Half-Yearly Consolidated Report as at 30.06.2026

ACTING

EVERY DAY

FOR

TOMORROW

HALF-YEARLY CONSOLIDATED

FINANCIAL REPORT

AS AT 30 JUNE 2026

CRÉDIT AGRICOLE ITALIA BANKING GROUP

HALF-YEARLY CONSOLIDATED

FINANCIAL REPORT

AS AT 30 JUNE 2026

Table of Contents 3

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial StatementsFinancial Statements of the Parent Company

TABLE OF CONTENTS

Corporate Officers and Independent Auditors 4 The Crédit Agricole Group worldwide 6 The Crédit Agricole Group in Italy 7 The Crédit Agricole Italia Banking Group 9 Significant events 12 Financial highlights and alternative performance measures 14 Half-yearly Report on Operation 17 Half-yearly Condensed Consolidated Financial Statements 40 Notes to the Half-yearly Condensed Consolidated

Financial Statements

48 Certification of the Half-yearly Condensed Consolidated Financial Statements pursuant to Article 154-bis of Italian Legislative Decree no. 58/1998 105 Independent Auditors' Report 106 Financial Statements of the Parent Company 108

Corporate Officers and Independent Auditors 4 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

CORPORATE OFFICERS

AND INDEPENDENT AUDITORS

Board of Directors

CHAIRMAN

Giampiero Maioli

DEPUTY-CHAIRPERSONS

Annalisa Sassi

Jérôme Grivet

CHIEF EXECUTIVE OFFICER

Hugues Brasseur

DIRECTORS

Maria Anghileri(°)

Valentina Aureli(°)

Nicolas Denis

Anna Maria Fellegara(°)

Gino Gandolfi

Christine Gandon

Nicolas Langevin

Hervé Le Floc’h Michel Le Masson

Véronique Racossout-Sorosina

Roberto Zangani(°)

(°) Independent Directors.

Corporate Officers and Independent Auditors 5

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial StatementsFinancial Statements of the Parent Company Board of Auditors

CHAIRMAN

Luigi Capitani

STANDING AUDITORS

Maria Ludovica Giovanardi Francesca Michela Maurelli

Germano Montanari

Enrico Zanetti

ALTERNATE AUDITORS

Alberto Guiotto

Chiara Perlini

General Management

CO-GENERAL MANAGER

Roberto Ghisellini

RETAIL BANKING AND DIGITAL DEPUTY GENERAL MANAGER

Vittorio Ratto

MANAGER IN CHARGE OF THE PREPARATION

OF CORPORATE ACCOUNTING DOCUMENTS

Simona Lo Sinno

INDEPENDENT AUDITORS

PricewaterhouseCoopers S.p.A.

On the strength of its 140 years of history, Crédit Agricole wants to be a trusted partner for its customers and support them in all their fi nancial needs: loans, asset management, payment instruments, insurance, real estate, assistance in internationalization.

Cooperation and coordination among all the Group’s activities are the foundations of the Customer-focused Universal Bank model, which provides customers with a full range of banking and other products and services, through all channels in France and abroad.THE CRÉDIT AGRICOLE GROUP

WORLDWIDE

KEY FIGURES OF 2025

RATINGS4 Retail Bank in the Europe1 European Asset Manager2 Cooperative and Mutual Bank in the world3 54

Million Customers46

Countries

9 bln€

Underlying net income157,000

Employees

136%

Liquidity Coverage Ratio17.4 % Ratio Cet 1 Moody’s DBRS Fitch Ratings S&P Global Ratings 1 Ranking by number of customers.

2 Source: IPE 2024 E “Top 500 Asset Managers” June 2024.

3 By revenues Source: The 2023 World Cooperative Monitor, January 2024.

4 Issuer/LT senior preferred debt.

THE PRODUCTS AND SERVICES

OF THE CRÉDIT AGRICOLE

GROUP IN ITALY

MILLION CUSTOMERS

Individuals,

sole traders,

businesses,

corporations1

1 Data as at 31 December 2025.

KEY FIGURES OF 2025THE CRÉDIT AGRICOLE GROUP

IN ITALY

3

Asset Manager

in Italy

6

Million Customers

346 bln€

Total funding 1,402 mln€

Net income

1 Strategic Customer Recommendation Index of Crédit Agricole Italia among universal banks. Survey conducted between July and October 2025 on specific profiles of Customers of the Bank compared to Customers of competitor banks in the regions where Crédit Agricole Italia Branches are based.

2 Source: Assofin.

3 Source: Assogestioni.approx. 16,100

Employees

5,149 mln€

Revenues103 bln€

In loansPlayer in the Italian consumer fi nance market2 1 CRI in ItalyItaly is the only country besides France where Crédit Agricole operates with all its business lines: from commercial banking, to consumer credit, to corporate and investment banking, to asset management, to the insurance business, up to wealth management services for HNW individuals completing the range.

THE CRÉDIT AGRICOLE ITALIA

BANKING GROUP

The Parent Company of the Crédit Agricole Italia Banking Group is one of the leading italian banks, strongly rooted in Italy and originated from local banks.

The Crédit Agricole Italia Banking Group’s leasing entity. Crédit Agricole Leasing Italia operates in the equipment, vehicle, real estate, seacraft and aircraft and renewable energy financial leasing segments. At the end of 2025, the loan portfolio amounted to over 3.1 billion Euros.

CAGS is the consortium company of the Crédit Agricole Italia Banking Group in charge of all activities relating to Operational Processes, Information Systems, Technical Logistics, Safety and Security, Business Continuity and Facility Management.The Crédit Agricole Italia Banking Group, which, besides its Parent Company Crédit Agricole Italia S.p.A., consists of its subsidiaries, joint arrangements and associates, is a commercial banking player that covers all market segments, thanks to its distinctive positioning based on Customer centrality. The main entities of the Group are listed below:

THE CRÉDIT AGRICOLE ITALIA

BANKING GROUP

Over 2.9

Million CustomersOver 12,200

Personnel members

* Gross exposure excluding government securities at amortized cost.3.1 bln€ Net operating revenues797 mln€ Net income - Group share

Approx. 990

Points of sale68 bln€*

Total loans

161%

Liquidity Coverage Ratio13.4 % Ratio Cet 1

RATING

Moody’s The highest one in the Italian banking system2025 KEY FIGURES

THE CRÉDIT AGRICOLE ITALIA

BANKING GROUP

Over 2.9

Million CustomersOver 12,200

Personnel members

* Gross exposure excluding government securities at amortized cost.3.1 bln€ Net operating revenues797 mln€ Net income - Group share

Approx. 990

Points of sale68 bln€*

Total loans

161%

Liquidity Coverage Ratio13.4 % Ratio Cet 1

RATING

Moody’s The highest one in the Italian banking system2025 KEY FIGURESBRANCH NETWORK

PERCENTAGE

Network percentage coverage

0-2%

2-5%

5-10%

>10%

3.2 %

9.3 %

5.6 %13.1 %0.6 %

6.2 %

3.8 %

3.3 %

2.6 %

2.9 %0.3 %

4.2 %

6.7 %10.7 % Branch network as at 30 June 2026.

