Credem Group 1Q26 Results

GROUP RESULTS 1Q26

1Q26: HIGHLIGHTS

€139.5

MLN

NET PROFIT

ROTE ROE

Gross NPL Ratio

PROFITABILITY

1Q26

16.24%

Net NPL

Ratio

ASSET QUALITY CET1 Ratio

8.54%

CAPITAL SOUNDNESS

2026 P2R 1.25%, lowest among

Italian banks in Europe

*1Q25 Normalized Net Profit equal to €135.6 million, net of the €93.7 million benefit deriving from the disposal of the merchant acquiring business

CET1 Ratio calculated at Credemholding level (prudential perimeter). Lowest P2R among Itallian banks directly supervised by the ECB. Authorization has been requested from the 2 ECB for the inclusion of profits in the calculation of CET1, pursuant to Article 26 paragraph 2 CRR.

Source Italian and European NPL ratio average (NPL Ratio calculated ex cash balances at central banks and other demand deposit): ECB, Supervisory Banking Statistics 4Q25

1Q26: HIGHLIGHTS

VOLUMES

Loans Direct funding

745 mn 1Q26 PRODUCTION

Customer funding

Net inflows escluding corporate

>€250 mln

1Q26 total net inflows

+5.8% VS 1Q25 CUSTOMERS

Total customers

Loans and funding: ABI Monthly Outlook April 2026, Private sector and PA

Credem Group net inflows include AUM, AUC, direct and insurance net inflows from customers 3

BUSINESS DIVERSIFICATION

€/million

1.8% 0.3% 0.5% 2.1% 1.3%

3.9%

1.8%

0.8%

6.6%

49%

52%

54%

52%

49%

42%

44%

44%

45%

43%

442.2

461.6

433.9

475.4

454.8

465.5

466.8

481.0

463.0

502.9

1Q25 2Q25 3Q25 4Q25 1Q26

Core NIM on Operating Income NII on Operating Income

Income from Financial Activities on Operating Income Performance Fees on Operating Income

The revenue breakdown reflects a better balance between NII and core NIM, highlighting the highly diversified nature of the Group's business model. The quarter was impacted by non-recurring components like net trading income. Total revenues are the highest of the last 5 quarters, exceeding €500 million.

*Core NIM: Non Interest Margin net of non-recurring items (Income from Financial Activities, Performance Fees)

** Core Operating Income: Net Interest Income + Core Non Interest Margin 4

Commercial banking

Credem Banca

Private Banking

Credem Euromobiliare Private Banking

CONTRIBUTION TO CONSOLIDATED NET PROFIT

€76.7 mln

€15.2 mln

Extended Banking Services, Consumer Credit E Technology

€20.8 mln

Credem Factor

Credem Leasing MGT

Avvera

Credemtel

Wealth Management

Euromobiliare SGR Euromobiliare Advisory SIM Euromobiliare Fiduciaria

Credem Euromobiliare Private Asset

Asset Management

Credemvita

Credemassicurazioni

Insurance

Network

Factories

Consolidation adjustments

-€0.8 mln

NET PROFIT €139.5 mln

€27.6 mln

We6lth E Priv6te

S42.8

mln

RECLASSIFIED INCOME STATEMENT

• Strong resilience in NII (+4.3% vs 1Q25; -2.4% vs 4Q25). Excellent performance of the Non Interest Margin - driven by strong net inflows-with an increase also in the 'core NIM' (+9.5% vs 1Q25; +1.0% vs 4Q25). Total revenues increased both YoY and QoQ (up 5.8% vs 1Q25 and 4.6% vs 4Q25).

• Operating costs were down vs 4Q25, whilst compared with 1Q25 they were mainly driven by headcount growth and intense project/IT development activities to support scale expansion, infrastructure upgrades, and a wider product offering.

• Strong Operating Income dynamics, up 8.0% vs 1Q25 and 15.2% vs 4Q25.

• Annualized Cost of Risk at 7 bps, confirming no significant deterioration in asset quality.

• Normalized profit before tax showed a 7.6% increase vs 1Q25, confirming that revenues grew at a higher rate than costs components.

• Net profit amounted to €139.5 million, up 2.9% YoY considering the normalized 1Q25 result of €135.6 million, net of the benefit from the sale of the merchant acquiring activities, despite the higher 1Q26 tax rate resulting from the latest national Budget Law.

