Risultati Finanziari Preliminari 2025 - Investor Presentation

Investor Presentation

Preliminary

FY 2025 RESULTS

11 February 2026

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

PRELIMINARY FY 2025 RESULTS

HIGH QUALITY RESULTS IN A WATERSHED YEAR

Financial results: new all-time high driven by high quality and sustainability

• Net Profit at €446m (+3% YoY), thanks to recurring profit growing to €362m (+7% YoY)

• Total Assets at €113bn (+9% YoY), with total AUI over €75bn (+8% YoY)

• Capital and Liquidity ratios robust with CET1/TCR ratio at 17.1/18.9% and LCR at 337%

Commercial expansion: 4Q25 acceleration with the conclusion of M&A headwinds

• Total net inflows at €6.8bn, above 2024 levels

• Total net inflows in AUI at €4.0bn, driven by in-house products (financial wrappers and funds)

• Network expansion with senior recruits at 108 (o/w 34 in 4Q25) and FAs at 2,405 (+2% YoY)

Solid remuneration confirmed and positive 2026 outlook

• DPS proposal to the BoD (accounting view) at €2.9 per share

• 2026 business outlook, focused on organic growth and Intermonte/Insurbanking development plans

• 2026 commercial ambition, above 2025 levels for both total net inflows and AUI

3

NET PROFIT

HIGHEST LEVEL EVER ON BOTH REPORTED AND RECURRING BASIS

Reported Net Profit - Yearly Trend €m

323.1

326.1

445.8

272.1 274.9

203.6

204.1

213.0

27.2

155.9

180.1

70.7

75.0

153.8

148.6

320.3

5.8

FY 2025 reported net profit

at €446m (+3% YoY), powered by a stronger recurring component at

€362m (+7% YoY), benefitting from the expansion in business side and stable profitability

4Q 2025 reported net profit

at €131m (+42% YoY) steadily driven by the healthy contribution of the recurring component (€89m, +7% YoY) including €39m positive one-off related to tax refund2

431.2

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Recurring Net Profit 1

Variable Net Profit Tax One-off

4

NOTES: 1) Recurring net profit computed net of variable fees, trading gains and one-offs; 2) Recovery of IRAP taxes on dividends paid before year 2025 as for judgment No. 599 of August 1, 2025, of the EU Court of Justice

NET FINANCIAL INCOME

A FURTHER HIKE IN NII COUPLED WITH POSITIVE TRADING AT INTERMONTE

FY 2025 Net Financial

Income at €356m (+5% YoY) boosted by a further uptick in NII and Intermonte's contribution on trading

FY 2025 NII at €325m (+2%

YoY) supported by higher volumes offsetting decreasing interest rates

FY 2025 trading gains and

others2 at €31m (+42% YoY) including Intermonte's market making activity (€16m)

Net Financial Income €m

21.5

30.5

317.1

325.0

338.6

355.5

11.0

79.8

8.6

79.3

6.6

82.4

4.8

81.0

10.4

82.2

90.8 88.0 89.0 85.9 92.7

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

2.40%

2.25%

2.15%

2.32%

Net Interest Income

Trading gains and others

Total NIM Yield1

Total NFI Yield1

2.23%

2.45%

2.20%

2.04%

2.15%

1.95%

2.24%

2.08%

2.02%

2.10%

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

HEALTHY INCREASE HIGHLIGHTING POSITIVE BUSINESS MOMENTUM

FY 2025 total gross fees

at €1.2bn (+3% YoY) with recurring fees (+9% YoY) more than offsetting the drop in variable fees and underscoring a solid business performance

FY 2025 gross recurring

fees at €1.1bn (+9% YoY,

+6% LfL) driven by volume expansion and product diversification

FY 2025 variable fees at

€115m (-31% YoY), with a solid contribution in 4Q

1,207.6

1,245.7

313.0

279.6

311.9

313.4

341.2

Total Gross Fees

€m

Gross Recurring Fees

1,041.2 1,130.9

269.2 278.6 271.6 282.6 298.1

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

166.4

114.8

44.2

34.4

8.0

29.3

43.0

Variable Fees

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

1.06%

1.05%

1.05%

1.04%

1.03%

1.08%

1.05%

Total Gross Recurring Fees on Total avg.

