July 29 , 2026 Leader in Wealth Management Protection & Advisory1H26 Results Europe’s most resilient Bank, with a sustainable >20% ROEThe best six months and the best quarter ever:
2026 Net income guidance upgraded to >€10bn Ready to trigger additional growth
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11H26 Results: excellent performance… (1)According to EBA definition (2)Taking into account €2.3bn buyback launched in July and 95% payout ratio. 13.0% not including any 1H26 Net income (3)Relevant resolution from the Board of Directors to be defined on 30.10.26 when approving results as at 30.9.26 (4)Based on ISP share price as at 27.7.26, 75% cash payout ratio and 2026 Net income guidance of >€10bn. Subject to shareholders ’ approval (5)Over the 2023 -1H26 period (of which ~€130m in 1H26), including structure costs related to the People dedicated to sustain the in itiatives/projects35.9% Effective cost management 0.8% Zero -NPL Bank ~13.1% Rock -solid capital position World -class position in Social Impact>€1.1bnHigh and sustainable value creation and distribution€5.6bn Best -in-class profitability 20%
€5.3bn
€2.3bn~€3.8bn
~7%Lowest -ever Cost/Income ratio , best -in-class in Europe Net NPL ratio(1) at historical low, with Bad loans reset to near zero CET1 ratio(2), >13.8% including additional ~75bps from DTA
absorption
Contribution already deployed(5) to fight poverty and reduce inequalitiesNet income , the best six months and best quarter ever, with record -
high revenues, Commissions and Insurance income Annualised ROE , with 25% annualised ROTE Accrued in H1 for distribution , of which €4.2bn cash dividends Share buyback , launched in JulyCash dividend , to be paid in November(3)
Dividend yield(4)
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2€ mNet income… with the best six -month and quarterly Net income ever (1)Excluding capital gains made on the sales of Cariparma and FriulAdria (2)Restated for the adoption of IFRS 17 and IFRS 9 by the Group’s insurance companiesNet impact of provisions/ write -downs for Russia -Ukraine exposure
422720
1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19 1H20 1H212,346
1H22(2)1H23 1H24 1H25 1H263,107
1H07(1)1H08 1H09 1H102,419
1,588 1,6901,4021,274
1H111,707 1,7382,179 2,2662,566
2,0043,2684,2224,7665,2165,554
3,023+6%
€2,793m in Q2, best quarter ever
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3High and sustainable value creation and distribution… ROTE(1), %Best -in-class and sustainable ROE/ROTE… Note: figures may not add up exactly due to rounding (1)Ratio of Net income to end -of-period tangible shareholders' equity (shareholders' equity after deduction of goodwill and other i ntangible assets net of relevant deferred tax liabilities). Shareholders' equity does not include AT1 capital instruments and Net income for the period. Annualised data (2)Ratio of Net income to end -of-period shareholders’ equity. Shareholders’ equity does not include AT1 capital instruments and Net income for the period. Annualised data (3)Based on ISP average number of shares in 1H26 (4)Excluding AT1, TBVPS equal to €2.7 in 1H25 and €2.9 in 1H26Half-yearly EPS(3), € cents x Tangible book value per share(4), € 3.4… with significant growth in EPS, DPS and TBVPS 23.6x Accrued DPS, € cents x ROE(2), %
202425
1H25 1H26 1H25 1H2629.432.0
+9% 20
3.220.5
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4… with significant growth in Loans to customers, Direct deposits and Customer financial assets (1)Not including € 14.2b n related to an Institutional client previously classified in Due to banksLoans to customers Direct deposits € bn € bnCustomer financial assets 30.6.25 31.3.26 30.6.26418.6429.8 437.1 +4% 30.6.25(1) 31.3.26 30.6.26570.2600.2612.3
+7%€ bn
30.6.25(1) 31.3.26 30.6.261,390.61,442.91,511.4 +9% Growth for five consecutive quarters Growth for four consecutive quarters €121 bn growth in twelve monthsx Assets under management 540.4 555.5 589.6+5% excluding
NPLs
+2% +2%
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52026 standalone Net income guidance upgraded2026 Net income guidance upgraded to >€10bn € bn1H26 Results Increase in revenues, mainly driven by Commissions and Insurance income+5.3%
vs 1H25
Stable Costs-0.7%
vs 1H25
Significant decline in provisionsLLPs
-15.2%
vs 1H25
Increase in tax rate (due to Italy Budget Law) and in Levies and other charges concerning the banking and insurance industry
Tax rate
+1.9pp
vs 1H25▪Growth in DPS and EPS ▪95% total payout(1) (75% cash and 20% buyback(2)) ▪Dividend yield(3) ~7%, best-in-class in Europe2026 guidance February 2026 July 2026~€10bn>€10bn Note: 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)On stated Net income, subject to ECB and shareholders’ approvals (2)If CET1 ratio is >12.5% and no options for higher -ROI capital allocation to external growth are available (focusing on Wealth Ma nagement). Subject to ECB and shareholders’ approvals (3)Based on ISP share price as at 27 .7.26, 75% cash payout ratio and 2026 Net income guidance of >€10bn. Subject to shareholders’ approval
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6Our excellent performance benefits all our stakeholders
Shareholders Employees
Public sector Households and businesses Medium/Long -term new lending, € bn Taxes(2), € bnNet income , € bn Personnel expenses, € bn
1H265.6
1H263.2
1H263.6
1H2644.1
(1)By Top Employers Institute (2)Direct and indirect (3)Deriving from Non -performing loans outflow€5.3bn accrued in H1 for distribution , of which €4.2bn cash dividends~35% of cash dividends (~€1.5bn) go directly to Italian households and to charitable foundations ~1,200 Italian companies helped to return to performing status(3) in H1 (~148, 000 since 2014) ISP confirmed as Top Employer Europe 2026(1) and Top Employer Italy(1) for the second and fifth consecutive year, respectively +6% vs 1H25€0.4bn increase vs 1H25
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72026 -2029 Business Plan proceeding at full speed Low Cost of risk Cost reduction Revenue growth Our People are the most important asset 2AI/GenAI and Agentic AI evolution Proactive Administrative cost management5 Strategic insourcing at scale4
1Extension of
3 Acceleration of generational changeGlobal Advisors network at scale1 Enhancement of fully -owned product factories (AM, Insurance)3 Strengthening of Private Banking
leadership2
Growth in Corporate and Institutional clients by scaling up dedicated platforms4 Scale -up of Consumer Finance 6 Growth in International Banks8 Growth in SME client segment, leveraging synergies with IMI C&IB5 Reset of Bad loans1 4Holistic management of all risks Active credit portfolio management2 Forward -looking credit decisions 3
2.0 7
Launch of isywealth Europe + 100% of 2026 -2029 Business Plan initiatives already launched
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Contents
1H26: the best six months ever
Appendix
ISP is fully equipped to succeed in any scenario
Final remarks
Combination with Banca Monte dei Paschi di Siena 8
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9Costs down ( -0.7% vs 1H25) and lowest -ever Cost/Income ratio at 35.9%€5.6bn Net income in H1 (+6% vs 1H25) and €2.8bn Net income in Q2 (+7% vs 2Q25), the best six months and quarter everThe best six months and quarter ever Rock -solid capital position, with CET1 ratio at ~13.1%(3)€5.3bn accrued in H1 for distribution (including €4.2bn cash dividends, of which ~€3.8bn to be paid in November(1)) Note: 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)Relevant resolution from the Board of Directors to be defined on 30.10.26 when approving results as at 30.9.26 (2)+5% including in 30.6.25 data an Institutional client previously classified in Due to banks (3)Taking into account €2.3bn buyback launched in July and 9 5% payout ratio . 13.0% not including any 1H26 Net incomeStrong growth in Performing Loans to customers (+5% vs 30.6.25, +2% vs Q1) and Direct deposits (+7% vs 30.6.25(2), +2% vs Q1 )Net interest income strongly accelerating in Q2 (+6% vs Q1)The best six -months ever for Operating income, Operating margin and Gross income NPL stock, ratios and inflows at historical lows with annualised Cost of risk down to 20bps Strong increase in NPL coverage (+1.5pp vs 31.12.25) and overlays at €0.9bnSignificant increase in Customer financial assets at >€1.5 trillion (+€121bn vs 30.6.25, +€68bn vs Q1)Best -ever six months and Q2 for Commissions (+5% vs 1H25) and record -high Insurance income (+6% vs 1H25)
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101H26 : €5.6bn Net income with increased Revenues and Cost reduction
1H26 P&L; € m
973905 44
(3,180)
(1,358)
(684)(428)(266)
(2,875)
(188)7,4805,13114,533
9,3118,617
5,554Other operating
income/expenses
Other
charges/gains(1)
TaxesProfits on
financial assets
and liabilities at fair valueNet interest
income
Net fees and
commissions
Operating
income
Personnel
Administrative
Depreciation
Loan loss
provisions
Gross income
Net incomeOperating
margin
Other(2)Insurance
income
Note: figures may not add up exactly due to rounding. 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations (2)Charges (net of tax) for integration, transformation and exit incentives, Effect of purchase price allocation (net of tax), L evies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and othe r intangible assets, Minority interests (3)Euribor 1M (average data)Non-motor P&C revenues at €368m (+7% vs 1H25), €417m including motor and credit -linked products
Δ% vs
1H255.3 0.6 4.9 5.5 (0.4) (0.1) (3.4) (15.2) 8.5 6.5 9.1 n.m. 209.3 15.0 (17.5) 63.9Stable overlays and high /increased NPL coverage (+1.5pp vs 31.12.25) Euribor down 36bps(3)1.9pp tax rate increase mainly due to Italy Budget Law Costs down 0.7 %
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112Q26 : €2.8bn Net income, the best quarter ever
2Q26 P&L; € m
497400 22
(1,605)
(727)
(321)(258)(190)
(1,393)
(92)3,8442,6167,379
4,726
4,278
2,793Other operating
income/expenses
Other
charges/gains(1)
TaxesProfits on
financial assets
and liabilities at fair valueNet interest
income
Net fees and
commissions
Operating
income
Personnel
Administrative
Depreciation
Loan loss
provisions
Gross income
Net incomeOperating
margin
Other(2)Insurance
income
Note: figures may not add up exactly due to rounding. 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations (2)Charges (net of tax) for integration, transformation and exit incentives, Effect of purchase price allocation (net of tax), L evies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and othe r intangible assets, Minority interests (3)Euribor 1M (average data)Non-motor P&C revenues at €173m (+5% vs 2Q25), €202m including motor and credit -linked products
Δ% vs
2Q255.4 1.2 6.7 8.0 (0.1) (0.3) (4.5) (8.2) 7.3 7.4 9.2 n.m. 222.0 11.3 (31.3) 39.4
Δ% vs
1Q263.1 5.7 4.0 4.4 1.9 15.2 (11.6) 51.8 (1.4) 1.2 3.1 0.0 150.0 (6.0) (4.2) (20.8)Costs down 0.7% Euribor down 6bps(3)
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12Increasing Revenues , managed in an integrated manner to create value
Operating income
€ m
1H25(1) 1H2613,79514,533
+€738 mNet interest income Net fees and
commissions
Insurance income
Profits on financial
assets and
liabilities at fair valuef(x)1H25(1) 1H264,891 5,131
+€240m
Well-diversified and resilient business model driving growth922 973
1H25 1H26+€51m
552905
1H25 1H26+€353m1H25 1H267,432 7,480+€48m % Euribor 1M (average data)
+1.99 +2.35
Note: figures may not add up exactly due to rounding (1) 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR
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13Net interest income growth despite Euribor decline… +1.90 +2.35Net interest income – Half-yearly comparison € m % Euribor 1M (average data)
1H25 2H25 1H267,432 7,364 7,480
+1.99+€48m
2026 Net interest income guidance raised to well above €15bn-36bps
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14… with strong acceleration in Q2, mainly thanks to the commercial component 68 67 73 1Q26 Volumes Spread Financial
components2Q263,6363,844
Commercial
componentNet interest income – Quarterly comparison € m, 1Q26 vs 2Q26 % Euribor 1M (average data)
+2.03 +1.95
Note: figures may not add up exactly due to rounding77 158 1H25 Volumes Spread Financial
components1H267,432
(187)7,480
Commercial
component€ m, 1H25 vs 1H26Net interest income – Half-yearly comparison % Euribor 1M (average data)
+2.35 +1.99
Including hedging on core deposits (as at 30.6.26: ~€ 170bn core deposits hedged, 4 -year duration, ~ 1.85% yield, ~€2.5bn monthly maturities)+€208m +€48m
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15Best six months and Q2 ever for Commissions and record -high Insurance income Growth in Commissions and Insurance income… … with excellent Q2 performance… € m € m
460476497
2,452
2Q25(1)2,515
1Q262,616
2Q262,9122,9913,113
+7%… and growing AuM inflows
922973
4,891
1H25(1)5,131
1H265,8136,104
+5%Insurance income
Net fees and commissions Growth mainly driven by Management, dealing and consultancy activities and by P&C Note: figures may not add up exactly due to rounding (1) 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR7681 1H25 1H26+7%Gross AuM inflows, € bn Insurance income Net fees and commissions
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16Strong growth in Commissions on a yearly and quarterly basis despite market volatility Strong increase in Commissions in H1…
3,121
1H253,311
1H264,8915,131
+5% +6% Commissions from Management, dealing and consultancy activities… with Q2 up strongly YoY and QoQ… € m € m
1,544
2Q251,634
1Q261,677
2Q262,4522,5152,616
+7% +9% Commissions from Management, dealing and consultancy activities… and significant growth in additional Commissions(1) from 360 -degree advisory services € m
193222
1H25 1H26+15%xCustomer financial assets managed(2) through 360 -degree advisory services(3)
€183bn €152bn
Fully -owned product factories enable quick time -to-market and production/distribution synergies Note: figures may not add up exactly due to rounding. 2025 data restated for the outsourcing of the custodian bank business l ine, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)On top of traditional Commissions from Management, dealing and consultancy activities (2)Direct deposits, Assets under management and Assets under administration (3)Valore Insieme , Private Advisory, WE ADD and Sei
