Financial results presentation 1Q26

May 7th 2026

1Q26 Results

Agenda Section 1: Fineco Financial Results 04 Section 2: Commercial Results 12 Section 3: Next Steps 19 Section 4: Key Messages 25

Section 1:

Fineco Financial Results

4

Executive summary: quickly moving towards our next growth cycle

Material step-up in net sales and new clients

• 1Q26 Net sales: 4.6 bn (+43.8% y/y). April Net Sales: at ~1.3 bn (+6% y/y) o/w deposits at ~690 mln (~150 mln in Apr.25), AUM at ~320 mln (+7% y/y) and AUC at ~320 mln. Estimated Brokerage revenues: ~22 mln

• 1Q26 New clients: 65k (+17.6% y/y). April: 17.5k (+16% y/y)

The Disruptor advantage: winning the long-term game thanks to a unique positioning

Strong net profit and operating leverage

• 1Q26 Net Profit: 162.2 mln, stable y/y despite higher tax rate

• 1Q26 Revenues: 342.9 mln (+4.1% y/y) supported by positive contribution of all product areas (Investing +8.0% y/y, Brokerage +5.2% y/y, Banking +1.9% y/y)

• Operating Costs: well under control at -95.1 mln, +9.0% y/y (+5.2% y/y excluding additional costs for growth(1))

• Strong operating leverage: C/I ratio at 27.7%

Solid capital and liquidity position

• CET1: 23.34%; Leverage Ratio: 5.14%

• LCR: 976% (2); NSFR: 412%

2026 guidance: upgraded outlook

Upgraded outlook for 2026 and 2029 Plan, driven by combination of: 1) better than expected net sales and clients' growth; 2) very strong brokerage, expected to further grow; 3) higher interest rates environment.

2026: all product areas to positively contribute to the revenue growth

• Net financial income: growing thanks to positive deposit net sales and rates

• Investing: solid year on year increase of AUM net sales

• Brokerage revenues: expected another record year

• Banking fees: expected stable

Costs: expected growth of around 6% y/y, not including ~10 mln additional costs for growth initiatives and ~5 mln for pan-EU platform set-up

(1) Excluding costs strictly related to the growth of the business, mainly marketing (-1.9 mln y/y), A.I. (-0.7 mln y/y) and FAM (-0.6 mln y/y) 5

(2) Avg 12 months

Delivering strong Net Profit in every market condition

Results supported by sound acceleration of Investing and Brokerage. Strong operating leverage confirmed

Revenues: all product areas contributing

• Net Financial Income: +1.0% y/y

• Net Non-Financial Income: +7.7% y/y driven by

Investing (+8.1% y/y thanks to volumes effect and FAM) and Brokerage (+6.6% y/y driven by higher AUC)

Costs: operating leverage and costs for growth

y/y increase due to additional costs for business growth

(Marketing expenses, FAM, A.I.).

Net of these, 1Q26: +5.2% y/y (2)

mln 1Q25 1Q26 1Q26

/1Q25

Net Financial Income 161.3 163.0 1.0%

Net Non Financial Income 167.7 180.6 7.7%

Net Other expenses/income 0.2 -0.7 n.s.

Total revenues 329.3 342.9 4.1%

(1) ROE is calculated as adj.net profit divided by EOP book equity for the period (excl. valuation reserves) 6

(2) Excluding costs strictly related to the growth of the business, mainly marketing (-1.9 mln y/y), A.I. (-0.7 mln y/y) and FAM (-0.6 mln y/y)

Net Financial Income: growth ahead driven by valuable deposits

A quality, industrially driven NII

Sticky transactional deposits with cost of funding close to zero

Even a small banking-only client is profitable

Supported by our clients' transactional liquidity

Deposits net sales: solid underlying

dynamics despite huge clients' investments

bn, C

1Q25 1Q26

Salary/Pensions

+4.8

+5.2

Net bank transfers +3.8 +4.6

+8.6 +9.7

Expenses -5.8 -6.1

+2.8 +3.7

AUM/AUC

Total

-3.3 -3.9

+32% y/y

-0.6

-0.2

Net Financial Income

mln, C

+1.0%

+1.0%

161.3

161.4

163.0

1Q25

4Q25

1Q26

Avg 3MEUR

2.56%

2.04%

2.05%

Deposits, stock (daily avg, bn)

