Consolidated Half-Year Financial Report 2026
1 TABLE OF CONTENTS
2026
Consolidated Half -Year
Financial Report
Consolidated Half-Year Financial Report 2026
2 TABLE OF CONTENTS
REVO Insurance S.p.A.
Registered office: Viale dell ’Agricoltura 7, 37135 Verona, Italy Operational headquarters: Via Monte Rosa 91, 20149 Milan, Italy Via Cesarea 12, 16121 Genoa, Italy Calle de Serrano 105, 28006 Madrid, Spain
Tax code/VAT No. and Verona Companies Register No. 05850710962 An insurance company authorised by ISVAP Order No. 2610 of 3 June 2008 listed in Section I of the Register of Insurance and Reinsurance Companies kept by IVASS, no. 1.00167;
Parent Company of the REVO Insurance Group registered in the Register of Groups with IVASS under no. 059
www.revoinsurance.com
Consolidated Half-Year Financial Report 2026 3 TABLE OF CONTENTS TABLE OF CONTENTS Corporate Officers and Directors ..................................................................................................................... 5 General information .............................................................................................................................................. 7 Corporate information ...................................................................................................................................................................................... 7 Group structure and intercompany transactions ........................................................................................................................................ 8 Group areas of activity ..................................................................................................................................................................................... 8 Interim Report on Operations .......................................................................................................................... 10 Market scenario .............................................................................................................................................................................................. 10 Industry regulations ....................................................................................................................................................................................... 13 Main corporate events .................................................................................................................................................................................. 13 General performance ..................................................................................................................................................................................... 14 Alternative performance indicators ........................................................................................................................................................................................14 Group performance ........................................................................................................................................................................................................................14 Evolution of the insurance portfolio and the sales network ........................................................................................................................................18 LRC release ........................................................................................................................................................................................................................................18 Insurance costs deriving from insurance contracts written ........................................................................................................................................22 Foreign business ..............................................................................................................................................................................................................................25 Reinsurance policy ..........................................................................................................................................................................................................................25 Main new products launched on the market.......................................................................................................................................................................26 Investment policy guidelines and profitability achieved................................................................................................................................................27 Remuneration policies and employee information ..........................................................................................................................................................28 Performance of the Subsidiary .................................................................................................................................................................... 29 The Group’s key half-year figures ............................................................................................................................................................... 29 Solvency II – Solvency margin ..................................................................................................................................................................... 30 Risk management objectives and policy and hedging policy of the companies included in the scope of consolidation .............. 31 Ongoing disputes ............................................................................................................................................................................................ 34 Capital and financial transactions with parent companies, associates, affiliates and other related parties .................................. 34 Other significant events during the half-year ........................................................................................................................................... 35 Main events after the half-year ................................................................................................................................................................... 35 Business outlook ............................................................................................................................................................................................. 36 Treasury shares held and related movements .......................................................................................................................................... 37 Condensed Consolidated Half-Year Financial Statements ..................................................................... 38 Consolidated Financial Statements .................................................................................................................... 40 Statement of Financial Position - Assets ................................................................................................................................................... 41 Statement of Financial Position – Equity and Liabilities......................................................................................................................... 42 Income statement ........................................................................................................................................................................................... 43 Statement of comprehensive income ......................................................................................................................................................... 44 Statement of changes in shareholders’ equity .......................................................................................................................................... 45 Statement of cash flows (indirect method) ............................................................................................................................................... 46 Statement of financial position by business segment ............................................................................................................................. 47 Income statement by business segment .................................................................................................................................................... 48 Notes ........................................................................................................................................................................ 49 General section ............................................................................................................................................................................................... 50 General basis of preparation and measurement ...................................................................................................................................... 51
Consolidated Half-Year Financial Report 2026 4 TABLE OF CONTENTS Scope of consolidation...................................................................................................................................................................................................................51 Consolidation method ...................................................................................................................................................................................................................52 Share-based payments ..................................................................................................................................................................................................................52 Earnings per share ..........................................................................................................................................................................................................................53 Foreign-currency transactions ..................................................................................................................................................................................................53 New accounting standards in force .........................................................................................................................................................................................53 New accounting standards that have not yet entered into force ..............................................................................................................................54 Information on the statement of financial position ................................................................................................................................. 56 Assets ....................................................................................................................................................................................................................................................56 Equity and liability items...............................................................................................................................................................................................................64 Information on the income statement ....................................................................................................................................................... 68 Result of insurance services .......................................................................................................................................................................................................68 Investment result .............................................................................................................................................................................................................................74 Other revenue/cost ........................................................................................................................................................................................................................74 Operating expenses ........................................................................................................................................................................................................................74 Amortisation and net impairment losses of intangible and tangible assets ..........................................................................................................75 Other operating income/expense ............................................................................................................................................................................................75 Taxes ......................................................................................................................................................................................................................................................75 Fair value measurement ................................................................................................................................................................................ 76 Breakdown of other comprehensive income ............................................................................................................................................ 78 Other information ........................................................................................................................................................................................... 79 Significant events after the half-year .....................................................................................................................................................................................79 Non-recurring significant events and transactions .........................................................................................................................................................79 Revenue or cost elements of exceptional size or impact ...............................................................................................................................................79 Long-term incentives – LTI Plan ...............................................................................................................................................................................................79 Contingent liabilities, purchase commitments, guarantees, pledged assets and collateral ..........................................................................80 Leases ....................................................................................................................................................................................................................................................80 Information relating to staff .......................................................................................................................................................................................................81 External Auditor’s Report ................................................................................................................................. 83
Consolidated Half-Year Financial Report 2026 5 TABLE OF CONTENTS Corporate Officers and Directors BOARD OF DIRECTORS Chairman Andrea Beltratti Chief Executive Officer Alberto Minali Directors Claudio Giraldi Martino Meneghini Annapaola Negri-Clementi Elena Pistone Federica Seganti INTERNAL BOARD COMMITTEES Internal Control and Risks Committee (also for Related Party Transactions) Federica Seganti (Chair) Claudio Giraldi Annapaola Negri-Clementi Appointments and Remuneration Committee Annapaola Negri-Clementi (Chair) Elena Pistone Martino Meneghini Environmental, Social and Governance (ESG) Committee Andrea Beltratti (Chair) Alberto Minali Claudio Giraldi Elena Pistone
Consolidated Half-Year Financial Report 2026 6 TABLE OF CONTENTS BOARD OF STATUTORY AUDITORS Chairman Alberto Centurioni Statutory Auditors Claudia Camisotti Saverio Ugolini Alternate Auditors Francesco Rossetti Paola Mazzucchelli GENERAL MANAGER Alberto Minali ****** INDEPENDENT AUDITORS EY S.p.A.
Consolidated Half-Year Financial Report 2026 7 TABLE OF CONTENTS General information The Consolidated half-year financial report is composed of the Interim report on operations and the Condensed Consolidated Half-Year Financial Statements at 30 June 2026 of the REVO Group. The Condensed Consolidated Half-Year Financial Statements have been prepared in accordance with the provisions of Article 154-ter of Legislative Decree No. 58/1998 (otherwise referred to as the TUF) and ISVAP Regulation No. 7 of 13 July 2007, in accordance with IAS 34, which applies to interim financial statements. The presentation scheme complies with the provisions of Title III of ISVAP Regulation No. 7 of 13 July 2007, as amended (the “Regulation”), and Consob Communication No. DEM/6064293 of 28 July 2006. The Group consists of the Parent Company, REVO Insurance S.p.A. (hereinafter also “REVO” or “the Company”), and the subsidiary, REVO Underwriting S.r.l. (hereinafter also the “Subsidiary”). The Condensed Consolidated Half-Year Financial Statements consist of the:
Statement of financial position;
Income statement;
Statement of comprehensive income;
Statement of changes in shareholders’ equity;
Statement of cash flows (indirect method);
Notes (including the schedules required by ISVAP Regulation No. 7/2007). In accordance with industry regulations, the Italian Civil Code and Consob regulations, the following file is also supplemented with the following documents:
the Directors’ Interim Report on Operations;
Certification pursuant to Article 81-ter of Consob Regulation 11971/1999 193;
the Independent Auditors’ Report. Corporate information The REVO Insurance Group, entered in the register of insurance groups under No. 059, consists of a Parent Company, REVO Insurance S.p.A., an insurance company created through the reverse merger between Elba Assicurazioni S.p.A. and the Parent Company, Revo S.p.A., and an insurance brokerage company, REVO Underwriting S.r.l., operational since July 2022. REVO Insurance S.p.A. is an insurance company operating in the non-life business with its registered office at Viale dell’Agricoltura 7, Verona. REVO Underwriting, an insurance brokerage and advisory services company, operates as an MGA (managing general agency), i.e. an agency authorised to underwrite, issue and manage insurance policies, under licences and authorisations held by the insurance company. The Subsidiary, with its registered office at Via dell’Agricoltura 7, Verona, and share capital of €150,000, has been operating as an agency since 6 July 2022 (date of entry in the register). At 30 June 2026, the Parent Company held a portfolio of treasury shares (totalling 229,550 shares) equal to 0.78% of the share capital including only ordinary shares, and is a company listed on the Euronext STAR Milan market, to which the rules of the Euronext Milan Issuers’ Regulations apply. At 30 June 2026, the Group held an investment in the associate Medinsure; there were no entities under common control. The Group is overseen by IVASS, the Italian insurance supervisory authority, which has its registered office at Via del Quirinale 21, Rome.
Consolidated Half-Year Financial Report 2026 8 TABLE OF CONTENTS The Condensed Consolidated Half-Year Financial Statements has been subject to a limited audit by the External Auditor, EY S.p.A., charged with auditing the accounts for the 2026-2034 financial years. Group structure and intercompany transactions The Parent Company owns 100% of the share capital of REVO Underwriting S.r.l., an insurance brokerage company. Pursuant to IVASS Regulation No. 30, the main intercompany entries recorded during the period are shown below, regardless of their materiality.
REVO Insurance S.p.A. owns 100% of the share capital of REVO Underwriting S.r.l., amounting to €150,000;
During the half-year, REVO Underwriting carried on insurance brokerage services on which commission income of €1,953,000 thousand was paid, recognised in the revenues of the Subsidiary and in the costs of the Parent Company. It also expects to collect premiums of €1,307,000 thousand, recognised in the receivables of the Parent Company and in the payables of the Subsidiary;
REVO Insurance S.p.A. provided personnel secondment services to REVO Underwriting S.r.l. totalling approximately €132,000. This amount is recognised in the revenues of the Parent Company and in the costs of the Subsidiary. For the service provided, €358,000 was recorded in the Subsidiary’s payables and in the Parent Company’s receivables;
During the reporting period, the Group did not carry out any intercompany transactions involving derivatives. Group areas of activity The REVO Insurance Group operates exclusively in non-life business in the insurance market. Insurance activities are carried out by the Parent Company, REVO Insurance S.p.A., including through its Spanish branch, REVO Iberia. At 30 June 2026, the REVO Insurance Group operated in Italy, abroad in LPS and in Spain through the branch established in November 2024. The Group operates in the following Areas of Activity, as defined by Article 2, paragraph 3, of the Private Insurance Code, Decree-Law No. 209 of 7 September 2005: 1. Accident, 2. Sickness, 3. Land Vehicles (other than railway rolling stock), 4. Railway rolling stock, 5. Aircraft, 6. Ships (sea, lake and river and canal vessels), 7. Goods in transit, 8. Fire and Natural Forces, 9. Other damage to property, 11. Aircraft liability, 12. Ships (sea, lake and river and canal vessels), 13. General liability, 14. Credit, 15. Suretyship, 16. Miscellaneous financial loss, 17. Legal expenses, 18. Assistance.
Consolidated Half-Year Report 2026
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Interim Report on Operations
Consolidated Half-Year Financial Report 2026 10 TABLE OF CONTENTS| Report on Operations Interim Report on OperationsMarket scenario Macroeconomic scenario The first half of 2026 was characterised by a macroeconomic and financial context mainly influenced by two scenario factors that will also affect developments in the coming months: on the one hand, the orientation of US foreign policy, set by the Trump administration with an approach that is certainly more incisive than in the recent past, with consequent effects on the geopolitical equilibrium and on the expectations of market operators; and on the other, the significant increase in investments in technology by large US companies, particularly in areas related to artificial intelligence and digital infrastructure, which have supported market valuations even during periods of volatility and greater selectivity on the part of investors. On the geopolitical front, the US government, despite the statements made during the election, adopted “interventionist” rhetoric on some international situations, followed by military operations such as the overthrow of the Venezuelan regime. However, the picture changed dramatically with the escalation of the Middle East conflict at the end of February: rising energy prices and tensions on strategic shipping routes led to a marked upward revision of inflation forecasts and reduced global growth expectations. The agreement between the United States and Iran, signed around mid-June, to reopen the Strait of Hormuz, although fragile and vulnerable to potential flare-ups, reduced uncertainty over the development of the energy crisis, mitigating the risks of more extreme scenarios and improving the outlook for the second half of the year. Significant investments in developing artificial intelligence systems aimed at improving productivity and margins supported the US economy, through both the impact of tax rebates arising from the One Big Beautiful Bill Act and the euphoric effect that this trend had on share prices. In this context, the first-quarter earnings reports of US companies strongly exceeded expectations, with Nvidia, the global leader in microprocessor design, a particular focus for market participants. However, during the half-year, there were concerns that huge investments in data centres, semiconductors and digital infrastructure, funded largely by debt, would be disproportionate to actual revenues and that this would result in a bubble similar to the dot-com boom of the early 2000s. In this context, central banks found themselves managing expectations of a potential stagflation scenario, caused by downward revised growth estimates and fears of a lasting effect on prices due to the surge in oil prices, while market expectations shifted dramatically, from a series of cuts to a much more restrictive outlook. In particular, the Federal Reserve, prompted by the switch from Jerome Powell to Kevin Warsh at the end of May, took a wait-and-see approach, keeping its 3.75% policy rate unchanged and carefully considering employment trends. In the Eurozone, expectations for the key rate also changed dramatically following the military escalation between Iran and the US, with the European Central Bank raising the deposit rate by 25 basis points to 2.25%, also to prevent potential second round effects arising due to volatility on energy materials. Heightened geopolitical uncertainty and fears of renewed inflationary pressures led to a broad-based downward revision of 2026 growth estimates. The United States, after recording overall real growth of +2.1% for 2025, nevertheless had a very positive first quarter (+2.1% compared with the last quarter of 2025). However, the effects of the military conflict in the Middle East caused a downward revision of about half a percentage point on the overall result for 2026. After ending 2025 with growth of +1.4%, the Eurozone contracted by 0.2% in the first quarter of 2026 compared with the previous quarter: the impact of the commodity shock was even more evident for European countries, whose average growth estimates for 2026 were essentially halved to +0.6% during the half-year. Italy avoided a contraction in the initial reading of the first quarter, but remains anchored at GDP levels close to zero (+0.3%) and is oriented towards an overall result for 2026 in line with the expected average for the euro area.
Consolidated Half-Year Financial Report 2026 11 TABLE OF CONTENTS| Report on Operations In the first half of 2026, inflation followed different trajectories across the major economic areas. In the US, inflation remained relatively high and more persistent than the Federal Reserve’s targets, supported by labour market resilience, consumer strength and the effects of protectionist trade policies; the subsequent energy shock related to geopolitical tensions in the Middle East further complicated the path of price recovery. After an increase of +2.7% at the end of March compared with the previous year, the consumer price index is expected to remain stable at over 3% in the next few quarters. In the Eurozone, inflation, initially close to the 2% target, supported by the strength of the euro and imported disinflation, rose to 3.0% yoy in the end of March snapshot, following the rise in energy prices. In Italy, the price performance remained generally lower than the European average, thanks to less dynamic domestic demand, although the country was not immune to the effects of rising energy costs and geopolitical uncertainty, with the consumer price index rising from +1.4% at the end of March to +3.0% at the first reading at the end of the half-year. Insurance scenario According to ANIA1 data for the first quarter of 2026, the total premiums (Italian companies and agencies) of the Italian direct portfolio in the non-life sector amounted to €13.6 billion, up 4.4% compared with the first quarter of 2025, when the sector recorded growth of 9.2%. The growth trend continued, with premium income exceeding €13.6 billion for the first time in the first three months of the year. The overall increase in non-life premiums was due to growth in the non-Motor sector, which recorded a rise of 3.4%, and in the Motor sector (+6.0%), primarily as a result of the increase in premiums for Land Vehicles (+7.6%) and, to a lesser extent, for Motor Third-party Liability (TPL) premiums (5.4%). In comparison with the end of 2025, the growth trend of the non-Motor sector in the first quarter of 2026, although lower, remained positive and broad-based, reaching +3.4% (compared with +7.1% at the end of the year). The overall picture reflects a more balanced development between the various segments, with the main classes in terms of volumes – including General TPL, Health and Accident insurance – continuing to make a significant contribution to premium collection, confirming the ongoing trend of growth. The first quarter of 2026 saw a significant contraction of the transport segment (which lost -20.0% overall on an annual basis) and, in particular, of the maritime classes. This was one of the most important factors in the evolution of the non-life sector, contributing significantly to the slowing of the overall growth of the non-motor segment. Overall, the premium performance is characterised by growth that is still positive, albeit more selective and differentiated between classes. The main drivers of growth in the first quarter of 2026 include: the Health class, with revenues of approximately €1.8 billion, up by 11.4%, confirming a solid and continuous path of growth; the Fire class, with premiums of approximately €1.1 billion and growth of more than 7%, reflecting the slowdown recorded following the strong expansion achieved at the end of 2025 (+17%), which was significantly affected by insurance obligations on natural disasters, with the underwriting obligation for micro- and small enterprises (including companies active in the tourism and food and beverage sectors) activated on 31 March 2026; the Accident class, with premiums of €1.2 billion, recorded an increase of 4.1%, stronger than the trend observed at the end of 2025; and the Legal Expenses and Assistance classes, which, albeit with lower volumes, confirmed a favourable trend, with growth rates of 6.1% and 9.5% respectively. With regard to insurance cover in the Suretyship class, the Italian market continues to show a sustained growth trend. According to the most recent available statistical data, the premiums recorded in the Suretyship business amounted to approximately €921 million in 2025, an increase of 8.0% on the previous year, representing the highest value ever registered for this segment2. This trend is part of a growth path already observed in 2024, when premiums exceeded €850 million, an increase of 7.5% compared with 20233. Regarding commercial trends, new business premiums amounted to approximately €502 million in 2025, up 3.5% compared with 2024 and representing 54.5% of total premiums. This effect confirms a high level of new underwriting, demonstrating a demand still driven by requirements for guarantees linked to the intensification of infrastructure investments and public procurement, including as part of the initiatives linked to the National Recovery and Resilience Plan (NRRP) as well as the increased use of insurance instruments as an alternative to traditional bank guarantees2. 1 Monthly report issued by the industry association ANIA 2 ANIA, ANIA Trends – suretyship class, data at 31 December 2025, June 2026 [ania.it] 3 ANIA Trends – 2024 data, reported by industry sources [intermediachannel.it]
Consolidated Half-Year Financial Report 2026 12 TABLE OF CONTENTS| Report on Operations Finally, the main form of intermediation, in terms of market share, was again the agency channel, with a share of 69.0% in the first quarter of 2026, down slightly compared with 70.1% in the same period of 2025. In the same period, bank branches were the second-largest distribution channel for the non-life segment, achieving a market share of 10.5% and experiencing a trend of growth in recent years. The banking sector is most involved in the marketing of premiums for the Financial Loss (38.5%), Accident (22.8%) and Health (17.3%) classes. Brokers represent the third-largest distribution channel for non-life premiums with a share of 9.8%, down from the 11% recorded in the same period in 2025. Brokers are most involved in the marketing of premiums for the Aviation Hull (84.6%), Marine Hull (85.8%), and Aviation Liability (68.0%), as well as Goods in Transit (44.2%) and Credit (35.8%). On the basis of an analysis in the OECD report on Artificial Intelligence in Italian Financial Markets4 and in light of the insurance scenario described, it is clear that artificial intelligence is an important enabling factor for the sector, although its impact is still mainly concentrated on operating levers rather than on the core business. The insurance industry stands out due to one of the highest levels of adoption in the financial system, with around 70% of companies claiming to use AI solutions in their processes. This figure, based on the OECD survey of around 450 Italian financial operators in 2025, confirms a strong appetite for innovation on the part of insurance companies4. However, the use of AI is currently strongly orientated towards improving internal efficiency, rather than transforming the technical-insurance model. The main applications concern data analysis and automatic content generation, the automation of administrative processes and support for customer service through chatbots, as well as fraud prevention and the operational management of policies and claims in the more standardised phases. In terms of economic and operating results, the impact is already tangible: approximately 75% of companies report improvements in operational efficiency, while more than 60% show increases in productivity, reflecting concrete benefits in terms of cost optimisation and faster processes. These are combined with positive effects on decision-making quality, thanks to AI’s ability to generate new insights and support management decision-making4. From a strategic point of view, the most distinctive applications of the insurance business – such as technical pricing, advanced underwriting or risk management – are still being developed or are not fully mature. Direct benefits on core businesses are limited and marginal, indicating that the transformative potential of AI for the insurance model has not yet been fully expressed4. Another important aspect relates to oversight of governance and control issues. Partly due to regulatory constraints and reputational risk profiles, companies are tending to maintain AI as part of a human-in-the-loop approach, limiting decision-making autonomy and favouring models that can be interpreted and controlled. This approach appears consistent with the nature of the non-life business, where transparency, fairness and accountability are fundamental prerequisites. Finally, some structural problems remain that affect its full scalability: in particular, uncertainty over the regulatory framework (including in relation to the AI Act and data protection legislation), difficulty in obtaining specialist skills and strong dependence on external technological providers (cloud and AI models) that may affect the level of operational control and concentration risks. The message that emerges is twofold: while artificial intelligence is already a concrete lever to improve efficiency and sustain operating profitability, its full strategic value – i.e. the transformation of the core technical processes of the insurance business – still requires a path of maturation in terms of skills, data, governance and regulatory clarity. The market environment in 2026 thus shows overall stable fundamentals, accompanied by a change in competitive dynamics and profitability. Premium growth continues, albeit at a slower pace than in previous years, reflecting a phase of gradual stabilisation of the cycle. In this scenario, two exogenous factors affecting the dynamics of the sector are particularly important. On the one hand, the introduction or strengthening of mandatory forms of cover for catastrophe risks has resulted in a potential expansion of insurance demand, affecting the composition of the portfolio and requiring an adjustment of underwriting and risk management models. On the other hand, developments in the regulatory framework in the context of Solvency II, with possible changes to capital requirements and risk assessment criteria, are influencing capital policies, the supply structure and underwriting strategies, with direct repercussions on technical profitability and resource allocation5. At the same time, the trend in technical margins, influenced by the intensification of competition between operators and the gradual reduction of inflationary pressures that had supported repricing policies in previous years, should also be 4 OECD (2026), Artificial Intelligence in Italian Financial Markets, based on 2025 surveys of around 450 Italian financial operators 5 Brokerchannel.it – The Italian non-life insurance market tested in 2026: references to competitive dynamics, catastrophe cover and regulatory impacts (Solvency).