«Core» Operating Income: Operating Income net of Income from Financial activities and Performance fee

«Core» Non Interest Margin: Non Interest Margin net of Income from Financial activities and Performance fee 6

*Normalized figure is net of €95 million (93.7 net of tax) in 1Q25 deriving from the transfer of the merchant acquiring business to Worldline

NET INTEREST INCOME

Net Interest Income

Euribor and spread BTP/Bund

83

74

69

111 104

2.56%

2.11% 2.01% 2.04% 2.05%

1Q25 2Q25 3Q25 4Q25 1Q26

1Q25 2Q25 3Q25 4Q25 1Q26

3 months Euribor (avg) Spread BTP vs Bund 10 yrs (bps; avg)

Net Interest Income was impacted vs 4Q25 primarily by the fewer days in the period and the decline in loans to customers, driven by the usual first-quarter seasonality.

7

CUSTOMER SPREAD

The Group confirmed its ability to sustain commercial profitability in the latest quarter as well, with the customer spread

standing at 297 bps, up 5 bps, recording a better trend than the Industry, which remained flat.

In detail, since 3Q25 there has been an increase in the average rate on customer loans, which in the last quarter was +5 bps for Credem vs. +1 bp for the Industry. The cost of customer funding remained stable at 64 bps for Credem and 91 bps for the Industry (+1 bp vs 4Q25).

Customer spread

2.87

2.87

2.8 3.02

6

2.92

2.97

3.21 3.13

3.07 3.07

Loans to customers

0.96

0.95

0.91

0.90

0.91

0.77

0.63

0.64

0.64

4.27

3.83

4.08

3.63

3.93

3.97

3.98

3.50

3.56

3.61

1.07

Deposit Rate

1Q25 2Q25 3Q25 4Q25 1Q26

Credem: spread Industry: spread

1Q25 2Q25 3Q25 4Q25 1Q26

Credem: average loans rate Industry: average loans rate

1Q25 2Q25 3Q25 4Q25 1Q26

Credem: average deposit rate Industry: average deposit rate

Credem: management accounting data (%) of the Credem Group (including Credem Banca, Credem Euromobiliare Private Banking, Credem Factor, Credem Leasing, Avvera)

Industry: data (%) source ABI Monthly Outlook April 2026 8

SECURITIES PORTFOLIO

Securities portfolio breakdown (€/mln, %) Italian government bond (€/bn)

11,525

11,901

11,171

11,054

12,441

4.7

5.0 4.8

42%

37%

37%

42%

39%

4%

21%

6%

6%

23%

23%

6%

21%

6%

22%

33%

34%

34%

31%

33%

4.1

4.1

1Q25 1H25 9M25 FY25 1Q26

HTC 3.9

HTCS 0.9

FVTPL 0.0

Total 4.8

1Q25 1H25 9M25 FY25 1Q26

Other non-Italy Other Govies / EFSF/ EIB Other Italy Italian Govies

% Tot Assets

18.0% 17.2% 16.6% 17.5% 18.6%

• The securities portfolio increased to nearly 12.4 billion, due to some purchases mainly of primarily focused on government foreign bonds, carried out in the last quarter.

• The current composition maintained a high diversification and an average maturity of 4.1 years. The HTC components was equal to 56% and shows pre-tax unrealized losses of €0.1 million.

• The amount of Italian govies was 39% of the total portfolio and 81% of them were accounted in HTC with an average maturity of 4.6 years. The HTCS component of domestic securities had an average maturity of 0.9 years.

  56%

  5%

  39%

Rating Securities portfolio:

AAA / AA A BBB

Credem SpA management accounting. The remaining amount not included in the mentioned rating classes is represented by unrated securities

Figures in this page may not add exactly due to rounding differences 9

NON INTEREST MARGIN

Total* (€/mln)

241.1

221.5

216.2 230.7

258.6

6.5

Performance Fees

8.4

1.3 2.5 10.2

33.4

Income from Financial Activities

Banking Fees E others

Insurance Income

33.1

51.3

20.3

121.8

18.2 51.1

22.1

123.4

8.2

50.6

26.2

124.8

4.0

50.0

27.1

135.1

52.0

24.3

138.4

Asset Management and Brokerage Fees

1Q25 2Q25 3Q25 4Q25 1Q26

«Core» NIM**

199.7

202.0

205.5

216.5

218.7

Total Non interest Margin reached its highest level since 2024, standing at over €258 million. Excellent dynamics of the recurring components ("core NIM"), which amounted to 218.7 million, up 9.5% vs 1Q25.

• Management and Brokerage Fees rose to €138.4 million, driven by excellent net inflows and despite a negative market effect in the latter part of the quarter. This result was driven also by the positive outcome of placements in 1Q26.

