Intesa Sanpaolo S p A : Interim statement as at 31 March 2026

About this update from Intesa Sanpaolo S.p.a.

Interim Statement as at 31 March 2026 This is an English translation of the original Italian document "Resoconto Intermedio al 31 marzo 2026". In cases of conflict between the English language document and the Italian document, the interpretation of the Italian language document prevails. The Italian original is available on group.intesasanpaolo.com. This document contains certain forward-looking statements (projections, objectives, estimates and forecasts) reflecting the Intesa Sanpaolo management's current views with respect to certain 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," "objective", "goal", "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 Intesa Sanpaolo's future financial position and results of operations, strategy, plans, objectives, goals, targets and future developments in the markets where Intesa Sanpaolo 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 Intesa Sanpaolo 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 statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. All forward-looking statements included herein are based on information available to Intesa Sanpaolo as of the date of approval of this document. Intesa Sanpaolo 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 Intesa Sanpaolo or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Interim Statement as at 31 March 2026 Intesa Sanpaolo S.p.A. Registered Office: Piazza S. Carlo, 156 10121 Torino Italy Secondary Registered Office: Via Monte di Pietà, 8 20121 Milano Italy Share Capital Euro 10,408,491,333.68 Torino Company Register and Fiscal Code No. 00799960158 "Intesa Sanpaolo" VAT Group representative Vat Code No. 11991500015 (IT11991500015) Included in the National Register of Banks No. 5361 ABI Code 3069.2 Member of the National Interbank Deposit Guarantee Fund and of the National Guarantee Fund and Parent Company of the banking group "Intesa Sanpaolo" included in the National Register of Banking Groups THE INTESA SANPAOLO GROUP Presence in Italy 8 International presence 9 Board of Directors, Manager responsible for preparing the Company's financial reports and Independent Auditors 11 Introduction 13 Overview of the first quarter of 2026 Income statement figures and Alternative Performance Measures 16 Balance sheet figures and Alternative Performance Measures 18 Alternative Performance Measures and other measures 19 The first quarter of 2026 22 Consolidated financial statements 33 Report on operations Economic results 43 Balance sheet aggregates 58 Breakdown of consolidated results by business area 75 Risk management 91 Accounting policies Criteria for the preparation of the Interim Statement 119 Declaration of the Manager responsible for preparing the Company's financial reports 125 Attachments 127 Contacts 149 Financial calendar 153 THE INTESA SANPAOLO GROUP The Intesa Sanpaolo Group: presence in Italy The Intesa Sanpaolo Group: international presence Board of Directors, Manager responsible for preparing the Company's financial reports and Independent Auditors Board of Directors Chair Gian Maria GROS-PIETRO Deputy Chair Paola TAGLIAVINI Managing Director and Chief Executive Officer Carlo MESSINA (a) Directors Maura CAMPRA (*) Guido CELONA Franco CERUTI Roberto FRANCHINI (**) Anna GATTI Paolo Maria Vittorio GRANDI Liana LOGIURATO Fabrizio MOSCA (*) Riccardo Secondo Carlo MOTTA (*) Luciano NEBBIA Bruno Maria PARIGI Pietro PREVITALI Maria Alessandra STEFANELLI Mariarosaria TADDEO Mariella TAGLIABUE (*) Mariangela ZAPPIA Manager responsible for preparing the company's financial reports Elisabetta STEGHER Independent Auditors EY S.p.A. General Manager (*) Member of the Management Control Committee (**) Chair of the Management Control Committee Introduction Italian Legislative Decree 25 of 15 February 2016, which implemented the Transparency Directive (2013/50/EU), eliminated the previous obligation to publish interim statements and gave Consob the option of establishing any additional disclosure obligations with respect to the annual and half-yearly reports. By Resolution 19770 dated 26 October 2016, Consob, pursuant to regulatory delegation provided for in said Decree, approved the changes to the Issuers' Regulation, which have applied since 2 January 2017. Article 82-ter gave listed companies the option to choose whether or not to publish additional periodic financial information, specifying the application principles and criteria to be adopted. In announcing the 2026 financial calendar to the market, Intesa Sanpaolo reiterated its decision, pursuant to Article 65 -bis and the above-mentioned Article 82-ter of the Issuers' Regulation, that it had opted to disclose - on a voluntary basis - financial information as at 31 March and 30 September of each financial year, in addition to the annual and half-yearly reports. This information consists of interim statements approved by the Board of Directors. As described in detail in the chapter "Criteria for the preparation of the Interim Statement", the Interim Statement as at 31 March 2026 has been prepared, in consolidated form, in compliance with the recognition and measurement criteria required by the IAS/IFRS issued by the International Accounting Standards Board (IASB) and the relative interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS-IC) and endorsed by the European Commission, as provided for by Regulation (EC) no. 1606 of 19 July 2002. The Interim Statement contains the Consolidated balance sheet, the Consolidated income statement, the Statement of consolidated comprehensive income for the period, the Changes in consolidated shareholders' equity, prepared in accordance with Bank of Italy Circular 262/2005, 8th update of 17 November 2022, as well as the Accounting policies and the Report on operations. It is also complemented by information on significant events which occurred during the period in question and the main risks and uncertainties. The document contains financial information taken from or attributable to the consolidated financial statements, as well as other information - for example, figures on quarterly trends, and certain Alternative Performance Measures - not directly attributable to the consolidated financial statements. See the chapter "Alternative Performance Measures" of the Report on operations accompanying the 2025 Consolidated Financial Statements for the definition and calculation of these measures, confirming that in line with the ESMA guidance, no new measures have been added, nor have any changes been made to the measures used, both with regard to the military conflict between Russia and Ukraine and any geopolitical impacts. To support the comments on results for the period, the Interim Statement also presents and illustrates the reclassified consolidated income statement and balance sheet schedules. In the reclassified statements, the figures are usually restated, where necessary and where material, to enable the most consistent comparisons possible with the different periods presented, particularly in connection with changes in the scope of consolidation. Breakdowns of reclassifications and any restatements as compared to the accounting schedules established in Bank of Italy Circular 262 are provided in separate reconciliation tables included in the attachments to this Report, as also required by Consob in its Communication 6064293 of 28 July 2006. Overview of the first quarter of 2026 15 Consolidated income statement figures (millions of euro) Changes amount % Net interest income 3,636 3,632 Net fee and commission income 2,515 2,439 Income from insurance business 476 462 Profits (Losses) on financial assets and liabilities at fair value 505 265 Operating income 7,154 6,796 -2,569 Operating costs -2,588 4,585 Operating margin 4,208 Net adjustments to loans -170 -224 Net income (loss) 2,761 2,615 146 5.6 Income statement figures and Alternative Performance Measures (°) 4 0.1 76 3.1 14 3.0 240 90.6 358 5.3 -19 -0.7 377 9.0 -54 -24.1 Figures restated, where necessary and material, considering the changes in the scope of consolidation. 31.03.2026 31.03.2025 (°) For more detailed information on the Alternative Performance Measures, see the specific chapter of the Report on operations accompanying the 2025 Annual Report. Main income statement figures by business area (*) (millions of euro) Operating income Operating costs 3,041 3,030 Banca dei Territori 1,526 1,229 774 800 893 847 247 240 474 460 IMI Corporate & Invest. Banking International Banks Private Banking Asset Management Insurance 1,428 342 345 328 329 255 251 54 54 84 84 1,450 Operating margin Net income (loss) 1,613 1,580 Banca dei Territori 1,184 884 446 471 638 596 193 186 390 376 IMI Corporate & Invest. Banking International Banks Private Banking Asset Management Insurance 867 76 606 255 319 394 409 136 136 257 251 832 7 (*) Excluding Corporate Centre Figures restated, where necessary and material, considering the changes in the scope of consolidation and in business unit constituents. For more details, see the chapter "Breakdown of consolidated results by business area". 31.03.2026 31.03.2025 Consolidated balance sheet figures (millions of euro) Changes amount % Banking business financial assets 218,074 207,811 Financial assets pertaining to insurance companies 180,431 184,187 Loans to customers 429,832 425,033 Total assets 968,065 959,887 Direct deposits from banking business 600,243 600,199 44 - Direct deposits from insurance business 178,728 182,861 -4,133 -2.3 Indirect deposits: 831,806 844,619 -12,813 -1.5 555,549 of which: Assets under management (*) 562,019 -6,470 -1.2 Shareholders' equity 68,607 65,226 3,381 5.2 Loans to customers / Direct deposits from banking business (%) (Loan to deposit ratio) 71.6% 70.8% Balance sheet figures and Alternative Performance Measures (°) 10,263 4.9 -3,756 -2.0 4,799 1.1 8,178 0.9 (*) Starting from December 2025, assets under management also include mutual funds established by third parties, portfolio management of third-party companies and insurance policies issued by companies not belonging to the Group that were previously classified as assets under administration and in custody as not attributable to the Group's product factories. Main balance sheet figures by business area (**) (millions of euro) Loans to customers Direct deposits from banking business 220,397 219,992 Banca dei Territori 130,496 124,132 50,123 48,944 14,366 14,685 311 351 - - IMI Corporate & Invest. Banking International Banks Private Banking Asset Management Insurance 258,567 129,488 127,337 64,062 64,693 46,366 45,675 - - - - 260,614 (**) Excluding Corporate Centre Figures restated, where necessary and material, considering the changes in the scope of consolidation and in business unit constituents and discontinued operations. 