Consolidated Half-Year Financial Report 2026 13 TABLE OF CONTENTS| Report on Operations noted. In the non-Motor classes in which the Group operates, there is increased competitive pressure, with possible effects on pricing policies5. The operating environment also shows the growing importance of technical and management factors, particularly regarding underwriting processes, portfolio management and relationships with customers and intermediaries, in a context where competitive levers are increasingly linked to the quality of underwriting and risk management. Overall, the non-Motor non-life market for 2026 is characterised by a combination of moderate growth and greater operational selectivity, where maintaining profitability is closely tied to technical discipline, the evolution of the regulatory framework and the adaptation of operating models to new coverage needs for emerging risks. Industry regulations Some of the new legislation affecting the insurance sector during the half-year is described below:
Operations of the Insurance Ombudsman since 15 January 2026, with consequent impacts on safeguards relating to the management of complaints, customer information, contractual and pre-contractual documentation and internal procedures for the management of insurance disputes.
IVASS Order No. 169 of 15 January 2026, containing amendments and additions to IVASS Regulations Nos 40/2018 and 41/2018 on the oncological right to be forgotten, with implications for the distribution, information and underwriting processes applicable to the insurance products concerned.
IVASS Regulation No. 57 of 9 February 2026 concerning the implementation of provisions on the option to value non-durable securities based on the value shown in the latest annual financial statements, relevant for accounting and prudential purposes.
IVASS Letter to the Market of 23 January 2026 regarding the survey of price trends for catastrophe cover, with updates and subsequent surveys connected to the monitoring of the nat-cat segment.
IVASS Letter to the Market of 9 March 2026 on statistical and supervisory reporting, summarising timescales and operating methods for communications to be transmitted in 2026 through the Infostat platform, including Solvency II reports, DORA obligations and national surveys.
Register of DORA information confirming the obligation to transmit through the Infostat platform, with particular attention to the completeness and updating of information on ICT suppliers and relevant contractual agreements.
EIOPA 2026 supervisory priorities, focused on DORA and sustainability risks, as well as areas of attention relating to the calculation of the Solvency Capital Requirement for undertakings for collective investment and the fair treatment of customers in claims management, including through digitalisation.
Proposals to amend ISVAP Regulation No. 7/2007, published on 9 April 2026, relating to amendments to the financial statements of IAS/IFRS adopter insurance companies, with possible repercussions on financial reporting processes and methods of presenting financial statement data.
Proposals to amend IVASS Regulation No. 36/2017, placed in public consultation on 25 June 2026, relating to the recognition of catastrophe and healthcare civil liability policies, with possible impacts on information flows to the Authority. Main corporate events Various major corporate events took place in the first half of 2026, the most significant of which are described below:
On 6 March, REVO Insurance S.p.A. announced that, as of 20 March 2026, the Company’s shares would enter the FTSE Italia Mid Cap Index, reserved for the top 60 companies by capitalisation. At the reporting date, REVO
Consolidated Half-Year Financial Report 2026 14 TABLE OF CONTENTS| Report on Operations had a capitalisation of more than €700 million and its share price had risen by more than 30% since the beginning of the year;
On 16 March, the Board of Directors of REVO Insurance S.p.A., parent company of the REVO Insurance Group, approved the consolidated results for the year ended 31 December 2025;
On 23 March, the Standard Ethics agency upgraded REVO’s SER sustainability rating to “EE+” (very strong), recognising positively, among other things, the Company’s commitment to ESG topics announced in the “THE TECHUMAN ERA” 2026-2028 Business Plan, the composition of the majority independent Board of Directors and the achievement of gender equality;
On 27 March, the Company made available to the public the Board of Directors’ report on the 2026-2028 Long-Term Incentive Plan and the related information document, as well as the report on the 2026 remuneration policies and remuneration paid in 2025;
On 14 April, the strategic partnership with Satispay was announced, according to which REVO entered into a group policy with Satispay, as the policyholder, covering catastrophic events to protect participating merchants. The coverage, included in the annual Pro and Advanced plans of Satispay Business Premium, meets the requirements of the 2024 Finance Act and combines traditional insurance protection with parametric guarantees that provide for automatic indemnities up to €5 thousand;
On 27 April, the Shareholders’ Meeting: (i) approved the 2025 financial statements; (ii) resolved to distribute a unit dividend of €0.27 for each outstanding share (excluding treasury shares), paid out on 6 May 2026; (iii) approved the 2026 report on the remuneration policy; (iv) approved the 2026-2028 Long-Term Business Plan; (v) renewed the mandate to the Board to purchase and dispose of treasury shares up to 20% of the share capital; and (vi) approved, in extraordinary session, the amendment of Article 5.2 of the Articles of Association, granting the Board of Directors the authority to decide on capital increases for a period of five years, either free, up to a maximum limit of 5% of the share capital, or for payment, up to a maximum nominal amount of €668 thousand;
On 14 May, the Board of Directors of REVO Insurance S.p.A. approved the consolidated results for the first quarter of 2026. General performance Alternative performance indicators ALTERNATIVE PERFORMANCE INDICATORS 30.06.2026 30.06.2025 Loss ratio 36 32.3% 32.3% Combined ratio 4 7 84.8% 83.6% Group performance The Condensed Consolidated Half-Year Financial Statements at 30 June 2026 shows a pre-tax profit of €19,383,000. After taxes of €5,843,000, consolidated profit amounted to €13,540,000. Taxes are affected by the reversal of taxes in the income statement relating the portion of the LTI provision used to allocate to beneficiaries part of the treasury shares accrued under the 2022-2024 LTI share plan. This result was determined by the IAS profit, net of the taxes recorded by REVO Insurance S.p.A., amounting to €13,536,000 and increased by the IAS profit of REVO Underwriting, amounting to €4,000. 6Profitability indicator calculated as the ratio of claims-related expenses gross of reinsurance to insurance revenues, gross of commissions and the value of the acquired portfolio (formerly VoBA). 7Profitability indicator calculated as the ratio of the sum of the costs for insurance services issued to the result of reinsurance and insurance revenues gross of the value of the acquired portfolio (formerly VoBA).
Consolidated Half-Year Financial Report 2026 15 TABLE OF CONTENTS| Report on Operations The Group’s income statement8 is set out below, including the contribution of each individual company within the scope of consolidation, prior to consolidation adjustments. INCOME STATEMENT REVO
INSUR ANCE REVO
UNDER -
WRITING TOTAL 1. Insurance revenues from insurance contracts issued 163,712 1,953 165,66 6 2. Insurance service expenses from insurance contracts issued -103,658 - -103,658 3. Insurance revenues from reinsurance contracts held 47,321 - 47,321 4. Insurance service expenses from reinsurance contracts held -84,552 - -84,552 5. Result of insurance services 22,824 1,953 24,777 6. Net fair value gains (losses) on financial assets and liabilities measured at FVPL 717 - 717 Gains on financial assets and liabilities measured at FVPL 907 - 907 Losses on financial assets and liabilities measured at FVPL -190 - -190 7. Income/expenses from investments in associates and joint venture 44 - 44 8. Income/expenses from other financial assets and liabilities and from investment property 4,139 2 4,142 9. Investment result 4,900 2 4,902 10. Net financial expenses from insurance contracts written -1,438 - -1,438 11. Net financial income from relating to reinsurance contracts 727 - 727 12. Net financial income 4,190 2 4,191 13. Other costs net - -1,532 -1,532 14. Operating expenses: -4,681 -235 -4,916 14.1 - Investment management service expenses -18 0 -18 14.2 - Other administrative expenses -4,663 -235 -4,898 15. Net accruals to provisions for risks and charges - - - 16. Depreciation and impairment losses on property, plant and equipment -952 - -952 17. Amortisation and net impairment losses on intangible assets -1 - -1 18. Other operating expenses, net -2,041 -143 -2,184 19. Profit (loss) for the period before tax 19,338 45 19,383 20. Taxes -5,802 -41 -5,843 21. Profit (Loss) for the period after tax 13,536 4 13,540 At the end of the half-year, the adjusted operating profit was €29,146,000. This figure has undergone the following adjustments compared with the operating result of €27,061,000:
includes investment income and expenses, exclusively related to accrued coupons and issue and trading differences (and therefore, write-backs and value adjustments and gains/losses on disposals are excluded, as they are non-recurring);
includes the commissions paid by REVO Underwriting S.r.l. (Group MGA) to its commercial network;
excludes the costs of long-term incentive plans (LTIPs);
excludes the depreciation of property, plant and equipment over the period;
excludes costs for financial debts;
excludes the negative change attributable to the value paid for the acquisition of the insurance portfolio of Elba Assicurazioni (formerly VoBA);
excludes costs relating to payment of the agency severance indemnity provision, which are typically non-recurring;
excludes extraordinary costs incurred for one-off projects, including, for example, extraordinary assistance costs and one-off costs incurred for the renewal of the ANIA national collective agreement. 8 The prospectus is presented in the format provided for by IVASS Regulation No. 7/2007 as amended following the entry into force of the new IFRS 17 accounting standard.
Consolidated Half-Year Financial Report 2026 16 TABLE OF CONTENTS| Report on Operations The table below summarises the components of the adjusted operating result at 30 June 2026: ADJUSTED OPERATING PROFIT 30.06.2026 30.06.2025 Insurance result 24,777 22,173 Operating expenses -6,447 -6,445 LTI -929 -800 Amortisation of intangible assets transferred to the technical part 4,808 3,562 Interest income - expense 4,852 3,411 Operating profit 27,061 21,901 Other one -off costs 598 1,340 Extraordinary incentive costs 2025 - 993 LTI 929 800 Settlement of severance indemnity 13 59 Depreciation of property, plant and equipment (no IFRS 16) 65 61 Depreciation of value of acquired portfolio (formerly VoBA) 480 633 Adjustments of interest on loan - - Adjusted operating profit 29,146 25,787 The total value of the technical balance, net of reinsurance, was €24,777,000, representing an increase on the same period in 2025, when it came to €22,173,000. For the sake of completeness, the adjusted net result at 30 June 2026 is set out below, determined by applying, in addition to the adjustments already considered for the purposes of the adjusted operating result, the exclusion of components considered non-recurring. In particular, the provision relating to the LTI plans, the reversal to the income statement of taxes relating to the portion of the LTI fund released following the vesting and allocation of treasury shares to the beneficiaries, as well as the adjustment to the final values of the 2025 extraordinary incentive plan, are excluded: ADJUSTED PROFIT 30.06.2026 30.06.2025 Net profit 13,540 11,310 Capital gains/losses on disposal and measurement -49 -353 Adjustments of interest on loan - - Other one -off costs and e xtraordinary incentive costs 2025 598 2,333 Depreciation of property, plant and equipment (no IFRS 16) 65 61 LTI 929 800 Agency liquidation 13 59 Depreciation of value of acquired portfolio ( formerly VoBA) 480 633 Taxes on the released LTI fund and final accounting of incentive costs 1,462 1,267 Tax adjustment -640 -1,089 Adjusted profit 16,398 15,021 The technical performance of the insurance portfolio during the year was characterised by:
There was a significant increase in gross premiums written (+15.0% compared with 30 June 2025), due to: ✓ an expansion of the product range and the cover offered; ✓ new product launches on the market; ✓ growth of the REVO Iberia branch.
A total loss ratio, at 30 June 2026, of 32.3%, stable compared with the first half of 2025, with an increase in absolute value of gross reinsurance claims-related expenses of €11,763,000.
At 30 June 2026, taking into account the trends observed and the growth of the business, the IBNR claims reserve (including the Agro component on the coverage campaign launched in March) increased by €12,271,000 compared with 31 December 2025 (€9,414,000 net of reinsurance). At the same date, the total IBNR reserve amounted to €31,507,000, compared with €17,410,000 at 30 June 2025. With specific reference to the Agro LoB, the IBNR provision was €4,243,000, compared with €2,096,000 at 30 June 2025; this estimate reflects the expected claims determined in accordance with the projections of the business plan, as well as the timely
Consolidated Half-Year Financial Report 2026 17 TABLE OF CONTENTS| Report on Operations analyses and information available at the reference date in relation to the claims attributable to the line of business. In addition, compared with 31 December 2025, further adjustments to the ultimate cost, including the IBNR component, amounted to €1,563,000, equal to €903,000 net of cessions to reinsurance.
The net loss ratio of the Suretyship LoB improved, standing at 15.8%, compared with 17.0% at 30 June 2025.
The technical balance for reinsurance amounted to -€37,231,000, compared with -€26,720,000 at 30 June 2025. The change compared with the comparative period reflects, in addition to technical developments, the revision of the reinsurance structure for certain LoBs compared with the corresponding period of the previous year, involving the discontinuation of certain proportional quota-share treaties and the concurrent use of non-proportional excess-of-loss cover. This resulted in a reduction in the overall incidence of commissions recognised by reinsurers as a percentage of total insurance revenues.
Acquisition commissions amounted to €46,315,000, an increase compared with 30 June 2025 (€39,859,000), consistent with the strong growth in premiums recorded in the period. Acquisition commissions accounted for 20.1% of gross premiums written (19.9% in the first half of 2025), essentially unchanged on the figure recorded in the previous period. Due to the above performance, the COR (Combined Operating Ratio) net of reinsurance was 84.8% (83.2% in the first half of 2025), aligned with the plan’s medium-term expectations. Investment income was €4,902,000, compared with €3,779,000 at 30 June 2025. The increase compared with the comparative period is mainly due to the higher coupon interest of €865,000, supported by the diversification of the managed portfolio in line with the strategic asset allocation. Details of the Group’s statement of financial position and income statement by business segment are provided below: INSURANCE SECTOR OTHER TOTAL 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Intangible assets 104,677 103,153 3 1 104,680 103,154 Property, plant and equipment 12,796 11,622 - - 12,796 11,622 Insurance assets 161,536 146,850 - - 161,536 146,85 1 Investments 369,191 286,914 -150 -150 369,041 286,76 3 Other financial assets 4,804 8,138 -558 -846 4,246 7,292 Other assets 21,136 52,325 621 943 21,757 53,269 Cash and cash equivalents 10,361 5,252 610 1,026 10,971 6,278 Total assets 684,501 614,255 526 974 685,027 615,229 Equity 270,079 263,474 364 361 270,443 263,835 Provision for risks and charges 2,394 2,754 - - 2,394 2,754 Insurance liabilities 359,5 49 305,334 - - 359,5 49 305,334 Financial liabilities 14,007 12,799 - - 14,007 12,799 Liabilities 12,479 14,812 81 35 12,560 14,847 Other liabilities 25,992 15,084 81 578 26,073 15,661 Total and liabilities 684,501 614,255 526 974 685,027 615,229
Consolidated Half-Year Financial Report 2026 18 TABLE OF CONTENTS| Report on Operations INSURANCE SECTOR OTHER TOTAL 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Result of insurance services 22,824 20,157 1,953 2,016 24,777 22,173 Investment result 4,90 0 3,779 2 - 4,90 2 3,779 Net financial income 4,189 3,095 - - 4,191 3,095 Other costs net - 83 -1,532 -1,347 -1,532 -1,264 Operating expenses -4,681 -4,921 -235 -166 -4,916 -5,087 Net accruals to provisions for risks and charges - -250 - - - -250 Write -downs/ write -backs of property, plant and equipment -952 -871 - - -952 -871 Write -downs/write -backs of intangible assets -1 -1 - - -1 -1 Other operating expenses, net -2,041 -1,019 -143 -22 -2,184 -1,041 Profit (Loss) before tax 19,338 16,274 45 480 19,383 16,754 Performance of insurance operations Evolution of the insurance portfolio and the sales network LRC release The following table sets out the reconciliation between the classification of the business by groups of contracts (Revo LoB) and IFRS 17 portfolios for the purposes of comparison: IFRS 17 PORTFOLIO CONTRACT GROUP - REVO LOB Property Engineering Property FI Energy Multi -risk Indirect Property Property Cat Parametric Parametric Cat Parametric Agro Parametric Financial Loss Accident & Health PA Other Motor Land Vehicles MAT Specialty Lines Aviation FA&S Marine General Liability Liability PI D&O Cyber Medmal Credit Credit Agro Agro Suretyship Bond Legal Legal Insurance revenues from insurance contracts written by REVO Insurance alone amounted to €163,712,000 at 30 June 2026, up by €30,503,000 compared with 30 June 2025 (€133,209,000). Premiums written, gross of reinsurance and net of current year cancellations, totalled €230,564,000 in the first half of 2026, an increase compared with the €200,459,000 recorded at 30 June 2025 (an increase of +15.0%). The following is a presentation of direct and indirect premium income, first by Revo LoB and then by IFRS 17 portfolio: REVO LOB 30.06.2026 % 30.06.2025 % Bond 55,767 24.2% 48,153 24.0%
Consolidated Half-Year Financial Report 2026 19 TABLE OF CONTENTS| Report on Operations Property 51,763 22.5% 48,892 24.4% Land Vehicles 13,358 5.8% 14,348 7.2% Marine 12,936 5.6% 14,726 7.3% Engineering 12,886 5.6% 11,372 5.7% PI 12,095 5.2% 10,120 5.0% Casualty 11,108 4.8% 11,086 5.5% Agro 9,644 4.2% 8,431 4.2% Medmal 8,620 3.7% 4,616 2.3% Aviation 7,752 3.4% 7,783 3.9% Energy 7,219 3.1% 407 0.2% FI 6,349 2.8% 2,501 1.2% Cyber 4,995 2.2% 5,023 2.5% Property CAT 4,206 1.8% 3,325 1.7% PA 3,560 1.5% 2,908 1.5% D&O 3,363 1.5% 2,327 1.2% Legal 2,846 1.2% 1,585 0.8% FA&S 1,051 0.5% 1,023 0.5% Parametric Financial Loss 508 0.2% 337 0.2% Credit 440 0.2% 1,434 0.7% Multi -risk 72 0.0% - 0.0% Parametric Agro 26 0.0% 62 0.0% Total gross premiums 230,564 100.0% 200,459 100.0% IFRS 17 PORTFOLIO 30.06.2026 % 30.06.2025 % Property 78,289 34.0% 63,172 31.5% Suretyship 55,767 24.2% 48,153 24.0% General Liability 40,181 17.4% 33,172 16.5% MAT Specialty Lines 21,739 9.4% 23,532 11.7% Other Motor 13,358 5.8% 14,348 7.2% Agro 9,644 4.2% 8,431 4.2% Indirect Property 4,206 1.8% 3,325 1.7% Accident & Health 3,560 1.6% 2,908 1.5% Legal 2,846 1.2% 1,585 0.8% Parametric 534 0.2% 399 0.2% Credit 440 0.2% 1,434 0.7% Total gross premiums 230,564 100.0% 200,459 100.0% The following is a breakdown of LRC release per IFRS 17 portfolio: LRC RELEASE 30.06.2026 % 30.06.2025 % Property 56.961 34.8% 40,828 30.6% Suretyship 40,079 24.5% 33,499 25.1% General Liability 29,504 18.0% 23,957 18.0% MAT Specialty Lines 17,696 10.8% 18,508 13.9% Other Motor 7,66 0 4.7% 5,892 4.4% Agro 3,905 2.4% 3,113 2.3% Accident & Health 2,702 1.7% 3,498 2.6% Legal 2,311 1.4% 1,165 0.9% Indirect Property 2,255 1.4% 1,851 1.4% Credit 360 0.2% 687 0.5% Parametric 278 0.2% 212 0.2% Total 163,712 100.0% 133,209 100.0% The income statement item also includes commissions paid to the sales network. The following table sets out the amount of revenues gross of the share of commissions of REVO Insurance only:
Consolidated Half-Year Financial Report 2026
20 TABLE OF CONTENTS| Report on Operations INSURANCE REVENUES DERIVING FROM INSURANCE CONTRACTS
BEFORE COMMISSIONS 30.06.2026 % 30.06.2025 % Property 70,609 34.0% 52,495 30.7% Suretyship 52,427 25.3% 44,361 25.9% General Liability 37,751 18.2% 30,132 17.6% MAT Specialty Lines 20,408 9.8% 21,368 12.5% Other Motor 10,913 5.3% 9,548 5.6% Agro 5,304 2.5% 4,255 2.5% Accident & Health 3,445 1.7% 3,835 2.2% Legal 3,216 1.5% 1,677 1.0% Indirect Property 2,638 1.3% 2,188 1.3% Credit 423 0.2% 930 0.5% Parametric 393 0.2% 263 0.2% Total 207,527 100.0% 171,052 100.0% For the purposes of presentation and in order to ensure continuity with the information provided up to 31 December 2025, the following table summarises gross premiums written by class in the statutory financial statements: GROSS PREMIUMS BY MINISTERIAL CLASS 30.06.2026 % 30.06.2025 % 15 Suretyship 55,767 24.2% 48,153 24.0% 08 Fire and natural forces 45,299 19.6% 40,994 20.4% 13 General liability 41,720 18.1% 32,273 16.1% 09 Other damage to property 39,169 17.0% 31,863 15.9% 03 Land vehicles 12,876 5.6% 13,689 6.8% 06 Marine hull (sea, lake and river and canal vessels) 5,492 2.4% 4,888 2.4% 05 Aviation hull 5,226 2.3% 5,417 2.7% 16 Financial loss 5,206 2.3% 5,579 2.8% 07 Goods in transit 4,461 1.9% 7,117 3.6% 14 Credit 4,428 1.9% 1,434 0.7% 01 Accident 4,076 1.8% 1,590 0.8% 17 Legal expenses 2,999 1.3% 1,769 0.9% 04 Railway rolling stock 2,066 0.9% 1,889 0.9% 11 Aircraft Liability 695 0.3% 746 0.4% 12 Marine liability (sea, lake and river and canal vessels) 554 0.2% 644 0.3% 02 Health 289 0.1% 2,250 1.1% 18 Assistance 240 0.1% 164 0.1% Total 230,564 100.0% 200,459 100.0% In this regard, it should be noted that during the period there was a significant increase not only in Suretyship (+15.8% compared with the first half of 2025), which remained the main ministerial business class, but also in other classes historically managed by the Company (particularly for General Liability and Other Damage to Property), mainly due to the impetus provided by the expansion of the product range and the distribution network, in a favourable market context. At the end of the half-year, the insurance portfolio was diversified and in line with the same period of the previous year, with a 24.2% impact on total premiums of the Suretyship class (24.0% at the end of the first half 2025) and exposure to the Other classes of 75.8% (76.0% at 30 June 2025). During the period, an increase in business was recorded in the Credit, Accident and Legal Expenses ministerial classes, which grew by +208.8%, +156.4%, and +69.5%, respectively, compared with the same period of the previous year. The Health class, meanwhile, recorded an -87.2% reduction compared with 2025, due to the revision of underwriting approaches implemented at the end of the 2025 financial year. To complete the description of premium income for the year, a breakdown of premium income in Italy and abroad by direct and indirect business is shown below9: 9 The distinction between Italy and abroad is made for direct business on the basis of the offices of agencies and brokers and for indirect business on the basis of the registered office of the reinsurers.