Significant events

12 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

SIGNIFICANT EVENTS

JANUARY

The Crédit Agricole Italia Group achieved the TOP EMPLOYERS certification for the eighteenth year in a row, which testifies to the Group’s unfaltering commitment to creating positive and inclusive work environments oriented to its employees’ well-being and professional growth.

Crédit Agricole reasserted its commitment to inclusion and training with the second edition of the GénérAction Project, implemented in cooperation with ELIS – a nonprofit organiza-

tion that promotes innovation and training projects – in order to strengthen the bond be-

tween Crédit Agricole and the regions it operates in, fostering responsible growth of new generations, also through financial training programmes.

After joining the “Una donna, un lavoro, un conto” (A woman, a job, an account) initiative promoted by the Italian Banking Association (ABI), Crédit Agricole Italia launched a com-

mercial promotion offering an account free of charge to customer women who are joint holders and prospect customer women, in order to implement a concrete measure aimed at promoting financial independence and at fighting economic violence.

FEBRUARY

Crédit Agricole Italia’s Treasury and Cash Management Services obtained the renewal of the ISO 9001 Certification – Quality Management System from Bureau Veritas – a global lead-

ing certifier – testifying to the consistency of the services it provides with the quality stand-

ards.

Crédit Agricole Italia and Crédit Agricole Corporate & Investment Banking ranked, once again this year, at the top in Euromoney Trade Finance Survey. This award, which is given to the best financial institutions globally, gives evidence of the strength, skills and proximity to customers of the Group’s entities.

The partnership between the Group and Save the Children continued with a new edition of Volontari di Valore (Worthy Volunteers), the corporate volunteering project that aims at cre-

ating a relationship network bringing together the Group’s people, the general public, busi-

nesses and the environment, in order to combat digital education poverty.

MARCH

After the success of the first edition, Empirìa – Romagna Marche Crea Impresa, the regional innovation programme promoted by Crédit Agricole Italia, Le Village by CA Triveneto and Wylab, returned, with the goal of supporting the development of new entrepreneurial ideas in the regions and fostering the creation of startups and projects with highly innovative content.

True to its focus on and commitment to combating gender-based violence, Crédit Agricole Italia started to provide a legal assistance service for the coverage of the related expenses to anyone of its people who is a victim of gender-based violence in their private life: a con-

crete measure to offer prompt support to whoever may be in high vulnerability situations.

APRIL

Crédit Agricole Italia S.p.A. was a Main Sponsor of the Management Festival, an event bring-

ing together academics, institutions, managers and entrepreneurs, and focusing on innova-

tion, change, the role of the banking system, growth in managerial capabilities and on the importance of relationships in professional growth processes.

Significant events

13

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial StatementsFinancial Statements of the Parent Company Crédit Agricole Italia was a Main Sponsor of the Green Economy Festival, an event on the green economy as a driver of sustainable development, with a special focus on the future of European industrial policies and on the role that the banking system can play to accompany businesses in their green transition processes.

Crédit Agricole Italia and the Young Entrepreneurs Group of Confindustria started a three-

year cooperation project aimed at supporting the growth on the new Italian entrepreneurial fabric and at strengthening the wealth of skills capabilities of young Italian businesses, with a special focus on internationalization, technological transition and sustainability.

MAY Crédit Agricole Italia S.p.A. was an Official Partner al CeMI - Commodities Exchange Milano, an annual event that proved once again an enabler of strategic relationships for the agrocommodity world in Italy, as a sector impacted by geopolitical tensions and featuring high price volatility and exogenous risks.

University Bank was the new project designed by Crédit Agricole Italia to strengthen dia-

logue between the Bank and academia, bringing university training into the Bank’s premis-

es. Through classes, meetings and opportunities for exchanging views with managers and experts, the project combines academic knowledge, technical skills and a concrete view of banking jobs. Thanks to this initiative, structured relationships with universities could be es-

tablished, also as a driver of attraction of young talents, and the Crédit Agricole Group’s re-

nown as a training and innovative partner could be enhanced.

JUNE

Crédit Agricole Italia successfully finalised its first Premium Covered Bonds (CB) issue of the year.

The issue, of an amount of Euro 1 billion, obtained the participation of many institutional inves-

tors, giving evidence of the issuer’s strong position in the CB segment and of the market’s con-

stant appreciation for Crédit Agricole Italia.

As done in the last few years, Crédit Agricole S.A. made a share capital increase reserved for the Group’s employees, aimed at retaining its personnel and increasing their share in Crédit Agricole S.A.’s capital.

Crédit Agricole Italia won the “Diversità & Inclusione” ABI 2026 award, proving to be an agent of social change thanks to initiatives able to generate positive impacts both on its em-

ployees and on the social and economic context, creating tangible and long-lasting value for the communities and regions it operates in.

Crédit Agricole Italia fully implemented Directive (EU) 2023/970, which was transposed into the Italian Law with Italian Legislative Decree no. 96/2026, effective as of 7 June. The Direc -

tive introduced new measures aimed at strengthening the application of the principle of equal pay for equal work or work of equal value between men and women, promoting higher transparency in setting and disclosing pays.

Financial highlights and alternative performance measures 14 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

FINANCIAL HIGHLIGHTS AND

ALTERNATIVE PERFORMANCE

MEASURES

APM - ALTERNATIVE PERFORMANCE MEASURES

The Crédit Agricole Italia Banking Group has defined some measures, which are set out in the tables of the Group’s KPIs and give Alternative Performance Measures (“APM”) that are useful to investors as they facili-

tate the identification of trends in operations and significant financial parameters.