31.03.2026 31.12.2025 (°) For more detailed information on the Alternative Performance Measures, see the specific chapter of the Report on operations accompanying the 2025 Annual Report. Alternative Performance Measures and other measures (°) Consolidated capital ratios (%) Absorbed capital (millions of euro) Risk-weighted assets (millions of euro) Total own funds / Risk-weighted assets TIER 1 Capital / Risk-weighted assets Common Equity Tier 1 capital (CET1) net of regulatory adjustments/Risk-weighted assets (Common Equity Tier 1 capital ratio) (a) 13.0 13.2 15.8 15.6 18.8 18.7 313,516 310,201 34,984 34,551 (a) The Common Equity Tier 1 capital as at 31 March 2026 does not include any net income accrued in the first three months of 2026. The 2026-2029 Dividend Policy envisages a payout ratio of 95% (calculated on the stated net income), of which 75% through cash dividends (subject to approvals from the Shareholders' Meeting) and 20% through buyback -subject to approvals from the Shareholders' Meeting and the ECB - if the Common Equity Tier 1 ratio exceeds 12.5% and no options for higher-ROI (Return On Investment) capital allocation to external growth are available (focusing on Wealth Management). Risk-weighted assets by business area (*) (millions of euro) Absorbed capital by business area (*) (millions of euro) 113,728 111,424 (*) Excluding Corporate Centre Banca dei Territori 90,921 90,681 41,870 41,061 16,552 16,487 2,950 2,868 - - IMI Corporate & Invest. Banking International Banks Private Banking Asset Management Insurance 1,611 1,604 300 293 4,887 4,783 5,491 5,344 8,737 8,714 10,941 10,721 Figures restated, where necessary and material, considering the changes in the scope of consolidation and in business unit constituents and discontinued operations. 31.03.2026 31.12.2025 (°) For more detailed information on the Alternative Performance Measures, see the specific chapter of the Report on operations accompanying the 2025 Annual Report. Consolidated profitability ratios (%) (c) Net income / Total assets (ROA) (b) Net income / Shareholders' equity (ROE) Cost / Income 35.9 38.1 20.6 19.6 1.1 1.1 Figures restated, where necessary and material, considering the changes in the scope of consolidation and discontinued operations. Ratio between net income and shareholders' equity at the end of the period. Shareholders' equity does not include AT1 capital instruments, income for the period and dividend and charity distributions in May. The figure for the period has been annualised. The comparative figure is not restated. Ratio between net income and total assets at the end of the period. The figure for the period has been annualised. The comparative figure is not restated. 31.03.2026 31.03.2025 Earnings per share (euro) Basic earnings per share (basic EPS) (d) 0.16 0.15 Diluted earnings per share (diluted EPS) (e) 0.16 0.15 Consolidated risk ratios (%) Cumulated adjustments on non-performing loans / Gross non- performing loans to customers Cumulated adjustments on bad loans / Gross bad loans to customers Net non-performing loans / Loans to customers Net bad loans / Loans to customers 0.2 0.2 0.9 0.9 68.6 67.3 49.5 48.6 Figures restated, where necessary and material, considering the changes in the scope of consolidation and discontinued operations. Net income (loss) attributable to shareholders compared to the weighted average number of outstanding shares, calculated excluding own shares. Intesa Sanpaolo's share capital consists solely of ordinary shares. Diluted earnings per share are calculated as basic earnings per share, also considering any future issues of new ordinary shares. Operating structure 31.03.2026 31.12.2025 Changes amount Number of employees (f) 89,931 90,839 -908 Italy 68,304 68,940 -636 Abroad 21,627 21,899 -272 Number of financial advisors (g) 6,013 5,956 57 Number of branches (h) 3,569 3,569 - Italy 2,645 2,646 -1 Abroad 924 923 1 Figures restated, where necessary and material, considering the changes in the scope of consolidation. The workforce indicated refers to the exact number of employees at the end of the period, counting part-time workers as equal to 1 unit. The figure does not include private bankers with an employment contract (1,038 as at 31 March 2026; 1,044 as at 31 December 2025) and global advisors hired under permanent part-time contracts as self-employed workers (2,263 as at 31 March 2026; 1,931 as at 31 December 2025), all of whom are included in the employee headcount. The figure includes Retail/Exclusive Branches, Non-Profit Sector Branches, Agribusiness Branches, SME Branches and Corporate Branches. The comparative figure is not restated. 31.03.2026 31.03.2025 (Income statement figures) 31.12.2025 (Balance sheet figures) The first quarter of 2026 Economic trends The first quarter of 2026 was marked by heightened geopolitical tensions following the escalation of the conflict in the Persian Gulf, which began on 28 February, leading to a sharp rise in energy prices and increased uncertainty over global growth and inflation. While a temporary truce took effect on 8 April, no agreement had yet been reached at the time of this Interim Statement to ensure the resumption of shipping in the region. Against this backdrop, major central banks adopted a more cautious stance. In the United States, the Federal Reserve held rates steady, signalling a wait-and-see approach amid persistent inflationary pressures driven by energy costs, which constrained prospects for faster monetary easing. In the euro area, the European Central Bank (ECB) also kept rates unchanged, maintaining the deposit facility rate at 2% while adopting a data-dependent approach in response to the risk of a significant and persistent inflationary impact from the energy shock. Economic activity in the euro area showed mixed trends. Surveys by the European Commission highlighted a deterioration in business and consumer confidence, with the Economic Sentiment Indicator (ESI) for the euro area falling to 96.6 in March. In Italy, ISTAT surveys showed a more resilient picture for businesses, in contrast with a marked deterioration in consumer confidence. In March, business confidence fell slightly, with the decline concentrated in the retail sector. Industrial activity started the year on a weak note: in the euro area, industrial production fell by 0.6% year-on-year in February and also declined on a quarterly basis. In Italy, industrial output also contracted on a quarterly basis, despite a 0.5% year-on-year increase. Preliminary GDP estimates suggested resilience in the first quarter, reflecting the signs of recovery the economy had been showing before the onset of the current turbulence. Euro area GDP grew by 0.1% compared with the last quarter of 2025, while Italy's GDP expanded by 0.2%, supported by a still resilient but weakening employment situation. In the Italian labour market, the unemployment rate hit a new historic low at the start of the year (5.1% in January), rising marginally in the following months (5.2% in March). Government bond markets reflected increasing uncertainty. In the US, Treasury yields rose across the curve, driven primarily by upward revisions to inflation expectations. The movement was more uniform across maturities, consistent with the greater resilience of the US economy and the perception of a Fed still in at least marginally restrictive territory. In the euro area, the adjustment was more pronounced at the short end, with a rapid repricing of expectations for official rates. Markets progressively ruled out the possibility of a return of the deposit rate below 2% in 2026, instead beginning to price in the possibility of significant rate hikes later in the year, should pressure on energy prices prove to be persistent. In Italy, government bond yields rose more sharply than those of the German Bund, as risk premiums widened amid heightened geopolitical uncertainty and concerns over the energy shock's impact on growth and inflation. The 10-year BTP-Bund spread widened in an orderly but rapid manner, reflecting increased risk aversion without signs of market dysfunction. Tensions eased somewhat in April. Foreign exchange markets experienced rapid movements, with demand for safe-haven currencies resurging. The US dollar benefited from the United States' relative energy security advantage. The euro - more exposed to deteriorating terms of trade from higher oil and gas prices - remained subject to volatility and downward pressure during periods of heightened tension. Overall, the euro-dollar exchange rate was influenced by shifting rate expectations and geopolitical developments, with movements closely tied to updates on the conflict and perceptions of global growth risks. The Italian banking sector recorded stability in funding costs in the initial months of the year, though signs of upward pressure emerged in March. The average rate on new business loans declined compared with the previous quarter, while mortgage rates increased. Lending to non-financial companies continued to grow at a moderate pace (+1.8% at the end of February), in line with late 2025, supported by a recovery in medium- to long-term credit. In March, growth accelerated to +2.8%, driven by a monthly surge in short-term loans, likely to meet working capital needs linked to developments in energy and procurement markets. Lending to households remained robust, with mortgages for home purchases up 3.5%. However, new mortgage lending slowed sharply (+1.5% year-on-year in the quarter compared with +10% in the latter part of 2025). Overall, credit supply criteria and conditions remained unchanged in the first quarter. A tightening of credit conditions is expected in the second quarter due to the impact of the conflict in the Middle East and the energy crisis, alongside a projected decline in loan demand from both households and businesses. Deposit growth remained strong, expanding at around 4% in the first two months of the year - almost double the 2.2% recorded in 2025 - before returning to a more moderate pace in March. Current accounts were again the primary driver, accelerating to over +6% year-on-year in the first two months before easing to 4% in March, in line with late 2025. Funding from customers was supported by deposit growth, while bonds continued a moderate pace. The first two months of 2026 saw an increase in debt securities held in custody by banks, although net investments were lower than in the same period of 2025 for both households and businesses. Mutual funds started the year with strong net inflows in January, which however turned negative in the following two months. Life insurance recorded an overall increase in new business in the quarter, driven by Class III policies. Consolidated results of Intesa Sanpaolo The consolidated income statement for the first three months of 2026 posted a net income of 2,761 million euro, up by 5.6% (+146 million euro) on 2,615 million euro for the same period of 2025, benefiting from significant growth in the operating margin, supported by the performance of revenues in a scenario of still-declining interest rates 1 . When compared to the 1,733 million euro realised in the fourth quarter of 2025, the net income in the first three months of 2026 improved by 59.3% (+1,028 million euro), as a result of the positive performance of the operating margin, especially on the cost side, as well as lower adjustments, provisions and charges. Operating income rose to 7,154 million euro, compared to 6,796 million euro in the first quarter of 2025 (+358 million euro, +5.3%) and 6,841 million euro in the last three months of 2025 (+313 million euro; +4.6%). The positive performance of revenues, both year-on-year and quarter-on-quarter, was driven in particular by profits (losses) on financial assets and liabilities at fair value. Net interest income , amounting to 3,636 million euro, remained stable compared to the first three months of 2025 (3,632 million euro), but was down slightly on the