Group H1 2026
Results Presentation
5 August 2026
2Disclaimer
Thispresentation hasbeen prepared byBanco BPM ("Banco BPM") ;forthepurposes ofthisnotice, "presentation" means thisdocument, any oral presentation, any questions and answers session and any written ororal material discussed following thedistribution ofthisdocument .
Thedistribution ofthispresentation inother jurisdictions may berestricted bylaw orregulation .Accordingly, persons who come into possession ofthisdocument should inform themselves of,and observe, these restrictions .Tothe fullest extent permitted byapplicable law, Banco BPM and itssubsidiaries disclaim any responsibility orliability fortheviolation ofsuch restrictions byany person .
Thispresentation does notconstitute orform part of,and should notbeconstrued as,any offer orinvitation tosubscribe for,underwrite orotherwise acquire, any securities ofBanco BPM orany member ofitsgroup orany advice orrecommendation with respect tosuch securities, norshould itorany part ofitform thebasis of,orberelied oninconnection with, any contract topurchase orsubscribe forany securities inBanco BPM orany member ofitsgroup, orinvestment decision or any commitment whatsoever .Thispresentation and theinformation contained herein does notconstitute anoffer ofsecurities intheUnited States ortoany U.S.
person (asdefined inRegulation Sunder theU.S.Securities Actof1933 (the "Securities Act"), asamended), Canada, Australia, Japan orany other jurisdiction where such offer isunlawful .
The information contained inthispresentation isforbackground purposes only and issubject toamendment, revision and updating without notice .Certain statements inthispresentation areforward -looking statements about Banco BPM .Forward -looking statements arestatements that arenothistorical facts and are based oninformation available toBanco BPM asofthedate hereof, relying onscenarios, assumptions, expectations and projections regarding future events which aresubject touncertainties because dependent onfactors most ofwhich arebeyond Banco BPM’s control .These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect tofuture operations, products and services, and statements regarding future performance .Forward -looking statements are generally identified bythe words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions .Bytheir nature, forward -looking statements involve anumber ofrisks, uncertainties and assumptions which could cause actual results orevents todiffer materially from those expressed orimplied bytheforward -looking statements .Banco BPM does notundertake any obligation toupdate or revise any forward -looking statements, whether asaresult ofnew information, future events orotherwise, except asmay berequired byapplicable law.You should notplace undue reliance onforward -looking statements, which speak only asofthedate ofthispresentation .Allsubsequent written and oral forward -looking statements attributable toBanco BPM orpersons acting onitsbehalf areexpressly qualified intheir entirety bythisdisclaimer .
None ofBanco BPM, itssubsidiaries orany oftheir respective representatives, directors, officers oremployees norany other person accepts any liability whatsoever (innegligence orotherwise) forany losshowsoever arising from any useofthispresentation orotherwise arising inconnection therewith .
Byparticipating inthepresentation oftheGroup results and accepting acopy ofthispresentation, you agree tobebound bytheforegoing limitations regarding theinformation disclosed inthispresentation .
*** Thispresentation includes both accounting data (based onfinancial accounts) and internal managerial data (which arealso based onestimates) .
Mr.Gianpietro Val, asthe manager responsible forpreparing the Bank’s accounts, hereby states pursuant toArticle 154-bis,paragraph 2ofthe Financial Consolidated Actthat theaccounting data contained inthispresentation correspond tothedocumentary evidence, corporate books and accounting records .
3Methodological Notes
For further details, see the Explanatory Notes included in the H 1 2026 results press release published on 5 August 2026 A SLIDE REPORTING THE DEFINITIONS OF THE KEY INDICATORS INCLUDED IN THE PRESENTATION IS INCLUDED IN THE FINAL SECTION OF THIS DOCUMENTThe balance sheet and income statement schemes contained in this news document have been reclassified along management criter ia in order to provide an indication on the Group’s overall performance based on more easily understandable aggregate operating and financial data. These layouts have been prepa redbased on the financial statement layouts indicated in the Bank of Italy’s Circular no. 262/2005 and following updates.
▪Following the public tender offer launched on Anima Holding S.p.A. (Anima) in November 2024 by the Banco BPM Group, through B anco BPM Vita, on 11 April 2025 the transaction was completed reaching an interest of 89.949% of the share capital of Anima, vs a stake of 21.973% already held in Anima before t he launch od the Offer. In light of this, full Anima’s contribution to the income statement is reported in the consolidated financial statements, line by line, in the second quarter of 2025. Wi th regard to the first quarter of 2025, the related economic contribution -when the 21.973% stake was classified as an associate -is instead included in the reclassified income statement item ‘Result of investments measured at equity’.
In light of the above, in this presentation, the following P&L data are reported with regard to 2025 ▪2025 Stated , which is the effective contribution of Anima to the group’s P&L, considering the perfection of the transaction in Q2 (i.e. consolidation line by line, in the second and third quarter of 2025 and the contribution of the 21.973% stake within the item ‘Result of investments measured at equity’ for the first quarter).
▪2025 Proforma , which considers the contribution of Anima to the group’s P&L as if the stake of 89.949% had already been achieved on 1 Janu ary2025, with a consolidation line -by-
line for all the twelve months .
Moreover, also the balance sheet figures starting from 30 June 2025 reflect the consolidation of Anima and the allocation of the related goodwill within the intangible assets.
▪Starting from 30 June 2025, certain changes have been made to the criteria for aggregating items in the reclassified income s tatement in order to allow for a better assessment, on an operating basis, of the economic contribution provided by the various operating segments. Specifically:
▪the income components constituting remuneration for structuring and hedging risks on certificates issued, placed or structure d by the Group, as well as those relating to remuneration for the sale of derivative hedging contracts to retail and corporate customers, previously reported under ‘Net financial inco me’, are now included under ‘Net Fees and Commissions’;
▪the impact of the realignment of intercompany revenues and costs due to the different recognition criteria adopted by Banco B PM (upfront recognition of distribution fee income) compared to those adopted by the Group's insurance companies (recognition of distribution fee expense over time), previously reported under ‘Insurance result’, are now recognised as an adjustment to ‘Net Fees and Commissions’, in line with the consolidated presentation.
Moreover, starting from the third quarter of 2025, the structure of the reclassified income statement has been further modifi ed,with the aim of ensuring greater alignment between the aggregates highlighted therein and those used to comment on the Group's performance.
Finally, starting from 31 March 2026, costs incurred in connection with synthetic securitization transactions, relating to th e purchase of credit risk protection on loan portfolios, are reported under “Other net operating items”. Until 31/12/2025, such costs were included in the reclassified line item “Net fee and comm ission income”. The reclassification adopted as from 31/03/2026 aims to provide a more consistent representation of their economic nature and to enhance the readability of revenu e aggregates.
In order to ensure a like -for-like comparison, the figures for previous periods have therefore been restated, applying all the n ew classification criteria described above.
▪The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend determined according to the current regulation. Furthermore, data as at 31/12/2025 exclude the application of Art. 468 of the CRR 3 on FVOCI reserves, being this option expired after YE 2025.
1 Executive Summary 5 2 Key Highlights 11 3 Final Remarks 23 4 H1 2026 Performance Details 26
4Agenda
Executive Summary
1
6TOP-NOTCH PERFORMANCE ALLOWS TO BOOST SHAREHOLDER RETURNS:
2024 -27 REMUNERATION FROM >€6BN TO ~€7BN
1. Executive SummaryNote : 1.Budget law and systemic headwinds .2.Resolution regarding the preparation ofthe application adopted bythe BoD on5Aug.26;implementation subject toShareholders’ and Supervisory approvals .
3.Guidance subject toBoD resolution tobeadopted inNovember with approval of2026 3Qresults ;dividend expected tobepaid inthesame month .4.Based ontheachievement of2024 -2027 Strategic Plan Targets .
5.Rebased, netofAnima and Regulatory Headwinds impacts .See slide 10fordetails .