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17Best six months and quarter ever for Insurance income, driven by P&C … with growing P&C contribution(1), driven by the Non -motor business € m % As a % of Net fees and commissions +
Insurance income
Note: figures may not add up exactly due to rounding (1)Commissions + Insurance income (2)Individuals. Not including Credit Protection Insurance. Banca dei Territori Division perimeter (3)Including collective policiesNon-motor Motor/Credit -linked products <8 14% P&C non -motor product penetration on ISP clients(2)Best six months and quarter ever for Insurance income… € m Integrated Bancassurance model , leveraging >290 P&C product specialists in the Banca dei Territori Division (growing to ~360 by 2029)Health and accident(3): 54% Home and family: 29%
Other: 1%
Businesses: 16%
133 7 71H25 1H26922973
+6% 41
1H18344
1H25368
1H26135398417
+7% x Q2
460 497
+8%
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18A Wealth Management, Protection & Advisory leader, with >€ 1.5tn in Customer financial assets, up €68bn in Q2 Customer financial assets(1)
€ bn
30.6.25(2)31.3.26 30.6.261,390.61,442.91,511.4
30.6.25(3) 31.3.26 30.6.26540.4 555.5 589.6 30.6.25(3) 31.3.26 30.6.26269.4 276.3 295.3 30.6.25 31.3.26 30.6.26176.3 178.7 187.4Direct deposits
Assets under
management
Assets under
administration
Direct deposits
from insurance
businessf(x)
Note: figures may not add up exactly due to rounding (1)Net of duplications between Direct deposits and Indirect customer deposits (2)Not including € 14.2b n related to an Institutional client previously classified in Due to banks (3)Data restated for the inclusion of third -party AuM products in Assets under management (previously included in Assets under administration)+€120.7bn +€81.2bn gross inflow in H1, of which €41.8bn in Q2+€49.2bn
+€25.9bn
+€11.2bn
€68bn growth in Q230.6.25(2)31.3.26 30.6.26570.2 600.2 612.3+€42.2bn
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19~19,100 People fuelling Wealth Management & Protection activities … supporting the strong contribution of Wealth Management & Protection to Gross income 16% 9% 5% 11%
22%26%11%
IMI Corporate
& Investment
BankingInternational
Banks
Private
Banking
Insurance
AM(5)
BdT WM(6)Wealth
Management
& Protection
41% Banca dei Territori 33%% of 1H26 Gross income(4)Unmatched client advisory network through Private Banking, Banca dei Territori and International Banks …
~40IBD individual
clients~1,150Advisory Relationship
Managers~10,850
in the Banca dei
Territori Division
~4,650Relationship Managers for Affluent clientsBdT Affluent clients~3,800Relationship Managers for Exclusive clients(3) and 1,070 dedicated advisory centersBdT Exclusive clients~2,400Global Advisors with hybrid contracts(2) and ~100 offices~6,100Financial Advisors
Private Banking
Division clients
~1,000Private Bankers~7,100
in the Private Banking
Division(1)
Financial Advisors~1,190
in the IBD Division Client advisory network growing to ~ 22,500 People by 2029 (+ ~600in 1H26) Note: figures may not add up exactly due to rounding (1)In Italy and abroad (2)Employed with part -time indefinite -term contracts and on a self -employed basis, in order to ensure greater proximity to customer s, specifically in Wealth Management & Protection (3)Clients currently served by Banca dei Territori with one of the following features: high income/spending or combinations of significant AuM/age/complex investment products (4)Excluding Corporate Centre (5)AM = Asset Management (6)BdT WM = Banca dei Territori Wealth Management
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20Best -in-class contribution from Commissions and Insurance income to revenues %Contribution from Commissions and Insurance income to Operating income(1) Well-diversified business model (1)Sample: Barclays, BNP Paribas, Nordea, Santander and UniCredit (30.6.26 data); BBVA, Commerzbank, Deutsche Bank, HSBC, ING Gr oup, Standard Chartered and UBS (31.3.26 data); Lloyds Banking Group and Société Générale (31.12.25 data) 55 42 37 34
3130
27 27252423 2221 21
13Peer 1ISP
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
Peer 12
Peer 13
Peer 14Peer average:
28%
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21Lowest -ever Cost/Income ratio with high flexibility for further Cost reduction
Cost/Income ratio
€ m
Operating
costs
1H25 1H2638.1
35.9Operating
income%
Cost/Income ratio
1H25 1H265,260 5,222-1%1H25 1H2613,79514,533
+5%
-2.2pp
€6bn IT investments already deployed(1) Note: figures may not add up exactly due to rounding. 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)In the 2022 -1H26 periodf(x)
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22Cost reduction while strongly investing in growth and technology
Operating costs
€ m
Personnel
costs
Depreciationf(x)Total Operating costs
Administrative
costs
Note: figures may not add up exactly due to rounding. 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR1H25 1H265,260 5,222-0.7%
1H25 1H263,192 3,180-0.4%
1H25 1H261,360 1,358-0.1%
708 684
1H25 1H26-3.4%
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23Workforce evolutionOur tech transformation is enabling generational change and significant efficiency gains Note: figures may not add up exactly due to rounding (1) Signed in October 2024 and December 2025. Related costs already fully booked (2) Employed with part -time indefinite -term contracts and on a self -employed basis, in order to ensure greater proximity to customer s, specifically in Wealth Management & Protection (3) On top of ~1,300 People already hired in 2025, mainly as Global Advisors. Of which ~2,200 from agreements already signed with Italian Labour Unions (4) 2030~€570m savings at run rate(4), with no impact on revenues thanks to tech/AI -enabled process streamlining31.12.25(~9,750) Voluntary exits in Italy including natural turnover(~2,650) Net reduction due to natural turnover at our
International Banks~6,300
New hires of young people in Italy(3)31.12.29~90,850~84,750 ~12,400 exits by 2029 (of which >1,900 already realised in 1H26), on top of ~3,900 headcount reduction in 2025Including ~2,300 Global Advisors with hybrid contracts(2)Focused on central functions▪~1,600 exits from the agreements already signed with Italian Labour Unions(1) ▪~4,500 potential exits of People who applied to previous early retirement schemes ▪Natural turnoverPeople, # x 1H26 (~1,450) (~475) ~825 Of which ~575 Global Advisors
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24Best -in-class Cost/Income ratio in Europe
%Cost/Income ratio(1)
(1)Sample: Barclays, BNP Paribas, Nordea, Santander and UniCredit (30.6.26 data); BBVA, Commerzbank, Crédit Agricole S.A., Deuts che Bank, HSBC, ING Group, Lloyds Banking Group, Société Générale, Standard Chartered and UBS (31.3.26 data)ISP
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 1 0 Peer 1 1 Peer 1 2 Peer 1 3 Peer 1 4 Peer 1 5Peer 135.937.442.8 42.944.749.3 49.353.3 53.855.3 55.5 55.8 56.560.669.3
34.3Peer average:
50.7%
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25Lowest -ever half -yearly Cost of risk, with a strong increase in NPL coverage € mCost of risk
bps; annualised
505 428
1H25 1H26
Low Cost of risk, in line with Zero -NPL Bank statusLoan loss provisions €0.9bn o verlays Note: figures may not add up exactly due to rounding24 20 1H25 1H26NPL coverage % 31.12.25 30.6.2648.6 50.1+1.5pp High and strongly increased NPL coverage
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26Zero -NPL Bank status with high -quality origination and Bad loans reset to near zero NPL inflow(2) from Performing loans NPL stock Net NPL ratio(1), % x Net NPL € bn Net inflow(3) € bn 4.9
30.6.254.0
30.6.269.9
8.00.8 1.0
▪Well-diversified loan portfolio, with no single industry sector exposure representing >5% of Loans to customers ▪No material exposure to Private CreditOf which only
€0.9bn
Bad loans1.3
1H251.2
1H261.51.4
Note: figures may not add up exactly due to rounding (1)According to EBA definition (2)Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans (3)Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans
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27Rock -solid capital base, well above SREP requirements Note: figures may not add up exactly due to rounding (1)€5.3bn accrued for distribution – considering 95% payout ratio – and €0.2bn AT1 coupons in 1H26 (2)Considering 95% payout ratio. 13.0% not including any 1H26 Net income%, bps ISP 2026 fully loaded requirements SREP + combined bufferCET1 ratio evolution
31.12.25~(75)
Buyback
launched in July31.12.25
post buyback~180
Net income~(175)
Dividends
and AT1
coupons(1) ~(35)
RWA
evolution~25
DTA and
others30.6.2 6(2) >13.9%~13.2% ~13.1%
10%>13.8% including
additional ~ 75bps from DTA absorption ISP is a clear winner of the EBA stress test thanks to its well -diversified and resilient business model~90 ~(90) >13.0%
31.3.26~13.1%
30.6.26(2)~(20)x Q2 evolution ~25
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28Liquidity ratiosBest -in-class MREL and sound liquidity position Note: figures may not add up exactly due to rounding (1)Preliminary management data, taking into account €2.3bn buyback launched in July. Total ratio would be 35.9% and Subordinatio n ratio 22.7% not including any 1H26 Net income (2)Combined Buffer Requirement (3)Last twelve -month average
(4)Preliminary data
(5)Stock of own -account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks MREL(1)
%, requirement
Buffer vs requirementx%, 30.6.262029 Business Plan target
Buffer: 9.9
CBR(2): 4.5
MREL: 21 .5
Total ratioBuffer: 4.8
CBR(2): 4.5
MREL: 13.5
Subordination ratio36.0
22.8
€32bn €15bn26.1
18.0%, 30.6.26
138 120
LCR(3)NSFR(4)~115~130Liquid assets(5)
174 182 195111116113 30.6.25 31.3.26 30.6.26285299308€ bn Other reserves HQLA High buffers vs regulatory requirements
MIL-BVA362 -03032014 -90141/VR
29Contents
1H26: the best six months ever
Appendix
ISP is fully equipped to succeed in any scenario
Final remarks
Combination with Banca Monte dei Paschi di Siena 29
MIL-BVA362 -03032014 -90141/VR
30ISP is fully equipped to succeed in any scenario… (1)In the 2022 -1H26 period (2)According to EBA definition Resilient profitability, rock -solid capital position even in adverse scenarios, low leverage and strong liquidity Well-diversified and resilient business model, with revenues managed in an integrated manner to create value Low Cost/Income ratio and significant tech investments (€6bn already deployed(1)) High strategic flexibility in managing Costs, also thanks to an acceleration in our tech transformation Zero -NPL Bank with Bad loans reset to near zero, net NPL ratio at 0.8%(2) with 50.1% NPL coverage and €0.9bn as overlays Well-diversified loan portfolio, best -in-class proactive credit management and Russia exposure near zero Long -standing, motivated and cohesive management team with a strong track record in delivering and exceeding commitments Leadership in technology, risk profile, Cost management and Wealth Management, Protection & Advisory activities
MIL-BVA362 -03032014 -90141/VR
31… and is far better positioned than its peers… Rock -solid capital base and best-in-class risk profileCET1(1)/Total illiquid assets(1)(2)
%, 30.6.26
Well-diversified and resilient business model with fully -owned product factoriesContribution from Commissions and Insurance income to Operating income
%, 1H26
High strategic flexibility to manage Costs also thanks to significant tech investmentsCost/Income ratio
%, 1H26
Note: figures may not add up exactly due to rounding (1)Sample (latest available data): Barclays, BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Grou p, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (2)Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets (3)Calculated as the difference between the CET1 ratio vs 2026 requirements SREP + combined buffer considering macroprudential c apital buffers and estimating the Countercyclical Capital Buffer and the Systemic Risk Buffer (4)Taking into account €2.3bn buyback launched in July and 95% payout ratio (5)Sample (latest available data): BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, ING Group, Nordea, Santa nder, Société Générale and UniCredit (6)Sample (latest available data): Barclays, BBVA, BNP Paribas, Commerzbank, Deutsche Bank, HSBC, ING Group, Lloyds Banking Grou p, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit58 24
ISP(4)Peer average42
28 ISP Peer average(6)ISP Peer average(1)35.950.7
~390bps
considering
DTA absorptionBuffer vs 2026 requirements SREP + combined buffer(3), bps,
30.6.26x
~300(5) ~310
MIL-BVA362 -03032014 -90141/VR
32… also thanks to a unique Commissions -driven and efficient business model, coupled with strong tech investments (1)Sample: Barclays, BNP Paribas, Nordea, Santander and UniCredit (30.6.26 data); BBVA, Commerzbank, Deutsche Bank, HSBC, ING Gr oup, Lloyds Banking Group, Société Générale, Standard Chartered and UBS (31.3.26 data) (2)Sample: Barclays, BNP Paribas, Nordea, Santander and UniCredit (30.6.26 data); BBVA, Commerzbank, Deutsche Bank, HSBC, ING Gr oup, Standard Chartered and UBS (31.3.26 data); Lloyds Banking Group and Société Générale (31.12.25 data) (3)Sample: Barclays, BNP Paribas, Nordea, Santander and UniCredit (30.6.26 data); BBVA, Commerzbank, Standard Chartered and UBS (31.3.26 data); Deutsche Bank, HSBC, ING Group, Lloyds Banking Group and Société Générale (31.12.25 data)Depreciation on Operating costs(3),% >12% 10%-12% <10% 10111213 3534 36 33 37 32 38 31 39 30 40 29 41 28 42 27 43 26 54 25 55 24 56 23220
2140
2045
1950
1855
1760
1665
1570
14Cost/Income(1)
% (reverse scale) Contribution from Commissions and Insurance income to Operating income(2),%Peer average:
50.4%Peer average:
28.0%
Peer 1
Peer 2
Peer 3Peer 4Peer 5
Peer 6
Peer 7
Peer 8 Peer 9 Peer 10Peer 12 Peer 14Peer 11
Peer 13
MIL-BVA362 -03032014 -90141/VR
33ISP can count on top -notch asset quality, with Bad loans reset to near zero… Net NPL stock for the main European banks(1)
€ bn
(1) Sample: Nordea, Santander and UniCredit (30.6.26 data); Crédit Agricole Group, Deutsche Bank, ING Group and Société Générale (31.3.26 data); BBVA, BNP Paribas and Commerzbank (31.12.25 data) (2) According to EBA definition. Data as at 31.12.25 (3) Source: Pillar 3, Pillar 3 data hub, Investor presentations, press releases, conference calls and financial statements 30.6.26x Net NPL ratio(2)xGross NPL ratio(2)
19.9
14.1 13.7
10.5
8.97.8
6.5 6.4