29.1

30.8

31.4

7

Investing: solid growth aligned with long-term trends

Thanks to demand for explicit fee solutions and increasing FAM contribution

AUM: growth aligned with structural trends

AUM Stock (EOP)

bn, C

66.3

74.0

73.9

% Advanced advisory

on AUM stock

Investing revenues

+8.0%

mln, C

-5.6%

94.5

108.1

102.0

1Q25

4Q25

1Q26

Avg AUM

(on daily basis, bn)

66.9

72.5

74.9

Investing fees q/q due to usual 1Q seasonality:

• on PFA costs (FIRR and Enasarco)

• FAM (2025 operating efficiencies booked in 4Q25)

• Fewer calendar days in 1Q26

Details on slide 36

Sustainable revenues

0% perf fees and only 2% upfront fees

FAM: key to sustain AUM margins

Stock (EOP)

bn, C

Retail class

FAM funds underlying

FAM retail / FBK AUM

36.9 41.4 41.9

25.4 29.1 29.1

11.5 12.3 12.8

Mar.25 Dec. 25 Mar.26

38.2% 39.3% 39.4%

8

Brokerage: a new structural growth under way

Fineco the platform of choice for stronger retail engagement trend

An higher floor of Brokerage revenues…

mln, C

Avg monthly revenues

CAGR

+15.4%

24.2

21.3

16.0

18.1

2023

2024

2025

1Q26

…driven by a structurally higher stock of AUC

bn, C

AUC stock

CAGR

+23.2%

44.7

54.8

56.7

36.1

FY23

FY24

FY25

1Q26

Initiatives to unlock significant potential from AUC: details on slides 21/22

Launch of Securities Lending platform

Auto-FX

More efficient Systematic Internalizer

ETFs on self-direct clients

Crypto offer: in talks with Regulators

Pan-EU platform Launch by end of 2026/ beginning 2027

9

Lending, a high-quality business

Offered exclusively to the existing base of clients

343

Commercial Loans Portfolio (gross)

C, mln eop

+3.7%

-0.3%

5,110

5,317

5,299

2,034

2,271

2,349

470

434

2,141

369

473

2,262

2,108

Mar.25

Dec.25

Mar.26

Current accounts/Overdraft(1)

Personal loans

Cards

Mortgages

470

Cost of Risk on commercial loans (2)

Cost of Risk

9 bps

NPE ratio(3)

0.53%

No Corporate Loans

• NPE at 28 mln with a coverage ratio at 82%

• LLP equal to -1.4 mln in 1Q26

(1) Current accounts/overdraft Include Lombard loans

(2) Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans 10

(3) NPE ratio: Non Performing Exposures on Commercial Loans Portfolio over the Commercial Loans Portfolio

Rock-solid capital and liquidity ratios

Well above requirements

Mar.25 Dec.25 Mar.26 Current

Requirements

CET1 Ratio 23.99% 23.30% 23.34% 8.66%

(C/bn) Mar.25 Dec.25 Mar.26 CET1 Capital 1.34 1.45 1.47

CAPITAL

Total Capital Ratio 32.94% 31.37% 31.27% 13.03%

Leverage Ratio 5.34% 5.07% 5.14% 3.00%

LCR (1)

Tier1 Capital 1.84 1.95 1.97

Total Capital 1.84 1.95 1.97

(1) Avg 12 months, in line with Pillar 3 disclosure 11

Section 2:

Commercial results

12

A unique positioning for a long-term growth story

Italian households TFA: addressable market

(1)

bn, C

4,155

Addressable market

FBK

96.3%

market share

3.7%

Massive runway ahead

3Q25

The Established Disruptor: a structural winner

in a quickly changing market

AI

disruption

Massive generational

wealth transfer

Consolidation in

banking industry

(1) Estimate based on Bankit figures. Addressable market includes deposits, administered and managed assets; it excludes stakes in non-listed enterprises and TFR. 3Q25 latest available figure 13

Fineco, long term sustainability for our AUM fee structure

Fineco: a clear outlier

% of Active Funds charging Performance Fees

(by country of domicile) (1)

