.3% for the same period of the previous year.

   Provisions, contributions and charges related to the banking and insurance systems and net adjustments amounted to 36.1 million euros, down compared to 39.5 million euros for the first half of 2024, due to the end of the initial period for the constitution of the deposit protection funds (-9.1 million euros), partly offset by higher charges for adjustments to non-performing loans (+5.4 million euros).

   2The aggregate of investment fees includes management fees and BG Personal Advisory (BGPA) advisory fees. This definition reflects the new approaches in terms of regulatory provisions.

   3Operating expenses, net of items associated with Intermonte Group (17.0 million euros), of non-recurring items amounting to 2.9 million euros (3.1 million euros in 2024), and of costs related to sales personnel, including BG Suisse's sales personnel, amounting to 10.8 million euros (11.7 million euros in 2024).

   The change in this item included 11 million euro non-recurring provisions for commercial activities aimed at restoring customers' potential losses resulting from investments made in illiquid assets distributed by the Bank; these provisions however declined slightly compared to the provisions allocated in the first half of 2024.

   Operating profit before taxation was 272.2 million euros, down 46.0 million euros compared to the same period of the previous year (-14.5%).

   The tax burden for the period was 71.5 million euros, with an overall tax rate of 26.3%, up compared to 24.7% in 2024, mainly due to the lower contribution of the foreign entities to the Group's result.

   QUARTERLY NET PROFIT (€ MILLION)

   40

   29

   13

   23

   10

   1

   82

   88

   86

   83

   87

   89

   120

   90

   Non-recurring net profit
   
   
   Recurring net profit
   
   

   60

   30

   0

   30

   1Q24 2Q24 3Q24 4Q24

   1Q25 2Q25

   QUARTERLY EVOLUTION OF THE PROFIT AND LOSS ACCOUNT

   (€ THOUSAND) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24

   Net interest income	82,400	79,341	79,760	79,807	78,092	79,447
   Net income (loss) from
   trading activities and	6,623	8,630	10,996	1,423	4,650	4,467
   dividends
   Net financial income	89,023	87,971	90,756	81,230	82,742	83,914
   Recurring fee income	271,562	278,659	269,189	257,516	257,638	256,829
   Fee expense	-146,553	-150,415	-146,407	-137,848	-142,292	-138,522
   Net recurring fees	125,009	128,244	122,782	119,668	115,346	118,307
   Variable fee income	8,048	34,388	44,195	28,207	39,561	54,424
   Net fees	133,057	162,632	166,977	147,875	154,907	172,731
   Net banking income	222,080	250,603	257,733	229,105	237,649	256,645
   Staff expenses	-39,430	-40,992	-35,047	-34,714	-33,045	-32,191
   Other general and administrative expenses	-33,809	-33,250	-43,996	-30,444	-28,901	-28,461
   Net adjustments of
   property, equipment and	-11,474	-11,023	-11,669	-10,440	-10,173	-9,861
   intangible assets
   Other operating income/ expenses	2,944	2,643	7,193	1,685	3,792	2,256
   Net operating expenses	-81,769	-82,622	-83,519	-73,913	-68,327	-68,257
   Operating result	140,311	167,981	174,214	155,192	169,322	188,388
   Net adjustments to non-performing loans	-4,044	-581	913	151	-653	1,426
   Net provisions	-11,390	-18,636	-56,777	-18,847	-11,546	-18,660
   Contributions and charges related to the banking and insurance system	-557	-558	-525	-1,875	158	-10,350
   Gains (losses) from equity investments valued at equity	-169	-154	-652	-214	-43	151
   Operating profit before taxation	124,151	148,052	117,173	134,407	157,238	160,955
   Income taxes for the period	-34,069	-37,435	-24,560	-35,354	-39,646	-38,988
   Net profit attributable to minority interests	225	322	-	-	-	-
   Net profit	89,857	110,295	92,613	99,053	117,592	121,967

   1. Net interest income

      At the end of the first half of 2025, net interest income amounted to 161.7 million euros, slightly up compared to the same period of the previous year (+2.7%), as a result of the expansion of average trading volumes, largely offset by declining interest rates.

      Intermonte Group contributed little more than 0.5 million euros, with no material impact on the aggregate.

