MILAN | AUGUST 6TH| 20262Q26
1H26 GROUP
RESULTS
ACCELERATION BEYOND
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1Disclaimer
BPER
Banca
S .
p .
A .
,
Head
Office
in Via
San
Carlo
8 / 20 ,
Modena
– Tax
Code
and
Modena
Companies
Register
No .
01153230360
–
Company
belonging
to the
BPER
BANCA
GROUP
VAT,
VAT No
.
03830780361
–
Share
capital
Euro
3 , 136 , 702 , 715 .
30 –
ABI
Code
5387
.
6 –
Register
of
Banks
No .
4932
–
Member
of the
Interbank
Deposit
Guarantee
Fund
and of
the
National
Guarantee
Fund
–
Parent
Company
of the
BPER
Banca
S .
p .
A .
Banking
Group
–
Register
of
Banking
Groups
No .
5387
.
6 – Tel .
+ 39
059 .
2021111
–
Telefax
+ 39
059 .
2022033
– e -
:
servizio
.
clienti@bper
.
it –
Certified
e -
(PEC)
:
bper@pec
.
gruppobper
.
it –
bper
.
it –
group
.
bper
.
it
This
presentation
is for
information
purposes
only
and
does
not
constitute,
nor is
it
intended
to
constitute,
a
recommendation,
an
offer
or a
solicitation
to
invest,
nor
does
it
constitute
financial,
legal,
tax or
any
other
form
of
advice
.
The
information
contained
in
this
document
has
been
prepared
on the
basis
of
data
and
information
available
as at
the
date
of its
publication
and has
not
been
independently
verified
.
Although
BPER
Banca
considers
this
information
to be
accurate
and
reliable,
no
warranty,
either
express
or
implied,
is
made
as to
its
completeness,
accuracy
or
suitability
for any
particular
purpose
.
The
information
contained
herein
should
therefore
be
assessed
with
due
attention
and in
its
overall
context
.
Neither
BPER
nor any
of its
representatives
shall
accept
any
liability
whatsoever
arising
in any
way in
relation
to
such
information,
without
prejudice
to the
limitations
provided
for by
the
applicable
legislation
.
This
presentation
contains
certain
forward
-
looking
statements,
projections,
objectives,
estimates
and
forecasts
reflecting
BPER
management’s
current
assessments
and
expectations
regarding
future
events
.
Such
statements
are
generally
identifiable
by the
use of
the
words
“may”,
“will”,
“should”,
“plan”,
“expect”,
“anticipate”,
“estimate”,
“believe”,
“intend”,
“project”,
“objective”
or
“target”,
or
terms
with
a
similar
meaning
.
These
forward
-
looking
statements
include,
but are
not
limited
to, all
statements
other
than
statements
of
historical
facts,
including,
without
limitation,
those
regarding
BPER’s
future
financial
position
and
results
of
operations,
strategy,
plans,
objectives
and
future
developments
in the
markets
in
which
BPER
operates
or
intends
to
operate,
and are
by
their
nature
subject
to
risks,
uncertainties
and
other
factors,
many
of
which
are
beyond
the
control
of
BPER
Banca
.
Actual
results
may
therefore
differ
materially
from
those
projected
or
implied
in the
forward
-
looking
statements
.
The
forward
-
looking
statements
included
in
this
document
are
based
on
information
available
to
BPER
as at
the
date
of
this
presentation
and on
the
assumptions
deemed
reasonable
at
such
time
.
BPER
undertakes
no
obligation
to
publicly
update
or
revise
any
forward
-
looking
information,
except
as
required
by
applicable
legislation
.
Figures
included
in the
tables
shown
in
this
document
may not
add
exactly
due to
rounding
differences
.
** * ** The
Manager
responsible
for
preparing
the
Company’s
financial
reports,
Giovanni
Tincani
,
declares,
in
accordance
with
art .
154 -
bis,
para
.
2 , of the
“Consolidated
Financial
Services
Act”
(Legislative
Decree
No .
58 of
24
February
1998
),
that
the
accounting
information
contained
in
this
document
corresponds
to
documentary
records,
ledgers
and
accounting
entries
.
** * **
METHODOLOGICAL NOTE
Throughout
this
presentation
:
“excl
.
TRS &
other
mkt
effects”,
“excl
.
TRS”
refer
to
managerial
figures
.
FY 25
figures
restated
–
where
necessary
and
material
–
considering
changes
in the
scope
of
consolidation
following
the
inclusion
of
BPSO,
thus
simulating
full
-
year
consolidation,
with
BPSO
included
on a
pro
forma
basis
for 1
H 25
.
2Accelerating beyond B:DYNAMIC FULL VALUE 2027 Scalable platform for enhanced growth Our outstanding technology, people, capabilities and capital create a scalable platform well positioned to capture organic and inorganic opportunities Acceleration beyond B:Dynamic Raising B:Dynamic ambition through strategic initiatives in corporate banking, private banking, bancassurance, digital productivity and service excellence Sustained value creation and attractive shareholder remuneration A
ccelerated
performance and profitability supporting a shareholder remuneration of 85+% through a combination of cash dividends and share buy -
backs over 2025 -
2028
B:Dynamic over -delivering on promises Performance in the first half of the Business Plan exceeding the ambitious targets set in 2024 A record semester Record financial performance and strong business momentum in 1H2026 also thanks to the acquisition
of BPSO
3 4 51 2
31. B:Dynamic over -delivering on promises An outstanding value creation story
Share price2
, € Net income, €bn CoR
, bps ~36 ~34 P/TBV4~27 1.72 0.49C/I
, % ~50% ~47%Market cap2 € bn29.4 4.4 ~45% 0 5 10 15 01
/24Appointment of
new Board & CEOPublic Exchange Offer on BPSOBPSO tender offer completed Total Return 2,3 +464 % vs +256% peers2,5
2024
2025 ~1.4~1.8
2025 incl.
BPSO
6~2.4
“B:Dynamic |
Full Value 2027 01 /2 5 07 /26 BPER excl.
BPSO
1+29%
1 .
Net
Income
adjusted,
B PER
standalone
perimeter
excluding
BPSO
| 2 .
Source
:
Bloomberg,
data
as of
29 /
12 /
2023
, 31
/ 07
/
2026
| 3 .
Total
return
-
Customer
Total
Return
on
Holdings
-
measures
an
investment’s
performance
by
combining
price
appreciation
and all
cash
distributions
(e .
g .
,
dividends
and
interest),
assuming
those
distributions
are
reinvested
| 4 .
Source
:
Visible
Alpha,
data
as of
29 /
12 /
2023
, 31
/ 07
/
2026
.
TBV
refers
to
Tangible
Book
Value
per
Share,
defined
as :
(Shareholders’
Equity
-
Intangible
Assets)
/
Common
Shares,
at
period
end |
5 .
Peers
calculated
as the
arithmetic
average
of the
"Total
Return
-
Customer
Total
Return
on
Holdings"
index
for
ISP,
UCG,
BPM,
MPS,
Mediobanca
and
Banca
Generali
| 6 .
Net
Income
adjusted
.
2025
incl
.
BPSO
refers
to
restated
numbers
for FY
2025
-
here
and in
the
rest
of the
presentation
4Overperformance on shareholder remuneration while successfully completing
BPSO integration
Cumulative Distribution 2025 -1H261, €bn
People
~3,500 colleagues fully onboarded
on new
service models and operational procedures
Synergies
>25% captured by end of 2026
thanks to
our strong integration capabilities
Integration
IT migration successfully completed on
April 20
th with all ~1 m clients migrated to BPER’s platform in 7 months 1. B:Dynamic over -delivering on promises …while successfully completing the BPSO integrationOverperformance on shareholder remuneration despite a challenging
environment…
& vs. €3.2 bn on a stand -
alone
basis committed
for 2025 -2027 in
B:Dynamic Full
Value 2027
2025
dividend
pay -
out
1H26 pro
-
forma
dividend
pay -
out 3
~0.75
Authorized
share buy
-
back
4
Total
~1.4
~1.0~3.1
Reaching €>4.0 bn
when
including 2024 dividend pay -
out 2
1 .