4.03.52.4Only €0.9bn
Bad loans
ISP isamong the best banks in Europe for NPL stock and ratios1.2% 2.9% 2.3% 0.9% 1.4% 1.8% 1.7% 2.1%0.7% 1.8% 1.3% 0.7% 2.6%1.2% 1.2% 0.9% 2.3%1.3% 1.2% 1.0%
1.6%0.8%Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
MIL-BVA362 -03032014 -90141/VR
34… a low level of Stage 2 loans… Net Stage 2 loans(1) € bn x Stage 2 in % of Net loans(1) 30.6.267% 11% 8% 4% 9% 10% 10% 6% 7% 7% (1) Sample: Nordea, Santander and UniCredit (30.6.26 data); BBVA, Deutsche Bank and Société Générale (31.3.26 data); BNP Paribas, Crédit Agricole Group and ING Group (31.12.25 data)128 59
49 4844
30 30
146282
-6% vs
31.12.25Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
MIL-BVA362 -03032014 -90141/VR
35… and a high level of NPL coverage
NPL coverage(1)
% (1)Sample: Nordea, Santander and UniCredit (30.6.26 data); Crédit Agricole Group, Deutsche Bank, ING Group and Société Générale (31.3.26 data); BBVA , BNP Paribas and Commerzbank (31.12.25 data)55.7 50.148.5 48.045.9 45.5
42.741.2
33.8 33.0
25.8
NPL coverage among the best in EuropePeer average:
42.0%+1.5pp vs
31.12.25Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
MIL-BVA362 -03032014 -90141/VR
36Russia exposure near zero Loans to customers net of provisions – Banca Intesa, € bnLocal presence in Russia Loans to customers net of ECA(1) guarantees and provisions, € bn
30.6.22 30.6.263.2
<0.1Cross -border exposure to Russia No new financing/investment since the beginning of the conflict Note: figures may not add up exactly due to rounding (1)Export Credit Agencies30.6.22 30.6.260.4 0.0
MIL-BVA362 -03032014 -90141/VR
37Italy’s strong fundamentals support the resilience of the economy…
Low debt/high
wealth
households
Resilient and
adaptive
corporates and
banksRecord -high deposits , with ~2% YoY growth expected over the 2026 -2029 Business Plan horizonStrong gross wealth (€13 trillion, of which €6 trillion in financial assets) paired with low debt level Unemployment rate close to historical lows (5%), with employment and activity rates at their highest levels Very resilient companies with high liquidity buffers and solid financial leverageExport -oriented companies highly diversified in terms of sector and destination markets Strongly adaptive ecosystem with default rates expected to remain low
Stronger
resilience to
shocksItalian GDP expected to grow 0.7%(2) per year over the 2026 -2029 Business Plan horizon (0.5% in 2026) Strong track record of positive primary surpluses (0.8% in 2025)Macroeconomic scenario with a “normalised” interest rate environment (ECB depo rate expected at 2.5% by 31.12.26) Italy’s rating upgraded in 2025 by Fitch, S&P, Moody’s and Morningstar DBRS; in 2026, outlook revised to positive by S&P Banking system massively capitalised, liquid and profitable, coupled with a low-risk profile (net NPL ratio at ~1.3%(1)) Source: ISP Research Department (1) December 2025 data (2) Average annual GDP growth adjusted for working daysStronger resilience to energy shocks than in 2022 -23 due to higher gas storage levels (~70% fillrate, one of the highest in the EU) , diversified energy suppliers, more LNG infrastructure, flexible demand, higher use of renewables and lower oil needs
MIL-BVA362 -03032014 -90141/VR
38… and Italian corporates are by far stronger than in the past Italian corporates are far better capitalised than in the past…… with liquidity buffers at historical highs Financial Debt/Financial Debt + Equity, % Deposits/Loans to non -financial companies, % Resilient and adaptive Italian corporates45 42
3734
31
2007 -
20122013 -
20192020 -
20212022 -
20232024 -
May 262007 -
20122013 -
20192020 -
20212022 -
20232024 -
20252032566270
MIL-BVA362 -03032014 -90141/VR
39Contents
1H26: the best six months ever
Appendix
ISP is fully equipped to succeed in any scenario
Final remarks
Combination with Banca Monte dei Paschi di Siena 39
MIL-BVA362 -03032014 -90141/VR
40Transaction structure
ISP to retain Mediobanca and its brand, ~625(1) MPS branches and selected MPS activities (~80% MPS + Mediobanca Net income(3))ISP has reached a binding Agreement with Unipol to sell for cash a self -standing banking legal entity (with the MPS brand) to proactively manage Antitrust issues Cash consideration equal to ~€3.0bn -€3.5bn(3)The Agreement provides that the vast majority of MPS central structures/head office and a portion of the banking network (~635 branches(1)), with related assets and liabilities, identified to proactively manage Antitrust issues are part of the self -standing banking legal entity (including MPS brand) being sold With reference to MPS central structures, a limited part (with related assets and liabilities(2)) shall be included in the banking perimeter to be retained by ISP following the corporate reorganisationVoluntary public tender and exchange Offer on all MPS ordinary shares (the “Offer”)ISP to offer 16 newly issued ordinary shares for every 10 MPS shares tendered (1.6 exchange ratio) + €1.0 cash for every MPS share tendered ISP convened an EGM to mandate the BoD to issue new ordinary shares to be exchanged in the context of the Offer (1) Preliminary estimate subject to Antitrust decision (2) Including equity investments and NPL (3) Preliminary estimate
MIL-BVA362 -03032014 -90141/VR
41Consideration offered
Note: refer to the communication pursuant to article 102 of Legislative Decree 24 February 1998 no. 58 for further informatio n on the Offer (1) FactSet as at 5.6.26. Data based on official pricesExchange ratio and cash offeredThe Offer envisages an exchange ratio of 1.6, plus €1.0 cash for every MPS share tendered, which implies a price of €10.091 for every MPS share , equal to a total consideration of €30.6bn(1) and represents :
▪A ~12.5% premium based on the volume -weighted average share price of MPS(1) as at 5 June 2026 ▪A ~17.4% premium based on the latest three -month volume -weighted average share price of MPS(1) ▪A ~18.7% premium based on the latest six -month volume -weighted average share price of MPS(1)
Main conditions
of the Offer▪The Offer will be subject to ISP acquiring at least 66.67% of MPS share capital (this condition may be waived by ISP at its own discretion) ▪Other conditions would include inter alia MPS not adopting any defensive measures (even if authorised at MPS shareholders’ meeting) or measures inconsistent with the objectives of the Offer The Offer will be subject to inter alia ▪Supervisory authorities’ unconditional approvals ▪Unconditional Antitrust, Foreign Direct Investment (FDI, including the so -called Italian Golden Power) and Foreign Subsidies Regulation (FSR) approvalsApprovals
MIL-BVA362 -03032014 -90141/VR
42MPS + Mediobanca~80% MPS + Mediobanca Net income retained Source: ISP 2025 financial report and MPS 2025 presentation (including 12 months of Mediobanca). Figures may not add up exact ly due to rounding (1) Preliminary estimates (2) Excluding Levies and other charges concerning the banking and insurance industry (3) Net profit adjusted for one -offs and extraordinary items, including PPA. For 2025, gross of minorities (4) Net of duplications between Direct deposits and Indirect customer deposits (5) 0.8% according to EBA definition2025 data, € bn Combined entity post
Unipol Agreement(1)
Customer financial
assets(4)Customer financial
assets361 1,457 1,712 of which Direct deposits from banking business166 600 711 of which Indirect customer deposits 195 845 988 of which AuM 117 562 649Operating income
P&L7.6 27.3 33.0
Operating costs (3.5)(2)(11.5) (13.9) Net income 2.4(3)9.3 11.3 Asset qualityLoans to customers 143 425 526 Net NPL ratio, % 1.4 0.9(5)1.1 NPL coverage, % 49.5 48.6 48.9
MIL-BVA362 -03032014 -90141/VR
43Fully on track to complete Tender and Exchange Offer by end of 2026 Note: refer to the communication pursuant to article 102 of Legislative Decree 24 February 1998 no. 58 for further informatio n on the Offer (1) Foreign Direct Investment (2) Foreign Subsidies RegulationISP’s notice pursuant to art. 102 8 June 2026 Offer Document filing 27 June 2026 ISP Shareholders’ Extraordinary General Meeting conferring mandate to the BoD for the capital increase 10 September
2026
End of
September –
December 2026
Settlement of the Offer
Second half
2027Disposal of the banking legal entity to Unipol upon the fulfilment of the conditions set forth in the AgreementApproval of the Offer Document by CONSOB Start of the Offer periodSupervisory authorities’, FDI(1) and FSR(2) approvalsDelivery
MIL-BVA362 -03032014 -90141/VR
44Contents
1H26: the best six months ever
Appendix
ISP is fully equipped to succeed in any scenario
Final remarks
Combination with Banca Monte dei Paschi di Siena
MIL-BVA362 -03032014 -90141/VR
45ISP delivered the best six months ever and is fully equipped to succeed in any scenario 2026 -2029 Business Plan well underway and the MPS transaction is a further value creation opportunity1H26, the best six months ever Fully equipped to succeed in any scenario ▪€5.6bn Net income, the best six months ever ▪Net interest income strongly accelerating in Q2 (+6% vs Q1) ▪The best six months ever for Insurance income (+6% vs 1H25) and for Commissions (+5% vs 1H25) ▪The lowest -ever Cost/Income ratio (35.9%) , with Costs down 0.7% ▪NPL stock , ratios and inflows at historical lows with annualised Cost of risk down to 20bps ▪CET1 ratio at ~13.1%(1) ▪€5.3bn accrued in H1 for distribution , of which €4.2bn cash dividends (~7% dividend yield(2))▪Resilient profitability , rock -solid capital position (as also shown in the EBA stress test), low leverage and strong liquidity ▪Well-diversified and resilient business model: a Wealth Management, Protection & Advisory leader with fully -owned product factories and >€1.5 trillion in Customer financial assets ▪Zero -NPL Bank with net NPL stock at only €4.0bn , Bad loans reset to near zero , net NPL ratio at 0.8%(3) and €0.9bn as overlays ▪Significant tech investments (€6bn already deployed(4)) and high strategic flexibility in managing Costs ▪Well-diversified loan portfolio and best-in-class credit management ▪Long -standing, motivated and cohesive management team with a strong track record in delivering and exceeding commitments Note: 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)Taking into account €2.3bn buyback launched in July and 95% payout ratio . 13.0% not including any 1H26 Net income (2)Based on ISP share price as at 27.7.26, 75% cash payout ratio and 2026 Net income guidance of >€10bn. Subject to shareholders ’ approval (3)According to EBA definition (4)In the 2022 -1H26 period▪Strong increase in NPL coverage (+1.5pp vs 31.12.25)▪Performing Loans to customers up 5% yearly and 2% quarterly▪Record -high Operating income , Operating margin and Gross income ▪+€121bn yearly growth in Customer financial assets (+€68bn in Q2)
MIL-BVA362 -03032014 -90141/VR
462026 standalone Net income guidance upgraded2026 Net income guidance upgraded to >€10bn € bn1H26 Results Increase in revenues, mainly driven by Commissions and Insurance income+5.3%
vs 1H25
Stable Costs-0.7%
vs 1H25
Significant decline in provisionsLLPs
-15.2%
vs 1H25
Increase in tax rate (due to Italy Budget Law) and in Levies and other charges concerning the banking and insurance industry
Tax rate
+1.9pp
vs 1H25▪Growth in DPS and EPS ▪95% total payout(1) (75% cash and 20% buyback(2)) ▪Dividend yield(3) ~7%, best -in-class in Europe2026 guidance February 2026 July 2026~€10bn>€10bn Note: 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR (1)On stated Net income, subject to ECB and shareholders’ approvals (2)If CET1 ratio is >12.5% and no options for higher -ROI capital allocation to external growth are available (focusing on Wealth Ma nagement). Subject to ECB and shareholders’ approvals (3)Based on ISP share price as at 27 .7.26, 75% cash payout ratio and 2026 Net income guidance of >€10bn. Subject to shareholders’ approval
MIL-BVA362 -03032014 -90141/VR
47Contents
1H26: the best six months ever
Appendix
ISP is fully equipped to succeed in any scenario
Final remarks
Combination with Banca Monte dei Paschi di Siena 47
MIL-BVA362 -03032014 -90141/VR
482026 -2029 Business Plan proceeding at full speed, with key industrial initiatives well underway
(1/3)
1H26 Key highlights
Cost
reduction,
benefitting
from strong
tech
investments
already
deployed✓ 2.0 rollout and extension ongoing, progressing towards legacy decommissioning to deliver structural IT Cost reduction ✓19 AI/GenAI/Agentic AI projects launched : Digital Branch (4), commercial roles (3), middle/back office (6), software/data (2), internal controls (3) and credit processes (1) ✓The technological transformation continues, with ~68% of applications already cloud -based as at 30.6.26 ✓Finalised strategic agreements with leading global hyperscalers for Cloud and AI services over the 2026 -2032 period ✓Progressive increase in end-to-end automation of customer request management processes in the Digital Branch (from ~30% as at 31.12.25 to 33% as at 30.6.26) ✓Proactive leveraging on frontier AI capabilities to accelerate SDLC(1) modernisation and address the new threat landscape through a structured cyber/IT response plan with a risk -based approach ✓Acceleration of generational change, with >1,900 People exited (out of ~12,400 exits expected by 2029) ✓Strategic Insourcing Machine: the three pilot initiatives (Digital Branch, Cyber and Physical Security, Non -financial Risks) are currently being implemented with further internalisation opportunities identified. Defined the operational framework and processes ✓Real estate r ationalisation and modernisation underway, leveraging data analytics to maximise occupancy rates ✓Next Generation Procurement project launched, with the objective of increasing data -driven decision -making ✓13 legal entities rationalised since 2025, with an additional 19 companies currently undergoing rationalisation
NOT EXHAUSTIVE
(1) Software Development Life Cycle
MIL-BVA362 -03032014 -90141/VR
492026 -2029 Business Plan proceeding at full speed, with key industrial initiatives well underway
(2/3)
