Banco Comercial Português S A : Millennium bcp Earnings release as at 31 March 2026

About this update from Banco Comercial Portugues S.a.

6 May 2026 Millennium bcp Earnings release as at 31 March 2026 Supporting the Economy and Generating Value Profitability Business model Group's net income amounted to EUR 305.8 million in the first quarter of 2026, corresponding to an increase of 25.6% compared with the same period of the previous year (EUR 243.5 million). This performance resulted in a ROE of 15.9% (13.9% in the first quarter of 2025) and reflects the Bank's capacity to generate value . Net income in the activity in Portugal stood at EUR 265.4 million in the first quarter of 2026 , representing an increase of 21.2% compared with the same period of the last year (EUR 218.9 million). Net income 1 from international operations increased by 65.0% , reaching EUR 77.7 million in the first quarter of 2026, compared with EUR 47.1 million in the first quarter of 2025. Highlight to Bank Millennium , which recorded a net income of EUR 71.2 1 million , representing a 67.8% 2 increase compared to the first quarter of 2025. This evolution largely reflects the 61.4% 3 reduction in charges associated with CHF mortgage loan portfolio, which stood at EUR 50.1 million in the first three months of the year. Solid capital ratios, CET1 4 ratio stood at 15.1% and total capital ratio 4 at 19.3%, after deducting the maximum amount distributable to shareholders in respect of 2025 net profit, which reflects 50% in the form of dividends (EUR 509.3 million) and 40% through share buybacks (EUR 407.5 million) . Liquidity indicators 5 well above regulatory requirements : LCR at 319%, NSFR at 179% and LtD at 68%. Eligible assets available to discount at ECB of EUR 30 billion. Group's Loans to customers grew 7.2% to EUR 63.4 billion and total Customer funds increased 7.9% to EUR 112.8 billion compared to March 2025. In Portugal, Loans to Customers increased by 9.6% and total Customer funds rose by 6.3%. Bank Millennium loans to companies grew 26.5% 6 from March 2025. Significant reduction in non-performing assets , highlighting the decrease in the NPE of the Group of EUR 238 million compared to March 2025. Cost of risk of the Group stood at 35 bp in the first quarter of 2026 , which compares with 38 bp in the same period of the previous year. In Portugal , cost of risk stood at 33 bp in the first quarter of 2026, in line with the figure for the same period last year. Active Customers increased by 5% from the first quarter of the previous year to 7.4 million. Mobile Customers rose by 8%, which represented 75% of the Customer base in March 2026. BCP received authorisation from the competent authorities for the proposed share buyback equivalent to 40% (EUR 407.5 million) of the annual net income of 2025. 1 Before non-controlling interests. 2 FX effect excluded. 66.3% 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 a third party). Before taxes, non-controlling interests and FX effect excluded (61.7% with FX effect). 4 Fully implemented estimated ratio (March 2026) including 10% of the unaudited net income of the 1Q26. 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 According to the local classification. FINANCIAL HIGHLIGHTS (1) million EUR 31 Mar. 26 31 Mar. 25 Chg. (restated 2 ) 26/25 BALANCE SHEET Total assets 111,070 104,294 6.5 % Equity 9,668 8,549 13.1 % Loans to customers (net) 62,028 57,742 7.4 % Total customer funds 112,807 104,576 7.9 % Balance sheet customer funds 92,284 86,415 6.8 % Deposits and other resources from customers 90,731 85,096 6.6 % Loans to customers (net) / Deposits and other resources from customers 68.4 % 67.9 % Loans to customers (net) / Balance sheet customer funds 67.2 % 66.8 % RESULTS Net interest income 738.4 721.1 2.4 % Net operating revenues 983.0 909.1 8.1 % Operating costs 354.9 339.7 4.5 % Operating costs excluding specific items (3) 354.3 339.6 4.3 % Results on modification (0.4) (4.2) 91.3 % Loan impairment charges (net of recoveries) 55.9 55.6 0.4 % Other impairment and provisions 91.8 131.4 (30.1 %) Income tax 136.9 112.2 22.0 % Net income 305.8 243.5 25.6 % PROFITABILITY AND EFFICIENCY Return on average assets (ROA) 1.3 % 1.0 % Return on equity (ROE) 15.9 % 13.9 % Return on tangible equity (ROTE) 16.6 % 14.5 % Net interest margin 2.86 % 3.00 % Cost-to-core income (3) 37.0 % 36.8 % Cost-to-income 36.1 % 37.4 % Cost-to-income (3) 36.0 % 37.4 % Cost-to-income - Activity in Portugal (3) 30.5 % 33.9 % Staff costs / Net operating revenues (3) 19.9 % 20.7 % CREDIT QUALITY Cost of risk (net of recoveries, in b.p.) 35 38 Non-Performing Exposures (loans to customers) / Loans to customers 2.3 % 2.9 % Total loan impairments (balance sheet) / NPE (loans to customers) 94.3 % 82.6 % Restructured loans / Loans to customers 1.7 % 2.4 % LIQUIDITY Liquidity Coverage Ratio (LCR) 319 % 354 % Net Stable Funding Ratio (NSFR) 179 % 180 % CAPITAL (4) Common equity