Press Release | Gruppo Unipol: Preliminary Consolidated Results at 31 December 2025

About this update from Unipol Assicurazioni Spa

Consolidated net profit 1 of €1,530m (+36.8% compared to 31 December 2024) Insurance Group net profit 2 of €1,208m (+40.5% compared to 31 December 2024) confirming the strength of the Group's core business Proposed dividend of €1.12 per share (+31.8%), dividend yield 3 of 5.7%, fully distributed in cash Direct insurance income significantly up at €17.4bn (+11.1% 4 compared to 31 December 2024) with excellent performances by all the businesses: Non-life: €9.6bn (+4.5%) Life: €7.8bn (+20.6% 4 ) Non-life combined ratio 5 at 92.9% up on 2024 Financial strength reinforced with a consolidated solvency ratio of 233% (Insurance Group solvency ratio 6 of 281%) Bologna, 20 February 2026 The board of directors of Unipol Assicurazioni S.p.A., which met yesterday under the chairmanship of Carlo Cimbri, approved the preliminary results (consolidated and individual) at 31 December 2025. The definitive results will be examined by the governing body at its meeting scheduled for 26 March next. Main financial-equity figures and indicators €m - % 2024 2025 Change Direct insurance income 15,621 17,361 +11.1% 4 Non-life direct insurance income 9,175 9,584 +4.5% Life direct insurance income 6,446 7,777 +20.6% 4 Non-life combined ratio 5 93.6% 92.9% -0.7 p.p. Ordinary financial return (non-life and life capital stock) 4.19% 4.15% -4 bps Consolidated net profit 1 1,119 1,530 +36.8% Insurance Group net profit 2 860 1,208 +40.5% Shareholders' equity attributable to the Group 9,321 10,391 +11.5% Consolidated solvency ratio 212% 233% +21 p.p. Dividend per share (€) 0.85 1.12 +31.8% ROE 7 11.5% 15.0% +3.5 p.p. The financial performance for the year significantly exceeded the pre-set targets: consolidated net profit of over €1.5bn in regard to a cumulative (2025-2027) target of €3.8bn; Insurance Group net profit of over €1.2bn in regard to a cumulative (2025-2027) target of €3.4bn; dividend proposal of approximately €804m in regard to a cumulative (2025-2027) target of €2.2bn. In 2025, the Unipol Group reported consolidated net profit 1 of €1,530m (36.8% up on the figure of €1,119m in 2024) and an Insurance Group net profit of €1,208m (40.5% up on the figure of €860m in 2024), mainly due to the effective performance of the core insurance business, the strong financial management results and the contribution from the banking associates. Insurance business performance Direct Insurance Income , including reinsurance ceded, stood at €17,361m at 31 December 2025, up 11.1% 4 on the amount of €15,621m at 31 December 2024. There was 4.5% growth in direct income in the non-life business to €9,584m compared to €9,175m at 31 December 2024. The health insurance business 8 in particular continued to perform very well (+11.1%), with excellent results in both the corporate and retail channels (agency and banking networks). The non-life bancassurance 9 channel continues to expand (+15.6%). In accordance with the provisions of the Strategic Plan, the Unica retail platform is also evolving well and thereby helping the non-life business grow. About 237 thousand Unica policies had been taken out by 31 December 2025 including vehicle and mobility, house and household and personal cover. MV business results were up 3.6% over the previous financial period with premiums of €4,531m, linked mainly to expansion of "CVT" (comprehensive and collision) insurance cover (+6.7%). The non-MV business achieved €5,053m (+5.2% compared to 2024) with the contribution of all the sales channels and business activities of the Group. Operations benefitted from improved industrial margins in line with the actions set out under the 2025-2027 Strategic Plan. The Group non-life combined ratio 5 stood at 92.9% compared to 93.6% at 31 December 2024, with the loss ratio improving by 2.5 p.p. from 67.6% in 2024 to 65.2% in 2025. The MV combined ratio stood at 94.8% (-5.2 p.p. compared to the figure of 100.0% recorded in 2024). The pre-tax result for the non-life business amounted to €926m, up on the figure of €537m recorded on 31 December 2024 (+72.5%) and benefitting from the contribution of higher insurance service results. Direct income of €7,777m was reported by the Group in the life business , up 20.6% 4 on the figure of €6,446m recorded in 2024 thanks to the bancassurance 10 (+13.6%) and agency channels and the contribution from large-scale collective pension contracts, including newly acquired ones. Growth in any case stood at 12.9% 4 even without these contracts. CSM (Contractual Service Margin 11 ) development was highly satisfactory, growing by 15.0% over 2024. The pre-tax result for the life business amounted to €369m compared to €325m the previous year (+13.6%) due to the profitable, disciplined development of the business which focused on satisfactory remuneration for customers (with the return on policyholder segregated accounts increasing by 9 bps, from 2.20% to 2.29%) and the Group maintaining good margins (6 bps increase in margin deducted from 1.00% to 1.06%). Financial Management The risk/return ratio for total asset allocation continued to be positive. The gross return on the Group's insurance-based financial investment portfolio (referring to the non-life business portfolio and the life free capital business) amounted to 5.2% of invested assets, of which 4.2% from coupons and dividends and 1.0% from gains and valuations. Banking Associates Business The pre-tax result of the banking associates business amounted to €691m (€393m at 31 December 2024) reflecting the proportional consolidation of the consolidated results of BPER at 31 December 2025 and the first half of 2025 of BPSO, along with the financial effects of BPER's public exchange offer for BPSO. Other Businesses There was a pre-tax result in other businesses of €72m (compared to €61m at 31 December 2024). The Gruppo UNA, a leading hotel operator in Italy, continued to perform well, posting a 4.5% increase in revenue compared to the previous year. Gruppo UNA also recognised higher gross profits of approximately €34m, net of rent payments of €52.8m, most of which relate to properties leased to the Unipol Group, with a gross average remuneration of over 9%. Balance Sheet As at 31 December 2025, the consolidated shareholders' equity amounted to €10,715m (€9,628m at 31 December 2024), of which €10,391m attributable to the Group. Group own funds at 31 December 2025 amounted to €12.2bn, approximately €7bn higher than the minimum capital requirement and clearly demonstrating Unipol's capacity to maintain solid capital resources. The Group solvency ratio at 31 December 2025 amounted to 233%, up on 212% at 31 December 2024, confirming the robust strength of the Group. The Insurance Group solvency ratio 6 is 281% compared to 260% at 31 December 2024. The overall capital generation excess amounts to approximately €0.5bn. Significant events occurring after year end In January 2026, Unipol Assicurazioni S.p.A. placed Restricted Tier 1 subordinated bonds with Italian and international institutional investors for a nominal amount of €1bn. The issue generated much interest by investors, confirming the Unipol Group's solid reputation on international markets. Orders exceeded €4.2bn at the bookbuilding stage, with coverage of 4.2 times the amount issued. Around 93% of the Bonds were placed with international investors. The positive impact of this issue on the Group's solvency ratio is expected to be approximately 19 p.p.. Business Outlook Based on currently available information and in the absence of any unforeseeable events, including unfavourable developments in the reference context, it can be confirmed that consolidated income from operating activities for the current year are expected to be in line with the targets established in the 2025-2027 Strategic Plan. Individual Statutory Result and Dividends Considering the preliminary accounting results of Unipol Assicurazioni S.p.A. (profit of €1,640m) and the overall financial strength, a 100% cash dividend payment of €1.12 per share (dividend yield 3 5.7%) will be proposed, which compares to €0.85 per share in 2024 (+31.8%), for a total amount of approximately €804m. Approval of the draft statutory and consolidated financial statements