Consolidated Half-Year Financial Report 2026 21 TABLE OF CONTENTS| Report on Operations BUSINESS DIRECT INDIRECT TOTAL Italy 211,003 570 211,573 Foreign (including Spain) 8,205 10,786 18,991 Total 219,208 11,356 230,564 It should be noted that the REVO Iberia branch contributed €9,918,000 during the half-year to gross premiums written of €230,564,000. In 2026, the parent company continued to implement measures to consolidate the number of agency mandates and the number of non-exclusive agency agreements with brokers, in order to boost both overall production and the productivity of individual intermediaries. At 30 June 2026, REVO Insurance's standalone sales network consisted of 121 agents (123 at 31 December 2025) and 70 brokers (70 at 31 December 2025). During 2026, the Company, as part of a process aimed at strengthening its commercial structure, embarked on a harmonization of the agency network that entailed the opening of 4 new agency mandates, 2 new free cooperation agreements with brokers and the closure of 6 agency mandates and 2 free cooperation agreements. In addition, as of that date, the establishment of two new commercial agreements with brokers for the REVO Iberia branch and a total of 17 European Toba brokers should be noted. With regard to the Group’s MGA, at 30 June 2026 there were 391 active collaboration agreements in place (349 at 31 December 2025), including 229 with agents registered in section A of the RUI, 155 brokers registered in section B of the RUI and 7 contractors registered in section E of the RUI. The distribution of agencies/brokers and the average premiums written at 30 June 2026 in Italy, by geographical area, are subdivided into: GEOGRAPHICAL AREA NO. OF AGENCIES/BROKERS
BY GEOGRAPHICAL AREA OVERALL
PREMIUMS AVERAGE PREMIUMS PER
AGENCY/BROKER 2026 AVERAGE PREMIUMS PER
AGENCY/BROKER 2025 North 99 167,476 1,692 1,455 Centre 49 26,661 544 530 South and Islands 43 16,866 392 286 Total 191 211,003 1,105 960 Nord 52%Centro 26%Sud e Isole 22% NordCentroSud e Isole No. of agencies/brokers by geographical area South Italy, Sardinia and Sicily 22% Northern Italy 52% Central Italy 26%
Northern Italy
Central Italy
South Italy, Sardinia and Sicily
Consolidated Half-Year Financial Report 2026 22 TABLE OF CONTENTS| Report on Operations Insurance costs deriving from insurance contracts written A breakdown of the components of the item “Insurance costs deriving from insurance contracts written by the Parent Company" is provided below: INSURANCE COSTS DERIVING FROM INSURANCE CONTRACTS WRITTEN 30.06.2026 30.06.2025 CHANGE Amounts paid 37,793 39,738 -1,945 Amounts to be recovered 1,150 1,795 -645 Change in LIC 29,191 13,98 4 15,20 7 Non -distinct investment component -1,164 -310 -854 Loss component - - - Costs attributed to insurance contracts 30,076 25,44 5 4,631 Other technical items 6,612 5,68 3 929 Total 103,658 86,33 5 17,323 The following table shows a breakdown by portfolio of claims-related expenses10 for direct and indirect business: CLAIMS FOR THE PERIOD – IFRS 17 PORTFOLIO 30.06.2026 30.06.2025 Property 21,536 15,472 MAT Specialty Lines 9,815 13,080 General Liability 7,999 9,411 Suretyship 7,614 6,818 Other Motor 11,144 5,282 Agro 4,693 2,258 Accident & Health 2,923 2,251 Legal 826 375 Indirect Property 398 150 Credit 5 95 Parametric 18 15 Total 66,970 55,207 In particular, claims-related expenses for direct and indirect business at 30 June 2026 amounted to €66,970,000 gross of reinsurance (€55,207,000 at 30 June 2025). Operating expenses and other technical items totalled €36,689,000 (€31,125,000 at 30 June 2025). The overall performance of claims-related expenses at 30 June 2026, measured in terms of loss ratio, was stable and appropriate with respect to the development and diversification of other lines of production, standing at 32.3%11 (in line with the same period in 2025). In absolute terms, claims-related expenses increased by €11,763,000, mainly due to the performance of the Other Motor, Property and Agro portfolios, which show higher expenses of €5,862,000, €6,064,000 and €2,435,000 respectively. This increase was partially offset by the reduction in expenses registered in the MAT Specialty Lines and General Liability LoBs of €3,265,000 and €1,413,000, respectively.
Suretyship The technical performance in the first half of 2026, due to the Company’s particular focus on customer retention and risk assessment during the underwriting phase, once again proved particularly profitable and improved compared with the first half-year of 2025. The ratio, gross of reinsurance, of claims for the period to insurance revenues was 14.5% (15.4% at 30 June 2025) and 15.8% net of reinsurance, compared with 17.0% at 30 June 2025. 10 Calculated as the sum of the amounts paid net of recoveries, including the change in LIC, the investment component and the loss component (if any). 11 Profitability indicator calculated as the ratio of claims-related expenses gross of reinsurance to insurance revenues, gross of commissions and the value of the acquired portfolio (formerly VoBA).
Consolidated Half-Year Financial Report 2026 23 TABLE OF CONTENTS| Report on Operations Claims for the year increased by a total of €795,000, gross of reinsurance, and as a result of the same by €272,000 compared with 30 June 2025.
Other portfolios In the other portfolios, the ratio, gross of reinsurance, of claims paid and reserved, net of recoveries, to earned premiums net of commissions, was stable compared with the same period of 2025 and equal to 38.2%. At 30 June 2026, the total value of the IBNR provisions was €31,507,000, representing an increase of €12,271,000 compared with 31 December 2025 and €14,097,000 compared with the same period in 2025. Below is an analysis of the claims performance of the portfolios, which record the main changes in the period: ✓ The Property portfolio registered an increase in claims for the period gross of reinsurance of €6,064,000, compared with the comparative period (€5,851,000 net of reinsurance). The ratio of claims to premiums, gross of reinsurance, was 30.5%, up slightly from 29.5% at 30 June 2025, although it benefited from the growth of the insurance business recorded during the period, equal to 34.5%. Regarding the portfolio, a substantial claim amounting to €2,400,000 occurred during the half-year; while it benefited from proportional recovery, it did not qualify for recovery under the XL treaty, as it fell below the priority threshold established by the reinsurance coverage; ✓ As noted above, the Agro portfolio deteriorated in the first half of 2026 by a total of €2,435,000 compared with the first half of 2025. In light of the specific nature of the business (almost exclusively within the year, with the final balance of the technical result in November, at the end of the coverage period), the effect is determined on the basis of the allocation to the IBNR reserve, which amounted to €4,243,000 (€2,096,000 at 30 June 2025). This amount reflects the expected claims determined in accordance with the projections of the business plan, as well as on the basis of analyses and information available on the claims already reported at the reference date. ✓ The Other Motor portfolio recorded an increase in claims for the period of €5,862,000, gross of reinsurance and, as a result thereof, of €2,233,000, partly attributable to the increase in business, which recorded an increase of 14.3% during the half-year compared with 30 June 2025, and the recording of a series of claims occurring in 2026 relating to a single policyholder for €2,341,000. The loss ratio gross of reinsurance increased compared with 2025 to 102.1% (55.3% in the first half of 2025). At that date, analyses for portfolio reform had already been launched on this line of business. The ratio of claims for the period to insurance revenues, net of the share of commissions, was 32.3%, stable compared with the first half of 2025. According to the IFRS 17 accounting standard, the item “insurance costs deriving from insurance contracts written” includes the Company’s operating expenses attributable to insurance contracts. The following table shows the breakdown of operating expenses allocated to insurance contracts: TOTAL COSTS ALLOCATED TO INSURANCE CONTRACTS 30.06.2026 30.06.2025 Portion of operating expenses allocated to insurance contracts 21,179 18,576 Other acquisition expenses 4,089 3,386 Amortisation of intangible assets 4,808 3,478 Total 30,076 25,440 The portion of operating expenses by type allocated to the insurance business was €21,179,000, in addition to €4,089,000 relating to other acquisition expenses, such as additional commissions and commission bonuses, and €4,808,000 for the amortisation of intangible assets, the amount of which rose, primarily due to investments made by the Company for continuous technological development. The following table shows the split of operating expenses by type based on the destination of the various items of the consolidated income statement:
Consolidated Half-Year Financial Report 2026 24 TABLE OF CONTENTS| Report on Operations BREAKDOWN OF OPERATING EXPENSES BY TYPE 30.06.2026 30.06.2025 Portion of operating expenses allocated to insurance contracts 21,179 18,576 Costs not attributed to insurance contracts 5,547 5,940 Costs attributed to claims settlement expenses 768 602 Total 27,494 25,118 The following table contains a breakdown by type of the Company’s total operating expenses, compared with operating expenses at 30 June 2025. OPERATING EXPENSES BY TYPE 30.06.2026 30.06.2025 CHANGE Personnel 15,233 15,405 -172 Expenses for travel/company car leasing 812 695 117 Depreciation of property, plant and equipment 66 61 5 BoD -Board of Statutory Auditors -Committees 538 525 13 External Auditor 180 269 -89 Expenses related to rents and condo/cleaning 1,374 1,260 114 Legal expenses 428 235 193 EDP services/maintenance 2,694 2,235 459 Policies 290 174 116 Advisory services 1,828 1,506 322 One -off costs 143 993 -850 Company/Agent events 1,321 980 341 Other expenses 2,587 780 1,807 Total 27,494 25,118 2,376 The impact of total expenses on insurance revenues decreased to 16.8% from 18.9% at 30 June 2025. The main changes compared with the costs recorded at 30 June 2025 are attributable to the following items:
Personnel costs, down compared with the corresponding period of the previous year, despite the addition of 48 new staff members during the half-year. This trend is primarily attributable to the discontinuation, in the first half of 2026, of the employee incentive plan implemented on a one-off basis in 2025 (a bridge year between the two business plans, pending the launch of the new LTI programme). This plan had resulted in an additional cost of €993,000 in the first half of 2025;
Other expenses, up by €1,807,000, primarily due to the increase in reinsurance brokerage costs, amounting to €1,710,000. In 2026, the structure of certain reinsurance contracts was revised: reinsurance brokerage commissions were excluded from the treaty, becoming an intermediation expense incurred by the Company directly with the broker. This change entails a different accounting presentation, involving the reclassification of this component from the item “Insurance revenues from reinsurance contracts” (which will therefore be higher) to “Costs for insurance services from insurance contracts issued”;
One-off costs, which were lower than at 30 June 2025, primarily due to the recognition in the previous financial year of costs associated with activities related to the preparation of the 2026-2028 Business Plan (around €762,000);
The cost of EDP services shows an increase of €459,000 compared with the previous year, primarily attributable to higher expenses incurred for the functioning of the Company’s technical systems and the supply of technologies supporting business development. In particular, the increase for the period is attributable to the activation of application maintenance services for the OverX system, resulting in the recognition of the associated charges as operating costs.
The cost incurred for advisory services in 2026, which increased slightly compared with the same period in 2025, is due in particular to technical support, such as (by way of example) advisory services relating to anti-fraud measures or product pricing, as well as claims settlement services.
Consolidated Half-Year Financial Report 2026 25 TABLE OF CONTENTS| Report on Operations The costs shown in the table above were subsequently allocated to insurance contracts based on their nature and the relevant cost centre, and distributed by portfolio based on earned premiums. The total costs attributed to insurance management amounted to €30,076,000 at 30 June 2026 (€25,440,000 at 30 June 2025), including €21,179,000 relating to the management expenses detailed by nature described above. The allocation to insurance management was carried out in line with the information presented in the 2025 consolidated financial statements. Foreign business During the half-year period, the Company carried out insurance activities under the freedom to provide services scheme in the territory of the Member States of the European Community, including States in the European Economic Area, following the authorisation received from IVASS on 4 July 2022. Furthermore, insurance operations continued in Spain through the branch established and operational since November 2024. The table below sets out the most substantial operating amounts, separated into direct and indirect business: FOREIGN BUSINESS DIRECT
30.06.2026 INDIRECT
30.06.2026 DIRECT
30.06.2025 INDIRECT
30.06.2025 Premiums 7,009 7,233 11,424 7,294 Change in premium reserve -400 -2,509 5,870 -3,678 Claims paid -1,993 -43 -3,390 -128 Change in claims reserve -605 -548 -5,730 -22 Commissions -751 -1,041 -1,700 -1,246 Total 3,260 3,092 -5,266 2,220 To complete this section, the management amounts for the Spanish branch are presented below: FOREIGN BUSINESS DIRECT
30.06.2026 INDIRECT
30.06.2026 DIRECT
30.06.2025 INDIRECT
30.06.2025 Premiums 6,365 3,553 2,358 2,085 Change in premium reserve -1,437 -1,278 -1,234 -2,102 Claims paid -1,189 -506 - - Change in claims reserve -1,313 227 - - Commissions -926 -843 -452 -450 Total 1,500 1,153 673 -466 Reinsurance policy In the first half of 2026, the Group’s reinsurance policy pursued the aim of optimising the overall risk profile and protecting against unexpected/unforeseen events such as “large” claims, including catastrophe claims. Treaties continued to be signed with leading reinsurance companies, significantly reducing the Group’s counterparty risk. The minimum rating of the companies included in the panel was greater than or equal to an A- rating from Standard & Poor’s and an A- rating from A.M. Best. Quota and excess of loss treaties were agreed for Suretyship policies (as in previous years) and quota and excess of loss treaties for other non-life policies, (except for Assistance, Cyber, Parametric, Credit and Fine Art policies, for which specific quota share treaties were signed). For the policies of the Engineering, Agro, Liability, Accident, Professional Indemnity and D&O LoBs, protection was established with excess of loss coverage. The following table shows a breakdown of the balance of ceded business compared with the previous year: TECHNICAL REINSURANCE ACCOUNT 30.06.2026 30.06.2025 Insurance revenues deriving from reinsurance contracts 47,321 56,300 Insurance costs deriving from reinsurance contracts -84,552 -83,020 Result of insurance services deriving from cessions to reinsurance -37,231 -26,720
Consolidated Half-Year Financial Report 2026 26 TABLE OF CONTENTS| Report on Operations Insurance revenues deriving from reinsurance contracts amounted to €47,321,000, compared with €56,300,000 at 30 June 2025, representing a decrease of €8,979,000. The change was mainly attributable to the increase in the non-distinct investment component, which had a negative impact of €12,926,000 compared with the comparative period, arising from a different allocation of the components of the Asset for Remaining Coverage, with no impact on the overall profit or loss. This effect was partially offset by the increase in revenues relating to ceded claims, amounting to €1,624,000, and in commissions recognised by reinsurers, amounting to €2,324,000. Overall, the favorable technical performance during the period, characterised by a lower incidence of large claims, together with the revision of the reinsurance structure compared with the comparative period—with greater use of non-proportional excess-of-loss cover rather than proportional quota-share treaties—resulted in a lower level of claims ceded in respect of the direct portfolio. “Insurance costs deriving from reinsurance contracts” amounted to €84,552,000 at 30 June 2026, up €1,532,000 compared with the comparative period, mainly due to the growth in business volumes, the evolution of the portfolio mix and the underwriting of new facultative covers in line with the development of the business. This increase was partially offset by the €4,622,000 reduction in the change in the Asset for Remaining Coverage (ARC), including the non-distinct investment component, as well as by the €3,295,000 decrease in “Other technical income/expenses”, mainly attributable to the estimated cost of excess-of-loss treaties relating to claims outstanding at the measurement date. Please refer to the dedicated section under “Information on the income statement” in this file for further details of the items. Main new products launched on the market During the first half-year of 2026, REVO’s product range was improved and further expanded through:
revision of the D&O (Directors & Officers) product: the product, which was first released in REVO in 2023, was revised to pursue the objectives of autonomy (with expansion of the operations of intermediaries), modularity (with the insertion of new cover, employee infidelity, as well as the integration of the ESG (environmental, social and governance) component into the price, in order to reward the most virtuous companies, thanks to the real time assessment of the ESG rating) and automation (with the integration of artificial intelligence into the underwriting process);
the introduction of the new STARTLITE in REVO plan for micro-businesses: the flexibility of the product has been expanded, with the option of a new STARTLITE insurance plan. The new plan was designed in response to the regulatory obligation relating to catastrophe cover provided for by Law No. 213/2023, and allows the protection also to be extended to shipments of goods and furniture.
the creation of a parametric pilot product aimed at covering additional crop protection costs related to weather events. The project was developed in collaboration with BASF with the aim of enriching the partner’s offer through innovative services;
the launch of projects in which the “initial emergency expenses” parametric guarantee is marketed in stand-alone mode, with the aim of expanding the offer of intermediaries, allowing them to also offer this cover to customers who already have natural catastrophe policies. In this context, it should be noted that ESG criteria have also been integrated into the processes of the Suretyship class, updating the automated underwriting process by introducing an assessment based on ESG ratings, which aims to include aspects relating to environmental impact, the management of social relations and the governance practices adopted by the customer in the assessment. For customers with a positive ESG rating, an increase in the credit facility available through automatic underwriting is provided for. In addition, further products were prepared for the management of facilities, meaning by this term combinations of REVO products placed by one or more specific distributors. In particular:
in the property sector, a collaboration has been launched with Satispay, which offers its merchants free coverage against catastrophe risks as provided for by Law No. 213/2023;
in the area of parametrics, the flight protection product has been extended to the airports of Turin, where billboards have also been installed to describe its main features;
regarding products dedicated to consumer protection and the prevention of radiation exposure, we have initiated new collaborations with industry partners;
Consolidated Half-Year Financial Report 2026 27 TABLE OF CONTENTS| Report on Operations in the travel sector, we have simplified the operating processes that enable us to build customised solutions for intermediaries specialising in the travel sector and we have started new commercial agreements. OverX REVO further developed the proprietary technological platform, OverX, during the half-year. The tool, which is fundamental for structuring and creating new insurance products, significantly simplifies underwriting and distribution processes, partly thanks to automated reading of broker communications, the use of external databases and the structuring of information needed to assess risk and draw up insurance contracts. OverX was developed natively in the cloud environment, using cutting-edge technologies, such as artificial intelligence, micro-services, APIs (application programming interfaces) and paradigms of privacy and security by design; it is based on a simple and efficient data structure, which facilitates information collection by brokers and stands out as it is highly innovative in terms of flexibility and efficiency in product personalisation. During 2026, in addition to the implementations necessary for the development of the above-mentioned products, various new features were enhanced and provided, and specifically:
improvements to the user experience of the InMailXpert module and extension of the features to new Spanish lines of business not yet usable in the module;
management of additional post-sales functions, such as handling constraints, changing the policyholder and policy transfers;
the improvement and development of existing functionalities, such as premium adjustment and operations related to engineering products, such as the suspension, reactivation, postponement, change and partial delivery of works;
the development of infrastructure to support the creation, management and maintenance of group policies with the creation of the first group product on OverX in the travel sector. This new module will significantly enhance the flexibility of creation and accelerate the time-to-market of group policies;
automation in the preparation of policy proposals for structured D&O products: on the basis of the email received, AI extracts the data and configures the product, producing a draft that is issued after approval by underwriting staff;
optimisation of data collection activity using artificial intelligence for all products, facilitating checks by operators: AI systems highlight relevant technical parameters within the underwriting documentation, speeding up consultation and matching of the information retrieved;
enhancement of the Liquidate AI agent's operational capabilities for the analysis and verification of signatures on discharge documents in claims management, as well as for the automated extraction of payment information necessary for settlement. The outcome of these processes is always subject to validation by the settlement agent, who has the right of approval and makes the final decision. Investment policy guidelines and profitability achieved The Company’s investment policy in the first half of 2026 was based on prudent criteria. The guidelines also take account of the framework resolution referred to in Article 8 of IVASS Regulation No. 24/2016, updated by the Board of Directors on 22 April 2026. It should be noted that updates to the framework resolution are designed to ensure both greater flexibility in investments in securities and greater diversification of portfolio instruments. In the first half-year, in particular, Italian government securities were purchased, as well as government securities from foreign issuers with high credit ratings, including Spain, Germany and France, and from supranational issuers. During the same period, corporate bonds with a high rating were purchased, and senior and subordinated issues from systemic banking institutions were subscribed. Furthermore, the Company increased its exposure to certain funds already held in the portfolio. The operations carried out in the direct equity segment were purely tactical in nature. The asset portfolio has a low duration of slightly above three years, and an excellent level of liquidity. All portfolio positions are denominated in euro. The prudent policy in terms of investments and issuer quality serves to protect it from market risk and liquidity risk, despite the current fragile economic and geopolitical scenario. The ongoing increased diversification in terms of asset
Consolidated Half-Year Financial Report 2026 28 TABLE OF CONTENTS| Report on Operations class and issuers is intended to make the portfolio more resistant to market fluctuations and increased volatility in domestic government bond spreads. Total investments at 30 June 2026 amounted to €369,041,000 (€286,763,000 at 31 December 2025), including €341,119,000 in bonds and other listed fixed-rate securities (including 29.3% in domestic government bonds and 34.3% in foreign government bonds), in addition to €11,725,000 relating to units in bond funds. Shares and quotas in companies include €77,000 relating to the shareholding in MedInsure S.r.l.. This item includes, in assets measured at amortised cost, the escrow account set up following the acquisition of Elba Assicurazioni S.p.A., amounting to €1,028,000 (€1,038,000 at 31 December 2025). The reduction of the escrow account will continue annually until the account is exhausted (31 December 2026). Total cash and cash equivalents amounted to €10,971,000 at 30 June 2026 (€6,278,000 at 31 December 2025). The following table sets out the breakdown of investments compared with the previous year: INVESTMENTS AND CASH AND CASH EQUIVALENTS 30.06.2026 31.12.2025 Investment property - - Investments in subsidiaries, associates and joint ventures 77 33 Financial assets measured at amortised cost 1,028 1,038 Financial assets measured at fair value through OCI 341,119 266,645 Financial assets measured at fair value through profit or loss 26,817 19,047 Total investments (excluding cash and cash equivalents) 369,041 286,763 Cash and cash equivalents 10,971 6,27 8 Total (including cash and cash equivalents) 380,012 293,04 1 INVESTMENTS BY TYPE – EXCLUDING ESCROW 30.06.2026 % 31.12.2025 % Shares and quotas 77 0.0% 33 0.0% Foreign corporate bonds 77,918 20.6% 59,466 20.4% Italian corporate bonds 37,320 9.9% 21,597 7.4% Italian government bonds 110,947 29.3% 88,764 30.4% Foreign state/government bonds 130,026 34.3% 105,847 36.2% Mutual fund units 11,725 3.1% 10,018 3.4% Total investments (excluding cash and cash equivalents) 368,01 2 97.1% 285,725 97.8% Cash at bank and in hand 10,97 1 2.9% 6,27 8 2.2% Total investments (including cash and cash equivalents) 378,985 100.0% 292,00 3 100.0% Remuneration policies and employee information At 30 June 2026, the internal structure of REVO Insurance S.p.A. was composed of 276 staff, plus 4 contract staff and 1 intern (at 31 December 2025 there were 269 staff, plus 6 contract staff), for REVO Underwriting S.r.l. (the Group’s management agency) 6 staff (at 31 December2025 there was 4 staff) and finally for the REVO Iberia branch, 19 staff (at 31 December 2025 there were 10 staff). The significant change with respect to the end of 2025 (+32 staff) is mainly due to the recruitment of new personnel necessary for the strengthening of the lines of business and the segment dedicated to the technological development of the Group, as well as the strengthening, as per the rolling plan, of the Spanish Branch and the Revo Underwriting Management Agency. The internal structure by area of expertise breaks down as follows: 30.06.2026 31.12.2025 CEO/GM 1 1 Specialty Insurance Solutions 140 135 Operations 77 68 Finance Planning and Control 21 18 Legal & Corporate Affairs 11 11 Risk Management 4 3 Human Resources and Organisation 8 7 Communications & ESG 4 4 Compliance 2 2 Actuarial Function 2 1 Internal Audit 3 3
Consolidated Half-Year Financial Report 2026 29 TABLE OF CONTENTS| Report on Operations Staff 3 2 Iberia 19 10 REVO Underwriting S.r. l. 6 4 Total 301 269 During the first half of 2026, REVO decided to accelerate the process of consolidating organisational and training development activities through the creation of the new Organisation & Learning Development function, within Human Resources and Organisation, with the aim of promoting structured pathways consistent with REVO’s evolving needs by approaching, jointly, the development of both processes and staff skills. In this context, and starting with the mapping of digital skills, conducted during 2025, an artificial intelligence laboratory was established, to which all the company functions contributed, with the identification of the AI tool provided to all staff, after an initial training course, delivered to all employees, co-led by the Organisation & Learning Development function with the support of an external trainer, to enable both experimentation and concrete use within the REVO ecosystem. During the second half of 2026, differentiated pathways will be established, based on the use cases of the individual functions, with the aim of supporting and enhancing the company’s overall investment in technological evolution, in particular with regard to awareness of opportunities to increase the efficiency of processes with the structured use of artificial intelligence. The preliminary review was also completed in preparation for the launch, in the second half of 2026, of language training featuring a diverse range of solutions, both in person and remotely. In early 2026, the Group began preparatory activities for the adoption of European Directive 2023/970, or the Pay Transparency Directive, which came into force in Italy on 7 June with Legislative Decree No. 96/2026. At the time of the entry into force of Pay Transparency legislation, specific training initiatives were launched for managers, aimed at raising awareness of the principles of transparency, fairness and consistency to be applied in the management, development and selection of staff. Total labour costs (employees and contract staff on project-based contracts) in the first half of 2026 came to €15,423,000 (€15,410,000 at 30 June 2025). The change with respect to 2025 is due to the increase in total remuneration due to the entry of a further 48 personnel from 30 June 2026 (at 30 June 2025 the Group's workforce consisted of 253 employees), the payroll cost of REVO Underwriting of €190,000 (€5,000 at 30 June 2025) and the absence, in 2026, of the cost of the extraordinary incentive for employees provided for the financial year 2025, amounting to €993,000 at 30 June 2025. Performance of the Subsidiary Subsidiary REVO Underwriting, which is responsible for insurance brokerage and advisory services and operates as the Group’s managing general agency, has been active since 6 July 2022, the date of entry in the RUI with registration number A000711224. At 30 June 2026, the company had over 391 active collaboration agreements in place (349 at 31 December 2025), including 229 with agents registered in section A of the RUI, 155 with brokers registered in section B of the RUI and 7 with external contractors registered in section E of the RUI. Through its network of partnerships, the company is active in brokering all the insurance solutions offered by the parent company, REVO Insurance, including agricultural products from 2026. At 30 June 2026, the Company posted revenues of €1,953,000, interest on bank deposits of €2,000, costs associated with the marketing of insurance products of €1,532,000 and costs associated with administrative services and other costs of €378,000. The result for the period was net profit after tax of €4,000. The Group’s key half-year figures
Consolidated Half-Year Financial Report 2026 30 TABLE OF CONTENTS| Report on Operations Further to the above, the figures are summarised below, in thousands of euro, for the half-year ended 30 June 2026 compared with the same period in 2025 for the income statement and with 31 December 2025 for statement of financial position items: ASSETS 30.06.2026 31.12.2025 Intangible assets 104,680 103,154 Property, plant and equipment 12,796 11,622 Insurance assets 161,536 146,85 1 Investments 369,041 286,764 Other financial assets 4,245 7,292 Other assets 21,757 53,269 Cash and cash equivalents 10,97 1 6,278 Total assets 685,027 615,229 EQUITY AND LIABILITIES 30.06.2026 31.12.2025 Equity 270,443 263,835 Provision for risks and charges 2,394 2,754 Insurance liabilities 359,549 305,334 Financial liabilities 14,007 12,799 Payables 12,561 14,847 Other liabilities 26,073 15,661 Total liabilities and equity 685,027 615,229 INCOME STATEMENT 30.06.2026 30.06.2025 Result of insurance services 24,777 22,173 Net financial result 4,191 3,095 - o/w investment result 4,902 3,779 Other costs net -1,532 -1,264 Operating expenses -4,916 -5,087 Net accruals to provisions for risks and charges - -250 Depreciation and impairment losses on property, plant and equipment -952 -871 Amortisation of intangible assets -1 -1 Other operating expenses, net -2,184 -1,041 Profit (loss) for the period before tax 19,383 16,754 Taxes -5,843 5,444 Profit ( loss) for the period after tax 13,540 11,310 Solvency II – Solvency margin Information on the estimate of the Group’s Solvency II solvency margin for the first half of 2026, compared with annual 2025 data, is provided below: INFORMATION ON THE SOLVENCY MARGIN - SOLVENCY II 30.06.2026 31.12.202512 Solvency Capital Requirement 100, 927 92,2 29 Eligible Own Funds to meet the SCR (Tier 1) 226,079 205,851 Solvency Ratio 224.0% 223.2% Minimum Capital Requirement 38,651 33,350 MCR Coverage ratio 584. 9% 617.2% 12 For further details on the YE025 Solvency Ratio, please refer to the Group Solvency and Financial Condition Report (SFCR) published on its website.