RECORD PROFITABILITY
CET 1 RATIO AT 14.40%
+140bps vs Plan minimum threshold
+240bps since YE 20245GROSS NPE RATIO FOR THE
FIRST TIME <2%H1 NET INCOME REACHES HIGHEST
HISTORICAL LEVEL OF €1,060M
Improved Revenue mix, C/I
and CoR
RECORD ASSET QUALITY
RECORD CAPITAL
GENERATIONFY 26 NET INCOME
GUIDANCE >€1.95BN
FOR A TOTAL EXPECTED FY DPS ≥€1
Recovering ~€100m external headwinds1not considered in the original €1.95bn Plan target1 2
3H1 2026 PERFORMANCE
2026 INTERIM
DIVIDEND GUIDANCE ~€750M
(~€0.50 DPS)3
vs.~€700M 2025 INTERIM ( ~€0.46 DPS)Allocation buyback / dividends to be determined following ECB approvalROOM TO ENHANCE
REMUNERATION
THROUGH
•BUYBACK2
•ADDITIONAL DIVIDENDS
RAISED THE
CUMULATIVE
2024 -2027
REMUNERATION
TARGET>€6bn~€7bn
From… … TO4•Back to Plan maximum level , despite deduction of Anima’s
goodwill
•Thanks to higher distributable profits, combined with significant excess capital
7Sustainable long -term value creation: H1 Net Income reaches a new high 1. Executive Summary•2023: New bancassurance set -up
completed1
•2024: New JV in Payments2 •2025: Acquisition of Anima 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes.
Notes: 1. Finalized in Q4 2023. 2.Finalized in Q3 2024-0.33% -0.33% -0.31% -0.36% -0.54% -0.44%3.00%3.87%
2.33% 2.13%
145200301
1283824646527761,0441,077
H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 PF H1 20261,060
Stated
Restructuring phase Business
consolidationTransformational strategy
New product factories set-up:New business model
progressively operating
@ full scaleEuribor 3M Avg.
Covid
crisisAdjusted Net Income
€mH1 NET INCOME EVOLUTION SINCE THE MERGER :
STRATEGIC VISION IN ACTION, EFFECTIVE THROUGHOUT THE INTEREST RATE CYCLE
Euribor
3M Avg.-87bps
Adj. Net
Income
CAGR+18.2%IN THE 2023 -2026
PERIODRECORD PROFITABILITY
1
RECORD PROFITABILITY
81. Executive SummaryNotes: 1. Maintaining the income statement contribution from Anima equivalent to the 21.973% stake held before the completion of the Offer and represented within item ‘Result of investments measured at equity’.
2. Including the cost of certificates.H1 2025 data adjusted to exclude the positive outcome from fiscal litigation at NII level: +€36m in Q1 25.
2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes.1,567 1,5371,547 1,659
H1 2025 PF H1 20261,7231,5631,072 1,284
H1 2024€ mTOTAL REVENUES : RESILIENT AND INCREASINGLY DIVERSIFIED
H1 2026NIINon-NII
revenues3,1143,196
2,794
In % of total
revenues
194164 157
H1 2024 H1 2025 PF H1 20261,339
1,3041,368
H1 2024 H1 2025 PF H1 2026
48% 45% Cost/ Income 43%€ m
LLPs: CONTINUING DECLINE ,
WITH IMPROVEMENT IN ASSET QUALITY
€ m
Cost of RiskCOST EVOLUTION : ENHANCED EFFICIENCY
H1 2026
H1 2026
38bps 33bps 31bps Net NPE ratio 1.64% 1.42% 1.03%2,847 38% 50% 52% 45%Non-NII revenues from €1.07bn in H1 2024 to €1.66bn in H1 2026:
from 38% to 52% of the Total
PF impact
of the
Anima
transaction
H1 2025
Like-for-Like1
(Euribor 3M
Avg.)(3.87%) (2.33%) (2.13%) (2.33%)1,391
Like-for-Like1
vs. 2024
+55%
vs. H1 24 +267
54% considering
NII @ Full
Funding Cost²
Non-NII revenues +€112m Y/Y, o/w +€77m from Key Product Factories (see slide 17)Revenue mix improves, while costs and provisions continue to decline1
RECORD ASSET QUALITY
Notes: 1. Proforma aggregated data. 2. NPEs excluding loans with State Guarantees as a percentage of Total Loans.
9 1. Executive SummaryHEALTHY PERFORMING PORTFOLIO
Default rate
H1 26 FY 25
0.73% 0.84%
Share of Stage 2
loans on
performing loans7.4%30/06/26Gross NPEs at €2.0bn as at 30/06/26 down € 594m Y/Y
(-22.8%)CONTINUED REDUCTION IN NPEs
MATERIAL RISK MITIGATION FROM STATE GUARANTEES
Average
over the 2021 -24 period
0.98%
31/12/25
8.1%24.1%
5.76%
4.32% 3.53% 2.81% 2.22% 2.13% 1.96% YE 16 YE 21 YE 22 YE 23 YE 24 YE 25 31/03/26 30/06/261Gross NPE ratio evolution since 2016
14.7%
3.04%
2.19% 1.79% 1.58% 1.22% 1.13% 1.03% YE 16 YE 21 YE 22 YE 23 YE 24 YE 25 31/03/26 30/06/26Net NPE ratio evolution since 2016 Excl. NPEs with State
Guarantees2
as at 30/06/26 •Net NPE ratio
at 0.53%
•Net Bad L oan ratio at 0.1%86% of Core Performing customer loans concentrated in Mid -to-Low-risk classes1Strongest asset quality ever: gross NPE ratio below 2%2
RECORD CAPITAL GENERATION
10 1. Executive SummaryNote : 1.Including operational riskrecalculation under Basel 3+.2.Resolution regarding thepreparation of application adopted bytheBoD on5Aug.26;implementation subject toShareholders’ and Supervisory approvals .3.Based ontheachievement of2024 -2027 Strategic Plan Targets .15.05%
12.01%13.32% 13.58%14.40%
31/12/24 Starting Point Rebased30/06/25 31/12/25 30/06/2613% Plan
minimum
thresholdCET1 RATIO ALREADY ABOVE 14%: 240BPS OF CAPITAL GENERATED SINCE YE 2024
+240bpsIncluding ~80%
dividend payout
MDA BUFFER 381BPS 408BPS 487BPS
ROOM TO ENHANCE
SHAREHOLDERS’
REMUNERATION3CET 1 RATIO TO REMAIN WELL ABOVE 13% PLAN THRESHOLD,
THANKS TO:
•INTERNAL CAPITAL GENERATION
•DTA REDUCTION
•MANAGERIAL ACTIONSAnima acquisition (incl. capital gain) Regulatory
headwinds1-242bps
-62bps
Ability to leverage
on significant
excess capital
Superior capital generation allows higher distribution to shareholders, while maintaining very solid buffers3 Allocation buyback2/ dividends to be determined following ECB approval
Key Highlights
2
Q2 25 Q1 26 Q2 26 Chg. Q/Q Chg. Y/Y H1 25 PF H1 26 Chg. H/H
Net interest income 785 751 786 4.6% 0.1% 1,567 1,537 -1.9% Net fees and commissions 654 708 712 0.6% 9.0% 1,382 1,421 2.8% Income from associates 24 26 25 -2.0% 8.0% 52 51 -2.0% Income from insurance 43 42 46 9.8% 6.7% 80 87 9.2% «Core» Revenues 1,505 1,527 1,569 2.8% 4.2% 3,081 3,096 0.5% Net financial result 73 25 118 88 143 62.3% o/w Cost of certificates -42 -28 -31 -92 -59 -36.6% o/w Other NFR 115 53 149 181 202 11.7% Other net operating items -30 -22 -21 -55 -43 -21.9% Total revenues 1,548 1,530 1,667 9.0% 7.7% 3,114 3,196 2.7% Operating costs -702 -674 -694 2.9% -1.2% -1,391 -1,368 -1.6% Pre-Provision income 846 855 973 13.8% 15.0% 1,723 1,828 6.1% Total Provisions -88 -76 -76 0.0% -14.0% -167 -152 -8.7% o/w LLPs -89 -82 -75 -164 -157 -4.7% o/w Other provisions10 6 -1 -2 5 Profit from continuing operations (pre-tax) 758 779 897 15.1% 18.4% 1,556 1,676 7.7% Taxes -213 -278 -281 -475 -559 17.5% Net profit from continuing operations 544 501 616 22.9% 13.1% 1,081 1,117 3.4% Systemic charges 0 0 0 0 0 Minorities -8 -6 -10 -13 -16 21.2% PPA and Other -12 -12 -12 -24 -25 2.8% Net income Adjusted 524 483 594 22.9% 13.2% 1,044 1,077 3.1%
Net income STATED 704 480 581 1,253 1,060P&L HIGHLIGHTS,
Adjusted data €m592
660897
Q2 24 Q2 25 Q2 261,361
1,4071,667
Q2 24 Q2 25 Q2 26
11289 75
Q2 24 Q2 25 Q2 26
12H1 2026 results: Net Income at €1.06bn, with sound quarterly evolution In Q1 2026 some revenue components were reclassified. Historical data restated accordingly; 2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes.
