Banco Comercial Portugues S.a.EURONEXT: BCP

Earnings presentation (EarningsPres 12M25 25022026)

· Issued by Banco Comercial Portugues S.A.
Watch Banco Comercial Portugues explain itBanco Comercial Português (BPCGF) Q2 2026 Earnings Call · Replay · Jul 30




AGENDA

01



4

Highlights



Supporting the Economy and Generating Value

Profitability

  • In 2025, the Group's net income amounted to 1,018.6 million, corresponding to an increase of 12.4% over the same period last year. This performance translated into a ROE of 14.1% (+13.8% in 2024) and an EPS of 0.066 euros (+14.3% compared to 2024), reflecting the Bank's capacity of generating value

  • Net income in Portugal increased by 10.6%, reaching 869.4 million in 2025, compared to 786.4 million in 2024.

  • Net income from international operations increased by 33.0%, reaching 291.91 million in 2025, compared to 219.51 million in 2024. Highlight for Bank Millennium, which recorded a net income of 283.71 million in 2025, corresponding to a change of 67.1%2 compared to 2024. Charges associated with the CHF mortgage loan portfolio fell by 34%3 compared to the same period last year, standing at 502.4 million in 2025

    Business

    Model

  • Solid capital ratios, CET14 stood at 15.9% and total capital ratio4 at 19.9%

  • Liquidity indicators well above regulatory requirements. LCR5 at 334%, NSFR5 at 180% and LtD5 at 68%. Eligible assets available for financing with the ECB of 33 billion

  • Group's Loans to Customers grew 7.3% YoY to 62.6 billion and total Customer funds increase 8.6% YoY to 111.8 billion. In Portugal, loans to Customers increased by 9.3% YoY (+3.7 billion) and total customer funds increased by 6.3% YoY (+4.5 billion)

  • Significant reduction in non-performing assets, highlighting the decrease in the Group's NPE of 322 million compared to December 2024

  • Cost of risk in 2025 stood at 32bp at the Group level, compared to 31bp6 in the same period last year. In Portugal, the cost of risk stood at 31bp in 2025, compared to 30bp6 in the same period last year

  • More than 7.3 million active Customers, highlighting the 9% increase in mobile Customers, which represent 74% of the Customer base in December 2025

1 Before non-controlling interests. | 2 FX effect excluded. 69.8% with FX effect | 3 Includes provisions for legal risk, costs with 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 without FX effect. 33% with FX effect. | 4 Fully implemented estimated ratio (December 2025) including 25% of the unaudited net income of 2025. | 5Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits

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..





Grupo

6,981

7,310

'000 Customers

Active



+454

4,980

74%

Mobile

+9%

5,434

As % of active Customers

Digital

'000 Customers

Active

Digital

Dez 24 Dez 25

5,481

+407

+7%

5,888

81%



Mobile

+163

+9%

1,909

1,746

As % of active Customers

66%



Portugal

2,780

2,884

2,008

+152

+8%

2,160



75%

Dez 24 Dez 25

Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales

Strong mobile growth Y/Y

(Number of operations, Jan-Dec 2025 vs Jan-Dec 2024)

+15%

Transactions1

+13%

Sales

+30%

National Transfers (#)

+49%

Personal Loans(#)

+54%

Account Opening (#)

+47%

Investment Funds (#)

In Mortgages…

81%

Mortgage Approval Letters digitally signed (#)

39%

Digital Mortgage Deed Appointments (#)

# Digital Interactions (mio)2

700 780

Digital Transactions (#)3

99.6 99.6

90

10

88

12

% Digital Sales(#)4

83 85

10 9

NPS5 Digital Customers

#1

Dec 2025

5 largest Banks

4.8

2024 2025

  1. Includes P2P transfers in Millennium app

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

    2024 2025

    Digital ATM

    73 76

    2024 2025

    APP Site

    Millennium App

    leads ratings

    4.8

    7

    7

    4.9

  3. Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.41% of total transactions

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

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



Net income of 1,018.6 million in 2025

(Million euros)

2024

2025

%

Δ

Net interest income

2,830.9

2,898.1

+2.4%

+67.2

Commissions

812.7

847.4

+4.3%

+34.7

Core income

3,643.6

3,745.4

+2.8%

+101.9

Operating costs

-1,306.1

-1,415.1

+8.3%

-109.0

Core operating profit

2,337.4

2,330.3

-0.3%

-7.1

Other income 1

-70.0

69.7

+139.8

Profit before impairment and provisions

2,267.4

2,400.1

+5.9%

+132.7

Impairment, other provisions and results on modification

-926.0

-830.7

-10.3%

+95.3

Of which: Loans impairment

-183.3

-199.5

+8.8%

-16.2

Of which: legal risk on CHF mortgages (Poland) 2

-459.8

-425.2

-7.5%

+34.5

Profit before income tax

1,341.4

1,569.4

+17.0%

+228.0

Income taxes, non-controlling interests and discontinued operations

-435.0

-550.8

+26.6%

-115.7

Net income

906.4

1,018.6

+12.4%

+112.3

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).