1 H
2026
accrued
dividend
( 1 H
2026
net
income
multiplied
by
2026
payout
ratio),
subject
to
Board
of
Directors
approval
| 2 .
Based
on
dividend
pay -
out and
share
buy -
back
with
reference
to
accrual
period,
excl
.
BPSO
| 3 .
Dividend
accrued
on 1
H
2026
net
profit
| 4 .
Share
buyback
approved
by ECB
but not
yet
distributed
for a
maximum
aggregate
consideration
of €
750 m
Note
:
Numbers
may not
add up
exactly
due to
rounding
5B:Dynamic is over -delivering across all pillars already in the first year1. B:Dynamic over -delivering on promises
Unleash our
clients’ full -value Complete the modernization of our BankCapture our latent economies of scale Leverage our strong
balance sheet
in Commissions vs
2024
(+12% target in 2027)+5.0% in Operating costs2 vs 2024 (-7% target in 2027)-5.2%
CET1 ratio3
(>14.5% target in 2027)15.0% Technology, Security & AI ~€230 mOrganization & People FTEs empowered by the
up-skilling factory
(~30% target in 2027)~21%ESG commitment
Leading
IT CapEx
in Business Plan horizon (~€650 m in Business Plan horizon)position in main
ESG ratings
(confirmed Business Plan ambition)
BPER stand
-
alone
as
of FY2025
1 1 .
BPER
excl
.
BPSO
| 2 .
Calculated
on
total
operating
costs,
excluding
depreciation
and
amortization
| 3 .
As of
30 /
06 /
2026
6Adj. Net Profit1
Cost/Income CoR2
RoTE3 CET1 Ratio4 LCR NSFRTotal RevenuesDelivering best half -year and quarterly performance ever
€3.9 bn
+4.5% H/H€1.3 bn
+14.7% H/H
28bps
flatH/H41.4%
-361bps H/H
15.0 %20.6%
17.0% Mar -26
132%
131% Mar -26162% 157% Mar -26Core Revenues at €3.6 bn and improving Cost/Income
Ratio
at 41.4% in 1H26 Strong Asset Quality at the end of Jun -
26 with a flat Cost of Risk
at 28bps
Solid Balance Sheet and high Capital Ratios, Organic Capital Generation of €1.3 bn in 1H26 Sound liquidity profile with short & long -
term ratios,
well above regulatory thresholds1H26 Key Financial Highlights 1H26 Adj. Net Profit1 at €1,326 m thanks to Group positive commercial dynamics 1 .
Net
Profit
adjustments
are
shown
on
slide
36 in
Annex
.
| 2 .
CoR
annualized
.
| 3 .
RoTE
calculated
as :
Annualized
Adjusted
Net
Profit
/
(Average
Tangible
Book
Value
-
Minorities
interests
-
AT 1
-
Dividends
Accrued)
.
| 4 .
CET 1
Ratio
as at
30
June
2026
to be
considered
Phased
-
in on
the
basis
of the
new
prudential
supervisory
framework
entered
into
force
as of
1
January
2025
(Basel
IV) and
calculated
by
including
profit
for the
period
for the
portion
not
allocated
to
dividends,
thus
simulating,
in
advance,
the
effects
of the
ECB’s
authorisation
to
include
these
profits
in Own
Funds
pursuant
to art
.
26 ,
para
2 of
the CRR
+8.5% H/H,
excl. TRS
+1.5% H/H,
excl. TRS
19.6%,
excl. TRS
-
239bps H/H,
excl. TRS2. A record semester
7
591.0
564.6
575.1
621.6
549.0
776.6
Net Profit adj
591.0
564.6
575.1
339.9
518.5
758.1
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Net Profit statedNet Profit stated vs adjusted
(€m)
€598.5 m, excl.
TRS & other
mkt effects
€598.1 m, excl.
TRS & other
mkt effects
1H26
H/H 2Q26
Q/Q Y/Y
Total Revenues
3,876.2
+4.5%
2,102.1
+18.5%
+14.3%
o/w NII
2,211.8
+1.4%
1,124.3
+3.4%
+2.4%
o/w Net Commission Income
1,353.4
+4.8%
672.6
-1.2%
+5.9%
Operating Costs
1,605.3
-3.9%
805.4
+0.7%
-4.2%
Net operat. Income
2,270.9
+11.4%
1,296.7
+33.1%
+30.0%
LLPs
-180.2
+3.3%
-94.6
+10.4%
+18.2%
Profit before tax (adjusted) 2,101.7
+15.0% 1,216.5
+37.4%
+35.2%
Net Profit (adjusted) 1,325.6 +14.7% 776.6 +41.5% +37.6% Net Profit (stated) 1,276.6 +10.5% 758.1 +46.2% +34.3% Core RevenuesP&L Key Figures (€m)Record 2Q Net Profit driven by strong commercial dynamics and continued
cost discipline
Note
:
All P&L
adjustments
are
shown
on
slide
36 in
Annex
+ 3
.7% Q/Q,
+4.3% Y/Y,
excl. TRS
& other mkt effects + 9 .
6
% Q/Q,
+16.1% Y/Y, excl. TRS & other mkt effects
+6.0% Q/Q,
+11.5% Y/Y
, excl. TRS & other mkt effects €655.6 m, excl.
TRS & other mkt effects2. A record semester
8Full year 2026 Guidance improved, subject to macro and market conditions
Total Revenues
o.w. Net Inter. Income Op. Costs (excl. D&As) Cost of Risk
Net Profit2
CET1 Ratioo.w. Net Comm. Income
Cost/Income
RoTE2€3.9 bn
€2.2 bn
€1.4 bn
28bps1
€1.3bn€1.35 bn
41.4%€7.4 bn
€2.6 bn
27bps
€2.35 bn
20.0%
14.8%3€4.4 bn
€3.0 bn
45.1%
<40bps<45%
~14.5 % 15.0 %420.6 %Up mid-single digitUp low -single digit
Note
:
All P&L
adjustments
are
shown
on
slide
36 in
Annex
.
1 .
CoR
annualised
.
| 2 .
Net
Profit
is
adjusted
according
to
slide
36 in
Annex
.
FY 25
RoTE
shown
on a
reported
basis
.
| 3 .
FY 25
CET 1
Ratio
shown
on a
reported
basis
.
| 4 .
CET 1
Ratio
as of
30
June
2026
to be
considered
Phased
-
in on
the
basis
of the
new
prudential
supervisory
framework
entered
into
force
as of
1
January
2025
(Basel
IV) and
calculated
by
including
profit
for the
period
for the
portion
not
allocated
to
dividends,
thus
simulating,
in
advance,
the
effects
of the
ECB’s
authorisation
to
include
these
profits
in Own
Funds
pursuant
to art
.
26 ,
para
2 of
the CRR
.
CET 1
Ratio
includes
share
buyback
effectImproved
Improved1H26 FY25 restatedFY26 Guidance vs FY25 restated2. A record semester
9
+36.8
-
8.3
+299.5
1Q26
NII Net Comm.
Income
Div./Trad.