Consolidated Half -Year Financial Report 2026 31 TABLE OF CONTENTS | Report on Operations The results obtained show the Group has a high Solvency II coverage.
The Solvency II Ratio was 2 24.0% at 30 June 202 6, up compared to 31 December 202 5, due to the increase in Own Funds determined by the result for the period and expected future profits partially offset by the growth in business volumes affecting Non -Life Premiums&Reserves.
Moreover, t reasury shares are also not included in own funds. The amount of treasury shares decreased in the first half of 202 6. For details, see the section on treasury shares .
It should also be noted that on 5 February 2025, REVO Insurance S.p.A. obtained authorisation from IVASS, pursuant to Article 45 -sexies, paragraph 7, of the Private Insurance Code, for the use of the Undertaking Specific Parameters (“USP”) and the Group Sp ecific Parameters (“GSP”) for the Credit and Suretyship classes, starting from the solvency assessment at 31 December 2024.` USPs are specific criteria, calibrated to REVO ’s portfolio, which are used to calculate the Solvency Capital Requirement (SCR) and replace the market criteria defined by the Standard Formula.
The solvency situation will be specifically reported to the Supervisory Authority within the deadlines established by the applicable legislation.
Risk management objectives and policy and hedging policy of the companies included in the scope of consolidation The Group ’s risk management is designed to comply with regulatory provisions, including constant monitoring according to the provisions of IVASS Regulation No. 24/2016. The Company has defined and implemented its risk assumption, measurement and management policies, taking an integrated view of its assets and liabilities in accordance with European Solvency II rules.
With regard to liquidity, underwriting and counterparty risks, ordinary monitoring activities continue to be overseen at all times, in order to ensure the Company ’s ongoing ability to meet its commitments. Furthermore, with reference to the internal solvency objective referred to in Article 18 of IVASS Regulation No. 38/18, the current assessments do not highlight any critical issues that require specific action.
The Risk Officer ’s report to the Board of Directors did not highlight any critical issues and noted that the control processes implemented emphasise the Company ’s timely compliance with the reference provisions and regulations, to safeguard and protect the activity performed.
Based on the risk mapping, the main risks to which the Group is exposed are: underwriting risk, reputational risk, strategic risk, business risk and operational risk. In particular, the following should be noted:
Underwriting risks
REVO Insurance takes a conservative approach to underwriting risk, in order to avoid underwriting that could undermine its solvency or constitute a serious obstacle to achieving its objectives.
The main techniques used to mitigate underwriting risk are:
underwriting techniques;
reinsurance techniques.
Within the lines of business in which the Company is authorised to operate, the sectors in which underwriting is assessed, accepted or avoided are only defined following adequate checks, internal approvals and risk measurements. Market positioning, loss ratio trends and reserve dynamics are periodically monitored. With regard to catastrophe risk, risk concentrations are monitored through dedicated systems, as well as compliance with the risk limit arising from mandatory catastroph e insurance, on an ongoing basis.
Stress scenarios are also assessed within the ORSA to take into account any particularly large claims that may weaken the Group ’s solvency.
Consolidated Half -Year Financial Report 2026 32 TABLE OF CONTENTS | Report on Operations Reputational risk Reputational risk (or image risk) is the risk of losses that the Group may suffer as a result of events that degrade its imag e among the various types of stakeholders (policyholders, shareholders, counterparties, investors and Supervisory Authorities).
The Company focuses its reputational risk management activities by implementing adequate mitigation measures and through the quality of its organisational and control structures.
In this area, correctness and professionalism are of the utmost importance, particularly regarding:
the level of awareness among senior management of the importance of the subject;
the promotion, at all corporate levels, of a culture of ethics and fair behaviour;
adequate management of relations with all stakeholders;
the suitability of the risk management and mitigation systems.
To this end, the Group has adopted a Code of Ethics in order to promote a culture of ethics and fair behaviour at all levels of the Company.
If critical issues are identified that may involve significant reputational risks, the process owners report these events to the Risk Management Function and the Compliance Function. These functions assess the extent of the risk and decide on the actions t o be taken, which must be notified to Senior Management and to the Control and Risks Committee or to the Board of Directors, so that action can be taken accordingly.
Strategic risk
Strategic risk is defined as the current or prospective risk arising from a decline in profits or capital and the sustainabil ity of the business model, including the risk of not being able to generate an adequate return on capital based on the risk appetit e defined by the company, arising from changes in the operating environment or poor corporate decisions, inadequate implementation of decisions, incorrect management of the risk of belonging to the group or insufficient responsiveness to changes in the com petitive environment.
In particular, REVO is subject to strategic risk arising from its positioning vis -à-vis competitors, the choice of distribution network, technological development and the risk associated with the retention of key employees.
As part of the ORSA, the Company checks that the analysis of changes in profits resulting from strategic planning and the adequacy of the own funds held to cover the capital requirement, including in major stress scenarios, does not highlight any particula r critical situations.
Strategic risk management is based on the Company ’s ability to identify and measure this form of risk and to adopt management practices that allow it to be mitigated in accordance with risk appetite as defined by the Board of Directors in the Risk Appetite Framework.
To this end, performance is constantly monitored and the reference market analysed , drawing on the considerable experience of management and, where necessary, the support of investment banks/specialist advisory companies. The technologies on the market and the response times of the underwriting structure are also monitored.
Strategic risk is monitored by the Chief Financial Officer in a qualitative and quantitative manner, taking into account any changes in the corporate and organisational structure, including through quarterly analysis of the performance of the main management KPIs compared with those provided for in the Business Plan, and verifying the adequacy of own funds held to cover the capital requirement. In addition, the Risk Mana ger function monitors the Key Risk Indicators and Key Performance Indicators defined by the RAF (Risk Appetite Framework) as part of the monitoring of this risk.
Business risk is also assessed in the context of strategic risks, i.e. the risk arising from changes in the legislative and regulatory framework of reference. This risk may include the introduction of new laws, the abolition or amendment of existing laws a nd the interpretation of case law that have a direct impact on the business of the Group.
To manage this risk, the Group takes the necessary measures to ensure the rapid adaptation of products and solutions to new regulations.
Consolidated Half -Year Financial Report 2026 33 TABLE OF CONTENTS | Report on Operations Market risk REVO has a portfolio of assets consisting mainly of government and corporate bonds. Liquid assets are managed to ensure that sufficient resources are always available for normal claims payment.
The prudent investment and issuer quality strategy reduces the Company ’s exposure to market risk.
With regard to concentration risk, there is exposure to the Italian Republic, although this has been decreasing steadily since December 2025, amounting to 29.3% of the Group ’s total portfolio at 30 December 2026 (around 30.4% at 31 December 2025).
Credit risk
The Group is exposed to the risk associated with a deterioration in the creditworthiness of the market counterparties with which it operates and has business and insurance relationships. These exposures mainly derive from reinsurance and co -insurance activ ities, cash deposits with banks and activities with insurance brokers and policyholders, in respect of which receivables are typically generated according to recurring insurance product underwriting patterns, particularly when the end of each quarter approaches.
At the same time, in its investment activities, the Group is subject to the creditworthiness and default risk of the relevant issuers. In addition to the Italian government, any default on the part of issuers to which the Company is exposed could have a ne gative impact on its financial position, cash flows and income, as well as an effect on its Solvency II Ratio.
The default risk management system defined by the Company is assessed on the basis of the material risk factors related to the receivable for which top management ensures the correct and timely application of the same, ensuring the preparation of adequate processes for the analysis of overdue receivables and the monitoring and recovery of overdue receivables with respect to the main business counterparties (policyholders, intermediaries and reinsurance partners).
On a quarterly basis, as part of its SCR recalculation activities, the Risk Management Function monitors changes in the risk profile and compliance with the risk appetite and risk tolerance limits defined in the Risk Appetite Framework. Stress scenarios ar e also assessed within the ORSA to take into account adverse macroeconomic developments and/or combined scenarios.
In addition, the ratings of reinsurance counterparties are monitored annually, as required by the Reinsurance Policy.
Liquidity risk
Liquidity risk is the risk of not being able to fulfil obligations to policyholders and other creditors due to the difficulty of transforming investments into cash without suffering losses; this risk is overseen by the Investment Office, which continuously monitors the Company ’s financial resources; the Risk Management Function monitors, from time to time, the evolution of the risk profile through specific key risk indicators (KRIs) and analyses changes in liquidity -relevant risk factors.
Operational risk
Operational risk is the risk of losses due to inefficiencies in human resources, processes and systems, including those used for distance selling, or to external events, such as fraud or the actions of service providers.
In the current taxonomy, operational risk includes three main types of risk: IT operational risk, compliance risk and pure operational risk.
In the procedures currently in force, operational risk is quantified in the context of the solvency requirement through the standard formula.
In addition to this quantitative support, “residual” risk is measured, at least once a year, on the basis of the probability of occurrence of the negative event and the severity of its impact, the scale of which is determined using a qualitative and quanti tative methodological approach that helps management in mapping risks in order to adequately identify the most exposed areas and to prioritise when implementing action/mitigation plans.
IT operational risk relates to security from external attacks and to the interruption or reduction of the software used. The Company has adopted various measures to limit these risks, including: perimeter and internal security systems, multi -
factor authent ication systems, antivirus software on corporate devices, periodic checks on the proper functioning of the
Consolidated Half -Year Financial Report 2026 34 TABLE OF CONTENTS | Report on Operations systems, tracking and management by specific departments of any problems/malfunctions with management software and corporate devices and highly reliable network and server infrastructures, as well as a disaster recovery plan for critical and important syst ems.
Compliance risk is the risk of incurring legal or administrative penalties as a result of failure to comply with laws, regulations or provisions of the Supervisory Authorities or self -regulation rules, such as articles of association, codes of conduct or governance codes.
The management system is defined in accordance with current provisions and the responsibility is entrusted to the Compliance Manager, supported, when carrying out operational activities, by the heads of the corporate functions.
The mission and operating methods of the Compliance function are defined in the function ’s policy and the relevant documents.
The Compliance Manager monitors on an ongoing basis and shares the relevant impact analyses with the relevant process manager . In the event of critical issues that could entail the risk of legal challenges and penalties, the Board of Directors becomes inv olved.
A report is produced each year describing all the ongoing and non -ongoing Compliance activities carried out during the year, as provided for in Regulation No. 38/18.
Climate change risk As part of the Own Risk and Solvency Assessment (ORSA), the Group, in accordance with the EIOPA ’s Opinion, carried out qualitative and quantitative assessments relating to climate change during the period and, specifically, in relation to transition risk and physical risk introducing, for the latter, climate scenario analysis. The analysis of these r isks is aimed at identifying the possible impacts caused by climate change on the Group ’s assets and liabilities.
As part of its quarterly monitoring, the Company controls the amount of assets potentially exposed to ESG risk.
In product development, the Company has identified the following emerging risks:
Climate Change – Transition risk: the risk represented by the possible increase in compensation claims by companies operating in carbon -intensive sectors that could be adversely affected by the energy transition, in terms of deterioration of their creditworthiness. This ri sk would be attributable to customers of the Credit and Suretyship classes relating to carbon -intensive sectors. In order to monitor and limit this risk, income and asset analyses are performed on these customers that also take into account ESG parameters;
Climate Change – Physical risk: comprises the set of risks that derive from the physical effects brought about by climate change. The products most affected could be Property, Engineering, Fine Art, Agro and Parametric.
Ongoing disputes
There are no disputes pending, except for claims -related insurance disputes and disputes relating to recourse or recovery of receivables actions.
Twenty -two complaints were instigated during the first half of 2026, of which three were accepted , two were settled and 17 were rejected . At the date of preparation of this report, there were no complaints in the investigation stage.
Internal Audit reports on the above claims were issued and the relevant assessments were carried out by the Board of Statutory Auditors and the Board of Directors and, according to the procedures in force, were notified to the Supervisory Authority.
Capital and financial transactions with parent companies, associates, affiliates and other related parties
Consolidated Half -Year Financial Report 2026 35 TABLE OF CONTENTS | Report on Operations Companies and subsidiaries included in the scope of consolidation Pursuant to Article 2497 et seq. of the Italian Civil Code, REVO Insurance S.p.A. exercises management and coordination activities over REVO Underwriting S.r.l.
At 30 June 2026, we report the following transactions between REVO Underwriting S.r.l. and REVO Insurance S.p.A.:
costs for seconded staff of €132,000;
revenues from commission income of €1,953,000;
liabilities for insured sums collected of €1,307,000;
liabilities for seconded staff of €358,000.
Associates, companies under joint control and other related parties The Related Party Transactions Procedure (the “RPT Procedure”), adopted by the Company pursuant to Article 2391 -
bis of the Italian Civil Code, as amended by Legislative Decree No. 49 of 10 May 2019 , and the Consob Regulation governing relat ed party transactions, adopted by Consob Resolution No. 17721 of 12 March 2010 , as subsequently and supplemented, is designed to (i ) regulate procedures for identifying related parties, defining procedures and time scales for preparing and updating the list of related parties and identifying the corporate functions competent for this purpose;
(ii) establish rules for identifying trans actions with related parties before they are entered into; (iii) regulate procedures for the carrying out of related party transactions by the Company, including through subsidiaries pursuant to Article 93 of the TUF or in any case companies subject to man agement and coordination; and (iv) establish procedures and time scales for the fulfilment of reporting obligations to the corporate bodies and to the market.
The Procedure is published in the “corporate -governance/corporate -documents/related party transactions” section of the REVO Insurance website ( www.revoinsurance.com ).
No transactions were carried out with related parties in the first half of 2026.
At 30 June 2026, no natural person or legal entity held, directly or indirectly, a number of shares such as to have a controlling interest in REVO Insurance S.p.A. Similarly, no material shareholder agreements were noted or notified to the Company pursuant to Article 122 of the TUF that might result in de facto control. It follows that the Company is not subject to the management and coordination of any entity or company.
Other significant events during the half -year No other significant events occurred during the half -year, other than those reported in the initial introductory section.
Main events after the half -year On 3 August 2026, REVO Insurance S.p.A. submitted a Binding Offer for the acquisition of the entire share capital of Eurocaution S.A., a Luxembourg -based company and a leading player in insurance intermediation specialising in the surety bond segment, currently operating in Luxembourg and Belgium, for a maximum consideration of Euro 22 million.
The maximum aggregate consideration provided for under the binding offer amounts to Euro 22 million, comprising a base component of Euro 20 million plus an earn -out component linked to business development in 2027.
Consolidated Half -Year Financial Report 2026 36 TABLE OF CONTENTS | Report on Operations The transaction, subject to the definition and signing of the contractual documentation and to the conditions precedent set out therein being met — including the receipt of applicable regulatory approvals — will enable REVO to extend beyond national borders its position of excellence in the surety bond segment, one of the most profitable business lines in the European non -life insurance market, char acterized by structurally low loss ratios.
Looking ahead, the transaction will also allow REVO to further broaden its product offering into business lines currently not covered by Eurocaution, leveraging the efficiencies of the advanced artificial intelligence modules already in place at Group level , and replicating the multi -product, multi -channel model already developed in Italy and Spain. The initiative is fully consistent with several strategic guidelines outlined in the Business Plan, including geographic diversification, growth in high -margin business lines ("Specialty Focus"), and harnessing the value of proprietary technology.
It should be noted that the expansion will require limited additional IT investment, estimated at approximately Euro 1 million, confirming the scalability of the proprietary platform, which is capable of supporting international growth at reduced marginal cost s.
The initiative aims to generate, by 2029, in the surety business line, gross written premiums of more than Euro 20 million across Luxembourg and Belgium, corresponding to an expected CAGR of over 20% between 2027 and 2029.
With regard to the financing of the transaction, given the Group's current capital structure, REVO may consider, as an alternative to the use of own funds already available for the transaction, the issuance of subordinated debt in an amount consistent with the size of the acquisition, potentially initiating a process to optimiz e the Group's leverage.
Lastly, on 20 July 2026, S \&P Global Ratings affirmed REVO Insurance’s “A -” rating, with a stable outlook. The assessment reflects, among other factors, the Parent Company’s strong capital position, prudent risk management, the ongoing diversification of i ts portfolio and the profitable growth prospects envisaged in the “THE TECHUMAN ERA 2026–2028” strategic plan.
Business outlook
Following the launch of the “THE TECHUMAN ERA” 2026 -2028 Business Plan, REVO will continue to further develop the projects already started in the technological and distribution sectors, and will launch initiatives for implementation of the business plan.
It should be noted that, as part of the Plan ’s activities, the Group identified four main thematic areas that constitute the pillars for achieving the economic and financial objectives by 2028. In particular:
the i ntegrated distribution model: expansion and digitalisation of the network of intermediaries with simplified onboarding, the adoption of data -driven processes, and an increase in the total number of partners in Italy and Spain, while simultaneously continui ng to explore distribution opportunities beyond traditional channels, consistent with the approach taken during the half -year;
the a dvanced operating model: further strengthening of the proprietary platform with generative artificial intelligence tools, some of which are already integrated into the underwriting, claims management and back -
office processes;
Product innovation: enrichment of the specialty and parametric product portfolio, characterised by an increasingly modular, flexible and data -driven approach. In the next few months, further standardised products will be launched, with approaches similar t o what has already been done with “REVO for micro -
businesses”;
Algorithmic underwriting: use of data and information, including through advanced automation processes for the selection and assessment of risks, to ensure speed, accuracy and scalability .
In this context, the Company will continue with its plan to invest in technology and the recruitment of further key staff, mainly focusing on the Underwriting and IT/Data areas.
Consolidated Half -Year Financial Report 2026 37 TABLE OF CONTENTS | Report on Operations Further additions will be made to the management team of the REVO Iberia branch, whose commercial relationships are set to increase further over the next few months, contributing to the growth of premium generation in Spain, together with the expansion of the product range offered.
Treasury shares held and related movements With regard to the information required by Article 2428, paragraph s 3(3) and (4) of the Italian Civil Code, it should be
noted that:
at 30 June 2026, the Company held a total of 229,550 treasury shares, equal to 0.78% of the share capital, consisting solely of ordinary shares;
following the assignment to beneficiaries of the second tranche of treasury shares of the 2022 -2024 LTI share plan in June 2026, the Company distributed a total of 33 9,605 treasury shares;
the Company did not purchase any treasury shares during the half -year period.
On 27 April 2026, the resolution adopted by the Ordinary Shareholders ’ Meeting renewed the mandate of the Board of Directors to purchase and dispose of treasury shares, for up to a quantity of 20% of the share capital pro tempore and during a period of 18 months, with the aim of making REVO shares available for any external growth transactions to be carried out through an exchange of shares and for incentive plans reserved for the corporate population.
Verona, 6 August 2026 REVO Insurance S.p.A.
Chief Executive Officer
(Alberto Minali)
klimt.
