Banco Comercial Português S A : Press Release (20260729 Earnings Millennium BCP 1H26)

About this update from Banco Comercial Portugues S.a.

‌29 July 2026 Millennium bcp Earnings release as at 30 June 2026 Supporting the Economy and Generating Value Profitability Business model Group's net income amounted to EUR 565.8 million in the first half of 2026, corresponding to an increase of 12.7% compared with the same period of the previous year (EUR 502.3 million), reflecting the Bank's capacity to generate value . Net income in the activity in Portugal stood at EUR 470.2 million in the first half of 2026 , representing an increase of 10.9% compared with the same period of the last year. Net income 1 from international operations increased by 25.2% , amounting to EUR 183.5 million in the first half of 2026, compared with EUR 146.6 million in the first half of 2025. Highlight to Bank Millennium , which recorded a net income of EUR 166.9 1 million , representing a 38.7% 2 increase compared to the first half of 2025. This performance largely reflects the 64.9% 3 reduction in charges associated with CHF mortgage loan portfolio, which stood at EUR 96.7 million in the first six months of the year. Solid capital ratios 4 , CET1 ratio stood at 15.1% and total capital ratio at 19.3% . Liquidity indicators 5 remain well above regulatory requirements : LCR at 326%, NSFR at 183% and LtD at 68%. Eligible assets available to discount at ECB of EUR 30 billion. Group's Loans to customers grew 8.3% to EUR 65.2 billion and total Customer funds increased 9.8% to EUR 116.7 billion compared to June 2025. In Portugal, Loans to Customers increased by 8.6% and total Customer funds rose by 7.2%. Bank Millennium loans to companies recorded an increase of 31.8% 6 from June 2025. Significant reduction in non-performing assets , highlighting the decrease in the NPE of the Group of EUR 187 million compared to June 2025. Cost of risk in the first half of 2026 stood at 32 b.p. in the Group and in the activity in Portugal . Active Customers increased by 4% from the same date of the previous year to 7.4 million. Mobile Customers rose by 8%, which represented 75% of the Customer base in June 2026. 1 Before non-controlling interests. 2 FX effect excluded, 37.9% 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 (65.1% with FX effect). 4 Fully implemented estimated ratio (June 2026) including 10% of the unaudited net income of the 1H26. Excluding any distribution, the proforma CET1 ratio is 16.2% . 5 Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD). 6 Fx effect excluded, 30.1% with Fx effect. ‌FINANCIAL HIGHLIGHTS (1) million EUR 30 Jun. 26 30 Jun. 25 Chg. (restated 2 ) 26/25 BALANCE SHEET Total assets 114,800 105,466 8.9 % Equity 9,562 8,404 13.8 % Loans to customers (net) 63,836 58,839 8.5 % Total customer funds 116,655 106,246 9.8 % Balance sheet customer funds 95,063 87,321 8.9 % Deposits and other resources from customers 93,249 85,950 8.5 % Loans to customers (net) / Deposits and other resources from customers 68.5 % 68.5 % Loans to customers (net) / Balance sheet customer funds 67.2 % 67.4 % RESULTS Net interest income 1,493.8 1,444.1 3.4 % Net operating revenues 1,950.3 1,848.0 5.5 % Operating costs 720.2 683.5 5.4 % Operating costs excluding specific items (3) 713.4 680.7 4.8 % Results on modification (0.8) (5.1) 83.6 % Loan impairment charges (net of recoveries) 104.4 89.8 16.3 % Other impairment and provisions 188.5 280.6 (32.8 %) Income tax 282.7 218.4 29.4 % Net income 565.8 502.3 12.7 % PROFITABILITY AND EFFICIENCY Return on average assets (ROA) 1.2 % 1.1 % Return on equity (ROE) 14.6 % 14.3 % Return on tangible equity (ROTE) 15.2 % 14.9 % Net interest margin 2.83 % 2.97 % Cost-to-core income (3) 36.9 % 36.6 % Cost-to-income 36.9 % 37.0 % Cost-to-income (3) 36.6 % 36.8 % Cost-to-income - Activity in Portugal (3) 32.4 % 34.7 % Staff costs / Net operating revenues (3) 20.1 % 20.6 % CREDIT QUALITY Cost of risk (net of recoveries, in b.p.) 32 30 Non-Performing Exposures (loans to customers) / Loans to customers (4) 2.2 % 2.7 % Total loan impairments (balance sheet) / NPE (loans to customers) (4) 97.2 % 84.5 % Restructured loans / Loans to customers 1.5 % 2.2 % LIQUIDITY Liquidity Coverage Ratio (LCR) 326 % 336 % Net Stable Funding Ratio (NSFR) 183 % 181 % CAPITAL (5) Common equity tier I phased-in ratio 15.3 % 16.4 % Common equity tier I fully implemented ratio 15.1 % 16.2 % Total ratio fully implemented 19.3 % 20.3 % BRANCHES Activity in Portugal 385 396 (2.8 %) International activity 776 796 (2.5 %) EMPLOYEES Activity in Portugal 5,996 6,224 (3.7 %) International activity (6) 9,617 9,572 0.5 % ‌Notes: Some indicators are presented according to management criteria of the Group, with concepts described and detailed in the Glossary. 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 (impact of EUR 96 million in June 2025). With effect from June 2026, repurchase agreements (repos) were excluded from the aggregate amount of deposits and other resources from 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. This exclusion has no impact in June 2025 as no repos were record in this month. All indicators associated with the aforementioned reclassifications have been restated accordingly. Reclassifications from previous periods, which have already been duly communicated and accompanied by their respective explanatory notes, are not presented in this report, as the corresponding restated amounts have already been disclosed in prior reports. Excludes the impact of specific items: negative impact of EUR 6.9 million in the first half of 2026 and an also negative impact in the amount of EUR 2.8 million in the first half of 2025. In both periods, specific items were recognised in staff costs in the activity in Portugal including costs with employment terminations, namely early retirements and indemnifications and amounts related with mortgage financing to former employees. These indicators refer to loans to customers as defined in the Glossary, which comprise loans to customers at amortised cost (excluding reverse repos), debt instruments at amortised cost associated to credit operations and loans to customers at fair value through profit or loss (excluding reverse repos). The capital ratios as at 30 June 2026 are estimated, including 10% of the accumulated net income (non-audited). Of which, in Poland: 6,954 employees as at 30 June 2026 (corresponding to 6,842 FTE - full-time equivalent) and 6,909 employees as at 30 June 2025 (corresponding to 6,786 FTE - full-time equivalent). The analysis of the international activity is consistent with the Group's consolidated accounts, which may differ from 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 30 Jun. 26 30 Jun. 25 PROFITABILITY Net income / Total assets 1.2 % 1.1 % Net operating revenues / Total assets 3.6 % 3.7 % Net income / Equity 14.1 % 13.8 % EFFICIENCY Cost-to-income ratio 35.5 % 36.0 % Staff costs / Net operating revenues 19.6 % 20.1 % LOANS TO DEPOSITS Loans and advances to non-financial corporations and households / Deposits from nonfinancial corporations and households 64.4 % 64.2 % ‌PROFITABILITY ANALYSIS ‌NET INCOME In the first half of 2026, the consolidated net income amounted to EUR 565.8 million, corresponding to a 12.7% growth compared to the EUR 502.3 million achieved in the first half of the previous year and to a return on equity (ROE) of the Group of 14.6% (14.3% in the first half of 2025). The growth of the net income of the Group compared to the first half of 2025 benefitted mainly from the favourable performance of the activity in Portugal, also reflecting a greater contribution from the international activity compared to the first half of the previous year. Compared to the first half of 2025, net income of the Group benefitted from the increase of core income and net trading income. Equity accounted earnings and results on modification 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 net income growth compared to the first half of the previous year. Conversely, over the same period, operating costs showed an increase. The growth of core income of the Group compared to the first half of the previous year (+4.0%; EUR +74.0 million), to EUR 1,931.9 million at the end of the first half of the current year was driven by the performance of the activity in Portugal. In the international activity, core income was lower than in the first half of 2025, although with a marginal impact on the overall performance of the Group during this period. In consolidated terms, the performance of core income was mainly driven by the evolution of net interest income, which stood 3.4% (EUR +49.8 million) above the amount recorded in the first half of 2025, reaching EUR 1,493.8 million at the end of June 2026, with the impact of the growth in the activity in Portugal being partially offset by the reduction in the international activity. Net commissions of the Group also recorded an increase, of 5.8% (EUR +24.2 million), compared to the first half of the previous year, totalling EUR 438.0 million at the end of June 2026. Net commissions increased during the period under review in both the Portuguese and the international activity. The significant increase of net trading income of the Group, from EUR 55.8 million in the first half of 2025 to EUR 81.2 million in the first half of 2026 (EUR +25.4 million), was driven by the contribution of the activity in Portugal, although its impact was slightly offset by the decline recorded in the international activity. The evolution of net trading income in the activity in Portugal was influenced by gains associated with the sale of credit recovery legacy assets. Equity accounted earnings, in turn, increased 19.8% compared to those recorded in the first half of the previous year, totalling EUR 37.1 million in the first half 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 5.1 million in the first half of 2025 to an also negative amount of EUR 0.8 million at the end of the first half of the current year (EUR +4.3 million), influenced by the absence in the first half of 2026 of costs associated with contractual modifications negotiated with customers with foreign exchange mortgage loans. The overall 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 65.1% reduction, as it evolved from a cost of EUR 276.7 million in the first half of 2025 to a cost of EUR 96.7 million in the first half of 2026. The positive impact associated with the foreign currency mortgage loan portfolio at the Polish subsidiary was largely driven by the reduction in the provision booked by this subsidiary to face the implicit legal risk, which was EUR 145.9 million lower than the provision recognised in the first half of 2025. This reduction had a decisive influence on the overall evolution of impairments and provisions. Thus, overall, impairment and provisions of the Group recorded a significant decrease, driven by the evolution of other impairment and provisions that stood 32.8% (EUR -92.1 million) below the amount posted in the first half of 2025, totalling EUR 188.5 million at the end of June 2026. Conversely, in the activity in Portugal, other impairment and provisions increased compared with the corresponding period of the previous year, although their impact was more limited. Loan impairment charges, net of recoveries, on a consolidated basis, increased by 16.3% (EUR +14.6 million) compared to the first half of 2025, totalling EUR 104.4 million in the first half of 2026, influenced by loan portfolio sales in the Polish subsidiary, with the greatest impact in the first half of the previous year. Despite the disciplined management of costs by the Group, operating costs were 5.4% (EUR +36.7 million) higher than in the first half of 2025, driven by the performance of both the activity in Portugal and the international activity, totalling EUR 720.2 million at the end of June 2026. Other net operating income, in turn, evolved from a negative amount of EUR 97.6 million in the first half of 2025, to an also negative amount of EUR 100.8 million in the first half of 2026 (EUR -3.1 million). This performance was driven by the unfavourable contribution of the activity