Earnings presentation (EarningsPres 03M26 06052026)

Miilennium

Presentation

Earnings

Banco Comercial Portugues, S.A.

4

Supporting the Economy and Generating Value

Profitability

• Group's net income of 305.8 million in Q1'26, corresponding to an increase of 25.6% compared with the same period last year (243.5 million). This performance resulted in a ROE of 15.9% (13.9% in Q1'25) and reflects the Bank's ability to generate value

• Net income in Portugal stood at 265.4 million in Q1'26, representing an increase of 21.2% compared with the same period last year (218.9 million)

• Net income from international operations up by 65.0%1, reaching to 77.71 million in Q1'26, compared with 47.11 million in Q1'25. Highlight for Bank Millennium, which recorded a net income of 71.21 million, representing a 67.8%2 increase compared to Q1'25. This evolution largely reflects the 61%3 reduction in charges associated with the CHF mortgage loan portfolio, which stood at 50.1 million in the first three months of the year

  Business

  Model

• Solid capital ratios, CET14 of 15.1% and total capital ratio4 of 19.3%, after deducting the maximum amount distributable to shareholders in respect of 2025 net profit, which reflects 50% in the form of dividends (509.3 million) and 40% through share buybacks (407.5 million)

• Liquidity indicators well above regulatory requirements. LCR5 at 319%, NSFR5 at 179% and LtD5 at 68%. Eligible assets available for financing

  with the ECB of 30 billion

• Group's Loans to Customers increased by 7.2% YoY to 63.4 billion and total Customer funds grew by 7.9% YoY to 112.8 billion. In Portugal, Loans to Customers increased by 9.6% YoY and total Customer funds rose by 6.3% YoY. Bank Millennium loans to companies up by 26.5%6 YoY

• Significant reduction in non-performing assets, highlighting the decrease in the Group's NPE of 238 million compared to March 2025

• Cost of risk in Q1'26 stood at 35bp for the Group, compared with 38bp in the same period last year. In Portugal, the cost of risk stood at

  33bp in Q1'26, in line with the figure for the same period last year

• Active customers increased by 5% YoY to 7.4 million, Mobile customers rose by 8% and accounted for 75% of the customer base in March 2026

BCP received authorization from the competent authorities for the proposed share buyback equivalent to 40% (407.5 million) of the annual net income of 2025.

5

1 Before non-controlling interests. | 2 FX effect excluded. 66.3% with FX effect | 3 Includes provisions for legal risks, costs relating to out-of-court settlements and legal advice. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes and non-controlling interests, FX effect excluded. 62% with FX effect | 4Estimated fully implemented ratio (March 2026) including 10% of unaudited Q1'26 net income. Excluding any distributions, the proforma CET1 ratio would be 15.7%.| 5 Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD). | 6 FX effect excluded. 23.4% with FX effect

Customer base growth

Based on the quality of the Teams and distinctive digital skills

Customer Recognition

These awards are the exclusive responsibility of the attributing entities.

6

New Companies Website

Group

'000 Customers

5,090

+426

+8%

5,515

75%

Mobile

Active

Digital

'000 Customers

1,784

+8%

1,935

Mobile

67%

Active

Digital

+5%

7,363

7,040

Mar 25 Mar 26

5,562

+385

+7%

5,947

81%

Portugal

2,790

2,896

+151

2,024

+143

+7%

2,167

75%

Mar 25 Mar 26

Customer counting criteria used in the Strategic Plan.