For interim financial reporting, some measures presented in the Annual Report are deemed not representa-

tive. To correctly interpret the APMs, the following specifications are relevant:

• The APMs have been built up based exclusively on historical data of the Group and give no indication about its future performance;

• APMs are not provided for by the International Financial Reporting Standards (“IFRS”) and, albeit deriving from the Group’s Consolidated Financial Statements, are not included in the audit of the accounts;

• APMs shall not be considered as replacements of the ratios provided for by the adopted financial reporting

standards (IFRS);

• Said APMs shall be read along with the Group’s financial information as reported in its half-yearly con-

densed consolidated financial statements;

• The definitions of the measures used by the Group, as they are not governed by the adopted financial reporting standards, may prove not homogeneous with those adopted by other companies/groups and, therefore, may be not comparable to them;

• The APMs used by the Group have been prepared with continuity and homogeneity of definition and rep-

resentation for all the periods for which financial information has been included.

Financial highlights and alternative performance measures 15

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Income Statement highlights (a) (thousands of Euro)30 June 2026 30 June 2025 Changes

Absolute %

Net interest income 862,114 846,917 15,197 1.8 Net fee and commission income 707,213 661,812 45,401 6.9 Dividend income 11,420 12,297 -877 -7.1 Financial income (loss) 26,741 26,304 437 1.7 Other operating income (expenses) 3,979 9,352 -5,373 -57.5 Net operating income 1,611,467 1,556,682 54,785 3.5 Operating expenses -787,314 -774,297 13,017 1.7 Operating margin 824,153 782,385 41,768 5.3 Cost of risk(b)-95,647 -99,698 -4,051 -4.1 of which: net adjustments to loans -97,259 -96,713 546 0.6 Profit (Loss) for the period attributable to the Parent Company 478,115 468,265 9,850 2.1 Balance Sheet highlights (a) (thousands of Euro)30 June 2026 31 Dec. 2025 Changes

Absolute %

Loans to Customers 73,422,931 73,489,329 -66,398 -0.1 of which: securities measured at amortized cost 6,100,854 6,835,430 -734,576 -10.8 Net financial assets/liabilities at fair value 155,244 148,148 7,096 4.8 Financial assets measured at fair value through other comprehensive income 3,802,894 3,090,117 712,777 23.1 Equity investments 29,528 28,036 1,492 5.3 Property, plant and equipment and intangible assets 2,568,263 2,602,881 -34,618 -1.3 Net due from banks 9,108,743 4,074,565 5,034,178 123.6 Total net assets 93,382,316 91,797,123 1,585,193 1.7 Funding from Customers 78,944,455 79,147,888 -203,433 -0.3 Indirect funding from Customers 115,687,945 112,370,018 3,317,927 3.0 of which: asset management 59,076,301 57,191,815 1,884,486 3.3 Equity 8,782,673 8,558,302 224,371 2.6 Operating structure 30 June 2026 31 Dec. 2025 Changes

Absolute %

Number of employees 12,338 12,264 74 0.6 Average number of employees(c)11,569 11,623 -54 -0.5 Number of branches 947 993 -46 -4.6 (a) Income statement and balance sheet data are those restated in the reclassified financial statements shown on pages 35 and 32. All in compliance with Consob letter no. 0031948 of 10 March 2017 and with ESMA Recommendation on alternative performance measures.

(b) The cost of risk includes provisioning for risks and charges, net adjustments to loans and impairment of securities.

(c) The average number has been calculated as the weighted average of employees and atypical workers, where the weight is the number of months worked in the year; part-time personnel is conventionally weighted at 50%.

Financial highlights and alternative performance measures 16 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

FINANCIAL HIGHLIGHTS AND RATIOS

Structure ratios(a)30 June 2026 31 Dec. 2025 Net loans/Total net assets 72.1% 72.6% Direct funding from Customers/Total net assets 84.5% 86.2% Assets under management/Indirect funding from Customers 51.1% 50.9% Net loans/Direct funding from Customers 85.3% 84.2% Total assets(b)/Equity 10.8 10.9 Profitability ratios(a)30 June 2026 30 June 2025 Net interest income/Operating income 53.5% 54.4% Net fee and commission income/Operating income 43.9% 42.5% Cost/income ratio 48.9% 49.7% Net income/Average equity (ROE)(c) 11.2% 11.4% Net income/Average tangible equity (ROTE)(c)13.6% 14.0% Net income/Total assets(b) (ROA) 1.0% 1.0% Net income/Risk weighted assets 2.1% 2.5% Risk ratios(a)(^)30 June 2026 31 Dec. 2025 Gross bad loans/Gross loans to Customers 0.8% 0.8% Net bad loans/Net loans to Customers 0.2% 0.3% Gross non-performing exposures/Gross loans to customers (gross NPE ratio) 2.5% 2.6% Net non-performing exposures/Net loans to customers (net NPE ratio) 1.0% 1.1% Net adjustments to loans//Net loans to Customers 0.29% 0.34% Cost of Risk(d)/Operating margin 11.6% 18.9% Net bad loans/Total Capital(e)1.7% 2.2% Total Impairments of non-performing loans/Gross non-performing loans 61.2% 59.4% Total adjustments to performing loans/Gross performing loans 0.6% 0.6% Productivity ratios(a) (in income terms) 30 June 2026 31 Dec. 2025 Operating expenses/No. of Employees (average) 137 143 Operating income/No. of Employees (average) 281 265 Productivity ratios (a) (in financial terms) 30 June 2026 31 Dec. 2025 Loans to Customers/No. of employees (average) 5,819 5,734 Direct funding from Customers/No. of Employees (average) 6,824 6,809 Gross banking income(f)/No. of employees (average) 22,642 22,211 Capital and liquidity ratios 30 June 2026 31 Dec. 2025 Common Equity Tier 1(g)/Risk-weighted assets (CET 1 ratio) 13.2% 13.4% Tier 1(h)/Risk-weighted assets (Tier 1 ratio) 15.3% 15.1% Total Capital(e)/Risk-weighted assets (Total Capital Ratio) 18.0% 17.7% Common Equity Tier 1 (thousands of Euros) 6,026,234 5,870,184 Risk-weighted assets (Euro thousands) 45,526,138 43,759,890 Liquidity Coverage Ratio (LCR) 193% 161% Net Stable Funding Ratio (NSFR) 133% 133% (a) The Ratios are based on the income statement and balance sheet data of the reclassified financial statements. All in compliance with Consob letter no. 0031948 of 10 March 2017 and with ESMA Recommendation on alternative performance measures.