A unique market positioning based on

Efficiency, Transparency and Convenience

64.9%

43.9%

1.1% 6.9% 11.9% 13.3%

• Fair & transparent pricing

  UK Ireland Lux All countries

  Germany Italy

• No performance fees

• Negligible upfront fees

Leading to a sustainable growth fully aligned

with clients' interest and long term trends

Certificates issued

on primary market (bn, €)(2)

25.8 23.6 31.8

2023 2024 2025

A clear sign of sizable upfront fees charged

(1) Source: Morningstar, European Fund Fee Study 2025

(2) Source: ACEPI, Associazione Italiana Certificati e Prodotti di Investimento. (https://acepi.it/it/content/mercato-primario-2006-2025) 14

Fineco at an inflection point

A material step-up in our growth trajectory

bn, C Total Net Sales

Thd,

New clients

2.6

5.7

9.8

13.4

+43.8%

4.6

3.2

97.3

119.2

152.4

193.8

+17.6%

55.3 65.0

avg 2010/14

avg 2015/19

avg 2020/24

2025

1Q25 1Q26

2022 2023 2024 2025

1Q25 1Q26

15

Outperforming in young and PB clients

Under 35

above 35 years

under 35 years

New clients

(by headcount)

49%

41%

2021

51%

2025

1Q26

49%

+82.6%

Deposits

AuM

AuC

5.7%

2.9%

Market share on AIPB (1)

1Q26

2025

Private Banking

Avg TFA

1.0 mln

9%

47%

44%

+266.1%

vs.

22.2

2016

81.2

+265.2%

81.4

C bn, TFA

Consistently gaining market share

AIPB

C bn, TFA

Improving the quality of our client base

Client segmentation

162.1

160.6

>500k

100-500k

50-100k

<50k

107.9

45%

Higher avg TFA per client

Avg age

Total clients: 50

• New clients: 38

34%

7% 8% FY25

34%

7% 8% 1Q26

FY21

76k

FY25

89k

Private clients: 63

• New clients: 55

FY21

35%

16

(1) AIPB (Associazione Italiana Private Banking). Private Banking clients are clients with more than € 0.5mln TFA with the Bank

Net Sales and Total Clients evolution

Fineco: a sizable step-up in our growth

2022

3.6

-0.2

-0.6

1.2

3.2

4.8

8.3

2024

+43.8%

10.1

4.1

8.8

2.7

10.3

13.4

+33.3%

C bn, TFA

4.6

Total Net Sales

Deposits

AuC

AuM

1Q26

1Q25

2025

-2.1

2023

Total Clients

, k

+8.7%

1,800.0

1,850.3

1,487.3

1,562.9

1,655.6

2022

2023

2024

2025

1Q26

17

Net Sales and client acquisition evolution

Fineco: a sizable step-up in our growth

Total Net Sales - Organic / Recruit

New PFAs recruited in the year

PFAs recruited over the last 24 months

C, bn

10.3 8.8 10.1 13.4

4.6

10.3 8.8 10.1 13.4

4.6

5%

90%

4%

6%

3%

1%

13%

12% 9%

Total recruits

Organic

95%

96%

94%

97%

99%

94%

91%

88%

87%

2022

2023

2024

2025

1Q26

2022 2023 2024 2025

1Q26

Network - headcount

2,918 2,962

3,002

3,076

3,117

Senior recruited ( )

86 70 78 88 29

• No change in our recruiting policy

  Organic net sales the main engine of our growth

  Junior recruited ( )

  128 71

  99 100 38

• Structural increase in the spontaneous interest to join Fineco

  Perfect partner for professionals looking to grow in a sustainable way

  18

  
  
  

  Section 3:

  Next steps

  19

  
  
  2026 Guidance: upgraded outlook

  Costs and provisions

  • Operating costs: expected growth of around 6% y/y,

    not including few millions of additional costs for growth initiatives (~10 mln, mainly: AI, marketing, FAM) and ~5 mln for pan-EU platform set-up costs

  • Cost / income: comfortably below 30% thanks to the scalability of our platform and strong operating gearing

  • Cost of risk: in a range 5-10 bps

  Revenues

  Upgraded outlook for 2026 and 2029 Plan, driven by combination of: 1) better than expected net sales and clients' growth; 2) very strong brokerage, expected to further grow; 3) higher interest rates environment.