• The Insurance business, thanks to robust inflows, confirmed recent positive trends, reaching over €24 million (+19.5% vs 1Q25), despite the negative

  market trend in March.

• Banking Fees stood at 52 million, up compared to 1Q25.

• Income from financial activities amounted to €33.4 million, benefiting from some profit-taking in the first quarter of the year.

*Total NIM Includes the aggregate «other incomes»

**Core NIM: Non Interest Margin net of non-recurring items (Income from Financial Activities, Performance Fees) 10

OPERATING COSTS AND DEA

Operating costs (€/mln) Employees

235

228

221

251

244

6,608 6,616 6,628

6,614

6,731

6,800

6,068

6,140

6,195 6,201 6,219

1Q25 2Q25 3Q25 4Q25 1Q26

Payroll Administrative Expenses

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26

148

158

165

173

Fin6nci6l Advisors

855

820

812

831 833 835 833

820

833

861

875

DEA (S/mln)

28.0

26.6

27.7

28.9

28.0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26

The trend of operating costs remained consistent with the Group's dimensional growth dynamics:

• The dynamics of payroll vs 1Q25 is impacted by the net headcount increase of more than 100 people, as well as the contractual wage increases that occurred in mid-2025 and the first quarter of 2026.

• Administrative expenses, in line with previous quarters, continued to be driven by the Group's intense project activities aimed at supporting digital and technological evolution.

Operating Costs: €, million. PEL figures include Ifrs 16 impacts

11

LOANS TO CUSTOMERS

9.2

9.5

9.2

9.3

9.1

11.3

3.4

3.8

7.8

11.4

3.4

3.9

8.5

11.4

3.5

4.0

8.0

11.4

3.6

4.1

9.3

11.5

3.5

4.2

8.2

Other Loans

Residential

Mortgage

Leasing

Consumer Finance

Short-Term Loans

Loans to customers (€/bn)

1Q25 1H25 9M25 2025 1Q26

Total

35.4

36.7

36.1

37.7

36.4

Customer loans continued to grow (+2.8% YoY).

• Consumer Credit continued to expand (+9.8% vs 1Q25), driven by Avvera, which reached €3.8 billion (vs €3.3 billion in 1Q25) of personal loans,

  purpose loans, salary-backed loans, and BNPL.

• The trend in Short-Term Loans was impacted by the usual first-quarter seasonality, while YoY performance remained positive at 5.2%.

• Growth in "Residential Mortgages" and "Leasing" remained positive, increasing by 1.9% and 3.1% vs 1Q25, respectively.

• "Other Mortgages" (-1.1% vs 1Q25) were affected by the reduction in State-guaranteed loans (€0.5 billion vs €1.1 billion in 1Q25) disbursed during the COVID period.

  
  
  

  1Q25 (item 40.b of Balance Sheet) 40,951 €mln includes 35,425 €mln of loans to customers, 616 €mln of repos and 6,924 €mln of securities; 1H25: 44,015 = 36,687 + 995 + 6,333; 9M25: 43,480=36,132 + 1,067 + 6,280; FY25: 45,252 =37,674 + 1,347 + 6,231; 1Q26: 44,198 = 36,415 + 1,284 + 6,499 12

  GROUP CUSTOMERS FUNDING: NET INFLOWS BREAKDOWN

  541

  AUC Direct Deposits AUM + Insurance
  
  

  58

  -394

  155

  1,338

  481

  -203

  458

  -264

  -318

  723 770

  -72

  -1,020 -1,045

  Net of corporates

  712

  Q1 22

  Tot. Net Inflows

  1.516

  Q1 23

  314

  Q1 24

  828

  Q1 25

  745

  Q1 26

  
  
  

  Positive net inflows performance, reaching €266 million. Excluding corporate net inflows, which were impacted by seasonal factors, total net funding would have amounted to €745 million.

  • Strong development of AUM, recording net inflows of €770 million despite current geopolitical uncertainties, confirming the Group's central role in clients' asset management choices.

  • Net direct funding was affected by seasonal corporate outflows; net of these, it would have been negative by €0.5 billion.

  • Positive net inflows in administered assets of over €540 million, also driven by the BTP placement in March.