1H26 Key highlights (1) Excluding Pravex NOT EXHAUSTIVE ✓The Global Advisors network increased to ~2,400 People and ~100 Global Advisors offices in high -potential areas not covered by Exclusive branches ✓Enlarged BdT Division offering with new Asset Management and Protection products and strengthened the P&C specialist network (from ~210 to >290 specialists ) ✓Ongoing strengthening of the Private Bankers/Financial Advisors network in Italy (increasing by ~ 110 advisors) ✓International expansion of digital offering (Alpian in Switzerland and Fideuram Direct in Luxembourg and Belgium) and strengthening of Family Office relationships ✓Strengthened REYL, by reshaping the governance, appointing a new CEO, and by starting the rebranding process to Intesa Sanpao lo Wealth Management S.A. – Suisse ✓Launched a new protection product (SFERA+) for Private Banking clients in Family, Home and Health protection areas. The product is currently being rolled out across the entire Fideuram distribution network. Completed mandatory insurance training for >3,600 Fideuram Financial Advisors and on-site insurance training for ~ 200 Digital Specialists ✓Ongoing development of the Private Banking Division's Investment Center by strengthening investment services and solutions for Private and HNWI clients, also enhancing specialist advisory support for the Swiss and Luxemburg international hubs , in line with the internationalisation strategy and the expansion of investment services for top clients ✓Launched Unit Linked solution featuring lifecycle strategies designed to capture market opportunities over time and a single -premium Unit Linked product in Croatia ✓Expanded Eurizon offering dedicated to both the Group’s Italian and international networks and third -party counterparties , with a continued focus on educational programmes ✓Ongoing strengthening of the IMI C&IB commercial analytics to increase cross -selling through client -level origination strategies ✓Activated additional initiatives to increase balance sheet velocity (e.g., synthetic solutions for risk distribution, distribution partnerships with selected investors) ✓Completed additional technological releases on the Isybiz digital platform (e.g., cash management and digitalisation of trade finance processes) , supporting the service model evolution towards a digital -first approach (e.g., the new corporate portal) ✓Design phase underway for the setup of the Group’s Private Market platform ✓Launched the Global Markets business transformation program, focusing on the modernisation of the IT platform , product offering , and “ ways of working ” of the Sales & Trading teams ✓Strengthened the Group’s position in Digital Assets through more than 20 strategic initiatives across crypto -assets, tokenisation and stablecoins , further reinforced by participation in the Qivalis and Bancomat consortia. Consolidated the Group's rolein the retail and Digital Euro projects with selected asPayment Service Provider in the Digital Euro pilot project ✓Strengthened the strategic partnership with BancoPosta with salary -backed loan products available at all post offices ✓Continuous growth of reaching ~1.2m clients , with ~1, 050,000 accounts opened by new customers (~1 50,000 in 1H26). A new loyalty program was also launched ✓Launched new Financial Advisors model in IBD geographies, with 43 Financial Advisors in Slovakia and Hungary ✓Activated a new brand positioning campaign across IBD banks(1) ✓Released in Hungary and Croatia the new mobile app , with new features and an enhanced user experience. In Serbia the roll -out of the mobile app is underway ✓Completed in Slovenia and Croatia the development activities for the Digital Onboarding process consolidating the digital customer acquisition journey ✓Completed at IBD data-driven segmentation for Retail & WM, for Corporates and SMEs, Small Businesses, supporting the focus on high -potential clients and optimisation of cost to serve ✓Work on defining isywealth Europe ’s target business and technology operating model is progressing in line with the planned roadmapRevenue
growth
fuelled by
Wealth
Management,
Protection &
Advisory
leadership
MIL-BVA362 -03032014 -90141/VR
501H26 Key highlights2026 -2029 Business Plan proceeding at full speed, with key industrial initiatives well underway
(3/3) NOT EXHAUSTIVE
Our People
are the most
important
asset✓~1,050 People involved in upskilling/reskilling for high value -added activities ✓~8,000 young people enrolled in dedicated development programs including Future Gen initiative ✓The Group’s state -of-the-art welfare system enhanced with new work -life balance initiatives, with a focus on parents and young people ✓Completed the selection process for candidates of the new International Graduate Program , resulting in 30 new hires in 2026Low Cost of
risk thanks
to Zero -NPL
Bank status
and high -
quality
origination✓Bad loans reset to near zero ✓Credit governance framework upgraded through newly -established strategic and operational credit committees ✓Strengthening of forward -looking credit guidelines for origination ongoing ✓Evolution of Early Warning System models for credit risk ongoing, by incorporating additional forward -looking elements and market data, also adopting new methodologies (e.g., Machine learning) ✓Consolidation of a holistic framework for Non-financial Risks management with the launch of isycontrols and other initiatives to strengthen the internal control model ✓Further strengthening of second level controls by adopting AI and GenAI ✓Activities of the NEMO Program are in an advanced stage of development, with the aim of further strengthening and innovating the control and protection syst em of customers’ personal data ✓Ongoing implementation of the Global Defence Center , a strategic initiative aimed at strengthening the Group’s internal capabilities and specialised know -how in cybersecurity ✓Finalised several initiatives, targeting internal and external stakeholders, to strengthen the Group -wide risk and security culture , raising awareness on fraud, scams and info -physical risks ✓In 2Q26, two new synthetic securitisations completed for a total of ~€4.2bn. As at 30.6.26, the outstanding securitised portfolio included in the SRT Program was ~€36bn A world -
class
position in
Social
Impact, while
supporting
clients in the
sustainable
transitionSocial Impact :
✓Disbursed €3.0bn in social lending to strengthen financial inclusion ✓ ~€130m contribution already deployed to fight poverty and reduce inequalities , generating ~€490m social and economic impact (1) and improving socio -economic conditions of ~200,000 vulnerable individuals. Education, orientation, and employability initiatives launched, reaching ~18,000 young people Sustainable Transition :
✓Disbursed €9.7bn for the sustainable transition(2) ―To support the energy transition, deployed incentives for dedicated deals and launched energy efficiency initiatives aimed at improving the development and refurbishment of non -residential buildings in Italy ―To support SMEs in accessing credit and investments for environmental sustainability, two blended finance agreements finalised with the EIB for €700m ✓Renewed strategic partnership with the Ellen MacArthur Foundation on the Circular Economy ✓Achieved significant progress on decarbonisation across all portfolios (e.g., -41% absolute financed emissions vs 2022) and on own absolute emissions ( -39% vs 2019) Culture and Innovation :
✓Continuous commitment to culture with dedicated initiatives, also in partnership with public/private institutions (e.g., 8 new exhibitions with 434,000 visito rs and publication of 12 books) ✓Promotion of innovation , with 319 innovation initiatives and startup services carried out by Intesa Sanpaolo Innovation Center (1) Calculated by taking into account both the monetised value of the benefits generated for the final beneficiaries of the overall social contribution and the additional economic va lue activated within the productive system (2) Including environmental, governance and other sustainable activities
MIL-BVA362 -03032014 -90141/VR
51Leading ESG position: main sustainability ratings Note: sample includes Barclays, BBVA, BNP Paribas, Crédit Agricole, Commerzbank, Deutsche Bank, HSBC, ING Group, Lloyds Banki ng Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit Source: CDP Climate Change Score 2025 ( https://cdp.net/en/data/scores ); MSCI ESG Ranking (Source: Bloomberg) data as at 21.7.26; S&P Global ESG 2025 Score ( https://www.spglobal.com/sustainable1/en/solutions/esg -scores -data as at 21.7.26);
Sustainalytics ESG Risk Rating score (source Bloomberg) as at 21.7.26Main indexes and awards:
(D) (1) Classified as Diversified Financial Services & Capital Markets Industry by S&P Included in the
FTSE Diversity
and Inclusion
Index – Top 100
companies 2025
CDP – Climate Score MSCI ESG Rating S&P Global – ESG Score Sustainalytics – ESG Risk Rating Range (best to worst): A to D -Range (best to worst): 100 to 0Range (best to worst): AAA to CCC Range (best to worst): 0 to 100
(1) (1)
(D) (D)
In the 2026 Extel ranking, Intesa Sanpaolo was confirmed first in Europe for the 7th consecutive year for ESG aspects in the banking sector Sustainalytics – ESG Risk Rating Range (best to worst): AAA to CCC
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
Peer 12
Peer 13
Peer 14
Peer 15A A A A A A
A-A-A-A-
B B B
C NA NAPeer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
Peer 12
Peer 13
Peer 14
Peer 15AAA AAA AAA AAA AAA AAA
AA AA AA AA AA AA AA AA AA AAPeer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 1 0 Peer 1 1 Peer 1 2 Peer 1 3 Peer 1 4 Peer 1 58.2 9.0 9.5 9.9 10.612.3 12.4 13.1 13.2 13.9 14.6 15.4 16.017.4 17.7 17.787 8273 71 69 68 63 61 59 58 58 57 55 52 52 47Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 1 0 Peer 1 1 Peer 1 2 Peer 1 3 Peer 1 4
Peer 15
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52Addressing the key
systemic social
challenges in the
countries where
we operateContribution to fight poverty and reduce inequalities ~€130m(1) deployed ~€1bn ~13%
Continuous
commitment to
cultureTemporary exhibitions and art books 20 ~100 ~20%New social lending ~€25bn(3)~12%Strengthening
financial inclusion
through social
lending
~€200m ~4%~23% ~1,400 319 initiatives and
services by
Promoting innovation€3.0bnA world -class position in Social Impact… 2026 -2029 Business Plan main ESG initiativesResults achieved as at 30.6.26 2026 -2029 Business Plan targetsResult achieved vs BP target x
MAIN HIGHLIGHTS
Educational activities and workshops for schools3,700 ~10,000 ~37%
~€7m investments
managed byInvestments in startupsInnovation initiatives and
startup services
(1)>€1.1bn over the 2023 -1H26 period, including structure costs related to the People dedicated to sustain the initiatives/projec ts (2)Calculated by taking into account both the monetised value of the benefits generated for the final beneficiaries of the overall social contribution and the additional economic va lue activated within the productive system (3)Business Plan target envisages that30% of MLT new lending over the 2026 -2029 horizon issustainable lending, with a strong focus on social and environmental activities ( equal to ~€112bn assuming ~€374bn total MLT new lending, of which ~€25bn social lending and ~€87bn environmental /other sustainable activities) ~€490m social and
economic impact(2)
MIL-BVA362 -03032014 -90141/VR
53... while supporting clients in the sustainable transition Result achieved vs BP target x MAIN HIGHLIGHTS (1)Including environmental, governance and other sustainable activities (2)Business Plan target envisages that30% of MLT new lending over the 2026 -2029 horizon issustainable lending, with a strong focus on social and environmental activities ( equal to ~€112bn assuming ~€374bn total MLT new lending, of which ~€25bn social lending and ~€87bn environmental /other sustainable activities)
(3)Eurizon perimeter
(4)At Group level, in geographies where possible (5)WACI = Weighted Average Carbon Intensity, tCO2e per m$ revenue in Asset Management and tCO2e per m$ EVIC ( Enterprise Value Including Cash) in Insurance (6)Gross market -based greenhouse gas emissionsSupporting clients in the sustainable
transition
Electricity directly purchased from renewable sources(4)New MLT lending for the sustainable transition(1) €9.7bn ~€87bn(2) ~11% Stewardship activities in Asset Management(3) (% of financed emissions of portfolio in scope) Engagement of top 20 issuers (Insurance) 97% 100% in 2030 97%2026 -2029 Business Plan main ESG initiativesResults achieved as at 30.6.262026 -2029 Business Plan
targets
90% by 2030 ~86% ~78% since 2019 18 since 2021 20 by 2030 90% Key progress on decarbonisation in 2025:
▪Lending portfolio: 12% decrease of absolute financed emissions vs 2024 data for sectors covered by target setting ( -41% vs 2022) ▪Asset Management portfolio(3): 9% decrease of WACI(5) of investee companies related to portfolio in scope vs 2024 (-38% vs 2019) ▪Insurance portfolio: 6% decrease of WACI(5) of investee companies related to portfolio in scope vs 2024 ( -41% vs 2021) ▪Own emissions: 6% decrease of Scope(6) 1+2 absolute emissions vs 2024 ( -39% vs 2019)
1H26 Results
Detailed information
Leader in Wealth Management Protection & AdvisoryEurope’s most resilient Bank, with a sustainable >20% ROE
MIL-BVA362 -03032014 -90141/VR
55Key P&L and Balance sheet figures Note: figures may not add up exactly due to rounding (1)Net of duplications between Direct deposits and Indirect customer deposits (2)Taking into account €2.3bn buyback launched in July and 95% payout ratio. 13.0% not including any 1H26 Net income€ m1H26
- Assets under administration Loans to customers
437,12530.6.26
Customer financial assets(1)
1,511,359
of which Direct deposits from banking business
612,345
of which Direct deposits from insurance business
187,436
of which Indirect customer deposits
884,965
- Assets under management
589,637
295,328
RWA
318,428
Total assets
992,669
Operating income
Operating costs
(5,222)
Cost/Income ratio
35.9%
Operating margin
9,311
Gross income (loss)
8,617
Net income
5,554
CET1 ratio
~13.1%(2)
14,533
MIL-BVA362 -03032014 -90141/VR
56Contents
Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base
Asset quality
MIL-BVA362 -03032014 -90141/VR
57€ m1H26 vs 1H25 : the best six months ever with €5.6bn Net income Note: figures may not add up exactly due to rounding. 1H25 data restated for the outsourcing of the custodian bank business l ine, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR1H25 1H26 ∆% Net interest income 7,432 7,480 0.6 Net fee and commission income 4,891 5,131 4.9 Income from insurance business 922 973 5.5 Profits on financial assets and liabilities at fair value 552 905 63.9 Other operating income (expenses) (2) 44 n.m.