02



9

Group

Profitability



Net interest income

Group

(Consolidated, million euros)

3.04%

Net interest

margin

2.89%

+2.4%

Portugal

(Million euros)

Net interest

margin

2.10%

1,335.3

1,338.2



2.21%

+0.2%

2,830.9

2,898.1

2024 2025

International operations

(Million euros)

4.56%

4.28%

Net interest

margin

1,495.6

1,559.8



+4.3%

2024 2025

2024 2025

Fees and commissions

Group

(Consolidated, million euros)

812.7

+4.3%



144.0

847.4

Portugal

(Million euros)

124.5

Market-related

fees and commissions

703.3

+2.2%

592.5

97.4

+5.6%



626.0

108.3

2024

2025

495.1

517.7



688.2

Banking fees and commissions

International operations

(Million euros)

+0.5%

220.2

221.4

27.1

193.1

185.6

35.8

2024 2025

2024 2025

Other operating income

Group

(Consolidated, million euros)

-98.8

105.6

63.0

69.7

Portugal

(Million euros)

32.7

70.9

8.2

Equity earnings + dividends

-70.0

59.9

Mandatory contributions

53.6 55.8

9.1 6.9

-30.1

9.0

2024 2025

40.0

-134.9

Net trading income1

5.0

Of which: Banking sector 27.8

Resolution Fund PT 6.5

Solidarity contribution 5.1

34.4

28.6

10.2

38.7

Other net operating income2

International operations

(Million euros)

-4.2

6.3

98.6

-102.7

-1.2

7.2

Mandatory contributions

2024 2025

108.3

141.0

Mandatory contributions



12

-104.8

-107.0

2024

2025

68.3

132.0

1 Net trading income includes -93.7 million in 2024 and -5.3 million in 2025 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. | 2 Other operating income includes +46.4 million in 2024 and +55.7 million in 2025 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



1,306.1

+8.3%



37%

1,415.1

155.7

Portugal

(Million euros)

Cost to income

urrent

12.6

303.0

23.3

280.3

costs 2

urrent



392.7

Costs 1

nt staff

379.1

costs

Other rec Non-rec

34%

35%

671.9 718.9

Depreciation

Other

administrative costs

144.8

439.3

466.9

Recurre

2024 2025

Non-recurrent

costs1

12.6

23.3

International operations

(Million euros)

39%

39%

Cost to income

Recurrent staff

costs

709.4

769.2

Other recurrent

costs 2

Recurrent staff

costs

+9.8%

330.3

303.9

376.5

319.7

634.2

696.2

2024 2025 2024 2025

1 Restructuring costs related early retirement in Portugal. Operating costs stated in 2025 in Portugal increased by 7%, 5.5% considering recurrent costs. | 2 Other recurrent costs includes 13

Cost of risk and provisions

Group

(Consolidated, million euros)

31bp1

Cost of risk

857.5

-3.7%



32bp

Other

Loans Crédito

199.5

183.3

200.6

214.4

425.2

459.8

825.3

Portugal

(Million euros)

Cost of risk

233.9

-30.4%



134.2

120.4

28.5

113.5



30bp1

-74.9%

31bp

162.7

CHF mortgage legal

risk (Poland)2

Loan-loss

reserves

2024 2025

883

758

-14.2%



International operations

33bp

34bp

(Million euros)

Cost of risk



Loan-loss reserves

2024 2025

1,366

1,500



-9.0%

63.0

Loan-loss reserves

623.6

459.8

100.9

2024

+6.3%



-7.5%

70.6%

617

-1.4%



662.6

172.1

425.2

2025

608

65.3

1 Cost of risk including an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 39bp at the Group level and 42bp for Portugal in 2024.| 2 Does not include 14

Continued decrease of NPEs

Group

(Consolidated, billion euros)

NPL>90d

0.75

0.80

0.76

1.03

NPE 1.82

Outros

-322 million



-17.6%

1.50

Portugal

(Billion euros)



-224 million

0.973

-23.0%

0.749

NPE loans ratio

Dec 24

2.5%

Dec 25

1.7%

NPE ratio (EBA)

1.7%

1.3%

Dec 24

Dec 25

(Total impairment + collaterals*)/ NPE

119.3%

126.3%

Total impairment / NPE

82.2%

90.9%

Impairments allocated to NPE / NPE

54.0%

53.4%

NPL>90 days ratio

1.4%

1.2%

NPE ratio

3.1%

2.4%

NPE ratio inc. securities and off-BS (EBA)

1.9%

1.5%

Dec 24 Dec 25

International operations

(Billlion euros)

-98 million

-11.5%



0.852 0.754



NPE include loans to Customers only.