of Unipol Assicurazioni as at 31 December 2025, and the proposed dividend payment to submit to the shareholders' meeting is scheduled for 26 March next. Therefore, the information in this press release is to be taken as preliminary and refers to today's date. The independent auditors have not yet completed the audit needed to issue their audit reports. Since the shareholders' meeting to approve the 2025 financial statements has been called for 29 April 2026, any dividend payment based on the results of the year will be scheduled for May. Presentation of results to the financial community A conference call will be held at 12:00 p.m. today at which financial analysts and institutional investors may submit questions to the Chief Executive Officer and the Group Insurance General Manager on the results at 31 December 2025. Please register using the following link to obtain the information needed to access the event Unipol Conference Call FY25 Preliminary Results . Otherwise the usual telephone numbers can be used: +39 02 8020911 (from Italy and all other countries), +1 718 7058796 (from the USA) and +44 1212 818004 (from the UK). Privacy Policy Statement Please carefully read the before attending the event. *** Complete disclosure of the preliminary results for financial year 2025 can be found in the attached preliminary consolidated balance sheet, consolidated income statement and the summary of the consolidated income statement by business segment. Francesco Masci, financial reporting manager of Unipol Assicurazioni S.p.A., declares, pursuant to article 154-bis, paragraph 2, of the "Consolidated Law on Finance", that the accounting information contained in this press release corresponds to the figures in the corporate accounting records, ledgers and documents. FOOTNOTES - Including the portion attributable to non-controlling interests. -The net profit of the Insurance Group is calculated without considering the effects of the proportional consolidation of associates BPER and BPSO. The financial contribution of said associates to the consolidated result therefore corresponds to the dividends for the period only. - Calculated on the average closing price of the share for January 2026. - The normalised growth rate for the life business amounted to +12.9% excluding the large-scale collective pension contracts, including newly acquired ones. The total normalised growth rate amounted to +8.0%. - Ratio that measures the stability of overall non-life management. The ratio is calculated as 1 - (insurance services result/insurance contract revenues). The combined ratio corresponds to the sum of the loss ratio (which charges include claim-related compensation paid and expenditure) and the expense ratio (which includes all the other insurance charges such as acquisition and administration costs and the other costs attributable to insurance contracts). - The solvency ratio of the Insurance Group is an administrative figure where the shareholdings in BPER and BPSO are considered as non-strategic capital investments rather than shareholdings in credit institutions with consequent proportional consolidation of own funds and the capital requirements held in accordance with the relevant sectorial rules as set out under articles 335 and 336 of Delegated Regulation (EU) 2015/35. - ROE (Return on Equity) is calculated as the ratio of net income to the average shareholders' equity of both the current and previous years (all figures include the portion attributable to non-controlling interests). - At Group level, the health business includes the total premiums of UniSalute along with the health divisions of Unipol Assicurazioni and Arca Assicurazioni. - This includes Arca Assicurazioni, Arca Vita's LoB Protection and UniSalute's business managed through the bancassurance channel. - This includes Arca Vita without LoB Protection. - The Contractual Service Margin (CSM) defined by accounting standard IFRS 17 is a component of insurance contract liabilities that represents unearned profit for future services to be provided under an insurance contract or group of contracts. Unipol Group www.unipol.com Follow us on Gruppo Unipo