Operating income 13,795 14,533 5.3 Personnel expenses (3,192) (3,180) (0.4) Other administrative expenses (1,360) (1,358) (0.1) Adjustments to property, equipment and intangible assets (708) (684) (3.4) Operating costs (5,260) (5,222) (0.7) Operating margin 8,535 9,311 9.1 Net adjustments to loans (505) (428) (15.2) Net provisions and net impairment losses on other assets (107) (186) 73.8 Other income (expenses) 21 (80) n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 7,944 8,617 8.5 Taxes on income (2,500) (2,875) 15.0 Charges (net of tax) for integration, transformation and exit incentives (125) (116) (7.2) Effect of purchase price allocation (net of tax) (45) (32) (28.9) Levies and other charges concerning the banking and insurance industry (net of tax) (50) (19) (62.0) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (8) (21) 162.5 Net income 5,216 5,554 6.5
MIL-BVA362 -03032014 -90141/VR
58
1Q26 %
Net interest income 3,636 3,844 5.7 Net fee and commission income 2,515 2,616 4.0 Income from insurance business 476 497 4.4 Profits on financial assets and liabilities at fair value 505 400 (20.8) Other operating income (expenses) 22 22 0.0 Operating income 7,154 7,379 3.1 Personnel expenses (1,575) (1,605) 1.9 Other administrative expenses (631) (727) 15.2 Adjustments to property, equipment and intangible assets (363) (321) (11.6) Operating costs (2,569) (2,653) 3.3 Operating margin 4,585 4,726 3.1 Net adjustments to loans (170) (258) 51.8 Net provisions and net impairment losses on other assets (64) (122) 90.6 Other income (expenses) (12) (68) 466.7 Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 4,339 4,278 (1.4) Taxes on income (1,482) (1,393) (6.0) Charges (net of tax) for integration, transformation and exit incentives (60) (56) (6.7) Effect of purchase price allocation (net of tax) (17) (15) (11.8) Levies and other charges concerning the banking and insurance industry (net of tax) (9) (10) 11.1 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (10) (11) 10.0 Net income 2,761 2,793 1.22Q26Q2 vs Q1 : the best quarter ever with €2.8bn Net income Note: figures may not add up exactly due to rounding1Q26 2Q26 ∆%€ m
MIL-BVA362 -03032014 -90141/VR
59Quarterly P&L
Note: figures may not add up exactly due to rounding. 2025 data restated for the outsourcing of the custodian bank business l ine, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR€ m1Q25 1Q26 2Q25 3Q25 4Q25 Net interest income 3,632 3,800 3,680 3,684 3,636 3,844 Net fee and commission income 2,439 2,452 2,448 2,655 2,515 2,616 Income from insurance business 462 460 450 443 476 497 Profits on financial assets and liabilities at fair value 265 287 81 58 505 400 Other operating income (expenses) (2) 0 (13) 1 22 22 Operating income 6,796 6,999 6,646 6,841 7,154 7,379 Personnel expenses (1,585) (1,607) (1,668) (2,165) (1,575) (1,605) Other administrative expenses (631) (729) (698) (996) (631) (727) Adjustments to property, equipment and intangible assets (372) (336) (357) (388) (363) (321) Operating costs (2,588) (2,672) (2,723) (3,549) (2,569) (2,653) Operating margin 4,208 4,327 3,923 3,292 4,585 4,726 Net adjustments to loans (224) (281) (278) (962) (170) (258) Net provisions and net impairment losses on other assets (23) (84) (35) (250) (64) (122) Other income (expenses) (4) 25 (2) (190) (12) (68) Income (Loss) from discontinued operations 0 0 0 0 0 0 Gross income (loss) 3,957 3,987 3,608 1,890 4,339 4,278 Taxes on income (1,248) (1,252) (1,150) 77 (1,482) (1,393) Charges (net of tax) for integration, transformation and exit incentives (57) (68) (64) (164) (60) (56) Effect of purchase price allocation (net of tax) (24) (21) (17) (14) (17) (15) Levies and other charges concerning the banking and insurance industry (net of tax) (9) (41) (3) (60) (9) (10) Impairment (net of tax) of goodwill and other intangible assets 0 0 0 0 0 0 Minority interests (4) (4) (2) 4 (10) (11) Net income 2,615 2,601 2,372 1,733 2,761 2,793 2Q26
MIL-BVA362 -03032014 -90141/VR
60Yearly analysis Quarterly analysisNet interest income Note: figures may not add up exactly due to rounding7,432 7,480 158 Volumes Spread 1H2677
(187) +€48m
Commercial
component3,6363,844 73
Volumes Spread 2Q2668 67 +€208m
Commercial
component€ m € m 1Q26 1H25 Financial
componentsFinancial
componentsEuribor 1M (average data)
+1.95
%
+2.03
+2.35
+1.99Euribor 1M (average data) % Including hedging on core deposits (as at 30.6.26: ~€170bn core deposits hedged, 4y duration, ~1.85% yield, and ~€2.5bn month ly maturities)
MIL-BVA362 -03032014 -90141/VR
61Yearly analysis Quarterly analysisNet fee and commission income ▪Best Q2 ever ▪Growth vs 2Q25 driven by Commissions from Management, dealing and consultancy activities (+8.6%; +€133m)▪Record -high six months ▪6.1% increase in Commissions from Management, dealing and consultancy activities (+€190m)€ m € m
4,8915,131
1H25 1H26
Note: 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR +4.92,452 2,515 2,616
2Q25 1Q26 2Q26
+6.7
+4.0
% 1H26 vs 1H25 % 2Q26 vs 2Q25 and 1Q26
MIL-BVA362 -03032014 -90141/VR
62Net fee and commission income: quarterly development breakdown Note: figures may not add up exactly due to rounding . 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR Net fee and commission income
1Q25 1Q26 2Q25 3Q25 4Q25 € m
Guarantees given / received 38 43 43 41 42 36 81 78 Collection and payment services 170 176 165 192 171 177 346 348 Current accounts 323 327 325 330 318 323 650 641 Credit and debit cards 86 116 94 113 94 103 202 197 Commercial banking activities 617 662 627 676 625 639 1,279 1,264 Dealing and placement of securities 373 360 328 351 421 382 733 803 Currency dealing 3 2 4 3 2 3 5 5 Portfolio management 689 662 679 780 687 715 1,351 1,402 Distribution of insurance products 400 412 417 423 418 448 812 866 Other 112 108 111 103 106 129 220 235 Management, dealing and consultancy activities 1,577 1,544 1,539 1,660 1,634 1,677 3,121 3,311 Other net fee and commission income 245 246 282 319 256 300 491 556 Net fee and commission income 2,439 2,452 2,448 2,655 2,515 2,616 4,891 5,131 2Q26 1H25 1H26
MIL-BVA362 -03032014 -90141/VR
63Yearly analysis Quarterly analysisIncome from insurance business ▪2Q26, the best quarter ever ▪5% yearly growth in Non -motor P&C revenues at €173m(1)▪The best six months ever ▪Strong growth in Non -motor P&C revenues at €368m(1) (+7%)€ m € m (1)Including Commissions. Not including credit -linked products 922973
1H25 1H26
% 1H26 vs 1H25 % 2Q26 vs 2Q25 and 1Q26 +5.5460 476 497
2Q25 1Q26 2Q26
+8.0
+4.4
MIL-BVA362 -03032014 -90141/VR
64Profits on financial assets and liabilities at fair value Note: figures may not add up exactly due to rounding
Yearly analysis
Quarterly analysis
Securities portfolio and TreasuryCapital marketsCustomers€ m € m
1H25
172179
2012Q25
8296
109552905
1H25 1H26
Contribution by activity € m % 1H26 vs 1H25 % 2Q26 vs 2Q25 and 1Q26
+63.9287505
400
2Q25 1Q26 2Q26
+39.4
(20.8)
1Q26
1982
4042Q26
22294
841H26
241176
488
MIL-BVA362 -03032014 -90141/VR
65Operating costs
Quarterly analysis
Personnel expenses
Operating costs
Other administrative expenses
Adjustments
€ m
Yearly analysis
Personnel expenses
Operating costs
Adjustments
Other administrative expenses € m € m€ m € m € m € m € m Costs down with lowest -ever Cost/Income ratio at 35.9%5,260 5,222
1H25 1H263,192 3,180
1H25 1H26
1,360 1,358
1H25 1H26708 684
1H25 1H26Strong investments in growth and technology Note: 2025 data restated for the outsourcing of the custodian bank business line, the integration of Fideuram Asset Management UK into Eurizon SLJ Capital, and the full consolidation of Neva SGR % 1H26 vs 1H25 % 2Q26 vs 2Q25 and 1Q26
(0.7)
(0.4)
(0.1)
(3.4)2,672 2,569 2,653
2Q25 1Q26 2Q261,607 1,575 1,605
2Q25 1Q26 2Q26
729 631 727
2Q25 1Q26 2Q26336 363 321
2Q25 1Q26 2Q26
(0.7)
+3.3
(0.1)
+1.9
(0.3)
+15.2
(4.5)
(11.6)
MIL-BVA362 -03032014 -90141/VR
66Net adjustments to loans
Yearly analysis
Quarterly analysis
▪Strong increase in NPL coverage (+1.5pp vs 31.12.25) ▪€0.9bn overlays▪Annualised Cost of credit at 20bps ▪NPL stock, ratios and inflows at historical lows ▪Net NPL stock at just €4.0bn with Bad loans reset to near zero€ m € m % 1H26 vs 1H25 % 2Q26 vs 2Q25 and 1Q26 281
170258
2Q25 1Q26 2Q26505
428
1H25 1H26
(15.2)
(8.2)
+51.8
MIL-BVA362 -03032014 -90141/VR
67Contents
Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base
Asset quality
MIL-BVA362 -03032014 -90141/VR
68>€1.5 trillion in Customer financial assets Note: figures may not add up exactly due to rounding (1)Net of duplications between Direct deposits and Indirect customer deposits (2)Not including €14.2bn related to an Institutional client previously classified in Due to banks (3)Data restated for the inclusion of third -party AuM products in Assets under management (previously included in Assets under administration) Customer financial assets (1)
Direct deposits from banking business Direct deposits from insurance business Indirect customer deposits€ bn € bn € bn € bnAssets under adm.
Assets under mgt.