/Other
2Q26
1,083.9
1,097.7
1,078.3
1,111.0
1,087.5
1,124.3
656.7
635.4
646.2
695.7
680.9
672.6
129.8
105.3
69.8
136.4
5.7
305.2
1,870.3
1,838.5
1,794.3
1,943.0
1,774.1
2,102.1
8.7%
8.7%
9.1%
9.0%
8.7%
9.5%
0.0%2.0%4.0%6.0%8.0%10.0%
0.0500.01,000.01,500.02,000.02,500.0
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
NII Net Commission Income Div./Trad./Other Net Revenues/RWA
3,708.7
3,876.2
1H25
1H26Total Revenues
(€m)KEY HIGHLIGHTS
Q/Q key drivers
(€m)
1
1,774.1
2,102.1Core Revenues up by 2.6% at €3.6 bn, driven by record NII and robust Net Commissions
Total Revenues
▪
Increasing
capital efficiency with Net Revenues on RWAs at 9.2% in 2Q26 (excl. TRS) vs 8.7% in 2Q25 ▪ 1H26 Total Revenues stood at €3.9 bn (+1.5% H/H, excl. TRS), supported by solid Core Revenues and a positive contribution from
Dividends
▪ 2Q26 Total Revenues at €2.1 bn (+3.7% Q/Q excl. TRS & other mkt effects)
Core Revenues
▪ 1H26 Core Revenues at €3.6 bn (+2.6% H/H) driven by record NII and robust Net Commission Income (+4.8% H/H, mainly
driven by
AuM , Life Insurance and
Bancassurance)
▪ 2Q26 Core Revenues up at €1.8 bn (+3.7%
Y/Y)
Dividends
▪ 1H26 Dividends at €34.4 m (+33.4% H/H) 9.0%, excl. TRS & other mkt effectsTotal Revenues (quarterly)
(€m)
+4.5%
9.2%,
excl. TRS
1 .
Net
Revenues
calculated
as :
Operating
Income
excluding
Other
Operating
Exp .
/Income
net of
Provisions
.
Net
Revenues
considered
cumulative
for the
period
and
annualised
.
RWAs
considered
point
in
time
as the
date
of
closing
of the
reporting
period
.
RWAs
exclude
Basel
IV
effects
.
Net
Revenues
on
RWAs
excludes
Alba
Leasing
in 3
Q 25
.
Excl
.
TRS and
other
mkt
effect,
limited
to P&L
impact2. A record semester
10
2,181.6
2,211.8
1H25
1H26
1,083.9
1,097.7
1,078.3
1,111.0
1,087.5
1,124.3
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26NII (quarterly)
(€m)
Q/Q key drivers1
(€m)
Commercial Rates1
(%)Record NII in 2Q26 (+3.4% Q/Q), mainly supported by positive commercial dynamics
KEY HIGHLIGHTS
3.7 3.7
3.7 3.8
0.5 0.5
0.5 0.5
2.0 2.0
2.1 2.2
3.2 3.2
3.3 3.3
3Q25
4Q25
1Q26
2Q26
Comm. Asset
Comm. Liabilities
Euribor 3M (avg) SpreadNet Interest Income
(€m)
1 .
Managerial
quarterly
figures
.
| 2 .
Commercial
drivers
include
Ecobonus
effects,
down
Q/Q
+1.8
+11.2
+10.6
+13.2
1Q26
Rates
Volumes
Days effect
Non Commercial
2Q26
Commer. drivers
2 +€13.0 m , excl. days effect
1,087.5
1,124.3+1.4%NII
▪ 1H26 NII stood at €2.2 bn, up by +1.4% H/H ▪ 2Q26 NII at a record €1,124.3 m (+€36.8 m Q/Q), mainly driven by
increasing average
commercial volumes and positive dynamics from proprietary portfolio (+€9.8 m) ▪ Interest rates sensitivity ( ± 100 bps) at € 200 m
Commercial Rates
▪ During the quarter, commercial spread slightly improved Q/Q+2.4% Y/Y2. A record semester
11
1,292.0
1,353.4
1H25
1H26
656.7
635.4
646.2
695.7
680.9
672.6
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Net Commission Income by category (€m)Net Commission Income up by 4.8% H/H, driven by Wealth Management and Bancassurance
KEY HIGHLIGHTS
Net Commission Income (€m) Net Commission Income ▪ 1H26 Net Commissions up by +4.8% H/H at €1.4 bn, thanks to commercial growth in Wealth Management (+10.3% H/H) and Bancassurance (+13.2% H/H) ▪ 2Q26 Net Commission Income at €672.6 m (+5.9% Y/Y), confirming the ongoing commitment on capital light business ▪ Net Commission Income contribution on Total Revenues at 35.9% in 1H26 (excl. TRS) compared to 34.8% in 1H25 ▪ 1H26 Wealth Management fees up by a strong +10.3% H/H, driven by AuM (+12.8% H/H) and Life Insurance (+6.3% H/H) ▪ 1H26 Banking Services fees confirmed as the main contributor to overall Net Commission Income at €0.7 bn (51.7% of total), mainly supported by financing activitiesNet Commission Income (quarterly)
(€m)
+4.8%
1H25
% on Total 1H26 % on Total
H/H 2Q26
Q/Q Y/Y
Wealth
529.1
41.0%
583.6
43.1%
+10.3%
287.2
-3.1%
+11.5%
o/w AuC
50.7
3.9%
50.3
3.7%
-0.8%
21.9
-23.1%
-5.0%
o/w AuM
381.2
29.5%
429.9
31.8%
+12.8%
213.8
-1.1%
+15.1%
o/w Life Insur. & Others
97.2
7.5%
103.4
7.6%
+6.3%
51.6
-0.4%
+5.6%
Bancassurance
62.0
4.8%
70.1
5.2%
+13.2%
34.4
-3.9%
+2.1%
Banking services
701.0
54.3%
699.7
51.7%
-0.2%
351.0
+0.7%
+2.0%
Total 1,292.0
100.0% 1,353.4
100.0%
+4.8% 672.6
-1.2%
+5.9%+5.9% Y/Y2. A record semester
12
+0.6
+6.4
+5.9
+0.4
1Q26
Deposits
AuC AuM
Life Insurance
2Q26 494.5+4.4% Y/Y
161.0
165.6
165.8
168.7
166.5
167.1
133.6
138.9
143.4
147.7
139.0
145.4
76.0
78.1
81.1
81.9
81.2
87.1
23.4
23.6
23.8
24.0
24.4
24.7
393.9
406.3
414.0
422.2
411.1
424.3
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Deposits
AuC AuM
Life InsuranceTFAs
(€bn)
Total Financial Assets ▪ TFAs strongly up by c. €18 bn Y/Y and c. €13
bn Q/Q
Deposits
▪ Deposits almost stable Q/Q at €167.1 bn at the end of Jun -
26 (+€1.5 bn Y/Y)
AuC & AuM
▪ AuC
and AuM
strongly increased by €15.4 bn
Y/Y:
• AuC
increased at €145.4 bn, up by €6.4 bn
Y/Y, and
• AuM
at €87.1 bn, up by €8.9 bn Y/Y ▪ Au M net inflows were €1.0 bn in 1H26
Life insurance
▪ Life Insurance increased at €24.7 bn, up by c. €1 bn
Y/YKEY HIGHLIGHTS
Q/Q key drivers1
(€bn)
1 .
Managerial
quarterly
figuresSignificant increase in TFAs
424.3
411.12. A record semester
13
496.5
491.5
480.2
497.4
497.2
503.7
332.3
349.4
327.4
380.4
302.7
301.7
828.8
840.9
807.6
877.8
799.9
805.4
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
HR Costs
Non-HR Costs
44.3%
45.7%
45.0%
45.2%
45.1%
38.3%
Cost/Income
22.9
22.6
23.0
22.5
3Q25
4Q25
1Q26
2Q26
45.0
41.4
1H25
1H26
1,669.8
1,605.3
1H25 1H26
+13.7
-
47.8
+47.0
1H25
CCNL
Synergies
Other
1H26
1,000.9
988.0Cost/ Income & Total Costs (quarterly)
(€m)
H/H HR Costs key drivers1
(€m)KEY HIGHLIGHTS
C/I Ratio
(%)Total Costs
(€m)
Total Costs
▪ 1H26 Total Costs down by 3.9% H/H at €1.6 bn, with a lower Cost/Income Ratio at 41.4% (42.6% excl. TRS), which reflects:
•
HR Costs
at €1.0 bn
(+1.3% H
/H) •
Non -
HR Costs at €604.5 m, down by €77.3 m H/H, thanks to continued focus on operational excellence initiatives ▪ 2Q26 Cost/Income Ratio at 38.3% (42.0%, excl.