Consolidated Half-Year Financial Report 2026 38 TABLE OF CONTENTS| Report on Operations Condensed Consolidated Half-Year Financial Statements
Consolidated Half-Year Report 2026 39 TABLE OF CONTENTS|Consolidated financial statements
Consolidated financial statements
Consolidated Half-Year Financial Report 2026 40 TABLE OF CONTENTS | Consolidated financial statements Consolidated Financial Statements
Consolidated Half-Year Financial Report 2026 41 TABLE OF CONTENTS | Consolidated financial statements Statement of Financial Position - Assets ASSET ITEMS 30.06.2026 31.12.2025 1. INTANGIBLE ASSETS 104,680 103,154 o/w: Goodwill 74,323 74,323 2. PROPERTY, PLANT AND EQUIPMENT 12,796 11,622 3. INSURANCE ASSETS 161,536 146,851 3.1 Insurance contract s written classified a s assets - - 3.2 Cessions to reinsurance classified as assets 161,536 146,851 4. INVESTMENTS 369,041 286,763 4.1 Investment property - - 4.2 Investments in associates and joint ventures 77 33 4.3 Financial assets measured at amortised cost 1,028 1,038 4.4 Financial assets measured at fair value through OCI 341,119 266,645 4.5 Financial assets measured at fair value through profit or loss 26,817 19,047 a) Financial assets held for trading - - b) Financial assets designated at fair value - - c) Other financial assets compulsorily measured at fair value 26,817 19,047 5. OTHER FINANCIAL ASSETS 4,245 7,292 6. OTHER ASSETS 21,757 53,269 6.1 Non -current assets or disposal groups held for sale - - 6.2 Tax assets 4,516 6,569 a) Current 256 382 b) Deferred 4,260 6,187 6.3 Other assets 17,241 46,700 7. CASH AND CASH EQUIVALENTS 10,97 1 6,278 TOTAL ASSETS 685,027 615,229
Consolidated Half-Year Financial Report 2026 42 TABLE OF CONTENTS | Consolidated financial statements Statement of Financial Position – Equity and Liabilities EQUITY AND LIABILITY ITEMS 30.06.2026 31.12.2025 1. EQUITY 270,443 263,835 1.1 Share capital 6,680 6,680 1.2 Other equity instruments - - 1.3 Equity related reserves 170 170 1.4 Income related reserves and other equity reserves 255,699 242,533 1.5 Treasury shares ( -) -2,164 -5,366 1.6 Valuation reserves -3,482 -2,589 1.7 Equity attributable to non -controlling interests (+/-) - - 1.8 Profit ( Loss) for the period (+/-) attributable to the parent (+/-) 13,540 22,407 1.9 Profit ( Loss) for the period attributable to non -controlling interests (+/ -) - - 2. PROVISIONS FOR RISKS AND CHARGES 2,394 2,754 3. INSURANCE LIABILITIES 359,549 305,334 3.1 Insurance contract s written classified a s liabilities 359,549 305,334 3.2 Cessions to reinsurance classified as liabilities - - 4. FINANCIAL LIABILITIES 14,007 12,799 4.1 Financial liabilities measured at fair value through profit or loss - - a) Financial liabilities held for trading - - b) Financial liabilities designated at fair value - - 4.2 Financial liabilities measured at amortised cost 14,007 12,799 5. PAYABLES 12,561 14,847 6. OTHER LIABILITIES 26,073 15,661 6.1 Liabilities of disposal groups held for sale - - 6.2 Tax liabilities 36 1 a) Current 36 - b) Deferred - 1 6.3 Other liabilities 26,037 15,660 TOTAL EQUITY AND LIABILITIES 685,027 615,229
Consolidated Half-Year Financial Report 2026 43 TABLE OF CONTENTS | Consolidated financial statements Income statement ITEMS 30.06.2026 30.06.2025 1. Insurance revenue from insurance contracts issued 165,666 135,228 2. Insurance service expenses from insurance contracts issued -103,658 -86,335 3. Insurance revenues from reinsurance contracts held 47,321 56,300 4. Insurance services expenses from reinsurance contracts held -84,552 -83,020 5. Result of insurance services 24,777 22,173 6. Net fair value gains (losses) on financial assets and liabilities measured at FVTPL 717 682 7. Gains (losses ) on investments in associates and joint ventures 44 15 8. Income/expenses from other financial assets and liabilities and from investment property 4,141 3,082 8.1 - Interest income calculated according to the effective interest method 4,498 3,634 8.2 - Interest expense -211 -223 8.3 - Other income/expenses - - 8.4 - Realised gains/losses -61 -272 8.5 - Unrealised gains/losses -85 -57 o/w: Related to non -performing financial assets - - 9. Investment result 4,902 3,779 10. Net financial costs/revenues relating to insurance contracts written -1,438 -1,415 11. Net financial income relating to reinsurance contracts 727 731 12. Net financial result 4,191 3,095 13. Other revenue/costs -1,532 -1,264 14. Operating expenses: -4,916 -5,087 14.1 - Investment management service expenses -18 -53 14.2 - Other administrative expenses -4,898 -5,034 15. Net accruals to provisions for risks and charges - -250 16. Depreciation and impairment losses on property, plant and equipment -952 -871 17. Amortisation and net impairment losses on intangible assets -1 -1 o/w: Impairment losses on goodwill - - 18. Other operating income/expenses -2,184 -1,041 19. Profit (loss) for the period before tax 19,383 16,754 20. Taxes -5,843 -5,444 21. Profit ( loss) for the period after tax 13,540 11,310 22. Profit (loss) from discontinued operations - - 23. Consolidated Profit (los) for the period 13,540 11,310 of which: attributable to the parent 13,450 11,310 of which: attributable to non -controlling interests - -
Consolidated Half-Year Financial Report 2026 44 TABLE OF CONTENTS | Consolidated financial statements Statement of comprehensive income ITEMS 30.06.2026 30.06.2025 1. Profit (loss) for the period 13,540 11,310 2 Other items, after tax, not reclassified to profit or loss -488 -2,258 2.1 Share of valuation reserves of investments measured using the equity method - - 2.2 Change in valuation reserve for intangible assets - - 2.3 Change in valuation reserve for property, plant and equipment - - 2.4 Financial income or expense relating to insurance contracts - - 2.5 Profit (loss) from discontinued operations or disposal groups - - 2.6 Actuarial gains and losses and adjustments relating to defined benefit plans -488 -2,258 2.7 Gains/losses on equity securities designated at fair value through other comprehensive income - - 2.8 Change in creditworthiness on financial liabilities designated at fair value through profit or loss - - 2.9 Other elements - - 3. Other items, net of tax, reclassified to profit or loss -404 1,513 3.1 Change in translation reserve - - 3.2 Gains/losses on financial assets (other than equity instruments) measured at fair value through other comprehensive income -404 1,513 3.3 Gains/losses on cash flow hedging instruments - - 3.4 Gains/losses on instruments hedging a net investment in a foreign operation - - 3.5 Share of valuation reserves of investments measured using the equity method - - 3.6 Financial income or expense relating to insurance contracts - - 3.7 Financial income and expenses relating to reinsurance contracts - - 3.8 Profit (loss) from discontinued operations or disposal groups - - 3.9 Other elements - - 4. TOTAL OTHER COMPREHENSIVE INCOME -892 -745 5. TOTAL CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Item 1+4) 12,648 10,565 5.1 o/w: attributable to owners of the parent 12,648 10,565 5.2 o/w: attributable to non -controlling interests - -
Consolidated Half-Year Financial Report 2026 45 TABLE OF CONTENTS|Consolidated financial statements Statement of changes in shareholders’ equity SHARE
CAPITAL OTHER EQUITY
INSTRUMENTS EQUITY
RELATED
RESERVES INCOME
RELATED
RESERVES AND
OTHER EQUITY
RESERVES TREASURY
SHARES VALUATION
RESERVES PROFIT (LOSS)
FOR THE
PERIOD SHAREHOLDE
RS’ EQUITY OF
THE PARENT
COMPANY SHAREHOLDE
RS’ EQUITY Balances at 1.1.2025 6,680 - 170 229,618 -9,475 -1,092 18,576 244,477 244,477 o/w: Change in opening balances - - - - - - - - - Allocation of profit for the year 2024 - - - - - - - - Reserves - - - 18,576 - - -18,576 - - Dividends and other dispositions - - - -5,660 - - - -5,660 -5,660 Changes during the year - - - - - - - - Issue of new shares - - - - - - - - - Purchase of treasury shares - - - - - - - - - Changes in equity investments - - - - - - - - - Statement of comprehensive income - - - - - -1,498 22,407 20,909 20,909 Other changes - - - - 4,110 - - 4,110 4,110 Balances as at 31.12.2025 6,680 - 170 242,533 -5,366 -2,589 22,407 263,835 263,835 Change in opening balances - - - - - - - - - Allocation of profit for the year 2025 - - - - - - - - - Reserves - - - 22,407 - - -22,407 - - Dividends and other dispositions - - - -7,759 - - - -7,759 -7,759 Changes during the year - - - - - - - - - Issue of new shares - - - - - - - - - Purchase of treasury shares - - - - - - - - - Changes in equity investments - - - - - - - - - Statement of comprehensive income - - - - - -892 13,540 12,648 12,648 Other changes - - - -1,482 3,202 - - 1,719 1,719 Balances at 30.06.2026 6,680 - 170 255,699 -2,164 -3,482 13,540 270,443 270,443
Consolidated Half-Year Financial Report 2026 46 TABLE OF CONTENTS|Consolidated financial statements Statement of cash flows (indirect method) 30.06.2026 30.06.2025 Net cash generated/utilised by: - Profit (loss) for the period (+/ -) 13,540 11,310 - Net revenues and costs of insurance contracts and reinsurance contracts (-/+) 39,350 24,686 - Capital losses/gains on financial assets measured at fair value through profit or loss ( -/+) -46 -38 - Other non -monetary income and expenses deriving from financial instruments, investment property and equity investments (+/ -) -44 -15 - Net provisions for risks and charges (+/-) -360 206 - Interest income, dividends, interest expense, taxes (+/ -) 5,875 10,327 - Other adjustments (+/ -) 3,333 859 - interest income received (+) 4,339 3,645 - dividends received (+) 566 268 - interest expense paid ( -) - - - taxes paid ( -) -3,357 -7196 Net cash generated/utilised by other monetary items related to operating activity - Insurance contracts written classified as liabilities/assets (+/ -) 1,622 -8,854 - Reinsurance contract assets/liabilities (+/ -) -1,923 18,553 - Liabilities from financial contracts written by insurance companies (+/ -) - - - Receivables of banking subsidiaries (+/ -) - - - Liabilities of banking subsidiaries (+/ -) - - - Other financial assets and liabilities measured at fair value through profit or loss (+/ -) -7,724 14,052 - Other financial assets and liabilities (+/ -) 36,938 19,856 Total net cash flows generated/utilised by operating activities 92,109 59,555 Net cash generated/utilised by: - Sale/purchase of investment property (+/ -) - - - Sale/purchase of investments in associates and joint ventures (+/ -) - - - Dividends received on investments (+) - - - Sale/purchase of financial assets measured at amortised cost (+/ -) 10 - - Sale/purchase of financial assets measured at fair value through other comprehensive income (+/-) -79,215 -51,439 - Sale/purchase of property, plant and equipment and intangible assets (+/ -) -3,238 -3,884 - Sale/purchase of subsidiaries and business units (+/ -) - - - Other net cash flows from investment activities (+/ -) - - Total net cash flows generated/utilised by investment activities -82,443 -55,323 Net cash generated/utilised by: - Issues/purchases of equity instruments (+/ -) - - - Issues/purchases of treasury shares (+/ -) 1,719 4,110 - Distribution of dividends and other purposes ( -) -7,759 -5,660 - Sale/purchase of control of non -controlling interests (+/ -) - - - Issues/purchases of subordinated liabilities and participating financial instruments (+/ -) - - - Issues/purchases of liabilities measured at amortised cost (+/ -) 1,065 -548 Total net cash flows generated/utilised by financing activities -4,975 -2,098 NET CASH FLOWS GENERATED/UTILISED DURING THE PERIOD 4,693 2,134 Reconciliation 30.06.2026 30.06.2025 Cash and cash equivalents opening balance 6,278 2,862 Cash generated/utilised 4,693 2,134 Cash and cash equivalents closing balance 10,971 4,996
Consolidated Half-Year Financial Report 2026 47 TABLE OF CONTENTS|Consolidated financial statements Statement of financial position by business segment ITEMS/BUSINESS SEGMENTS NON -LIFE OPERATIONS LIFE OPERATIONS CROSS -SECTORAL ELIMINATIONS TOTAL 2026 2025 2026 2025 2026 2025 2026 2025 1 INTANGIBLE ASSETS 104,680 103,154 - - - - 104,680 103,154 2 PROPERTY, PLANT AND EQUIPMENT 12,796 11,622 - - - - 12,796 11,622 3 INSURANCE ASSETS 161,536 146,851 - - - - 161,536 146,851 3.1 Insurance contract assets - - - - - - - - 3.2 Reinsurance cont ract assets 161,536 146,851 - - - - 161,536 146,851 4 INVESTMENTS 369,041 286,763 - - - - 369,041 286,763 4.1 Investment property - - - - - - - - 4.2 Investments in associates and joint ventures 77 33 - - - - 77 33 4.3 Financial assets measured at amortised cost 1,028 1,038 - - - - 1,028 1,038 4.4 Financial assets measured at fair value through other comprehensive income 341,119 266,645 - - - - 341,119 266,645 4.5 Financial assets measured at fair value through profit or loss 26,817 19,047 - - - - 26,817 19,047 5 OTHER FINANCIAL ASSETS 4,245 7,292 - - - - 4,245 7,292 6 OTHER ASSETS 21,757 53,269 - - - - 21,757 53,269 7 CASH AND CASH EQUIVALENTS 10,97 1 6,278 - - - - 10,97 1 6,278 TOTAL ASSETS 685,027 615,229 - - - - 685,027 615,229 1 EQUITY 270,443 263,835 - - - - 270,443 263,835 2 PROVISIONS FOR RISKS AND CHARGES 2,394 2,754 - - - - 2,394 2,754 3 INSURANCE LIABILITIES 359,549 305,334 - - - - 359,549 305,334 3.1 Insurance contracts written classified as liabilities 359,549 305,334 - - - - 359,549 305,334 3.2 Reinsurance contract liabilities - - - - - - - - 4 FINANCIAL LIABILITIES 14,007 12,799 - - - - 14,007 12,799 4.1 Financial liabilities measured at fair value through profit or loss - - - - - - - - 4.2 Financial liabilities measured at amortized cost 14,007 12,799 - - - - 14,007 12,799 5 PAYABLES 12,561 14,847 - - - - 12,561 14,847 6 OTHER LIABILITIES 26,073 15,661 - - - - 26,073 15,661 TOTAL EQUITY AND LIABILITIES 685,027 615,229 - - - - 685,027 615,229
Consolidated Half-Year Financial Report 2026 48 TABLE OF CONTENTS | Consolidated financial statements Income statement by business segment NON -LIFE OPERATIONS LIFE OPERATIONS CROSS -SECTORAL ELIMINATIONS TOTAL ITEMS/BUSINESS SEGMENTS 2026 2025 2026 2025 2026 2025 2026 2025 1 Insurance revenue from insurance contracts issued 165,666 135,228 - - - - 165,666 135,228 2 Costs of insurance services from insurance contracts issued -103,658 -86,335 - - - - -103,658 -86,335 3 Insurance revenues from reinsurance contracts held 47,321 56,300 - - - - 47,321 56,300 4 Insurance service s expenses from reinsurance contracts held -84,552 -83,020 - - - - -84,552 -83,020 5 Result of insurance services 24,777 22,173 - - - - 24,777 22,173 6 Income/expenses from financial assets and liabilities measured at fair value through profit or loss 717 682 - - - - 717 682 7 Income/expenses from investments in associates and joint ventures 44 15 - - - - 44 15 8 Income/expenses from other financial assets and liabilities and from investment property 4,141 3,082 - - - - 4,141 3,082 9 Investment result 4,902 3,779 - - - - 4,902 3,779 10 Financial costs/revenues relating to ins. contracts written -1,438 -1,415 - - - - -1,438 -1,415 11 Net financial income from relating to cessions to reinsurance 727 731 - - - - 727 731 12 Net financial result 4,191 3,095 - - - - 4,191 3,095 13 Other revenues/costs -1,532 -1,264 - - - - -1,532 -1,264 14 Operating expenses: -4,916 -5,087 - - - - -4,916 -5,087 15 Other operating income/expenses -3,137 -2,163 - - - - -3,137 -2,163 Profit (loss) for the period before tax 19,383 16,754 - - - - 19,383 16,754
Consolidated Half-Year Financial Report 2026 49 TABLE OF CONTENTS | Schedules attached to the notes to the financial statements
Notes
Consolidated Half-Year Financial Report 2026 50 TABLE OF CONTENTS | Notes to the half-year report Notes General section REVO Insurance S.p.A. is a newly incorporated joint stock insurance company created by the reverse merger between REVO S.p.A. (SPAC – special purpose acquisition company) and Elba Assicurazioni S.p.A., having its registered office at Via dell’Agricoltura 7, Verona, VAT No. 05850710962 and entered in the Verona Companies Register. REVO was created by the reverse merger on 21 November 2022 of REVO SPAC and Elba Assicurazioni S.p.A., an insurance company operating in the insurance market since 2008. Since that date, the Company has been listed on the Euronext STAR market organised and managed by Borsa Italiana S.p.A. In May 2022, REVO Underwriting S.r.l. was established as an agency authorised to write, issue and manage insurance policies, under licences and authorisations held by the insurance company, as well as its risk capital. The Company, together with the subsidiary, REVO Underwriting S.r.l., forms the REVO Insurance Group, entered in the IVASS register under No. 059. This Condensed Consolidated Half-Year Financial Statements has been prepared pursuant to ISVAP Regulation No. 7 of 13 July 2007 and has been prepared in accordance with applicable legal provisions, according to the valuation criteria and international accounting standards referred to below, and corresponding to the accounting records that reflect the transactions carried out by the REVO Insurance Group (hereinafter also the “Group”) at 30 June 2026, supplemented by internal management data not directly identifiable in the accounts. They have been prepared on a going concern basis and according to the accounting standards applied in the previous year, to ensure the comparability of the data. Amounts are shown in thousands of euro, unless expressly specified.
Consolidated Half-Year Financial Report 2026 51 TABLE OF CONTENTS | Notes to the half-year report General basis of preparation and measurement The Condensed Consolidated Half-Year Financial Statements at 30 June 2026 of the REVO Group have been prepared in accordance with the provisions of Article 154-ter of Legislative Decree No. 58/1998 (otherwise referred to as the TUF) and ISVAP Regulation No. 7 of 13 July 2007 and in accordance with IAS 34, which applies to interim financial statements. They do not include all of the information required for the annual financial statements and should be read in conjunction with the consolidated financial statements at 31 December 2025. The presentation scheme complies with the provisions of Title III of ISVAP Regulation No. 7 of 13 July 2007, as amended (the “Regulation”), concerning the formats for the consolidated financial statements of insurance and reinsurance undertakings required to adopt international accounting standards. The Condensed Consolidated Half-Year Financial Statements of the REVO Group at 30 June 2026 comprise:
the Statement of Financial Position;
the Income Statement;
the Statement of Comprehensive Income;
the Statement of cash flows (indirect method);
the Statement of changes in shareholders’ equity;
the Notes (including the schedules required by ISVAP Regulation No. 7/2007. The information required by Consob Communication No. DEM/6064293 of 28 July 2006. The accounting standards used, to which express reference is made and which are to be considered an integral part of these notes, the basis of recognition and measurement and the consolidation principles applied for the preparation of the Condensed Consolidated Half-Year Financial Statements at 30 June 2026, are consistent with those adopted for the Consolidated Financial Statements at 31 December 2025, except as may be specified in the section below entitled “New accounting standards in force”. The condensed consolidated half-year financial statements at 30 June 2026 are subject to a limited audit by EY S.p.A., charged with auditing the financial statements for the period 2026-2034. Scope of consolidation The scope of consolidation includes the half-year report of the Parent Company, REVO S.p.A., and that of its direct or indirect subsidiaries. At 30 June 2026, the scope of consolidation exclusively comprised REVO Underwriting S.r.l., which is wholly owned by REVO Insurance S.p.A.
Consolidated Half-Year Financial Report 2026 52 TABLE OF CONTENTS | Notes to the half-year report Equity investments in subsidiaries exclusively PRO -
GRES -
SIVE NAME COUN -
TRY OF
REGIS -
TERED
OFFICE COUNTRY
OF OPERA -
TIONAL
HEAD QUAR -
TERS13 METH -
OD14 AC-
TIVITY
15 RELA -
TION -
SHIP
TYPE16 % DI RECT
INVEST -
MENT17 % TO TAL
INTEREST AVAIL -
ABILITY
OF
VOTES18 % CON -
SOLI -
DA -
TION 1 REVO Underwriting S.r.l Italy F 11 1 100.0% 100.0% 100% Consolidation method The consolidation method for subsidiaries provides for the full control, from the date of acquisition, of the assets, liabilities, income and expenses of the consolidated companies. By contrast, the carrying amount of the investment is eliminated with the corresponding share of the equity of each subsidiary, and, in the case of equity investments of less than 100%, the share of equity and profit for the year pertaining to non-controlling interests is shown. The differences resulting from this operation, if positive, are recognised – after allocation to the assets or liabilities of the Subsidiary, including intangible assets – as goodwill under intangible assets. Any negative differences are recognised in the income statement. With regard to intercompany transactions, when preparing the Condensed Consolidated Half-Year Financial Statements, receivables and payables between the companies included in the scope of consolidation are de-recognised, as are income and expenses relating to transactions between the companies themselves, and gains and losses arising from transactions between such companies and not yet realised with Group third parties. Share-based payments The international accounting standard that governs share-based payments is IFRS 2. This standard defines a share-based payment transaction as a transaction in which the company receives goods or services from a supplier (including employees and financial advisors) under a share-based payment agreement. This agreement confers the right to receive cash or other assets of the company in amounts based on the price (or value) of the equity instruments of the entity or another Group entity, or to receive equity instruments of the entity or another Group entity, provided that the specified vesting conditions, if they exist, are met. In view of the difficulty in reliably assessing the fair value of services received based on the value of shares, reference is made to the fair value of the financial instrument, with the expense recognised over the vesting period. The obligation assumed by the company may be settled by delivery of own financial instruments (“equity-settled”) or by delivery of cash and/or financial instruments of other entities (“cash-settled”). The Group settles the obligation through the former configuration, i.e. equity settled, with a contra-entry in equity for the expense, thus without generating either a decrease in equity value or monetary effects in the income statement. 13This information is required only if the country of the operational headquarters is not the same as the country of the registered office. 14Consolidation method: Full consolidation=F; Full consolidation with single management=U. 15Activity: 1=Italian ins.; 2=EU ins.; 3=third-country ins.; 4=insurance holding companies; 4.1=mixed financial holding companies; 5=EU reins.; 6=third-country reins.; 7=banks; 8=asset management companies; 9=misc. holding companies; 10=property; 11=other companies. 16 Relationship type: 1 = majority of voting rights in the ordinary shareholders’ meeting. 2 = dominant influence in the ordinary shareholders’ meeting. 3 = agreements with other shareholders. 4 = other forms of control. 5 = unitary management pursuant to Article 96, paragraph 1, of “Legislative Decree 209/2005” 6 = unitary management pursuant to Article 96, paragraph 2, of “Legislative Decree 209/2005”. 17 The product of investment relationships relating to all the companies that, located along the investment chain, may be interposed between the undertaking that prepares the consolidated financial statements and the company in question. If the latter is directly owned by several subsidiaries, the individual products must be added together. 18 Availability of votes at ordinary shareholders’ meetings, distinguishing between actual and potential votes.