%30.6.26 vs 30.6.25 and 31.3.26 1,391 1,443 1,511 30.6.25(2)31.3.26 30.6.26570 600 612
30.6.25(2)31.3.26 30.6.26
540 556 590269 276 295 30.6.25(3)31.3.26 30.6.26810 832 885 176 179 187 30.6.25 31.3.26 30.6.26
+8.7
+4.7
+7.4
+2.0
+6.3
+4.9
+9.3
+6.4▪€121bn increase on a yearly basis, of which €68bn in Q2
MIL-BVA362 -03032014 -90141/VR
69Funding mix
Note: figures may not add up exactly due to rounding (1)Including Senior non -preferred (2)Certificates of deposit + Commercial papers (3)Including CertificatesRetail Total% 26 74 100Wholesale Retail € bn; 30.6.26 Breakdown of Direct deposits from banking business
156612
456Percentage of total 23 389 Current accounts
and deposits
41 - Repos and
securities lending
5 Senior bonds(1) 6 Subordinated liabilities 6 56(3)Other deposits28 - Covered bonds 18(2) - Short -term
institutional funding
6Placed with
Private Banking
clients
▪Retail funding represents 74% of Direct deposits from banking business ▪84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (64% including Corporates) ▪Very granular deposit base: average deposits ~€12k for Households (~19.6m clients) and ~€70k for Corporates (~1.8m clients) ~75% Households
~25% Corporates
34
Wholesale
MIL-BVA362 -03032014 -90141/VR
70Strong funding capability: broad access to international markets Note: figures may not add up exactly due to rounding (1)As disclosed on 2.2.26. Funding mix and size could change according to market conditions and asset growth (2)Not considering the €0.5bn covered bond issued by VUB Banka (3)Not considering the €0.75bn covered bond issued by VUB Banka
2026
-
2028 MLT maturities
Main wholesale
issues
€ bn
RetailWholesale
1H26 wholesale issues
€ bn
Light 2026 funding plan
2026
◼€1.25bn AT1, €0.75bn covered bond, €0.5bn Tier 2, €1.25bn green senior non -
preferred and $3.5bn 3 -tranche (tranches: 2 SNP and 1 Tier 2) bond placed. On average(3) 92% demand from foreign investors; orderbooks average(3)
oversubscription ~4.5x
❑February: €1.25bn AT1 dual-tranche Perp -NC6 & Perp -NC10 issue with the lowest -
ever Reset Spread for ISP ❑April: €0.75bn covered bond issued by VUB Banka, the issuer’s largest public transaction to date ❑May: €0.5bn 10y Tier 2 bond issued by Intesa Sanpaolo Assicurazioni, one of the strongest demand outcomes recorded in the EUR insurance subordinated market in
2026
❑June: €1.25bn 8NC7 green senior non -preferred bond, with the tightest spread ever achieved by ISP for an SNP transaction, and a $3.5bn 3 -tranche bond : $1.5bn 4NC3 SNP, $1bn 6NC5 SNP and $1bn 11NC10 Tier 2 , with the tightest level ever achieved in USD in previous trades37 6410
2H26 FY2710
FY2871716
2025
◼€0.5bn Tier 2, €1bn AT1 and €0.5bn covered bond placed . On average(2) 86% demand from foreign investors; orderbooks average(2) oversubscription ~6.0x ❑February: €0.5bn 10y Bullet Tier 2 bond issued by Intesa Sanpaolo Assicurazioni ❑May: €1bn AT1 PerpNC8 issue with the lowest -ever Reset Spread and €0.5bn covered bond issued by VUB Banka 2026 funding plan(1) ~2 ~4 ~2 ~8 x
Subordinated debt
(AT1 + T2)~3.4
Senior debt
(Non -preferred
+ Preferred)0.75
Covered bond s Total~2.6~6.7
MIL-BVA362 -03032014 -90141/VR
71High liquidity: LCR and NSFR well above regulatory requirements Note: figures may not add up exactly due to rounding (1)Stock of own -account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks (2)Eligible assets freely available (excluding assets used as collateral and including eligible assets received as collateral) a nd cash and deposits with Central Banks (3)Last twelve -month average (4)Preliminary dataLCR at 138%(3) and NSFR at 120%(4)€bn Unencumbered eligible assets with Central Banks (2)
(net of haircuts) €bn
Liquid assets
(1) 174 182 195111116113 30.6.25 31.3.26 30.6.26285299308 130 123 13179 83 82 30.6.25 31.3.26 30.6.26209 206 213Other reserves HQLA Other reserves HQLA
MIL-BVA362 -03032014 -90141/VR
72Rock -solid capital base (1)Taking into account €2.3bn buyback launched in July and 95% payout ratio (2)13.0% not including any 1H26 Net income (3)15.8% not including any 1H26 Net income (4)18.9% not including any 1H26 Net income (5)5.7% not including any 1H26 Net income Total capital ratio Common equity ratio Tier 1 ratio % % %€5.3bn accrued in H1 for distribution, of which €4.2bn cash dividends €5.3bn accrued in H1 for distribution, of which €4.2bn cash dividends €5.3bn accrued in H1 for distribution, of which €4.2bn cash dividends 31.3.26(1) 30.6.26(1)(2)>13.0 ~13.115.9 15.9 31.3.26(1) 30.6.26(1)(3)18.9 19.0 31.3.26(1) 30.6.26(1)(4)>13.8% including additional ~75bps benefit from DTA absorption 5.8%(5) leverage ratio
MIL-BVA362 -03032014 -90141/VR
73Contents
Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base
Asset quality
MIL-BVA362 -03032014 -90141/VR
74Non-performing loans: Bad loans reset to near zero Note: figures may not add up exactly due to roundingGross NPL ratio, % x Net NPL ratio, % x
Net NPL
Gross NPL
Total TotalPast due Past due
- of which forborne - of which forborne- of which forborne - of which forborne
- of which forborne - of which forborneBad loans Bad loans Unlikely to pay Unlikely to pay€ bn € bnGross and net NPL ratio based on EBA definition, % x
30.6.25
0.6
0.10.9
2.13.9
5.4 2.3
2.09.9 4.90.4
-0.3
1.4
30.6.25
1.3 3.2
1.2
1.04.00.3
-0.2
1.1
30.6.26
0.9 2.8
0.9
0.88.00.5
-0.5
1.7
30.6.26
2.9 4.7
1.8 1.6
NPL stock, ratios and inflows at historical lows7.70.4
-0.4
1.6
31.3.26
2.6 4.7
1.8
1.53.90.3
-0.1
1.0
31.3.26
0.8 2.8
0.9 0.8
MIL-BVA362 -03032014 -90141/VR
75Non-performing loans coverage: sizeable and strongly increased Note: figures may not add up exactly due to rounding (1) Bad loans ( Sofferenze ), Unlikely to pay ( Inadempienze probabili ) and Past due ( Scaduti e sconfinanti )
Total NPL
(1) Unlikely to pay
Past due
Bad loansCash coverage; % 67.3 68.6 69.2 31.12.25 31.3.26 30.6.2628.8 29.3 29.9 31.12.25 31.3.26 30.6.2640.8 40.6 40.6 31.12.25 31.3.26 30.6.2648.6 49.5 50.1 31.12.25 31.3.26 30.6.26Bad loans reset to near zero
MIL-BVA362 -03032014 -90141/VR
76Non-performing loans inflows at historical lows Net inflow of new NPL (1)
from Performing loans Gross inflow of new NPL (1)
from Performing loans Impact from the acquisition of the two former Venetian banks Impact from the combination with UBI Banca (1)Bad loans ( Sofferenze ), Unlikely to pay ( Inadempienze probabili ) and Past due ( Scaduti e sconfinanti )€ bn € bn Impact from the combination with UBI BancaImpact from the acquisition of the two former Venetian banks 7.0 6.3 4.6 3.0
2.22.41.92.3
1.41.91.5 1.5 1.5 1.41H13
1H14
1H15
1H16
1H17
1H18
1H19
1H20
1H21
1H22
1H23
1H24
1H25
1H264.54.1
3.0 2.0
1.21.41.31.8
0.91.41.1 1.3 1.3 1.21H13
1H14
1H15
1H16
1H17
1H18
1H19
1H20
1H21
1H22
1H23
1H24
1H25
1H26
MIL-BVA362 -03032014 -90141/VR
77Non-performing loans gross inflow Note: figures may not add up exactly due to rounding (1)Bad loans ( Sofferenze ), Unlikely to pay ( Inadempienze probabili ) and Past due ( Scaduti e sconfinanti ) Gross inflow of new NPL (1)
from Performing loans Unlikely to pay
Past due
Bad loans€ m
1,456 1,385
1H25 1H26
30 45
1H25 1H26791 793
1H25 1H26635547
1H25 1H26Of which €797m in Q2 Of which €26m in Q2Of which €471m in Q2 Of which €300m in Q2
MIL-BVA362 -03032014 -90141/VR
78Non-performing loans net inflow Note: figures may not add up exactly due to rounding (1)Bad loans ( Sofferenze ), Unlikely to pay ( Inadempienze probabili ) and Past due ( Scaduti e sconfinanti ) Net inflow of new NPL (1)
from Performing loans Unlikely to pay
Past due
Bad loans€ m
1,2721,180
1H25 1H26
15 31
1H25 1H26681 652
1H25 1H26576497
1H25 1H26Of which €683m in Q2 Of which €16m in Q2Of which €392m in Q2 Of which €275m in Q2
MIL-BVA362 -03032014 -90141/VR
79Loans to customers: a well -diversified portfolio Note: figures may not add up exactly due to rounding Non -
retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.6.26) 17% 15%
28%6%18%12%Global Corporate
International
network
Residential mortgages3%
OtherConsumer
finance1%Non-profitSMEsRepos, Capital markets and
Institutional Clients
Public Administration 4.9% Financial companies 9.0% Non-financial companies 38.0%
of which:
UTILITIES 5.1%
SERVICES 4.4%
REAL ESTATE 2.7%
INFRASTRUCTURE 2.6%
FOOD AND DRINK 2.4%
DISTRIBUTION 2.4%
TRANSPORTATION MEANS 2.0%
ENERGY AND EXTRACTION 1.9%
CONSTRUCTION AND MATERIALS FOR CONSTR. 1.9%
METALS AND METAL PRODUCTS 1.8%
FASHION 1.4%
AGRICULTURE 1.4%
CHEMICALS, RUBBER AND PLASTICS 1.3%
MECHANICAL 1.3%
TOURISM 1.2%
ELECTRICAL COMPONENTS AND EQUIPMENT 1.2%
TRANSPORT 0.9%
PHARMACEUTICAL 0.7%
FURNITURE AND WHITE GOODS 0.5%
MEDIA 0.4%
WOOD AND PAPER 0.4%
OTHER CONSUMPTION GOODS 0.1%
30.6.26
◼No material exposure to Private Credit ◼Low risk profile of residential mortgage portfolio ❑Instalment/available income ratio at 30% ❑Average Loan -to-Value equal to ~58% ❑Original average maturity equal to ~25 years ❑Residual average life equal to ~19 yearsNo material
exposure to
Private Credit
MIL-BVA362 -03032014 -90141/VR
80Contents
Detailed consolidated P&L results Divisional results and other information Liquidity, funding and capital base
Asset quality
MIL-BVA362 -03032014 -90141/VR
81Divisional financial highlights
Divisions
Note: figures may not add up exactly due to rounding (1)Excluding the Russian subsidiary Banca Intesa which is included in the Corporate Centre (2)Fideuram , Intesa Sanpaolo Private Banking, Intesa Sanpaolo Wealth Management, REYL Intesa Sanpaolo, and Siref Fiduciaria
(3)Eurizon
(4)Intesa Sanpaolo Assicurazioni -which controls Intesa Sanpaolo Protezione, Intesa Sanpaolo Insurance Agency and InSalute Servizi -and Fideuram Vita (5)Treasury Department, Central Structures and consolidation adjustmentsData as at 30.6.26
Banca dei
Territori
IMI
Corporate &
Investment
Banking
International
Banks
(1)
Private
Banking
(2)
Asset
Management
(3)
Insurance
(4)
Corporate
Centre/
Others
(5)
Total
Wealth
Management
Divisions
Divisions
Operating income (€ m) 6,205 2,960 1,622 1,819 513 970 444 14,533 Operating margin (€ m) 3,307 2,262 949 1,316 403 793 281 9,311 Net income (€ m) 1,727 1,481 611 840 297 531 67 5,554 Cost/Income (%) 46.7 23.6 41.5 27.7 21.4 18.2 n.m. 35.9 RWA (€ bn) 91.5 115.1 44.1 17.0 2.9 0.0 47.9 318.4 Direct deposits from banking business (€ bn) 260.1 133.7 67.2 45.9 0.0 0.0 105.4 612.3 Loans to customers (€ bn) 219.9 134.5 52.4 14.6 0.3 0.0 15.4 437.1
MIL-BVA362 -03032014 -90141/VR
82Note: figures may not add up exactly due to roundingBanca dei Territori: 1H26 vs 1H25
€ m 1H25 1H26 ∆%
Net interest income 3,421 3,447 0.8 Net fee and commission income 2,559 2,620 2.4 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 75 136 81.3 Other operating income (expenses) 4 2 (50.0) Operating income 6,059 6,205 2.4 Personnel expenses (1,633) (1,605) (1.7) Other administrative expenses (1,318) (1,292) (2.0) Adjustments to property, equipment and intangible assets (1) (1) 0.0 Operating costs (2,952) (2,898) (1.8) Operating margin 3,107 3,307 6.4 Net adjustments to loans (561) (462) (17.6) Net provisions and net impairment losses on other assets (68) (66) (2.9) Other income (expenses) 51 0 (100.0) Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 2,529 2,779 9.9 Taxes on income (811) (996) 22.8 Charges (net of tax) for integration, transformation and exit incentives (50) (48) (4.0) Effect of purchase price allocation (net of tax) (8) (7) (12.5) Levies and other charges concerning the banking and insurance industry (net of tax) (3) (1) n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 0 0 n.m.
Net income 1,657 1,727 4.2
MIL-BVA362 -03032014 -90141/VR
83Note: figures may not add up exactly due to roundingBanca dei Territori: Q2 vs Q1
€ m 1Q26 2Q26 ∆%
Net interest income 1,699 1,748 2.9 Net fee and commission income 1,311 1,309 (0.1) Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 31 105 239.6 Other operating income (expenses) 1 0 (61.9) Operating income 3,041 3,163 4.0 Personnel expenses (802) (803) 0.2 Other administrative expenses (626) (667) 6.5 Adjustments to property, equipment and intangible assets (0) (0) 0.4 Operating costs (1,428) (1,470) 3.0 Operating margin 1,613 1,693 4.9 Net adjustments to loans (184) (278) 50.9 Net provisions and net impairment losses on other assets (20) (45) 128.5 Other income (expenses) 0 (0) n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 1,409 1,370 (2.8) Taxes on income (513) (483) (5.9) Charges (net of tax) for integration, transformation and exit incentives (26) (22) (13.5) Effect of purchase price allocation (net of tax) (3) (4) 1.9 Levies and other charges concerning the banking and insurance industry (net of tax) 0 (1) n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 0 0 n.m.
Net income 867 861 (0.7)
MIL-BVA362 -03032014 -90141/VR
84Note: figures may not add up exactly due to roundingIMI Corporate & Investment Banking: 1H26 vs 1H25
€ m 1H25 1H26 ∆%
Net interest income 1,501 1,582 5.4 Net fee and commission income 604 692 14.6 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 415 686 65.3 Other operating income (expenses) 0 0 n.m.
Operating income 2,520 2,960 17.5 Personnel expenses (254) (251) (1.2) Other administrative expenses (433) (440) 1.6 Adjustments to property, equipment and intangible assets (8) (7) (12.5) Operating costs (695) (698) 0.4 Operating margin 1,825 2,262 23.9 Net adjustments to loans (32) (45) 40.6 Net provisions and net impairment losses on other assets (11) (3) (72.7) Other income (expenses) 0 (40) n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 1,782 2,174 22.0 Taxes on income (575) (683) 18.8 Charges (net of tax) for integration, transformation and exit incentives (13) (10) (23.1) Effect of purchase price allocation (net of tax) 0 0 n.m.
Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 8 0 (100.0) Net income 1,202 1,481 23.2
MIL-BVA362 -03032014 -90141/VR
85Note: figures may not add up exactly due to roundingIMI Corporate & Investment Banking: Q2 vs Q1
€ m 1Q26 2Q26 ∆%
Net interest income 761 821 7.9 Net fee and commission income 315 377 19.7 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 450 235 (47.7) Other operating income (expenses) 0 0 325.2 Operating income 1,526 1,433 (6.1) Personnel expenses (125) (126) 0.8 Other administrative expenses (214) (226) 5.7 Adjustments to property, equipment and intangible assets (3) (3) 0.0 Operating costs (343) (356) 3.8 Operating margin 1,184 1,078 (9.0) Net adjustments to loans (10) (34) 231.9 Net provisions and net impairment losses on other assets (2) (1) (41.4) Other income (expenses) 0 (40) n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 1,172 1,002 (14.5) Taxes on income (377) (306) (18.8) Charges (net of tax) for integration, transformation and exit incentives (5) (5) (3.7) Effect of purchase price allocation (net of tax) 0 0 n.m.
Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 0 0 n.m.
Net income 789 691 (12.5)
MIL-BVA362 -03032014 -90141/VR
86International Banks: 1H26 vs 1H25 € m Note: figures may not add up exactly due to roundingDecline partly due to the increase in the Hungary Windfall tax1H25 1H26 ∆% Net interest income 1,223 1,181 (3.4) Net fee and commission income 364 378 3.8 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 86 86 0.0 Other operating income (expenses) (32) (23) (28.1) Operating income 1,641 1,622 (1.2) Personnel expenses (344) (345) 0.3 Other administrative expenses (251) (263) 4.8 Adjustments to property, equipment and intangible assets (65) (65) 0.0 Operating costs (660) (673) 2.0 Operating margin 981 949 (3.3) Net adjustments to loans 54 5 (90.7) Net provisions and net impairment losses on other assets 4 (14) n.m.
Other income (expenses) 0 0 n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 1,039 940 (9.5) Taxes on income (267) (282) 5.6 Charges (net of tax) for integration, transformation and exit incentives (33) (27) (18.2) Effect of purchase price allocation (net of tax) (2) (1) (50.0) Levies and other charges concerning the banking and insurance industry (net of tax) (17) (18) 5.9 Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (1) (1) 0.0 Net income 719 611 (15.0)
MIL-BVA362 -03032014 -90141/VR
87International Banks: Q2 vs Q1 € m Note: figures may not add up exactly due to rounding1Q26 2Q26 ∆% Net interest income 583 598 2.7 Net fee and commission income 180 199 10.5 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 21 65 210.5 Other operating income (expenses) (9) (15) 67.4 Operating income 775 847 9.4 Personnel expenses (169) (176) 4.5 Other administrative expenses (128) (135) 6.2 Adjustments to property, equipment and intangible assets (32) (33) 1.4 Operating costs (328) (344) 4.8 Operating margin 446 503 12.8 Net adjustments to loans 13 (7) n.m.
Net provisions and net impairment losses on other assets (7) (8) 19.6 Other income (expenses) (0) 0 n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 452 488 8.0 Taxes on income (173) (109) (37.2) Charges (net of tax) for integration, transformation and exit incentives (14) (13) (4.6) Effect of purchase price allocation (net of tax) (1) (1) (0.1) Levies and other charges concerning the banking and insurance industry (net of tax) (9) (9) (0.2) Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (1) (1) 23.9 Net income 255 356 39.6
MIL-BVA362 -03032014 -90141/VR
88Private Banking: 1H26 vs 1H25 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions 1H25 1H26 ∆% Net interest income 538 564 4.8 Net fee and commission income 1,132 1,207 6.6 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 42 35 (16.7) Other operating income (expenses) 9 13 44.4 Operating income 1,721 1,819 5.7 Personnel expenses (246) (245) (0.4) Other administrative expenses (204) (202) (1.0) Adjustments to property, equipment and intangible assets (54) (56) 3.7 Operating costs (504) (503) (0.2) Operating margin 1,217 1,316 8.1 Net adjustments to loans (10) 16 n.m.
Net provisions and net impairment losses on other assets (21) (11) (47.6) Other income (expenses) 0 (9) n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 1,186 1,312 10.6 Taxes on income (355) (451) 27.0 Charges (net of tax) for integration, transformation and exit incentives (12) (16) 33.3 Effect of purchase price allocation (net of tax) (10) (9) (10.0) Levies and other charges concerning the banking and insurance industry (net of tax) (2) 1 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 6 3 (50.0) Net income 813 840 3.3
MIL-BVA362 -03032014 -90141/VR
89Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions Private Banking: Q2 vs Q1
€ m 1Q26 2Q26 ∆%
Net interest income 276 289 4.8 Net fee and commission income 595 612 2.9 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 16 19 21.1 Other operating income (expenses) 7 6 (14.5) Operating income 893 926 3.7 Personnel expenses (127) (118) (6.9) Other administrative expenses (100) (103) 3.1 Adjustments to property, equipment and intangible assets (28) (28) (1.5) Operating costs (255) (249) (2.4) Operating margin 638 678 6.1 Net adjustments to loans 8 8 1.3 Net provisions and net impairment losses on other assets 6 (17) n.m.
Other income (expenses) (7) (3) (62.1) Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 646 666 3.1 Taxes on income (242) (208) (13.9) Charges (net of tax) for integration, transformation and exit incentives (8) (8) 5.6 Effect of purchase price allocation (net of tax) (4) (4) 2.3 Levies and other charges concerning the banking and insurance industry (net of tax) 0 1 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 2 1 (35.0) Net income 394 446 13.4
MIL-BVA362 -03032014 -90141/VR
90Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management DivisionsAsset Management: 1H26 vs 1H25
€ m 1H25 1H26 ∆%
Net interest income 21 18 (14.3) Net fee and commission income 432 460 6.5 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 1 1 0.0 Other operating income (expenses) 24 34 41.7 Operating income 478 513 7.3 Personnel expenses (47) (48) 2.1 Other administrative expenses (57) (56) (1.8) Adjustments to property, equipment and intangible assets (5) (6) 20.0 Operating costs (109) (110) 0.9 Operating margin 369 403 9.2 Net adjustments to loans 3 2 (33.3) Net provisions and net impairment losses on other assets 0 0 n.m.
Other income (expenses) 0 0 n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 372 405 8.9 Taxes on income (95) (104) 9.5 Charges (net of tax) for integration, transformation and exit incentives (2) (1) (50.0) Effect of purchase price allocation (net of tax) (2) (2) 0.0 Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (1) (1) 0.0 Net income 272 297 9.2
MIL-BVA362 -03032014 -90141/VR
91Asset Management: Q2 vs Q1 € m Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions1Q26 2Q26 ∆% Net interest income 9 10 15.5 Net fee and commission income 224 236 5.6 Income from insurance business 0 0 n.m.
Profits on financial assets and liabilities at fair value 0 0 (36.2) Other operating income (expenses) 15 19 31.2 Operating income 247 266 7.4 Personnel expenses (24) (24) (0.3) Other administrative expenses (27) (30) 9.5 Adjustments to property, equipment and intangible assets (3) (3) 0.6 Operating costs (54) (56) 4.6 Operating margin 193 209 8.2 Net adjustments to loans 2 1 (49.8) Net provisions and net impairment losses on other assets 0 (0) n.m.
Other income (expenses) 0 0 n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 195 210 7.7 Taxes on income (58) (47) (19.2) Charges (net of tax) for integration, transformation and exit incentives (0) (1) 101.7 Effect of purchase price allocation (net of tax) (1) (1) (0.0) Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (0) (0) 54.3 Net income 135 161 18.9
MIL-BVA362 -03032014 -90141/VR
92Insurance: 1H26 vs 1H25 € m Note: figures may not add up exactly due to rounding . Included in the single oversight unit Wealth Management Divisions1H25 1H26 ∆% Net interest income 0 0 n.m.
Net fee and commission income 2 2 0.0 Income from insurance business 918 972 5.9 Profits on financial assets and liabilities at fair value 0 0 n.m.
Other operating income (expenses) (6) (4) (33.3) Operating income 914 970 6.1 Personnel expenses (71) (73) 2.8 Other administrative expenses (83) (86) 3.6 Adjustments to property, equipment and intangible assets (18) (18) 0.0 Operating costs (172) (177) 2.9 Operating margin 742 793 6.9 Net adjustments to loans 0 0 n.m.
Net provisions and net impairment losses on other assets 0 (26) n.m.
Other income (expenses) 0 2 n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 742 769 3.6 Taxes on income (224) (227) 1.3 Charges (net of tax) for integration, transformation and exit incentives (10) (8) (20.0) Effect of purchase price allocation (net of tax) (3) (3) 0.0 Levies and other charges concerning the banking and insurance industry (net of tax) (24) 0 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests 0 0 n.m.
Net income 481 531 10.4
MIL-BVA362 -03032014 -90141/VR
93Insurance: Q2 vs Q1 € m Note: figures may not add up exactly due to rounding . Included in the single oversight unit Wealth Management Divisions1Q26 2Q26 ∆% Net interest income 0 0 7.3 Net fee and commission income 1 1 8.4 Income from insurance business 475 497 4.7 Profits on financial assets and liabilities at fair value 0 0 173.6 Other operating income (expenses) (3) (2) (17.8) Operating income 474 496 4.8 Personnel expenses (37) (35) (4.9) Other administrative expenses (37) (49) 30.4 Adjustments to property, equipment and intangible assets (9) (9) 2.7 Operating costs (83) (93) 11.7 Operating margin 390 403 3.3 Net adjustments to loans 0 0 n.m.
Net provisions and net impairment losses on other assets (3) (24) 759.9 Other income (expenses) 0 2 n.m.
Income (Loss) from discontinued operations 0 0 n.m.
Gross income (loss) 387 381 (1.6) Taxes on income (125) (101) (19.0) Charges (net of tax) for integration, transformation and exit incentives (4) (5) 24.7 Effect of purchase price allocation (net of tax) (2) (2) 1.9 Levies and other charges concerning the banking and insurance industry (net of tax) 0 0 n.m.
Impairment (net of tax) of goodwill and other intangible assets 0 0 n.m.
Minority interests (0) (0) (18.2) Net income 257 274 6.4
MIL-BVA362 -03032014 -90141/VR
94Market leadership in Italy Note: figures may not add up exactly due to rounding (*) Included in the single oversight unit Wealth Management Divisions (1)Excluding Corporate centre (2)Data as at 31.5.26
(3)Including bonds
(4)Data as at 31.3.26 (5)Mutual funds; data as at 31.3.26 1H26 Operating income breakdown by business area (1) Leader in Italy
Market share
(2)
Ranking
44%
12%4%13%7%21%
Banca
dei Territori
International
BanksAsset
Management(*)Private Banking(*)Insurance(*)IMI Corporate &
Investment Banking
17.0
20.4
20.6
21.0
24.1Loans
Deposits(3)
Factoring(4)
Asset Management(5)
Pension Funds(4)1
1 1 1% 1
MIL-BVA362 -03032014 -90141/VR
95International Banks by country Note: figures may not add up exactly due to rounding (*) Consolidated on the basis of the countervalue of 31.3.26 figures at the exchange rate as at 30.6.26 (1) Net adjustments to loans/Net customer loans Hungary Slovakia Slovenia Croatia Serbia Bosnia Albania Romania EgyptTotal
CEETotal
Ukraine(*)Moldova
Data as at 30.6.26 % of the
Group
Operating income (€ m) 216 400 76 312 28 258 39 46 8 41,387 220 1,607 11.1% Operating costs (€ m) 83 134 30 125 16 80 19 37 6 4 535 60 594 11.4% Net adjustments to loans (€ m) 5 (8) 6 0 1 7 (0) (4) (0) (3) 5 (10) (5) n.m.
Net income (€ m) 39 170 25 149 8 136 13 7 1 2 549 109 658 11.8% Customer deposits (€ bn) 8.4 23.1 3.8 14.5 1.5 7.7 1.9 2.1 0.2 0.3 63.4 3.8 67.2 11.0% Customer loans (€ bn) 5.5 20.8 3.0 11.3 1.2 6.4 0.7 1.7 0.2 0.0 50.7 1.6 52.3 12.0% Performing loans (€ bn) 5.4 20.6 2.9 11.2 1.2 6.3 0.7 1.7 0.2 0.0 50.3 1.6 51.8 12.0%
of which:
Retail local currency 45% 58% 37% 50% 28% 20% 30% 10% 68% n.m. 46% 44% 46% Retail foreign currency 0% 0% 0% 0% 11% 24% 8% 6% 0% n.m. 4% 0% 3% Corporate local currency 31% 34% 63% 50% 41% 21% 21% 58% 14% n.m. 38% 46% 38% Corporate foreign currency 24% 8% 0% 0% 19% 35% 41% 26% 18% n.m. 12% 10% 12% Non-performing loans (€ m) 43 178 22 139 5 45 3 23 1 0 459 5 464 11.6% Non-performing loans coverage 59% 55% 63% 51% 62% 71% 79% 61% 67% 100% 59% 89% 60% Annualised Cost of credit(1) (bps) 18 n.m. 39 1 21 22 n.m. n.m. n.m. n.m. 2 n.m. n.m.