      NET INTEREST (€ MILLION)

      118.9

      39.4

      79.4

      120.9

      42.8

      78.1

      120.3

      40.5

      79.8

      122.9

      43.1

      79.8

      114.5

      35.1

      79.3

      112.8

      30.4

      82.4

      120

      100

      80

      60

      40

      20

      0

      1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

      Interest income
      
      
      Interest expense
      
      
      Net interest
      
      

      NET INTEREST INCOME

      CHANGE

      (€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

      Financial assets measured at fair value through profit or loss	250	61	189	n.a.
      Financial assets measured at fair value through other comprehensive income (*)	28,052 139,450	16,881	11,171	66.2%
      Financial assets measured at amortised cost (*)		149,362	-9,912	-6.6%
      Total financial assets	167,752	166,304	1,448	0.9%
      Loans to banks	12,197	9,748	2,449	25.1%
      Loans to the ECB and the Central National Banks	7,215	10,629	-3,414	-32.1%
      Loans to customers	40,114	53,033	-12,919	-24.4%
      Total interest income	227,278	239,714	-12,436	-5.2%
      Due to banks	916	682	234	34.3%
      Repurchase agreements - banks	3,854	4,157	-303	-7.3%
      Due to customers	49,180	57,613	-8,433	-14.6%
      Repurchase agreements - customers	9,617	18,043	-8,426	-46.7%
      Hedging derivatives (macro FVH)	178	-	178	n.a.
      IFRS 16-related financial liabilities	1,792	1,680	112	6.7%
      Total interest expense	65,537	82,175	-16,638	-20.2%
      Net interest income	161,741	157,539	4,202	2.7%

      (*) Including hedging differentials.

      In particular, interest accrued on the debt securities portfolio remained substantially stable (+0.9%), thanks to a nearly 12% expansion of average loan volumes, which offset the decline in yields in line with interest rates.

      The average yield of the bond portfolio stood at just below 300 bps in the reporting period, gradually decreasing compared both to 333 bps for the first half of 2024 and to 330 bps at year-end 2024.

      Interest on loans to customers, most of which are benchmarked on the Euribor, decreased by 24.4% (-12.9 million euros) as a result of lower average interest rates on loans that declined from over 480 bps for the first half of 2024 to slightly more than 350 bps, against a more modest increase in average loan volumes (+4.3%).

      With regard to exposures to banks, interest income fell by -1.0 million euros, despite a significant rise in loan volumes compared to the first half of 2024 (+43%). Within this context, transactions with the ECB, namely overnight deposits and minimum reserve4, generated 7.2 million euro net interest, down compared to the first half of 2024.

      The cost of funding, net of IFRS 16-related charges, dropped from 80.5 million euros at the end of the first half of 2024 to 63.7 million euros (-20.8%), chiefly as a result of the decline in interest on repurchase agreement transactions with banks and customers (-8.7 million euros; -39.3%), attributable to the reduction in very short-term Treasury transactions with Cassa di Compensazione e Garanzia S.p.A., and in interests accrued on customers' deposits and current accounts (-8.4 million euros) benchmarked on Euribor. The latter has decreased (-14.6%) as of the second quarter of 2025, despite an increase of over 16% in average loan volumes.

   2. Net income from trading activities and dividends

      Net income from trading activities and dividends is composed of the net income on financial assets and liabilities held for trading and other assets measured at fair value through profit or loss, realised gains and losses from the disposal of financial assets measured at fair value through other comprehensive income and financial assets measured at amortised cost, dividends and any gain or loss on hedging.

      NET RESULT OF FINANCIAL OPERATIONS (€ MILLION)

      4.5

      4.7

      1.4

      11.0

      8.6

      6.6

      15

      12

      9

      6

      3

      0

      1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

      At the end of the first half of 2025, this item was positive for 15.3 million euros, of which 4.5 million euros referring to Intermonte's trading operations focused on market making activities and trading on its own account.

      4As of the reserve maintenance period starting in September 2024, the ECB stopped remuneration of deposits linked to the minimum reserve.

      NET RESULT OF FINANCIAL OPERATIONS

      CHANGE

      (€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

      Dividends and income on equity securities and UCITS	4,091	1,309	2,782	n.a.
      Trading of financial assets and equity derivatives	3,710	-29	3,739	n.a.
      Trading of financial assets and derivatives on debt securities and interest rates	1,627 -1,715	130	1,497	n.a.
      Trading of financial liabilities		-	-1,715	n.a.
      Trading of UCITS units	788	-17	805	n.a.
      Securities transactions	4,410	84	4,326	n.a.
      Currency and currency derivative transactions	4,520	3,499	1,021	29.2%
      Net income (loss) from trading activities	8,930	3,583	5,347	149.2%
      Equity securities and UCITS	-4,531	1,666	-6,197	n.a.
      Debt securities	-65	56	-121	n.a.
      Financial Advisors' policies and other financial assets	7	259	-252	-97.3%
      Net income (loss) on assets measured at fair value through profit and loss	-4,589	1,981	-6,570	-n.a.
      Net income (loss) from hedging	-668	437	-1,105	n.a.
      Debt securities	7,489	1,807	5,682	n.a.
      Gains (losses) on disposal of HTC and HTCS debt securities	7,489	1,807	5,682	n.a.
      Net result of financial operations	15,253	9,117	6,136	67.3%

      Net income from trading activities amounted to 8.9 million euros, as a consequence of the above-mentioned Intermonte's contribution and, to a lower extent, of the higher contribution of currency transactions.