Assets

6 NOTE: 1) Including Intermonte's fees for €31m in FY25

GROSS RECURRING FEES (1/2)

ACCELERATION OF INVESTMENT FEES DRIVEN BY VOLUME EXPANSION

Investment Fees €m

Management Fees Advisory Fees

51.0

54.8

859.8

921.5

910.8 976.3

+7.4%

+3.4%

FY 2025 investment fees

at €976m (+7% YoY) driven

237.2 240.4 234.7 246.4 254.8

224.1

227.1

221.2

232.6

240.6

13.1 13.3 13.5 13.8 14.2

by solid asset expansion

(+8% YoY)

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

Avg. Investment Assets1 €bn

+8.4%

Average AUI

Average AUM

FY 2025 management

fees3 at €921m (+7% YoY,

+7% LfL) representing 94% of total investment fees

FY 2025 management fee margin at 1.41% (-2bps YoY) in line with long-term guidance (1.40%-1.42%)

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 €9.5m (o/w €2.4m in 4Q) for

a change of contract on investment mandates previously accounted as banking fees

GROSS RECURRING FEES (2/2)

POSITIVE TREND FURTHER ENHANCED BY INTERMONTE

Other Fees €m

Entry Fees

Brokerage Commissions

Banking Fees

130.4

154.7

31.9 38.2 36.9 36.2 43.3

15.9

19.0

16.8

19.7

5.5 6.7 7.5 8.0 7.0

10.5 12.5 9.9 11.4 16.6

FY 2025 entry fees at €50m

(+4% YoY) driven by certificates (€1.4bn, +6% YoY) and other placements (€0.9bn +38% YoY)

FY 2025 brokerage fees

at €75m (+30% YoY, +6%

50.4

48.5

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

Avg. Total Assets €bn

+3.4%

98.5 107.7 102.2 104.8 105.0 108.6 112.3

LfL) with Intermonte

contributing €14m

FY 2025 banking fees1 at

€29m (+21% YoY)

including Intermonte

(€17m), change of contract

0.13%

Other Fees on Total avg. Assets

2024 2025

4Q24 1Q25 2Q25 3Q25 4Q25

on investment mandates and new pricing on current accounts

0.15%

0.12%

0.14%

0.15%

0.14%

0.13%

8 NOTE: 1) Net of €9.5m for a change of contract on investment mandates now accounted as management fees

TOTAL FEE EXPENSES

PAYOUT RATIO FULLY IN LINE WITH LONG TERM GUIDELINES

565.1

146.4

150.4

146.6

147.8

600.9

FY 2025 total fees at

€601m (+6% YoY)

confirming guidelines

FY 2025 total payout

at 52.3%, in line with

long term guidance

FY 2025 fee expenses

on NII at €9m (-37% YoY) tracking trend in interest rates

156.1

Total Fee Expenses

€m

1.8

2.1

2.6

4.2

9.2

14.5

2.6

o/w Fee Expenses on NII1

o/w Payout to FAs,

ordinary

o/w Payout to FAs, cost of growth

o/w One-off Items

46.7% 46.3%

47.0% 47.1% 47.0% 45.7% 45.7%

o/w Payout to Third Parties

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

6.1% 6.0% 5.8% 6.0% 6.2% 6.0% 5.8%

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

Total Payout Ratio2

(excl. Payout on NII)

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)

AFFECTED BY ONE-OFF ITEMS AND PERIMETER CHANGE

Total Operating Costs €m

Change in perimeter

Non-Core Items Sales Personnel

26.0

3.6

294.0

83.5

82.6

81.8

88.2

361.2

108.7

72.6

3.6

5.5

-1.9

5.51.5

8.5

1.4

3.9

4

.8

6.7

5

.3

12.0

5.2

15.5 15.1 18.0 24.0

FY 2025 total operating costs of €361m (+23% YoY) linked to:

1. change in perimeter;

2. spike of non-core items

FY 2025 non-core items at

€13m, driven by €11m (o/w

€6m booked in 4Q) for

Core Operating

Costs1

o/w spike in IT

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

4.9

268.0 288.6

projects to increase internal efficiency, Mediobanca's tender offer related expenses and new business initiatives2