fourth quarter of 2025 (3,684 million euro) due to the difference of the number of days in the two periods. More specifically: (i) the stability of net interest income year-on-year was supported by increased net interest income on securities in the portfolio (+15.8%), as a result of higher investment stocks, which offset the lower contributions from customer dealing (-2.1%), particularly on medium/long-term loans, despite the benefit of lower interest expense on securities issued, from relations with banks (-12.7%), due to the lower contribution of interest on liquidity deposited with the ECB, from differentials on hedging derivatives (-25%), and from other net interest income (-29.2%), also due to lower volumes of non-performing assets; in contrast, the quarterly decline in net interest income, amounting to -1.3%, reflected lower contributions from customer dealing, positive differentials on hedging derivatives, and other net interest income, only partially offset by the positive trend in interest on financial assets and liabilities and on relations with banks. Net fee and commission income totalled 2,515 million euro, up by 3.1% from 2,439 million euro in the first quarter of 2025, but down by 5.3% on the fourth quarter of 2025, which had benefited from the over-performance component recorded in the period. Growth versus the first three months of 2025 involved all components: management, dealing and consultancy activities (+3.6%), in particular dealing and placement of securities and distribution of insurance products; commercial banking activities (+1.3%), with the sole exception of current accounts, also as a result of more favourable conditions applied to customers; and other net fee and commission income (+4.5%), mainly on lending activities. The negative trend versus the fourth quarter of 2025 reflected a small decline of 1.6% in management, dealing and consultancy activities, as well as negative changes for the other components, also due to the day-count effect on certain fee and commission income from commercial banking activities. Income from insurance business rose to 476 million euro, an improvement of 3% compared to 462 million euro in the first quarter of 2025, attributable to the life business, and 7.4% compared to 443 million euro in the last quarter of 2025, thanks to both the life and non-life businesses. Total premiums written grew by 10.5% compared to the first three months of 2025, driven by insurance products (+14.5%), particularly in the life business, against a decline in investment contracts (-9.9%), affected by market volatility. Considered jointly, net fee and commission income and income from insurance business represented around 42% of operating income, confirming the diversification of the Group's business model. Profits (losses) on financial assets and liabilities at fair value came to 505 million euro, up on the 265 million euro in the first quarter of 2025 (+90.6%) and the 58 million euro in the fourth quarter of 2025. For both comparison periods, the improvement was due to profits on disposal of assets measured at fair value through other comprehensive income and on disposal of assets at amortised cost, mainly government securities, and, though to a lesser extent, to profits (losses) on assets mandatorily measured at fair value through profit or loss. On a year-on-year basis, these components more than offset the deterioration in profits (losses) on trading and on financial instruments under fair value option. The caption other operating income (expenses) , which includes profits on investments carried at equity and other income/expenses from continuing operations, recorded a positive net balance of 22 million euro in 2026, compared to -2 million euro in the first quarter of 2025 and 1 million euro in the fourth quarter of 2025. In the three periods, profits on investments carried at equity contributed 26 million euro, 8 million euro, and 24 million euro, respectively. Operating costs , amounting to 2,569 million euro, recorded a decrease, which was relatively small year-on-year (-19 million euro; -0.7%) but much larger on a quarterly basis (-980 million euro; -27.6%), because the fourth quarter of 2025 had included: (i) a non-recurring performance-related variable portion under personnel expenses; and (ii) the usual year-end peak in invoicing under administrative expenses, due to the closure of ongoing projects, together with one-off expenditure connected to the Winter Olympic Games and the preparation initiatives for the new Business Plan, among others. In detail, personnel expenses at 1,575 million euro were down by 0.6% on the first three months of 2025 and 27.3% compared to the last three months of 2025, as a result of a reduction in the average workforce of 2,701 people year-on-year, partially offset by the contractual and operational trends, and 560 people on a quarterly basis. Administrative expenses of 631 million euro were unchanged year-on-year, against a reduction of 36.6% on a quarterly basis due to the factors described above. Amortisation and depreciation , amounting to 363 million euro, decreased by 2.4% compared to the first quarter of 2025 and 6.4% compared to the previous three months, mainly attributable to intangible assets, following the impairment, in the fourth quarter of 2025, of certain software components to be replaced. ‌In the first three months of 2026, the quarterly average of the 1-month Euribor was 1.95% compared to 2.60% in the first quarter of 2025 (1.91% in the fourth quarter of 2025). As a result of these movements in revenues and costs, the operating margin reached 4,585 million euro, up both on 4,208 million euro in the first three months of 2025 (+377 million euro; +9%) and 3,292 million euro in the last quarter of 2025 (+1,293 million euro; +39.3%). Consequently, the cost/income ratio decreased to 35.9%, confirming the Group's leading position in Europe (38.1% in the first quarter of 2025; 51.9% in the fourth quarter of 2025). Net adjustments to loans - amounting to 170 million euro - fell by around a quarter compared to 224 million euro in the first quarter of 2025 (-54 million euro; -24.1%), and an even more sharply compared to the 962 million euro in the fourth quarter of 2025 (-792 million euro; -82.3%), which had incorporated the effects of the de-risking initiatives implemented and launched in the period. The year-on-year change benefited from lower adjustments to Stage 3 non-performing loans, which fell to 218 million euro (-54 million euro compared to the first three months of 2025, also thanks to continued low net inflows from performing loans). Recoveries on performing loans decreased to 7 million euro (-31 million euro compared to the first quarter of 2025). Provisions for credit risk associated with commitments and financial guarantees given recorded recoveries of 43 million euro (+26 million euro compared to the first quarter of 2025, also as a result of transitions of exposures to better risk stages). As a result, the cost of risk, represented as the ratio of net adjustments to net loans, stood at 16 basis points in annualised terms compared to 41 basis points for the full year 2025, which was characterised by significant de-risking operations. Other net provisions and net impairment losses on other assets totalled 64 million euro, up from 23 million euro in the first three months of 2025, but down significantly on 250 million euro in the fourth quarter of 2025 (-186 million euro; -74.4%). This caption was broken down as follows: 31 million from net provisions, including net provisions for legal disputes of 25 million euro. In the first three months of 2025, net recoveries of 2 million euro were recorded, including net provisions for legal disputes of 16 million euro, while in the last three months net provisions of 105 million euro were recorded, of which 41 million euro related to legal disputes; 33 million euro from net impairment losses on securities and other assets (of which 23 million euro on securities and 10 million euro on other assets), compared to net impairment losses of 25 million euro in the first three months of 2025 (of which 24 million euro on securities), and net impairment losses of 145 million euro in the last three months of 2025, of which 58 million euro on securities and 87 million euro on other assets, also due to impairment of software to be replaced. Other income (expenses) , which include realised gains and losses on investments, equity investments and financial assets measured at amortised cost other than loans, as well as income/expenses not strictly related to operations, recorded a negative contribution of -12 million euro, compared to -4 million euro for the first quarter of 2025 and -190 million euro for the fourth quarter 2025. It should be noted that the latter included the valuation effects on certain investments as part of the manager ial actions taken to strengthen the consolidated balance sheet. As a result of the movements described above, gross income rose to 4,339 million euro, an improvement both on 3,957 million euro in the first three months of 2025 (+382 million euro; +9.7%) and 1,890 million euro in the last three months of 2025 (+2,449 million euro; +129.6%). Taxes on income for the period amounted to 1,482 million euro, equal to a tax rate of 34.2%. The tax expense for 2026 compares with 1,248 million euro, corresponding to a tax rate of 31.5%, in the first quarter of 2025, resulting in a higher levy due both to the change in the taxable base and to the impacts of the measures introduced with the 2026 Budget Law, in particular the two-percentage-point increase in the IRAP (regional production tax) rate for credit institutions and insurance companies and the partial non-deductibility of interest expense for financial intermediaries. In contrast, the last quarter of 2025 recorded positive taxes of 77 million euro due to the lower taxable base for the period and the benefit of the recognition of positive tax components of 669 million euro. The following were recognised after tax: charges for integration, transformation and exit incentives of 60 million euro (57 million euro in the first quarter of 2025, 164 million euro in the fourth quarter of 2025, which included 58 million euro relating to the trade union agreement of 10 December 2025) and negative effects of purchase price allocation of 17 million euro (-24 million euro in the first three months and -14 million euro in the last three months of 2025). Levies and other charges concerning the banking and insurance industry, considered net of taxes, came to 9 million euro (10 million euro before tax), almost entirely attributable to the Group's international banks. This compares with 9 million euro (10 million euro gross) in the corresponding quarter of 2025, also mainly attributable to the Group's international banks, and 60 million euro in the fourth quarter of 2025 (84 million euro before tax), mainly consisting of the 2025 contribution to the Life Insurance Guarantee Fund (30 million euro, 43 million euro gross) and the replenishment of the financial endowment of the Deposit Guarantee Scheme of the Group's Italian banks (18 million euro, 27 million euro gross), with the remainder almost entirely consisting of charges attributable to the Group's international banks. After the allocation of the net income to minority interests of 10 million euro (4 million euro income in the