Banco Comercial Português S A : Earnings presentation (EarningsPres 12M25 25022026)

About this update from Banco Comercial Portugues S.a.

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 291.9 1 million in 2025, compared to 219.5 1 million in 2024. Highlight for Bank Millennium , which recorded a net income of 283.7 1 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, CET1 4 stood at 15.9% and total capital ratio 4 at 19.9% Liquidity indicators well above regulatory requirements. LCR 5 at 334%, NSFR 5 at 180% and LtD 5 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 31bp 6 in the same period last year. In Portugal, the cost of risk stood at 31bp in 2025, compared to 30bp 6 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. | 5 Liquidity 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% Transactions 1 +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 NPS 5 Digital Customers # 1 Dec 2025 5 largest Banks 4.8 2024 2025 Includes P2P transfers in Millennium app 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 Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.41% of total transactions Digital sales (Millennium website and app) in number of operations 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 income 1 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 income 2 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 costs 1 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) 31bp 1 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 30bp 1 -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 CET1 3 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% CET1 3 6.86% MREL Requirement 1 AT1 28.89% MREL Requirement 1 + CBR 4 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 costs 1 Staff costs 1 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 costs 1 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 30bp 1 in 2024, with the loan-loss reserves / NPE ratio ascending to 101% in December 2025 and 91% in December 2024 Cost of risk 30bp 1 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 Attention : This is an excerpt of the original content. 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