Loans to customers are net of the securities component.

(b) Ratio calculated based on total assets as reported in the financial statement.

(c) Ratio of net income to the equity weighted average (for ROTE net of intangibles).

(d) The cost of risk includes. provisioning for risks and charges, net adjustments to loans and impairment of securities.

(e) Total Capital: total regulatory own funds.

(f) Loans to Customers + Direct Funding + Indirect Funding.

(g) Common Equity Tier 1: Common Equity Tier 1.

(h) Tier 1: Tier 1 Capital.

(^) To represent asset quality and the related ratios, loans to Customers do not include the securities measured at amortized cost (both government and non-government securities).

AGIRE

OGNI GIORNO

PER IL

DOMANI

ACTING

EVERY DAY

FOR

TOMORROW

MANAGEMENT REPORT

TO THE CONSOLIDATED

FINANCIAL STATEMENTS

Half-yearly Report on Operation 18 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

HALF-YEARLY REPORT

ON OPERATION

THE MACROECONOMIC SCENARIO

AND THE FINANCIAL SYSTEM

THE INTERNATIONAL MACROECONOMIC SCENARIO IN 20261,2

In the first six months of 2026 the international economic activity posted overall growth, albeit in two differ-

ent phases. In the first part of the year, the global macroeconomic scenario benefited from the easing in trade tensions, from overall accommodative financial conditions and from considerable investments associated with the artificial intelligence technological cycle.

From February, the worsening in the geopolitical tensions caused the global economy to enter a phase of higher pressure. In a scenario already featuring high geopolitical and financial uncertainty, the new tensions in the Middle East, which involved Iran and the Strait of Hormuz, contributed to increase market volatility and downside risks for the global economic outlook. The rise in oil and natural gas prices progressively transmit-

ted to critical inputs of production, such as fertilizers and petrochemical products, with widespread repercus-

sions on production costs, on household and business confidence and, more in general, on global demand.

Those tensions also caused difficulties in international procurement chains and trade flows, amplifying the impact of higher energy prices on economic activities.

Inflation continued to be a key matter for the main advanced economies, albeit in a different scenario versus the last few years. After inflation progressively went back towards the targets set by the respective monetary policies, the worsening geopolitical tension and the consequent increase in the prices of energy commodities generated new inflationary pressure. This scenario contributed to slowing down the disinflation process that had been going on in the last few years, keeping prices higher than expected and prompting some central banks to reconsider their previous monetary policy stance.

Nevertheless, some elements continued to support the overall picture: the labour market remained strong and investments associated with artificial intelligence continued to drive growth in the economies that are the most integrated in the technology supply chain, in a scenario where demand for advanced semiconduc -

tors constantly exceeded the available supply, fuelling investments throughout the supply chain – from chip manufacturers to digital infrastructure providers, computational capacity and energy. The technology sector was one of the main drivers of performance in international financial markets, albeit with higher and higher market prices and increasing concentration on a small number of high capitalization companies. Although reflecting favourable expectations on the spread of artificial intelligence applications, this configuration in-

creased market players’ focus on the risk of possible corrections subsequent to the downsizing of the sec -

tor's expected growth.

In the second quarter, pressure on energy prices and financial conditions progressively mitigated, albeit without fully going back to the levels of the start of the year, with growth overall in line with the initial expec -

tations but more and more uneven across the various economic areas.

The Euro Area posted a slight decline in the first quarter: the GDP decreased by -0.2% vs the previous quarter, thus interrupting the moderate expansion phase that took place in 2025. This trend was nega-

tively affected both by the slowdown in foreign trade and by the decrease in gross fixed capital for-

mation; conversely, household consumption gave a positive, albeit modest, contribution. This perfor-

mance resulted to a significant extent from the strong contraction in the Irish economy (down by -12.1% quarter over quarter and by -16.8% period over period), as a consequence of the considerable down-

1 Prometeia, Forecast Report (June 2026).

2 ISTAT (the Italian National Institute of Statistics), Note on Italian Economy (July 2026); OECD, Economic Outlook (July 2026).

Half-yearly Report on Operation 19

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company sizing in exports. This decline was largely determined by a base effect on the same period of last year, when exports posted an exceptional performance, especially exports to the United States, because of stockpiling before the effective date of the tariffs imposed by the US Administration. Net of Ireland, the Euro Area GDP would have grown by +0.3%, thus reflecting the essential stability of economic activ -

ity, despite the far-ranging geopolitical uncertainty. In terms of prices, persisting inflationary pressure – especially in the energy and service sectors – prompted the ECB to raise its key interest rate by 25 bps in June, ending the previous monetary easing phase that lasted two years.

In the first quarter of 2026, the US economy showed resilient growth, with the annualised GDP at +2.1%, driv -

en by consumption and investments. The labour market proved again strong, albeit gradually softening: the unemployment rate remained stable at 4.3%, while the growth in wages slowed down coming to +3.4% YoY.

In terms of prices, after the peak reached in the previous month in the wake of the acceleration that started in March, in June the Consumer Price Index (CPI) slowed down considerably, coming to 3.5% YoY, but remaining nonetheless well above the targets set by the central bank. Concomitantly, the Producer Price Index (PPI) came to 5.5% affected by persistent pressure upstream the production chain, albeit decreasing vs the peak it reached in May (6.0%). Due to the escalation in the Middle East conflict, the interruption in flows through the Strait of Hormuz and its repercussions on global logistics chains, deterioration in the international scenario is the main risk factor. In this scenario, Kevin Warsh took office as the Fed Chairman: at the June 2026 meeting, the first one in his chairmanship, the FOMC kept interest rates unchanged at 3.50-3.75%, revised inflation es-

timates upward to 3.6% and adopted a more hawkish stance, abandoning forward guidance and leaving the possibility of other increases in the year on the table.