TRS & other mkt effects), down from 45.1% in
1Q26
Headcount evolution
▪ Headcount at c. 22,500 at the end of Jun -
26 with a decrease of c. 500 vs Mar -
26, mainly
related to the exit of temporary workforce hired in 1Q26 to support BPSO integrationHeadcount evolution (#, ‘ 000
)-4.2% Y/Y
1 .
Managerial
figures
.
| 2 .
Excluding
263
headcount
of
Alba
Leasing,
deconsolidated
in 4
Q 25-361bps-3.9%Total Costs down by 3.9% thanks to continued focus on
operational efficiency
22. A record semester
14
27 28
1H25
1H26174.5 180.2
1H25 1H26
NPE Coverage Ratio by asset class
94.5
80.0
85.0
86.2
85.6
94.6
30 25
27 27
27 29
-
5 10
15 20
25 30
50.0
60.0
70.0
80.0
90.0
100.0
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
LLPs
Cost of Risk
42.2%
42.3%
44.7%
48.6%
47.8%
49.3%
68.6%
68.8%
68.5%
71.3%
71.7%
71.3%
30.3%
31.8%
32.0%
31.8%
30.9%
34.9%
47.3%
48.1%
50.0%
52.8%
52.8%
54.1%
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
UTP
Bad Loans
Past Due
Total NPE Coverage Ratio+4 bps Y/YLLPs (€m) and CoR1 (quarterly)
(bps)
1KEY HIGHLIGHTSFlat CoR at 28bps with NPE Coverage Ratio at 54.1%, amongst the highest in Italy 1 .
CoR
annualised LLPs
(€m)
CoR1
(bps)+3.3%
flat2. A record semester Cost of Risk ( CoR) ▪
In 1H26, CoR
1 almost stable H/H at 28bps, thanks to continued improved asset quality
dynamics
Overlays
▪ 2Q26 total cumulative overlays at c.€230 m
(+€52 m Q/Q)
Performing Loans Coverage Ratio ▪
2Q26 Coverage
Ratio on Performing Loans at a strong 0.6%, one of the highest level amongst
Italian peers
Cost of Risk ( CoR) ▪
2Q26 CoR
1 at 29bps, almost flat Q/Q NPE Coverage Ratio ▪ Total Coverage Ratio improved at a strong 54.1% (c.130bps Q/Q)
15 2.0
1.9 2.0
2.0 2.0
2.0 0.6
0.7 0.8
0.6 0.7
0.8 0.2
0.2 0.2
0.2 0.2
0.2 2.8
2.8 3.0
2.8 2.9
3.0
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Gross UTP
Gross Bad Loans Gross Past Due
2.2%
2.1%
2.3%
2.1%
2.2%
2.3%
1.2%
1.1%
1.2%
1.0%
1.1%
1.1%
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Gross NPE ratio Net NPE ratioSound Asset Quality with NPE Ratios among the lowest
in Italy
112.5
116.0
113.1
116.0
115.9
118.1
10.8
11.1
11.4
11.4
11.6
10.2
123.3
127.1
124.4
127.4
127.4
128.3
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Stage 2
Stage 1Gross NPE Stock ▪ Gross and Net NPE Ratios almost flat Q/Q at 2.3% and 1.1%, respectively
Stage Classification
▪ Net Stage 2 Loans on Total Net Customers Loans improved at 7.9% in 2Q26, with a coverage ratio at 4.8% Net Stage 2 Loans / Net Customer Loans (%)8.7% 8.6% 9.0% 8.8%KEY HIGHLIGHTS
9.0%Stage Classification
(€bn)
7.9%Gross and Net NPE Ratio+7.3% Y/YGross NPE stock (€bn)2. A record semester
16 Strong CET1 Ratio at 15.0% with €1.3 bn of internal
capital generation
+96 -
70 -
94 +77
-
2
1Q26
OCG
Distribution
Share
buyback
Merger
impact
Others
2Q26 Capital evolution ▪ CET1 Ratio landed at 15.0% at the end of
June
-
26 thanks to positive contribution from
organic profitability
Organic Capital Generation (OCG)1 ▪ 1 H26 OCG at €1.
3 bn with an impact on CET1 Ratio of +163bps494.5Capital evolution MDA
Buffer
Note
:
The
capital
ratios
as at
30
June
2026
are to
be
considered
Phased
-
in on
the
basis
of the
new
prudential
supervisory
framework
entered
into
force
as of
1
January
2025
(Basel
IV) and
are
calculated
by
including
profit
for the
period
for the
portion
not
allocated
to
dividends,
thus
simulating,
in
advance,
the
effects
of the
ECB’s
authorisation
to
include
these
profits
in Own
Funds
pursuant
to art
.
26 ,
para
2 of
the CRR
.
CET 1
Ratios
shown
on a
reported
basis
.
1 .
Organic
Capital
Generation
calculated
as
stated
Net
Profit
including
release
on DTA
from
tax
loss
carry
forward
contribution
and
RWAs
dynamic485bps
(€3.9 bn)KEY HIGHLIGHTS
503bps
(€4.1 bn)
15.1%
14.8%
14.9%
15.0%
3Q25
4Q25
1Q26
2Q26
15.0%
14.9%489bps
(€3.9 bn)502bps
(€4.0 bn)
Q/Q key drivers (bps)2. A record semester
17Scalable platform for enhanced growth Our outstanding technology, people, capabilities and capital create a scalable platform well positioned to capture organic and inorganic opportunities Acceleration beyond B:Dynamic Raising B:Dynamic ambition through strategic initiatives in corporate banking, private banking, bancassurance, digital productivity and service excellence Sustained value creation and attractive shareholder remuneration Accelerated performance and profitability supporting a shareholder remuneration of 85+% through a combination of cash dividends and share buy -
backs over 2025 -
2028
B:Dynamic over -delivering on promises Performance in the first half of the Business Plan exceeding the ambitious targets set in 2024 A record semester Record financial performance and strong business momentum in 1H2026 also thanks to the acquisition
of BPSO
3 4 51 2Accelerating beyond B:DYNAMIC FULL VALUE 2027
18BPER: leading Italian player ready to capture further growth
~€87 bn
~€145 bn~€167 bn ~€25 bn AuM AuC
Customers
deposits
Life
insurance
3rd Bank2
in Italy by TFA 3rd Bank in Italy by number
branches1st Bank
in Lombardy, Liguria and Sardinia; 2 nd in
Emilia Romagna
by number branches3. Scalable platform for enhanced growth
1,095
North
341
Center
514
South
3rd Bank2
in Italy by number of customers ~6 m clients ~€425 bn
Total
Financial
Assets
~1,950 Branches in
Italy
~0.1
~1 ~5
Private
Corporates
1
Individuals
Italy’s Best Bank3
Data
as of
1 H 26
except
for TFA
ranking
for
which
data
is as
of 1
Q 26
| 1 .
Considering
all non
-
individual
clients
| 2 .
Considering
listed
Retail
&
Commercial
banks
(data
from
last
available
reports
and
market
presentations)
| 3 .