tier I phased-in ratio 15.3 % 16.1 % Common equity tier I fully implemented ratio 15.1 % 15.9 % Total ratio fully implemented 19.3 % 20.0 % BRANCHES Activity in Portugal 388 397 (2.3 %) International activity 782 800 (2.3 %) EMPLOYEES Activity in Portugal 6,043 6,229 (3.0 %) International activity (5) 9,669 9,487 1.9 % Notes: Some indicators are presented according to management criteria of the Group, with concepts described and detailed in the Glossary. In the second quarter of 2025, some amounts booked in commissions were reclassified, in order to improve the quality of the information reported. The historical amounts of such items are presented considering these reclassifications with the purpose of ensuring their comparability. The impact in the first quarter of 2025 was EUR +0.3 million in commissions associated with cards and transfers, offset by EUR -0.4 million in commissions related to management and maintenance of accounts and EUR +0.1 million in other banking commissions. The overall amount of net commissions disclosed in previous periods remains unchanged. In the second quarter of 2025, the Bank reclassified a portfolio of debt instruments associated to credit operations, previously included in the Securities Portfolio (Debt securities held not associated with credit operations), now recognising them as Loans to Customers (Debt securities held associated with credit operations). The historical amounts considered for the purposes of this analysis are presented according to this reclassification, aiming to ensure their comparability, thus differing from the disclosed accounting amounts (impact of EUR 1,173 million before impairment in March 2025). The balance sheet impairment associated with these operations amounted to EUR 3 million in March 2025. Consequently, the impact net of impairment on Loans to Customers portfolio and on Securities portfolio was EUR 1,170 million on 31 March 2025. This accounting reclassification also led to the reclassification of the respective results, namely from other impairment and provisions to loan impairments (EUR 0.2 million in March 2025). The results arising from these operations, associated with both net interest income and net trading income, were also reclassified, although the total amount of each item presented in this analysis did not change compared to the amounts disclosed in previous periods. With effect from March 2026, reverse repurchase agreements (reverse repos) were excluded from the aggregate amount of loans to customers according to the management criteria adopted by the Bank. The corresponding historical amounts are presented considering these reclassifications with the purpose of ensuring their comparability. The impacts in March 2026 and March 2025 were EUR 532 million and EUR 108 million, respectively. All indicators associated with the aforementioned reclassifications have been restated accordingly. Excludes the impact of specific items: negative impacts of EUR 0.6 million in the first quarter of 2026 and EUR 0.1 million in the first quarter of 2025. In both periods, specific items were recognised in staff costs in the activity in Portugal including costs with employment terminations, namely indemnifications. The capital ratios as at 31 March 2026 are estimated, including 10% of the accumulated net income (non-audited). Of which, in Poland: 7,000 employees as at 31 March 2026 (corresponding to 6,885 FTE - full-time equivalent) and 6,847 employees as at 31 March 2025 (corresponding to 6,726 FTE - full-time equivalent). The analysis of the international activity is consistent with the Group's consolidated accounts, although there may be differences compared to the accounts disclosed locally. INSTRUCTION No. 16/2004 FROM BANCO DE PORTUGAL Following the publication of Banco de Portugal Instruction No. 17/2025, which amends Instruction No. 16/2004 concerning the indicators to be used by credit institutions in the disclosure of the information to the public, the table below includes the relevant indicators calculated in accordance with the version of the instruction currently in force. This amendment aims to align the indicators to be disclosed to the public with the definitions and criteria used by the European Banking Authority (EBA), specifically associating the calculation formulas for these indicators with specific elements of the Financial/Accounting Reporting Framework for Supervisory Purposes (FINREP -Common Reporting Framework). Accordingly, unlike the remaining information disclosed in this release, which is based on the full consolidation perimeter, these indicators are calculated using the prudential perimeter. FINANCIAL HIGHLIGHTS ACCORDING TO INSTRUCTION No. 16/2004 FROM BANCO DE PORTUGAL, AS THE CURRENTLY EXISTING VERSION 31 Mar. 26 31 Mar. 25 PROFITABILITY Net income / Total assets 1.2 % 1.0 % Net operating revenues / Total assets 3.7 % 3.6 % Net income / Equity 14.7 % 12.7 % EFFICIENCY