MIL-BVA362 -03032014 -90141/VR
96€ mTotal exposure(1) by main countries
DEBT SECURITIES
Banking Business
AC FVTOCI FVTPL(2)Total(3)
EU Countries 69,530 67,214 10,240 146,984 396,632 Austria 745 1,468 35 2,248 631 Belgium 5,413 7,703 692 13,808 1,100 Bulgaria 0 27 5 32 27 Croatia 2,056 243 32 2,331 10,768 Cyprus 0 0 24 24 37 Czech Republic 140 303 81 524 1,338 Denmark 171 192 3 366 170 Estonia 0 0 0 0 2 Finland 305 614 78 997 112 France 8,852 16,091 1,153 26,096 8,564 Germany 1,400 2,813 153 4,366 14,808 Greece 81 78 294 453 1,868 Hungary 1,746 1,562 93 3,401 6,382 Ireland 2,528 1,966 455 4,949 863 Italy 28,500 15,722 5,760 49,982 309,080 Latvia 0 0 5 5 5 Lithuania 0 0 0 0 1 Luxembourg 943 2,514 105 3,562 7,554 Malta 0 0 0 0 244 The Netherlands 1,395 1,011 118 2,524 2,795 Poland 805 188 15 1,008 662 Portugal 747 792 256 1,795 321 Romania 53 713 7 773 2,511 Slovakia 2,193 724 60 2,977 17,126 Slovenia 125 165 0 290 2,665 Spain 11,074 12,254 821 24,149 6,462 Sweden 258 71 -5 324 536 Albania 16 716 0 732 752 Egypt 525 1,439 0 1,964 2,081 Japan 123 790 -18 895 386 Russia 4 0 0 4 663 Serbia 7 375 4 386 6,415 United Kingdom 910 1,485 205 2,600 16,337
U.S.A. 4,315 10,182 -55 14,442 13,252
Other Countries 8,604 9,728 1,142 19,474 26,926 Total 84,034 91,929 11,518 187,481 463,444LOANS Note: management accounts. Figures may not add up exactly due to rounding (1)Exposure to sovereign risks (central and local governments), banks and other customers. Book value of debt securities and net loans as at 30.6.26 (2)Taking into account cash short positions (3)The total of debt securities from Insurance business (excluding securities in which money is collected through insurance poli cies where the total risk is retained by the insured) amounts to €76,331m (of which €42,668m in Italy)
MIL-BVA362 -03032014 -90141/VR
97€ m
DEBT SECURITIES
Banking Business
AC FVTOCI FVTPL(2)Total(3)
EU Countries 52,749 51,962 5,124 109,835 13,153 Austria 618 1,313 0 1,931 0 Belgium 4,360 6,691 436 11,487 0 Bulgaria 0 27 5 32 0 Croatia 1,840 228 32 2,100 1,287 Cyprus 0 0 0 0 0 Czech Republic 0 259 78 337 0 Denmark 0 0 0 0 0 Estonia 0 0 0 0 0 Finland 243 443 79 765 0 France 7,068 11,695 749 19,512 0 Germany 338 1,787 -40 2,085 15 Greece 0 14 93 107 0 Hungary 1,305 1,497 94 2,896 478 Ireland 383 77 0 460 0 Italy 22,099 12,548 3,473 38,120 9,669 Latvia 0 0 5 5 5 Lithuania 0 0 0 0 0 Luxembourg 323 1,098 13 1,434 0 Malta 0 0 0 0 0 The Netherlands 822 229 1 1,052 0 Poland 504 174 16 694 0 Portugal 494 660 142 1,296 54 Romania 53 713 6 772 753 Slovakia 2,069 614 60 2,743 365 Slovenia 113 165 0 278 467 Spain 10,117 11,720 -118 21,719 60 Sweden 0 10 0 10 0 Albania 16 716 0 732 0 Egypt 525 1,439 0 1,964 281 Japan 0 364 -53 311 0 Russia 0 0 0 0 0 Serbia 7 375 4 386 583 United Kingdom 0 1,023 -10 1,013 0
U.S.A. 3,071 8,163 -490 10,744 0
Other Countries 5,125 6,012 341 11,478 4,689 Total 61,493 70,054 4,916 136,463 18,706LOANSExposure to sovereign risks(1) by main countries Note: management accounts. Figures may not add up exactly due to rounding (1)Exposure to central and local governments. Book value of debt securities and net loans as at 30.6.26 (2)Taking into account cash short positions (3)The total of debt securities from Insurance business (excluding securities in which money is collected through insurance poli cies where the total risk is retained by the insured) amounts to €50,379m (of which €39,513m in Italy). The total of FVTOCI rese rves (net of tax and allocation to insurance products under management) amounts to -€1,711m (of which -€399 in Italy)Banking business government bond
duration: 6.2y
Adjusted duration due to hedging: 0.5y
MIL-BVA362 -03032014 -90141/VR
98Exposure to banks by main countries(1) Note: management accounts. Figures may not add up exactly due to rounding (1)Book value of debt securities and net loans as at 30.6.26 (2)Taking into account cash short positions (3)The total of debt securities from Insurance business (excluding securities in which money is collected through insurance poli cies where the total risk is retained by the insured) amounts to €14,167m (of which €1,484m in Italy)
DEBT SECURITIES
Banking Business
AC FVTOCI FVTPL(2)Total(3)
EU Countries 5,367 9,637 3,501 18,505 26,677 Austria 127 137 34 298 151 Belgium 980 974 254 2,208 204 Bulgaria 0 0 0 0 18 Croatia 0 0 0 0 111 Cyprus 0 0 24 24 0 Czech Republic 0 27 0 27 104 Denmark 94 118 4 216 20 Estonia 0 0 0 0 0 Finland 21 130 -1 150 0 France 1,037 2,779 223 4,039 5,122 Germany 335 592 129 1,056 4,719 Greece 76 64 184 324 1,775 Hungary 363 65 -1 427 882 Ireland 42 0 12 54 589 Italy 1,493 2,420 1,685 5,598 9,800 Latvia 0 0 0 0 0 Lithuania 0 0 0 0 0 Luxembourg 94 1,358 19 1,471 87 Malta 0 0 0 0 178 The Netherlands 191 478 79 748 50 Poland 36 5 -1 40 0 Portugal 56 72 69 197 250 Romania 0 0 1 1 73 Slovakia 35 110 0 145 0 Slovenia 0 0 0 0 61 Spain 345 262 800 1,407 2,435 Sweden 42 46 -13 75 48 Albania 0 0 0 0 2 Egypt 0 0 0 0 180 Japan 49 299 5 353 8 Russia 0 0 0 0 45 Serbia 0 0 0 0 66 United Kingdom 189 129 134 452 2,985
U.S.A. 191 918 274 1,383 718
Other Countries 410 2,166 60 2,636 4,673 Total 6,206 13,149 3,974 23,329 35,354LOANS€ m
MIL-BVA362 -03032014 -90141/VR
99€ mExposure to other customers by main countries(1) Note: management accounts. Figures may not add up exactly due to rounding (1)Book Value of debt securities and net loans as at 30.6.26 (2)Taking into account cash short positions (3)The total of debt securities from Insurance business (excluding securities in which money is collected through insurance poli cies where the total risk is retained by the insured) amounts to €11,785m (of which €1,671m in Italy)
DEBT SECURITIES
Banking Business
AC FVTOCI FVTPL(2)Total(3)
EU Countries 11,414 5,615 1,615 18,644 356,802 Austria 0 18 1 19 480 Belgium 73 38 2 113 896 Bulgaria 0 0 0 0 9 Croatia 216 15 0 231 9,370 Cyprus 0 0 0 0 37 Czech Republic 140 17 3 160 1,234 Denmark 77 74 -1 150 150 Estonia 0 0 0 0 2 Finland 41 41 0 82 112 France 747 1,617 181 2,545 3,442 Germany 727 434 64 1,225 10,074 Greece 5 0 17 22 93 Hungary 78 0 0 78 5,022 Ireland 2,103 1,889 443 4,435 274 Italy 4,908 754 602 6,264 289,611 Latvia 0 0 0 0 0 Lithuania 0 0 0 0 1 Luxembourg 526 58 73 657 7,467 Malta 0 0 0 0 66 The Netherlands 382 304 38 724 2,745 Poland 265 9 0 274 662 Portugal 197 60 45 302 17 Romania 0 0 0 0 1,685 Slovakia 89 0 0 89 16,761 Slovenia 12 0 0 12 2,137 Spain 612 272 139 1,023 3,967 Sweden 216 15 8 239 488 Albania 0 0 0 0 750 Egypt 0 0 0 0 1,620 Japan 74 127 30 231 378 Russia 4 0 0 4 618 Serbia 0 0 0 0 5,766 United Kingdom 721 333 81 1,135 13,352
U.S.A. 1,053 1,101 161 2,315 12,534
Other Countries 3,069 1,550 741 5,360 17,564 Total 16,335 8,726 2,628 27,689 409,384LOANS
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100Disclaimer (1/2)
“The manager responsible for preparing the company’s financial reports, Elisabetta Stegher , declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document resul ts, books and accounting records”.
* * * This presentation contains forward -looking statements, including forecasts, targets and estimates, that reflect the current view s of Intesa Sanpaolo management regarding future events. Forecasts, targets, and estimates are typically identified by expressions such as “it is possible”, “should”, “it is anticipated”, “it is expected”, “it is estimated”, “it is believed”, “it is intended”, “it is planned”, “target” or by the negative use of these expressions or othe r variations of such expressions or by the use of comparable terminology. These forward -looking statements include, but are not limited to, all information other than facts, incl uding, without limitation, information relating to Intesa Sanpaolo's future financial position and operating results, strategy, plans, objectives and future develop ments in the markets in which Intesa Sanpaolo operates or intends to operate.
As a result of such uncertainties and risks, readers are cautioned not to rely on such forward -looking information as a predicti on of actual results. The ability of the Intesa Sanpaolo Group to achieve its projected results or objectives depends on many factors beyond the control of management .
Actual results may differ materially from (and be more negative than) those projected or implied by the forward -looking statemen ts. These forward -looking statements involve risks and uncertainties that could have a material impact on the expected results and are based on basic assumptions.
All forward -looking statements set out herein are based on information available to Intesa Sanpaolo as of the day hereof. Intesa Sanpaolo undertakes no obligation to publicly update or revise forward -looking statements as a result of the availability of new information, future events or otherw ise, without prejudice to compliance with applicable laws. All subsequent forward -looking statements, written and oral, attributable to Intesa Sanpaolo or to persons acti ng on its behalf are expressly qualified, in their entirety, by these precautionary statements.
* * * This presentation does not constitute and is not part of an offer to buy, sell or exchange, or a solicitation of an offer to buy, sell or exchange, any financial instruments.
* * *
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101Disclaimer (2/2)
The voluntary public tender and exchange offer referred to in this presentation is promoted by Intesa Sanpaolo S.p.A. on all the ordinary shares of Banca Monte dei Paschi di Siena S.p.A. (the “ Offer ”). Prior to the commencement of the acceptance period, as required under applicable regulations, Intesa Sanpaolo S.p.A. shal l publish an offer document and an exemption document, which the shareholders of Banca Monte dei Paschi di Siena S.p.A. shall carefully examine. The Offer is promoted exclusively in Italy as the shares of Banca Monte dei Paschi di Siena S.p.A. are listed on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A. and, without prejudice to the following, the Offer is subject to the obligations and procedural requirements provided for by Italian law. The Offer is not being made, directed or promoted in the United States (and will not be directed at U.S. Persons, as defined by the U.S. Securities Act of 1933, as amended, the “ Securities Act ”), Canada, Japan, Australia or any other country or jurisdiction where making the Offer would not be in compliance with the secu rities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority (such jurisdictions, includi ng the United States, Canada, Japan and Australia, are referred to as the “ Excluded Countries ”). The Offer has not been and will not be made by using national or international instruments of communication or commerce of the Excluded Countries (including, without limitation, postal network, fax, telex, e -mail, telephone and internet), nor throu gh any structure of any of the Excluded Countries’ financial intermediaries or in any other way. As of the date of this presentation, Intesa Sanpaolo S.p.A. has not made any decision to extend the Offer in the United States and/or other Excluded Countries, and reserves any right in this respect in compliance with applicable regulatio ns. Partial or complete copies of any documents to be issued by Intesa Sanpaolo S.p.A. in connection with the Offer shall not be sent, nor shall they be transmitte d, or otherwise distributed, directly or indirectly, in the Excluded Countries. Any person receiving such documents shall not distribute, send or dispatch them (wheth er by post, internet or by any other means or instrumentality of communication or commerce) in the Excluded Countries. Any acceptances of the Offer resulting from solic itation activities carried out in violation of the above limitations will not be accepted. This presentation, as well as any other document or information issued by Intesa Sanpaolo S.p.A. in connection with the Offer, shall not constitute or form part of any offer to buy or exchange, or any solicitation of offers to sell or exchange, securit ies in any of the Excluded Countries.
The Intesa Sanpaolo S.p.A. securities referred to herein that will be issued in connection with the Offer may not be offered or sold in the United States except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration relating to s uch offer or sale. This document may only be accessed in or from the United Kingdom by (a)( i) persons having professional experience in matters relating to investments falling within the scope of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as subsequently amended (the “ Order ”) and (ii) persons to whom the document can be legitimately transmitted because they fall within the scope of Article 49(2) paragraphs from (a) to (d) of the Order (among o thers, high net worth companies), in each case that are also (b) qualified investors as defined under paragraph 15 of schedule 1 of the Public Offer and Admissions to Tradi ng Regulations 2024 (all these persons together being referred to as “ Relevant Persons ”). In the United Kingdom, this document is directed only at Relevant Persons, and any financial instrument or investment or investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) described in this document or in any other document issued by Intesa Sanpaolo S.p.A. in connection with the Offer are made available only to Relevant Persons (and any solicitati on, offer, agreement to subscribe, purchase or otherwise acquire any such financial instruments or other investments or to engage in any such investment activity will be directed exclusively at such persons). Any person in the United Kingdom who is not a Relevant Person should not act or rely on this document or any of its contents. Not withstanding that the Offer has not been, and will not be, made publicly in the United States, Intesa Sanpaolo S.p.A. reserves the right to contact certain U.S. invest ors by way of a private placement memorandum delivered only to “qualified institutional buyers,” as defined in Rule 144A of the Securities Act, and in a manner not subject to the registration requirements of the U.S. federal securities laws. The U.S. private placement memorandum, if any, will not be used in connection with the O ffer in Italy or in any of the Excluded Countries. Tendering in the Offer by persons resident in countries other than Italy may be subject to specific obligations or restrictions provided for by laws or regulations.
It is the sole responsibility of the addressees of the Offer to comply with such regulations and, therefore, before tendering in the Offer, to verify their existence and applicability by contacting their advisors. Intesa Sanpaolo S.p.A. shall not be held liable for any breach by any person of a ny of the foregoing limitations.