  2026: all business areas to positively contribute to the revenue

  growth thanks to the acceleration of structural trends

  • Net financial income: growing thanks to positive deposit net sales and rates increase

    Capital

    Payout & capital ratios: we expect a payout ratio in

    a range 70/80%. On Leverage Ratio our target is to remain above 4.5%

  • Investing: solid year on year increase of AUM net sales

  • Brokerage revenues: expected to remain strong with a continuously growing floor thanks to higher AUC and active investors. We expect another record year

  • Banking fees: expected stable

    20

    
    
    Unlocking AUC potential: focus on initiatives

    Securities Lending platform

    Launch in June New Platform

    Auto-FX

    Live

    Systematic Internaliser/

    
    
    

    Market maker

    Positioning towards a quote-

    A market-place to provide access to our high quality & growing AUC

    All our client base can now also use Auto-FX

    Live

    driven market evolution:

    • Creating a connection with several institutional players (prime brokerage desks, hedge funds, asset managers, market makers…)

    • High quality AUC: very granular, geographically diversified and retail-based AUC (Hard to Borrow). ETFs very well on demand

      Automated FX switch:

    • a leaner customer experience with

      no FX risk

    • more profitable for the Bank

    • Growing volumes internalization thanks to

      the growth of our business

    • Internalize the vast majority of asset classes (listed and non-listed)

    • Issuer/market maker of wide range of products (i.e. CFDs, certificates, ETFs)

    • Key for the launch of the pan-EU platform

      mln, C

      Strong upside potential to brokerage revenues

      CAGR

      +23.2%

      58.6 69.2

      89.1

      25.2

      2023 2024 2025 1Q26 21

      
      
      ETF: a new revenues engine for Brokerage and Investing

      A fast-accelerating shift underneath the surface of the Italian Wealth Management industry

      A new revenues engine

      C, mln

      +59.8%

      37.6

      23.5

      14.0

      2024

      2025

      1Q26

      A portion of ETF revenues is included in the revenues from the Systematic Internaliser (slide 21)

      
      
      

      ETFs Stock

      C, bn

      16.7

      17.9

      ETFs in AUC

      ETFs in AUM

      11.1

      FY24

      FY25

      1Q26

      % ETF on AUC net sales

      34%

      % ETF on AUM net sales

      32%

      2.9

4.7

4.4

Several drivers to further monetize ETFs

Brokerage Investing

Fineco pan-European platform

Launch by end 2026/early 2027

Our vertically integrated brokerage key to launch a multi-country platform

Strong operating leverage G very low fixed costs

Leveraging our Italian IT infrastructure

Limited fixed-costs. Variable costs linked to business results

EU passporting leveraging on the Italian

banking license

A distinctive proposition

Established Disruptor: a Trusted &

Significant Bank, with a state-of-the-art user experience

Disruptive offering with a top-quality customer experience, enabling rapid international penetration

23

Deploying AI across the platform

Already live

CRM for PFAs and Managers

• Fully integrated with Fineco platform and data to manage clients and advisor teams

• Clustering clients and prospects for new campaigns and events

• Alerts and agenda to identify priority actions

AI Assistant for PFA

Family&Friends

phase

Brokerage Copilot

A new AI-driven user experience

Screening securities

• Based on fundamentals and technical analysis

• Compare with more securities

• Conversational chat

  Already live

  Portfolio Builder PFA Chatbot

  Portfolio analysis

  • Simulation of portfolio evolution

    • Building quality portfolios. Reporting and proposals

    • Diagnosis for prospects

    • Performance and TER comparison

    • New Builder enhancement: clients' portfolio analysis

      and optimization

      Processes, internal documents and products

    • Newsflow related to the portfolio

      Smart market news based on clients' interests

    • AI- queryable

    • News tagged with market sentiment

      
      
      
      
      

      AI native APPs AI upgraded onboarding

      App for clients

      Design phase

      App for PFAs

      • Data-driven personalized upselling

      • A step-change in usability and simplification

      • AI and commercial tools onto a

      dedicated PFAs App

      AI-first Onboarding

      Already live

      A leaner onboarding process to lower attrition rate

      AI for prospects

      Already live

      • Increased prospect

        interaction via chat

      • Chats mostly managed by AI

24

Section 4:

Key Messages

25

Fineco - Built to win

10+ years listed: delivering value to all stakeholders

Winning clients' trust leveraging on our core-values

Efficiency Transparency Convenience

A leading

growth story…

Fineco TFA growth

+6.7pp

CAGR vs system (2014-2024)

…delivering

rock-solid returns

25%

ROE FY25

Market share gained. Quality uncompromised. Stakeholders' interests aligned.