Euromoney
Awards
for
Excellence,
July
2026
193. Scalable platform for enhanced growth A larger and fully functioning platform ready to scale Proven integration platform, ready to undertake additional growth opportunitiesWider & pervasive network Specialized service models Distinctive product capabilities Leading -edge Digital & Technology foundationsNation -wide capillary reach, mostly concentrated in the wealthiest Italian regions Leading presence in Lombardy, Emilia Romagna, Liguria, and Sardinia
Value
-
enhancing corporate banking capabilities (e.g., factoring, trade finance, CIB factory,
structured finance)
Comprehensive and distinctive product offering (e.g., bancassurance, asset management,
depository bank)
Leading wealth management
capabilities, deep
SME relationships
,
and long
-
standing leadership
in public entities Distinctive Omnichannel business model , ensuring high quality service and access to clients A modernized tech ecosystem , strengthened in
operational resilience
, pioneering
AI-enabled SW development , with substantial deployed CAPEX to sustain the next horizon of growth
20Acceleration beyond B:Dynamic : further raising our ambition with 5 levers of acceleration, while maintaining a strong capital base and best -in-class asset quality4. Acceleration beyond B:Dynamic
B:Wealth
+18%
Total
AuM
growth by
end of 2028B:Excellence
+30%
F
rontline
1
time
dedicated to
commercial activities
gro wth
by end of 2028B:Digital
~40%
Cost/ Income Ratio by end of 2028
B:Champion
+13%
Lending to corporate
clients growth
by end of 2028
Full-service Business
platform for Italian
championsHigher productivity
enabled by Digital, AI and cross functional executionCapture the hidden potential of our
Wealth Management
clients Higher value -added time from our people to our clientsB:Insured
+55%
Net Insurance
commissions growth by end of 2028
Broader solutions,
effective delivery,
across all segments 1 .
Relationship
managers
and
tellers
21B:Champion – Full-service Business platform for Italian champions New initiatives4. Acceleration beyond B:Dynamic
Strong presence
in export -intensive regions+13% ~55
2025~62
2028E54
Business
Centers
15
Trade Finance
Centers
~3,000
Business
specialistsLending to
corporate
clients ,
€bn Scale up capillary distribution
of our
complete/ capital light product offering (e.g., Factoring, GTB, CIB factory) Win share in underserved areas with untapped commercial potential Deliver a fully functional digitally -
enabled service model
with specialist
expertise and digital capabilities <
22B:Wealth – Capture the hidden potential of our Wealth Management clients 4. Acceleration beyond B:Dynamic Distinctive service model
+18% +14%
Commissions3,
€bnAuM2,
€bn ~106
2025~125
2028E~1.1
2025~1.2
2028EPrivate c lients
Hidden private
1
Private banking
clients~2x
~75 k430+ Private Bankers 100+ Private Centers
2,200+ advisors,
also
supported by AI tools Leading product factory ~52 €bn AuM & ~ 1 m clientsBPER Banca Private
Cesare Ponti
as the Group
Wealth Management
factory
Proven Corporate -Private
collaboration model
to
serve entrepreneurs
1 .
Incl
.
entrepreneurs
| 2 .
Including
Life
Insurance
| 3 .
Total
commissions
Wealth
Management
at
consolidated
level
23B:Insured – Broader solutions, effective delivery, across all segments4. Acceleration beyond B:Dynamic New modular product
solutions
(motor, home,
health and wealth) driving higher client insurance
penetration
Integrated branch,
remote and specialist
advisory
Unlocking Private and SME
insurance potential
through a
tailored
-
made
propositionBroader
coverage+55%
2025~148
2028E~230Net insurance
commissions2
€m
Seamless
delivery
High -value
segments Omnichannel access
points
Successful long -lasting
partnership
with
(leading P&C and Health
insurance player)
BPER is Italian leader
in Bancassurance
with outstanding
performance
–
net insurance
commissions
1 more
than doubled since
2021
▪230+ specialists
▪Dedicated remote
distance support
unit
▪Full Digital access on
basic products
1 .
BPER
excl
.
BPSO
| 2 .
Excluding
Life
Insurance
24+15%
RM productivity uplift in 2025 -2028E
>20%
IT CAPEX productivity gain2 in 2025 -2028E4. Acceleration beyond B:Dynamic B:Digital – Higher productivity enabled by Digital, AI and cross -functional
execution
~€300 m
Savings from initiatives1 in 2025 -2028E
Sales support
& CRMAI-powered Advisor Assistants
supporting productivity
and advanced targeting and
personalization
GenAI/Agentic adoption
from
requirements definition to coding and strengthening of cybersecurity practices in line with regulatory needsIT FactoryCredit & product
journeysE2E digitization
of key product
journeys
ControlsAutomated and digitally -supported
frontline controls
improving qualityCentral
functionsAutomation of mid - and back -office activitiesNew initiatives Modern digital channels and scalable infrastructureDigital foundations Specialized capabilities to drive digital and AI adoptionDedicated Digital Business
Unit
Business, IT and Operations jointly working to accelerate productivityCross -functional execution
Digital
Factory
Contributing to
Cost/Income to decrease to ~40% by 2028 1 .
Savings
before
inflation
and
taxes
| 2 .
IT
CAPEX
productivity
uplift
calculated
as the
%
increase
of
revenue
-
to -
IT
CAPEX
ratio,
comparing
FY
2025
with
cumulative
2026
-
2028
(cumulative
revenues
/
cumulative
IT
CAPEX)
254. Acceleration beyond B:Dynamic B:Excellence – Higher value -added time from our people to our clients Strengthen accountability of frontline, focusing their capacity on
client service
rather than
administrative burden
More dedicated time
from specialized
workforce
Simplify organizational set -up and align central and support
functions
around client service
Highly tailored,
omnichannel, and
seamless service model Deliver significant investment in
the frontline
tech enablement and talent development with our new
Talent Academy
Simpler and more
effective experience
with
enhanced accessibility
More empowered
colleagues...
…to better serve our
clients
+30%
Client -facing
time1 growth in
2025 -2028E
to improve
commercial quality,
strengthen client
relationships, and
enhance operational
risk management
1 .
Frontline
(relationship
managers
and
tellers)
time
dedicated
to
commercial
activities
growth
in
2025
-
2028
E
26Macroeconomic context and underlying assumptions update
2026
2027
2028
0.5%
0.4%
0.7%
2026
2027
2028
3.3%
2.4%
1.9%
2026
2027
2028
2.25%
2.25%
2.25%GDP Italy,
chg. YoY % EU Inflation, chg. YoY % Euribor 3M, % avg.4. Acceleration beyond B:Dynamic
274. Acceleration beyond B:Dynamic Robust and sustainable revenue growth Overall revenue growth driven by
commissions,
€bn
~0.4
2025
~0.3
2028
E
Other
Net Commission
Income
Net Interest
Income
~7.4
~8.0
~2.6
~4.4
~3.0
~4.72.3% p.a.
Net Comm. on Total Rev.
% ~35% ~38%Customer volumes growth 2025 -2028E, %
Commissions growth
2025 -2028E,
% Lending to clients1+9.4% +55%
Bancassurance
commissions
Deposits2 +5.5% +14%
Wealth management
commissions
1 .
Gross
loans
to
customers
| 2 .
Total
direct
deposits
28Significant cost reduction also enabled by B:Digital, reaching ~40% Cost/Income
ratio
€bn
2025
Inflation
& D&A
impactCost savings
2028E~3.4
~3.3
~0.2
~0.3-3%
~45% ~40%Cost/Income ratio % xxCosts evolution4. Acceleration beyond B:Dynamic
Scale benefits
Larger scale enables future growth while keeping the cost base broadly flat
Structural productivity
HR productivity
improvements continue
beyond 2028, supporting sustainable efficiency gains -0.9% p.a.
29Completing a massive upgrade of our technology with targeted investments4. Acceleration beyond B:Dynamic
~€600 m
Cumulated IT CAPEX 2026 -2028EMain investment areas
(non
exhaustive)
Automation of key processes
(e.g., lending)
Strengthening of Corporate
platform
Cybersecurity and IT resilience
next -level
•Modernize
the Banks’
technology ecosystem
• Create distinctive digital
channels
•
Digitize transactions
evolving towards cashless
branches
• Deploy AI use -
cases,
particularly to modernize IT Factory~€1 bn Cumulated IT CAPEX invested in 2022 -2025 to:
>20%
Increase in IT CAPEX
productivity1 from
2025 to 2026 -2028 avg 1 .