NPE loans ratio NPE ratio (EBA)

Dec 24 Dec 25

4.5%

2.3%

3.9%

1.8%

15

* Considering State guarantees or supranational, the ratio would stand at 122.4% in December 2024 and 131.8% in December 2025.

02



16

Group

Business activity



Customer funds

Group

(Consolidated, billion euros)



102.9

+8.6%



+16.4%

111.8

Portugal

(Billion euros)

1.3

15.0

16.8

1.5

25.6

25.8

28.7

30.8

70.5

+6.3%



75.0

Off-BS funds Other BS funds

Term deposits

17.6

1.3

36.1

47.9

+7.0%

1.5

20.5

36.3

Dec 24 Dec 25

International operations

(Billlion euros)

Demand deposits

53.5

32.4

+13.5%



36.8

2.6

10.6

22.7

19.2

10.4

3.7

Dec 24 Dec 25

Dec 24 Dec 25

Loan portfolio

Group

(Consolidated, billion euros)

Portugal

(Billion euros)

+3.69 billion

NPE: -17.6% (-0.322 billion)

22.2

24.4

7.4

7.9

28.7

30.3



58.3

+7.3%

-0.22

43.21

+3.92

39.52

+9.3%

62.6

Mortgage

+5.6%



Dec 24 NPE Performing Dec 25

International operations

(Billlion euros)

Personal

Companies

+10.0%



-0.10

18.83

+0.56 billion

+3.0%

+0.66

19.39

Dec 24 Dec 25

Dec 24 NPE Performing Dec 25

02



19

Group

Liquidity



Robust liquidity position

Liquidity ratios (CRD/CRR)

334%

Liquidity excess in ECB

(Billion euros)

30.9

33.0

Eligible assets

-1.08 billion



2.82 1.74

Dec 24 Dec 25

Net loans to deposits ratio

180%

100%

68% 68%



NSFR (Net stable funding ratio)

LCR (Liquidity coverage ratio)

Dec 24 Dec 25

20

MREL requirements and Funding Plan

SP

T2 AT1

CET13

MREL position (BCP Resolution Group - 31 Dec 2025)*

33.3%

12.0%

7.4%

3.7%

1.4%

20.7%

2.7%

1.3%

0.5%

7.5%

CET13

6.86%

MREL

Requirement1

AT1

28.89%

MREL

Requirement1

+ CBR4

T2

SP

  • 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 December 31, 2025, BCP complied with MREL requirement, including CBR, applicable since July, 2025 (with a buffer of 4.4% of TREA, amounting to c. EUR 1,200 million)

  • Funding Plan execution in 2025

    • Early redemption of the EUR 500 million of SP on October 2, 2025 (not eligible as of September 30, 2025).

    • 500 million of Senior Preferred issued on June 24, 2025, with a maturity of 6 years and Call Option on the year 5.

    • 500 million of T2 issued on March 20, 2025, with a maturity of 12 years and Call Option on the year 7.

    • Repurchase of EUR 79.5M of the Tier 2 EUR 166.3M Notes due December 2027, in the context of a Tender Offer launched on March 13, 2025.

  • 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

1000 million.

Dec 25 (%TREA)

Dec 25 (%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.



21

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 12M25.

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

03



22

Portugal





Profitability in Portugal

Net income Net operating revenue

(Million euros) (Million euros)

+10.6%

786.4

869.4

2024 2025

Operating Costs

(Million euros)

+7.0%

671.9

718.9

2024 2025

+3.8%

1,960.4

2,035.1

2024 2025

Impairment and other provisions

(Million euros)

233.9

162.7



-30.4%

2024 2025



Net interest income

(Million euros)

+0.2%

1,335.3

+153.4

+193.7

+53.4

+56.6

1,338.2

-56.3

-382.6

-15.3

2.10%

2.21%

NIM

2024 Performing

Credit rate

Impact of

Deposit's

Impact of

Effect of

Excess 2025

credit volume

including

NPE reduction

interest

securities

wholesale cost

liquidity

effect

hedges

effect

portfolio

(includes

and other

effect

TLTRO)

The positive effects of deposit costs, performing loan volume, wholesale funding and the securities portfolio

offset the effect of lower interest rates, which had a particular impact on the loan portfolio