In China, in Q2 2026, the economy grew by +4.3% YoY, slowing down vs +5.0% in Q1. It is the weakest growth since Q4 2022, below market expectations and below the official growth target set for this year of 4.5%-5% (the lowest since 1991). This slowdown was due to the weakness in domestic demand and in private invest-

ments, resulting also from the real estate crisis and the war in the Middle East still going on. Conversely, exports and industrial production performed well, proving once again two of the main drivers of the Chinese economy. The growth outlook has remained positive but not as good as in the past. China’s monetary policy has remained accommodative but prudent, aimed at ensuring liquidity without forcing any aggressive eas-

ing, while its fiscal policy is more active but still insufficient, with investments in infrastructure and innovation.

Monetary policies1

Despite all having a data-dependent approach, the main Central Banks worldwide have adopted different actions in H1 2026. The background was dominated by the impact of the energy shock resulting from the conflict in the Middle East, which caused the oil and gas prices to increase significantly vs their level before the war, with consequent pressure on inflation in the short term and marked uncertainty on growth pros-

pects. Specifically:

• For its fourth meeting in a row, the Federal Reserve3 kept the federal funds target range unchanged, name-

ly between 3.50% and 3.75%. This decision, which was adopted unanimously by the FOMC at its meeting on 17 June 2026 – the first one after Kevin Warsh took office as the Fed Chairman succeeding Jerome Powell – falls within a prudent stance that reflects persisting inflationary pressure, with inflation well above the target. The considerations made by the Committee were based on ongoing expansion in the economic activity at a steady pace, as well as on the overall strong labour market, with the unemployment rate sta-

ble at 4.3%. However, inflation has remained significantly above the target level: the Consumer Price Index increased by +3.5% year on year in June 2026 (with the core component at +2.6%), while the Producer Price Index increased by +5.5% year over year. As regards communication, Chairman Warsh determined a net regime change vs. the previous practice, dropping forward guidance and adopting a more restrictive approach, with a monetary policy stance that remains data-dependent and subject to a dynamic analysis of the developments in the macroeconomic scenario, in order to ensure that “the inflation surge of the last five years will be a thing of the past”. Effective as of 1 April 2026, the FED reformed the extra capital requirements it sets for banks that are “too big to fail”, making the requirements more proportional to their sizes and interconnection. This reform has reduced the capital constraint, thus enabling banks to manage their balance sheets more efficiently.

3 www.federalreserve.gov, Monetary Policy.

Half-yearly Report on Operation 20 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 • In H1 2026, the European Central Bank4 reversed the normalisation cycle that had started in 2024, hiking its key interest rates by 25 basis points at its meeting on 11 June 2026, responding to the first inflationary pressure. The interest rates on the ECB deposit facility, on main refinancing operations and on the marginal lending facility came to 2.25%, 2.40% and 2.65%, respectively, effective as of 17 June 2026. The Eurosys-

tem staff new projections expect average headline inflation at 3.0% in 2026, at 2.3% in 2027, with upward revisions for 2026 and 2027 vs the March exercise, mainly due to the higher trajectory of energy prices.

The Governing Council reasserted a data-driven approach, with decisions made on a meeting-by-meeting basis, in accordance with inflation outlook and with the strength of monetary policy transmission, with-

out pre-committing to a specific interest rate trajectory. In terms of its balance sheet, the Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) portfolios continue to decline at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.

• The Bank of England5 kept its Bank Rate unchanged at 3.75% also at its last meeting in H1 (17 June 2026), with the Monetary Policy Committee (MPC) voting with a 7 to 2 majority in favour of leaving things un-

changed, while the two dissenting members would have preferred an increase of 25 basis points to 4.00%.

This decision was taken against a background being dominated by the impact of the energy shock, which caused the oil and gas prices to increase significantly vs their level before the war, with consequent di-

rect repercussion on inflation in the short term. CPI inflation came to 2.8% in May, decreasing from 3.3% in March, but it is expected to increase in the second part of the year due to progressive knock-on effect of energy prices: the Committee expects inflation increase to slightly over 3.25% in Q4 2026. The MPC reasserted that monetary policy cannot directly influence energy prices, but must prevent second-round effects from entrenching in wage- and price setting, in order to ensure that inflation sustainably goes back towards the 2% target in the medium term.

• In H1 2026, the Bank of Japan (BoJ) continued with the normalisation of its monetary policy, taking its uncollateralized overnight call rate to 1.00% at its June meeting, at its highest since 1995, as it deemed it appropriate to adjust further the monetary accommodation degree in order to achieve, in a sustainable and stable manner, its 2% price stability target. This target was reflected in the latest surveys of the peri-

od-over-period rate of change in the core CPI (net of fresh food), which came to below 2%, thanks to the Government measures aimed at curbing energy expenses for households, but with increasing risk associat-

ed with the progressive transmission of crude prices to consumer prices of a wide range of goods. At the same time, the BoJ continued to reduce its monthly purchases of Japanese Government Bonds as sched-

uled, in accordance with its planned tapering by roughly 200 billion yen per quarter up to 2,000 billion yen per month as of April 2027. This action falls within the yen strong depreciation, affected by the higher interest rates in the United States and by global tensions. An excessively weak currency could indeed fuel imported inflation, increase the cost of energy imports and could be a financial stability risk factor, consid-

ering the widespread use of the yen as the funding currency in carry trade strategies.

Main economies1

After the good resilience of the world economy in 2025, in Q1 2026 the global GDP growth was modest, being affected by persisting geopolitical and trade tensions. Overall, economic development proved again uneven across the main advanced economies, while emerging Countries kept growing at a faster pace, ben-

efiting from the expansionary stance of the economic policies adopted in several Countries in order to drive consumption and investments, and, as regards Asian economies, from higher exports of technological goods and strong demand for semiconductors:

• In Q1 2026, the United States6 economy proved overall strong, with the with a +2.1% annualised growth in the GDP, driven by domestic demand – especially consumption and investments – against a progressively softening labour market. The external scenario considerably deteriorated with the escalation of the conflict in the Middle East, which caused energy flows through the Strait of Hormuz to halt, as well as damage to production infrastructure in the region, thus reducing the global supply of oil and gas and fuelling strong tensions on commodity prices. In this scenario, the United States’ position as a net energy exported gener-

ated positive impacts on the foreign sector: export prices increased by +11.2% year over year in May 2026, driven by energy commodities and related industrial materials, while import prices grew by +6.7%, with a very considerable spike in fuel prices (up by +45.1% YoY, +47% in the February-May period). On the labour market, the May data showed again a strong but progressively setting situation: unemployment remained at 4.3%, essentially stable vs the summer of 2025, with the labour force participation rate (61.8%) and the 4 www.ecb.europa.eu, Monetary policy decisions.