first three months of 2025 and 4 million euro losses in the last three months of 2025), the consolidated income statement closed, as already stated, with a net income of 2,761 million euro, up by 5.6% and 59.3% compared to the first and last quarters of 2025, respectively. With regard to the balance sheet aggregates, as at 31 March 2026, loans to customers totalled 429.8 billion euro, up on 425 billion euro in December 2025 (+4.8 billion euro; +1.1%). The positive performance in the quarter was driven by commercial banking loans, which rose to 396.1 billion euro (+5.7 billion euro; +1.5%). Within these, growth was recorded both in medium/long-term loans (+0.4% to 215.1 billion euro) - with new disbursements up by 6.2% compared to the first three months of 2025 - and in the short-term technical forms, current accounts (+0.5% to 21.3 billion euro) and in particular the aggregate of advances and other loans (+3.1% to 159.7 billion euro), primarily driven by ordinary forms of advances. With regard to the remaining components of the aggregate, there was a decline in short-term loans of financial nature, consisting of repurchase agreements used as part of overall treasury management, which fell to 21 billion euro (-1 billion euro; -4.5%). Loans represented by securities increased slightly to 8.8 billion euro (+0.1 billion euro; +0.9%). Non-performing loans, on the other hand, remained stable at 3.9 billion euro, after the de-risking measures launched and implemented in the final months of 2025. As a result, the NPL to total loan ratio was unchanged at 1.8% gross and 0.9% net (1.8% and 0.9% respectively in December 2025 ) 2 . The coverage ratio for non-performing loans increased to 49.5% from 48.6% at the end of 2025, while the coverage ratio for performing loans remained substantially stable (0.45% versus 0.47% in December 2025). The share of Stage 2 loans in the total portfolio decreased to 7.1%,from 7.6% at the end of 2025, with a coverage ratio at 4.18% (4.20% in December 2025). On the funding side, at the end of the first quarter of 2026, direct deposits from banking business were unchanged at 600.2 billion euro, reflecting growth in repurchase agreements against a decline in almost all other technical forms. In line with the trend at industry level, the aggregate of current accounts and deposits decreased to 406.9 billion euro, from 408.7 billion euro at the end of 2025 (-1.7 billion euro; -0.4%). The reduction almost entirely concerned current accounts and demand deposits, also reflecting decisions to invest part of the available liquidity. Current accounts and deposits stood at 67.8% of total direct deposits from banking business, continuing to represent a key strength of the Group's liquidity position. Bonds amounted to 63.9 billion euro, recording a change of -4.2 billion euro (-6.1%) compared to December 2025, with more than half attributable to covered bonds and the remainder to senior preferred and senior non-preferred securities. Subordinated liabilities also decreased to 11 billion euro (-1.2 billion euro; -10.2%), following the maturity in January of a ten-year issue for a nominal amount of 1.5 billion dollars, only partially offset by a new issue in March for a nominal amount of around 0.2 billion euro. Other deposits similarly fell to 74.9 billion euro, with a decrease of 1.8 billion euro (-2.3%) in the three months, mainly attributable to the lower funding through commercial paper, as a result of reduced liquidity needs. In contrast, the component of other deposits measured at fair value and consisting of investment certificates remained stable at 36.6 billion euro. Against the movements described above, the following increased: (i) financial funding in the form of repurchase agreements and securities lending, used in treasury management, which rose from 31.1 billion euro in December to 39.8 billion euro in March 2026; and (ii) certificates of deposit, a technical form used in the Parent Company's international branches, which rose to 3.7 billion euro (+0.2 billion euro, +6.8%), although that funding instrument now plays an entirely marginal role in the Group's overall direct deposits from banking business. As a result of the different trends in the two aggregates, the loan to deposit ratio rose to 71.6% from 70.8% in December 2025. At the end of March 2026, direct deposits from insurance business amounted to 178.7 billion euro, decreasing by 4.1 billion euro (-2.3%) compared to the 182.9 billion euro in December 2025, entirely attributable to the life business. Both of the main components recorded negative performance: insurance liabilities, which accounted for 73.1% of the total aggregate, decreased to 130.7 billion euro (-1.8 billion euro; -1.4%), while the financial liabilities pertaining to insurance companies - consisting entirely of unit-linked investment contracts included under financial liabilities designated at fair value pertaining to insurance companies in the Reclassified balance sheet - decreased to 46.9 billion euro (-2.3 billion euro; -4.6%), with their share of the total decreasing to 26.3%. Other insurance deposits - which are included among financial liabilities at amortised cost pertaining to insurance companies in the Reclassified balance sheet and also comprise the subordinated liabilities - remained stable at 1.1 billion euro, with a share of 0.6% of the total. Indirect customer deposits , measured at market prices, amounted to 831.8 billion euro as at 31 March 2026, lower than the 844.6 billion euro at the end of 2025 (-12.8 billion euro; -1.5%), due to a negative performance effect driven by increased volatility in financial markets following the outbreak of the new conflict in the Middle East. This led to a sharp downward correction in equity prices in March compared to the opening weeks of the year, which was more pronounced in European markets, reflecting their greater dependence on energy imports. In the above context, assets under management, despite benefiting from positive net inflows in the first three months, recorded an overall reduction in the market value to 555.5 billion euro (-6.5 billion euro; -1.2%), equivalent to 66.8% of total indirect customer deposits. The decline primarily concerned total insurance liabilities and insurance financial liabilities (-1.5% to 178.6 billion euro) and mutual funds (-1.2% to 228 billion euro). The only component that moved in the opposite direction, albeit with its modest impact on the total, was pension funds. Assets under administration also fell to 276.3 billion euro (-6.3 billion euro; -2.2%), with their share of the total decreasing slightly to 33.2%, despite positive net inflows. ‌Also based on the EBA definition, as at 31 March 2026 the NPL ratio remained stable at 1.5% gross and at 0.8% net (1.5% and 0.8%, respectively, in December 2025). Highlights The military conflict between Russia and Ukraine The Group is present in Russia and Ukraine through two subsidiaries: Joint-Stock Company Banca Intesa (Banca Intesa Russia) , 47% owned by Intesa Sanpaolo and 53% by Intesa Sanpaolo Holding International (Luxembourg). This is a Moscow-based corporate bank, which operates with 16 branches and 669 staff. The Group's presence in Russia dates back around 50 years (initially as a Representative Office, closed in August 2023). The bank has participated in the financing of large national and international Russian projects, also offering a full range of banking services for small and medium-sized enterprises, retail customers and companies; Pravex Bank Joint-Stock Company , 100%-owned by Intesa Sanpaolo. This is a small commercial bank based in Kyiv, part of the International Banks Division, which operates with 39 branches mainly in the Kyiv region and employs 516 people. Intesa Sanpaolo acquired the bank in 2008 and has been operating in the country continuously since that date. The observations made concerning Intesa Sanpaolo's continued control over the two entities, as reported in Section 5 - Other Aspects of Part A of the Notes to the 2025 Consolidated Financial Statements, still apply. Despite the objective constraints imposed by the current situation, particularly for Pravex, the two subsidiaries are continuing to operate with the support of the Parent Company structures, while the overall exposure to and operations with the Russian Federation have decreased significantly over the past three years, as required by the European regulators and the ECB requirements/recommendations, the latest of which was issued in December 2024 (in this regard see also the already mentioned Section 5 - Other aspects of Part A of the Notes to the 2025 Consolidated Financial Statements). With regard to risk management , in the early months of 2026 the Group did not relax the safeguards put in place and described in the previous disclosures. The situation continues to be monitored both at Parent Company level and in all the Group banks directly involved in the conflict or close to it, where direct and continuous contacts are being maintained. Appropriate information is also always prepared for the Board Committees and the Board of Directors. With regard to the sanctions imposed on Russia by Western countries, particularly within Europe3, regulatory compliance supervision continued through a specific dashboard at Group level, aimed at monitoring the changes in the lists of sanctioned persons and entities at European and international level, identifying sanctioned persons and entities for the purpose of blocking positions and payments, complying with the specific ban on accepting deposits based on the restrictions established by the European regulations, and identifying and blocking financial instruments subject to sanctions. As at 31 March 2026, the exposure to Russian counterparties included in the OFAC (Office of Foreign Assets Control) SDN and/or EU asset freeze lists amounted to 257.7 million euro, down on 276.2 million euro at the end of 2025, following repayments of existing exposures to the Group, which had been pre-authorised by the Anti-Financial Crime Head Office Department. As described in more detail in the "Risk management" chapter of the Report on operations, particular attention continues to be given to the geopolitical environment, and the issues arising from it and their developments, in order to identify the main phenomena that could have an international impact and significantly alter the Group's risk profile and influence its operations. Specific scenario and stress analyses are therefore conducted, also in relation to the Russia-Ukraine conflict, to assess the potential impacts in terms of profitability and capital adequacy. With regard to business continuity, in Ukraine operations have so far been ensured thanks to the solutions gradually adopted to guarantee normal functioning in response to the ongoing blackouts4. Since January 2026, repeated attacks on energy infrastructure in Ukraine have been reported, particularly in the Kyiv area, with a deterioration in energy supply and frequent power outages. In this context, inverters and back-up generators have been used almost daily to ensure the operational continuity of the branches, with continuous monitoring of electrical and connectivity systems. In addition, head office staff were given the opportunity to work remotely in January and February. From March onwards, the energy situation improved significantly. Again in 2026, the