in Portugal the impact of which was largely offset by the favourable performance of the international activity, notably that of the Polish subsidiary, which recorded among others a favourable evolution in the impacts associated with the foreign exchange mortgage portfolio recognised under this heading. In the first half of 2026, core operating profit of the Group amounted to EUR 1,211.7 million, standing 3.2% above the amount achieved in the same period of the previous year, since the increase in core income exceeded the increase in operating costs. The previous analysis does not exclude the impact of specific items considered in each period in staff costs in the activity in Portugal. In both periods, the impact of specific items before taxes and non-controlling interests was negative in the amount of EUR 6.9 million in the first half of 2026 and EUR 2.8 million in the first half of 2025. Excluding the impact of specific items in both periods, core operating profit of the Group was also higher than in the same period of the previous year (+3.5%) amounting to EUR 1,218.5 million, in the first half of 2026. In the activity in Portugal, net income of the first half of 2026 amounted to EUR 470.2 million, growing 10.9% from the EUR 424.0 million achieved in the same period of the previous year. The favourable evolution of net income in the activity in Portugal was largely driven by the increase in core income, from EUR 965.9 million in the first half of 2025 to EUR 1,055.6 million at the end of June of the current year. This performance was mainly driven by the 11.3% (EUR +74.4 million) increase in net interest income to EUR 733.2 million at the end of June of the current year. Net commissions, in turn, grew by 5.0% (EUR +15.3 million) over the same period, reaching a total of EUR 322.4 million in the first half of 2026. Net income of the activity in Portugal was also favourably influenced by the significant increase in net trading income (EUR +34.0 million from the first half of 2025), totalling EUR 41.0 million at the end of the first half of the current year. This evolution includes gains associated with the sale of credit recovery legacy assets. Although to a lesser extent, equity accounted earnings that totalled EUR 33.9 million in the first half of 2026, evolved favourably compared to the same period of the previous year (+18.9%, EUR +5.4 million). Net income of the activity in Portugal was further influenced by the increase in impairments and provisions, mainly driven by other impairment and provisions, which rose from EUR 5.6 million to EUR 28.3 million in the first half of the year. Loan impairment charges (net of recoveries) increased 5.4% (EUR +3.7 million) from the amount recognised in the first half of 2025, totalling EUR 72.5 million in first half of 2026, reflecting the growth of the loan portfolio (cost of risk, net of recoveries, stood at 32 basis points in the first half of 2026 compared to 33 basis points in the first half of 2025). Operating costs also increased from the first half of 2025 (+5.4%; EUR +18.3 million) totalling EUR 360.7 million at the end of June 2026. Excluding the impact of specific items, the increase in operating costs in the activity in Portugal was 4.2%. Other net operating income went from a negative amount of EUR 21.6 million in the first half of 2025 to an also negative amount of EUR 38.3 million in the first half of 2026 (EUR -16.7 million). Given that the increase in core income significantly outpaced the increase in operating costs in the activity in Portugal, core operating profit increased by 11.4% to EUR 694.9 million in the first six months of 2026. Excluding the specific items mentioned above (negative impacts of EUR 6.9 million in the first half of 2026 and EUR 2.8 million in the first half of 2025, both recognised in staff costs), core operating profit in the activity in Portugal totalled EUR 701.7 million in the first half of 2026, 12.0% above the amount recorded in the same period of the previous year. Regarding international activity, net income evolved positively (+22.1%) from the EUR 78.3 million recorded in the same period of the previous year totalling EUR 95.6 million at the end of June 2026. This evolution primarily reflects the stronger results reported by Bank Millennium in Poland compared with the first half of 2025, while the results obtained by Millennium bim in Mozambique were lower than in the first half of the previous year, influenced by the financial context in the country. In fact, net income of Bank Millennium reached EUR 166.9 million in the first half of 2026, showing a strong growth of 37.9% from the EUR 121.1 million recorded in the same period of the previous year. This performance was achieved despite the increase in the income tax rate for banks in Poland, from 19% in 2025 to 30% in 2026. To the favourable performance of the Polish subsidiary largely contributed the reduction in the overall amount of costs associated with the portfolio of foreign exchange mortgage loans, which continue to strongly influence the results of the subsidiary. On the other hand, the performance of the results of the Polish subsidiary was also influenced by the increase in operating costs and in impairment and provisions (excluding the provisions associated with foreign exchange mortgage portfolio) as well as by the reduction in core income, when compared to the amounts recorded in the first half of 2025. The unfavourable evolution of core income was due to the reduction in net interest income of the subsidiary, strongly influenced by the reduction in the reference interest rates by the central bank of Poland (a cumulative reduction of 200 basis points since the beginning of 2025 to June 2026). Regarding Millennium bim in Mozambique, net income amounted to EUR 13.9 million in the first half of 2026, significantly below the EUR 23.7 million recorded in the first half of 2025. This improvement was largely explained by the financial context in the country. The contribution of the Angolan operation to the results of the international activity, through the appropriation of the results of Banco Millennium Atlântico recognised in equity accounted earnings, amounted to EUR 2.7 million in the first half of 2026, corresponding to an increase of EUR 0.8 million compared to the same period of the previous year. Core operating profit, in the international activity, stood at EUR 516.8 million in the first half of 2026, remaining 6.2% below the EUR 550.8 million posted in the same period of the previous year. ‌NET INTEREST INCOME In the first half of 2026, net interest income of the Group reached EUR 1,493.8 million, standing 3.4% above the amount posted in the same period of the previous year. This evolution reflects the favourable performance of the activity in Portugal whose impact was partly offset by the reduction in net interest income in the international activity, when compared to the amount recorded in the first half of 2025. In the activity in Portugal, net interest income totalled EUR 733.2 million in the first half of 2026, increasing 11.3% from the EUR 658.8 million recorded in the first half of 2025. The lower cost of funding largely contributed to this evolution, mainly influenced by the decrease in costs associated with the remuneration of deposits from customers, despite the increase in average balance of interest-bearing deposits compared to the first half of 2025. The decrease in applied interest rates for variable-rate issues as well as an active and efficient debt management, with optimisation of funding conditions, resulted in a reduction in costs incurred with issued debt and subordinated debt, contributing positively to the performance of net interest income compared to the first half of the previous year. The higher income generated by the sovereign debt portfolio also contributed positively to the evolution of the net interest income compared with the first half of the previous year. Likewise, the increase in the average balance of customer loan portfolio allowed a higher income generated by this portfolio, compared to the first half of the previous year. On the other hand, the income generated by securities portfolio excluding the sovereign debt portfolio was lower than that recorded in the first six months of 2025. In the international activity, net interest income amounted to EUR 760.6 million at the end of June 2026, standing 3.1% below the EUR 785.3 million accounted in the first half of 2025. This evolution mainly reflects the performance of the Polish subsidiary with the Mozambican subsidiary also recording a lower net interest income from the same period of the previous year, despite its non-significant impact. The decrease in net interest income in the Polish subsidiary was largely due to the lower income generated by the customer loan portfolio, which, despite growth in volumes, was impacted by the sharp reduction in interest rates (average 3-month WIBOR rate of 5.60% in the first half of 2025 and 3.86% in the first half of 2026). In contrast, there was a lower cost of deposits from customers and a higher income from securities portfolio. In consolidated terms, net interest margin went from 2.97% in the first half of 2025 to 2.83% in the first half of 2026. In the activity in Portugal, net interest margin evolved from 2.12% in the first half of 2025, to 2.22% in the same period of the current year. Over this period, the 6-month Euribor evolved from 2.30% to 2.36% (average recorded over the six months of 2025 and 2026, respectively). Net interest margin in the international activity, in turn, evolved from 4.47% in the first half of 2025, to 3.84% in the first half of 2026, reflecting the reduction in this indicator recorded at the subsidiary in Poland. It is noteworthy that the central bank of Poland reduced the reference interest rates six times in 2025 (in May, July, September, October, November and December), and also in March of the current year, corresponding to a cumulative reduction of 200 basis points (from 5.75% at the beginning of 2025 to 3.75% in June 2026). The increase in liquidity invested in sovereign debt securities, resulting from the growth of customer deposits, although contributing positively to net interest income, led to the reduction in net interest margin compared to the first half of the previous year. ‌EQUITY ACCOUNTED EARNINGS AND DIVIDENDS FROM EQUITY INSTRUMENTS Equity accounted earnings together with dividends from equity instruments, which comprise dividends and equity income received from investments classified as financial assets at fair value through other comprehensive income and as financial assets held for trading, evolved from EUR 31.8 million in the first half of 2025, to EUR 38.0 million in the first half of 2026, mainly reflecting the performance of the activity in Portugal. In fact, in the activity in Portugal, although no amount relating to dividends from equity instruments was recognised in either the first half of 2025 or the first half of 2026, the results from equity accounted earnings increased from EUR 28.5 million to EUR 33.9 million in this period, largely influenced by the increase in the results from Millenniumbcp Ageas. In the international activity, equity accounted earnings together with the income of dividends from equity instruments totalled EUR 4.1 million in the first half of 2026, evolving favourably from the EUR 3.3 million recorded in the same period of the previous year, mainly due to the appropriation of the results generated by Banco Millennium Atlântico in Angola that went from EUR 1.8 million in the first half of 2025 to EUR 2.7 million in the first half of 2026. ‌NET COMMISSIONS In the first half of 2026, net commissions, as a whole, totalled EUR 438.0 million, showing a growth of 5.8% compared to the EUR 413.8 million recorded in the same period of the previous year, benefitting from the performance of both the activity in Portugal and the international activity. In consolidated terms, both banking commissions and commissions related to financial markets stood above the amount recorded in the first six months of 2025. In fact, banking commissions of the Group stood 