IT
CAPEX
productivity
uplift
calculated
as the
%
increase
of the
ratio
Total
revenue/IT
CAPEX,
comparing
FY
2025
with
cumulative
2026
-
2028
(cumulative
total
revenues
/
cumulative
IT
CAPEX)
30Acceleration beyond B:Dynamic : further performance acceleration (1/2)4. Acceleration beyond B:Dynamic
Key figures
o.w. Net Inter. Income €bn o.w. Net Comm. Income €bn Net Comm. on Total Rev.
% Op. Costs (excl. D&A) €bn
Cost/Income
% Cost of Risk bps
Net Profit1
€bn
CET1 ratio
%Total Revenues
€bn +
7.5%
(+2.4% CAGR)
+ 12
.3% (+
4.0
% CAGR)
+14.3%
(+4.5% CAGR)Evolution
25-28
-
-
3.9%
( -
1.3% CAGR)
-
5pp
Stable
+7.2%
(+2.3% CAGR)
+3pp
€ 4.4
bn
€2.35 bn27
€2.6 bn
€3.0 bnFY25 restated
~45%
14.8%2€7.4 bn
~35%
~€4.7 bn
~€2.7 bn<35
~€3.0 bn
~€2.8 bnProjections
2028
~40%
>14.5%~€8.0 bn
~38%Projections
2029
< 40
%
>14.5%
>
€8.3
bn ~40
%
FY26 Guidance
vs FY25 restated
~14.5%
Up low
-
single digit
Up mid
-
single digit
<45 %
<40bps
ImprovedImproved
1 .
Net
Profit
is
adjusted
according
to
slide
36 in
Annex
| 2 .
FY 25
CET 1
Ratio
shown
on a
reported
basis
31Acceleration beyond B:Dynamic : further performance acceleration (2/2)4. Acceleration beyond B:Dynamic
Evolution
25-28 FY25Projections
2028
~€106 bn ~€125 bn
+5.7% CAGR o.w. AuM1
€bn ~€422 bn ~€460 bn +2.9% CAGR Total Financial Assets €bn
52.8% >53%
- NPE Coverage
%~1.0% ~1.2%
- Net NPE ratio %~€129 bn ~€141 bn +3.0% CAGR Net customer loans €bn ~€80 bn ~€89 bn
+3.4% CAGR RWA
€bnKey figures
1 .
Including
Life
Insurance
32
2025
2026
2027
20285. Sustained value creation and attractive shareholder remuneration Delivering superior shareholders returns Equivalent to ~€7.5 bn
in 2025
-
2028E
2 total distribution by accrual period Improved combination of profitable growth and superior shareholder
distributionsTop-tier
Net Profit growth
Steady
DPS trajectory
Strong
payout &
RoTE
Potential
further
upside from
excess
capitalAt least 85% total distribution1 2025 -2028E in dividend pay -out and share buy -back
~€1.4 bn
already distributed for 2025, with 75% pay -
out –
reaching ~€3.1 bn
when including
authorized share buy -
back and accrued 1H26
dividend distribution
3 1 .
Includes
dividend
pay -
out and
share
buy -
back
| 2 .
Distributions
subject
to
target's
achievement
.
Potential
additional
distributions
from
excess
capital
assessed
yearly
.
All
distribution
subject
to
relative
necessary
and
regulatory
approvals
| 3 .
Dividend
accrued
on 1
H
2026
net
profit
subject
to
Board
of
Directors
approval
33Scalable platform for enhanced growth Our outstanding technology, people, capabilities and capital create a scalable platform well positioned to capture organic and inorganic opportunities Acceleration beyond B:Dynamic Raising B:Dynamic ambition through strategic initiatives in corporate banking, private banking, bancassurance, digital productivity and service excellence Sustained value creation and attractive shareholder remuneration Accelerated performance and profitability supporting a shareholder remuneration of 85+% through a combination of cash dividends and share buy -
backs over 2025 -
2028
B:Dynamic over -delivering on promises Performance in the first half of the Business Plan exceeding the ambitious targets set in 2024 A record semester Record financial performance and strong business momentum in 1H2026 also thanks to the acquisition
of BPSO
3 4 51 2Accelerating beyond B:DYNAMIC FULL VALUE 2027
34Annexes
35Group P&L2. A record semester
Note
:
in the
present
document,
Operating
Income
and
Total
Revenues
are
synonyms,
as are
Core
Revenues/Core
Income
and
Operating
Costs/Total
Costs
.
FY 25
figures
restated
considering
changes
in the
scope
of
consolidation
following
BPSO
inclusion,
see
methodological
note
on
slide
1 .
P&L - (€m)1H26
Stated1H25
RestatedDelta H/H Delta H/H (%)2Q26 StatedDelta Q/Q (%) Delta Y/Y (%) Net interest income
2,211.8
2,181.6
30.2
1.4%
1,124.3
3.4%
2.4%
Net commission income
1,353.4
1,292.0
61.4
4.8%
672.6
-1.2%
5.9%
Core Income 3,565.3 3,473.7 91.6 2.6% 1,796.8 1.6% 3.7%
Dividends
34.4
25.8
8.6
33.4%
21.9
75.8%
-1.0%
Gains on equity investments measured under the equity method
25.4
26.0
-0.5
-2.0%
16.1
71.4%
161.7%
Net income from financial activities
234.4
95.4
139.1
145.9%
263.4
--
483.3%
Other operating expenses/income
16.7
88.0
-71.3
-81.1%
3.9
-69.6%
-87.8%
Operating Income 3,876.2 3,708.7 167.4 4.5% 2,102.1 18.5% 14.3%
Staff costs
-1,000.9
-988.0
-12.8
1.3%
-503.7
1.3%
2.5%
Other administrative expenses
-417.6
-496.5
78.9
-15.9%
-207.0
-1.7%
-18.6%
Depreciations & Amortizations
-186.9
-185.2
-1.6
0.9%
-94.7
2.8%
-0.4%
Operating costs -1,605.3 -1,669.8 64.4 -3.9% -805.4 0.7% -4.2% Net Operating Income 2,270.9 2,039.0 231.9 11.4% 1,296.7 33.1% 30.0% Net impairment losses for credit risk
-177.0
-179.5
2.6
-1.4%
-92.2
8.9%
11.2%
Operating Income net of LLPs 2,093.9 1,859.5 234.4 12.6% 1,204.4 35.4% 31.7% Net provisions for risks and charges
11.9
-17.8
29.7
-166.9%
15.6
-526.6%
--
Gain (Losses) on Investments
-4.1
-14.8
10.7
-72.2%
-3.5
513.0%
-76.6%
Result from current operations 2,101.7 1,826.9 274.8 15.0% 1,216.5 37.4% 35.2% Contributions to systemic funds -
-
0.0 n.m.
-
n.m.
n.m.
Integration costs
-54.0
-
-54.0
n.m.
-28.9
15.2%
n.m.
PPA impact
-29.3
-
-29.3
n.m.
0.3
-101.1%
n.m.
Profit (Loss) before taxes 2,018.5 1,826.9 191.6 10.5% 1,187.9 43.0% 32.1%
Taxes
-709.5
-604.7
-104.8
17.3%
-426.0
50.3%
40.4%
Profit (Loss) after tax from discontinued operations -
-
0.0 n.m.
0.0 n.m.
n.m.