repeated attacks on the country did not cause any problems for the Bank's properties, and the number of branches open daily has now stabilised at the total number of available branches5. Activities aimed at monitoring the international geopolitical environment are continuing. At Banca Intesa Russia, the systems have always functioned without any operational problems since the beginning of the conflict. The review is also continuing of the operations of Banca Comerciala Eximbank, the Group's Moldovan subsidiary, which still has no operational problems to report, despite the temporary worsening of the conflict in the area. In terms of cybersecurity, the monitoring and threat intelligence activities continue, alongside the ongoing strengthening of the cybersecurity controls throughout the Intesa Sanpaolo Group. Within the threat intelligence activities aimed at preventing possible cyber threats to Pravex, the containment measures have so far enabled the management of the attacks, ensuring service delivery with minimal disruption. Specific educational initiatives on cyber risks, through training courses and in-depth studies on specific topics, are regularly implemented to continually raise awareness among all the Group's staff. As usual, the additional costs incurred for business continuity and any losses resulting from physical damage to premises/branches located in the conflict zone form part of the monitoring of the exposure to operational risk, including that relating to the Risk Appetite Framework. ‌On 23 April 2026, the Council of the European Union adopted the twentieth package of sanctions against Russia. ‌Specifically: i) to overcome electricity supply issues, power banks were provided to head offices and personnel with critical and strategic roles, while branches were equipped with an increasing number of inverter generators, which can be easily and promptly used by branch personnel; and ii) data connection is ensured through the installation of satellite devices. ‌The decision-making process regarding the operations of the individual branches continues to be based on a risk assessment methodology agreed with the Parent Company, which involves the use of specific indicators, while always taking staff safety into account. The main accounting aspects and the approach adopted by the Intesa Sanpaolo Group This paragraph summarises main accounting issues arising from the ongoing conflict between the Russian Federation and Ukraine and the Intesa Sanpaolo Group's approach to addressing them. At the outbreak of the hostilities, the Group had significant cross-border exposures to counterparties resident in the Russian Federation, as well as two subsidiaries (Pravex Bank and Banca Intesa Russia) operating in the warring countries, which were therefore particularly exposed to the consequences of the conflict. That said, the business conducted in the Russian Federation has been decreasing for many years now, as also requested by the European regulators. Total gross exposures (customers, banks and securities) as at 31 March 2026 to counterparties resident in Russia and Ukraine amounted to just 839 million euro and 593 million euro after adjustments (the gross exposure as at 31 December 2025 stood at 792 million euro and 546 million euro in net values), with a decrease in the Russian component (-6 million euro gross and -3 million euro net) against an increase in exposures to Ukraine (53 million euro gross and 50 million euro net) attributable to the component towards banks and Ukrainian securities. More specifically, as at 31 March 2026, the remaining exposures to customers amounted, in terms of gross values, to 58 million euro (7 million euro net) for Banca Intesa Russia, with its non-performing component fully written down as of 31 March 2025, and 343 million euro (206 million euro net) for cross-border exposures to customers resident in Russia (net of ECA guarantees). These were accompanied by gross exposures to Russian banks totalling 50 million euro (46 million euro net). There are no longer any exposures in securities6. Following the progressive reduction in Banca Intesa Russia's loans, the bank's assets are now essentially concentrated in cash and cash equivalents, which as at 31 March 2026 amounted to 1,051 million euro (compared to 1,049 million euro at December 2025). The amounts of the gross exposures to customers resident in Ukraine are small (as in previous years). Specifically, they amounted to 145 million euro (99 million euro net), of which 45 million euro (zero book value in net terms) related to the subsidiary Pravex7, in addition to exposures to banks and government bonds issued by central banks totalling 243 million euro gross (235 million euro net). The situation as at 31 March 2026 is essentially the same as that described in the Annual Report as at 31 December 2025. In particular, the Intesa Sanpaolo Group continued to exercise control over the two banks, which operated on the basis of the Parent Company's instructions in their respective environments. For Banca Intesa Russia, in line with the guidelines issued by Intesa Sanpaolo, the gradual and orderly implementation of the wind-down plan requested by the ECB is under way, aimed at further reducing the bank's operations. Consequently, the main methodological choices - both in terms of consolidation of the two subsidiaries and valuation of the credit exposures - are essentially the same as those used in the 2025 Annual Report. Before outlining the valuation issues regarding the two subsidiaries and the cross-border exposures, it is necessary to provide some preliminary information about how Pravex contributed to the consolidated financial statements as at 31 March 2026. More specifically, while it was possible to consolidate an accounting situation aligned, in terms of reporting date, to that of the Parent Company for Banca Intesa Russia, for Pravex, the specific situation in the city of Kyiv (where the bank is based) led to the conclusion that - in order to contain the "operational" risk - it was considered more appropriate to consolidate the figures of the Ukrainian bank using an accounting situation as at 31 December 2025, translated at the exchange rate of 31 March 2026, for the consolidation. The accounting figures8 of Pravex have therefore been incorporated by means of the line-by-line consolidation of a consolidation package prepared in accordance with the IAS/IFRS for the previous quarter, in keeping with the approach already adopted from 2022. However, it is worth recalling here that the balances of the Ukrainian subsidiary are substantially immaterial in the context of those of the Intesa Sanpaolo Group. With regard to the valuation choices, the absolutely serious situation in all of Ukraine resulted in the definition, for the purpose of measuring Pravex's loan portfolio, of a specific approach, significantly based on prudent rationales, in light of the continuation of the conflict and the consequent repercussions on the Ukrainian economy. As at 31 March 2026, as in the 2025 Consolidated Financial Statements, it was still considered appropriate to maintain the full write down of Pravex's on-balance sheet loans to customers, with consequent classification to Stage 3. As a result of that choice, for the purposes of the Group's consolidated financial statements, the equity of the subsidiary has essentially been reduced to zero. For Banca Intesa Russia, the classification and measurement approach for performing loans used in previous years was maintained. Therefore, as was already the case in the 2025 Annual Report, the assessments carried out as at 31 March 2026 on the loans of the subsidiary included a centrally determined prudent factor that takes account of the worsening of the domestic economic situation in light of the continuation of the conflict and the increased isolation of the Russian economy. As a result of these valuations, the total coverage of the residual marginal performing loans of the Russian subsidiary amounted to around 73% of their gross value (60% in December 2025). In addition, as already mentioned, the remaining non-performing loans of Banca Intesa Russia were fully written down already as of 31 March 2025. As in 2025, for the first quarter of 2026, given the orderly progression of the bank's wind-down process (with consequent significant reduction in its risk profile) and its income forecasts which, although progressively declining, remain at positive levels, it was decided, for the purpose of the valuation of the investment in Banca Intesa Russia in the consolidated financial statements, to consider the positive net income achieved by the subsidiary in the first quarter of 2026, amounting to 24 million euro (compared to 139 million euro for the year 2025). The Allowance for Risks and Charges, amounting to 437 million euro as at 31 March 2026 (438 million euro at the end of 2025), funded up to 31 December 2024 and considered sufficient to absorb the costs arising from the above-mentioned wind-down scenario, requested by the ECB, remained substantially unchanged. The significant adjustments on the credit exposures of Banca Intesa Russia and Pravex, made on a prudential basis, reflect the evolution of the conflict up to 31 March 2026, which requires careful consideration of the above-mentioned country risk for Russia and Ukraine, with appropriate measurement of ‌There were also 5 million euro (gross and net) in gross off-balance sheet exposures to customers at Banca Intesa Russia and 21 million euro (10 million euro net) in cross-border off-balance sheet exposures to customers resident in Russia (net of ECA). Lastly, there were 20 million euro (gross and net values) of cross-border positions with Russian resident banks. ‌The cross-border exposures to customers resident in Ukraine are, for the corporate part, backed by guarantees provided by European persons, while, for the household part, these mainly relate to exposures disbursed by the subsidiary VUB to Ukrainian families with permanent residence in Slovakia. ‌The consolidation of Pravex only included the balance sheet figures as at 31 December 2025. the risk that the capital invested abroad is exposed to, connected to the possibility that political or economic circumstances may result in non-repayment of the loan (irrespective of the specific credit risk of the individual counterparty). For the remaining cross-border positions, the Group continued to adopt the measurement approach guided by the emergence of the so-called "transfer" risk (an approach applied both for the determination of the SICR and the related classification to Stage 2, and for the calculation of the ECL through the application of managerial adjustments) in order to better incorporate provisions related to the risk associated with the current conflict that would otherwise not be properly captured by the risk measurement systems normally used. With regard to the profit and loss impacts, as at 31 March 2026 the Group did not record any significant overall profit and loss impacts in relation to the exposures to Russian and Ukrainian counterparties, apart from the already mentioned 24 million euro contribution to the consolidated result for the first quarter of 2026 from Banca Intesa Russia. Also for the year 2025, the Group did not record any significant overall profit and loss impacts in relation to the exposures to Russian and Ukrainian counterparties, apart