4.2% (EUR +14.4 million) above the amount recorded in the first half of 2025, amounting to EUR 361.7 million at the end of the first half of 2026, while commissions related to financial markets increased 14.7% (EUR +9.8 million), totalling EUR 76.3 million in the first half of 2026. NET COMMISSIONS million EUR 6M26 6M25 Chg. 26/25 BANKING COMMISSIONS 361.7 347.3 4.2 % Cards and transfers 134.2 132.8 1.1 % Credit and guarantees 68.0 64.0 6.2 % Bancassurance 77.9 67.6 15.3 % Management and maintenance of accounts 81.7 81.6 0.1 % Other commissions (0.2) 1.2 (119.6 %) MARKET RELATED COMMISSIONS 76.3 66.6 14.7 % Securities operations 25.0 23.4 7.1 % Asset management and distribution 51.3 43.2 18.7 % 438.0 413.8 5.8 % Of which: Activity in Portugal 322.4 307.1 5.0 % International activity 115.6 106.7 8.3 % In the activity in Portugal, net commissions amounted to EUR 322.4 million in the first half of 2026, corresponding to a growth of 5.0% from the EUR 307.1 million recorded in the first half of 2025. Both banking commissions, which amounted to EUR 267.1 million at the end of the first half of 2026, and commissions related to markets, which totalled EUR 55.3 million in the same period, evolved favourably, showing increases of 3.8% (EUR +9.9 million) and 10.9% (EUR +5.5 million), respectively. Net commissions related to the banking business in the activity in Portugal evolved favourably overall, highlighting the growth of commissions associated with the bancassurance activity, with commissions associated with management and maintenance of accounts, commissions related to cards and transfers, which include amounts charged for transactions carried out with cards and the respective payment networks, for bank transfers and for the use of points of sale (POS), and commissions associated with credit and guarantees also performing favourably compared to the first half of the previous year. Other banking commissions, in the activity in Portugal, in turn, did not change significantly from the first half of 2025. Regarding market related commissions in the activity in Portugal, both commissions arising from asset management and distribution and commissions related to securities reached a higher level than in the first half of 2025, with the growth of the former contributing more significantly to the performance of this aggregate. In the international activity, net commissions amounted to EUR 115.6 million in the first half of 2026, increasing 8.3% (EUR +8.9 million) from the amount recognised in the same period of the prior year, largely reflecting the growth observed in the Polish subsidiary. In the Mozambican subsidiary, net commissions remained stable compared to the first half of 2025. Commissions related to banking business in the international activity totalled EUR 94.6 million in the first half of 2026, increasing 5.1% (EUR +4.6 million) from the amount recorded in the same period of the previous year, while commissions related to financial markets, in turn, recorded a 25.8% increase (EUR +4.3 million). ‌NET TRADING INCOME In the first half of 2026, net trading income amounted to EUR 81.2 million, above the EUR 55.8 million achieved in the same period of the previous year. This performance was largely influenced by the contribution of the activity in Portugal, whose impact was partially offset by the lower contribution from the international activity compared with the first half of 2025. In the activity in Portugal, net trading income evolved from EUR 7.0 million in the first half of 2025 to EUR 41.0 million in the first half of 2026, influenced by gains associated with the sale of credit recovery legacy assets. In the international activity, net trading income decreased from EUR 48.8 million in the first half of 2025 to EUR 40.2 million in the first half of 2026, reflecting decreases observed in both subsidiaries operating in Poland and Mozambique. ‌OTHER NET OPERATING INCOME Other net operating income includes, among others, the costs associated with the resolution and the deposit guarantee funds as well as with the other mandatory contributions, both in the activity in Portugal and in the international activity. In the last year other net operating income evolved from a negative amount of EUR 97.6 million in the first half of 2025, to an also negative amount of EUR 100.8 million in the first half of 2026, with the positive impact of the international activity, particularly that of the Polish subsidiary, being offset by the opposite impact arising from the contribution of the activity in Portugal. In fact, in the activity in Portugal, other net operating income evolved from a negative amount of EUR 21.6 million in the first half of 2025 to an also negative amount of EUR 38.3 million at the end of the first half of 2026. This performance was due on one hand to the reduction in gains recognised with the sale of assets, and, on the other, by the increase of the impact of costs with mandatory contributions to which the Bank is subject. Conversely, the performance of other net operating income benefitted from the recognition of revenue associated with the conclusion of litigation processes. The reduction of gains recognised from the disposal of assets resulted mainly from the gains associated with financial holdings, but also from the lower results from the disposal of non-current assets held for sale. The overall amount associated to mandatory contributions in the activity in Portugal went from EUR 32.8 million in the first half of 2025 to EUR 42.2 million in the first half of 2026 (+28.4%). This evolution was unfavourably influenced by the fact that an income was recognised in the first half of the previous year, related to the Additional Solidarity charge for the Banking Sector paid by the Bank in 2021. In fact, following the Constitutional Court Ruling No. 478/2025 issued on 3 June 2025, which declared the Solidarity Additional Framework for the Banking Sector unconstitutional with general binding force, the self-assessment and payment of the tax, which according to the rules previously in force would have been due by 30 June 2025, was not made. In addition, an income in the amount of EUR 6.2 million was recognised in the first half of 2025 in respect of the tax paid in 2021. Income relating to the tax paid by the Bank in the remaining years (from 2020 to 2024, inclusive) was recognised in the second half of 2025. Accordingly, no amount related to this tax was recognised in the first half of 2026. The costs incurred with the other mandatory contributions to which the Bank is subject in the activity in Portugal were also higher than those recorded in the first half of 2025. The cost incurred with the contribution on the banking sector amounted to EUR 31.2 million, that compares to EUR 28.6 million recognised in the first half of the previous year, while the contribution to the National Resolution Fund (FRN) increased from EUR 10.2 million to EUR 10.7 million in the first half of 2026, despite the decrease in the contribution rate from 0.049% to 0.047%. The contribution to the deposit guarantee fund, in turn, remained stable totalling EUR 0.3 million in the first half of 2026. Finally, it should be noted that the Single Resolution Board determined that, since the Single Resolution Fund (SRF) had reached its target level, no ex-ante contributions would be charged in 2026, similarly to 2025. In the international activity, other net operating income evolved from a cost of EUR 76.0 million recognised in the first half of 2025 to a cost of EUR 62.4 million at the end of June 2026. This performance was mainly driven by the favourable evolution of the impacts associated with the foreign exchange mortgage loan portfolio recognised under this item in the Polish subsidiary. Conversely, costs with mandatory contributions to which this subsidiary is subject increased when compared to the first half of 2025. The impacts associated with foreign exchange mortgage loan portfolio, as far as this item is concerned, evolved significantly from a cost of EUR 4.7 million in the first half of 2025 to an income of EUR 7.8 million in the first half of 2026 . This performance mainly reflects the favourable evolution of court costs related to the counterclaims filed by Bank Millennium for reimbursement of the amounts owed by customers. On the other hand, the compensation for costs incurred with the booking of provisions to address the legal risk implicit in foreign exchange mortgage loans to be reimbursed from a third party, following the indemnity clauses and contractual guarantees provided for in the acquisition contract of Euro Bank S.A., decreased when compared to the same period of the previous year, totalling EUR 14.0 million in the first half of 2026, which compares to EUR 23.3 million in the first half of 2025. Costs associated with mandatory contributions borne by the Polish subsidiary increased from EUR 74.1 million in the first half of 2025 to EUR 75.8 million in the first half of 2026. This evolution was mainly due to the contribution to the resolution fund by this subsidiary that reached EUR 27.5 million in the first half of 2026, corresponding to an increase of more than 50% compared to the same period of the previous year. With a less significant impact, the special tax on the Polish banking sector, was also higher compared to the amount recognised in the first half of 2025 totalling EUR 48.3 million in the first half of 2026 (EUR 47.4 million in the first half of 2025). In contrast, since the target level was reached, no contributions to the deposit guarantee fund by Bank Millennium will be charged in 2026 (EUR 8.7 million in the first half of 2025). ‌OPERATING COSTS Despite the disciplined management of costs followed by the Group, operating costs stood 5.4% above the EUR 683.5 million recorded in the first half of the previous year, totalling EUR 720.2 million at the end of the first half of 2026. Operating costs were higher than those recorded in the first half of 2025, both in the activity in Portugal and in the Polish subsidiary. In the Mozambican subsidiary, in turn, operating costs were lower than in the first six months of 2025. OPERATING COSTS million EUR 6M26 6M25 Chg. 26/25 Staff costs 398.7 383.3 4.0 % Other administrative costs 239.4 223.4 7.1 % Amortisation and depreciation 82.1 76.8 6.9 % 720.2 683.5 5.4 % Of which: Activity in Portugal 360.7 342.4 5.4 % International activity 359.5 341.2 5.4 % The amounts presented do not exclude the impact of specific items considered in each period in staff costs in the activity in Portugal. In both the first half of 2026 and the first half of 2025, the impact was negative in the amount of EUR 6.9 million and EUR 2.8 million, respectively. Excluding specific items mentioned above, operating costs of the Group amounted to EUR 713.4 million, standing 4.8% above the EUR 680.7 million accounted in the first half of 2025. The increase recorded was determined by the rise in other administrative costs (+7.1%, EUR +16.0 million), reflecting contributions from both the activity in Portugal and the international activity, particularly from the Polish subsidiary. Staff costs were also higher than the amount recorded in the first half of 2025 (+3.0%, EUR +11.3 million) which was more pronounced in the international activity, particularly in the Polish subsidiary. Amortisation and depreciation, in turn, also stood above the amount recorded a year earlier (+6.9%, EUR +5.3 million), influenced by the contribution of the activity in Portugal. In the international activity, amortisation and depreciation remained stable compared to the first half of 2025, with the increase in the Polish subsidiary being offset by the decrease in the Mozambican subsidiary. Both cost-to-income ratio and cost-to-core income ratio remained broadly in line with those recorded in the first half of the previous year, evolving from 36.8% to 36.6%, and from 36.6% to 36.9% respectively over the last year, excluding the impact of specific items in both cases. Stated cost-to-income and cost-to-core income ratios, in turn, also remained broadly unchanged, evolving respectively, from 37.0% to 36.9% and from 36.8% to 37.3%, over