Consolidated Half-Year Financial Report 2026 53 TABLE OF CONTENTS | Notes to the half-year report Earnings per share In accordance with IAS 33, basic earnings per share are calculated by dividing the net profit allocated to shareholders holding ordinary shares of REVO Insurance S.p.A. by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the net profit allocated to shareholders holding ordinary shares by the weighted average number of any additional ordinary shares that would be outstanding in the event of the conversion of all potential ordinary shares with dilutive effect. In the event of a negative result of operations, a loss (basic and diluted) per share is calculated. Foreign-currency transactions In accordance with IAS 21, items denominated in foreign currencies are managed according to multi-currency accounting principles. Monetary items in foreign currencies (currency units held and assets or liabilities to be collected or paid out as a number of fixed or determinable currency units) are converted using the exchange rate prevailing at the reporting date. Foreign exchange differences deriving from the settlement or valuation of monetary items are recognised in the income statement. At 30 June 2026, the Group did not hold any non-monetary assets denominated in foreign currencies. New accounting standards in force Amendments to IAS 7 – IFRS 1, 7, 9, 10 (Annual improvements – Volume 11) (Amendments to IAS 7 and IFRS 1, 7, 9, 10) The IASB has published the collection of IAS/IFRS adjustments determined by the process aimed at improving the clarity and internal consistency of the IFRS. In this collection, minor changes were made to IFRS 9 Financial Instruments and four other accounting standards: IFRS 1, 7 and 10 and IAS 7. In particular, the amendments concerned:
the resolution of a conflict between IFRS 9 and 15 on the initial measurement of trade receivables, referring to the application of IFRS 15 in the case of receivables without a significant financing component;
a clarification of application in the event of a difference between the carrying value and the consideration paid in a lease liability in the event of derecognition. The amendments entered into force on 1 January 2026. The Group has completed the analyses required by the new regulations and has not found any significant impact on the application of these amendments. Amendments to IFRS 9 and IFRS 7 On 30 May 2024, the IASB published amendments to IFRS 9 and IFRS 7 relating to the classification and measurement requirements for financial instruments, with the aim of standardising accounting practices and improving comprehensibility and consistency. In detail, the main purpose of these amendments is to clarify:
the classification of financial assets with ESG (environmental, social and corporate governance) characteristics and similar characteristics;
the accounting treatment of a financial asset or financial liability settled through electronic payment systems. Furthermore, additional disclosure requirements were introduced in order to improve transparency on investments in equity instruments designated at “fair value through other comprehensive income” and financial instruments with “contingent features”.
Consolidated Half-Year Financial Report 2026 54 TABLE OF CONTENTS | Notes to the half-year report The amendments entered into force on 1 January 2026. The Group has completed the analyses required by the new provisions and has not identified any significant impacts on its consolidated financial position or profit or loss or any material changes to the measurement criteria previously adopted. The changes exclusively entailed updates to financial statement reporting and the monitoring of financial asset portfolios. Amendments to IFRS 9 and IFRS 7 Power Purchase Agreements – Contracts for the Purchase of Electricity from Renewable Sources On 18 December 2024, the IASB issued amendments to improve companies’ reporting on the financial effects of contracts for the purchase of electricity that depends on renewable sources. The amendments are aimed at improving the information about these contracts in the financial statements and include: clarification on the application of the “own use” requirements, allowing hedge accounting if these contracts are used as hedging instruments, and adding new disclosure obligations to understand the effect that these contracts have on the financial performance of the company and on cash flows. The amendments entered into force on 1 January 2026. Following internal analyses, the Group did not identify any material impacts in the application of these amendments. New accounting standards that have not yet entered into force At the date of approval of this Consolidated Half-Year Financial Report, the IASB had issued some accounting standards, amendments and interpretations that are not yet mandatory and which the Group has not adopted early. IFRS 18 – Presentation and Disclosure in Financial Statements On 9 April 2024, the IASB published the new accounting standard IFRS 18 – Presentation and Disclosure in Financial Statements, intended to replace IAS 1 – Presentation of Financial Statements. The new standard introduces new rules on the presentation of financial performance, with the aim of improving comparability between companies and the transparency of the information provided to users of the financial statements, and will enter into force for annual reporting periods commencing on or after 1 January 2027. The main changes are as follows:
the introduction of mandatory categories and sub-totals into the income statement;
the definition and regulation of management performance measures (MPMs), with specific reconciliation and reporting obligations;
the strengthening of principles relating to the aggregation and disaggregation of information;
more information on the placement of information between the financial statements and explanatory notes. The Group has launched a project dedicated to the implementation of the new standard, with the involvement of the various corporate functions concerned. At the date of this report, the indicators attributable to the definition of MPMs had been identified and mapped, while the following activities are still under way:
analysis of the future structure of the accounting schedules and their impact on the information systems;
definition of the functional requirements necessary to adapt reporting processes and application solutions;
preparation of methodologies for the reconstruction of the comparative data that will be presented in the first year of application. Project activities will continue in the second half of 2026 in order to ensure full compliance with the new standard from financial year 2027 and will include the monitoring of updated provisions in the context of the revision of ISVAP Regulation No. 7 of 2007, started by IVASS and still being finalized. At the date of this consolidated half-year financial report, it is not yet possible to reliably quantify all the effects deriving from the application of the new standard, which will mainly affect
Consolidated Half-Year Financial Report 2026 55 TABLE OF CONTENTS | Notes to the half-year report the presentation and disclosure of the financial statements and not the criteria for the recognition and measurement of accounting items. IFRS 19 – Subsidiaries without Public Accountability: Disclosures On 9 May 2024, the IASB published IFRS 19 – Subsidiaries without Public Accountability, which allows subsidiaries without public accountability to apply IFRS Accounting Standards under a simplified disclosure regime. The standard comes into force on 1 January 2027. The standard applies to entities that meet specific subjective requirements. Entities excluded from the scope include, but are not limited to, insurance companies and entities that have financial instruments traded on public markets. In light of the characteristics of the Group and the companies within the scope of consolidation, no impact is expected to result from the introduction of the standard. IAS 21 - Amendment “Translation to a Hyperinflationary Presentation Currency” In November 2025, the IASB published the amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates, applicable to reporting periods commencing on or after 1 January 2027. The amendments clarify the procedures for translating financial statements when the presentation currency belongs to a hyperinflationary economy and the functional currency belongs instead to a non-hyperinflationary currency, in order to reduce application divergences and improve the comparability of financial information. Based on preliminary assessments made, the application of the amendment is not expected to produce significant effects on the Group’s financial position and performance. New sustainability standards On the subject of sustainability reporting, on 16 December 2025 the text of the “Omnibus I” Directive was definitively approved by the European Parliament in plenary session, amending:
the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD). Following the changes to the regulatory framework, REVO confirmed its decision – already resolved upon by the Board of Directors on 28 May 2025 – to draw up the Sustainability Report for FY 2025 on a voluntary basis,in line with its commitment to transparency and stakeholder dialogue. The most significant amendment concerned the reporting standard adopted: unlike the ESRS standards previously identified – and following a comparison with consultants and auditors – REVO chose to adopt the VSME reporting standards always developed by EFRAG. It should be noted that the VSME standards, originally developed for European SMEs, are set to become – after the narrowing of the original scope of the CSRD – the preferred reference for all companies (including those of significant size) that remain outside the scope of the CSRD Directive but nevertheless wish to prepare sustainability reports on a voluntary basis. Once completed, the document will be published on REVO’s corporate website.
Consolidated Half-Year Financial Report 2026 56 TABLE OF CONTENTS | Notes to the half-year report Information on the statement of financial position Assets Intangible assets INTANGIBLE ASSETS 30.06.2026 31.12.2025 CHANGE Goodwill 74,323 74,323 - Other intangible assets 30,357 28,831 1,526 Total 104,680 103,154 1,526 Intangible assets: composition of assets TOTAL TOTAL ASSETS/VALUES 30.06.2026 31.12.2025 DEFINITE
DURATION INDEFINITE
DURATION DEFINITE
DURATION INDEFINITE
DURATION A.1 Goodwill X 74,323 X 74,323 A.1.1 attributable to the owners of the parent X 74,323 X 74,323 A.1.2 attributable to non -controlling interests X - X - A.2 Other intangible assets 30,357 - 28,831 - A.2.1 Assets measured at cost: 30,357 - 28,831 - a) Internally generated intangible assets - - - - b) Other assets 30,357 28,831 - A.2.2 Assets measured at restated value: - - - - a) Internally generated intangible assets - - - - b) Other assets - - - - Total 30,357 74,323 28,831 74,323 Goodwill Goodwill, recognised following the acquisition by REVO SPAC of Elba Assicurazioni S.p.A. in November 2021, amounting to €74,323,000, is unchanged compared with the end of the previous year. During the half-year, no potential signs of impairment were observed and, in particular, no indicators of a failure to achieve the objectives set out in the Plan or material changes with negative effects for the Group from a technological, market, economic and regulatory viewpoint. Other intangible assets Other intangible assets totalled €30,357,000 (€28,831,000 at 31 December 2025). The item includes multi-year costs for the preparation and implementation of software relating to corporate information systems for €30,351,000 (€28,824,000 at 31 December 2025), costs for trademarks, patents and similar for €5,000 (€6,000 in 2025) and start-up costs for €1,000 (€4,000 in 2025). The increase in this line item was due, in particular, to the continuous development of the OverX platform and the artificial intelligence implementations related to the new 2026-2028 strategic plan, which envisages considerable IT investments to sustain and support the Group during the stages for the business development, distribution, underwriting and management of the operating processes. No indicators for potential write-downs were found.
Consolidated Half-Year Financial Report 2026 57 TABLE OF CONTENTS | Notes to the half-year report PROPERTY, PLANT
AND EQUIPMENT GROSS
CARRYING
AMOUNT AT
31.12.2025 ACC. DEPR. AT
31.12.2025 INCREASES OTHER
CHANGES DEPR. ACC. DEPR. AT
30.06.2026 NET
CARRYING
AMOUNT AT
30.06.2026 Other intangible assets 50,216 -21,385 6,148 - -4,622 -26,007 30,357 Total 50,216 -21,385 6,148 - -4,622 -26,007 30,357 Property, plant and equipment PROPERTY, PLANT AND EQUIPMENT 30.06.202 6 31.12.2025 CHANGE Property - - - Other tangible assets 12,796 11,622 1,174 Total 12,796 11,622 1,174 Property, plant and equipment: composition of assets ASSETS/VALUES ASSETS FOR OWN USE BALANCES PURSUANT TO IAS 2 AT COST AT RESTATED VALUE 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 1. Own assets 449 462 - - - - a) land - - - - - - b) buildings - - - - - - c) office furniture and machinery 449 462 - - - - d) plant and equipment - - - - - - e) other assets - - - - - - 2. Rights of use asset 12,347 11,160 - - - - a) land - - - - - - b) buildings 11,819 10,705 - - - - c) office furniture and machinery - - - - - - d) plant and equipment - - - - - - e) other assets 528 455 - - - - Total 12,796 11,622 - - - - At 30 June 2026, property, plant and equipment, net of related accumulated depreciation, amounted to €12,796,000. The item includes:
Property of €11,819,000 relating to rights of use of the properties of the registered office of REVO Insurance at Via dell’Agricoltura 7, Verona, the operational headquarters at Via Monte Rosa 91, Milan, the offices at Via Cesarea 12, Genoa and the new lease agreement on the operational headquarters of the branch at Via Paseo de la Castellana 141, Madrid;
Rights of use relating to vehicles of €528,000;
Other property, plant and equipment, mainly held by the Parent Company and relating to office furniture and machinery, totalling €449,000. For details on lease agreements, please refer to the dedicated paragraph in Section F – Other information in these documents. Property, plant and equipment is recognised at purchase cost and depreciated according to the rates below, which are considered appropriate to reflect the remaining useful life of the assets, in line with the Ministerial Decree of 1988. Depreciation rates are reduced for purchases during the financial year by 50% compared with the rates indicated below, which apply from the year after the first year:
Consolidated Half-Year Financial Report 2026 58 TABLE OF CONTENTS | Notes to the half-year report RATE Furniture and fixtures 12% Plant 15% Other equipment 20% Electronic machinery 20% Movable property entered in public registers 25% The following table shows a breakdown of changes in property, plant and equipment during the year: PROPERTY, PLANT
AND EQUIPMENT GROSS
CARRYING
AMOUNT AT
31.12.2025 ACC. DEPR. AT
31.12.2025 INCREASES OTHER
CHANGES DEPR. ACC. DEPR. AT
30.06.2026 NET
CARRYING
AMOUNT AT
30.06.2026 Property 16,132 -5,427 1,946 - -832 -6,259 11,819 Other assets of property, plant and equipment 2,561 -1,644 246 - -186 -1,830 977 Total 18,693 -7,071 2,192 - -1,018 -8,089 12,796 Insurance assets INSURANCE ASSETS 30.06.2026 31.12.2025 CHANGE Insurance contract written classified as assets - - - Cessions to reinsurance classified as asse ts 161,536 146,851 14,685 Total 161,536 146,851 14,685 Cessions to reinsurance classified as assets, measured according to the simplified PAA method, are detailed below: 30.06.2026 31.12.2025 Asset for remaining coverage 89,913 85,952 Assets for incurred claims 103,859 94,632 Reinsurance payables - 32,236 -33,733 Total 161,536 146,851 The change in the “Assets for remaining coverage” item is in line with the evolution of the portfolio and with the reinsurance plan implemented by the Company. The “Assets for incurred claims” item includes the risk adjustment amount of €5,914,000 for non-financial risks (€5,405,000 at 31 December 2025) and the counterparty credit risk totalling €11,000. Investments INVESTMENTS 30.06.2026 31.12.2025 CHANGE Investment property - - - Investments in associates and joint ventures 77 33 44 Financial assets measured at amortised cost 1,028 1,038 -10 Financial assets measured at fair value through other comprehensive income 341,119 266,645 74,474 Financial assets measured at fair value through profit or loss 26,817 19,047 7,770 Total 369,041 286,763 82,278 The following tables set out the Group’s exposures to debt securities only at 30 June 2026, with a breakdown by geographical area and maturity band. In particular, government bonds are spread across the curve, while a low duration exposure to corporate bonds is preferred. Diversification among corporate issuers in the portfolio persists. DESCRIPTION 0-2 2-5 > 5 TOTAL Non -Italian corporate bonds 13,407 59,090 5,420 77,918 Italian corporate bonds 3,930 31,859 1,531 37,320
Consolidated Half-Year Financial Report 2026 59 TABLE OF CONTENTS | Notes to the half-year report Non -Italian government bonds 34,108 43,243 52,676 130,026 Italian government bonds 20,675 71,478 18,795 110,947 Total 72,119 205,669 78,422 356,211 YEARS TO MATURITY 0-2 2-5 > 5 TOTAL Non -Italian corporate bonds 13,407 59,090 5,420 77,918 FR 4,035 15,194 2,106 21,335 US - 14,984 1,011 15,994 ES - 8,505 - 8,505 DE 2,605 4,081 1,508 8,195 UK 2,698 2,143 796 5,637 NL 2,003 3,016 - 5,019 CA 2,066 2,008 - 4,074 DK - 3,059 - 3,059 CH - 3,007 - 3,007 JP - 2,035 - 2,035 CZ - 1,058 - 1,058 Italian corporate bonds 3,930 31,859 1,531 37,320 IT 3,930 31,859 1,531 37,320 Non -Italian government bonds 34,108 43,243 52,676 130,026 SNAT 12,960 8,249 10,251 31,460 ES 10,088 5,048 12,631 27,767 FR - 15,865 11,782 27,647 DE 4,127 6,078 7,997 18,202 NL 4,028 5,040 2,999 12,068 BE 2,904 - 3,982 6,886 AT - 2,023 3,034 5,056 CL - 940 - 940 Italian government bonds 20,675 71,478 18,795 110,947 IT 20,675 71,478 18,795 110,947 Overall total 72,119 205,669 78,422 356,211 The tables relating to exposure by rating, subdivided into government securities and corporate bonds, are set out below. Given that the government component has a high rating, the corporate bonds have a high credit rating. CORPORATE SECURITIES AMOUNT AAA 3,074 AA 15,760 A 22,999 BBB 68,451 BB 4,954 Total 115,238 Investments in associates and joint ventures On 19 December 2023, the insurance company acquired a stake in the insurance brokerage company MedInsure S.r.l., consisting of 33% of its share capital. The remaining 67% of the share capital of MedInsure is held by MRC S.r.l. Following the approval of the financial statements of the intermediation company, the equity investment was valued using the equity method and recorded as €77,000. GOVERNMENT SECURITIES AMOUNT AAA 61,730 AA 5,056 A 60,186 BBB 114,001 Total 240,973
Consolidated Half-Year Financial Report 2026 60 TABLE OF CONTENTS | Notes to the half-year report Equity investments: information on investment relationships NAME COUNTRY OF
REGIS TERED
OFFICE COUNTRY OF
OPERA TIONAL
HEAD -
QUARTERS ACTIVITY RELATION SHIP
TYPE % DIRECT
INVEST MENT % 100%
INTEREST % AVAILA BILITY
OF VOTES AT THE
ORDI NARY
SHARE HOLDERS’
MEETING Associates MedInsure S.r.l. Italy 11 b 33 33 Significant equity investments: carrying amount, fair value and dividends received NAME RELATIONSHIP TYPE CARRYING AMOUNT FAIR VALUE DIVIDENDS RECEIVED Associates MedInsure S.r.l. b 77 77 - Total 77 77 - The valuation of the equity investment of €77,000 (at 31 December 2025, €33,000) reflects the profit of approximately €134,000 recorded in 2025 by the investee company. Financial assets measured at amortised cost Financial assets measured at amortised cost: composition by type and credit risk stage CARRYING AMOUNT 2026 CARRYING AMOUNT 2025 STAGE 1 STAGE 2 STAGE 3 STAGE 1 STAGE 2 STAGE 3 Government securities - - - - - - Other debt securities - - - - - - Loans and receivables: 1,028 - - 1,038 - - a) from banks - - - - - - b) from customers 1,028 - - 1,038 - - - mortgage loans - - - - - - - loans on policies - - - - - - - other loans and receivables 1,028 - - 1,038 - - Total 30.06.2026 1,028 - - - - - Total 31.12.2025 - - - 1,038 - - This category includes financial assets held to collect contractual cash flows, the terms of which give rise to cash flows on specified dates that are solely payments of capital and interest on the principal amount outstanding. The amount of €1,028,000 refers to deposits in escrow accounts designed to secure the obligations assumed by the sellers of Elba Assicurazioni S.p.A. shares to pay indemnities other than those of a tax nature as specified in the share purchase agreement signed on 19 July 2021. The amount deposited is expected to be released by 30 December 2026, as per the escrow agreement of 30 November 2021. Financial assets measured at fair value through OCI Financial assets measured at fair value through OCI: composition by type and percentage 30.06.2026 31.12.2025 CARRYING AMOUNT % CARRYING AMOUNT % Equity securities - - a) listed - - b) unlisted - - Debt securities 341,119 100.00% 266,645 100.0% Government securities 240,973 70.64% 194,611 73.0% a) listed 240,973 70.64% 194,611 73.0% b) unlisted - - Other debt securities 100,145 29.36% 72,034 27.0% a) listed 100,145 29.36% 72,034 27.0% b) unlisted - - - - Other financial instruments - - - - Total 341,119 100% 266,645 100%
Consolidated Half-Year Financial Report 2026 61 TABLE OF CONTENTS | Notes to the half-year report Financial assets measured at fair value through other comprehensive income totalled €341,119,000 (€266,645,000 at 31 December 2025), showing an increase of €74,474,000. This change is mainly attributable to the growth in business volume recorded during the period, which generated higher cash resources available for allocation to financial investments. This item mainly includes Italian and foreign government bonds, Italian and foreign corporate bonds and other listed fixed-income securities that have passed the SPPI test. All bond holdings in the portfolio are denominated in euro and are allocated to Stage 1 for the purposes of determining the ECL; the carrying amount of these instruments is €257,000. The majority of investments carry an investment-grade rating, while the component consisting of issues rated below BBB is negligible. Financial assets measured at fair value through profit or loss FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS 30.06.2026 31.12.2025 CHANGE - Listed shares - - - - Debt securities held for trading - - - - Investments - - - Total financial assets held for trading - - - - Investment property - - - - Listed debt securities held - regulated markets 15,092 9,029 6,063 - Time deposits - - - - Unlisted equity securities measured at fair value - - - Total financial assets measured at fair value 15,092 9,029 6,063 - Units of UCIs 11,725 10,018 1,707 Total other financial assets compulsorily measured at fair value 11,725 10,018 1,707 Total 26,817 19,047 7,770 At 30 June 2026, the amount of €26,817,000 (€19,047,000 at 31 December 2025) is exclusively attributable to “Financial assets compulsorily measured at fair value”, which comprises units of open/closed mutual investment funds and instruments that have not passed the SPPI test (subordinated bank instruments). There are no “Financial assets designated at fair value” or “Financial assets held for trading” in the portfolio. This item showed a positive change of €7,770,000, thanks to purchases during the period of subordinated bank instruments that have not passed the SPPI test and alternative funds/open-ended funds. At 30 June 2026, there were no direct Group financial investment exposures to Russia and Ukraine. The table below shows the product breakdown by type and percentage.
Consolidated Half-Year Financial Report 2026 62 TABLE OF CONTENTS | Schedules attached to the notes to the financial statements Financial assets measured at fair value through profit or loss: composition by type and percentage (in thousands of euro) ITEMS/VALUES FINANCIAL ASSETS HELD FOR TRADING FINANCIAL ASSETS DESIGNATED AT FAIR
VALUE FINANCIAL ASSETS COMPULSORILY MEASURED
AT FAIR VALUE 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 CARRYING
AMOUNT % CARRYING
AMOUNT % CARRYING
AMOUNT % CARRYING
AMOUNT % CARRYING
AMOUNT % CARRYING
AMOUNT % Equity securities - - - - - - - - - - - - a) listed - - - - - - - - - - - - b) unlisted - - - - - - - - - - - - Treasury shares - - - - - - - - - - - - Own financial liabilities - - - - - - - - - - - - Debt securities - - - - - - - - 15,092 56% 9,029 47% a) listed - - - - - - - - 15,092 56% 9,029 47% b) unlisted - - - - - - - - - - - - Units of UCIs - - - - - - - - 11,725 44% 10,018 53% Non -hedging derivatives - - - - - - - - - - - - Hedging derivatives - - - - - - - - - - - - Other financial instruments - - - - - - - - - - - - Total - - - - - - - - 26,817 100% 19,047 100%
Consolidated Half-Year Financial Report 2026 63 TABLE OF CONTENTS | Schedules attached to the notes to the financial statements Other financial assets OTHER FINANCIAL ASSETS 30.06.2026 31.12.2025 CHANGE Receivables from agents and brokers 3,067 6,485 - 3,418 Other receivables 1,178 807 371 Total 4,245 7,292 - 3,047 At 30 June 2026, other financial assets amounted to €4,245,000 (€7,292,000 at 31 December 2025), mainly due to the reduction in receivables from intermediaries, essentially due to the collection dynamics of the policies underwritten. The nature of the receivables, their amount and the collection of a large portion limit the relative credit risk for the Group. Other assets OTHER ASSETS 30.06.2026 31.12.2025 CHANGE Non -current assets or disposal groups held for sale - - - Deferred tax assets 4,260 6,187 -1,927 Current tax assets 256 382 - 126 Other assets 17,241 46,700 -29,459 Total 21,757 53,269 -31,512 Other assets refer to:
Deferred tax assets of €4,260,000 consisted of receivables from tax authorities for prepaid taxes of the Parent Company of €15,949,000 (€15,141,000 at 31 December 2025), offset by deferred tax liabilities of -€11,689,000 (-€8,954,000 in 2025) due to differences generated by the adoption of international accounting standards which, in accordance with IAS 12.74, were offset, as they refer to the same type of tax;
Other assets of €17,241,000, mainly referring to the residual amount of the receivable for the tax advance on premiums for €11,033,000 (€41,191,000 at 31 December 2025), prepaid expenses on costs for €2,375,000, transitional claims accounts for €2,407,000, transitional accounts for claims from ANIA co-insurance companies for €766,000 and other receivables for €660,000. The change was mainly due to the advance payment of the premium tax, which was used during the first half of the year. Cash and cash equivalents CASH AND CASH EQUIVALENTS 30.06.2026 31.12.2025 CHANGE Cash and cash equivalents 10,971 6,278 4,693 Total 10,971 6,278 4,693 Cash and cash equivalents amounted to €10,971,000 at 30 June 2026 (€6,278,000 at 31 December 2025). This item consists exclusively of bank current accounts and cash.