from the already mentioned 139 million euro contribution to the consolidated result from Banca Intesa Russia. The new military conflict in the Middle East The Group is present in the conflict area with three branches of the IMI Corporate & Investment Banking Division and one subsidiary of the Reyl banking group belonging to the Private Banking Division. More specifically, it operates through: the IMI C&IB branches in Abu Dhabi and Dubai in the United Arab Emirates; the IMI C&IB branch in Doha in Qatar; the subsidiary REYL Finance (MEA) Ltd., based in Dubai. Since the early stages of the Israeli-US conflict with Iran, Intesa Sanpaolo has swiftly taken action to monitor the evolving risk scenarios and ensure the safety of its employees operating in the Middle Eastern countries where the Bank is present. Risk analysis processes have also been stepped up to assess the evolution of the geopolitical situation and the potential impacts on the Group. The safety of the Group's staff operating in the area has been ensured through constant coordination with the General Managers of the Dubai, Abu Dhabi and Doha branches. In terms of business continuity, for the three IMI C&IB branches, a task force has been set up to identify and implement measures to strengthen business continuity, engaging support from other Group units or external suppliers. To date, no particular critical issues have emerged in the operations of the three branches. The measures adopted for the three IMI C&IB branches have been applied to the subsidiary REYL Finance. The evolution of the conflict is being continuously monitored to ensure the timely adjustment of the measures adopted and the full protection of staff and operations. With regard to cybersecurity, cyber threat intelligence and cyber risk monitoring activities have been strengthened in respon se to the evolving international situation. In particular, continuous monitoring has been launched on OSINT (Open Source Intelligence) and CLOSINT (Closed Source Intelligence) sources to identify events related to cyber warfare and possible cyber impacts deriving from geopolitical or military events. The Group's exposure as at 31 March 2026 to counterparties resident in Middle Eastern countries - described in the "Risk management" chapter of the Report on operations - amounted to around 17.9 billion euro, of which 10.5 billion euro in on-balance sheet exposures and 7.3 billion euro off-balance sheet. The on-balance sheet exposures, which are all performing, are concentrated in counterparties with a high credit standing. In particular, on-balance sheet exposures to customers (amounting to around 8.3 billion euro) represented the most significant portion of total exposures and were mainly related to central governments (around 4.7 billion euro). On-balance sheet exposures to banks (amounting to around 1.9 billion euro) were mainly related to short-term operations, largely deriving from trade export financing in support of Italian and international corporate customers. More generally, the operations originated by the Parent Company's IMI C&IB Division with both corporate and institutional customers consist primarily of international business, also carried out outside the Middle East area, largely linked to major Sovereign Wealth Funds for strategic projects mainly involving infrastructure and energy in Europe and the rest of the world. The off-balance sheet exposures, mainly related to credit facilities granted, are around half revocable. In addition to the credit quality of the counterparties, the measurement of these exposures took into account the specific attributes of the conflict, which, at present, is assumed to be of short duration and with limited and temporary effects on the macroeconomic variables. As a result, as at 31 March 2026, the Intesa Sanpaolo Group did not identify the conditions for adopting different measurement practices from those ordinarily applied. Lastly, also with regard to this new military conflict in the Middle East: the additional costs incurred for business continuity and any losses resulting from physical damage to premises/branches form part of the monitoring of the exposure to operational risk, including that relating to the Risk Appetite Framework; as described in more detail in the "Risk management" chapter of the Report on operations, the Group is continuously monitoring the geopolitical environment and its developments to assess the factors that could influence its risk profile and operations. Scenario and stress analyses are therefore being conducted, including in relation to the conflict in the Middle East, to estimate the potential effects in terms of earnings and capital strength. Other highlights The other significant events that occurred in the first quarter of 2026, as well as certain events after the end of the quarter, are described below. As already mentioned in the 2025 Annual Report, in January 2026 Fideuram - Intesa Sanpaolo Private Banking acquired total control of the Swiss bank Reyl & Cie S.A. by purchasing the shares held by the minority shareholders. More specifically, the purchase of 21% of the shares of Reyl & Cie S.A. held by Reyl Holding S.A. was completed on 16 January, while the remaining 3%, held by three individual shareholders, was purchased on 30 January. Fideuram - Intesa Sanpaolo Private Banking's direct holding consequently increased from 46% to 70%, in addition to the 30% indirect holding through the wholly owned subsidiary RB Participations S.A. The transaction, aimed at further strengthening and accelerating the Group's expansion in Switzerland, (i) had received the approval of the Board of Directors of Intesa Sanpaolo on 16 December 2025, after the favourable opinion of the Committee for Transactions with Related Parties; (ii) had been approved by the Board of Directors of Fideuram - Intesa Sanpaolo Private Banking on 18 December 2025, with the favourable opinion of its Committee for Transactions with Related Parties; and (iii) had obtained authorisation from FINMA (the Swiss regulator) on 30 December 2025. On 27 January 2026, following the change of control of the Tinexta Group, the Board of Directors of Intesa Sanpaolo resolved to exercise the put option provided for in the Shareholders' Agreement with regard to Tinexta Innovation Hub S.p.A., a company operating in subsidised finance and non-financial advisory services to businesses, in which Intesa Sanpaolo holds a 9.52% stake under the partnership initiated in 2021. The transaction is expected to be completed by the third quarter of 2026, in l ine with the contractual timelines. As all the requirements of IFRS 5 were met, as at 31 March 2026 the equity investment, previously recognised as an interest in entities subject to significant influence in accordance with IAS 28, was reclassified under assets held for sale. With regard to the restructuring transaction for Banca Progetto, on 28 January 2026, Intesa Sanpaolo, together with the National Interbank Deposit Guarantee Fund, Banca Monte dei Paschi di Siena, Banco BPM, BPER Banca, UniCredit and Banca Progetto under Extraordinary Administration, executed a new binding term sheet for the completion of the system-wide intervention. The transaction, qualifying as a preventive intervention pursuant to the statute of the National Interbank Deposit Guarantee Fund and whose execution was completed between the end of March (with the closure of the bank's extraordinary administration procedure) and the beginning of April, consisted of the following components: recapitalisation of Banca Progetto by the National Interbank Deposit Guarantee Fund for a total of 750 million euro and subsequent sale by the Fund to the five banks - through a company equally owned by them called BP Holding - of 90% plus one share of Banca Progetto's share capital for a total consideration of 40 million euro, with the Fund retaining a 9.9% stake in the bank. The stake in BP Holding subscribed by Intesa Sanpaolo was recognised as an interest in entities subject to significant influence in accordance with IAS 28; repayment of the securitisations for funding purposes that the Bank already had in place; and participation and financing by the five banks, together with other institutional investors, in the new securitisations of Banca Progetto's performing loans, with the provision of guarantees by the National Interbank Deposit Guarantee Fund; participation by the five banks in the de-risking of Banca Progetto's non-performing loans, through the sale of a non-performing loan portfolio to a newly established Alternative Investment Fund (AIF), with the provision of guarantees by the National Interbank Deposit Guarantee Fund. On 2 February 2026, at the meeting held for the approval of the Parent company and consolidated results as at 31 December 2025, the Board of Directors of Intesa Sanpaolo approved the 2026-2029 Business Plan, presented to the financial community on the same day. A summary description of the Plan was provided in the specific section of the Report on operations of the 2025 Consolidated Financial Statements, to which reference should be made, and the related documents (press release and presentation) are available on the Group's website, in the Investor Relations section. With regard to the credit de-risking initiatives, the closing of the de-risking transaction launched in the fourth quarter of 2025 was completed on 23 March 2026, which involved the true sale of a portfolio of bad loans of Intesa Sanpaolo with a GBV (Gross Book Value) of 0.4 billion euro, which had been classified under assets held for sale as at 31 December 2025, as the requirements under IFRS 5 had been met. As a result, as at 31 March 2026 the assets reclassified as held for sale included loans forming part of a project, also launched in the fourth quarter of 2025, consisting of a comprehensive de-risking measure to be completed through the structuring of specific transactions involving non-performing loans of the Parent Company classified as bad loans and unlikely-to-pay loans, for a total GBV of 1.4 billion euro. In the first quarter of 2026, there were 925 voluntary exits under the trade union agreement of 23 October 2024, as supplemented by the agreement of 10 December 2025 (of which 375 with effect from 1 January 2026) for a total of 3,459 exits since the beginning of 2025. In the period, there were around 500 new hires under these agreements (of which around 350 as Global Advisors for the commercial activities of the Network) with around 1,800 total new hires since January 2025 (of which around 1,100 as Global Advisors). Lastly, with regard to the actions on natural turnover envisaged by the 2026-2029 Business Plan, at the end of March 2026 there had been around 200 exits in Italy and around 275 net exits at the Group's international banks. On 14 April 2026, the Board of Directors of Intesa Sanpaolo resolved to partially exercise the powers granted to it at the Extraordinary Shareholders' Meeting of 29 April 2022 to carry out the capital increase without payment to serve the 2022-2025 Performance Share Plan Long-Term Incentive Plan , based on financial instruments and reserved for Group management, approved at the Ordinary Shareholders' Meeting of 29 April 2022. The Board of Directors decided to implement the first tranche, by 30 June 2026, of the capital increase without payment to serve the Plan for a maximum amount