the same period. In the activity in Portugal, operating costs totalled EUR 360.7 million in the first half of 2026, standing 5.4% above the EUR 342.4 million posted in the first half of 2025. Excluding specific items mentioned above, operating costs increased 4.2%, from EUR 339.6 million to EUR 353.9 million. The evolution of operating costs in the activity in Portugal, not considering the effect of specific items, reflects the increases of 8.9% (EUR +9.4 million) recorded in other administrative costs and of 13.5% (EUR +5.4 million) in amortisation and depreciation. Staff costs, in turn, remained in line (-0.3%; EUR -0.6 million) with the amount posted in the first half of 2025. Excluding the impact of specific items, cost-to-income ratio in the activity in Portugal evolved from 34.7% to 32.4%, while cost-to-core income ratio went from 35.2% to 33.5% in the period under review. Cost-to-income and cost-to-core income stated ratios stood at 33.0% and 34.2% in the first half of 2026, levels that compare respectively with 34.9% and 35.4% in the same period of the previous year. In the international activity, operating costs totalled EUR 359.5 million at the end of the first half of 2026, standing 5.4% above the EUR 341.2 million accounted in the same period of the previous year. This evolution was mainly due to the increase in the Polish subsidiary, whose impact was partially offset by the reduction in the subsidiary in Mozambique compared to the first half of 2025. The evolution of operating costs in the international activity was thus due to the increases of 6.4% (EUR +11.9 million) in staff costs and of 5.5% (EUR +6.5 million) in other administrative costs. Amortisation and depreciation remained in line with the amount accounted in the same period of the previous year (-0.3%; EUR -0.1 million). The cost-to-income ratio of the international activity evolved from 39.3% in the first half of 2025 to 41.9% in the first half of 2026, while cost-to-core income ratio, in turn, went from 38.2% to 41.0% in the same period. ‌STAFF COSTS In the first half of 2026, staff costs totalled EUR 398.7 million, standing 4.0% above the EUR 383.3 million accounted in the same period of the previous year. Both in the activity in Portugal and mainly in the international activity, staff costs were higher than in the first half of 2025. These amounts include the negative impact of specific items recognised in each period in the activity in Portugal (EUR 6.9 million in the first half of 2026 and EUR 2.8 million in the first half of 2025). In both periods, specific items, related to staff costs, include costs with employment terminations and amounts related with mortgage financing to former employees. Not considering the impact of the specific items, staff costs of the Group increased 3.0% from the EUR 380.5 million accounted for in the first half of the previous year, amounting to EUR 391.8 million, at the end of the first half of the current year. In the activity in Portugal, stated staff costs amounted to EUR 200.2 million in the first half of 2026, standing 1.8% above the EUR 196.7 million recorded in the same period of the previous year. Not considering the impact of the specific items, staff costs remained in line (-0.3%) with the amount posted in the first half of 2025 totalling EUR 193.3 million in the first half of 2026. At the end of June 2026, the number of employees in the activity in Portugal stood at 5,996 employees, 228 employees fewer than on 30 June 2025, despite the hiring of new employees with specific skills, namely on digital, new technologies and internal control areas. In the international activity, staff costs amounted to EUR 198.5 million at 30 June 2026, standing 6.4% above the EUR 186.6 million recorded a year before. The Polish subsidiary was mainly responsible for this evolution, although the subsidiary in Mozambique also contributed to the increase in staff costs compared to the same date in the previous year, albeit to a lesser extent. In the Polish subsidiary, the evolution of staff costs continued to be influenced by the current scenario of the Polish labour market, with very low unemployment rates in the country and a strong pressure on basic wages, also reflecting the increase in the number of employees in the period under analysis, associated with the development of the strategic initiatives of the subsidiary. In fact, during this period, the total number of employees of this subsidiary evolved from 6,909 employees (6,786 FTE - full-time equivalent) o n 30 June 2025, to 6,954 employees (6,842 FTE - full-time equivalent) on 30 June 2026. The operation in Mozambique, in turn, kept its headcount stable, ending the first half of the current year with 2,663 employees, the same as in the end of June 2025. Salary updates are the main reason for the increase in staff costs compared to the first half of the previous year. On 30 June 2026, the headcount of the international activity consisted of 9,617 employees, which compares to 9,572 employees at 30 June 2025. ‌OTHER ADMINISTRATIVE COSTS In the first half of 2026, other administrative costs totalled EUR 239.4 million, standing 7.1% above the EUR 223.4 million recorded at the same period of the previous year. Notwithstanding the disciplined management of costs followed by the Group, this evolution reflects the performance of both the activity in Portugal and the international activity. In the activity in Portugal, other administrative costs amounted to EUR 114.9 million, corresponding to an increase of 8.9% from the EUR 105.4 million recorded in the first half of 2025. Despite the implementation of several recurrent measures to optimise the cost structure of the Bank, this performance reflects, among others with a less significant impact, the increase in costs associated with outsourcing and independent labour, other supplies and services, rents and leases (including costs associated with software licenses), advisory services (including support on regulatory matters), maintenance and related services and information technology services (in the latter two cases, related to hardware and software). On the other hand, costs associated with advertising represent the main reduction compared to the same period in the previous year. In the international activity, other administrative costs amounted to EUR 124.6 million in the first half of 2026, representing a 5.5% increase from the EUR 118.0 million posted in the same period of the previous year. This performance largely reflects the increase recorded in the Polish subsidiary, whose impact was partially offset by the reduction in the Mozambican subsidiary. The Group maintains a process of optimisation of its branch network in order to efficiently serve the markets in which it is present. On 30 June 2026, the activity in Portugal had a network of 385 branches, eleven less than at the end of June 2025, while in the Polish subsidiary the reduction compared with the same period of the previous year was 16 branches, to 585 branches as of 30 June 2026. The Mozambican subsidiary, in turn, ended June 2026 with 191 branches, four fewer than at 30 June 2025. ‌AMORTISATION AND DEPRECIATION Amortisation and depreciation amounted to EUR 82.1 million in the first half of 2026, standing 6.9% above the amount recorded in the first half of 2025, mainly influenced by the performance of the activity in Portugal. In fact, in the activity in Portugal, the increase in amortisation and depreciation was of 13.5%, from EUR 40.2 million in the first half of 2025, to EUR 45.7 million at the end of the first half of the current year, reflecting the investment made in hardware and software, given the Bank's commitment to the digital and technological transformation process. In the international activity, amortisation and depreciation amounted to EUR 36.4 million in the first half of 2026, in line (-0.3%) with the amount recorded in the first half of 2025, with the increase recorded in the Polish subsidiary being more than offset by the reduction recorded in the Mozambican subsidiary. ‌RESULTS ON MODIFICATION Results on modification evolved very favourably in the period under review, from a negative amount of EUR 5.1 million recorded in the first six months of 2025, to an also negative amount of EUR 0.8 million in the same period of the current year. In both periods, those amounts were exclusively recorded in the Polish subsidiary. This evolution of results on modification mainly reflects the absence of costs associated with contractual modifications negotiated with customers with foreign exchange mortgage loans recorded in this item in the first half of 2026, in contrast to the first half of the previous year, when costs amounting to EUR 2.5 million were recognised. ‌LOAN IMPAIRMENTS In the first half of 2026, impairment for loan losses of the Group (net of recoveries) totalled EUR 104.4 million, 16.3% above the EUR 89.8 million accounted for in the same period of the previous year, mainly due to the increase in the international activity. In consolidated terms, the cost of risk of the Group, net of recoveries, stood at 32 basis points in the first half of 2026 compared to 30 basis points in the first half of 2025. In the activity in Portugal, loan impairment charges (net of recoveries) totalled EUR 72.5 million in the first half of 2026, 5.4% above the EUR 68.8 million recognised in the first half of 2025. This evolution reflected the growth of the loan portfolio, as cost of risk (net of recoveries) stood at 32 basis points in the first half of 2026 compared to 33 basis points in the first half of 2025. In the international activity, impairment charges (net of recoveries) totalled EUR 31.9 million at the end of June 2026, that compares to EUR 21.0 million recognised in the first half of 2025. This performance was mainly driven by the performance of the Polish subsidiary, influenced by loan portfolio sales, with a greater impact in the first half of the previous year. In the Mozambican subsidiary, there was a favourable evolution, although with a non-material impact in the scope of this analysis. Cost of risk net of recoveries, in the international activity, went from 22 basis points to 32 basis points in the first half of 2026. ‌OTHER IMPAIRMENTS AND PROVISIONS In the first half of 2026, other impairment and provisions totalled EUR 188.5 million, which represents a significant reduction of 32.8% from the EUR 280.6 million recorded in the same period of the previous year. This favourable evolution was mainly driven by the reduction in the international activity, the impact of which was offset by the increase in other impairments and provisions recorded in the activity in Portugal. In the activity in Portugal, other impairments and provisions evolved from EUR 5.6 million in the first half of 2025 to EUR 28.3 million in the same period of the current year, mainly reflecting the increase in provisions for other risks, which reflects a conservative approach given the current uncertain environment. In the international activity, other impairment and provisions amounted to EUR 160.2 million at the end of June 2026, decreasing significantly (-41.8%) from the amount recognised in the same period of the previous year (EUR 275.0 million). The evolution of the international activity was mainly driven by the decrease recorded in the Polish subsidiary, although its impact was partially offset by the increase observed in the subsidiary in Mozambique. In fact, the provision booked by the Polish subsidiary to face the legal risk associated with foreign exchange mortgage loans was EUR 145.9 million lower than the amount recognised a year before, amounting to EUR 95.6 million in the first half of the current year, largely contributing to the mentioned evolution. On the other hand, the income, reflected in other net operating income, corresponding to the amount receivable from a third party, following the indemnity clauses and contractual guarantees provided for in the acquisition contract of Euro Bank S.A., decreased EUR 9.2 million compared to the first half of 2025, totalling EUR 14.0 million in the first half of 2026 . In the Mozambican subsidiary, the evolution