FY 2025 core operating

infrastructure, data and AI-related projects

79.9

67.1 66.7 70.1

84.7

costs at €289m (+8%

1.2

1.2

1.2

1.4

YoY) including ~€5m YoY due to acceleration of IT infrastructure, AI and data related projects

2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25

10 NOTES: 1) Core operating costs have been restated to include BG Suisse; 2) Insurbanking and Intermonte

OPERATING COSTS (2/2)

TEMPORARY UPTICK IN COST RATIOS

Operating Costs / Total Assets Cost / Income Ratio

0.37%

52.8%

55.8% 54.7%

45.9%

46.9% 47.3%

44.6%

43.0%

40.8%

39.0%

0.33% 0.33% 0.31%0.30%

0.31%0.30%

0.28%

0.28%

0.32%

0.28%

37.4%

42.1%

40.7%

36.0% 36.8%

31.1%

40.1% 35.1%

34.9%

35.6%

30.0%

36.8%

36.1%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Impact from change in perimeter

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

FY 2025 operating profit excluding performance fees at €524m (+1% YoY) with higher net financial income (+5%) and net recurring fees (+11%) offsetting the decline in performance fees (-31%)

FY 2025 total non operating charges3 decreased to €105m (-10% YoY) thanks to lower regulatory contribution to banking and insurance funds (-74% YoY) and lower provisions4 (-9% YoY).

Non-operating result also included

€39m positive one-off item for the recovery of IRAP taxes paid on past dividends5

FY 2025 recurring net profit at a new

record level of €362m (+7% YoY)

NOTES: 1) Calculated excluding the €39 positive tax one-off; 2) Net of variable fees, trading gains and one-offs; 3) Provisions, fair-value adjustments, contribution to banking funds and

12 gains/losses from disposal of equity investments; 4) Including €16m related to write downs for guarantees issued in favor of clients; 5) Recovery of IRAP taxes on dividends paid before year

2025 as for judgment No. 599 of August 1, 2025, of the EU Court of Justice

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

FY 2025 Financial Results

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

BALANCE SHEET - TOTAL LIABILITIES & EQUITY

STEADY GROWTH IN RETAIL DEPOSITS

Total Liabilities & Equity: Volumes and Yields €bn

0.9

0.7

1.3

0.8

0.7

15.8

12.9

13.3

13.8

0.8 0.10

1.0

1.1

1.5

1.3

1.4

FY 2025 total deposits4 at

€15.8bn (+9% YoY, +3%

QoQ) of which 87% represented by client deposits

FY 2025 average cost of

funding at 77 bps (-40bps YoY, -2bps QoQ) on a downward trend tracking market rates

Total Deposits

Client Deposits 1

Other Deposits 2

Deposits from Banks 3

16.8 17.8 18.5

Other Liabilities 4 Equity ex. AT1 AT1 capital

Cost of Funding

o/w Cost of Client Deposits

o/w Cost of Deposits fro

Banks & Institutions 5

FY24 9M25 FY25

NOTES: 1) Including €0.4bn promotional repos for retail clients in FY25 (€0.5bn at 9M25); 2) Referring to debts vs FAs, IFRS16-related liabilities, captive deposits from Generali Group and

14 margins on derivatives; 3) Including repos to financial institutions (Euronext clearing) for €1.0bn at FY25 (from €0.8bn at 9M25); 4) Including €100m senior preferred bond issued on 22

December 2025 (MREL eligible); 5) 9M25 / FY25 cost of deposits from banks & institutions restated following a review of the accounting classification

BALANCE SHEET - TOTAL ASSETS

ASSET EXPANSION AND RESILIENT INVESTMENT YIELDS

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

Interest Bearing Assets (IBA)

Financial Assets Loans to Clients

Loans to Banks & Other Assets

16.8

17.8

18.5

1.7

2.3

1.4

2.3

1.4

2.5

15.3

16.3

12.6

16.7

11.3

12.8

FY 2025 interest bearing

assets (IBA) at €16.7bn (+9% YoY, +2% QoQ), mainly represented by financial assets (77%).