Notes: 1 . Includes: Net provisions for risks & charges, Profit (loss) on FV measurement of tangible assets and Net adjustments on other financial assets. 2. Maintaining P&L contribution from Anima equivalent to the 21.973% stake held before the completion of the Offer and presented under the item ‘Result of investments measured at equity’.2. Key Highlights49% 45% 42%
Q2 24 Q2 25 Q2 26
PROFIT FROM
CONTINUING
OPERATIONS
(PRE -TAX)TOTAL REVENUES
COST/INCOME
LOAN LOSS
PROVISIONS38% Non-NII Revenues/ Revenues 52% 49%Q2 TREND: TWO -YEAR EVOLUTION
Like-for-Like2
vs. 20241,548
Like-for-Like2
vs. 2024758Adjusted , €m +22%
-33%
+52%-7 p.p.
3.25 2.94 2.88 2.90 2.89 3.03 1.51 1.49 1.47 1.47 1.45 1.431.74 1.45 1.41 1.43 1.44 1.60 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26Asset spread
Liability spreadQuarterly
average, in % Notes: 1. Adjusted excluding positive outcome from fiscal litigation: +€36m. 2. NII including cost of certificates 3. Managerial data of the commercial network. 4. At NII level : «Static » calculation , +/- 100bps parallel shift to interest rates . 5. Avg. Yield 2.0%, duration 2.9 years. 132. Key Highlights25.828.2 27.4 31/12/25 31/03/26 30/06/26Replicating portfolio Indexed CA at 35% of totalINTEREST RATE SENSITIVITY4: ~€150M
€ bn
5NET INTEREST INCOME EVOLUTIONNet interest income at €1.54bn, with Q2 recovery (+4.6% Q/Q)
COMMERCIAL SPREADS EVOLUTION3
Euribor 3M Avg. 2.56 2.11 2.01 2.04 2.05▪Strategic plan target confirmed at €25bn ▪Current level reflects anticipated renewal of hedges maturing in the remainder of
the year
2.20NET INTEREST INCOME: KEY QUARTERLY DRIVERS
€ m
1,567 1,537
751 786
H1 25 H1 26 Q1 26 Q2 26
NII "at full funding cost“21,474 1,479 724+4.6%-1.9% 1
755€ m
751786+23+12
Q1 26 Q2 26 Commercial
bankingFinancial
components & Other
14Notes: 1. Businesses with turnover up to €5m, managerial data (part of the segment “Non Financial Corporates”). Lending volumes: continuing commitment to support our clients and preserve loan book quality 2. Key Highlights57.8 59.0 59.528.0 27.6 27.78.9 9.09.2
31/12/25 31/03/26 30/06/26GBV, in € bnSTOCK OF “CORE” PERFORMING LOANS
GROWS BY € 1.7BN IN H1 2026
94.7
Non-Financial Corporates HouseholdsFinancials , PA & Other
+2.9%-1.2%+3.6%VAR. YTD
+0.8%+0.1%+1.8%VAR. Q/Q96.395.7New lending at €13.8bn in H1 2026, o/w €7.6bn in Q2 (+22% vs. Q1)
+1.8% ENDURING FOCUS ON SAFE
CREDIT MANAGEMENT
▪>72% of core customer loans are located in Northern Italy ▪Low-risk Non -Financial Corporate portfolio:7.2 6.27.6 Q2 2025 Q1 2026 Q2 2026Highest level in Q2 since the mergerNEW LENDING:
SOLID REBOUND IN Q2
€ bn
Spread1.42% 1.55% 1.57%•47% secured (24% with State
Guarantees and
23% Collateralised )
•91% concentrated
in Mid -to-Low-risk classesIncreases to 61% for the Small
Business segment
only1
240 252191 193248 287
H1 25 PF H1 26ANIMA
Upfront
Running+3.2%TOTAL NET FEES & INSURANCEINVESTMENT PRODUCT FEES: +7.5% VS H1 25 PF, +14.8% VS Q2 25
€ m 15Total Net Fees & Income from Insurance at €1.51bn, +3.2% vs H1 25 PF vs H1 Increasing share of Investment product fees, now representing 51% of Total Net Fees 2. Key Highlights€ m680 731 176 172135 140391 377
H1 25 H1 26702
Commercial Banking &
Other
Product Factories1
Specialised activities2690OTHER FEES: -1.8% VS H1 25 , +3.8% VS Q2 25 Impacted by Ecobonus phase -out ( -€12m Y/Y)3 € m •In Q1 2026 a component previously included in Net Fees and Commissions has been reclassified to Other Net Operating Items. Historic data have been restated accordingly. For details, please refer to Methodological Notes.
•2025 pro forma P&L data include Anima consolidation from January. See Methodological Notes.
Notes: 1. Includes : Consumer Credit, Payment Systems and P&C Insurance. 2. Includes : CIB, Structured Finance and Trade Finance. 3. Total contribution from Ecobonus in FY 2025 stood at €14m.1,462 1,508 Lower structured -finance volumes Y/Y, with Q/Q recovery driven by trade and structured financeStrong contribution from Anima (+15.6% Y/Y) 1,382 1,42180 87
H1 25 PF H1 26
Income from insurance Total Net Fees Share of Investment product fees on Total Net Fees49% 51%11.9 12.2Investment product placements
(€ bn)
1.2 1.5 Placements of Retail BTPs (€ bn)
16Notes: 1. Including wrapping (investments by Anima products into other Anima products) for €18.5bn in AUM and €0.3bn in AUC. See slide 32 for more details. 2. Banco BPM’s customer financial assets + Anima’s assets (including wrapping ) not already included in Banco BPM’s volumes.2. Key HighlightsIncrease in Total Customer Financial Assets driven by strong recovery in Q2 105.1 104.7 105.869.8 67.5 70.756.4 56.1 59.64.8 4.3 4.1 31/12/25 31/03/26 30/06/26236.0 232.5 Capital -protected Certificates & other Debt Securities at FV AUC
"Core" Direct
(C/A & Deposits)AUM Indirect Funding at € 130.3 bn, + 5.5% in Q2 , driven by positive net flows (+€1.8bn) Solid deposit base:
▪+€1.1bn in Q2 and +€664m YTD , despite retail BTP placements for € 1.5bn in H1 (o/w €0.5bn in Q2)€ bn240.2Anima’s Total Customer Financial Assets at €213.1bn (o/w € 55.4bn already included in BBPM’s volumes )1 •€210.4bn AUM (+€8.8bn in Q2) •€2.7bn AUC & Assets under Advisory (+€0.3bn in Q2)Banco BPM’s Total Customer Financial Assets at €240.2bn +€4.1bn YTD and +€7.6bn in Q2
TOTAL GROUP’S CUSTOMER FINANCIAL ASSETS €398BN2
Resulting in a solid contribution to Banco BPM Group’s P&L •€336m to Total Revenues, +18% vs. H1 25 PF •€145m to Net Income , +27% vs. H1 25 PF
745822~€800m~€860m
H1 2025 PF H1 2026 TARGET 2026 TARGET 2027
172025 proforma P&Ldata include Anima consolidation from January .SeeMethodological Notes .