of other impairments and provisions is mainly explained by the financial context in the country. ‌INCOME TAX Income tax (current and deferred) amounted to EUR 282.7 million in the first half of 2026, which compares to EUR 218.4 million posted in the first half of 2025. These expenses include, in the first half of 2026, current tax of EUR 70.7 million (EUR 45.4 million in the first half of 2025) and deferred tax of EUR 212.0 million (EUR 173.0 million in the first half of 2025). Current tax expenses in 2025 and 2026 had been influenced by provisions for legal risks related to the portfolio of foreign currency mortgage loans and by mandatory contributions to the banking sector, both non-deductible for tax purposes at the level of the Polish subsidiary, by the increase in the tax rate on bank income in Poland from 19% to 30% in 2026 and also by the autonomous taxation of interest on public debt in the Mozambican subsidiary. In 2025, current taxes were positively influenced by the correction of the 2024 tax estimate of the Polish subsidiary, against the reduction of the respective deferred tax assets, with no impact on net income. Deferred tax expenses are explained by the reduction in deferred tax assets secured under the Special Regime applicable to Deferred Tax Assets (REAID), mainly resulting from the results of the activity in Portugal and the evolution of taxable profits in the periods of 2025 and 2026, and by the mentioned increase in the tax rate on bank income in Poland and its impact on the taxation of income and expenses with interest and commissions on financial assets and liabilities measured at amortised cost using the effective interest rate method. ‌BALANCE SHEET ‌TOTAL ASSETS Consolidated balance sheet total assets amounted to EUR 114,800 million on 30 June 2026, showing an increase of 8.9% compared to the EUR 105,466 million recorded at the end of the first half of 2025, with this evolution being driven by the increases in assets in the international activity (EUR +5,661 million) and in the activity in Portugal (EUR +3,674 million). In the activity in Portugal, total assets totalled EUR 71,812 million at the end of the first half of 2026, representing a 5.4% increase compared to the EUR 68,138 million recorded on 30 June 2025. This evolution was due to a more significant increase in the loans to customer portfolio (net of impairment) and also to the growth, to a lesser extent, of securities portfolio and deposits at central banks. The most significant reduction occurred in deferred tax assets. In the international activity, total assets amounted to EUR 42,988 million on 30 June 2026, showing a growth of 15.2% compared to the EUR 37,327 million posted at the end of the first half of the previous year. This evolution is largely explained by the growth in the total assets of the Polish subsidiary, essentially justified by the increase in the securities portfolio (mainly local sovereign debt), resulting from the application of the surplus liquidity generated by the rise in balance sheet customers funds and also by the increase, to a lesser extent, of the customer loan portfolio (net of impairment). Assets in the Mozambican subsidiary also recorded an increase, although less significant. ‌LOANS TO CUSTOMERS Consolidated loans to customers portfolio (gross loans), as defined in the Glossary, amounted to EUR 65,238 million on 30 June 2026, showing an increase of 8.3% compared to the EUR 60,217 million figure achieved at the end of the first half of the previous year. This evolution was driven primarily by the growth in the activity in Portugal, benefitting also from the expansion recorded in the international activity. The evolution of the consolidated loans to customers portfolio is mainly explained by the greater dynamism observed in loans to companies and mortgage loans, with personal loans also recording a positive contribution, although less significant. In the activity in Portugal, loans to customers (gross) amounted to EUR 45,051 million on 30 June 2026, 8.6% above the EUR 41,500 million recorded at the end of the first half of 2025. This growth incorporates a significant increase in performing loans (EUR +3,637 million), slightly offset by the reduction in non-performing exposures (NPE) (EUR -86 million). Mortgage loans in the activity in Portugal stood at EUR 22,750 million on 30 June 2026, recording an increase of 10.9% (EUR +2,227 million) compared to the same date in the previous year, due to the growing demand, driven by government incentives aimed at young people and also to the increase in the average loan amount, directly caused by the rise in housing prices. Personal loans in the activity in Portugal also recorded an increase, of 10.6% (EUR +276 million) compared to the figure recorded at the end of the first half of 2025, standing at EUR 2,872 million on 30 June 2026. In turn, loans to companies in the activity in Portugal rose by 5.7% (EUR +1,048 million) compared to the end of the first half of 2025, reaching EUR 19,429 million at the end of the first half of 2026, driven by a context of recovery in activity, with the State sponsored loans showing particularly momentum. In the international activity, loans to customers (gross) amounted to EUR 20,187 million on 30 June 2026, 7.9% above the EUR 18,717 million recorded at the end of the first half of 2025. By geographies, there was a more significant growth in the Polish subsidiary and a less significant growth in the Mozambican subsidiary. Mortgage loans in the international activity totalled EUR 8,652 million on 30 June 2026, recording a drop of 1.9% compared to the amount recorded at the end of the first half of the previous year (EUR 8,821 million on 30 June 2025), with this decline being explained almost entirely by the performance of the Polish subsidiary. The subsidiary in Mozambique also recorded a decline, but not material. The amount of the mortgage loans portfolio in foreign currency in the Polish subsidiary excluding the portion concerning Euro Bank S.A. 1 decreased by EUR 82 million (30 June 2026: EUR 122 million; 30 June 2025: EUR 204 million). Personal loans in the international activity stood at EUR 5,249 million at the end of the first half of the current year, recording an increase of EUR 261 million compared to the figure recorded at the end of first half of the previous year, driven mainly by the growth recorded in the Polish subsidiary, benefitting also from the positive contribution of the Mozambican subsidiary. In turn, loans to companies in the international activity rose by 28.1% compared to the EUR 4,908 million recorded on 30 June 2025, standing at EUR 6,286 million at the end of the first half of 2026. This growth was driven by the positive evolution observed in the Polish subsidiary. The Mozambican subsidiary also recorded a positive contribution, although less significant. LOANS TO CUSTOMERS (GROSS) million EUR 30 Jun. 26 30 Jun. 25 restated Chg. 26/25 INDIVIDUALS 39,523 36,928 7.0 % Mortgage loans 31,402 29,344 7.0 % Personal loans 8,121 7,584 7.1 % COMPANIES 25,715 23,288 10.4 % Services 9,892 9,183 7.7 % Commerce 4,420 3,915 12.9 % Construction 1,682 1,381 21.8 % Others 9,721 8,809 10.4 % 65,238 60,217 8.3 % Of which: Activity in Portugal 45,051 41,500 8.6 % International activity 20,187 18,717 7.9 % QUALITY OF CREDIT PORTFOLIO The Group has in place credit portfolio management and monitoring processes, namely with regard to the assessment of the risk profile of the exposure in different portfolios/segments. These procedures have the purpose of identifying and closely monitoring the customers potentially more affected by the prevailing macroeconomic context, anticipating possible difficulties in complying the responsibilities and defining credit and performance strategies adjusted to the specificities of each customer/group of customers, with a view to both maintaining support to customers considered viable and mitigating credit risk in cases where there are risks of loss in the exposure value. The NPE stock, in consolidated terms, decreased to EUR 1,442 million on 30 June 2026, showing a reduction of EUR 187 million compared to the end of the first half of 2025. In the activity in Portugal, the NPE stock totalled EUR 734 million at the end of the first half of 2026, with a reduction of EUR 86 million compared to the same date in the previous year. Regarding credit quality indicators, the NPL ratio for more than 90 days, on a consolidated basis, stood at 1.2% at the end of the first half of the current year, slightly below the 1.3% ratio recorded at the end of the first half of the previous year. In turn, NPE ratio in percentage of the total credit portfolio, on a consolidated basis, decreased 1 The risk of Euro Bank S.A.'s portfolio is fully covered by a third party, within the scope of the clauses set out in the acquisition contract of that entity. from 2.7% on 30 June 2025 to 2.2% on 30 June 2026. In the activity in Portugal, the NPE ratio as a percentage of the total credit portfolio dropped from 2.0% on 30 June 2025 to 1.6% on 30 June 2026. In consolidated terms, the ratio of total impairments to NPL by more than 90 days evolved from 174.2% on 30 June 2025 to 181.0% on 30 June 2026. The ratio between total impairment and the stock of NPE showed a significant improvement both in consolidated terms (97.2% on 30 June 2026 vis-m-vis 84.5% recorded on 30 June 2025) and in the activity in Portugal (109.1% on 30 June 2026 vis-m-vis 93.8% on 30 June 2025). On 30 June 2026, the ratio between specific NPE impairment and NPE stock stood at 55.1% in consolidated terms (53.5% on 30 June 2025) and 55.8% in the activity in Portugal (52.3% on 30 June 2025). CREDIT QUALITY INDICATORS Group Activity in Portugal 30 Jun. 26 30 Jun. 25 Chg. 30 Jun. 26 30 Jun. 25 Chg. restated 26/25 26/25 STOCK (M€) Loans to customers (gross) 65,238 60,217 8.3 % 45,051 41,500 8.6 % Restructured loans 950 1,318 (27.9 %) 514 791 (35.0 %) NPL > 90 days 774 791 (2.1 %) 376 390 (3.4 %) NPE (Loans to customers) 1,442 1,629 (11.5 %) 734 820 (10.5 %) Total loan impairments (Balance sheet) 1,402 1,377 1.8 % 801 769 4.1 % Impairments allocated to NPE (Balance sheet) 795 871 (8.8 %) 409 429 (4.6 %) RATIOS AS A PERCENTAGE OF LOANS TO CUSTOMERS Restructured loans / Loans to customers (gross) 1.5 % 2.2 % 1.1 % 1.9 % NPL > 90 days / Loans to customers (gross) 1.2 % 1.3 % 0.8 % 0.9 % NPE / Loans to customers (gross) 2.2 % 2.7 % 1.6 % 2.0 % NPE ratio - EBA (includes debt securities and off-balance exposures) 1.4 % 1.7 % 1.3 % 1.5 % COVERAGE BY IMPAIRMENTS Total loan impairments / NPL > 90 days 181.0 % 174.2 % 212.9 % 197.4 % Total loan impairments / NPE 97.2 % 84.5 % 109.1 % 93.8 % Impairments allocated to NPE / NPE 55.1 % 53.5 % 55.8 % 52.3 % Note: unless otherwise stated, the indicators above refer to loans to customers as defined in the Glossary, which comprise loans to customers at amortised cost (excluding reverse repos), debt instruments at amortised cost associated to credit operations and loans to customers at fair value through profit or loss (excluding reverse repos). ‌CUSTOMER FUNDS On 30 June 2026, the consolidated total customer funds, as defined in the Glossary, amounted to EUR 116,655 million, representing an increase of EUR 10,409 million (+9.8%) compared to the EUR 106,246 million on the same date of the previous year, reflecting the positive performance of both the activity in Portugal and the international activity. The significant growth in deposits and other resources from customers was a key factor in the evolution of consolidated balance sheet customer funds, which showed an increase of EUR 7,741 million (+8.9%) compared to the EUR 87,321 million achieved at the end of the first half of the previous year, reaching EUR 95,063 million on 30 June 2026. In turn, consolidated off-balance sheet customer funds amounted to EUR 21,592 million, representing an increase of EUR 2,668 million compared to the same date of the previous year, mainly due to the dynamism of assets placed with customers and assets under management. Insurance products (savings and investment) also showed positive growth, although with a more moderate impact on the