5 www.bankofengland.co.uk, Monetary Policy Summary.

6 OECD, World Economic Outlook (June 2026); U.S. Bureau of Labour Statistics (July 2026).

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Financial Statements Financial Statements of the Parent Company employment-to-population ratio (59.2%) also essentially unchanged. Employment growth has remained concentrated on services – leisure, healthcare and local administrations – while financial activities post-

ed a contraction. Wage increase, which came to +3.4% YoY, signalled wage pressure easing. As regards prices, after spiking in the previous months, in June the CPI slowed down to +3.5% YoY, benefiting from growth in energy commodities cooling down thanks to the recent memorandum signed with Iran; the core component also slowed down to +2.6%, vs +2.9% in May. The Producer Price Index (PPI) for final demand increased by +5.5% YoY, giving evidence of persisting pressure on costs along the production chain, am-

plified by the rise in transportation costs and logistics bottlenecks in the Persian Gulf area, albeit not as bad as in the Mach-May period. The scenario described above added to already structurally tense public finances, having to address fast growing defence spending. The US federal debt exceeded $39 trillion (of which over one third maturing within twelve months), equal to 123% of the GDP, while interest expenses came to over $1 trillion a year, being now higher than defence spending. Interest expenses absorb nearly 20% of federal tax revenue, a level close to the all-time-high that occurred in the early 1990s and well above the historical average of about 12%.

• In China7, the H1 2026 data gave evidence of the economy performing well at the beginning of the year, with the GDP growing by +4.7% YoY. However, in Q2 the economic activity slowed down, with the G D P growing by +4.3%, slowing down vs +5.0% in the first three months of the year; it was the slowest pace of growth since Q4 2022. China’s economic activity was driven both by the manufacturing sector and by foreign demand. Industrial output increased by +5.4% YoY: traditional industries grew at a slower pace than technologically-advanced sectors, with the manufacturing industry driven especially by high tech (+13.1%) and capital goods (+9.3%). Specifically, the output of 3D printing devices, lithium-ion batteries and indus-

trial robots increased by +48.5%, +39.3% and +28.0%, respectively, giving further evidence of the growing orientation of Chinese manufacturing towards innovative and higher-added-value sectors. As regards do-

mestic demand, consumption continued to expand, albeit at a modest pace: retail sales of consumer goods increased by +1.3%, while services grew at a faster pace (+5.3%). Conversely, CAPEX decreased by -5.7% YoY, reflecting especially the persistent weakness in the real estate sector (-18.0%), which was partially only offset by the growth in investments in intellectual property (+9.4%) and in high-technology sectors (+4.6%). Foreign trade continued to give a material contribution to growth, increasing by a total of +16.9% in H1, driven by export competitiveness and by the sectors with the highest technology content. According to the latest published data, in June trade surplus stood at $125.62 billion, the highest monthly figure in the half year and above market expectations, while the H1 aggregate figure remained at historically high levels, albeit lower than the figure for the same period of the previous year. Against this backdrop, inflation remained modest, with the Consumer Price Index (CPI) up by +1.0% both in H1 as a whole and in the month of June, reflecting domestic demand not yet on a very strong footing. Concomitantly, producer prices gave signs of improvement, increasing by +1.5% YoY in H1 and by +4.1% in June, after a long phase of weakness.

At the same time, the significant increase in export prices determined, for the first time since May 2023, the disappearance of China’s contribution to the transmission of deflationary pressure to the global economy, marking the end of the “disinflation export” phase. On the labour market, the urban unemployment rate remained essentially stable, standing at 5.2% on average in H1 and decreasing to 5.0% in June, testifying to the overall resilience of the job market, although with differences across sectors and age brackets.

• In the United Kingdom8, the economic activity grew at a modest pace in H1 2026, with the GDP up by +0.6% QoQ, driven by the service sector performance (+0.8%), while the GDP grew by +0.8% period over period. Nevertheless, the latest QoQ indicators point to some weakening in the UK economy: the com-

posite PMI decreased to 49.3 points in June, from 49.7 points in May, with the second month in a row of contraction in the private sector activity after expanding for eleven months and coming to its lowest in the last fourteen months. The Consumer Confidence Index continuously declined (down by -23 points in June 2026, unchanged vs. May), standing at its all-time low since the end of 2023, and the Bank Rate being kept at 3.75% generated upward pressure on borrowing costs of households and of the public sector. In terms of employment, in Q1 2026 the unemployment rate came to 5.0% vs 5.2% as at the end of 2025, in a context featuring slowdown in demand for jobs, especially in the sectors that were the most exposed to the increase in minimum wages. The performance of inflation was affected by the geopolitical tensions in the Middle East, the impact of which on energy prices and imports temporarily slowed down its decrease and it went up to 3.3% in March. Nevertheless, the implementation of the fiscal measures under the Autumn Budget contributed to curbing energy and fuel costs for consumers, facilitating a decrease in inflation to 2.8% in April. At the same time, the continuous easing in tension on the labour market fostered the pro-

gressive reduction in pressure on domestic prices, while the actual tariff rate on UK exports to the United States remained essentially unchanged, despite the ruling of the US Supreme Court, which, in February 7 OECD, World Economic Outlook (June 2026); National Bureau of Statistic of China (July 2026).

8 OECD, World Economic Outlook (June 2026); ECO, World Macro-Economic Scenario (June 2026).

Half-yearly Report on Operation 22 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 2026, held that the (International Emergency Economic Powers Act (IEEPA) of 1977 does not give the President the authority to impose unilateral tariffs and ruling that the taxing power lies exclusively with Congress. Due to political instability and to the loss of institutional anchors subsequent to the resignation of Prime Minister Starmer in June, Gilts temporarily underperformed vs other European government secu-

rities; however, thanks to the prompt appointment of the new Prime Minister, Andy Burnham, the repercus-

sion on markets was very small.