Mobile with a complete and innovative value proposition, combined with a superior experience, translates into consolidated growth in interactions and sales

Strong mobile growth

N U M B E R O F T R A N S A C T I O N S Y / Y

jan-mar 2026 vs jan-mar 2025

P E N E T R A T I O N R A T E 2026 1Q

+6%

Transactions1

+5%

Sales

+10%

75%

88%

# Digital Interactions (mio)2

182

% Digital Transactions (#)3

% Digital Sales (#)4

83 83

NPS5 Digital Customers

# Mar 2026

1

5 largest Banks

Q1'25

i

1. Includes P2P transfers in Millennium app

2. Interactions (Millennium website and app), individuals includes AB

   74

Q1'25 Q1'26

App Site

Millennium App

leads ratings

4.8

4.8

7

7

4.9

1. Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.48% of total transactions

2. Digital sales (Millennium website and app) in number of operations

3. Digital channels satisfaction (NPS), 5 largest banks, Source: BASEF-Marktest

Net income of 305.8 million in Q1'26

1 Includes dividends from equity instruments, other net operating income, net trading income and equity accounted earnings. 8

2 Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale)

Delivering value

ROE

15.9%

EPS

+29.1%

2

BVPS + DPS

+18.2%

1

ROTE

16.6%

9

Return on Equity (RoE) | Return on Tangible Equity (RoTE) | Book value per share (BVPS) | Dividend per share (DPS) | Earnings per share (EPS) | 1 Considering the evolution of the book value per share (AT1 adjusted) from March 2025 to March 2026 and the €0.03 dividend per share relating to 2024 earnings, paid in 2025. | 2 Evolution of the net income for the period (adjusted for AT1 coupons) divided by the average number of shares outstanding, compared with the same period last year.

10

Profitability

Net interest income

Group

(Consolidated, million euros)

3.00%

Net interest

margin

2.86%

2.12%

+2.4%

Portugal

(Million euros)

Net interest

margin

2.20%

325.8

357.7

+9.8%

721.1

Q1'25 Q1'26

(Million euros)

4.55%

3.95%

Net interest

margin

-3.7%

395.2

380.6

Q1'25 Q1'26

Q1'25 Q1'26

11

Fees and commissions

Group

(Consolidated, million euros)

201.4

+8.2%

218.0

Portugal

(Million euros)

+8.5%

147.8

22.7 26.4

Market-related

fees and commissions

Banking fees and commissions

Q1'25 Q1'26

(Million euros)

+7.4%

53.6

10.7

Q1'25 Q1'26

Q1'25 Q1'26

12

Other operating income

Group

(Consolidated, million euros)

-13.3

26.7

Portugal

(Million euros)

23.7

57.6

Equity earnings + dividends

Net trading income1

13.5

Mandatory contributions

12.4

-2.0

Q1'25 Q1'26

Other net operating income2

International operations

(Million euros)

-37.0 -30.9

Mandatory contributions

Q1'25 Q1'26

46

52

Mandatory contributions

13

1 Net trading income includes -5.3 million in Q1'25 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. | 2 Other operating income includes +8.1 million in Q1'25 and +8.5 million in Q1'26 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale) and includes charges related with negotiation costs and legal procedures of CHF loans.

Operating costs

Group

(Consolidated, million euros)

37%

Cost to income

339.7

34%

+4.5%

36%

354.9

Portugal

(Million euros)

Cost to income

168.6

+4.5%

31%

176.2

97.4

96.9

56.2

51.9

Depreciation

Other administrative costs

Q1'25 Q1'26

(Million euros)

42%

44%

Cost to income

171.1

18.7

61.2

178.7

17.5

62.2

99.0

91.2

+4.4%

Staff costs

Q1'25 Q1'26

Q1'25 Q1'26

14

Cost of risk and provisions

Group

(Consolidated, million euros)

38bp

Cost of risk

Loans

55.9

55.6

187.0

CHF mortgage legal

risk (Poland)1

-21.0%

35bp

147.7

Portugal

(Million euros)

5.1

33.3

Cost of risk

Loan-loss

reserves

38.5

Q1'25

+33.5%

33bp

777

+0.8%

33bp

51.3

15.6

Q1'26

783

-54.2%

47bp

(Million euros)