Client loans increased to

€2.5bn (+10% YoY)

representing 15% of total IBA

FY 2025 yield on interest

bearing assets at 2.81% (-5bps QoQ) sustained by resilient yields on financial assets and loans

Other Assets

FY24 9M25 FY25

Yield on Interest Bearing Assets

o/w Loans to Banks & Other Assets

o/w Loans to Clients o/w Financial Assets

15

CAPITAL AND LIQUIDITY RATIOS

SOLID RATIOS INCLUDING IMPACT FROM INTERMONTE AND CRR3

5.9%

5.4%

5.6%

FY 2025 capital ratios

included several one-offs partly offset by higher net profit retention (+2.6 ppts):

• impact of CRR3 (-3.8 ppts)

• Intermonte's first-time

  consolidation (-2.1 ppts)

• higher operating risk absorption (-1.6 ppts)

Net Stable Funding Ratio %

CET1/TCR well above 2025

SREP requirements (8.7%/ 13.2%)

245%

214%

233%

Leverage ratio at 5.6% (vs.

3% threshold)

LCR and NSFR significantly

exceeding the 100% threshold

2023

2024

2025

Total Capital Ratio % Leverage Ratio %

CET1 AT1

19.0%

1.2%

24.4%

18.9%

1.8%

Liquidity Coverage Ratio %

335% 332% 337%

2023 2024 2025

16

2025 DIVIDEND PROPOSAL

PROPOSAL FOR A ROBUST DIVIDEND REMUNERATION

D i v i d e n d P o l i c y D i v i d e n d P r o p o s a l

DPS (€) and Dividend Payout (Accounting View)

Tot.

Payout

DPS

70.5% 1

1 1

1.65 1.65

70.5%

1.95

90.5%

1.65

77.0%

2.15

76.0%

2.80

76.0%

2.90

FY 2025 DPS proposal at

€2.90 per share (76% payout on consolidated net profit)

2025 DPS payment to follow the tranching mechanism:

₋ €2.20 in 2Q 2026

₋ €0.70 in 1Q 2027

2019 2020 2021 2022 2023 2024 2025

DPS (€)

2019-2020

2021

2022

2.70

1.75 1.80

2.20

2.75 2.85

2nd tranche of 2024 DPS

(€0.65) ex-date

on 23 February 2026

(Cash View)

2023

2024 -

0.60

1.00

0.80

1.55

0.65

2.15

2.20

0.65

0.70

2025

2020 2021 2022 2023 2024 2025 2026 2027

NOTE: 1) The separated representation is pro-forma for the €3.30 DPS approved on the consolidated cumulative profits for the financial years 2019 and 2020 due to Covid-related

17 payment postponement

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

FY 2025 Financial Results

Balance Sheet & Capital Ratios

Key Projects and Closing Remarks

Annex

TOTAL ASSETS (1/2)

SUSTAINED GROWTH ACROSS INVESTMENTS AND OTHER ASSETS

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

92.8

10.5

113.5

103.8

11.9

92.8

113.5

FY 2025 Total Assets at

new all time high of

€113.5bn (+9% YoY)

thanks to solid commercial activity and supportive financial markets

FY 2025 Assets under

Investment (AUI) at

€75.6bn (+8% YoY) with a robust quarterly progression throughout the year

FY 2025 other assets at

€37.9bn (+12% YoY) driven by sticky demand for AUC assets and deposits

103.8

2023 2024 2025

o/w Assets under Advanced Advisory €bn

0.6

4.9

0.8

6.4

0.7

5.6

9.6 10.8 12.0

4.1 4.5

2023 2024 2025

AUM

AUC Banking Assets

2023 2024 2025

Other Assets (Other Fees)

Assets under Investment (Investment Fees)

Assets under Investment / Total Assets

67.8%

67.6%

66.6%

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

TOTAL ASSETS (2/2)

AUM GROWTH DRIVEN BY IN-HOUSE PRODUCTS (FINANCIAL WRAPPERS AND FUNDS)

AUM Products €bn

63.9

57.4

68.4

o/w Managed Solutions - Wrappers €bn

Insurance

Wrappers

21.1

24.8

26.9

Financial

Wrappers

2023

2024

2025

o/w Managed Solutions - Funds €bn

Third-party

Funds

22.0

24.2

25.7

In-house

Funds

2023

2024

2025

FY 2025 AUM products at

€68.4bn (+7% YoY) driven by a strong interest in financial wrappers (+14% YoY) and in-house funds (+11% YoY)