• In H1 2026, the Russian economy8 gave signs of structural weakening and progressive stagnation and en-

tered a phase in which the main issue is the affordability in the medium term of its wartime growth model.

After two years during which the economy was driven by military spending and public investments, in the January-March period the GDP declined by -0.3% period over period, the first decrease since 2023, with industrial production that was affected by the strong decrease in fixed investments, which were penalised by high borrowing costs. The fiscal situation also showed increasing tensions: the pressure on public ex -

penditure, continuing to support the defence sector, caused the deficit to hit, in the first five months of the year, 2.6% of the GDP, well above the annual target. The main balancing factor in the Russian economy continued to be the energy sector: the increase in oil prices resulting from the Middle East crisis gave rev -

enue some breathing space, but the discounts imposed on Russian crude, higher logistics costs and finan-

cial restrictions have continued to impact on actual revenues. As regards monetary policies, in a scenario featuring well-established inflationary pressure, the Central Bank kept a restrictive stance, cutting its key interest rate only once by 25 basis points in June, taking it to 14.25%. This action resulted from the mone-

tary authority’s will to curb inflation and anchor the related expectations for households, which, at the end of H1 2026, were still very high. The unemployment rate remained at all-time low levels (2.1% in May), but this is likely the result of military mobilisation, emigration of skilled workers and population ageing.

EURO AREA1

In H1 2026, the Euro Area macroeconomic data slightly decreased: the GDP declined by -0.2% vs the previous quarter, interrupting a phase of modest expansion. The slowdown affected the overall economic activity and was amplified by Ireland’s negative growth (-12.1%), due to export normalisation after the extraordinary peak it hit in 2025. However, excluding the Ireland impact, the Euro Area real GDP would have increased by +0.3%, slightly slowing down vs its +0.4% growth in Q4 2025. The general performance was negatively affected not only by the slowdown in foreign trade (-0.3 p.p.) but also by the decrease in gross fixed capital formation (-0.1 p.p.), while household consumption provided only marginal support (+0.1 p.p.). On an individual basis, some unevenness amongst the main Countries has remained: Spain +0.6%, Germany +0.3%, Italy +0.3% and France -0.1%.

In June 2026, the Euro Area inflation9 has been estimated at +2.8% YoY, slowing down vs. May’s figure of +3.2% YoY. The period-over-period change was mainly driven by energy goods, which posted the highest an-

nual rate (+8.7% YoY) but markedly slowed down vs +10.8% YoY in the previous month. Next was the service sector, slowing down to +3.2% YoY (from +3.5% in May), food, alcoholic beverages and tobacco decreasing to +1.6% YoY (vs +1.9% in the previous month), and lastly non-energy industrial goods which remained stable at +0.9% YoY. Inflation partially moving away from the 2% target, due to the persisting pressure on energy goods and services, prompted the European Central Bank to reverse its accommodative stance increasing its key interest rate by 25bps in June 2026.

Industrial output10 slightly recovered in the first months of 2026, posting a modest increase in April (+0.1% vs March) and YoY growth of +0.3%. The increase vs March was driven by growth in non-durable (+1.7%) and durable (+1.0%) consumer goods, while capital goods decreased (-0.5%) as did energy (-0.4%). Conversely, vs April 2025 growth was mainly driven by capital goods (+3.4%) and energy (+1.6%).

The unemployment rate11, coming to 6.3% in May, was stable vs the previous month and decreased slightly vs. the May 2024 figure (6.3%); the number of unemployed persons stood at 10,986 million, down by 55 thou-

sand persons vs. April 2026 and down by 158 thousand persons vs. May 2025.

9 Source: Eurostat, Inflation in the euro area (July 2026).

10 Source: Eurostat, Industrial production (June 2026).

11 Source: Eurostat, Euro area unemployment (July 2026).

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Financial Statements Financial Statements of the Parent Company On 3 June the European Commission published the 2026 European Semester Spring package12, which sets the Union’s strategic priorities in a scenario of high geopolitical uncertainties. The document places stronger competitiveness, strategic autonomy, economic and social resilience at the core of the EU action, reasserting the need to combine investments and fiscal sustainability. The Member States have been invited to close the gap in innovation, to promote decarbonization, to strengthen the single market and support human capital through quality employment, reskilling and upskilling. In terms of economic governance, the package confirmed the centrality of the Country-specific recommendations, which are based on the assessment of progress in the implementation of medium-term fiscal-structural plans. Fiscal surveillance takes into account the flexibility for defence under the National Escape Clause, which allows individual Member States to tem-

porarily deviate from their fiscal adjustment paths to fund energy security and resilience, up to a total cap of 1.5% of the GDP. The Commission also assessed satisfying progress by the most part of the Member States in fiscal discipline, recommending the abrogation of the excessive deficit procedure for Malta and starting a review on Bulgaria.

As regards Italy13, the Commission assessed the public finance path as overall positive, with net spending development in 2026 – estimated between 1.4% and 1.6% – essentially in line with the European parameters.

Nevertheless, Italy continues to be classified among those with macroeconomic imbalances, albeit with no excessive situation, and the Commission has called for the need to preserve appropriate budget margins to cope with any geopolitical and energy shocks.

A specific call concerned the defence spending level. According to the Classification Of the Functions Of Government (COFOG), in 2023 Italy allocated Euro 25.6 billion to that function, equal to 1.2% of its GDP, an amount below the European average and far from the objectives embedded in the EU’s new strategies. The ordinary allocations provided for by the Budget Law stood at Euro 31.3 billion in 2025, and are expected to remain essentially stable in the following two years (Euro 31.2 billion in 2026 and Euro 31.7 billion in 2027).

The new European fiscal framework provides for additional margins – albeit limited – through escape clauses for defence and energy security expenditure, which the Country may use to accelerate its compliance roadm-

ap, within a complex balance between national security needs, fiscal sustainability and compliance with the EU rules.