    
    
    

    Figures in € million

    13

    DEPOSITS, AUM AND INSURANCE

    Total customer funding Direct deposits E retail bonds**

    €/mln Sight / Saving Depo.	1Q25 37,778	FY25 40,218	1Q26
    			39,443
    Retail Bonds E Other Deposits*	486	505	511 39,954
    Tot6l Direct Funding	38,264	40,722
    Insur6nce Reserves	9,553	10,518	10,744 6,473
    Portfolio Management	6,527	7,045
    Mutual Funds E Sicav	15,324	16,839	16,819
    Others E Third Parties' Products	12,516	13,817	13,715
    AUM	34,366	37,701	37,006 47,750 25,105
    AUM + Insur6nce	43,920	48,219
    AUC	21,865	25,132
    TOTAL CUSTOMER FUNDING	104,049	114,073	112,810

    2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26

    .4% YoY

    +4

    Industry

    Credem

    +182%

    
    
    

    +2.6% YoY

    • Direct customer deposits stood at 40 billion.

    • Significant increase in AUM and Insurance Reserves reaching 47.8 billion, up by 8.7% vs 1Q25, despite a negative volume effect in March, that was partially offset in April.

    • AUC up by 14.8% YoY, amounting to 25.1 billion.

*Nominal value of retail bond €230 million (€135 million retail bond placed by CEPB and €95 million by Credito Emiliano)

** Figures based at 2010 (2010: base 100). Industry: source ABI Monthly Outlook April 2026 14

ASSET QUALITY: GROSS NPL RATIO AND COST OF RISK

Gross Non Performing Loans (S/mln,%)

2.2%

38 47 39

2.4%

231

1.6%

217

Disposal

~22 mn

2.2%

348

337

363

Disposal

~49 mn

Disposal

~62 mn

267

FY24

FY25

1Q26

Gross Bad Loans Gross UTP Loans Gross Past Due Loans

Gross NPL R6tio

Credem ITA** EU** EU

diversified

Gross non-performing loans down to 604 million, also as a result of disposals.

Cost of risk trend (bps) Cost of risk (bps)

42 44 59 55 52

31 47 45 4

32 34

38

24 24

The cost of risk, remained at extremely low levels at 7 bps, well

34 27 39 30

19 16

15 15 12 13 7

below national and

21 15 13 10

11 8

12 13 7

40

47

41

7

Credem ITA** EU** EU

European average

values. The default

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222023202420251Q26

Cost of risk Cost of risk (net of non-recurring events)

diversified

lenders**

rate also remained at

very low levels, equal to 0.5%.

*Source: ABI, internal calculation on Bank of Italy figures (TRI30266). Industry data refer to 4Q25

** Source: ECB. Industry data refer to 4Q25. EU diversified lenders: Bank with a balanced exposure to the retail and wholesale sector 15

Cost of risk: Calculated as Loan Loss Provisions / Loans to Customers (net of Repos and securities)

Default rate data first management estimate at 31/03/2026

NPL: COVERAGE

Cover6ge r6tio

57.3%

45.3%

39.6%

43.3%

Credem ITA** EU** EU diversified lenders**

• NPL accounting coverage stood at 57.3%. Comprehensive Coverage including Shortfall*, and additional level of coverage coherent with calendar provisioning and addendum, stood at 59.8% on total NPL.

• The incidence of Net NPLs on Net Loans** remained at very low levels, 0.71%, compared to 1.32% of the Industry***.

• The ratio of Stage 2 credits on the total gross loans, equal to 7.2%, remained well below the Italian and European average.

  St6ge 2 (% of gross lo6ns)

  9.3%

  9.3%

  7.2%

  8.4%

  Credem ITA** EU** EU diversified lenders**

  
  
  

  *Shortfall is calculated as the difference between ELBE - Expected Loss Best Estimate (which represents the best estimate of the expected loss for each credit exposure,

  given its stage and the current economic environment) and Net Adjustments to Loans 16

  **Net Loans: Loans to Customers net of Repos and securities

  ***Source: ABI Monthly Outlook April 2026, figures as of February 2026

  LIQUIDITY

  NSFR LCR

  168%

  169%

  136%

  141%

  138%

  177%

  FY24 FY25 1Q26E

  Loan to Deposit Ratio*

  FY24 FY25 1Q26

  0.92 0.91 0.90

  FY24 FY25 1Q26

  • Liquidity ratios remained sound and well above minimum capital requirements, enabling the Group to have a greater flexibility in setting future funding strategies.