26

Fineco, a track record of healthy and sustainable growth

A healthy & solid commercial

trajectory…

…translated in quality & growing results

thanks to our scalable operating platform

CAGR

964

49

Clients (thd, )

+6%

TFA (bn, €)

+11%

1,800

161

CAGR

429

190

155

44

Revenues (1) (mln)

+11%

Costs (1) (mln)

+6%

Net profit (1) (mln)

+14%

Cost/Income (1) (%)

-17p.p.

1,317

356

650

27

2014 2025

2014 2025

(1) Figures adjusted by non-recurring items and Net Profit adjusted net of systemic charges

27

Fineco: all business areas to sustain revenue growth

Strong acceleration in client growth to drive higher revenue contribution across our diversified model

Banking

• High quality NII thanks to sticky transactional liquidity

• Cost of funding close to 0

Investing

• Quality and Future-proof revenues thanks to Recurring ManFees

• Transparent approach (advisory solutions) & increasing FAM penetration

Structurally hedged model to deliver sustainable & quality growth

Net Profit

(CAGR, quarterly basis, adjusted) (1), mln

+13%

200

Brokerage

• AUC growth leading to a structurally higher correlation with revenues

  over time

• More efficient value chain thanks to our new initiatives

150

100

50

(1) Figures adjusted by non recurring items

0

2014 1Q26

28

Technology - The Engine behind Fineco scalability

A proven platform, a clear plan, and the conviction to execute it

Track record

99.9%+

Availability

IT Cost / Revenue vs 11.6% avg

~6%

Op. losses from tech, cyber & fraud

<<1bps

Customers served

1.8M

~430M

Digital accesses/yr

The next phase demands more: new markets, AI at enterprise scale, a platform that must grow without growing costs.

We have the foundations, the architecture, and the team to deliver.

MYP targets 2026-2029

TCO stable, volumes up

Full stack control drives cost discipline - tech cost grows slower than revenue and customers

AI in core processes

From foundation to enterprise-scale integration - driving revenue and efficiency across the bank

Pan-European expansion

European launch with minimal incremental tech cost - platform already built to replicate

Investor message: Fineco's technology platform delivers top-tier efficiency today - and is architected to scale profitably across the Multi-Year Plan.

29

Our Sustainability commitment

Combining business growth and financial strength with the principles of sustainability, in order to create long-term value for all Stakeholders

Best-in-class governance framework and strong responsible finance practices to sustain a low-risk business model and drive relentless improvement in the Group's reputation

Strengthening Responsible Finance

• Enhancement of financial education

• Promotion of responsible trading

• Development of ESG products and services

• Upskill of ESG know-how of PFAs

Spreading sustainability culture

• Empowerment of gender equality and diversity

• Promotion of a culture of sustainability for the stakeholders and the community

Strengthening governance best practices

• Improvement of best practices through third-party

  certification

• Maintain a low cyber and ICT risk level

Environmental commitment and supply

chain oversight

• 2050 Net Zero Targets and EMAS certification

• Improvement of the environmental and social oversight

across the supply chain

30

Annex

31

PGL reclassified

32

1Q26 PGL FinecoBank and Fineco Asset Management

Details on Net Interest Income

Volumes and margins: average of the period

Net margin calculated on real interest income and expenses 34

Focus on Bond portfolio

Low risk driven by sticky transactional liquidity

Bond portfolio run-offs:

a clear opportunity by reinvestment yields

Fixed rate bonds

Floating and swapped bonds (3)

Avg yield of fixed rate bonds, bps

Avg spread vs EUR 3M of floating and swapped bonds, bps (4)