Note : 1. Include Net Fees and Commissions , Income from Associates and Income from Insurance business .
2. Benchmark at Group level . H1 2026 data for Banco BPM, Credem, Intesa Sanpaolo and UniCredit ; Q1 2026 data for BPER and MPS.Key product factories: significant and increasing contribution to revenue growth
% share
on Total
Revenues€m
24% 26%
Adjusted26% 27% 16%TOTAL REVENUES FROM KEY PRODUCT FACTORIES1
PERFORMANCE CONSISTENT WITH THE 2026 PLAN TARGET AND THE 2027 TR AJECTORY
+€77m
(+10%)+80%SHARE OF NET FEES & INSURANCE
INCOME ON TOTAL REVENUES2Supporting best-in-class share of Commissions + Insurance Revenues 47% 46% 42% 38% 37%
32%Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
2. Key HighlightsHalf-yearly
AverageHalf-yearly
Average
456
H1 2024
918881
H1 25 PF H1 26
138 143335 344 H1 25 PF H1 26Other
Administrative
Expenses
D&A1,3911,368
H1 25 PF H1 26€ m
18€ mTOTAL OPERATING COSTSSTAFF COSTS
OTHER ADMINISTRATIVE EXPENSES & D&A
C/I145%€ m
473 487Cost/Income ratio down to 43%, best historical level, reflecting disciplined
cost management
Headcount: 18,881 employees as of 30/06/2026, -94 vs YE 2025 and -423 Y/Y.
Retail network: 1,293 branches as of 30/06/2026, -65 Y/Y. Excl. 53 private branches of Banca Aletti , 16 other Group outlets and 1 Aletti Suisse branch Note: 1. Adjusted.43%-1.6%
+2.9%
2. Key Highlights-4.0% Positive contribution from solidarity fund and voluntary exit schemes, more than offsetting impact of the new
labour contract
Mainly due to:
•accelerated
transformation -related
costs
•one-off fiscal impact •higher IT investments
Notes: 1. NPEs excluding loans with State Guarantees as a percentage of Total Loans.Effective and prudent credit management: CoR down to 31bps, Gross NPE ratio <2% and NPE coverage up to 48%
19BAD LOANS
NPEs30/06/26
UTPCOVERAGE OF TOTAL NPES o/w: excl. NPEs with
State GuaranteesDefault rate
Cure rate
Net Default rate0.73%
7.14%
0.63%H1 2026
annualised
COST OF RISK 31bps
2. Key Highlights48.1%39.7%60.4%NetTOTAL NPEs: -23% Y/Y 1.43 1.21 1.05 30/06/25 31/12/25 30/06/26Gross€2.25bn
Gross ratio
Net ratio1.96%
1.03%2.56%
1.42%€2.01bn
2.22%
1.22%€2.61bn
0.84%
5.64%
0.75%FY 2025
40bps
31/12/25
46.0%39.0%58.3%
55.8%45.1%77.4%31/12/25
NPE vintage of 1.9 years30/06/26•31% Bad Loans
(€327m)
•69% UTP+PD
(€718m)NET NPEs
COMPOSITION
o/w NPEs excl. loans with State Guarantees: -27% Y/Y 0.85 0.68 0.540.960.86 0.79 30/06/25 31/12/25 30/06/26€1.33bn€1.81bn
Gross ratio1
Net ratio11.29%
0.53%Net Bad Loan ratio at 0.3% Net Bad Loan ratio at 0.1%NetGross
1.52%
0.68%€1.54bn
1.77%
0.84%59.3%46.0%81.0%
€ m Notes: 1. Refer to the securities portfolio of the banking business. 2. Portfolio sensitivity for a 1 bp rate variation, including hedging strategies. Managerial data. 3. Excludes debt securities in the trading book.
4. Certificates are funding instruments whose cost is indexed to market interest rates; such costs are included in NFR, in accordance with Bank of Italy accounting schemes.Cost of certificates4 ▪Reduction mainly driven by a declining Euribor scenario Other NFR Components ▪H1 2026 benefited from a strong contribution of Global Markets activities, coupled with dynamic management of market positions ▪Q2 2026 incl udes €97m from MPS dividend (flat Y/Y)Active management of the bond portfolio contributes to improvements in Reserves and Net Financial Result
20NET FINANCIAL RESULT
2. Key Highlights€39.1bn Govies &
Supranational in
the banking book, o/w 38.4% Italian Govies69% 68% 71%31% 32% 29%
30/06/25 31/12/25 30/06/26FVOCI
ACTREND AND BREAKDOWN OF DEBT SECURITIES
IN THE BANKING BOOK3
46.7 47.6€ bn-335 -299 -256 Post-tax
€ m30/06/25 31/12/25RESERVES OF DEBT SECURITIES AT FVOCI1
30/06/26
46.688.3143.3
H1 25 PF H1 26
-58.5
+201.8Total FVOCI
government bond
BPV² at €2.15m as of 30/06/26 vs. €2.40m at YE 25 (of which IT
government bonds:
€0.69m vs. €0.83m)
-92.3
+180.6
4.8 4.8 4.743.8 43.7 46.54.6 2.7 1.80.6 0.5 0.5 31/12/25 31/03/26 30/06/26147% 141% 143% 31/12/25 31/03/26 30/06/26
21LCR
NSFR€31.3bn €31.3bn HQLA2Strong liquidity & funding position 2. Key HighlightsKEY INDICATORS 126% 124% 123% 31/12/25 31/03/26 30/06/26105.1 104.7 105.823.1 21.7 21.79.0 7.3 16.6
31/12/25 31/03/26 30/06/26TOTAL DIRECT FUNDING : +7.8% Q/Q
Cap. -protected Certificates, other Debt Securities at FV, REPOs & Other3
Bonds
C/A & Deposits€ bn144.1137.2 133.7€ bn
Cash
Depo facility with the ECB
Eligible Assets1
Other Marketable
Securities53.5 53.7CASH + UNENCUMBERED ASSETS: +3.5% Q/Q
51.7
Notes: 1. Include securities and credit claims (Abaco) for €34.9bn and €11.6bn, respectively, as at 30/06/2026. 2. Weighted amount. 3. Managerial data. •€1.5bn wholesale bonds issued in H1 2026, o/w €0.5bn Social •€0.5bn Green T2 bond with settlement in July 2026€29.7bn 3
13.5914.40
31/03/26 30/06/26%CET 1 RATIO EVOLUTION
22Excellent capital generation: largely increasing the buffer vs. 13% threshold Further m aterial organic capital generation from DTAs and FVOCID Reserves in addition to P&L performance Expected capital contribution for a total of ~150bps, o/w ~70bps by YE 2027 2. Key HighlightsMDA buffer equal to the buffer over the CET 1 Minimum RequirementMDA BUFFER
13% Plan
minimum
threshold
RWA
€65.9BNQ2 2026
performanceDividends
and AT1
CouponsFVOCI
reserves
(post tax)1
RWA
€68.8BNvs. 350bps
Plan
minimum
threshold
MREL BUFFER2
3.96 p.p.vs. Total Requirement Note: 1. Including impact of participations on RWA. 2. Managerial data . Refer to slide 30 for more details.+98bps -83bps -24bps +60bps
4.68 p.p.STATED408487
31/03/26 30/06/26bpsConsidering an accrued dividend of ~€850m
(80% payout)
+30bps
DTA Business
dynamics