of 45,000,000 euro through the issue of a maximum number of 75,000,000 Intesa Sanpaolo ordinary shares. These shares - having the same features as the shares outstanding at the time of the issue and regular dividend entitlement - will be assigned, pursuant to Article 2349, paragraph 1, of the Italian Civil Code, to the recipients of the 2022-2025 Performance Share Plan Long-Term Incentive Plan, at the conditions and according to the terms and ways set forth in the Plan itself, with the allocation to share capital of 0.60 euro for each share to be assigned, by using the corresponding maximum amount from profits included in the Extraordinary Reserve. On 30 April 2026, the Shareholders' Meeting of Intesa Sanpaolo was held, validly constituted, on single call, to pass resolutions as those in attendance through the Designated Representative (in accordance with Article 106, paragraph 4, of Decree Law No. 18 dated 17 March 2020, converted by Law No. 27 dated 24 April 2020, the effects of which were most recently extended by Law No. 26 dated 27 February 2026) counted 4,790 holders of voting rights attached to 11,023,509,049 ordinary shares without nominal value, representing 63.30479% of the share capital. The Shareholders' Meeting voted in favour of all the items on the agenda (see the press release and the documentation published on the Group's website, for details of the individual resolutions and the respective majorities of votes). In the ordinary part, the resolutions concerned: − approval of the allocation to the Share premium reserve of the amount to be used for the payment of the one-off Levy pursuant to Article 1, paragraphs 69-71, of Law No. 199 dated 30 December 2025, and subsequent allocation of the entire amount recorded in the Profit reserve pursuant to Law No. 136 dated 9 October 2023 (so-called "2023 Reserve") to the Extraordinary reserve; − approval of the Parent Company Intesa Sanpaolo's 2025 financial statements and the allocation of net income for the year and distribution of dividend and part of the Share premium reserve to shareholders. The cash distribution to shareholders of a remaining amount of 3,308,544,026.47 euro (corresponding to 19 euro cents for each of the 17,413,389,613 ordinary shares) was approved, of which 3,012,516,403.05 euro as dividends from the net income for the year (corresponding to 17.3 euro cents per share) and 296,027,623.42 euro as assignment of reserves drawn on the Share premium reserve (corresponding to 1.7 euro cents per share). The dividend distribution will take place from 20 May 2026 (with coupon presentation on 18 May and record date on 19 May). Also taking into account the interim dividend paid in November 2025, amounting to 3,233,844,856.62 euro9 (corresponding to 18.6 euro cents per share), the total interim and remaining dividends distributed for the year 2025 amounted to 6,542,388,883.09 euro, corresponding to a 70% payout of the consolidated net income; − the remuneration policies and incentive plans . In particular, the Shareholders' Meeting (i) approved the remuneration and incentive policies for 2026, together with the related adoption and implementation procedures, as described respectively in chapters 4 and 1 of Section I of the Report on remuneration policy and compensation paid; (ii) passed a resolution agreeing on the Disclosure on compensation paid in the financial year 2025 as described in Section II of the aforementioned Report; (iii) approved the update of the maximum amount of Severance, i.e. the amounts that may be granted in view of or upon early termination of the employment relationship or early termination of office; (iv) approved the 2026 Annual Incentive Plan, which involves the use of Intesa Sanpaolo ordinary shares 10 to be purchased on the market; (v) approved the 2026-2029 Performance Share Plan Long-Term Incentive Plan, based on financial instruments, reserved for the Management, including the Managing Director and CEO, the remaining Group Top Risk Takers and the other Group Risk Takers 11 , of the Italian and foreign scope; and (vi) approved the 2026-2029 LECOIP Long-term Incentive Plan, based on financial instruments, reserved for all employees of companies belonging to the Intesa Sanpaolo Group within the Italian scope qualified as Professionals, none of whom are identified as Group Risk Taker; − authorisation to purchase own shares for annulment with no reduction of the share capital . More specifically, the Shareholders' Meeting authorised: (i) the purchase, even partially and/or in tranches, of Intesa Sanpaolo shares for a maximum overall outlay of 2.3 billion euro and not exceeding 800,000,000 shares, with execution by 23 October 2026; (ii) the Board of Directors to carry out the purchases at a price to be identified from time to time, subject to the condition that the purchase price may not be more than 10% below or above the reference price of the Intesa Sanpaolo shares registered on the regulated market Euronext Milan managed by Borsa Italiana S.p.A. the day before the execution of each individual purchase, through transactions to be carried out in line with the provisions of Article 132 of the Consolidated Law on Finance, Article 144-bis, paragraph 1, letter b) of the Issuers' Regulation and with any other legislative and regulatory provisions (including the regulations and other rules of the European Union) applicable and in force from time to time; and (iii) the Board of Directors, which may delegate this power to the Managing Director and CEO, to carry out the purchases using the Share premium reserve; − the authorisation to purchase and dispose of own shares to serve the incentive plans and for trading purposes. In the extraordinary part, the Shareholders' Meeting approved the proposal to annul Intesa Sanpaolo's own shares purchased and held by the Company by virtue of the authorisation from the Shareholders' Meeting in the ordinary part, delegating the Board of Directors - with the option of sub-delegating the Chair and the Managing Director and CEO, jointly or severally - to execute the annulment, in one or more tranches, by 23 October 2026 and to update Article 5 of the Articles of Association accordingly. In updating the delegated powers granted to the Board of Directors by the Extraordinary Shareholders' Meeting of 29 April 2022, the Extraordinary Shareholders' Meeting also decided to determine the maximum number of shares to be issued in implementation of the 2022-2025 Performance Share Plan Long-Term Incentive Plan based on financial instruments at 145,000,000, amending paragraph 5.3 of Article 5 (Share capital) of the Articles of Association. Lastly, the Extraordinary Shareholders' Meeting resolved to grant the Board of Directors the powers necessary to decide on capital increases, both free of charge and for payment, to serve the 2026-2029 LECOIP and 2026-2029 Performance Share Plan Long-term Incentive Plans approved in the ordinary session, with the consequent amendment of Article 5 (Share capital) of the Articles of Association. With regard to the statutory changes approved by the Shareholders' Meeting, the required authorisations had already been issued by the Supervisory Authority in March 2026. ‌Net of the portion not distributed to the 27,126,943 own shares held by the Bank at the record date, amounting to 5,045,611.40 euro. ‌With the exception of the provisions in the Bank of Italy Regulation implementing Article 4-undecies and Article 6, paragraph 1, letters b) and c-bis) of the Consolidated Law on Finance for Group Risk Takers belonging to asset management companies and in the cases in which the payment in Parent Company shares conflicts with local regulations. ‌Including Group Risk Takers who do not hold managerial positions (if any). Lastly, on 11 and 12 May 2026, a first tranche of the Intesa Sanpaolo ordinary share buyback programme will be executed to serve the assignment, free of charge, in relation to the following incentive plans: (i) mainly, the 2025 Incentive System of the Intesa Sanpaolo Group and, to a lesser extent, the incentive plans of certain subsidiaries: Intesa Sanpaolo Private Banking, for the network in Italy; Fideuram - Intesa Sanpaolo Private Banking Group, for the Relationship Managers belonging to the international commercial networks (i.e. Reyl Group and Intesa Sanpaolo Wealth Management) and the non-employee Financial Advisors; (ii) the completion of the implementation of the Incentive Plans of the Intesa Sanpaolo Group and the above-mentioned subsidiaries referred to 2024; (iii) the 2026-2029 Long-term Incentive Plan for Financial Advisors of the Fideuram - Intesa Sanpaolo Private Banking Group networks; and (iv) on a residual base, the potential payments agreed ahead of or upon early termination of the employment relationship (so-called Severance), if any. The number of shares to be purchased on the market on the days indicated is equal to 25,000,000 in compliance with the resolution passed at the Intesa Sanpaolo Shareholders' Meeting of 30 April 2026, which authorised the purchase, in one or more tranches, of Intesa Sanpaolo ordinary shares, for both the Parent Company and the companies it directly and/or indirectly controls, up to a maximum number of 42,682,732 (of which 36,380,497 shares necessary to serve the 2025 Plans and, residually, the potential Severance payments, if any, 4,518,878 for the 2024 Plans, and 1,783,357 for the 2026-2029 Long-term Incentive Plan for Financial Advisors of the Fideuram - Intesa Sanpaolo Private Banking Group networks). Outlook For the rest of 2026, the outlook for interest rates, yields and exchange rates remains dependent on the developments in the war in the Persian Gulf and the impact of the energy shock on inflation and expectations. In its baseline scenario, the ECB continues to adopt a prudent, data-driven stance: if energy cost increases feed more broadly into prices and wage trends, this could lead to a series of official rate hikes, which markets are already pricing in from June. In the United States, the Fed may instead maintain a wait-and-see approach, with any cuts postponed until the end of the year or 2027. In this context, government bond yields may remain volatile, with risks of further increases in short-term maturities in the euro area and a more balanced trend in Treasuries. On the exchange rate front, the euro remains exposed to fluctuations in the geopolitical risk premium and changes in the terms of trade. Uncertainty remains high and the balance of risks is strongly asymmetric, depending on the duration of the conflict and the possibility of further disruptions to energy flows. Overall, market expectations remain sensitive to surprises in energy prices and central bank guidance. A stabilisation of the geopolitical situation would favour a gradual reduction in volatility and, over time, an easing of financial conditions. Conversely, a more prolonged conflict scenario could fuel further upward revisions in inflation expectations and keep official rates and yields at high levels for longer, also with repercussions for the euro exchange rate. For the Intesa Sanpaolo Group, net income of around 10 billion euro is envisaged for 2026, deriving from: growth in revenues, mainly driven by commissions and insurance income, with increasing net interest income also thanks to core deposit hedging and volume growth; stable costs; significant reduction in provisions; increase