growth of consolidated off-balance sheet customer funds. In the activity in Portugal, total customer funds reached EUR 77,510 million on 30 June 2026, compared with the EUR 72,292 million recorded at the end of the first half of the previous year (+7.2%). This evolution is mainly due to the increase in balance sheet customer funds, which reached EUR 59,784 million on 30 June 2026 (EUR +3,343 million than the amount recorded on the same date of the previous year), due to the dynamism of deposits and other resources from customers. Although with a smaller contribution to that growth in total customer funds, off-balance sheet customer funds increased by EUR 1,875 million compared to the end of the first half of the previous year (+11.8%), reaching EUR 17,726 million on 30 June 2026, with a more significant increase in assets placed with customers. Insurance products (savings and investment) and assets under management also grew, however with a reduced impact. In the international activity, total customer funds stood at EUR 39,145 million at the end of the first half of 2026, recording an increase of EUR 5,192 million (+15.3%) compared to the EUR 33,953 million recorded on 30 June 2025. Balance sheet customer funds, entirely composed of deposits and other resources from customers, stood at EUR 35,279 million on 30 June 2026 (EUR +4,399 million compared to the end of the first half of 2025), benefitting from the rising volumes in the Polish operation and also from the smaller increase recorded in the subsidiary in Mozambique. Off-balance sheet customer funds, arising exclusively from the activity in the Polish subsidiary, increased by EUR 793 million compared to the end of the first half of the previous year, reaching EUR 3,866 million on 30 June 2026, mainly driven by the increase in assets under management and also by the smaller increase observed in assets placed with customers. Conversely, insurance products (savings and investment) recorded a decrease compared to the end of the first half of the previous year, although this reduction was not very significant in absolute terms. On 30 June 2026, balance sheet customer funds, on a consolidated basis, represented 81.5% of total customer funds, with deposits and other resources from customers representing 79.9% of total customer funds, both percentages lower than those recorded on the same date in the previous year (82.2% and 80.9%, respectively). The loans to deposits ratio, which results from the quotient between loans to customers (net) and deposits and other resources from customers, stood at 68.5% on 30 June 2026 (in line with the ratio recorded on the same date in the previous year). The aforementioned indicator, considering balance sheet customer funds, stood at 67.2% (slightly below the 67.4% ratio on the same date in the previous year). TOTAL CUSTOMER FUNDS million EUR 30 Jun. 26 30 Jun. 25 Chg. 26/25 BALANCE SHEET CUSTOMER FUNDS 95,063 87,321 8.9 % Deposits and other resources from customers 93,249 85,950 8.5 % Debt securities 1,813 1,372 32.2 % OFF-BALANCE SHEET CUSTOMER FUNDS 21,592 18,924 14.1 % Assets under management 7,538 6,483 16.3 % Assets placed with customers 8,827 7,719 14.4 % Insurance products (savings and investment) 5,227 4,722 10.7 % 116,655 106,246 9.8 % Of which: Activity in Portugal 77,510 72,292 7.2 % International activity 39,145 33,953 15.3 % ‌SECURITIES PORTFOLIO The consolidated securities portfolio, as defined in the Glossary, amounted to EUR 40,824 million on 30 June 2026, showing an increase of 12.1% compared to the EUR 36,428 million recorded on the same date in the previous year, representing 35.6% of total consolidated assets at the end of the first half of 2026 (34.5% at the end of first half of 2025), with this increase being explained by the liquidity arising from the growth of consolidated balance sheet customer funds. The securities portfolio allocated to the activity in Portugal stood at EUR 21,804 million on 30 June 2026, recording an increase compared to the EUR 21,365 million recorded on 30 June 2025. The securities portfolio allocated to the international activity showed a significant increase, rising from EUR 15,063 million at the end of the first half of the previous year to EUR 19,020 million on 30 June 2026. This growth was primarily driven by the activity in the Polish subsidiary, which reinforced the investment in local public debt, as a result of the liquidity arising from the growth of deposits from customers. ‌LIQUIDITY MANAGEMENT BCP Group liquidity position was kept solid between June 2025 and June 2026, driven by a 8.9% increase of balance sheet customer funds (+EUR 7.7 billion). This increase was mainly due to the international activity, which contributed with an increase of EUR 4.4 billion (+14.2%), with Poland remaining the main driver of growth. Although the loan portfolio continued to expand at a strong pace, rising by 8.3% (+EUR 5.0 billion), mainly driven by the activity in Portugal, loan growth remained below deposit growth in absolute terms. Consequently, the Group preserved a solid structural liquidity position and substantial central bank liquidity buffers, supporting comfortable regulatory and internal liquidity metrics across all major geographies. As of 30 June 2026, the Liquidity Coverage Ratio (LCR) stood, on a consolidated basis, at 326%, compared to 336% recorded on the same date of the previous year, ensuring a comfortable margin above the minimum regulatory requirement of 100%. From a structural perspective, the Group strengthened its stable funding base, based on customer deposits, particularly in the retail segment, and complemented by medium and long-term funding instruments, namely, issuances carried out under MREL (Minimum Requirements for Own Funds and Eligible Liabilities) and Bank Millennium's covered bond program. Consequently, as of 30 June 2026, the Net Stable Funding Ratio (NSFR) stood at 183%, above the level recorded in the same date of the previous year (181%), thus ensuring a substantial margin above the minimum regulatory requirement of 100%. The loan-to-deposit ratio stood at 68% at the end of June 2026, the same level that in the same date of the previous year, reflecting prudent balance sheet management, concurrently with the recovery of lending activity in Portugal since the beginning of the year. In the first half of 2026, taking advantage of favourable marketable conditions, BCP carried out two market transactions: on 5 February 2026, the bank issued EUR 500 million in Senior Preferred ("SP") 6.25NC5.25, with a coupon of 3.250% (mid-swaps +72 b.p.), effectively refinancing the exercise, on 12 February of the call option of a previous SP issuance of EUR 500 million, which had a coupon of 1.125%; and on 15 June 2026, BCP placed a Tier 2 issuance of EUR 500 million, with a 12-year maturity and an early redemption option after 7 years (T2 12NC7), and a coupon of 4.125% (mid-swaps +133 b.p.). The liquidity buffer with the European Central Bank recorded a year-on-year reduction of EUR 950 million, to EUR 31.3 billion. This evolution resulted, on the one hand, from the foreseen loss of eligibility of a mortgage loan portfolio, which occurred at the end of March 2026, and, on the other hand, by the execution of operations to exchange highly liquid assets for non-eligible assets, made possible by the size of the eligible asset portfolio. This effect was partially offset by the increase in the balance of retained covered bonds and, among other factors, by retained earnings and the favourable evolution of the commercial gap. Bank Millennium continues to strengthen its liquidity position, mainly driven by the sustained growth in customer deposits. The bank has also enhanced the diversification of its funding and capital structure. In January 2026, it issued PLN 1.5 billion of perpetual subordinated Additional Tier 1 (AT1) debt, with a coupon of 8.875% (mid-swaps +5.277 b.p.). This was followed on 27 May 2026 by its inaugural EUR 500 million Tier 2 issuance (10.25NC5.25), successfully placed with a coupon of 4.7115% (mid-swaps + 175 b.p.). In addition, between June 2025 and June 2026, the bank issued PLN 1.5 billion of covered bonds, further broadening its long-term funding base. Millennium bim maintained a robust liquidity position, reinforced by the growth in customer deposits between June 2025 and June 2026. ‌CAPITAL The estimated CET1 ratio as at 30 June 2026 stood at 15.3% phased-in and 15.1% fully implemented, reflecting a change of -109 and -107 basis points, respectively, compared to the 16.4% and 16.2% phased-in and fully implemented ratios reported in the same date of 2025, comfortably above the minimum regulatory ratios defined within the scope of SREP (Supervisory Review and Evaluation Process) for June 2026 (CET1 10.29%, T1 12.19% and Total 14.73%). The ratios estimated as at 30 June 2026 take into account the deduction of the maximum share buyback amount of EUR 407.5 million, corresponding to 40% of the 2025 net profit, currently being executed. In addition to the increase in shareholder distribution, the evolution of the ratios reflects, on the one hand, internal capital generation, supported by the solid performance of recurring business activity, and, on the other hand, the evolution of risk-weighted assets, influenced by the growth in business activity, with particular emphasis on corporate financing. SOLVENCY RATIOS million EUR 30 Jun. 26 30 Jun. 25 FULLY PHASED FULLY PHASED Own funds Common Equity Tier 1 (CET1) 6,839 6,839 6,685 6,685 Tier 1 7,460 7,460 7,175 7,175 Total Capital 8,725 8,725 8,394 8,394 Risk weighted assets 45,287 44,731 41,338 40,823 Solvency ratios CET1 15.1 % 15.3 % 16.2 % 16.4 % Tier 1 16.5 % 16.7 % 17.4 % 17.6 % Total capital 19.3 % 19.5 % 20.3 % 20.6 % Note: The capital ratios of June 2026 are estimated, including 10% of the accumulated positive net income. ‌SIGNIFICANT EVENTS IN THE FIRST HALF OF 2026 During the first half of 2026, notwithstanding the persistence of an international environment characterised by heightened uncertainty, stemming from geopolitical tensions and a challenging macroeconomic environment, BCP remained committed to its strategy of supporting companies and households, through close customer engagement and the provision of products and services guided by the principles of rigour, trust and quality, consistently meeting the needs and expectations of its Customers. On 20 January 2026, the Bank informed that it has decided to exercise the option to early redeem all of its EUR 500,000,000 Senior Preferred Fixed to Floating Rate Notes due 2027 (ISIN: PTBCPHOM0066), issued on 12 February 2021 under the Euro Note Programme, in accordance with condition 6(d) of the terms and conditions of the Notes and the final terms of the Notes. On 29 January 2026, the Bank informed that it has fixed the terms for a new issue of senior preferred debt securities eligible for MREL (Minimum Requirement for own funds and Eligible Liabilities), under its Euro Note Programme. The issue, in the amount of EUR 500 million, has a tenor of 6 years and 3 months, with the option of early redemption by the Bank on 5 May 2031, an issue price of 99.990% and an annual interest rate of 3.250% until the Optional Redemption Date. The interest rate from the Optional Redemption Date was set at 3-month Euribor plus a 0.72% spread. The issue was placed among a diversified base of institutional investors, namely in investment funds, banks and pension funds, enabling the tightening of the spread by more than 25 b.p. during the execution phase. On 7 May 2026, the Bank informed that it has concluded, at the Bank's facilities and through electronic means with 68.53% of the share capital represented, the Annual General Meeting of Shareholders, with the following resolutions: Item One - Approval of the management report, the balance sheet and the individual and consolidated accounts for the financial year 2025, the Corporate Governance Report, which includes a chapter on the remuneration of the management and supervisory bodies, and the Sustainability Report; Item Two - Approval of the proposal for the appropriation of profits regarding the 2025 financial year; Item