Commissions and other income

Commissions Other income

32.7

8.2

53.6

55.8

9.1

6.9

-30.1

2024

2025

2024

2025

YoY

Banking fees and commissions

495.1

517.7

+4.6%

Cards and transfers

158.2

153.4

-3.0%

Loans and guarantees

83.7

89.8

+7.4%

Bancassurance

110.7

124.3

+12.2%

Management and maintenance of accounts

141.6

149.7

+5.8%

Other fees and commissions

1.0

0.5

-46.5%

Market related fees and commissions

97.4

108.3

+11.2%

Securities operations

40.1

46.1

+14.9%

Asset management and distribution

57.3

62.2

+8.5%

Total fees and commissions

592.5

626.0

+5.6%

(Million euros) (Million euros)

Equity earnings + dividends

Net trading income

Other operating income

70.9

Operating costs

Operating Costs



Employees

(Million euros)

Cost to income



Depreciation

Other administrative

costs

Non-recurring

costs1

Staff costs1

73.5

671.9

206.7

12.6

379.1

34%

+7.0%



35%

718.9

82.6

220.4

23.3

392.7

6,203 6,046

Dec 24 Dec 25

Branches

398 389

Recurring

costs1

2024 2025

695.7

659.3



+5.5%

Dec 24 Dec 25



NPEs decrease

Non-performing exposures (NPE) NPE build-up

(Million euros) (Million euros)

-23.0%



(Million euros)

Dec 25

vs. Dec 24

Dec 25

vs. Sep 25

Opening balance

973

803

Net outflows/inflows

-53

4

Write-offs

-28

-11

Sales

-143

-48

Ending balance 749 749

-224 million

Other NPE

973

NPL>90d

343

373

406

599

749

Dec 24 Dec 25

Loan impairment (net of recoveries)

(Million euros)

  • NPE in Portugal total 749 million at the end of December 2025, a decrease of 224 million from December 2024

  • The decrease of NPE from December 2024 is attributable mainly to a reduction of 194 million of other NPE

  • Cost of risk of 31bp in 2025 compared to 30bp1 in 2024, with the loan-loss reserves / NPE ratio ascending to 101% in December 2025 and 91% in December 2024

Cost of risk

30bp1

31bp

Loan-loss reserves

883

758

120.4

134.2

2024

2025



NPE coverage

NPE total coverage* NPL>90d total coverage*

100%

140%

24% 10%

151%

67%

6%

106%

101%

32%

44% Real estate collateral

Cash, other fin. collat. LLRs

100%

156%

2%

130%

24%

129%

Real estate collateral Cash, other fin. collat.

LLRs

49%

50%

1%

1%

92%

36%

Individuals Companies Total Individuals Companies Total

  • Total coverage* ≥100%, for both individuals and companies,

    and for both NPE categories (NPL>90d and other NPE)

  • Coverage by loan-loss reserves are stronger in loans to companies, where real-estate collateral, usually more liquid and with a more predictable market value, accounts for a lower coverage than in loans to individuals: coverage by loan-losses was 106% for companies NPE as of December 2025, reaching 130% for companies NPL>90d

Other NPE total coverage*

100%

128%

25%

18%

81%

0%

87%

17%

115%

51%

9%

55%

Real estate collateral Cash, other fin. collat. LLRs

Individuals Companies Total



Foreclosed assets and corporate restructuring funds

Foreclosed assets Corporate restructuring funds

(Million euros) (Million euros)

92

48

35

36

44

71

Impairment

Net value

Turismo Algarve FCR fund *

Corporate restructuring funds

-8.2%

344

316

303

274

41 42

Dec 24 Dec 25 Dec 24 Dec 25

Sales of foreclosed assets

  • Net foreclosed assets were down by 27.3% between December 2025 and December 2024

  • 270 properties were sold in 2025 compared to 569 properties sold in 2024

  • Restructuring funds amount to 316 million in December

2025 a decrease of 8.2% from December 2024

(Million euros)

81

74

569

270

Sale value # properties sold

58

Book value

34

2024 2025



Customer funds and loans to Customers

Total Customers Funds* Loans to Customers (gross)

(Milhões de euros*)

(Billion euros)

30.8

25.8

1.5

16.8

Off-BS funds Other BS funds

Term deposits

+6.3%



75.0

28.7

1.3

25.6

70.5

15.0

+4.7%



(Billion euros)

(Milhões de euros*)

Mortgage

Personal

39.5

+9.3%



2.5

19.5

+10.8%



43.2

2.7

21.8

18.7

17.4

Demand deposits Companies

Dec 24 Dec 25 Dec 24 Dec 25

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