Consolidated Half-Year Financial Report 2026 64 TABLE OF CONTENTS | Notes to the half-year report Equity and liability items Equity EQUITY 30.06.2026 31.12.2025 CHANGE Share capital 6,680 6,680 - Other equity instruments - - - Equity related reserves 170 170 - Income related reserves and other equity reserves 255,699 242,533 13,166 (Treasury shares) -2,164 -5.366 3,202 Valuation reserves -3,482 -2,589 -892 Profit ( Loss) for the year attributable to the Group 13,540 22,407 -8,867 Total equity attributable to the owners of the parent 270,443 263,835 6,608 Capital and reserves - non -controlling interests - - - Gains or losses recognised directly in equity - - - Profit (loss) for the year attributable to non -controlling interests - - - Total equity attributable to non -controlling interests - - - Total 270,443 263,835 6,608 Equity at 30 June 2026 amounted to €270,443,000 (€263,835,000 at 31 December 2025). At 30 June 2026, the share capital was fully subscribed and paid up for €6,680,000 and consisted of 29,305,985 ordinary shares. At 30 June 2026, the Company held 229,550 treasury shares, amounting to €2,164,000 (0.78% of the share capital, including only ordinary shares). The “Valuation reserves” item, amounting to -€3,482,000, includes the costs, net of the relevant taxes, of €4,160,000 incurred by REVO for the listing, the adjustment pursuant to IAS 19 of the severance indemnity provision of €301,000 and the adjustment arising from the application of IFRS 2 relating to the portion of the fair value of the 2026-2028 three-year incentive plan for €752,000, the change in financial assets measured at fair value through other comprehensive income for -€393,000 and relating to the IFRS 9 adjustments, and the reserve deriving from the measurement of equity investments using the equity method for €18,000. The following table sets out the reconciliation of Group equity: CAPITAL AND
RESERVES RESULT FOR
THE PERIOD EQUITY Balances of REVO Parent Company – Local GAAP 216,958 3,774 220,732 IAS/IFRS Parent Company adjustment - 2021 IAS/IFRS adjustment 52 - 52 - Reserve for equity investments measured at equity 18 - 18 - Treasury shares - 2,163 - - 2,163 - OCI reserve - 525 - - 525 - Local supplementary reversal 16,715 8,787 25,502 - Valuation of securities portfolio under IFRS 9 1,783 830 2,613 - Retained earnings reserve 457 - 457 - Amortisation of value of acquisition of Elba Ass. portfolio ( formerly VoBA) - 9,451 - 480 - 9,931 - Valuation of severance indemnity provisions - 166 - 210 - 376 - Valuation of agency severance indemnity provisions 1,153 - 3 1,150 - Property under IFRS 16 - 2,537 - 22 - 2,559 - LTI 875 - 875 - - Write -off of improvements to third -party assets 156 84 240 - Reclassification of Mangrovia write -down - - - - IFRS 17 valuations - LIC and AIC discounting 5,045 1,510 6,555
Consolidated Half-Year Financial Report 2026 65 TABLE OF CONTENTS | Notes to the half-year report CAPITAL AND
RESERVES RESULT FOR
THE PERIOD EQUITY - IFRS 17 valuations - RA - 5,506 - 1,180 - 6,686 - Reversal of amortisation of calculated intangible value (CIV) of goodwill 35,615 4,452 40,067 - Tax effects related to the above consolidation adjustments - 1,935 - 3,132 - 5,067 Balances of Parent Company – IAS/IFRS 256,544 13,53 5 270,079 Results of consolidated investments: - Results achieved by investee REVO Underwriting 359 5 364 Equity and profit attributable to the owners of the parent 256.903 13,540 270,443 Equity and profit attributable to non -controlling interests - - - Shareholders ’ equity and consolidated profit 256.903 13,540 270,443 Earnings per share Basic earnings per share was calculated by dividing the net profit attributable to the owners of the parent by the weighted average number of ordinary shares outstanding during the period. (AMOUNTS IN EURO) 30.06.2026 30.06.2025 Profit for the period 13,540,361 11,310,310 Weighted average no. of shares 28,8 40,025 25,928,581 Average earnings per share 0.47 0.44 Pursuant to IAS 33, diluted earnings per share must reflect the potential effect of convertible or exercisable financial instruments that could reduce the earnings attributable to ordinary shares. Since all special shares were fully converted into ordinary shares during 2025, there are no additional potentially dilutive instruments outstanding. Accordingly, diluted earnings per share are the same as basic earnings per share, therefore it is not necessary to calculate them separately. Dividends During the first half of 2026, dividends totalling €7,758,944 were distributed for an amount corresponding to €0.27 for each share that carries a dividend (28,736,830 ordinary shares, excluding the treasury shares held at 31 December 2025, amounting to 569,155). Provisions for risks and charges PROVISIONS FOR RISKS AND CHARGES 30.06.2026 31.12.2025 CHANGE Provisions for risks and charges 2,394 2,754 -360 Total 2,394 2,754 -360 At 30 June 2026, the item included provisions for future risks of €2,394,000 (€2,754,000 at 31 December 2025), relating entirely to the TFM fund, in application of IAS 37, for future risks arising from potential terminations of agency relationships existing at 30 June 2026 (equal to €2,404,000 at 31 December 2025). The agents’ end-of-service provision benefited from the review of mandate agreements with the new agencies, which began in 2022, in order to determine and maintain provisions in the financial statements for the part within the Company’s remit not covered by an appropriate indemnity, and was affected by the utilisation of €12,000 to pay some agencies that reached the end of their mandates. During the half-year, €350,000 was utilised from the risk provision allocated in 2025 to cover potential future expenses related to organisational and human resources management areas that materialised in the first half of 2026. Insurance liabilities INSURANCE LIABILITIES 30.06.2026 31.12.2025 CHANGE Insurance contract s written classified as liabilities 359,549 305,334 54,215 Cessions to reinsurance classified as liabilities - - - Total 359,549 305,334 54,215
Consolidated Half-Year Financial Report 2026 66 TABLE OF CONTENTS | Notes to the half-year report Liabilities relating to insurance contract liabilities, measured according to the simplified PAA method, are detailed below: INSURANCE CONTRACT LIABILITIES 30.06.2026 31.12.2025 Liability for remaining coverage 222,348 200,483 - o/w non -distinct investment component 765 47 Loss component - - Net flows attributable to the value paid for the acquisition of Elba Assicurazioni () - 3,023 - 3.504 Total LRC 219,325 196,979 Liability for incurred claims (PVFCF) 211,132 182,148 Risk adjustment 12,589 10,900 Total LIC 223,721 193,048 Receivables from policyholders and companies for reinsurance Active - 81,343 - 83,701 Amounts to be recovered - 14,183 - 15.333 Commissions for premiums in the process of collection 12,029 14,341 Total 359,549 305,334 The liability for remaining coverage includes the value of business acquired which, following the business combination in November 2022, was allocated to reduce future risk liabilities by -€3,023,000 at 30 June 2026. The liability for incurred claims includes the present value of future cash flows (PVFCF) of €211,132,000 and the risk adjustment for non-financial risks of €12,589,000 (6.0% of the value of the PVFCF). Financial liabilities FINANCIAL LIABILITIES 30.06.2026 31.12.2025 CHANGE Financial liabilities measured at fair value through profit or loss - - - Financial liabilities held for trading - - - Financial liabilities designated at fair value - - - Financial liabilities measured at amortised cost 14,007 12,799 1,208 Total 14,007 12,799 1,208 At 30 June 2026, financial liabilities amounted to €14,007,000. This item exclusively includes lease liabilities, pursuant to IFRS 16. Specifically, the liabilities relate to the rental of:
Viale dell’Agricoltura 7, Verona;
Via Monte Rosa 91, Milan;
Via Cesarea 17, Genoa;
Paseo de la Castellana, 141 in Madrid; for a total amount of €13,467,000 and lease liabilities relating to company cars for €540,000. The table below shows the breakdown by type, percentage composition and fair value hierarchy. Financial liabilities measured at amortised cost: composition by type and percentage and fair value hierarchy ITEMS/VALUES 30.06.2026 31.12.2025 CARRYING
AMOUNT % L1 L2 L3 TOTAL
FAIR
VALUE CARRYING
AMOUNT % L1 L2 L3 TOTAL
FAIR
VALUE Participating financial instruments - - - - - - - - - - - - Subordinated liabilities - - - - - - - - - - - - Debt securities issued - - - - - - - - - - - - Other loans obtained 14,007 100% - - - - 12,799 100% - - - -
Consolidated Half-Year Financial Report 2026 67 TABLE OF CONTENTS | Notes to the half-year report - from banks - - x x x x - - x x x x - from customers 14,007 100% x x x x 12,799 100% x x x x Total 14,007 100% 12,799 100% Liabilities LIABILITIES 30.06.2026 31.12.2025 CHANGE Trade payables 4,005 4,920 -915 Invoices to be received - 15 -15 Miscellaneous payables 7,811 8,986 - 1,175 Employee severance indemnity 745 926 -181 Total 12,561 14,847 -2,286 Trade payables include invoices still to be paid at the end of the year, and were down compared with 31 December 2025. Miscellaneous payables include, inter alia:
the amount of payables to intermediaries for commission bonuses and additional commissions of €6,107,000 (€7,521,000 at 31 December 2025). This amount is lower than in the previous financial year, as a portion of the incentives for the intermediary network relating to 2025 was paid out during the half-year. The amount recognised in the half-year is therefore related to the provision for the estimate of these costs for the first half of 2026 and the remaining incentives still to be paid to the agency network;
the portion still to be paid to the shareholders of Elba Assicurazioni following the acquisition of the Company by REVO S.p.A. of €1,193,000. An escrow account was opened to secure this debt, which is presented in the item “Financial assets measured at amortised cost” in these financial statements. In the absence of tax disputes, the escrow account will be reduced by €1,000,000 annually until the account balance is zero on 30 December 2026. Other liabilities OTHER LIABILITIES 30.06.2026 31.12.2025 CHANGE Liabilities of disposal groups held for sale - - - Deferred tax liabilities - 1 -1 Current tax liabilities 36 - 36 Other liabilities 26,037 15,660 10,377 Total 26,073 15,661 10,412 Other liabilities amounted to €26,037,000 and refer to:
€5,848,000 in tax payables on insurance premiums;
€1,621,000 in tax payables relating to withholdings and VAT;
€2,237,000 relating to provisions for invoices to be received;
€4,468,000 in payables relating to employees;
€1,328,000 in various contributions (employee and INAIL (National Institution for Insurance against Accidents at Work);
*€10,534,000 for temporary reinsurance liabilities. The change in “Other liabilities” is mainly due to the increase in transitional liabilities related to reinsurance (specifically, collections received and not yet allocated) and to the increase in taxes payable on insurance premiums, as a result of the increase in productivity.
Consolidated Half-Year Financial Report 2026 68 TABLE OF CONTENTS | Notes to the half-year report Information on the income statement Result of insurance services Insurance revenue from insurance contracts issued INSURANCE REVENUE FROM INSURANCE CONTRACTS ISSUED 30.06.2026 30.06.2025 CHANGE Insurance revenue from insurance contracts issued 165,666 135,228 30,438 Total 165,666 135,228 30,438 The following table provides a breakdown of LRC release: 30.06.2026 30.06.2025 CHANGE Gross premiums written 230,564 200,449 30,115 LRC release for the period 195,262 161,959 33,303 LRC change due to premiums for the period - 221,305 - 195,309 - 25,996 Earned premiums 204,521 167,099 37,422 Depreciation of value of acquired portfolio ( formerly VoBA) -480 - 633 153 Non -distinct investment component - 1,883 -346 - 1,537 Earned premiums net of the value of the acquired portfolio ( formerly VoBA) and investment component 202,158 166,120 36,038 Commissions - 41,381 -35,191 - 6,190 LRC release - part for commissions - 40,427 -34,796 - 5,631 Change in LRC due to commissions for the period 45,316 39,095 6,221 Commissions for the period - 36,492 - 30,892 - 5,600 LRC release 165,666 135,228 30,438 The item “Insurance revenue from insurance contracts issued” amounted to €165,666,000, comprising €202,158,000 in gross premiums earned (€166,120,000 at 30 June 2025) and €36,492,000 in commissions for the period (€30,892,000 at 30 June 2025). There was a significant increase in gross premiums written (+15.0% compared with 30 June 2025), due to:
an expansion of the product range and the cover offered;
new product launches on the market;
development of the REVO Iberia branch. During the period there was a significant increase not only in Suretyship (+15.8% compared with the first half of 2025), which remained the main business class, but also in other line of business historically managed by the Company (particularly for General Liability and Property), mainly due to the impetus provided by the expansion of the product range and the distribution network, as well as by favorable market conditions. At the end of the half-year, the insurance portfolio was diversified and in line with the same period of the previous year, with a 24.2% impact on total premiums of the Suretyship class (24.0% at the end of the first half 2025) and exposure to the Other LoB of 75.8% (76.0% at 30 June 2025). For further comments on business performance in 2026, please see the relevant section of the Report on Operations. Insurance service expenses from insurance contracts issued Costs of insurance services deriving from insurance contracts written 30.06.2026 30.06.2025 CHANGE Insurance service expenses from insurance contracts issued 103,658 86,335 17,323
Consolidated Half-Year Financial Report 2026 69 TABLE OF CONTENTS | Notes to the half-year report Total 103,658 86,335 17,323 The following table provides a breakdown of insurance service expenses from insurance contracts issued: 30.06.2026 30.06.2025 CHANGE Amounts paid 42,428 45,305 - 2,877 Change in LIC - PVFCF 27,502 13,168 14,334 Change in risk adjustment 1,689 816 873 Loss component Non -distinct investment component - 1,164 - 310 - 854 Amounts recovered - 4,635 - 5,567 932 Amounts to be recovered 1,150 1,795 - 645 Insurance costs excluding operating expenses and other technical expenses 66,970 55,207 11,763 Expenses directly attributable to insurance contracts 30,076 25,445 4,631 Balance of other technical expenses/income 6,612 5,683 929 Insurance costs deriving from insurance contracts written 103,658 86,335 17,323 Costs of insurance services increased by a total of €17,323,000. Overall claims expenses at 30 June 2026, measured in terms of the Loss Ratio, remained stable compared with the comparative period and, in any event, at a level considered appropriate in light of the growth in business volumes and the diversification of the portfolio into other lines of business, standing at 32.3%. At 30 June 2026, the IBNR claims provision increased by €12,271,000 compared with 31 December 2025 (€9,414,000 net of reinsurance). The overall IBNR provision amounted to €31,507,000, compared with €17,410,000 at 30 June 2025. The IBNR provision relating to the Agro line of business amounted to €4,243,000 and was determined based on expected claims estimated consistently with the projections included in the business plan and the information and analyses available at the measurement date. In absolute terms, claims expenses—corresponding to insurance service expenses excluding management expenses and other technical expenses—increased by €11,763,000, mainly due to the Property portfolio (€6,064,000), the Other Motor portfolio (€5,862,000) and the Agro portfolio (€2,435,000). Please refer to the Report on Operations for the performance of the main portfolios.
Consolidated Half-Year Financial Report 2026 70 TABLE OF CONTENTS | Schedules attached to the notes to the financial statements Insurance revenues and costs deriving from insurance contracts written – Composition 19 In the non-life segment, only the Land Vehicles LOB is included. (in thousands of euro) ITEMS/BASES OF AGGREGATION BASIS A1 –
Life Business
2026 BASIS A2 –
Life Business
2026 BASIS A5 –
Life Business
2026 TOTAL
2026 BASIS A1 –
Life Business
2025 BASIS A2 –
Life Business
2025 BASE A5 –
Life Business
2025 TOTAL
2025 A. Ins. revenues der. from ins. con. written measured on the basis of the GMM and the VFA - - - - - - - - A.1 Changes related to the liability for remaining coverage - - - - - - - - 1. Incurred claims and other expected costs for ins. services - - - - - - - - 2. Changes in the adjustment for non -financial risks - - - - - - - - 3. Contractual service margin recorded in profit or loss for services provided - - - - - - - - 4. Other amounts - - - - - - - - A.2 Acquisition costs of ins. con. recovered - - - - - - - - A.3 Total LRC release measured on the basis of the GMM or VFA (A1 + A2) - - - - - - - - A.4 Total LRC release measured on the basis of the PAA - - - 165,66 6 - - - 135,228 - Life segment X X X - X X X - - Non -Life segment – Motor19 X X X 7,660 X X X 5,892 - Non -Life segment – Non -Motor X X X 158,00 6 X X X 129,336 A.5 Total LRC release (A3 + A4) - - - 165,66 6 - - - 135,228 B. Costs of insurance services deriving from insurance contracts written – GMM or VFA - - - - - - - - 1. Incurred claims and other directly attributable costs - - - - - - - - 2. Change in liability for incurred claims - - - - - - - - 3. Losses on onerous contracts and recovery of such losses - - - - - - - - 4. Amortisation of the acquisition expenses of ins. contracts - - - - - - - - 5. Other amounts - - - - - - - - B.6 Total costs of insurance services deriving from insurance contracts written – GMM or VFA - - - - - - - - B.7 Total costs of insurance services deriving from insurance contracts written measured on the basis of the PAA - - - -103,658 - - - -86,335 - Life segment X X X - X X X - - Non -Life segment – Motor X X X -13,210 X X X -7,274 - Non -Life segment – Non -Motor X X X -90,448 X X X -79,061 B.8 Total costs of insurance services deriving from insurance contracts written (B.6 + B.7) -103,658 -86,335 C. Total net costs/revenues deriving from insurance contracts written (A.5+B.6+B.7) 62,007 48,893
Consolidated Half-Year Financial Report 2026 71 TABLE OF CONTENTS | Schedules attached to the notes to the financial statements Insurance revenues from reinsurance contracts held INSURANCE REVEN UES FROM REINSURANCE CONTRACTS HELD 30.06.2026 30.06.2025 CHANGE Insurance revenues from reinsurance contracts held 47,321 56,300 - 8,979 Total 47,321 56,300 -8,979 The following table provides details of items at 30 June 2026: INSURANCE REVENUES FROM REINSURANCE CONTRACTS HELD 30.06.2026 30.06.2025 CHANGE Amounts paid ceded net of recoveries 17,915 19,975 - 2,060 Amounts recovered - 58 - 3 - 55 Change in AIC 7,962 4,427 3,535 Change in risk adjustment 510 306 204 Reinsurers ’ share of fees payable 35,381 33,058 2,323 Non -distinct investment component - 14,389 -1,463 - 12,926 Total 47,321 56,300 -8,979 Insurance revenues deriving from reinsurance cessions amounted to €47,321,000 at 30 June 2026, representing a decrease of €8,979,000 compared with the corresponding period of the previous year. Ceded claims paid, net of recoveries decreased by €2,060,000 compared with the corresponding period of the previous year, while recoveries recorded a negative change of €55,000. The change in the ceded Asset for Incurred Claims (AIC) increased by €3,535,000 compared with the first half of 2025, reflecting the higher claims development in the direct business. The change in the ceded Risk Adjustment also made a positive contribution of €204,000. Commissions payable by reinsurers increased by €2,323,000 to €35,381,000, in line with the growth in ceded business volumes during the period, although at a lower rate than the growth in gross business. The significant change in the non-distinct investment component is attributable to a different presentation of the components of the Asset for Remaining Coverage compared with the first half of 2025. This item is discussed together with the other ARC components in the following paragraph. Insurance services expenses from reinsurance contracts held INSURANCE SERVICE S EXPENSES FROM REINSURANCE CONTRACTS HELD 30.06.2026 30.06.2025 CHANGE Insurance service s expenses from reinsurance contracts held 84,552 83,020 1,532 Total 84,552 83,020 1,532 The following table provides details of items at 30 June 2026: INSURANCE SERVICES EXPENSES FROM REINSURANCE CONTRACTS HELD 30.06.2026 30.06.2025 CHANGE Premiums ceded to reinsurance 105,531 98,135 7,396 ARC release 50,848 48,795 2,053 Change in A RC reserve for the period - 56,786 - 54,817 -1,969 Change in non -distinct investment component - 12,429 - 9,776 - 2,653 Other technical income/expenses - 2,612 683 - 3,295 Total 84,552 83,020 1,532 Insurance service expenses from reinsurance contracts held amounted to €84,552,000 at 30 June 2026, representing an increase of €1,532,000 compared with the corresponding period of the previous year.
Consolidated Half-Year Financial Report 2026 72 TABLE OF CONTENTS | Notes to the half-year report This trend was mainly attributable to the increase in premiums ceded to reinsurers, which rose by €7,396,000, reflecting the growth in business volumes written, the different portfolio mix and the underwriting of new facultative covers in line with the evolution of the business. The increase in ceded premiums was offset by the change in the Asset for Remaining Coverage (ARC), whose development should be considered together with the change in the non-distinct investment component presented under insurance revenues arising from reinsurance contracts held. A reconciliation table is provided below. ARC breakdown 30.06.2026 30.06.2025 CHANGE ARC release 50,848 48,795 2,053 Change in ARC reserve for the period - 56,786 - 54,817 - 1,969 Change in non -distinct investment component - 12,429 - 9,776 - 2.653 Non -distinct investment component - 14,389 -1,463 - 12,926 Total -3,978 -14,335 10.357 The overall impact of the change in the ARC, including the non-distinct investment component, resulted in higher costs of €10,357,000 compared with the comparative period. This was attributable to the higher amount of ceded premiums released during the period as a result of the evolution of the business mix, together with the revision of the reinsurance structure compared with the comparative period. A further offsetting effect was attributable to “Other technical income/expenses”, which improved by €3,295,000 compared with the comparative period, mainly due to lower costs relating to the estimated reinstatement premiums on excess-of-loss treaties compared with the same period of the previous year.