2023 2024 2025

Traditional Life Policies Managed Solutions 1

Managed Solutions / Total Assets

46.4%

47.2%

46.4%

Wrappers / Managed Solutions

FY 2025 wrapper solutions at €26.9bn (+8% YoY) boosted by solid demand for financial wrappers (+14% YoY)

FY 2025 in-house funds at

€13.2bn (+11% YoY)

overtaking third-party funds

49.0%

50.6%

51.0%

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

NET INFLOWS (1/2)

COMMERCIAL RESULTS WELL SUPPORTED BY INCREASING QUALITY

AUM / AUI Net Inflows

AUM

AUC & Banking under Advisory

2025

2024

2023

1.4

4.0

3.8

0.6

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

4.0

3.8

5.9

6.6 6.8

FY 2025 total net inflows at €6.8bn thanks to a normalization in business trend after the M&A headwinds2 weighting on 2Q-3Q 2025 data

2023 2024 2025

Other Assets (Other Fees)

Assets under Investment (Investment Fees)

23.7%

58.0%

58.2%

n.m.

82.9%

83.4%

Assets under Investment / Total Net Inflows

FY 2025 AUI net inflows at €4.0bn - equal to 58% of total - driven by increasing demand for investment solutions

All net inflows targets achieved thanks to a strong acceleration in 4Q 2025

21 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)

POSITIVE NET INFLOWS LED BY FINANCIAL WRAPPERS AND IN-HOUSE FUNDS

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

3.2 3.3

0.3 0.5

Insurance Wrappers

Financial Wrappers

2.5

0.1

0.7

1.8

1.9

2023 2024 2025

FY 2025 AUM products at €3.3bn (+4% YoY) driven by:

- financial wrappers confirmed as the most-in-demand product

-0.4

o/w Managed Solutions - Funds €bn

- retail fund rebalancing towards in-house funds

2023 2024 2025

Traditional Life Policies Managed Solutions 1

Third-party

Funds

In-house Funds

0.1

-0.3

0.4 0.9

- ongoing normalization in insurance business

2023 2024 2025

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

NET INFLOWS BY ACQUISITION CHANNEL

RECOVERY UNDERWAY FROM 4Q25

Net Inflows by Acquisition Channel €bn

5.9

0.9

1.6

1.9

6.6 6.8

Net Recruitment (FAs In/Out) Existing Network 1

Recruitment by Acquisition Channel #

173 166

123

65

37

2023 2024 2025

FAs without Remuneration Package & Junior FAs

From Retail & Private Banks

From FA Networks

FY 2025 contribution from recruitment dented by Mediobanca's offer but supported by recruitment in Switzerland for €0.8bn (Aequitum)

FY 2025 new recruits at 166 professionals with an acceleration in the acquisition of FAs and assets both in Italy and Switzerland in the last quarter

FY 2025 new recruits of younger profiles continues (35% of total new recruits) in order to support 'Team approach' and foster new talent generation

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

NET INFLOWS: JANUARY 2026

2026 OFF TO A POSITIVE START

Net Inflows Breakdown by Fee Category1 €bn

Breakdown of New Recruits by channel #

0.3

0.1

January 2024

0.4

January 2025

0.5

0.1

January 2026

22

January

27

January

23

YTD

January net inflows at

€0.5bn driven mainly by deposits and AUC for the acquisition of new clients

Positive trend for in-house funds (€98m, +44% YoY) thanks to the launch of new strategies

Other Assets

Assets under Investment

2024

2025

2026

YTD new recruits at 23 with a well-balanced composition between

Assets under Investment / Total Net Inflows

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

senior and junior

professionals

30.7%

39.3% 13.7%

From FA Networks

24 NOTE: 1) Assets and advisory net of double counting including rounding effect

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

FY 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Annex

INTERMONTE (1/2)

INTERMONTE'S GROWTH PATH TO 2030

Intermonte - 2024-2030 Net Banking Income Evolution €m

Intermonte revenues

projected to double by 2030 with €40-45m additional revenues driven by:

• €18-22m AUC & trading

• €14-18m investment banking

• €4-10m managed products

Intermonte revenues

expected at €10-15m by 2026

(25-30% of total synergies)

Intermonte cost/income

forecast to decrease to

<60% by 2030 (from ~80%

in 2024)