l @Unipol_PR http://changes.unipol.it It is one of the leading insurance groups in Europe as well as being leader in Italy in the non-life insurance business (especially MV and health), with total premiums of €17.4bn that include €9.6bn in non-life income and €7.8bn in life income (2025 figures). It takes an integrated approach to cover the entire range of insurance products and services, mainly operating through the parent company Unipol Assicurazioni, UniSalute (the leading health insurer in Italy), Linear (direct MV insurance), Arca Vita and Arca Assicurazioni (life and non-life bancassurance through the branches of BPER, Banca Popolare di Sondrio and other banks), SIAT (transport insurance) and DDOR (insurance company operating in Serbia). It also operates in the real estate, hotel (UNA Italian Hospitality), medical-healthcare (Santagostino) and viticultural (Tenute del Cerro) sectors. The ordinary shares of Unipol Assicurazioni S.p.A. have been listed on the Italian Stock Exchange since 1990, and are also on the FTSE MIB® and MIB® ESG indexes Unipol Group Media Relations Fernando Vacarini [email protected] Investor Relations Alberto Zoia [email protected] Barabino & Partners Massimiliano Parboni T. +39 335 8304078 [email protected] Giovanni Vantaggi T. +39 328 8317379 [email protected] Consolidated Statement of Financial Position - Assets Accounting records, amounts in €m Asset items Preliminary at 31/12/2025 31/12/2024 1. INTANGIBLE ASSETS 2,642 2,558 of which: goodwill 1,895 1,883 2. PROPERTY, PLANT AND EQUIPMENT 4,235 4,467 3. INSURANCE ASSETS 645 1,089 3.1 Insurance contracts issued that are assets 3 78 3.2 Reinsurance contracts held that are assets 642 1,011 4. INVESTMENTS 76,997 68,189 4.1 Investment property 1,963 2,080 4.2 Investments in associates and interests in joint ventures 3,124 2,942 4.3 Financial assets at amortised cost 1,826 2,081 4.4 Financial assets at fair value through OCI 48,008 42,644 4.5 Financial assets at fair value through profit or loss 22,076 18,442 a) Held-for-trading financial assets 618 185 b) Financial assets at fair value 14,544 11,980 c) Other financial assets mandatorily at fair value 6,914 6,277 5. OTHER FINANCIAL ASSETS 1,140 1,142 6. OTHER ASSETS 3,577 4,267 6.1 Non-current assets or assets of a disposal group held for sale 30 82 6.2 tax assets 1,082 993 a) current 571 364 b) deferred 511 629 6.3 Other assets 2,465 3,192 7. CASH AND CASH EQUIVALENTS 1,180 1,713 TOTAL ASSETS 90,416 83,425 Consolidated Statement of Financial Position - Shareholders' Equity and Liabilities Accounting records, amounts in €m Items of Shareholders' Equity and Liabilities Preliminary at 31/12/2025 31/12/2024 1. SHAREHOLDERS' EQUITY 10,715 9,628 1.1 Share capital 3,365 3,365 1.2 Other equity instruments 496 496 1.3 Capital reserves 1,801 1,801 1.4 Income-related and other equity reserves 2,870 2,356 1.5 Treasury shares (-) (40) (14) 1.6 Valuation reserves 417 243 1.7 Shareholders' equity attributable to non-controlling interests (+/-) 276 262 1.8 Profit (loss) for the year attributable to the owners of the Parent (+/-) 1,482 1,074 1.9 Profit (loss) for the year attributable to non-controlling interests (+/-) 48 45 2. PROVISIONS FOR RISKS AND CHARGES 743 712 3. INSURANCE LIABILITIES 56,469 53,226 3.1 Insurance contracts issued that are liabilities 56,395 53,137 3.2 Reinsurance contracts held that are liabilities 74 89 4. FINANCIAL LIABILITIES 19,520 17,412 4.1 Financial liabilities at fair value through profit or loss 14,512 11,862 a) Financial liabilities held-for trading 190 126 b) Financial liabilities at fair value 14,322 11,736 4.2 Financial liabilities at amortised cost 5,008 5,550 5. PAYABLES 1,110 953 6. OTHER LIABILITIES 1,859 1,494 6.1 Liabilities associated with disposal groups held for sale 6.2 Tax liabilities 472 107 a) current 429 90 b) deferred 43 17 6.3 OTHER LIABILITIES 1,387 1,387 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 90,416 83,425 Consolidated Income Statement Accounting records, amounts in €m Items Preliminary at 31/12/2025 31/12/2024 1. Insurance revenue from insurance contracts issued 10,066 9,810 2. Insurance service expenses from insurance