Including Tier 2 bond settled in July
Final Remarks
3
1,2671,5561,676~€1.58bn
H1 2024 H1 2025 PF H1 2026 2027 target
65%11%24%
24 3. Final RemarksProfit From Continuing Operations (adjusted , Pre-tax) 2027 Half -yearly
Average Target+32%
Notes: 1. Includes income from companies and commissions generated from products distribution (adjusted assuming relative Cost/Income and tax rate). 2. Including net fees and commissions from commercial banking, Finance and Corporate Center. 3.Annualized and normalised for the MPS dividend. Wealth & AM +
Protection1
Commercial
Banking &
Other2Specialty
Banking1 FY 2024H1 20262027 TargetNet Income evolution Net Income composition & ROTE
(adjusted)1,9202,082>€1.95bn€2.15bn
2024 2025 2026 Guidance 2027 Target2027 Target 2026 New
Guidance1,859
adj1,691
adj Pre Budget law and new systemic headwinds Post Budget law and new systemic headwinds 56%9%35%Profitability and Capital above Plan targets, supported by business model
transformation…
50-55%10-15%~35%
3
ROTE 16.0% 20.3% >21%€ m € m
15.05%
12.01%
31/12/2024CET1 RATIO
Rebased to
reflect Regulatory
headwinds and
the Anima impact
13.58%14.40%
13% 31/12/2025 30/06/2026 Plan minimum
thresholdPlan minimum
threshold
One -offs
25Notes: 1. Budget law and systemic headwinds. 2. Resolution by the BoD to be adopted in November, when approving results as at 30/09/26; dividend to be paid in the same month. 3. Based on the achievement of 2024 -2027 Strategic Plan Targets. 4. Resolution regarding the preparation of application adopted by the BoD on 5 Aug. 26; implementation subject to Shareholders’ and Supervisory approvals. 3. Final RemarksSTRONGER PROFITABILITY
NEW FY 2026
NET INCOME
GUIDANCE
Recovering ~€100m external headwinds1 not considered in the original €1.95bn Plan targetGUIDANCE MAIN
DRIVERS
AHEAD OF THE PATH TOWARDS
2024 -2027 STRATEGIC PLAN TARGET
>€1.95BNADDITIONAL CAPITAL DISTRIBUTION
HIGHER
REVENUES
IMPROVED
EFFICIENCY
LOWER COST
OF RISK… enabling to upgrade Net Income Guidance and boost shareholders’
remuneration
Interim DPS2
~€0.50
(vs. ~€0.46 2025 interim DPS)
2026 DIVIDEND
GUIDANCE Total interim dividend2
~€750m
(vs. ~€700m 2025 interim)vs. €1 DPS for 2024 and 2025
FY DPS
≥€1
CUMULATIVE
2024 -2027
DISTRIBUTION TARGET
FROM >€6BN
TO ~€7BN3
Back to Plan maximum level , despite deduction of Anima’s goodwill
Enhanced remuneration
over plan horizon thanks to stronger profitability &
excess capital
Allocation buyback4/
dividends to be determined following ECB
approval
H1 2026
Performance Details4
27P&L: 2026 and 2025 comparison 4. H1 2026 Performance Details Reclassified income statement (€m) Q1 25 PF Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net interest income 817.5 816.9 785.1 757.9 767.5 751.4 785.7 Net fee and commission income 727.9 593.9 653.8 641.2 686.8 708.1 712.5 Income (loss) from invest. in associates carried at equity 28.9 39.8 23.6 28.2 29.3 26.0 25.5 Income from insurance business 37.1 37.1 42.8 34.8 47.9 41.6 45.6 Core Revenues 1,611.4 1,487.7 1,505.3 1,462.1 1,531.5 1,527.0 1,569.2 Net financial result 15.6 14.4 72.7 9.8 -48.5 25.1 118.2 Other net operating items -25.6 -26.3 -29.8 -14.7 -9.0 -22.5 -20.7 Total income 1,601.4 1,475.8 1,548.2 1,457.3 1,474.0 1,529.5 1,666.7 Personnel expenses -461.4 -434.0 -456.2 -446.8 -461.1 -439.5 -441.7 Other administrative expenses -158.5 -144.6 -176.8 -171.8 -164.3 -164.6 -178.9 Amortization and depreciation -68.8 -66.6 -69.2 -72.7 -74.8 -70.3 -73.1 Operating costs -688.8 -645.2 -702.2 -691.3 -700.2 -674.5 -693.7 Profit (loss) from operations 912.6 830.6 846.1 765.9 773.8 855.1 973.0 Net adjustments on loans to customers -75.8 -75.5 -88.7 -90.3 -142.1 -81.6 -75.2 Net adjustments on other financial assets 3.5 3.5 -1.2 0.4 0.7 -3.1 -0.5 Profit (loss) on FV measurement of tangible assets -0.8 -0.8 -3.4 3.4 -6.4 -1.9 -9.6 Net provisions for risks and charges 1.5 1.9 1.5 5.2 -11.1 8.7 -0.4 Total Provisions -71.6 -71.0 -91.8 -81.4 -158.9 -78.0 -85.7 Income (loss) before tax from continuing operations 841.0 759.6 754.2 684.6 614.9 777.1 887.3 Tax on income from continuing operations -275.8 -243.0 -202.6 -216.3 -141.2 -277.2 -277.9 Income (loss) after tax from continuing operations 565.2 516.6 551.6 468.3 473.7 500.0 609.4 Profit (loss) on the disposal of equity and other investments 0.3 0.2 0.6 0.1 1.3 -0.1 0.2 Revaluation of Anima stake 4.4 0.0 201.8 0.0 0.0 0.0 0.0 Restructuring costs and others -3.4 -0.7 -30.0 -1.1 -20.5 -1.9 -6.7 Minorities -4.9 0.0 -8.3 -4.9 -7.6 -6.3 -9.8
PPA -13.4 -7.0 -13.2 -13.3 -14.4 -13.0 -12.9
Fair value on own liabilities after Taxes 1.5 1.5 1.3 1.2 -1.3 1.0 0.4 Client relationship impairment, goodwill and partecipation 0.0 0.0 0.0 0.0 -4.4 0.0 0.0 Net income (loss) for the period 549.6 510.7 703.8 450.3 417.2 479.7 580.6
H1 25 H1 25 PF H1 26
1,602.1 1,602.6 1,537.0 -65.6 -4.1% 1,247.8 1,381.8 1,420.5 38.8 2.8% 63.4 52.5 51.4 -1.1 -2.0% 79.8 79.8 87.2 7.3 9.2% 2,993.1 3,116.7 3,096.2 -20.5 -0.7% 87.1 88.3 143.3 55.0 62.3% -56.1 -55.4 -43.2 12.1 -21.9% 3,024.0 3,149.6 3,196.2 46.6 1.5% -890.2 -917.6 -881.2 36.4 -4.0% -321.4 -335.3 -343.5 -8.2 2.4% -135.8 -138.0 -143.4 -5.4 3.9% -1,347.4 -1,390.9 -1,368.2 22.8 -1.6% 1,676.6 1,758.7 1,828.1 69.4 3.9% -164.2 -164.5 -156.8 7.7 -4.7% 2.3 2.3 -3.6 -5.9 n.s.
-4.3 -4.3 -11.5 -7.3 n.s 3.4 3.0 8.3 5.3 n.s -162.8 -163.5 -163.6 -0.2 0.1% 1,513.9 1,595.2 1,664.4 69.2 4.3% -445.6 -478.4 -555.0 -76.6 16.0% 1,068.2 1,116.8 1,109.4 -7.4 -0.7% 0.9 0.9 0.1 -0.8 -90.9% 201.8 206.3 0.0 -206.3 n.s.
-30.7 -33.4 -8.6 24.9 -74.4% -8.3 -13.3 -16.1 -2.8 21.2% -20.2 -26.6 -25.9 0.7 -2.6% 2.7 2.7 1.4 -1.3 -49.1% 0.0 0.0 0.0 0.0 n.s.