C bn, eop

8.1

1.0

0.2

0.8

4.2

3.4

0.8

7.1

1.0

5.6

4.2

1.4

2.7

1.9

0.8

3.1

1.6

1.5

2.3

1.1 1.1

0.0

0.00.0

296

193

84

117

44

-12

A safe and diversified Bond Portfolio

A diversified blend of EU govies, supranational and agencies

C bn, eop 27.0 bn

0.7

Italy

Spain

Other Govies(1) SSA (2)

Covered & Financial

8.6

6.3

7.7

3.8

2026

2027

2028

2029

2030

2031

2032

2033

• o/w 75% at fixed rate, avg yield: 172 bps

• o/w 25% at floating rate (swapped), avg spread: 18 bps on 3m Eur

2.1

(3)

years

Avg duration

years

3.1

Avg maturity

(1) "Other" includes: 1.7bn France, 1.1bn Austria, 0.9bn Belgium, 0.8bn Ireland, 0.7bn USA, 0.3bn Portugal, 0.2bn Germany,

0.2bn Chile, 0.2bn China, 0.1bn Saudi Arabia, 0.1bn other

(2) Sovereign Supranational Agencies and Local Authority

(3) Calculated considering hedging bonds

(4) Almost the entire bond portfolio not at fixed rate is swapped 35

Net Commissions by product area

Managerial Data 36

Revenues breakdown by product area % on total revenues for each product area

Managerial Data. Revenues attributable to single each product area, generated by products / services offered to customers according to the link between products and product area. Banking includes revenues 37

generated by deposits, treasury and credit products. Investing includes revenues generated by asset under management products; Brokerage includes revenues from trading activity.

Breakdown Total Financial Assets

2025 stock of AUM and AUC have been recasted to move FAM's ETFs into the "Other" AUM line (previously accounted into AUC and "AUC under advisory") 38

TFA and Net Sales evolution

69.3

48%

20%

32%

Dec.18

18%

81.4

50%

19%

31%

Dec.19

21%

49%

51%

49%

47%

35%

20%

31%

Dec.20

23%

21%

27%

Dec.21

27%

67.2

50%

20%

30%

Dec.17

29%

32%

34%

23%

Dic.23

34%

21%

Dec.24

38%

20%

Dec.25

39%

19%

Mar.26

39%

Breakdown of Total Financial Assets

C bn

46%

162.1

AuM

AuC

Deposits

140.8

122.6

107.9

106.6

46%

160.6

FAM retail / total AUM

91.7

47%

49.3

24%

28%

Dec.14

55.3

48%

24%

28%

Dec.15

60.2

48%

21%

31%

Dec.16

22%

29%

Dec.22

30%

Breakdown of Total Net Sales

C bn

13.4

AuM AuC Deposits

10.7

8.8

2.7

4.0

3.1

-0.2

1.2

5.5

2.7

0.9

1.9

5.0

1.9

2.9

2014

2015

2016

6.0

4.0

1.5 0.5

2017

6.2

2.3

1.8

2.1

5.8

3.3

9.3

4.3

7.3

10.3

3.6

10.1

4.1

5.5

2018

3.5

-1.0

2019

2.5

2.5

1.9

1.5

5.6

1.1

8.3

4.8

1.2

6.0

2.0

2020

2021

2022

-2.1

2023

2024

2025

3.2

1.1

2.7

-0.6

1Q25

4.6

1.2

3.6

-0.2

1Q26

39

Fineco: a safe, liquid and diversified Balance Sheet

Balance Sheet

37.4 bn

2.1

Assets

Financial Assets (1) Loans to customers Due from Banks(2) Other

Liabilities

Due to customers Other liabilities

Equity

Transactional liquidity: Cost of funding close to 0

• Driven by our clients' valuable transactional

  liquidity and not by lending (no costs and

  provisions due to NPL)

  412% NSFR

  Selective Lending

• Ancillary business offered only to our well-known base of retail clients

• No corporate lending

  Low risk bond portfolio

• Diversified blend of EU govies, Supranational and Agencies

1. Financial assets as reported in the Balance Sheet include the variation in the fair value of hedged bonds for the portion attributable to the risk hedged with the derivative instrument

2. Due from banks includes 1.5bn cash deposited at Bank of Italy and 0.2bn bank current accounts as of Mar.26

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