Other

Cost of risk

28.1

148.5

-35.1%

-54.2%

41bp

96.4

44.9

31.4

Loan-loss reserves

Q1'25 Q1'26

1.395

1.419

-1.7%

Loan-loss reserves

Q1'25 Q1'26

612

642

-4.6%

1 Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 8.1 million in Q1'25 and 8.5 million in Q1'26. 15

Continued decrease of NPEs

Group

(Consolidated, billion euros)

-238 million

Portugal

NPL>90d

0.77

0.84

NPE

Other

1.72 1.48

-13.9%

Mar 25 Mar 26

International operations

(Billlion euros)

0.876

-143 million

-16.3%

0.734

Mar 25 Mar 26

3.8%

1.7%

4.6%

2.3%

NPE loans ratio

NPE ratio (EBA)

16

* Considering State guarantees or supranational, the ratio would stand at 122.4% in March 2025 and 132.5% in March 2026.

17

Business activity

Customer funds

Group

(Consolidated, billion euros)

104.6

+7.9%

+13.0%

112.8

Portugal

(Billion euros)

70.9

+6.3%

75.4

Off-BS funds Other BS funds

Term deposits

18.2

1.3

36.6

+6.8%

1.6

36.8

Mar 25 Mar 26

(Billlion euros)

Demand deposits

+11.1%

33.7

2.9

Mar 25 Mar 26

Mar 25 Mar 26

Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investments). 18

Loan portfolio

Group

(Consolidated, billion euros)

59.2

NPE: -13.9% (-0.238 billion)

+7.2%

63.4

Portugal

43.92

+9.6%

(Billion euros)

40.08

+3.84 billion

-0.10

+3.94

Mortgage

+5.2%

Mar 25 NPE Performing Mar 26

(Billlion euros)

Personal

Companies

+10.6%

-0.14

19.08

+0.42 billion

+2.2%

+0.56

19.50

Mar 25 Mar 26

NPE include loans to Customers only, except if otherwise indicated.

Mar 25 NPE Performing Mar 26

19

20

Capital and liquidity

Solid capital ratios

(Fully implemented)

15.9%

15.1%

+4.8pp

+9.4pp

10.29%

4.58%

1.21%

4.5%

Combined buffer reserve 2

Pillar 2 (P2R)

Pillar 1

• CET11 of 15.1% and total capital ratio1 of 19.3%, after deducting the maximum amount distributable to shareholders in respect of 2025 net profit, which reflects 50% in the form of dividends (509.3 million) and 40% through share buybacks (407.5 million)

• Capital ratios comfortably above regulatory requirements (including the conservation buffer, O-SII buffer, countercyclical buffer and sectoral systemic risk buffer)

• Leverage ratio at 6.2% as of March 2026

Fully implemented vs requirement

Mar 25 Mar 26 Requirements

(Fully implemented)

20.0% 19.3%

+4.6pp

Fully implemented vs requirement

14.73%

Combined buffer reserve 2

Pillar 2 (P2R)

Pillar 1

Mar 25 Mar 26 Requirements

21

1 Estimated fully implemented ratio (March 2026) including 10% of unaudited Q1'26 net income. Excluding any distributions, the proforma CET1 ratio would be 15.7%. | 2 Combined buffer reserve comprises: the conservation buffer, the O-SII buffer, the countercyclical buffer (including the increase in the percentage applicable to exposures to counterparties resident in Portugal) and the sectoral systemic risk buffer.