1,214.5 1,253.4 1,060.3 -193.1 -15.4%Chg. H/H PF
28P&L: 2026 and 2025 PF Adjusted comparison Stated vs. adjusted figures, with one -off details for H1 2026 4. H1 2026 Performance Details Reclassified income statement (€m)H1 25 PF
AdjustedH1 26
StatedH1 26
AdjustedOne-off
Net interest income 1,566.7 1,537.0 1,537.0 --
Net fee and commission income 1,381.8 1,420.5 1,420.5 --
Income (loss) from invest. in associates carried at equity 52.5 51.4 51.4 --
Income from insurance business 79.8 87.2 87.2 --
Core Revenues 3,080.8 3,096.2 3,096.2 --
Net financial result 88.3 143.3 143.3 --
Other net operating items -55.4 -43.2 -43.2 --
Total income 3,113.7 3,196.2 3,196.2 --
Personnel expenses -917.6 -881.2 -881.2 --
Other administrative expenses -335.3 -343.5 -343.5 --
Amortization and depreciation -138.0 -143.4 -143.4 --
Operating costs -1,390.9 -1,368.2 -1,368.2 --
Profit (loss) from operations 1,722.8 1,828.1 1,828.1 --
Net adjustments on loans to customers -164.5 -156.8 -156.8 --
Net adjustments on other financial assets 2.3 -3.6 -3.6 --
Profit (loss) on FV measurement of tangible assets -- -11.5 -- -11.5 Net provisions for risks and charges -4.3 8.3 8.3 --
Total Provisions -166.6 -163.6 -152.1 -11.5 Income (loss) before tax from continuing operations 1,556.2 1,664.4 1,676.0 -11.5 Tax on income from continuing operations -475.4 -555.0 -558.8 3.8 Income (loss) after tax from continuing operations 1,080.8 1,109.4 1,117.1 -7.7 Restructuring costs -- -8.6 -- -8.6 Minorities -13.3 -16.1 -16.1 --
PPA -26.6 -25.9 -25.9 --
Fair value on own liabilities after Taxes 2.7 1.4 1.4 --
Net income (loss) for the period 1,043.6 1,060.3 1,076.5 -16.2
29Balance Sheet
4. H1 2026 Performance Details Reclassified assets (€ m) 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Cash and cash equivalents 11,733 5,607 3,794 2,814 -8,919 -76.0% -2,793 -49.8% -981 -25.8% Loans and advances measured at AC 104,621 103,612 104,407 104,734 112 0.1% 1,121 1.1% 327 0.3%
- Loans and advances to banks 4,187 3,899 3,875 3,576 -611 -14.6% -323 -8.3% -299 -7.7%
- Loans and advances to customers 100,434 99,714 100,532 101,158 724 0.7% 1,445 1.4% 626 0.6% Other financial assets 61,465 62,747 69,587 69,587 8,121 13.2% 6,839 10.9% -1 0.0%
- Assets measured at FV through PL 13,681 14,807 21,460 19,896 6,215 45.4% 5,089 34.4% -1,564 -7.3%
- Assets measured at FV through OCI 15,697 16,029 14,661 15,954 257 1.6% -75 -0.5% 1,293 8.8%
- Assets measured at AC 32,087 31,911 33,466 33,737 1,650 5.1% 1,826 5.7% 271 0.8% Financial assets pertaining to insurance companies 17,505 18,830 18,842 19,875 2,370 13.5% 1,045 5.6% 1,033 5.5% Equity investments 1,395 1,453 1,429 1,450 55 4.0% -2 -0.2% 21 1.5% Property and equipment 2,507 2,481 2,448 2,396 -111 -4.4% -85 -3.4% -51 -2.1% Intangible assets 3,187 3,214 3,208 3,187 0 0.0% -27 -0.8% -21 -0.7% Tax assets 3,050 2,910 2,711 2,577 -472 -15.5% -332 -11.4% -134 -4.9% Non-current assets held for sale and discont. operations 197 197 163 198 1 0.7% 1 0.7% 35 21.5% Other assets 5,289 4,846 4,634 4,062 -1,227 -23.2% -784 -16.2% -572 -12.4%
TOTAL ASSETS 210,948 205,896 211,224 210,880 -69 0.0% 4,983 2.4% -344 -0.2%
Reclassified liabilities (€ m) 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Banking Direct Funding 129,416 132,388 129,379 140,052 10,636 8.2% 7,664 5.8% 10,673 8.2%
- Due from customers 105,038 109,265 107,678 118,330 13,292 12.7% 9,065 8.3% 10,652 9.9%
- Debt securities and other financial liabilities 24,378 23,123 21,701 21,722 -2,657 -10.9% -1,401 -6.1% 21 0.1% Insurance Direct Funding & Insurance liabilities 17,010 18,172 18,166 19,041 2,031 11.9% 869 4.8% 875 4.8%
- Financial liabilities measured at FV pertaining to insurance companies3,716 4,005 4,040 4,373 657 17.7% 368 9.2% 333 8.3%
- Liabilities pertaining to insurance companies 13,295 14,167 14,126 14,668 1,374 10.3% 501 3.5% 542 3.8% Due to banks 6,319 6,573 6,423 9,418 3,100 49.1% 2,845 43.3% 2,995 46.6% Debts for Leasing 664 671 651 646 -18 -2.7% -25 -3.8% -5 -0.8% Other financial liabilities designated at FV 33,854 27,160 34,766 18,011 -15,844 -46.8% -9,150 -33.7% -16,756 -48.2% Other financial liabilities pertaining to insurance companies 77 79 79 68 -9 -11.9% -12 -14.6% -11 -14.1% Liability provisions 849 861 818 726 -123 -14.5% -135 -15.7% -92 -11.2% Tax liabilities 577 552 597 505 -72 -12.5% -47 -8.5% -92 -15.5% Liabilities associated with assets held for sale 0 0 0 1 1 n.m. 1 n.m. 1 n.m.
Other liabilities 6,866 3,855 4,924 6,706 -160 -2.3% 2,852 74.0% 1,782 36.2% Minority interests 58 80 79 83 25 44.2% 3 3.3% 5 5.8% Shareholders' equity 15,258 15,505 15,342 15,623 365 2.4% 118 0.8% 281 1.8% TOTAL LIABILITIES AND SHARHOLDERS' EQUITY 210,948 205,896 211,224 210,880 -69 0.0% 4,983 2.4% -344 -0.2%Chg. Q/Q Chg. YTD Chg. YTD Chg. Q/QChg. Y/Y
Chg. Y/Y
o/w €1.5bn in
H1 20261.25 1.25
0.300.281.25 0.750.76
0.760.400.30
0.30
H2 2026 FY 2027 FY 2028Additional Tier 1
Tier 2
Covered Bonds
Senior Non-Pref.
Senior Pref.46.1%13.9%14.5%
13.3%
12.2%
30In rolling out its funding strategy, Banco BPM considers regulatory requirements and rating agency
methodologies
Notes :1.Includes two bonds issued byAnima foratotal amount of€584m2.Also include Repos with underlying retained CBand ABS.3.Announced on30June 2026 ,butwith settlement date on7July 2026 .4.