Three - Approval of a vote of trust and praise addressed to the Board of Directors, including to the Executive Committee and to the Audit Committee and each one of their members, as well as to the Chartered Accountant and its representative; Item Four - Approval of the updating the Shareholder Distribution Policy; Item Five - Approval of the aspects of the remuneration framework for Members of the Management and Supervisory Bodies submitted to the Assembly and, in particular, on: Updating the Remuneration Policy for Members of the Management and Supervisory Bodies (including ratification of the Remunerations and Welfare Board decision regarding equity and alignment of welfare frameworks); The variable component of the remuneration of the executive members of the Board of Directors; Item Six - Approval of the reduction of the Bank's share capital by up to C240,000,000.00 (two hundred and forty million euros), with the special purpose of cancelling own shares already acquired or to be acquired under the share buyback programme, involving the cancellation of own shares representing up to 8% of the total number of shares representing the share capital, as well as the related reserves, with the consequent amendment of Article 4(1) of the Articles of Association; Item Seven - Approval of the increase of the Bank's share capital to C3,000,000,000, by incorporating the special reserve that may be set up under item Six of the Agenda, by the amount corresponding to the resulting share capital reduction and without issuing new shares, with the consequent amendment of Article 4(1) of the Articles of Association; Item Eight - Ratification of the co-option of a member of the Board of Directors for the 2022/2025 term of office; Item Nine - Election of the Board of Directors for the 2026/2029 term of office, including the Audit Committee; Item Ten - Election of the Remunerations and Welfare Board for the 2026/2029 term of office; Item Eleven - Approval of the authorisation provided for in Article 5(1) of the Articles of Association, as well as on the amendment of the respective wording; Item Twelve - Approval of the acquisition and disposal of own shares and bonds; Item Thirteen - Approval of the acceptance of the resignation and vote of praise for the outgoing member and selection of the President of the General Assembly to serve until the end of the current term (four-year period 2024/2027). On 13 May 2026, the Bank informed that Fitch Ratings upgraded BCP's long-and short-term deposits to 'A' from 'A-' and to 'F1' from 'F2', following the publication, on 8 May 2026, of its updated Bank Rating Criteria. On 15 June 2026, the Bank informed that has fixed the terms for a issue of subordinated Tier 2 Notes under its Euro Note Programme. The issue, in the amount of EUR 500 million, has a tenor of 12 years, with the option of early redemption by the Bank at the end of year 7, an annual interest rate of 4.125% during the first 7 years, corresponding to a spread of 1.330% over the 7-year mid-swap rate. The interest rate for the last 5 years will be determined on the basis of the then applicable 5-year mid-swap rate plus the mentioned spread. The issue was placed among a diversified base of institutional investors, with more than 80% allocated to investment funds, enabling the tightening of the spread by 27 b.p. during the execution phase. On 30 June 2026, the Bank informed that it has been notified by Banco de Portugal, as the national resolution authority, about the update of its minimum requirement for own funds and eligible liabilities ("MREL" or "Minimum Requirement for own funds and Eligible Liabilities") as decided by the Single Resolution Board. The resolution strategy applied continues to be that of a multiple point of entry ("MPE"). The MREL requirements to be met by BCP Group of Resolution (consisting of BCP, S.A., Banco ActivoBank, S.A. and all the subsidiary companies of BCP apart from Bank Millennium S.A. and Banco Internacional de Moçambique and their respective subsidiaries), with immediate application, is of: 24.73% of the total risk exposure amount ("TREA") to which adds further a combined buffer requirement ("CBR"), which also includes the "Countercyclical Capital Buffer" - CCyB and the "Systemic Risk Buffer" - SyRB, currently of 4.67%, thus corresponding to total requirements currently of 29.40%; and 6.75% of the leverage ratio exposure measure ("LRE"). Additionally, the Bank informed that is not subject to any subordination requirements. In accordance with the regulations in force, MREL requirements could be annually updated by the competent authorities, and therefore these targets replace those previously set. On that date, BCP informed that it complied with the established MREL requirements, both as a percentage of the TREA (including the CBR) and as a percentage of the LRE. Banco Comercial Português ("Bank" or the "BCP") started trading own shares in the context of the Share Buy-Back Programme approved by the Bank in accordance with the terms and conditions described in the announcement regarding the start of trading under the Buy-Back Programme disclosed by BCP on 27 May 2026. In the context of the Buy-Back Programme, and following the transactions executed from 4 June until 24 July 2026, the Bank has, up until that date, purchased 82,805,831 shares for a price amounting to a total of EUR 85,245,253, now holding an aggregate total 82,805,831 own shares, representing 0.56% of its share capital. ‌AWARDS AND DISTINCTIONS‌ Millennium bcp received several distinctions in the first half of 2026: "Consumer Choice" award in 2026 for the sixth consecutive year in the "Large Banks" category. Renewed its status, in 2026, as leader in the 'Large Banks' and 'banking apps' categories, for the fourth consecutive year, for the Prémio Cinco Estrelas. In 2026, in the 5-Star Award category - "Large Banks" - Millennium bcp obtained the best overall rating among the banks evaluated. Millennium bcp's corporate website has been recognised as Product of the Year 2026 in the "Companies" category. Distinguished at the Euronext Lisbon Awards 2026 in the categories of: Equity Champion (listed company with the highest total return), Local Market Member - Equity (member with the highest value traded on Euronext Lisbon in this category), Market Member - Bonds (member with the highest value traded on Euronext Lisbon in this category), Structured Finance - Warrants and Certificates (member that generated the greatest growth in the securities identified in this category). Awarded Best Distributor of Structured Products in Portugal by Structured Retail Products. Awarded by Euromoney magazine as the bank offering the best financing solutions in Portugal, in the context of the Awards for Excellence 2026. Named Portugal's Best Digital Bank for SMEs by Euromoney. BCP received the Global AI & Agentic Award, presented by SS&C Blue Prism in recognition of its leadership in the use of generative AI and intelligent agents. The Appropósito campaign won five awards, including a Grand Prix, Gold, Silver, and Bronze at the Lusophone Creativity Awards. BCP once again reaffirmed its position as a leading partner of Portugal's business community by winning the PME Líder 2025 award. BCP and Ocidental were awarded the Gold Medal for the Smart Insurance Advisory Tool. ActivoBank also received several distinctions in the first half of 2026: "Consumer Choice" award for the eight consecutive time in the "Digital Bank" category in 2026. "Five Stars" award for the third consecutive year, in the "Digital Banking" category in 2026. Recognised by DECO PROteste as the Right Choice for Current Accounts, reinforcing its position as one of the most advantageous solutions on the market, as well as the Right Choice for ETF Investments. ActivoBank is therefore the best choice among regulated banks in Portugal in 2026. Bank Millennium was distinguished in the first half of 2026: Bank Millennium was awarded with the Golden Bank 2026 title, recognising the highest quality of multichannel Customer service. For the sixth time, the Bank achieved first place in the hotline Customer service category and, for the third consecutive year, secured a podium position for the quality of its chat and email customer service. Bank Millennium was also recognised as a Top Employer Polska 2026 by the Top Employers Institute. This distinction confirms the Bank's commitment to fostering an increasingly positive work environment through the adoption of high standards in human resources management and the implementation of HR best practices. Bank Millennium was recognised as a Bank with a Mission in the Złoty Bankier 2026 ranking. The Bank was acknowledged for its consistent efforts that go beyond the traditional banking offer, as well as for its involvement in ambitious and inspiring initiatives. It stands out as an institution that combines the scale of its operations with responsibility, credibility, and courage in promoting a more ambitious social environment, while demonstrating consistency and reliability as a long-standing patron of culture. Bank Millennium was also distinguished as Institution of the Year by the MojeBankowanie.pl portal, winning the following categories: Best Mobile App, Best In-Branch Account Opening Process, and Best Remote Account Opening Process. Bank Millennium was named Poland's Best Digital Bank by Euromoney. The eSIM purchase feature available through the Millennium App was recognised among the year's best financial innovations at the Global Finance Innovators Awards. Bank Millennium stood out in the Customer Relationship Star category of the Banking Stars ranking. Customer Experience Leader 2026, an award recognising the quality of the customer experience delivered and the bank's customer-centric strategy. Service Quality Star 2026, an award granted based on high levels of consumer satisfaction. Star of the Decade 2015-2025, an award recognising a decade of excellence and consistency in service quality. Bank Millennium's Contact Center received the Gold Grand Prix, the highest distinction in the industry. Sustainability Champions 2026, a recognition awarded as part of the ESG Responsible Management Ranking. Millennium bim was also distinguished in the first half of 2026: Millennium bim was named Mozambique's Best Bank by Euromoney. Millennium bim was recognised as Mozambique's Best Digital Bank by Euromoney. Millennium bim was recognised as Mozambique's Best Bank by Global Finance magazine. The "Haverá sempre um M" campaign won one Gold, one Silver, and one Shortlist award at one of Africa's most prestigious creativity festivals, the Pitcher Awards 2026. ‌MACROECONOMIC ENVIRONMENT In July, the International Monetary Fund (IMF) revised down its projection for world GDP growth in 2026, from 3.1% to 3.0%. The IMF forecasts inflation rate of 4.7% in 2026, 0.3 percentage points higher than projected in April. These revisions reflect the increase in the price of energy and food, associated with a more prolonged closure of the Strait of Hormuz. These projections are associated with important downside risks to economic activity and upside risks to prices, mainly related to the persistence of geopolitical tensions. In the second quarter of 2026, financial markets benefitted from the prospects of easing the Middle East conflict and robust corporate earnings, despite episodes of high volatility. In this sense, the main stock indices recorded valuations, especially the markets with greater exposure to the new technologies. Oil prices fell from the highs seen at the beginning of the quarter, but still, on average, remained about 25% above the previous quarter. The possibility of second-round effects on energy prices has contributed to an upward revision of inflation expectations, although they remain relatively anchored, and of the expected paths for benchmark interest rates. In this context, the European Central Bank raised the deposit facility rate from 2.0% to 2.25%, which had an impact on the increase in Euribor rates, particularly for longer maturities. The unfavourable macroeconomic and financial environment was reflected in a widening of risk premia, including sovereign