* Loans to Customers / Total Deposits. Loans to Customers are net of Repos with Institutional and Loans to Group's SPVs. Deposits include Wholesale Bonds

Source NSFR: internal expected estimates as of 31 March 2026 17

See details of liquidity reserves in the attachment

CONSOLIDATED CAPITAL RATIOS

Fully phased figures Fully phased figures

Credem Group Credemholding

• The CET1 ratios at the Banking Group and Holding company levels (Prudential perimeter) increased and were equal to 17.47% and 16.24%

  respectively, driven by organic capital generation during the period and the reduction in RWAs resulting from the usual seasonality of loans.

• The capital buffer remains high at 770 bps vs. SREP 2026.

Authorization has been requested from the ECB for the inclusion of profits in the calculation of CET1, pursuant to art. 26 paragraph 2 CRR

18

ANNEXES

19

RECLASSIFIED CONSOLIDATED INCOME STATEMENT BY BUSINESS LINE

20

VOLUMES RECLASSIFIED BY BY BUSINESS LINE

21

BONDS ISSUANCES AND MATURITIES

Recent issues (€/mln) Maturities (€/mln)

May-25 January-24 September-23

July-23 July-23 May-23 October-22

May-22

January-22

T2

Covered Bond

Social SP

Social SP Retail

Social SP Retail

Green SNP

Social T2*

Covered Bond

Green SP

24 25

€/mln

0 100 200 300 400 500 600

750+

100

500+

500

Covered Bond

Call Date

Call Date

2027 600 2029

500

Call Date

2028 400

2032

Call Date

Call

Date

200 2

2027

2

200

2022

2023

Senior Preferred

MREL ratio vs TREA 1

Senior Non Preferred

Deposits, not covered and not preferential

Senior unsecured liabilities

Senior non-preferred liabilities

T2

CET1

1,5%

1,6%

Tier 2

Senior Preferred (Retail Bond)

2026 2027 2028 2029 2030 2031 2032 … 2037

1Q26 Requisito con CBR

• There are no bond maturities scheduled for 2026.

• The MREL buffer remains high, standing at over 7.5 percentage points

  
  
  

  Credem SpA management accounting

  1. Own funds and eligible liabilities (senior bonds+Deposits, not covered and not preferential)/RWA, banking group perimeter. The MREL requirement also includes the SyRB within the CBR 22

  2. Issued by Credemholding

RECLASSIFIED BALANCE SHEET

Total (€/bn)

Assets (€/mln)

FY25

1Q26

Liabilities (€/mln)

Other Assets

Hedging Derivatives

Fin. Assets (insurance companies)

Fin. Assets HTC Fin. Assets HTCS

**

Fin. Assets through PEL Loans to customers Due from banks* Active Repos

Other Cash

179

194

75

74

190

143

2,797

2,731

2,032

1,992

2,343

1,851

10,971

11,220

6,702

6,994

5,163

5,447

37,674

36,415

FY25 1Q26

Equity Other Liabilities Hedging Derivatives Insurance Reserves Other Fin. Liabilities Bonds - Retail Bonds - Wholesale**

Deposits from customers

Deposits from banks

Passive Repos

41,389

4,663

4,528

2,091

2,831

482

382

10,518

10,744

14

16

234

231

4,285

4,102

732

59

3,719

4,444

39,723

* Includes current accounts and deposits to central banks and to banks included in Item 10 of Balance Sheet: Cash E cash equivalents 23

** Includes passive repos on retained Covered Bonds

LIQUIDITY RESERVES

Liquidity Reserves (€/bn)

Total

17.7

18.9

• The total value of the Group's Liquidity Reserves stood at €17.7 billion, equal to 26% of Total Assets

• The value of Cash and deposits with Central Banks

  remaind stable at €1.5 billion

  Other ECB eligible

  unencumbered assets

  ECB eligible unencumbered securities

  Cash and deposits with Central Banks

  1.5

  1.5

  5.4

  5.5

  10.8

  11.8

  • ECB eligible unencumbered securities were €10.8 billion and other ECB eligible unencumbered Assets were equal to €5.4 billion

  • High granularity of deposits with an average of

Private clients and Small Business deposits

~€20,000 and a deposit mix of Private clients and Small Businesses VS Corporate equal to approximately 74% - 26%

1Q26 FY25

Source: management data, internal calculation

24

DISCLAIMER AND CONTACTS

The manager responsible for preparing the company's financial reports Mr. Giuseppe Malato of Credito Emiliano S.p.A., declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

***

This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Investor Relations Team Contacts

Aharon Sperduti - Head of IR asperduti@credem.it

+39 335-7247591

Giulia Bruni - IR gbruni@credem.it

+39 338-5059406

Andrea Marmiroli- IR amarmiroli@credem.it

+39 331-6668338

25