Managerial data .5.Excluding Repos with retained CB,ABSand CCT asunderlying assets .6.Includes one bond issued byAnima foranamount of€284mln.7.Bond issued byAnima .€27.0bn Covered Bonds2Capital -protected Certificates & Other
Senior Debt
Securities at FV Senior Preferred1 Subordinated (AT1 and T2)Nominal amounts
Senior Non -preferredBONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV
outstanding as of 30/06/2026MREL REQUIREMENTS & BUFFERS as of 30/06/2026
TOTAL
RATIOSUBORDINATION
RATIO
Requirement 26.36% 19.67% Stated Buffer 3.96 p.p.Equal to €2.7bn4.33 p.p.Equal to
€3.0bn
Buffer including the Green Tier 2 bond settled in July4.68 p.pEqual to €3.2bn5.05 p.p.Equal to €3.5bnMREL as % of RWA, including Combined Buffer Requirement4Strong and well -diversified liability profile, driven by successful issuance activity 4. H1 2026 Performance DetailsRedemption profile based on the first call date for callable bonds. For some instruments, the exercise of the call is subject to prior approval by the competent authority. The information provided in this chart should not be considered as a confirmation of their actual exercise. 6
71.363.96
2.28WHOLESALE BONDS ISSUED SINCE 2025 WHOLESALE BOND MATURITIES & CALLS5
Public wholesale bonds issued, excluding retained CB and ABS issues underlying repos.Managerial data of the banking business € bnExcludes the €500m Green Tier 2 bond settled in July3 0.50 0.500.75 1.00
0.500.400.50 0.50
Jan-25 Mar-25 May-25 Jul-25 Oct-25 Feb-26 Feb-26 Jul-26
Social
Covered
BondSocial
SP€2.65bn in 2025 AT1 T2 EU Green SNP€2.0bn in Jan. -Jul. 2026
Green
T2Social
SPCovered
Bond€ bn
101.9105.1 104.7 105.8 30/06/2025 31/12/2025 31/03/2026 30/06/2026Capital-protected Certificates & other Debt Securities at FV REPOs & Other
Bonds
C/A, Sight & Time deposits
31€ bn
137.2 133.7
(75,5%) (76.6%)134.9
(78.3%)
Core Funding (% share on total)Total Direct Funding from the Banking business at €144.1bn
4. H1 2026 Performance DetailsEVOLUTION OF DIRECT FUNDING POSITION: +6.8% Y/Y
144.1
(73.4%)
30/06/25 31/12/25 31/03/26 30/06/26 % chg. Y/Y % chg. YTD % chg. Q/Q C/A & Sight deposits 100.5 103.8 102.6 103.6 3.1% -0.2% 1.0% Time deposits 1.3 1.3 2.1 2.1 56.6% 65.2% 1.5% Bonds 24.4 23.1 21.7 21.7 -10.9% -6.1% 0.1% REPOs & Other 3.2 4.2 3.0 12.6 294.5% 201.2% 316.3% Capital-protected Certificates & other Debt Securities at FV5.5 4.8 4.3 4.1 -25.7% -15.0% -5.0% Total Direct Funding 134.9 137.2 133.7 144.1 6.8% 5.1% 7.8%
44.8 46.5 44.0 46.8 17.3 18.3 18.6 18.85.0 5.0 4.9 5.1 30/06/2025 31/12/2025 31/03/2026 30/06/202690.2 85.332.718.5
30/06/2026
32€ bn € bn
52.256.4 56.159.6
61.10.3
30/06/2025 31/12/2025 31/03/2026 30/06/2026 30/06/2026 Notes :1.AuM from Bancassurance asof30/06/2026 includes €17.7bnpertaining toBanco BPM Vita, Vera Vita and BBPM Life also included inthe balance sheet item “Insurance Direct Funding and Insurance liabilities”, asfully consolidated (€17.9bnasof31/03/2026 ;€17.7bnasof31/12/2025 ;€16.7bnasof 30/06/2025 ).2.Gross ofAnima wrapping (investments byAnima products into other Anima products), both retail and institutional .AUC also include Assets under Advisory .69.867.1+5.5% Managerial dataTotal Indirect Customer Funding at €288.1bn (including Anima’s volumes) 4. H1 2026 Performance Details70.7+14.2%226.7
Wrapping
Banco BPM’s Indirect Customer Funding , at €130.3bn, +9.3% Y/Y (excluding Anima’s volumes)Wrapping61.4 Banco BPM’s VolumesIncluding Anima’s assets not already included in Banco
BPM’s volumes2ASSETS UNDER MANAGEMENT (AuM )1ASSETS UNDER CUSTODY (AuC )
Managed Accounts & Funds of FundsBancassurance Funds & Sicav67.5 Banco BPM’s VolumesIncluding Anima’s assets not already included in Banco
BPM’s volumes2
33Net Customer Loans measured at Amortized Cost stood at €101.2bn 99.0 98.5 99.4 100.11.4 1.2 1.1 1.0 30/06/25 31/12/25 31/03/26 30/06/26€ bn Net NPEs Net Performing Loans99.7100.4
4. H1 2026 Performance Details101.2EVOLUTION OF NET CUSTOMER LOANS
Composition of Net Performing Customer Loans Net Performing Customer Loans 30/06/25 31/12/25 31/03/26 30/06/26 In % Y/Y In % YTD In % Q/Q Core customer loans 94.7 94.2 95.2 95.9 1.3% 1.8% 0.7%
- Medium/Long-Term loans 75.0 74.5 74.8 75.1 0.1% 0.8% 0.4%
- Current Accounts 7.6 7.4 7.5 7.3 -4.2% -1.3% -2.4%
- Cards & Personal Loans 0.4 0.4 0.3 0.4 -11.9% -3.2% 3.4%
- Other loans 11.6 11.9 12.6 13.1 12.7% 9.8% 4.1% Repos 4.1 4.0 4.0 4.0 -0.9% 0.1% 1.9% Leasing 0.3 0.2 0.2 0.2 -27.9% -21.2% -15.4% Total Net Performing Loans 99.0 98.5 99.4 100.1 1.1% 1.6% 0.7%Change 100.5
34NPE migration dynamics
INFLOWS FROM
PERFORMING TO NPE s€ m
OUTFLOWS FROM NPE s
TO PERF. LOANS
FLOWS FROM UTP TO
BAD LOANS253816 133616
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
82 52 50 497839
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
Data refer to Customer Loans measured at Amortized Cost € m € m238 207152230 169 194
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
4. H1 2026 Performance Details
35Asset Quality details Customer Loans measured at Amortized Cost 4. H1 2026 Performance Details 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Bad Loans 998 850 858 826 -172 -17.3% -25 -2.9% -32 -3.7%
UTP 1,535 1,346 1,291 1,158 -377 -24.6% -188 -14.0% -133 -10.3%
Past Due 75 55 29 31 -44 -59.0% -24 -43.6% 2 7.0%
NPE 2,608 2,251 2,178 2,014 -594 -22.8% -237 -10.5% -163 -7.5%
Performing Loans 99,449 98,951 99,850 100,572 1,123 1.1% 1,621 1.6% 722 0.7%
TOTAL CUSTOMER
LOANS102,057 101,202 102,028 102,586 529 0.5% 1,384 1.4% 558 0.5%
30/06/25 31/12/25 31/03/26 30/06/26 30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Bad Loans -578 -496 -511 -499 80 -13.8% -3 0.6% 12 -2.4% Bad Loans 57.96% 58.29% 59.58% 60.40%
UTP -576 -525 -517 -459 116 -20.2% 66 -12.6% 57 -11.1% UTP 37.50% 39.03% 40.04% 39.68%
Past Due -23 -16 -9 -11 12 -52.2% 4 -28.0% -2 24.8% Past Due 31.01% 28.32% 31.01% 36.14%
NPE -1,177 -1,037 -1,037 -969 208 -17.7% 67 -6.5% 68 -6.5% NPE 45.14% 46.04% 47.62% 48.12%
Performing Loans -445 -452 -459 -459 -14 3.1% -7 1.5% -0 0.1% Performing Loans 0.45% 0.46% 0.46% 0.46%
TOTAL -1,622 -1,489 -1,495 -1,428 194 -12.0% 61 -4.1% 67 -4.5% TOTAL 1.59% 1.47% 1.47% 1.39%
30/06/25 31/12/25 31/03/26 30/06/26 Value % Value % Value % Bad Loans 419 355 347 327 -93 -22.1% -28 -7.8% -20 -5.7%
UTP 959 821 774 698 -261 -27.2% -122 -14.9% -76 -9.8%
Past Due 52 39 20 20 -32 -62.0% -20 -49.7% -0 -0.9%
NPE 1,431 1,215 1,141 1,045 -386 -27.0% -170 -14.0% -96 -8.4%
Performing Loans 99,004 98,499 99,392 100,113 1,109 1.1% 1,614 1.6% 721 0.7%
TOTAL CUSTOMER
LOANS100,434 99,714 100,532 101,158 724 0.7% 1,445 1.4% 626 0.6%Gross exposures € m and %Chg. Y/Y Chg. YTD Chg. Q/Q
Net exposures
€ m and %Chg. Y/Y Chg. YTD Chg. Q/QValue Adjustments € m and %Chg. Y/Y Chg. YTD Chg. Q/Q Coverage ratios %•The overlays as at 30/06/26 amount to €136m
32.1 31.9 33.5 33.714.6 14.7 13.5 13.9
30/06/25 31/12/25 31/03/26 30/06/26FVOCI
AC
36€ bnTREND AND BREAKDOWN
OF THE BANKING BOOKOptimized and diversified Debt Securities portfolio in the Banking Book
COMPOSITION OF THE BANKING BOOK
BY COUNTERPARTY 1
31/12/25
Share of AC
component68%
THIS SLIDE REFERS TO THE SECURITIES PORTFOLIO OF THE BANKING BUSINESS
Notes: 1 . Managerial view. 2. Includes Corporate and Financial securities and GACS senior notes.46.7
69%8.6Managerial breakdown
€ bn
Other2 47.0
71%38.9% 38.5% 38.1% 38.4% IT Govies on Total
government and
supranational bonds38.1
4. H1 2026 Performance Details46.630/06/25 8.5
38.231/03/26
7.8
39.247.6
71%30/06/26
8.5
39.1Government and
supranational
bonds
37 4. H1 2026 Performance DetailsData asat31/12/2025 exclude theapplication ofArt.468oftheCRR 3onFVOCI reserves, as thisoption expired after YE2025 .