Common equity tier 1 (CET1)1 quarterly evolution

15.9%

+70 bp -66 bp

-35 bp

15.6%

-15 bp

-9 bp

-10 bp

-9 bp

-13 bp

15.1%

-20 bp

1 Estimated fully implemented ratio (March 2026) including 10% of the unaudited net income of Q1'26. 22

MREL requirements and Funding Plan

32.4%

11.7%

T2

29.56%

MREL

Requirement1

+ CBR4

AT1

6.86%

MREL

Requirement1

CET13

19.8%

CET13

7.2%

• Resolution strategy: MPE (Multi Point of Entry)2

• BCP Resolution Group : Perimeter centred in Portugal

• Preferred Resolution Measure: Bail-in

• No subordination requirements have been applied to the BCP Resolution Group

• As of March 31, 2026, BCP complied with MREL requirement, including CBR, applicable since July, 2025 (with a buffer of 2.8% of TREA, amounting to c. EUR 790 million)

• Funding Plan execution in 2026

  • Early redemption of the EUR 500 million of SP on February 12, 2026 (not eligible as of January 31, 2026).

  • 500 million of Senior Preferred issued on February 5, 2026 with a maturity of

6.25 years and Call Option on the year 5.25.

• Until year-end 2026 the Bank estimates to issue approximately EUR 1,000 million.

SP

Mar 26 (%TREA)

Mar 26 (%LRE)

MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA - Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements

*Preliminary data

1 Requirements covered by the 2024 Resolution Planning Cycle, applicable since July 2025 (24.89%). MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework.

2 In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 15.36% and MREL - TEM of 5.91% from 29May 2025.

3 Including unaudited net income for 1Q26. 23

4 Including RRE - Sectoral Systemic Risk Buffer and CCyB - Countercyclical Capital Buffer.

Robust liquidity position

Liquidity ratios (CRD/CRR)

319%

Liquidity excess in ECB

(Billion euros)

31.4

30.3

Eligible assets

179%

100%

+0.20 billion

0.72

0.92

Mar 25 Mar 26

68% 68%

NSFR (Net stable funding ratio)

LCR (Liquidity coverage ratio)

Mar 25 Mar 26

24

25

Profitability in Portugal

Net income Net operating revenue

+15.8%

497.3

575.7

(Million euros) (Million euros)

218.9

+21.2%

265.4

Q1'25 Q1'26

Operating Costs

(Million euros)

Q1'25 Q1'26

Impairment and other provisions

(Million euros)

168.6

+4.5%

176.2

+33.5%

51.3

38.5

Q1'25 Q1'26

Q1'25 Q1'26

26

Net interest income

(Million euros)

+57.8

-64.1

-2.0

-2.0

-1.5

2.12% 2.20%

325.8

+9.8%

+33.6

+10.1

357.7

Q1'25 Performing

credit volume effect

Credit rate

effect

Impact of

NPE reduction

Deposit's cost

effect

Securities

portfolio effect

Wholesale cost effect

Excess liquidity and other

Q1'26

NPE include loans to Customers only. 27

Commissions and other income

Commissions Other income

(Million euros) (Million euros)

Equity earnings + dividends

Net trading income Other operating income

23.7

-2.0

57.6

Q1'25 Q1'26

28

Operating costs

Operating Costs

Employees

(Million euros)

Cost to income

Staff costs

97.4

96.9

Depreciation

Other administrative

costs

168.6

34%

+4.5%

31%

176.2

Branches

6,229 6,043

Mar 25 Mar 26

397 388

Q1'25 Q1'26

Mar 25 Mar 26

29

NPEs decrease

Non-performing exposures (NPE) NPE build-up

(Million euros) (Million euros)

Net outflows/inflows

Write-offs

Sales

84

-37

-143

12

-14

0

Ending balance 746 746

-96 million

Other NPE

841

NPL>90d

362

408

-11.4%

746

Mar 25 Mar 26

Loan impairment (net of recoveries)

• NPE in Portugal total 746 million at the end of March 2026, a decrease of 96 million from March 2025

• The decrease in NPEs compared with March 2025 is attributable to a reduction of 49 million in other NPEs and 46 million in NPL>90d

• Cost of risk of 33bp in Q1'26, in line with Q1'25, with the loan-loss reserves / NPE ratio ascending to 105% in March 2026 and 92% in March 2025

(Million euros)

33bp

33bp

777

783

Cost of risk Loan-loss reserves

33.3 35.8

Q1'25 Q1'26

NPE include loans to Customers only 30

NPE coverage

NPE total coverage* NPL>90d total coverage*

128%

10%

94%

100% 24%

64%

0%

36%

154%

105%

Real estate collateral Cash, other fin. collat.