contracts issued (8,820) (8,797) 3. Insurance revenue from reinsurance contracts held 118 220 4. Insurance service expenses from reinsurance contracts held (420) (392) 5. Result of insurance services 944 841 6. Gains/losses on financial assets and liabilities at fair value through profit or loss 990 572 7. Gains/losses on investments in associates and interests in joint ventures 703 402 8. Gain/losses on other financial assets and liabilities and investment property 1,222 1,421 8.1 - Interest income calculated with the effective interest method 1,632 1,526 8.2 - Interest expense (189) (223) 8.3 - Other income/Charges 205 169 8.4 - Realised gains/losses (172) 1 8.5 - Unrealised gains/losses (254) (52) of which: Related to impaired financial assets (4) 9. Balance on investments 2,915 2,395 10. Net financial costs/revenues relating to insurance contracts issued (1,702) (1,554) 11. Net financial revenues/costs relating to reinsurance transfers (5) 20 12. Net financial result 1,208 861 13. Other revenue/costs 1,291 1,064 14. Operating expenses: (643) (638) 14.1 - Investment management expenses (71) (72) 14.2 - Other administrative expenses (572) (566) 15. Net provisions for risks and charges (38) (44) 16. Net impairment losses/reversals on property, plant and equipment (534) (624) 17. Net impairment losses/reversals on intangible assets (169) (143) of which: Value adjustments to goodwill 18. Other operating expenses/income (1) (1) 19. Pre-tax Profit/(Loss)for the period 2,058 1,316 20. Income taxes (528) (197) 21. Profit (Loss) for the year after taxes 1,530 1,119 22. Profit (Loss) from discontinued operations 23. Consolidated Profit (Loss) 1,530 1,119 of which: attributable to the owners of the Parent 1,482 1,074 of which: attributable to non-controlling interests 48 45 Condensed Consolidated Income Statement by Business Segment - Preliminary at 31/12/2025 Accounting records, amounts in €m Non-Life business Life business Insurance Sector Banking Associates Holding and Other business Sector Inter-segment eliminations Total consolidated 31/12/2025 31/12/2024 % var. 31/12/2025 31/12/2024 % var. 31/12/2025 31/12/2024 % var. 31/12/2025 31/12/2024 % var. 31/12/2025 31/12/2024 % var. 31/12/2025 31/12/2024 31/12/2025 31/12/2024 var. % Insurance revenues from insurance contracts issued 9,294 9,112 2.0 773 698 10.7 10,066 9,810 2.6 10,066 9,810 2.6 Insurance service expenses from insurance contracts issued (8,344) (8,369) (0.3) (476) (428) 11.3 (8,820) (8,797) 0.3 (8,820) (8,797) 0.3 Reinsurance contracts held result (293) (161) 81.9 (9) (11) (14.8) (302) (172) 75.9 (302) (172) 75.9 Result of insurance services 657 582 12.8 287 259 11.0 944 841 12.2 944 841 12.2 Balance on investments* 663 750 (11.5) 1,746 1,467 19.0 2,409 2,217 8.7 691 393 75.8 41 77 (47.3) (38) (69) 3,104 2,618 18.5 Net financial costs/revenues relating to insurance contracts (122) (194) 37.4 (1,585) (1,340) (18.2) (1,706) (1,534) (11.2) (1,707) (1,534) 11.2 Net financial result (excluding interest expense on financial liabilities) 542 556 (2.5) 161 127 27.4 703 682 3.0 691 393 75.8 41 77 (47.3) (38) (69) 1,397 1,084 28.9 Other revenue/costs (115) (404) (71.6) (39) (21) 89.0 (154) (425) (63.7) 40 (4) n.s. 21 42 (94) (386) (75.9) Profit(Loss) before tax and interest expense on financial liabilities 1,084 734 47.6 409 365 12.2 1,493 1,099 35.9 691 393 75.8 81 73 10.4 (18) (27) 2,247 1,539 46.1 interest expense on financial liabilities (158) (197) (20.0) (40) (40) 0.8 (198) (237) (16.5) (9) (13) (29.3) 18 27 (189) (223) (15.2) Pre-tax Profit/(Loss)for the period 926 537 72.5 369 325 13.6 1,295 861 50.3 691 393 75.8 72 61 18.6 2,058 1,316 56.5 Income taxes (292) (85) n.s. (121) (92) 32.0 (413) (177) 133.8 (90) (25) (20) 25.1 (528) (197) 168.5 Profit (Loss) from discontinued operations Consolidated Profit (Loss) 634 452 40.4 248 233 6.4 882 685 28.8 601 393 52.9 47 41 15.4 1,530 1,119 36.8 Consolidated Profit (Loss) attributable to the owners of the Parent 1,482 1,074 Consolidated Profit (Loss) attributable to non-controlling interests 48 45 * excluding interest expense on financial liabilities

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