      Net income of assets mandatorily measured at fair value through profit or loss contributed a negative 4.6 million euros, markedly reversing the trend of the same period of 2024 (+2.0 million euros), chiefly attributable to the fair value valuation of the important investment in the Forward Fund, which reported -4.5 million euro capital losses in 2025 compared to 2.3 million euro capital gains in the first half of 2024.

      The treasury management of debt securities allocated to the HTCS and HTC portfolios recorded

      7.5 million euro gains on disposals for the period (mostly attributable to the turnover of the HTC portfolio).

      Net income from hedging contributed a negative 0.7 million euros, due to the early unwinding of some asset swap transactions.

   3. Fee income

      Fee income totalled 592.7 million euros, slightly down compared to the same period of 2024 (-2.6%), due to the decrease in variable fees (-51.5 million euros; -54.8%) attributable to market volatility that largely exceeded offset the rise in recurring fees (+35.7 million euros; +6.9%).

      In this regard, Intermonte Group's contribution to the recurring fee aggregate in the first half of 2025 amounted to approximately 15.9 million euros, mostly referring to other banking services (trading and advisory services).

      CHANGE

      (€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

      Management fees	446,547	422,255	24,292	5.8%
      BGPA advisory fees	26,847	24,852	1,995	8.0%
      Recurring investment fees	473,394	447,107	26,287	5.9%
      Underwriting fees	22,414	28,989	-6,575	-22.7%
      Fees for other services	54,413	38,371	16,042	41.8%
      Other recurring fees	76,827	67,360	9,467	14.1%
      Total recurring fees	550,221	514,467	35,754	6.9%
      Performance fees	42,436	93,985	-51,549	-54.8%
      Total fee income	592,657	608,452	-15,795	-2.6%

      The aggregate of investment fees includes both management fees5and BG Personal Advisory (BGPA) advisory fees and amounted to 473.4 million euros, up compared to the same period of the previous year (+5.9%), thanks to the increase in management fees (+24.3 million euros; +5.8%). The latter benefited from the rise in average assets managed compared to the first half of 2024 (+9.4%6).

      Income from BG Personal Advisory (BGPA) advisory fees amounted to 26.8 million euros (+8.0%) thanks to the increase in assets under advanced advisory, which totalled 10.9 billion euros overall (+6.4% compared to the first half of 2024; +0.6% since year-start), accounting for 10.3% of total client assets.

      Underwriting fees declined markedly (-22.7%), impacting the placement of both certificates

      (-4.2 million euros; -24.3%) and UCITS (-1.7 million euros; -20.7%).

      Fees for other services, of a banking and financial nature, net of BGPA advisory fees, grew by 41.8%, also thanks to the above-mentioned Intermonte's contribution.

      BREAKDOWN OF FEE INCOME (€ MILLION)

      36

      54

      32

      40

      26

      28

      30

      44

      39

      34

      38

      8

      221

      226

      231

      239

      240

      234

      300

      250

      200

      150

      100

      50

      0

      1Q24 2Q24 3Q24 4Q24

      1Q25 2Q25

      Investment fees
      
      
      Performance fees
      
      
      Other recurring fees
      
      

      5The aggregate includes 3.0 million euros (3.2 million euros in 2024) for management fees related to institutional portfolio management in service of assets underlying the technical provisions of hybrid insurance policies of the Alleanza and Toro insurance companies, previously accounted for under other banking services. This restatement aimed at reflecting the evolution of the service provided by advisory and portfolio management activities, as part of the new strategic partnership agreements entered into in April 2025 with the Italian insurance companies of Generali Group.

      6Data referring to the yearly change in average total client assets related to managed solutions, including Swiss assets, institutional insurance portfolio management and assets managed directly by BGFML.

      Fee income from the solicitation of investment and asset management reached 511.4 million euros and, net of the aforementioned decline in the non-recurring component, reported a positive performance compared to the previous year (+3.9%).