in tax rate (due to the Italian Budget Law) and in levies and other charges concerning the banking and insurance industry. A strong value distribution is envisaged, with a payout ratio of 95% 12 for 2026, of which 75% through cash dividends 13 and 20% through buyback 14 . ‌Calculated on the stated net income. ‌Subject to the approval from the Shareholders' Meeting. ‌If the Common Equity Tier 1 ratio exceeds 12.5% and no options for higher-ROI (Return On Investment) capital allocation to external growth are available (focusing on Wealth Management). Subject to approvals from the Shareholders' Meeting and the ECB. The first quarter of 2026 Consolidated financial statements 33 Consolidated balance sheet (millions of euro) Assets 31.03.2026 31.12.2025 Changes amount % 10. Cash and cash equivalents 35,584 37,868 -2,284 -6.0 Financial assets measured at fair value through profit or loss 165,583 162,472 3,111 1.9 financial assets held for trading 51,257 46,241 5,016 10.8 financial assets designated at fair value 4 4 - - other financial assets mandatorily measured at fair value 114,322 116,227 -1,905 -1.6 30. Financial assets measured at fair value through other comprehensive income 163,773 163,441 332 0.2 Financial assets measured at amortised cost 543,317 532,710 10,607 2.0 due from banks 47,713 46,005 1,708 3.7 loans to customers 495,604 486,705 8,899 1.8 50. Hedging derivatives 6,554 7,372 -818 -11.1 60. Fair value change of financial assets in hedged portfolios (+/-) -6,739 -5,982 757 12.7 70. Investments in associates and companies subject to joint control 2,628 2,735 -107 -3.9 Insurance assets 750 669 81 12.1 insurance contracts issued that are assets 565 477 88 18.4 reinsurance contracts held that are assets 185 192 -7 -3.6 90. Property and equipment 8,593 8,645 -52 -0.6 100. Intangible assets 9,836 10,003 -167 -1.7 of which: - goodwill 3,702 3,699 3 0.1 110. Tax assets 11,391 11,591 -200 -1.7 current 1,098 1,112 -14 -1.3 deferred 10,293 10,479 -186 -1.8 120. Non-current assets held for sale and discontinued operations 1,034 1,065 -31 -2.9 130. Other assets 25,761 27,298 -1,537 -5.6 Total assets 968,065 959,887 8,178 0.9 Consolidated balance sheet (millions of euro) Liabilities and Shareholders' Equity 31.03.2026 31.12.2025 Changes amount % 10. Financial liabilities measured at amortised cost 626,496 623,444 3,052 0.5 a) due to banks 60,632 57,715 2,917 5.1 b) due to customers 471,977 466,380 5,597 1.2 c) securities issued 93,887 99,349 -5,462 -5.5 20. Financial liabilities held for trading 43,358 39,656 3,702 9.3 30. Financial liabilities designated at fair value 74,225 76,380 -2,155 -2.8 40. Hedging derivatives 3,152 2,695 457 17.0 50. Fair value change of financial liabilities in hedged portfolios (+/-) -4,580 -2,923 1,657 56.7 60. Tax liabilities 3,637 2,881 756 26.2 a) current 1,594 865 729 84.3 b) deferred 2,043 2,016 27 1.3 70. Liabilities associated with non-current assets held for sale and discontinued operations 48 45 3 6.7 80. Other liabilities 17,483 14,693 2,790 19.0 90. Employee termination indemnities 596 614 -18 -2.9 100. Allowances for risks and charges 4,258 4,506 -248 -5.5 a) commitments and guarantees given 618 676 -58 -8.6 b) post-employment benefits 54 53 1 1.9 c) other allowances for risks and charges 3,586 3,777 -191 -5.1 110. Insurance liabilities 130,668 132,518 -1,850 -1.4 a) insurance contracts issued that are liabilities 130,628 132,481 -1,853 -1.4 b) reinsurance contracts held that are liabilities 40 37 3 8.1 120. Valuation reserves -2,017 -1,512 505 33.4 130. Redeemable shares - - - 140. Equity instruments 8,935 7,704 1,231 16.0 150. Reserves 27,337 18,539 8,798 47.5 155. Interim dividend (-) -3,234 -3,234 - - 160. Share premium reserve 24,696 24,279 417 1.7 170. Share capital 10,369 10,369 - - 180. Treasury shares (-) -240 -240 - - 190. Minority interests (+/-) 117 152 -35 -23.0 200. Net income (loss) (+/-) 2,761 9,321 -6,560 -70.4 Total liabilities and shareholders' equity 968,065 959,887 8,178 0.9 Consolidated income statement (millions of euro) 31.03.2026 31.03.2025 Changes amount % 10. Interest and similar income 6,434 7,351 -917 -12.5 of which: interest income calculated using the effective interest rate method 5,985 6,428 -443 -6.9 20. Interest and similar expense -2,221 -3,120 -899 -28.8 30. Interest margin 4,213 4,231 -18 -0.4 40. Fee and commission income 3,042 2,966 76 2.6 50. Fee and commission expense -746 -709 37 5.2 60. Net fee and commission income 2,296 2,257 39 1.7 70. Dividend and similar income 284 182 102 56.0 80. Profits (Losses) on trading -422 432 -854 90. Fair value adjustments in hedge accounting -3 -14 -11 -78.6 100. Profits (Losses) on disposal or repurchase of: 296 -14 310 a) financial assets measured at amortised cost 228 50 178 b) financial assets measured at fair value through other comprehensive income 97 -32 129 c) financial liabilities -29 -32 -3 -9.4 110. Profits (Losses) on other financial assets and liabilities measured at fair value through profit or loss -208 -599 -391 -65.3 a) financial assets and liabilities designated at fair value 1,392 864 528 61.1 b) other financial assets mandatorily measured at fair value -1,600 -1,463 137 9.4 120. Net interest and other banking income 6,456 6,475 -19 -0.3 130. Net losses/recoveries for credit risk associated with: -246 -272 -26 -9.6 a) financial assets measured at amortised cost -253 -251 2 0.8 b) financial assets measured at fair value through other comprehensive income 7 -21 28 140. Profits (Losses) on changes in contracts without derecognition -2 -7 -5 -71.4 150. Net income from banking activities 6,208 6,196 12 0.2 160. Insurance service result 473 410 63 15.4 a) insurance revenue arising from insurance contracts issued 907 828 79 9.5 b) insurance service expenses arising from insurance contracts issued -414 -399 15 3.8 c) insurance revenue arising from reinsurance contracts held 11 21 -10 -47.6 d) insurance service expenses arising from reinsurance contracts held -31 -40 -9 -22.5 170. Balance of financial income and expenses related to insurance operations 115 -198 313 a) net financial expenses/revenue related to insurance contracts issued 115 -198 313 b) net financial expenses/revenue related to reinsurance contracts held - - - 180. Net income from banking and insurance activities 6,796 6,408 388 6.1 190. Administrative expenses: -2,567 -2,497 70 2.8 a) personnel expenses -1,529 -1,529 - - b) other administrative expenses -1,038 -968 70 7.2 200. Net provisions for risks and charges 70 38 32 84.2 a) commitments and guarantees given 56 17 39 b) other net provisions 14 21 -7 -33.3 210. Net adjustments to / recoveries on property and equipment -140 -159 -19 -11.9 220. Net adjustments to / recoveries on intangible assets -312 -299 13 4.3 230. Other operating expenses (income) 272 306 -34 -11.1 240. Operating expenses -2,677 -2,611 66 2.5 250. Profits (Losses) on investments in associates and companies subject to joint control 21 4 17 260. Valuation differences on property, equipment and intangible assets measured at fair value - 1 -1 270. Goodwill impairment - - - 280. Profits (Losses) on disposal of investments - -3 -3 290. Income (Loss) before tax from continuing operations 4,140 3,799 341 9.0 300. Taxes on income from continuing operations -1,369 -1,176 193 16.4 310. Income (Loss) after tax from continuing operations 2,771 2,623 148 5.6 320. Income (Loss) after tax from discontinued operations - - - 330. Net income (loss) 2,771 2,623 148 5.6 340. Minority interests -10 -8 2 25.0 350. Parent Company's net income (loss) 2,761 2,615 146 5.6 Basic EPS - Euro 0.16 0.15 Diluted EPS - Euro 0.16 0.15 Statement of consolidated comprehensive income (millions of euro) 31.03.2026 31.03.2025 Changes amount % 10. Net income (Loss) 2,771 2,623 148 5.6 Other comprehensive income (net of tax) that may not be reclassified to the income statement 107 84 23 27.4 20. Equity instruments designated at fair value through other comprehensive income 11 28 -17 -60.7 30. Financial liabilities designated at fair value through profit or loss (change in own credit rating) 104 51 53 40. Hedging of equity instruments designated at fair value through other comprehensive income - - - 50. Property and equipment -9 -1 8 60. Intangible assets - - - 70. Defined benefit plans 1 6 -5 -83.3 80. Non-current assets classified as held for sale - - - 90. Share of valuation reserves connected with investments carried at equity - - - 100. Financial revenue and expenses related to insurance contracts issued - - - Other comprehensive income (net of tax) that may be reclassified to the income statement -622 37 -659 110. Hedges of foreign investments -15 -5 10 120. Foreign exchange differences -40 -8 32 130. Cash flow hedges -44 -21 23 140. Hedging instruments (not designated elements) - - - 150. Financial assets (other than equities) measured at fair value through other comprehensive income -1,373 -611 762 160. Non-current assets held for sale and discontinued operations - - - 170. Share of valuation reserves connected with investments carried at equity 15 -15 30 180. Financial revenue and expenses related to insurance contracts issued 834 697 137 19.7 190. Financial revenue and expenses related to reinsurance contracts held 1 - 1 200. Total other comprehensive income (net of tax) -515 121 -636 210. Total comprehensive income (captions 10 + 200) 2,256 2,744 -488 -17.8 220. Total consolidated comprehensive income pertaining to minority interests - 13 -13 230. Total consolidated comprehensive income pertaining to the Parent Company 2,256 2,731 -475 -17.4 Changes in consolidated shareholders' equity as at 31 March 2026 (millions of euro) 31.03.2026 Share capital Share premium reserve Valuation Equity Interim Treasury Net Shareholders' Group Minority Reserves reserves instruments dividend shares income (loss) equity shareholders' interests equity ordinary other retained other shares shares earnings AMOUNTS AS AT 31.12.2025 10,475 - 24,314 17,251 1,465 -1,697 7,704 -3,234 -241 9,341 65,378 65,226 152 Changes in opening balances - - - - - - - - - - - - - AMOUNTS AS AT 1.1.2026 10,475 - 24,314 17,251 1,465 -1,697 7,704 -3,234 -241 9,341 65,378 65,226 152 ALLOCATION OF NET INCOME OF THE PREVIOUS YEAR (a) Reserves - - - 9,308 - - - - - -9,308 - - - Dividends and other allocations - - - - - - - - - -33 -33 - -33 CHANGES IN THE PERIOD Changes in reserves - - 416 - -378 - - - - - 38 38 - Operations on shareholders' equity Issue of new shares - - 1 - - - - - 15 - 16 16 - Purchase of treasury shares - - - - - - - - -15 - -15 -15 - Interim dividend - - - - - - - - - - - - - Dividends - - - - - - - - - - - - - Changes in equity instruments - - - - - - 1,231 - - - 1,231 1,231 - Derivatives on treasury shares - - - - - - - - - - - - - Stock options - - - - - - - - - - - - - Changes in equity investments - - - - - - - - - - - - - Other - - - -147 - - - - - - -147 -145 -2 Total comprehensive income for the period - - - - - -515 - - - 2,771 2,256 2,256 - SHAREHOLDERS' EQUITY AS AT 31.03.2026 10,475 - 24,731 26,412 1,087 -2,212 8,935 -3,234 -241 2,771 68,724 68,607 117 - Group 10,369 - 24,696 26,250 1,087 -2,017 8,935 -3,234 -240 2,761 68,607 - minority interests 106 - 35 162 - -195 - - -1 10 117 (a) Includes dividends and amounts allocated to the charity allowance of the Parent Company, as well as those relating to consolidated companies, pertaining to minorities.

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