Cost-to-income ratio 34.9 % 36.3 % Staff costs / Net operating revenues 19.3 % 20.0 % LOANS TO DEPOSITS Loans and advances to non-financial corporations and households / Deposits from nonfinancial corporations and households 64.7 % 64.4 % PROFITABILITY ANALYSIS NET INCOME In the first quarter of 2026, the consolidated net income amounted to EUR 305.8 million, corresponding to a 25.6% growth compared to the EUR 243.5 million achieved in the same quarter of the previous year and to a return on equity (ROE) of the Group of 15.9% (13.9% in the first quarter of 2025). The growth of the net income of the Group compared to the first quarter of the previous year benefitted mainly from the favourable performance of the activity in Portugal, reflecting also a greater contribution from the international activity compared to the first quarter of the previous year. Compared to the first quarter of 2025, net income of the Group benefitted from the favourable evolution of core income, net trading income and other net operating income. Results on modification and equity accounted earnings also showed a favourable evolution, although with a less significant impact on the performance of net income of the Group. On the other hand, the reduction in impairments and provisions contributed significantly to the growth observed compared to the first quarter of the previous year. Conversely, during the same period, an increase in operating costs was recorded. Core income increased by 3.7% (EUR +33.9 million) to EUR 956.3 million at the end of the first quarter of the current year, reflecting the favourable performance of both net interest income and net commissions. Net interest income stood 2.4% (EUR +17.3 million) above the amount recorded in the first quarter of 2025, reaching EUR 738.4 million at the end of the first quarter of 2026 , with the impact of growth in the activity in Portugal being partly offset by the lower contribution from international operations compared to the first quarter of 2025. Net commissions, in turn, mainly driven by the performance of the activity in Portugal, increased by 8.2% (EUR +16.6 million) from the first quarter of the previous year, totalling EUR 218.0 million in the first quarter of 2026. The significant increase of net trading income of the Group, from EUR 29.5 million in the first quarter of 2025 to EUR 49.8 million in the first quarter of 2026 (+68.6% ; EUR +20.3 million), was determined by the higher contribution of the activity in Portugal compared to the same period of the previous year. In the international activity, net trading income was lower than that recorded in the first quarter of 2025. Other net operating income also contributed favourably to the evolution of net income of the Group, by evolving from a negative amount of EUR 56.3 million in the first quarter of 2025, to an also negative amount of EUR 38.8 million in the first quarter of 2026 (EUR +17.5 million). This performance was driven by the favourable contribution of both domestic and international activity, notably that of the Polish subsidiary, which, despite the increase in costs associated with the mandatory contributions to which the subsidiary is subject, recorded, among other factors, a favourable evolution in the impacts associated with the foreign exchange mortgage portfolio recognised under this heading. The total impact before taxes and non-controlling interests associated with foreign exchange mortgage portfolio in the Polish subsidiary continued to influence the results of the Group, despite a 61.7% reduction, as it evolved from a cost of EUR 130.8 million in the first quarter of 2025 to a cost of EUR 50.1 million in the first quarter of 2026. Although not very significant, results on modification, exclusively recognised in the Polish subsidiary, also contributed to the favourable performance of the net income of the Group, evolving from a negative amount of EUR 4.2 million in the first quarter of 2025 to an also negative amount of EUR 0.4 million at the end of the first quarter of the current year (EUR +3.8 million), influenced by the absence in the first quarter of 2026 of costs associated with contractual modifications negotiated with customers with foreign exchange mortgage loans. Equity accounted earnings also increased (+17.2%) compared to those recorded in the first quarter of the previous year, totalling EUR 15.8 million in the first quarter of 2026. Impairment and provisions recorded a significant decrease, driven by the evolution of other impairment and provisions, as, on a consolidated basis, loan impairment charges net of recoveries remained broadly in line with the amount recorded in the first quarter of 2025, totalling EUR 55.9 million in the first quarter of 2026 (+0.4%; EUR +0.2 million). Other impairment and provisions, in turn, decreased by 30.1% (EUR -39.5 million), amounting to EUR 1

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