Profit (Loss) for the period 1,309.0 1,222.2 86.8 7.1% 761.9 39.3% 27.8%
Minority Interests
-32.4
-66.7
34.3
-51.4%
-3.9
-86.5%
-87.8%
Profit (loss) for the period pertaining to the parent company 1,276.6 1,155.5 121.1 10.5% 758.1 46.2% 34.3%
362025 -2026 non -recurring P&L items2. A record semester 2025 4QNon -recurring items Integration costsImpacts on
Net Profit
+€182.7 m
+€99.1 mImpacts on
P&L items
+€288.6 m
+€181.8 mTax effects -
€95.2 m
-
€60.0 m Purchase Price Allocation -
€10.6 m
-
€22.7 mMinorities
20261QIntegration costs +€14.8 m
+€15.7 m
+€25.1 m
+€29.6 m
-
€8.8 m
-
€10.4 m Purchase Price Allocation -
€1.5 m
-
€3.6 m
2QIntegration costs +€18.7 m
-€0.2 m
+€28.9 m
-
€0.3 m
-
€10.1 m
+€0.1 m Purchase Price Allocation -
€0.0 m
€0.0 m
37Group Reclassified Balance Sheet 1 .
Interbank
Assets
include
Cash
and
cash
equivalents
and
Loans
to
banks
.
| 2 .
Other
Assets
include
Hedging
derivatives,
Equity
investments,
Loans
mandatorily
measured
at
fair
value
and
Other
assets
.
| 3 .
Other
Liabilities
include
Financial
liabilities
held
for
trading,
Hedging
derivatives
and
Other
liabilities2. A record semester
1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Q/Q Y/Y YTD
Direct Deposits
161.0
165.6
165.8
168.7
166.5
167.1
+0.4%
+0.9%
-0.9%
Interbank Liabilities
10.1
8.4 9.0
10.1
12.5
10.9
-12.9%
+29.2%
+8.1%
Shareholders' Equity
16.8
16.4
17.1
17.6
18.1
18.1
-0.1%
+10.1%
+2.7%
Other Liabilities
3
10.1
10.8
13.0
8.3 9.7
12.5
+28.5%
+15.5%
+50.6%
Total Liabilities and Shareholders' Equity198.0 201.3 204.8 204.6 206.9 208.6 +0.8% +3.6% +1.9%
1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Q/Q Y/Y YTD
Customer Loans
124.7
128.5
125.9
128.7
128.8
129.7
+0.7%
+0.9%
+0.7%
Securities Portfolio
44.0
45.4
45.0
45.7
46.4
47.8
+3.1%
+5.3%
+4.6%
Interbank Assets
1
11.3
11.3
13.2
14.2
16.2
16.6
+2.4%
+46.2%
+17.0%
PPE & Intangible Assets 4.9 5.1 4.9 4.7 4.7 4.6
-1.2%
-9.3%
-2.5%
Other Assets
2
13.0
10.8
15.9
11.3
10.8
9.8
-8.8%
-9.2%
-12.7%
Total Assets 198.0 201.3 204.8 204.6 206.9 208.6 +0.8% +3.6% +1.9%
Assets
(€bn)
Liabilities and Shareholders’ Equity
(€bn)
38Retail
Corporate
Private & Wealth Manag.
Tot. Indirect Deposits4 €bn 257.2o.w. Net Inter. Income €m 1,066 52 492 o.w. Net Comm. Income €m 766 249 280 Gross Performing Loans €bn 60.6 1.1 55.5
Direct Deposits
€bn 92.9 8.1 33.3
RWAs
€bn 18.7 1.3 37.5Core Revenues1 € m 1,840 302 790 Wealth Net Comm. Inc.2
€m 584
Cost/Income359% 36% 28%Divisional Database in 1H26
Note
:
Provisional
management
data
on the
commercial
perimeter
.
1 .
Core
Revenues
include
also
Other
Operating
Income
from
Retail
(€ 8
.
3 m),
P&WM
(€ 0
.
4 m)
and
Corporate
(€ 19
.
2 m)
.
| 2 .
Total
Wealth
Net
Commission
Income
include
all
BPER
Business
Units
Wealth
Net
Commission
Income
.
| 3 .
Calculated
for the
Private
&
Wealth
Management
Division,
excluding
revenues
relating
to
Arca
SGR non
-
captive
.
| 4 .
Including
all
BPER
Business
Units
Indirect
Deposits2. A record semester
39
Balance sheet
(€bn)
Loan -to-Deposit Ratio 77.6%
133.9
10.5
12.4
38.1
13.7
Other Assets
Financial Assets at
amortised Cost
Cash and Cash balances Financial Assets at FV &
Hedging Derivatives
Loans
160.3
17.8
18.1
0.7
11.8
Other liabilities
Financial liabilities &
Hedging Derivatives
Equity and Equity
Instruments
Debt Securities Issued
Deposits128.4
2.5 3.0
139.9
3.0 17.3Balance sheet: € 208.6 bn
Loans Breakdown
Customers
Institutional
Repo
Depo Breakdown
Customers
Institutional
RepoBalance sheet and liquidity profile KEY HIGHLIGHTS2. A record semester
LCR and NSFR
▪ LCR at 162% at the end of Jun -
26 ▪
NSFR at 132% at the end of Jun -
26 Balance Sheet dynamics ▪ End of Jun -
26 Loan
-
to -
Deposits Ratio at 77.6%, almost stable vs end of Mar -
26 ratio,
remaining one of the lowest among Italian
peers
40 Gross exposures (€m) B/D B/D B/D B/D B/D B/D Abs. Chg. Abs. Chg. Abs. Chg.
Non Performing Exposures (NPEs)
2,770
2.2%
2,785
2.1%
2,982
2.3%
2,767
2.1%
2,872
2.2%
2,988
2.3%
116
4.0%
203
7.3%
221
8.0%
Bad loans
625
0.5%
688
0.5%
766
0.6%
637
0.5%
723
0.6%
768
0.6%
45
6.2%
80
11.7%
131
20.5%
Unlikely to pay loans
1,951
1.5%
1,900
1.5%
2,022
1.6%
1,959
1.5%
1,987
1.5%
2,037
1.5%
50
2.5%
137
7.2%
78
4.0%
Past due loans 194
0.2%
197
0.2%
194
0.2%
171
0.1%
162
0.1%
183
0.1%
21
12.4%
-14
-7.5%
12
6.9%
Gross performing loans
124,172
97.8%
127,951
97.9%
125,306
97.7%
128,254
97.9%
128,264
97.8%
129,132
97.7%
868
0.7%
1,181
0.9%
878
0.7%
Total gross exposures 126,942 100.0% 130,736 100.0% 128,288 100.0% 131,021 100.0% 131,136 100.0% 132,120 100.0% 984 0.7% 1,384 1.1% 1,099 0.8% Adjustments to loans (€m) coverage coverage coverage coverage coverage coverage Abs. Chg. Abs. Chg. Abs. Chg.
Adjustments to NPEs
1,310
47.3%
1,339
48.1%
1,491
50.0%
1,461
52.8%
1,517
52.8%
1,616
54.1%
99
6.5%
277
20.6%
155
10.6%
Bad loans
429
68.6%
473
68.8%
525
68.5%
454
71.3%
518
71.7%
548
71.3%
30
5.7%
75
15.7%
94
20.6%
Unlikely to pay loans 823
42.2%
803
42.3%
904
44.7%
953
48.6%
949
47.8%
1,004
49.3%
55
5.8%
201
25.0%
51
5.4%
Past due loans 58
30.3%
63
31.8%
62
32.0%
54
31.8%
50
30.9%
64
34.9%
14
27.1%
1
1.6%
10
17.3%
Adjustments to performing loans 892
0.7%
862
0.7%
869
0.7%
822
0.6%
819
0.6%
810
0.6%
-9
-1.1%
-52
-6.0%
-12
-1.4%
Total adjustments 2,202 1.7% 2,201 1.7% 2,360 1.8% 2,283 1.7% 2,336 1.8% 2,426 1.8% 90 3.8% 225 10.2% 143 6.2% Net exposures (€m) B/D B/D B/D B/D B/D B/D Abs. Chg. Abs. Chg. Abs. Chg.