      ASSET MANAGEMENT FEE INCOME

      CHANGE

      (€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

      1. Collective portfolio management	225,585	264,751	-39,166	-14.8%
      2. Individual portfolio management	74,839	65,181	9,658	14.8%
      - of which: institutional insurance portfolio management	2,998	3,223	-225	-7.0%
      Fees for portfolio management	300,424	329,932	-29,508	-8.9%
      1. Placement of UCITS	71,799	73,631	-1,832	-2.5%
      2. Placement of bonds and equity securities	16,532	21,560	-5,028	-23.3%
      3. Distribution of third-party portfolio management products (GPM/GPF, pension funds)	954	728	226	31.0%
      4. Distribution of third-party insurance products	121,460	119,169	2,291	1.9%
      5. Distribution of other third-party financial products	229	209	20	9.6%
      Fees for the placement and distribution of financial services	210,974	215,297	-4,323	-2.0%
      Asset management fee income	511,398	545,229	-33,831	-6.2%

      With reference to the Sicavs promoted by the Banking Group, management fees - net of the effect of non-recurring performance components - grew by 7.3%, mainly as a result of the increase in average assets managed compared to the first half of 2024 (+7.9%).

      Overall, at the end of the reporting period, assets managed by BGFML amounted to 23.1 billion euros, of which 12.0 billion euros referring to placements with retail customers, and decreased slightly by 0.7% compared to the end of 2024 as a result of market volatility.

      The individual portfolio management aggregate, net of insurance management products, continued to report excellent results both in terms of both net inflows and profitability, with income increasing by 15.9% driven by a 17.7% rise in average assets compared to the first half of 2024.

      In the first half of 2025, the placement of third-party UCITS remained essentially stable (+2.4%), whereas the certificate placement activity declined sharply (-24.3%), offset by the substantial resilience of bond placements.

      Fee income from distribution of insurance products recovered slightly compared to the first half of 2024 (+1.9%), but continued to be penalised by the significant incidence of low-profit traditional products, after the surge reported in the fourth quarter of 2024.

      Fee income for other banking and financial services, net of BGPA advisory fees, stood at

      54.4 million euros, mainly owing to the contribution of Intermonte's operations (15.8 million euros), consisting of fees for trading (8.2 million euros) and advisory fees (7.6 million euros).

      FEE INCOME FOR OTHER SERVICES

      CHANGE

      (€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

      BG Personal Advisory fees and other advanced advisory fees (BGIA, etc.)	26,847	24,852	1,995	8.0%
      Fees for advisory on investments and on Intermonte's financial structure	7,648 1,736	-	7,648	n.a.
      Management fees for Generali Group's unit-linked products		1,575	161	10.2%
      Total	36,231	26,427	9,804	37.1%
      Fees for trading of securities and custody	38,557	29,293	9,264	31.6%
      Fees for collection and payment services	1,669	1,836	-167	-9.1%
      Fee income and account-keeping expenses	1,874	2,915	-1,041	-35.7%
      Fees for other services	2,929	2,752	177	6.4%
      Fees for banking services	81,260	63,223	18,037	28.5%
      Total fee income for other services	54,413	38,371	16,042	41.8%

   4. Fee expense

Fee expense, including fee provisions7, amounted to 297.0 million euros, up 16.2 million euros compared to the first half of 2024 (+5.8%), of which approximately 1.7 million euros attributable to the acquisition of Intermonte Group.

Net of fees paid back on net interest income8, the Bank's ratio of total payout to total fee income (net of performance fees) was 53.1%, in line with 53.2% for the first half of 2024.

FEE EXPENSE

CHANGE

(€ THOUSAND) 30.06.2025 30.06.2024 AMOUNT %

Fee expense for off-premises offer paid to the BG Network amounted to 263.6 million euros (+5.9%) as a result of the increased ordinary payout (+6.0 million euros), driven by management fees (+8.0 million euros) and fees for other services (+2.0 million euros), which included fees for trading and advisory fees, but penalised by the decline in underwriting fees (-4.6 million euros).

The increase in extraordinary payout (+16.1%) was attributable to the significant progress of organic growth (+17.9%) and, to a lower extent, to the remuneration of the recruitment activity (+14.0%).

7In order to ensure a better understanding of operating performance, in the reclassified consolidated Profit and Loss Account the provisions for incentives related to sales and recruitment plans have been reclassified within the net fee aggregate. As a result, net provisions were restated net of these items for an amount of 8.6 million euros for 2025 and 7.3 million euros for 2024.

8The numerator of the total payout ratio does not include 4.8 million euro fee expense, which was paid back to the BG Network, calculated on the basis of net interest income (7.1 million euros for the first half of 2024). At 30 June 2025, the ratio of said fees to net interest income was 3.0%.