LLRs

100%

154%

127%

35%

1%

91%

Real estate collateral Cash, other fin. collat.

LLRs

Individuals Companies Total Individuals Companies Total

• Total coverage* ≥100% for both NPE categories (NPL>90d

  and other NPE)

• Higher levels of coverage by loan-loss reserves in loans to companies, where real-estate collateral, which is usually more predictable in value and has greater market liquidity, is less prevalent than in the retail sector: coverage by loan-losses was 94% for companies NPE as of March 2026, reaching 128% for companies NPL>90d

Other NPE total coverage*

100% 108%

24%

17%

104%

9%

44%

Real estate collateral

Cash, other fin. collat. LLRs

Individuals Companies Total

NPE include loans to Customers only. 31

*By loan-loss reserves and collaterals.

Foreclosed assets and corporate restructuring funds

Foreclosed assets Corporate restructuring funds

(Million euros) (Million euros)

89

68

Impairment

Net value

Turismo Algarve FCR fund *

Corporate restructuring funds

-5.2%

334

41 42

275

Mar 25 Mar 26 Mar 25 Mar 26

Sales of foreclosed assets

• Net foreclosed assets were down by 36.9% between March 2026 and March 2025

• 23 properties were sold in Q1'26 compared to 114 properties sold in Q1'25

• Restructuring funds amounted to 317 million in March

2026 a decrease of 5.2% from March 2025

(Million euros)

11

6

114

23

Sale value # properties sold

8

Book value

4

Q1'25 Q1'26

* The participation in Turismo Algarve FCR was reclassified to investments in associated companies in Q2'24 32

Customer funds and loans to Customers

Total Customers Funds* Loans to Customers (gross)

(Milhões de euros*)

(Billion euros)

26.0

1.6

Off-BS funds Other BS funds

Term deposits

70.9

15.3

1.3

25.7

+6.3%

+5.2%

75.4

(Billion euros)

(Milhões de euros*)

Mortgage

Personal

40.1

+9.6%

+11.1%

43.9

Demand deposits

Companies

Mar 25 Mar 26 Mar 25 Mar 26

*Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investments). 33

Performing loans in Portugal

(Billion euros)

+10.0%

39.2

Mo Pe

Com

Mar 25 Mar 26

39.2

43.2

+1.4

+0.2

+2.3

+3.9 billion

s)

(Billlion euro

Mar 25 Mortgages Personal Companies Mar 26

*Source: SWIFT Watch Analytics March 2026

**Source: ALF (December 2025).

Performing loans to individuals increased by 11.5%, highlighting the mortgage loan portfolio which increased by 2.3 billion. Performing loans to companies increased by 8.2%

The Bank maintains a prominent position in the corporate segment:

• PME Leader programme reference Bank, winner of 6 of the last 7 editions

• Leading Bank in Inovadora COTEC programme for the 5th consecutive year, with a market share of 48%; Leading Bank in the Inovadora Evolution programme, recognition of good practices in ESG risk management;

• Main Bank for companies: Best Bank for companies, Most innovative Bank, Most efficient Bank and Bank with the Most appropriate products according to DATAE 2025;

• Best Bank for Sustainable Finance in Portugal 2025 by Global Finance;

• Trade Finance with a market share of 23.5%* and Best Foreign Exchange Bank in Portugal in 2026 according to Global Finance;

• Best Bank for SMEs - Euromoney Award given based on the investment made in Digitalization and Innovation and personalized Financial Support to SMEs;

• Leading Bank in Banco Fomento Guarantees;

• Leading Bank in Confirming, with a market share of 28.1%**;

• Leading Bank in Leasing, with a market share of 25.9%**;

• Reference commercial bank in Portugal for the EIF and the EIB;

• Corporates' website named Product of the Year 2026 (by, PRODUCT OF THE YEAR PORTUGAL) and Best Customer Experience solution (by Finnovate)

These awards are of the exclusive responsibility of the attributing entities.