Non Performing Exposures (NPEs)
1,460
1.2%
1,446
1.1%
1,491
1.2%
1,306
1.0%
1,355
1.1%
1,372
1.1%
17
1.2%
-74
-5.1%
66
5.0%
Bad loans
196
0.2%
215
0.2%
241
0.2%
183
0.1%
205
0.2%
220
0.2%
15
7.6%
5
2.9%
37
20.3%
Unlikely to pay loans
1,128
0.9%
1,097
0.9%
1,118
0.9%
1,006
0.8%
1,038
0.8%
1,033
0.8%
-5
-0.5%
-64
-5.9%
27
2.6%
Past due loans 136
0.1%
134
0.1%
132
0.1%
117
0.1%
112
0.1%
119
0.1%
7
5.8%
-15
-11.7%
2
2.1%
Net performing loans
123,280
98.8%
127,089
98.9%
124,437
98.8%
127,432
99.0%
127,445
98.9%
128,322
98.9%
877
0.7%
1,233
1.0%
890
0.7%
Total net exposures 124,740 100.0% 128,535 100.0% 125,928 100.0% 128,738 100.0% 128,800 100.0% 129,694 100.0% 894 0.7% 1,159 0.9% 956 0.7%Q/Q
1Q262Q25
2Q252Q25 YTD
Q/Q4Q25YTD
YTD 4Q251Q261Q26
Q/Q4Q25
Y/YY/Y
Y/Y2Q26
2Q26
2Q26 1Q253Q25
1Q251Q25
3Q25
3Q25Asset Quality Breakdown
Note
:
customer
loans
excluding
customer
debt
securities
.
Absolute
and
percentage
changes
Q/Q,
Y/Y and
YTD are
calculated
with
respect
to
stated
figures
.2. A record semester
41 -
0.2
+0.0
+0.2
1Q26
Active portf.
Management
Reg. &
Models
Business dynamics
& Risk profile
improvement
2Q26
67.3
67.8
68.2
65.1
65.2
64.3
12.4
12.4
12.4
13.4
13.4
13.4
1.8 1.9
1.8 1.7
1.6 2.5
81.5
82.1
82.4
80.1
80.2
80.2
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Credit Risk
Operational Risk
Other Risks▪
At the end of Jun -
26, RWAs flat Q/Q at €80.2 ▪ RWA evolution mainly driven by active portfolio management actionsRWAs details
80.2
80.2RWAs1
(€bn)
1 .
Other
risks
include
CVA and
Market
risksKEY HIGHLIGHTS
Q/Q key drivers (€bn)2. A record semester
42 Bond portfolio evolution and duration
KEY HIGHLIGHTS
1 .
Duration
in
years,
hedging
included
.
| 2 .
AnnualisedItalian Govies
▪
Italian
Govies
stood at €22.9 bn at the end of Jun -
26 ▪
This portfolio was 51.2% of the Total Bonds
outstanding
Duration
▪ Total Bond portfolio had a duration of 1.8 years at the end of Jun -
26 , decreasing from 1.9 years at the end of Mar -
26
Yield
▪ The total financial portfolio has an average yield of 2.6% 2
in 2Q26
2.4 2.3
2.0 2.2
1.9 1.8
2.3 2.2
2.2 2.3
2.0 1.8
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Total Bond Portfolio Italian Government Bond Portfolio
19.5
20.6
20.8
21.7
22.2
22.9
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26Italian Government Bonds
(€bn)
46.6%
47.9%
48.9%
50.4%
50.9%Italian Gov. /
Total Bonds
(%)
51.2%
Duration1
(
years
)+11.1% Y/Y2. A record semester
43Financial Assets: Highlights
Italy
60.7%
France
11.2%
Spain
7.3%
Germany
6.9%
Other
13.9%Govies Geographical Breakdown (%) 0.3 1.7 0.8
19.8
FY26 FY27 FY28 >2028
2.3 5.1
3.0
35.9
FY26 FY27 FY28 >2028Bonds PTF Geographical Breakdown (%) Bonds PTF Maturities1 (€bn) Italian Govies Maturities1
(€bn)
Note
:
Managerial
figures
.
1 .
Nominal
amounts2. A record semester
Italy
70.3%
Spain
9.5%
France
8.7%
Germany
7.3%
Other
4.2%
44Commercial dynamics: loans and deposits evolution
60.5%
59.9%
59.7%
59.4%
59.1%
58.6%
16.9%
17.6%
18.2%
17.9%
17.9%
18.4%
9.2%
9.0%
9.0%
8.9%
8.9%
8.9%
13.4%
13.5%
13.2%
13.8%
14.1%
14.1%
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Northern Italy
Centre Italy
Southern Italy
Islands & Foreign countries
128.8
54.1%
53.3%
52.7%
52.9%
52.7%
51.9%
22.7%
23.4%
23.6%
23.8%
23.6%
24.6%
10.7%
10.7%
10.8%
10.7%
10.8%
10.8%
12.5%
12.6%
13.0%
12.6%
12.9%
12.7%
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Northern Italy
Centre Italy
Southern Italy
Islands & Foreign countries
147.3
142.2Commercial deposits by geography (€bn) Commercial loans by geography
(€bn)
128.5
124.7
146.7
147.4
125.9
128.7
150.8
Note
:
Managerial
breakdown
figures
129.7
149.32. A record semester
45All credit ratings confirmed, with Fitch upgrade LTD over the quarter 0.5 0.8 1.9 0.2 1.5 1.9
FY25
1H26
Wholesale
Covered Bond
Retail
Rating Agency LT Issuer LT Deposits Outlook BBB (high) A (low) Positive BBB A- Positive Baa2 A3 Stable
BBB Stable
Note
:
Managerial
figures
shown
in
nominal
amounts
.
1 .
Excluding
Tier
1
bondsBond Issued1
(€bn) Bond Maturities1
(€bn)
0.5 1.2
4.2 2.2
1.8 2.4
0.2 0.4
0.4 0.3
2.9 0.4
3.4 6.9
2026
2027
2028
Beyond
Wholesale
Covered Bond
Retail2. A record semester
46ESG focus
Environmental Social
▪ Support to Third Sector
entities and
Impact lending
▪Top Employer Italia 202 6 ▪IDEM Gender equality certification ▪UNI/PDR 125:2022 Gender equality
certification
▪Member
of Principles for Responsible
Banking
– set PRB targets for financial
inclusion Governance
▪ Included by S&P Global in the “Sustainability Yearbook 2026” ▪ Included in the MIB ESG Index ▪ Included in FTSE4Good Index ▪Weight of ESG KPIs: 20% for LTI 2025 -
2027 and 15% for MBO 202 6 –
Strategic
scorecard
(AD and Top Management)
▪D&I: 40%
women in the BoD
▪D&I:
implementation of a 3Y operational gender equality plan
TOP ESG RATING
63 (cat. 2) EEE- ISS STOXX Corporate
Rating: C+
▪100%
use of electricity from renewable
sources
▪More than €2.2 bn of new ESG lending in
1H26
▪ Approved Net Zero Transition Plan2. A record semester
Sfondo slide
Grafici
SfondoslideScritte
GraficiScritteScritte
Note pagina€bn
Simbolo nuovo
Mappa Italia51%Tabella target
47Dummy figures
Contacts for Investors and Financial Analysts
Andrea Filippetti
Investor Relations
andrea.filippetti@bper.it
Giulia Biocca
Investor Relations
giulia.biocca@bper.it
Michele Minelli
Investor Relations
michelegiulio.minelli@bper.it
Chiara Leonelli
Investor Relations
chiara.leonelli@bper.it
Federico Febbraro
Investor Relations
federico.febbraro@bper.it
Nicola Sponghi
Head of Investor Relations
nicola.sponghi@bper.it
BPER
Head Office: Via San Carlo 8/20, Modena
Investor.relations@bper.it
bper.it
–