issuers, in the euro area periphery, particularly Italy, with 10-year government debt yields reaching 3.15% in Germany and 4.65% in the United States. Activity indicators point to a recovery of the Portuguese economy in the second quarter of 2026, after the stagnation recorded in the first quarter. Domestic demand is expected to be the main driver of growth, benefitting from the dynamism of investment and private consumption supported by a robust labour market, keeping the unemployment rate close to historic lows. The Bank of Portugal maintained its projection for GDP growth in 2026 at 1.8%. Regarding inflation, there was a significant acceleration from the first to the second quarter, with the average rate rising from 2.2% to 3.2%, an evolution marked by the increase in energy prices. The Bank of Portugal has revised upwards its projection for inflation in 2026, from 2.8% to 3.1%, anticipating a return to values close to 2% in 2028. In Poland, GDP grew by 3.5% year-on-year in the first quarter of 2026, corresponding to a deceleration compared to the previous quarter, due to the slowdown in domestic demand, mainly investment. Nevertheless, economic activity is expected to maintain a robust pace of growth, with the IMF projecting GDP growth of 3.4% for the year. In the second quarter, average inflation accelerated from 2.4% to 2.9% in the context of pressure on fuel prices. The National Bank of Poland kept the benchmark interest rate unchanged at 3.75% and the Zloty depreciated slightly. In Mozambique, GDP grew by 0.1% year-on-year in the first quarter of 2026. Economic activity was constrained by the floods that devastated the country in the first quarter and the deterioration of sovereign risk. For the year as a whole, the IMF forecasts GDP growth of 0.5%. The inflation rate in May increased to 7.2%, due to the increase in fuel prices, with core inflation remaining stable. In this context, the Central Bank of Mozambique decided to maintain the MIMO rate at 9.25% and the official Metical rate remained relatively stable. In Angola, the IMF projects a slowdown in the GDP growth rate from 3.1% in 2025 to 2.3% in 2026. In terms of exchange rate, the Kwanza appreciated slightly against the euro in the second quarter. ‌CONSOLIDATED INDICATORS, ACTIVITY IN PORTUGAL AND INTERNATIONAL ACTIVITY million EUR Group Activity in Portugal International activity Jun. 26 Jun. 25 (restated) Chg. 26/25 Jun. 26 Jun. 25 Chg. 26/25 Jun. 26 Jun. 25 (restated) Chg. 26/25 INCOME STATEMENT Net interest income 1,493.8 1,444.1 3.4 % 733.2 658.8 11.3 % 760.6 785.3 (3.1 %) Dividends from equity instruments 0.9 0.8 4.0 % 0.0 0.0 0.0 % 0.9 0.8 4.0 % Net fees and commissions income 438.0 413.8 5.8 % 322.4 307.1 5.0 % 115.6 106.7 8.3 % Net trading income 81.2 55.8 45.5 % 41.0 7.0 >200% 40.2 48.8 (17.6 %) Other net operating income (100.8) (97.6) (3.2 %) (38.3) (21.6) (77.2 %) (62.4) (76.0) 17.8 % Equity accounted earnings 37.1 31.0 19.8 % 33.9 28.5 18.9 % 3.3 2.5 30.3 % Net operating revenues 1,950.3 1,848.0 5.5 % 1,092.2 979.8 11.5 % 858.2 868.2 (1.2 %) Staff costs 398.7 383.3 4.0 % 200.2 196.7 1.8 % 198.5 186.6 6.4 % Other administrative costs 239.4 223.4 7.1 % 114.9 105.4 8.9 % 124.6 118.0 5.5 % Amortisation and depreciation 82.1 76.8 6.9 % 45.7 40.2 13.5 % 36.4 36.6 (0.3 %) Operating costs 720.2 683.5 5.4 % 360.7 342.4 5.4 % 359.5 341.2 5.4 % Operating costs excluding specific items 713.4 680.7 4.8 % 353.9 339.6 4.2 % 359.5 341.2 5.4 % Profit before impairment and provisions 1,230.1 1,164.4 5.6 % 731.5 637.4 14.8 % 498.7 527.0 (5.4 %) Results on modification (0.8) (5.1) 83.6 % 0.0 0.0 0.0 % (0.8) (5.1) 83.6 % Loan impairments (net of recoveries) 104.4 89.8 16.3 % 72.5 68.8 5.4 % 31.9 21.0 51.8 % Other impairment and provisions 188.5 280.6 (32.8 %) 28.3 5.6 >200% 160.2 275.0 (41.8 %) Profit before income tax 936.4 788.9 18.7 % 630.6 563.0 12.0 % 305.8 225.9 35.4 % Income tax 282.7 218.4 29.4 % 160.5 139.1 15.3 % 122.2 79.3 54.1 % Current 70.7 45.4 55.9 % 4.2 3.5 20.5 % 66.4 41.8 58.8 % Deferred 212.0 173.0 22.5 % 156.2 135.6 15.2 % 55.8 37.5 48.9 % Net income after income tax from continuing operations 653.7 570.5 14.6 % 470.2 423.9 10.9 % 183.5 146.6 25.2 % Net income from discontinued operations 0.0 0.0 0.0 % 0.0 0.0 0.0 % 0.0 0.0 0.0 % Non-controlling interests 87.9 68.2 28.8 % (0.1) (0.1) (16.3 %) 87.9 68.3 28.7 % Net income 565.8 502.3 12.7 % 470.2 424.0 10.9 % 95.6 78.3 22.1 % BALANCE SHEET AND ACTIVITY INDICATORS Total assets 114,800 105,466 8.9 % 71,812 68,138 5.4 % 42,988 37,327 15.2 % Total customer funds 116,655 106,246 9.8 % 77,510 72,292 7.2 % 39,145 33,953 15.3 % Balance sheet customer funds 95,063 87,321 8.9 % 59,784 56,441 5.9 % 35,279 30,880 14.2 % Deposits and other resources from customers 93,249 85,950 8.5 % 57,971 55,070 5.3 % 35,279 30,880 14.2 % Debt securities 1,813 1,372 32.2 % 1,813 1,372 32.2 % 0 0 0.0 % Off-balance sheet customer funds 21,592 18,924 14.1 % 17,726 15,851 11.8 % 3,866 3,073 25.8 % Assets under management 7,538 6,483 16.3 % 4,696 4,346 8.1 % 2,842 2,137 33.0 % Assets placed with customers 8,827 7,719 14.4 % 7,976 6,980 14.3 % 852 739 15.2 % Insurance products (savings and investment) 5,227 4,722 10.7 % 5,054 4,525 11.7 % 173 197 (12.3 %) Loans to customers (gross) 65,238 60,217 8.3 % 45,051 41,500 8.6 % 20,187 18,717 7.9 % Individuals 39,523 36,928 7.0 % 25,622 23,119 10.8 % 13,901 13,809 0.7 % Mortgage 31,402 29,344 7.0 % 22,750 20,523 10.9 % 8,652 8,821 (1.9 %) Personal Loans 8,121 7,584 7.1 % 2,872 2,597 10.6 % 5,249 4,988 5.2 % Companies 25,715 23,288 10.4 % 19,429 18,381 5.7 % 6,286 4,908 28.1 % CREDIT QUALITY Total loan impairments (balance sheet) 1,402 1,377 1.8 % 801 769 4.1 % 601 608 (1.2 %) Total loan impairments (balance sheet) / Loans to customers 2.1 % 2.3 % 1.8 % 1.9 % 3.0 % 3.2 % NPE (Loans to customers) 1,442 1,629 (11.5 %) 734 820 (10.5 %) 708 809 (12.5 %) NPE / Loans to customers 2.2 % 2.7 % 1.6 % 2.0 % 3.5 % 4.3 % Total loan impairments (balance sheet) / NPE 97.2 % 84.5 % 109.1 % 93.8 % 84.8 % 75.1 % Restructured loans 950 1,318 (27.9 %) 514 791 (35.0 %) 435 527 (17.4 %) Restructured loans / Loans to customers 1.5 % 2.2 % 1.1 % 1.9 % 2.2 % 2.8 % Cost of risk (net of recoveries, in b.p.) 32 30 32 33 32 22 INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2026 AND 2025 thousand EUR 30 June 2026 30 June 2025 Interest and similar income 2,134,557 2,222,073 Interest and similar expense (640,728) (778,019) NET INTEREST INCOME 1,493,829 1,444,054 Dividends from equity instruments 874 841 Net fees and commissions income 438,036 413,830 Gains/(losses) on financial operations at fair value through profit or loss 9,115 74,382 Foreign exchange gains/(losses) 62,278 (10,081) Gains/(losses) on hedge accounting (1,674) (36) Gains/(losses) arising from derecognition of financial assets and liabilities not measured 11,512 at fair value through profit or loss Other operating income / (expenses) (104,495) (125,392) TOTAL OPERATING INCOME 1,909,475 1,789,171 Staff costs 398,699 383,315 Other administrative costs 239,418 223,444 Amortisations and depreciations 82,097 76,786 TOTAL OPERATING EXPENSES 720,214 683,545 NET OPERATING INCOME BEFORE PROVISIONS AND IMPAIRMENTS 1,189,261 1,105,626 Results on modification (839) (5,120) Impairment of financial assets at amortised cost (113,198) (108,858) Impairment of financial assets at fair value through other comprehensive income 960 (1,721) Impairment of other assets (6,213) (8,807) Other provisions (174,452) (250,979) NET OPERATING INCOME 895,519 730,141 Share of profit of associates accounted for using the equity method 37,141 31,007 Gains/(losses) on disposal of subsidiaries and other assets 3,733 27,774 NET INCOME BEFORE INCOME TAXES 936,393 788,922 Income taxes Current (70,693) (45,356) Deferred (212,000) (173,049) NET INCOME AFTER INCOME TAXES FROM CONTINUING OPERATIONS 653,700 570,517 Net income from discontinued or discontinuing operations 0 0 NET INCOME AFTER INCOME TAXES 653,700 570,517 Net income for the period attributable to: Bank's Shareholders 565,832 502,276 Non-controlling interests 87,868 68,241 NET INCOME FOR THE PERIOD 653,700 570,517 Earnings per share (in Euros) Basic 0.075 0.065 Diluted 0.075 0.065 ‌(8,427) ‌INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2026 AND 2025 AND 31 DECEMBER 2025 thousand EUR 30 June 2026 31 December 2025 30 June 2025 ASSETS Cash and deposits at Central Banks 3,826,582 4,089,540 3,043,654 Loans and advances to credit institutions repayable on demand 216,349 186,011 271,492 Financial assets at amortised cost Loans and advances to credit institutions 1,009,140 861,245 1,154,893 Loans and advances to customers 59,513,375 57,406,675 55,023,464 Debt securities 27,249,692 24,538,875 25,000,970 Financial assets at fair value through profit or loss Financial assets held for trading 1,911,408 1,063,264 1,611,113 Financial assets not held for trading mandatorily at fair value through profit or loss 353,220 353,619 344,494 Financial assets designated at fair value through profit or loss 0 0 37,221 Financial assets at fair value through other comprehensive income 15,818,948 16,045,772 13,749,416 Hedging derivatives 75,601 32,365 85,860 Investments in associates 449,325 455,176 422,122 Non-current assets held for sale 60,294 68,928 75,319 Investment property 5,097 5,011 17,402 Other tangible assets 564,577 581,846 586,089 Goodwill and intangible assets 323,720 322,683 281,648 Current tax assets 8,127 22,380 24,280 Deferred tax assets 1,502,380 1,744,370 1,968,869 Other assets 1,911,950 1,555,167 1,767,233 TOTAL ASSETS 114,799,785 109,332,927 105,465,539 LIABILITIES Financial liabilities at amortised cost Deposits from credit institutions and other funds 793,287 878,571 771,720 Deposits from customers and other funds 91,357,614 87,672,860 83,967,991 Non-subordinated debt securities issued 3,940,733 3,893,593 4,265,785 Subordinated debt 2,381,056 1,411,658 1,398,489 Financial liabilities at fair value through profit or loss Financial liabilities held for trading 100,161 152,729 252,044 Financial liabilities designated at fair value through profit or loss 3,705,075 3,614,335 3,353,247 Hedging derivatives 36,772 42,728 52,184 Provisions 1,186,485 1,238,513 1,222,056 Current tax liabilities 70,787 86,354 81,001 Deferred tax liabilities 6,799 5,824 6,874 Other liabilities 1,659,442 1,275,005 1,690,431 TOTAL LIABILITIES 105,238,211 100,272,170 97,061,822 EQUITY Share capital 3,000,000 3,000,000 3,000,000 Share premium 16,471 16,471 16,471 Other equity instruments 400,000 400,000 400,000 Legal and statutory reserves 546,124 464,659 464,659 Treasury shares (32,141) 0 (127,551) Reserves and retained earnings 3,402,956 2,913,463 2,983,459 Net income for the period attributable to Bank's Shareholders 565,832 1,018,647 502,276 Non-controlling interests 1,662,332 1,247,517 1,164,403 TOTAL EQUITY 9,561,574 9,060,757 8,403,717 TOTAL LIABILITIES AND EQUITY 114,799,785 109,332,927 105,465,539 ‌GLOSSARY Average equity - weighted average of the average of monthly equity in the period. Average total assets - weighted average of the average of monthly net assets in the period. Assets placed with customers - amounts held by customers in the context of the placement of third-party products that contribute to the recognition of commissions. Balance sheet customer funds - deposits and other resources from customers and debt securities placed with customers. Business Volumes - corresponds to the sum of total customer funds and loans to customers (gross). Commercial gap - loans to customers (gross) minus on-balance sheet customer funds. Core income - net interest income plus net fees and commissions income. Core operating profit - net interest income plus net fees and commissions income deducted from operating costs. Cost of risk, net (expressed in basis points) - ratio of loan impairment (P&L) accounted in the period to loans to customers at amortised cost and debt instruments at amortised cost related to credit operations before impairment at the end of the period. Cost-to-core income - operating costs divided by core income. Cost-to-income - operating cost...

View stock analysis, news, and events for Banco Comercial Portugues S.a.