Investment banking

~80%

Cost / Income,

%

2024

as is

2030

< 60%

target

26

INTERMONTE (2/2)

COMBINED INITIATIVES START TO BEAR FRUIT

Key Initiatives

AUC & Trading

Focus on Structured Products

Managed Products

AUM with capital protection

Investment Banking

2025 Business Activity

• Intermonte's hedging activity linked to structured products started from 4Q25 driving first synergies for margin internalization

• Positive trend further confirmed in January

Quarterly New Issue of Structured Products1

o/w 14% Intermonte

• Two equity funds launched on Italian equities under LUX IM umbrella with investment advisory provided by Intermonte

  LUX IM Intermonte Italia Large Cap

• New capital protected equity

• 160 investment banking requests

  channelled to Intermonte by BG's private

  bankers for their enterpreneur clients

• Two mandates already signed (estimated value €1m) and further mandates (8-10) close to signing

Breakdown of IB Requests by Status, FY25

Other

500

400

300

200

100

0

1Q 2Q 3Q 4Q

2024 2025

hedging

products with hedging strategy provided by Intermonte derivative desk

8%

Corporate broking

1%

Debt Advisory 29%

ECM 5%

M&A 57%

27 NOTE: 1) Reporting month t+1

GENERALI HYBRID PRODUCTS

POSITIVE TREND RESUMED IN THE SECOND HALF OF 2025

Insurbanking - Volumes1, €bn

Insurbanking - Margin, %

Generali hybrid products (investment component) o/w in BG FML sub-funds

4.1

4.5

3.8

7.4 7.1 7.4

Mgmt fee margin on hybrid insurance products

(incl. insurbanking)

0.66% 0.63% 0.64%

Advisory and fund

selection services provided to Generali Italia's hybrid products for a total of €7.4bn, of which 61% allocated to BG FML subfunds

Contribution from

advisory and fund selection services worth

7bps to Banca Generali's

consolidated profitability

2024 1H25 2025

2024 1H25 2025

61%

Assets in BG FML, % of total

55%

54%

Mgmt fee margin on Private Banking

(exc. hybrid products)

Total

Mgmt fee margin

1.36% 1.34% 1.34%

2024 1H25 2025

1.43% 1.41% 1.41%

2024 1H25 2025

28 NOTE: 1) Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile, Stile Unico

ALLEANZA PARTNERSHIP

POSITIVE START TO THE NEW PARTNERSHIP

Euro

Assets

Total

Insurbanking projected to reach €7.0-€8.5bn in volumes by 2030 representing 5%-7% of total Alleanza's targetable wealth managed by third-party institutions

Net Banking Income

Alleanza Insurbanking: 2030 Targets

Net revenues forecast based on:

• Net margin of 60-65bps on the investment component of hybrid products

• Net margin of 80-90bps on banking products

and AUC

Insurbanking

o/w Stile Unico €4.0-5.0bn

Stile Unico (unit-linked), rolled-out to 2,700 Private Advisors in 4Q 2025, already generated

~€100m in net inflows

• Segregated account

• Investment component

€1.5-2.0bn

€2.5-3.0bn

Conto Unico (current account), piloted with 100

Private Advisors in 4Q 2025, already delivered

~270 new current accounts opening

o/w Conto Unico €3.0-3.5bn

Alleanza convention on 5 February 2026 announced the complete rollout of Conto Unico (current account) to all 2,700 Private Advisors with complete coverage by year-end

29

BANCA GENERALI - NET INFLOWS GUIDANCE

UPGRADING GUIDANCE ON PRODUCT OFFER AND MARKET CONDITIONS

2025

g u i d a n c e

2025

r e s u l t

M a i n D r i v e r s

2026

g u i d a n c e

N E T I N F L O W S G U I D A N C E

Product

Mix

>€6.0bn

Volumes

Growth

>€3.5bn

AUI

Stable financial markets, barring any major market correction

Ongoing positive structural and cyclical sector growth trends

Higher contribution from

recruiting activity

>€6.5bn

>€4.0bn AUI

€6.8bn

Stable financial markets, barring any major market correction

Large share of govt and corporate bonds coming to maturity

AUI exposure expected to revert to long term average

€4.0bn

AUI

30