34

35

Contribution from international operations

1

(Million euros)

Q1'25

Q1'26

Δ %

(Million euros)

+64.6%

40.4

24.5

operations

(Poland+Mozambique)

operations

Q1'25 Q1'26

1 Subsidiaries' net income presented for Q1'25 reflect the same exchange rate as of Q1'26 for comparison purposes. 36

Bank Millennium

Net income Net operating revenue

(Million euros1) (Million euros 1)

Net income Excluding extraordinary effects2

Net income

169.9

+67.8%

121.7

-0.1%

WIBOR 3 months (average)

Q1'25 Q1'26

5.86%

3.87%

394.5

394.3

Q1'25 Q1'26

• Net income of 71.2 million in Q1'26, compared to 42.4 million in the same

  period last year (+67.8%)

• Net income influenced by charges associated with the CHF mortgage loan portfolio despite falling 61%3 YoY, standing at 50.1 million in Q1'26

• Customer funds grew by 14.5%.

• Loans to Customers (gross) increased by 4.8%, with corporate loans increasing by 26.5%

• CET1 ratio of 13.8% and a total capital ratio of 17.6%, both above the minimum requirements of 8.3% and 11.8%, respectively.

Operating Costs

(Million euros 1)

+11.6%

158.1

27.6

Resol. Fund + DGF

Q1'25 Q1'26

37

1 FX effect excluded.€/Zloty constant at March 2026 levels: Income Statement 4.23; Balance Sheet 4.30. | 2 Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients. | 3

Includes provisions for legal risk, costs with out-of-court settlements and legal advice, before taxes. Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes.

Net interest income resilient despite interest rates

decrease

Net interest income

Operating costs

(Million euros*) (Million euros*)

3.65%

4.23%

NIM

336.8

329.0

Staff costs

84.4

76.2

-2.3%

Other

158.1

+11.6%

176.5

Q1'25 Q1'26 Q1'25 Q1'26

Commissions and other income

(Million euros*)

Mandatory contributions

(Million euros*)

Other

Fees and commissions

+13.1%

57.7

14.5 16.8

Banking tax on

assets

Resol. Fund

DGF

45.7

4.3

+13.6%

51.9

Q1'25 Q1'26

*FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23. Balance Sheet 4.30.

Q1'25 Q1'26

38

Credit quality

NPL>90d

Loan-loss reserves

(Million euros*) (Million euros*)

Credit ratio

NPL>90d

2.2%

2.1%

398.7 390.7

Mar 25 Mar 26

Coverage ratio

NPL>90d

150%

144%

596.8 561.2

Mar 25 Mar 26

Loan impairment (net of recoveries)

• NPL>90d accounted for 2.1% of total loans as of

  March 2026, compared to 2.2% in March 2025

• Coverage of NPL>90d by loan-loss reserves stood at 144% as of March 2026 (150% in March 2025)

• Cost of risk in Q1'26 at 45bp, in line with the same period last year

(Million euros*)

45bp

45bp

Cost of risk

18.8 17.9

Q1'25 Q1'26

*FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23. Balance Sheet 4.30. 39

Customers funds and loans to Customers

Customers funds Loans to Customers (gross)

(Million euros*) (Million euros*)

+14.5%

Off-BS funds

Term deposits

30,592

35,037

Mortgage

17,925

+4.8%

18,778

Demand deposits

Personal

Companies

+26.5%

Mar 25 Mar 26

*FX effect excluded. €/Zloty constant at March 2026 levels: Income Statement 4.23. Balance Sheet 4.30.

Mar 25 Mar 26

40