Notes :The Group’s capital ratios and data included inthispresentation are calculated including profit fortheperiod and deducting theamount ofthedividend determined under current regulation .
LEVERAGE (€/m and %) 31/12/2025 31/03/2026 30/06/2026
Total Exposure 203,809 218,029 220,889 Class 1 Capital 10,245 10,340 11,289 Leverage Ratio 5.03% 4.74% 5.11%
CAPITAL POSITION
(€ m and %)31/12/2025 31/03/2026 30/06/2026 CET 1 Capital 8,855 8,950 9,900 T1 Capital 10,245 10,340 11,289 Total Capital 12,467 12,549 13,201
RWA 65,210 65,867 68,773
CET 1 Ratio 13.58% 13.59% 14.40%
AT1 2.13% 2.11% 2.02%
T1 Ratio 15.71% 15.70% 16.42% Tier 2 3.41% 3.35% 2.78% Total Capital Ratio 19.12% 19.05% 19.20%Capital position in detail
38 Women in managerial positions 31.3% 33.2% New Green, Social & Sustainability Bonds issued Share of ESG bonds in the Corporate bond proprietary portfolio (banking book)2 39.8% 40.6%Main Sustainability ESG Achievements
H1 2025
€4.3bnH1 2026Sustainability ESG Update –Key results achieved in H1 2026
€3.6bn
30/06/25 30/06/26
Sustainability ESG KPIs 4. H1 2026 Performance Details ESG bond issuance activities with Banca Akros as Joint Bookrunner/ Lead Manager€15.3bnNew lending to third sector €103 m €92m 30/06/25 30/06/26▪Disclosed the second Sustainability Statement, which includes Anima Group for the first time ▪Developed an internal Social Framework to be used for new social lending , especially to young and vulnerable people, caregivers, women and families in need , communities, territories and Third Sector ▪Completed the roll -out of the framework for integrating Sustainability Factors into investment decisions across all business units ▪Further strengthened the inclusion of ESG sustainability drivers in our operating and Risk management processes in accordance with the new EBA Guidelines ▪Updated two ESG ratings in the first months of 20263:
•Confirmed at C rating (Prime Status) in April 2026•Confirmed at Leader level in March 2026€2.25bn2025 - H1 2026 Notes :1.Management data .New lending toHouseholds, Corporate and Enterprises with original maturity >18months, including green lending products (finalized loans, project financing and SLLs) and ordinary loans granted tosectors classified as“green” orwith alow exposure totransition climate riskdrivers .2.Share onthe Corporate and Financial securities managed bythe Finance department (managerial data based onnominal amount) .3.TheusebyBanco BPM oftheESG research data and theuseoflogos, trademarks, service marks orindex names does notconstitute asponsorship, endorsement, recommendation, orpromotion ofBanco BPM bytheindicated ESG rating agencies .Theservices and data, which aretheproperty oftheESG rating agencies orinformation providers, areprovided ‘as-is’and without warranty .Thenames and logos aretrademarks orservice marks pertaining totheESG rating agencies .2025 - H1 2026New low -carbon medium -/long -term
financing1
In addition, a €500m Green Tier 2 bond was issued with settlement in July
39Digital & AI: Scaling Adoption and Delivering Strategic Results
Operations by
channelDIGITAL
CHANNELSApp
Remote
Branches
ATM
7% 30%
33%2019 H1 2026TRADITIONAL
CHANNELS 34%26%
▪~2m customers with Digital Identity ( 78% of active customers) ▪56% Mobile App penetration among Small Business customers ▪Monthly remote personal loan sales tripled from 3% in January
2026 to 10% in June 2026GROWING DIGITAL PENETRATION AI ADOPTION
DIGITAL COMMERCIAL MOMENTUM
▪Marketing &
Commercial
▪Credits
▪IT & Operations
▪Risk Management
▪AML & Controls
▪Knowledge
Management
▪Governance and
Cross -functional
SupportApplication areas
36% 12%
22%40% 66%
60% 34%AI USE CASES
DELIVEREDTARGET
2024 -2027
O/W GenAI
USE CASES#21
#9 %
ACHIEVED
#35 60%
#10 90%
~16,400 ~26,700 Employees engaged Hours of training2024 -H1 2026 4. H1 2026 Performance DetailsKEY DATA
IN 2025AI TRAINING PROGRAM
40DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION
4. H1 2026 Performance Details
INDICATOR DEFINITION
P&L Adjusted P&L data excluding all one-offs indicated in the Explanatory Notes of the pertinent financial results Press Release
CASH + UNENCUMBERED
ASSETSIncluding assets received as collateral, net of accrued interests. Managerial data, net of haircuts CORE CUSTOMER LOANSCustomer loans at AC, comprising mortgages and other credit facilities, current accounts, credit cards and personal loans (excluding leasing
and REPOs)
CORE REVENUES Core Revenues: NII + Net Commissions + Income from Associates and Income from Insurance business COST OF RISK Loan loss Provisions / Total Net Customer Loans at Amortised Cost. Annualised for interim periods CURE RATE Flows from UTP to Performing loans / Stock of UTP (GBV BoP). Excluding loans at IFRS 5. Annualised for interim periods CUSTOMER LOANS Loans to customers at Amortised Costs, excluding debt securities DEFAULT RATE Flows from Performing to NPEs / Stock of performing loans (GBV BoP). Annualised for interim periods GUARANTEED DEPOSITS Deposits <100K covered by FITD
INDIRECT CUSTOMER
FUNDINGAssets under Management (in the form of Funds & Sicav, Bancassurance and Managed Accounts & Funds of Funds) + Assets under Custody net of Capital-protected Certificates, as they have been regrouped under Total Direct Funding
INVESTMENT PRODUCT
PLACEMENTSManagerial data: Funds & Sicav, Bancassurance, Managed Accounts & Funds of Funds, Certificates and other Debt Securities at FV MREL BUFFER MREL as % of RWA, including Combined Buffer Requirement NET DEFAULT RATE Net flows to NPEs from Performing / Stock of Performing loans (GBV BoP). Annualised for interim periods NEW LENDING Managerial data: M/L-term Mortgages (Secured and Unsec.), Pool & Structured Finance (including revolving) and ST Unsec. Loans NII AT FULL FUNDING COSTNet Interest Income considering also the cost of certificates. This cost is included in the Net Financial Result, in accordance with Bank of Italy
accounting schemes
ROECalculated as Net Profit from P&L / Shareholders’ Equity (EoP, excluding Net Profit of the period and AT1 instruments and also adjusted for interim dividend in Q4 and for balance dividend in Q1) ROTECalculated as Net Profit from P&L / Tangible Shareholders’ Equity (EoP, excluding Net Profit of the period, AT1 instruments, Intangible assets net of fiscal effect and also adjusted for interim dividend in Q4 and for balance dividend in Q1) TOTAL DIRECT FUNDINGTotal Direct Funding from the Banking Business (C/A & Sight deposits, Time deposits, Bonds, REPOs & Other) + Capital-protected Certificates and Other Debt Securities at FV
41Contacts for Investors and Financial Analysts
Banco BPM
Registered Offices: Piazza Meda 4, I -20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I -37121 Verona, Italy
investor.relations@bancobpm.it
www.gruppo.bancobpm.it (IR section )Arne Riscassi +39 02 9477.2091 Silvia Leoni +39 045 867.5613 Carmine Padulese +39 02 9477.2092