Consolidated Half-Year Financial Report 2026 73 TABLE OF CONTENTS | Schedules attached to the notes to the financial statements Insurance revenues and service expenses from reinsurance contracts held – Composition Breakdown of costs for insurance services and other services (in thousands of euro) AGGREGATION COSTS/BASES BASIS A1
- with
DPF 2026 BASIS A2
- without
DPF 2026 BASIS A1
+
BASIS A2
2026 BASIS A3
2026 BASIS A4
2026 BASIS A3
+
BASIS A4
2026 Other
2026 BASIS A1 -
with DPF
2025 BASIS A2
- without
DPF 2025 BASIS A1
+
BASIS A2
2025 BASIS A3
2025 BASIS A4
2025 BASIS A3
+ Basis A4
2025 OTHER
2025 Costs allocated to the acquis. of insurance contracts - - - -254 -3,713 -3,966 X - - - -254 -3,063 -3,317 X Other directly attributable costs - - - -1,664 -24,445 -26,108 X - - - -1,737 -20,349 -22,086 X Investment management expenses X X - X X -18 X X - X X -53 Other costs X X - X X -4,663 -366 X X - X X -4,868 -166 Total - - - X X -34,755 -366 - - - X X -30,324 -166 (in thousands of euro) ITEMS/BASES OF AGGREGATION BASIS OF
AGGREGATION 1 -
Life Business
30.06.2026 BASIS OF
AGGREGATION 2 -
P&C Business
30.06.2026 TOTAL 2026 BASIS OF
AGGREGATION 1 -
Life Business
30.06.2025 BASIS OF
AGGREGATION 2 -
P&C Business
30.06.2025 TOTAL
2025 A. Allocation of premiums paid relating to cessions to reinsurance measured on the basis of the GMM - - - - - - A.1 Changes related to the assets for remaining coverage - - - - - - 1. Amount of claims and other recoverable costs expected - - - - - - 2. Change in the adjustment for non -financial risks - - - - - - 3. Margin on contract services registered in P&L for services received - - - - - - 4. Other amounts - - - - - - 5. Total - - - - - - A.2 Other costs directly attributable to cess. to reins. - - - - - - B. Allocation of premiums paid relating to cess. to reins. measured on the basis of the PAA - -84,552 -84,552 - -83,020 -83,020 C. Total costs deriving from cessions to reinsurance (A.1+A.2+A.3) - -84,552 -84,552 - -83,020 -83,020 D. Effects of the changes in the risk of default by reins. - - - - - - E. Amount of claims and other expenses recovered - 18,089 18,089 - 19.973 19.973 F. Changes in the ass. for incurred claims - 8,240 8,240 - 4,732 4,732 G. Other recoveries - 20,992 20,992 - 31,595 31,595 H. Total net costs/revenues deriving from cessions to reinsurance
(C+D+E+F +G) - -37,231 -37,231 - 26,720 26,720
Consolidated Half-Year Financial Report 2026 74 TABLE OF CONTENTS Investment result Income and expenses deriving from financial instruments measured at fair value through profit or loss NET FAIR VALUE GAINS (LOSSES) ON FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS 30.06.2026 30.06.2025 CHANGE Net fair value gains (losses) on financial instruments measured at fair value through profit or loss 717 682 35 Total 717 682 35 The item “Income and expenses from financial instruments measured at fair value” shows a positive balance of €717,000 (positive for €682,000 at 30 June 2025) due to dividends received of €178,000, realised gains of €105,000, valuation capital gains of €120,000 and other financial income of €388,000, partially offset by valuation capital losses and capital losses on disposal of €74,000. Gains (losses) on investments in associates and joint ventures At 30 June 2026, gains of €44,000 were recorded, corresponding to the share of profit for the period of the associate MedInsure. The investment was recognized using the equity method in compliance with “IAS 28 – Investments in Associates and Joint Ventures”, paragraph 10 and subsequent, based on which the carrying amount of the investment is adjusted to indicate the share attributable to the investor of profit or losses realized from the investment after the acquisition, with the corresponding component recognized in the income statement of the investor. Income and expenses deriving from other financial instruments and investment property INCOME DERIVING FROM OTHER FIN. INSTRUMENTS AND I NV. PROP. 30.06.2026 30.06.2025 CHANGE Interest income net of discounts 4,498 3,634 864 Interest expenses -211 - 223 12 Other income and expenses - - - Realised gains and losses - 61 -272 211 Unrealised gains and losses - 85 - 57 - 28 Total 4,141 3,082 1,059 The item “Income deriving from other financial instruments and investment property” amounts to €4,141,000 and comprises interest income totalling €4,498,000, interest expense related to leasing of €211,000, realised losses of €61,000 and valuation losses of €85,000. Other revenue/cost Other revenue/cost 30.06.2026 30.06.2025 CHANGE Other revenue/cost - 1,532 -1,264 - 268 Total - 1,532 - 1,264 - 268 At 30 June 2026, this item included €1,532,000 (€1,358,000 at 30 June 2025) relating to commissions paid to the staff of the subsidiary REVO Underwriting. Operating expenses OPERATING EXPENSES 30.06.2026 30.06.2025 CHANGE Investment management expenses 18 53 -35 Other administrative expenses 4,898 5,034 -136 Total 4,916 5,087 -171
Consolidated Half-Year Financial Report 2026 75 TABLE OF CONTENTS | Notes to the half-year report Other administrative expenses of €4,898,000 (€5,034,000 at 30 June 2025) represent the portion of the Company’s management costs that are not attributable to insurance contracts. This value was determined by an analysis carried out on the basis of the nature of the cost and the cost centres and mainly consists of payroll costs of €3,324,000 (€3,126,000 in 2025), one-off costs of €142,000 and consultancy costs and legal and notarial expenses for the remainder. The reduction compared with the previous year is mainly due to the decrease in consultancy costs and one-off costs. Amortisation and net impairment losses of intangible and tangible assets AMORTISATION AND NET IMP AIRMENT LOSSES OF INTANGIBLE AND TANGIBLE ASSETS 30.06.2026 30.06.2025 CHANGE Depreciation and impairment losses on property, plant and equipment -952 -871 -81 Write -downs and write -backs of intangible assets -1 -1 - Total -953 -872 -81 Write-downs and write-backs of property, plant and equipment and intangible assets include depreciation of property, plant and equipment of €953,000 resulting from the adoption of IFRS 16 relating to leased assets, and amortisation of intangible assets of €1,000. Other operating income/expense OTHER OPERATING INCOME/EXPENSE 30.06.2026 30.06.2025 CHANGE Other operating expenses -2,792 -1,231 -1,561 Other operating income 608 190 418 Total -2,184 -1,041 -1,143 Other operating expenses include €1,362,000 for the final quantification of the expenses associated with the enhanced MBO plan for 2025 as a result of the final balance of the KPIs envisaged in the plan at levels higher than those estimated at the 2025 balance sheet date and used to determine the relative provision; €3,000 for the actuarial valuation adjustment for the end-of-service provision; and €929,000 for the provision relating to the LTI (Long-Term Incentive) plan, including €598,000 attributable to the 2026/2028 incentive plan, €226,000 to the 2022/2024 incentive plan and €105,000 to the 2025 incentive plan. Negative exchange rate differences of €142,000 Other operating income mainly relates to the withdrawal of €350,000 from the provision for risks and charges set aside in 2025, relating to the estimated potential future charges related to management and organisational areas of human resources that materialised in the first half of 2026. The positive exchange rate differences amounted to €212,000. Taxes TAXES 30.06.2026 30.06.2025 CHANGE Taxes 5,843 5,444 399 Total 5,843 5,444 399 Taxes have been accounted for in accordance with current tax provisions on an accruals basis. Prepaid taxes are duly adjusted taking into account the temporary differences between the recorded asset values and the corresponding values recognised for tax purposes. The value of €5,843,000 at 30 June 2026 includes €3,132,000 in deferred taxes deriving from the application of international accounting standards, including €546,000 relating to the reversal to the income statement of taxes on the LTI plan on the distributed portion of the second tranche of shares to beneficiaries (non-recurring item). The calculation of current IRES and IRAP taxes incorporates €1,440,000 of tax relief from the New Patent Box (hereinafter “NPB”), primarily associated with the development of OverX, the proprietary and particularly innovative digital platform. At 30 June 2025, the impact was €1,178,000. The tax item breaks down as follows:
income taxes for the year of the Parent Company for €2,616,000 (€3,621,000 at 30 June 2025) relating to IRES and €862,000 relating to IRAP (€687,000 in 2025);
Consolidated Half-Year Financial Report 2026 76 TABLE OF CONTENTS | Notes to the half-year report taxes on the income for the year of the Subsidiary of €35,000 for IRES and €6,000 for IRAP (overall €145,000 in 2025);
positive change (income) in the Parent Company’s deferred taxes of €808,000 (€1,437,000 at 30 June 2025);
negative change (cost) in deferred taxes arising from the application of international accounting standards for €3,132,000 (€2,428,000 in 2025). Fair value measurement Accounting standard IFRS 13 regulates the measurement of fair value and the related disclosure. A breakdown of the measurement at fair value and the amount of financial investments and liabilities recorded in the financial statements is provided below. 30.06.2025 31.12.2025 CARRYING AMOUNTS AND FAIR VALUE S CARRYING
AMOUNT FAIR
VALUE CARRYING
AMOUNT FAIR
VALUE Investment property - - Investments in associates and joint ventures 77 77 33 33 Financial assets measured at amortised cost 1,028 1,028 1,038 1,038 Financial assets measured at FV through OCI 341,119 341,119 266,645 266,645 Financial assets measured at FVTPL 26,817 26,817 19,047 19,047 Cash and cash equivalents 10,9 71 10,9 71 6,277 6,27 8 Total investments 380,0 12 380,0 12 293,040 293,040 Financial liabilities measured at fair value through profit or loss - - - - Financial liabilities measured at amortised cost 14,007 14,007 12,799 12,799 Total financial liabilities 14,007 14,007 12,799 12,799 As can be seen from the table above, there are no financial investments or liabilities whose carrying amount differs from their fair value. The item “Investments in associates and joint ventures” relates to the measurement using the equity method of the investment in insurance brokerage company MedInsure S.r.l. In accordance with the requirements of the standard, the Group classifies financial assets and liabilities measured at fair value according to a hierarchy based on the nature of the inputs used in valuation techniques. The hierarchy has three levels:
Level 1, consisting of quoted prices in active markets for identical assets or liabilities;
Level 2, determined based on inputs observable in the market, either directly or indirectly, other than the quoted prices of Level 1;
Level 3, determined using significant non-observable inputs. At 30 June 2026, the Group’s financial portfolio primarily consisted of government and corporate bonds, as well as units in undertakings for collective investment. The fair value of financial instruments is measured by reference, where available, to prices observed in active markets or to quotes provided by specialised information providers based on observable market parameters. Virtually all financial instruments held by the Group are classified in Level 1 of the fair value hierarchy. At 30 June 2026, financial assets classified in Level 3 of the fair value hierarchy represent amounts that are not material for the purposes of consolidated financial reporting. During the half-year, there were no transfers between the different levels of the fair value hierarchy and there were no changes to the valuation techniques, the methodological approaches adopted or the key assumptions used to determine fair value with respect to the information presented in the consolidated financial statements at 31 December 2025.
Consolidated Half-Year Financial Report 2026 77 TABLE OF CONTENTS | Notes to the half-year report The following table shows the amount of assets classified within the various levels of the fair value hierarchy at 30 June 2026, compared with the data at 31 December 2025: LEVEL 1 LEVEL 2 LEVEL 3 BREAKDOWN BY FAIR VALUE LEVELS 30.06.26 31.12.25 30.06.26 31.12.25 30.06.26 31.12.25 Financial assets measured at fair value through OCI 341,119 266,645 - - - - Other financial assets compulsorily measured at fair value 22,282 14,086 - - 4,535 4,961 Total 363,401 280,731 - - 4,535 4,961 Financial assets classified in Level 3 of the fair value hierarchy primarily consist of investment fund units, the fair value of which is determined based on the latest available net asset value reported by the respective managers. Given the limited impact of such exposures on the Group’s total financial portfolio, any reasonably possible changes in the non-observable inputs used for valuation purposes, taking into account the sensitivity analyses conducted, would not result in material effects on equity or the result for the period. With regard to the movement of assets classified in Level 3 of the fair value hierarchy, the changes recorded during the half-year are attributable to purchases and redemptions made during the period. The reduction in the position compared with the previous closing date is primarily attributable to the rebalancing of an alternative fund included in that category. The fair value changes recognised in the half-year did not result in the recognition of net valuation items in the income statement. The following table shows the movements during the period in assets classified as Level 3: 31.12.2025 PURCHASE SALE -
REDEMPTI
ONS CAPITAL
GAIN/LOSS ON
DISPOSALS CAPITAL
GAIN/LOSS ON
VALUATION 30.06.2026 Financial assets measured at FVPL 4,961 2,029 -2,455 - - 4,535 Total 4,961 2,029 -2,455 - - 4,535
Consolidated Half-Year Financial Report 2026 78 TABLE OF CONTENTS | Notes to the half-year report Breakdown of other comprehensive income ITEMS 30.06.2026 30.06.2025 1 Profit (loss) for the year 13,540 11,310 2. Other income not reclassified to profit or loss - - 2.1 Share of valuation reserves for investments measured using the equity method - - 2.2 Valuation reserve for intangible assets - - 2.3 Valuation reserve for property, plant and equipment - - 2.4 Financial income or expense relating to insurance contracts - - 2.5 Income or expenses relating to non -current assets or disposal groups held for sale - - 2.6 Actuarial gains and losses and adjustments relating to defined benefit plans -706 -3,264 2.7 Gains or losses on equity securities designated at FVOCI: - - a) change in fair value - - b) transfers to other components of equity - - 2.8 Reserve deriving from changes in own creditworthiness for financial liabilities designated at FVOCI - - a) change in fair value - - b) transfers to other components of equity - - 2.9 Other changes: - - a) change in fair value (hedged instrument) - - b) change in fair value (hedging instrument) - - c) other changes in fair value - - 2.10 Income taxes relating to other income not reclassified to profit or loss 218 1,006 3. Other income reclassified to profit or loss 3.1 Translation reserve: - - a) changes in value - - b) reclassification to profit or loss - - c) other changes - - 3.2 Gains/losses on financial assets (other than equity securities) measured at FVOCI: -584 2,193 a) changes in fair value -584 2,193 b) reclassification to profit or loss - - adjustments for credit risk - - gains/losses on disposals - - c) other changes - - 3.9 Other elements: - - a) changes in fair value - - b) reclassification to profit or loss - - c) other changes - - 3.10 Income taxes relating to other comprehensive income reclassified to profit or loss 180 -680 4. Total other comprehensive income (sum of Items 2.1 to 3.10) -892 -745 5. Comprehensive income (Items 1 + 4) 12,648 10,565 o/w: attributable to owners of the parent 12,648 10,565 o/w: attributable to non -controlling interests - - The item “Actuarial gains or losses and adjustments relating to defined benefit plans” includes €929,000 in provisions relating to the LTI (Long-Term Incentive) plan, for which reference is made to the section “Other information” in this file. It also includes the use of part of the LTI fund for the distribution of treasury shares held in the portfolio amounting to -€1,774,000, and finally, -€139,000 in IAS 19 valuations relating to severance indemnities. The item “Gains/losses on financial assets measured at fair value through OCI” includes changes in the fair value of securities, which recorded a change compared with 2025 of -€584,000 (including €71,000 for the expected credit loss).
Consolidated Half-Year Financial Report 2026 79 TABLE OF CONTENTS | Notes to the half-year report Other information Significant events after the half-year On 3 August 2026, REVO Insurance S.p.A. submitted a Binding Offer for the acquisition of the entire share capital of Eurocaution S.A., a Luxembourg-based company and a leading player in insurance intermediation specialising in the surety bond segment, currently operating in Luxembourg and Belgium, for a maximum consideration of Euro 22 million. The maximum aggregate consideration provided for under the binding offer amounts to Euro 22 million, comprising a base component of Euro 20 million plus an earn-out component linked to business development in 2027. The transaction, subject to the definition and signing of the contractual documentation and to the conditions precedent set out therein being met — including the receipt of applicable regulatory approvals — will enable REVO to extend beyond national borders its position of excellence in the surety bond segment, one of the most profitable business lines in the European non-life insurance market, characterized by structurally low loss ratios. Looking ahead, the transaction will also allow REVO to further broaden its product offering into business lines currently not covered by Eurocaution, leveraging the efficiencies of the advanced artificial intelligence modules already in place at Group level, and replicating the multi-product, multi-channel model already developed in Italy and Spain. The initiative is fully consistent with several strategic guidelines outlined in the Business Plan, including geographic diversification, growth in high-margin business lines ("Specialty Focus"), and harnessing the value of proprietary technology. It should be noted that the expansion will require limited additional IT investment, estimated at approximately Euro 1 million, confirming the scalability of the proprietary platform, which is capable of supporting international growth at reduced marginal costs. The initiative aims to generate, by 2029, in the surety business line, gross written premiums of more than Euro 20 million across Luxembourg and Belgium, corresponding to an expected CAGR of over 20% between 2027 and 2029. With regard to the financing of the transaction, given the Group's current capital structure, REVO may consider, as an alternative to the use of own funds already available for the transaction, the issuance of subordinated debt in an amount consistent with the size of the acquisition, potentially initiating a process to optimize the Group's leverage. Non-recurring significant events and transactions During the half-year and until the date of preparation of this set of documents, no non-recurring significant events and/or transactions were recorded. Revenue or cost elements of exceptional size or impact During the half-year, cost items of exceptional magnitude or significance included an amount of €1,362,000 relating to the definitive quantification of the expense associated with the enhanced MBO plan for the 2025 financial year. The expense arose because the KPIs provided for in the plan closed at levels exceeding those estimated at the closing date of the 2025 financial statements, which were used to determine the corresponding provision. Long-term incentives – LTI Plan In April 2026, the new 2026-2028 LTI was approved, which, together with LTI 2025, is reserved for the directors, including the General Manager, and the remaining portions of 2022-2024 LTI, resulted in the recognition of a provision of €929,000 during the period.
Consolidated Half-Year Financial Report 2026 80 TABLE OF CONTENTS | Notes to the half-year report Furthermore, during June 2026, following the allocation to beneficiaries of the second tranche of treasury shares under the 2022-2024 LTI share plan, the Company proceeded with the distribution of 339,605 treasury shares. Contingent liabilities, purchase commitments, guarantees, pledged assets and collateral At 30 June 2026, the Company did not record any contingent liabilities, purchase commitments or guarantees. Although not reported in the statement of financial position, for some insurance contracts written, collateral guarantees were obtained (mainly pledges on life policies and bank guarantees) to be used, in the event of enforcement of the policy, to ensure the recovery of any sums paid to policyholders. Leases Rights of use The table below shows the carrying amount of right-of-use assets at the end of the first half-year for each class of underlying asset. ITEM 30.06.2026 31.12.2025 Property 11,819 10,705 Company cars 528 455 Total 12,347 11,160 Liabilities Lease liabilities at 30 June amounted to €14,007,000 and are recognised under financial liabilities measured at amortised cost in the statement of financial position. The table below provides a breakdown of lease liabilities by maturity: EXPIRES 30.06.2026 31.12.2025 maturing within 1 year 10 43 2-3 years 594 498 4-5 years 8,706 - after 5 years 4,698 12,258 Total 14,007 12,799 Main costs deriving from lease agreements ITEM 30.06.2026 30.06.2025 amortisation of rights of use 953 871 lease interest expense 211 223 Total 1,164 1,094 The “depreciation of rights of use” item consists of €121,000 for leased company cars and €832,000 for properties, including the property at Via Monte Rosa 91, Milan, for which lease payments will start being made from May 2024. The changes during the half-year concerned, in particular:
an increase in the financial liability relating to the property located in Milan following the adjustment of the rent to the ISTAT index with effect from the second quarter of 2026 for a total amount of approximately €72,000;
the execution of a new lease agreement for a property located in Madrid intended for office use. This transaction resulted in the recognition of right-of-use assets for a total amount of €1,881,000. Under the contractual agreements, lease payments will commence in September 2026;
Consolidated Half -Year Financial Report 2026 81 TABLE OF CONTENTS | Notes to the half -year report the signing of new vehicle lease agreements to replace those that have expired or are due, with an overall impact on rights of use of €218,000.
Information relating to staff In the first half of 2026, the average Group headcount was 287 (23 executives, 260 employees and 4 contract staff), with a total cost of €15, 423,000. At 31 December 2025, the average Group headcount was 248 (17 executives, 225 employees and 6 contract staff).
Verona , 6 August 2026 REVO Insurance S.p.A.
Chief Executive Officer (Alberto Minali) tht nd
Consolidated Half -Year Financial Report 2026 82 TABLE OF CONTENTS Certification of the consolidated half -year financial
statements
pursuant to Article 81 -ter of Consob Regulation 11971/1999 193 1. The undersigned Alberto Minali, in his capacity as Chief Executive Officer, and Jacopo Tanaglia, in his capacity as Financial Reporting Officer of REVO Insurance S.p.A., hereby attest to, also taking account of Article 154 -bis, paragraphs 3 and 4, of Legislative Decree No. 58 of 24 February 1998:
the adequacy in relation to the characteristics of the Company; and the actual application of administrative and accounting procedures for the preparation of the Condensed Consolidated Half-Year Financial Statements during the first half -year of 2026.
2. We also certify that:
The Condensed Consolidated Half-Year Financial Statements at 30 June 2026:
- correspond to the accounting books and records;
- have been prepared in compliance with the international accounting standards recognised by the European Community pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, as well as the current legislative and regulatory provisions;
- are suitable to provide a true and fair representation of the financial position, cash flows and results of operations of the issuer and all the companies included within the scope of consolidation.
the interim report on operations includes a reliable analysis of the performance and operating results, as well as the situation, of the issuer and all the companies within the scope of consolidation, as well as a description of the main risks and uncertainties to which they are exposed.
Jacopo Tanaglia Alberto Minali Financial Reporting Officer Chief Executive Officer REVO Insurance S.p.A. REVO Insurance S.p.A.
Milind.
83 TABLE OF CONTENTS External Auditor’s Report
REVO Insurance S.p.A.
Condensed consolidated half -year financial statements as of June 30, 2026
Review report on the condensed consolidated half -year
financial statements
EY S.p.A.
Sede Legale: Via Meravigli, 12 – 20123 Milano Sede Secondaria: Via Lombardia, 31 – 00187 Roma Capitale Sociale Euro 3.000.000 i.v.
Iscritta alla S.O. del Registro delle Imprese presso la CCIAA di Milano Monza Brianza Lodi Codice fiscale e numero di iscrizione 00434000584 - numero R.E.A. di Milano 606158 - P.IVA 00891231003 Iscritta al Registro Revisori Legali al n. 70945 Pubblicato sulla G.U. Suppl. 13 - IV Serie Speciale del 17/2/1998
A member firm of Ernst & Young Global Limited
EY S.p.A.
Via Meravigli, 12 20123 Milano Tel: +39 02 722121 Fax: +39 02 722122037
ey.com
Review report on the condensed consolidated half -year financial
statements
(Translation from the original Italian text)
To the Shareholders of REVO Insurance S.p.A.
Introduction
We have reviewed the condensed consolidated half -year financial statements , compris ing the statement of financial position , the income statement , the statement of comprehensive income , the statement of changes in shareholders’ equity , the statement of cash flows and the related notes of REVO Insurance Group as of June 30, 2026 . The Directors are responsible for the preparation of the condensed consolidated half -year financial statements in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34 ) as issued by the International Accounting Standards Board and adopted by the European Union. Our responsibility is to express a conclusion on these condensed consolidated half -year financial statements based on our review .
Scope of Review We conducted our review in accordance with the criteria recommended by Consob ( the Italian Stock Exchange Regulatory Agency ) in its Resolution n o. 10867 of July 31, 1997. A review of condensed consolidated half -year financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and consequently doe s not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion on the condensed consolidated half -year financial statements .
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated half -year financial statements of REVO Insurance Group as of June 30, 2026 are not prepared , in all material respects , in accordance with the International Accounting Standard applicable to the interim financial reporting ( IAS 34 ) as issued by the International Accounting Standards Board and adopted by the European Union .
Milan, 7 August 2026
EY S.p.A.
Signed by: Massimo Sartori , Auditor
This report has been translated into the English language solely for the convenience of international readers . Accordingly, only the original text in Italian language is authoritative.