In Germany14, the GDP increased by +0.3% vs the previous quarter, while, year on year, it grew by +0.5%, giving evidence of general stabilisation vs the recent past. The QoQ improvement mainly resulted from for-

eign trade, with exports of goods and services up by +3.3% vs the previous quarter, driven especially by the chemical-pharmaceutical and manufacturing sectors. Conversely, imports posted marginal growth (+0.1%), nonetheless contributing to the improvement of the net foreign balance. As regards domestic demand, final consumption increased by +0.4% in total QoQ, mainly driven by public expenditure (+1.1%), while household consumption remained essentially stable. As regards investments, gross fixed capital formation significantly contracted (-1.5%), due to both the decrease in investments in machinery and equipment (-1.2%) and by the stronger decline in the construction sector (-2.5%), also because of unfavourable weather conditions in the winter months. In terms of supply, added value increase to a marginal extent (+0.1%), with some signs of re-

covery in the manufacturing sector (+0.7%), albeit unevenly across industries: specifically, while orders in the industry of means of transport for defence steadily expanded, the automotive industry posted a contraction in volumes and in the order backlog, being impacted by hard global competitive pressure and by complex structural reorganisations. Problems have persisted in the sectors of metalwork, mechanics and construction (-0.6%), while the service sector remained overall stable. To boost the GDP and fend off the spectre of pro-

longed stagnation, the German Government has recently presented a reform plan focusing on pensions, the labour market and tax cuts for Euro 10 billion for low- and medium-income groups, in order to counter US tariffs and China’s strong competition in the automotive industry.

12 European Commission, 2026 European Semester Spring Package.

13 Parliamentary Budget Office, Budgetary policy report, June 2026.

14 Statistisches Bundesamt, Gross domestic product: detailed economic performance in the 1st quarter of 2026, May 2026.

Half-yearly Report on Operation 24 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 In France15 the GDP slightly contracted (-0.1% vs the previous quarter), interrupting the modest growth post-

ed in Q4 2025 (+0.2% vs Q3 2025) and giving evidence of economic activity being in a stagnation phase. This performance was mainly due to the negative contribution from foreign trade (-0.9 p.p.), as a consequence of the marked decrease in exports (-3.5% vs Q4 2025) and a smaller decrease in imports (-0.9%). Domestic demand net of inventories also gave a negative contribution to economic growth (-0.2 p.p.), reflecting a decrease both in household consumption (-0.2%) – which was impacted mostly by the reduction in spend-

ing for energy and food – and in gross fixed capital formation (-0.6%), with the contraction being especially large in the construction sector (-1.7%). The GDP contraction extent was only partially limited by the posi-

tive contribution of changes in inventories (+1.0 p.p.), concentrated especially in the aeronautical industry.

Government spending also grew (+0.3%), but it could not offset the weakness in the other demand compo-

nents. As regards consumption, the growth in households’ disposable income was fully offset by the acceler-

ation in prices, determining a reduction, albeit slight, in the purchasing power by consumption unit (-0.1%). In this scenario, households further increased their savings rate to 17.9% of their disposable income, evidence of still weal confidence. In terms of supply, production grew slightly (+0.1%) and in a very uneven manner: mod-

est growth in the manufacturing industry (+0.6%) and in services (+0.4%) went alongside a strong decline in the construction sector (-1.8%). The labour market proved essentially stable: worked hours remained almost unchanged (-0.1%) and total employment did not post any significant change. However, the unemployment rate continued to increase, albeit at a modest pace (8.2% vs 8.0% in Q4 2025).

In Spain16, the GDP grew QoQ by +0.6% in the first three months of 2026, at a slightly slower pace than in the previous quarter (+0.8%). This performance was due to the positive contribution from domestic demand (+0.5 p.p.) and a smaller contribution from foreign demand (+0.1 p.p.). Specifically, the domestic compo-

nent was driven mainly by household final consumption expenditure, up by +0.6% QoQ, and by government spending (+0.5%), while gross fixed capital formation grew at a slower pace (+0.1%) than in the previous quarters. As regards foreign trade, exports of goods and services contracted (-0.6%), as did imports (-1.0%), determining an overall modest foreign contribution to growth. The GDP grew period over period by +2.7%, slightly decreasing vs the previous quarter (+2.6%), largely driven by domestic demand, which contributed by +3.5 percentage points, while the contribution from foreign demand was negative (-0.8 p.p.). Specifically, final consumption grew by +3.0% YoY (+3.2% households and +2.4% the public sector), while investments grew at a very robust pace (+5.8% YoY). Prices grew by +3.2% period over period, slowing down vs the previ-

ous quarter, while wages continued to grow at a steady pace (+7.2% YoY), giving evidence of the labour mar-

ket strength. Employment also expanded, with full-time equivalent jobs increasing by +2.8% year over year.

15 ECO, Perspectives, Word Scenario, 26 June 2026; INSEE, Quarterly national accounts, June 2026; Prometeia, Forecast Report (July 2026).

16 Instituto Nacional de Estadìstica, Quarterly National Spanish Accounts, June 2026.

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Financial Statements Financial Statements of the Parent Company Euro Area GDP: QoQ change in Q1 2026 Source: Eurostat, GDP (June 2026).

THE ITALIAN ECONOMY

In Q1 2026 the Italian economy grew by +0.3%17 vs the last quarter of 2025, and it grew by +0.8% year over year (the +0.7% preliminary estimate was revised upward); conversely, the European performance proved weaker, with the GDP decreasing QoQ both in the EU (-0.2%) and in the Euro Area (-0.1%), while it grew pe-

riod over period by +0.3% and +0.7% respectively. The growth in Italy’s GDP was mainly driven by domestic demand net of inventories, which contributed by +0.4 percentage points, thanks especially to household and Private Social Institutions consumption (+0.3 p.p.) and, to a lesser extent, thanks to investments (+0.1 p.p.).

Conversely, the change in inventories gave a strongly negative contribution (-1.1 p.p.), largely offset by the significant contribution of net foreign demand (+0.9 p.p.). As regards supply, there was a decrease in agricul-

ture (-0.5%), essential stagnation in manufacturing (0.0%) and growth in services (+0.4%).

Household18 final consumption continued to grow in Q1, up by +2.9% YoY (+1.4% Q1 2026 vs Q4 2025) driven by gross disposable income, which increased by +3.2% in the same period. Growth in household purchasing power proved on a stronger footing, increasing by +1.5% period over period, as it benefited from the inflation curve performance. Propensity to save stood at 8.0% in the January-March period, increasing by +0.2 p.p.

both YoY and QoQ.

In June 2026, consumer confidence19 decreased vs the previous month, coming to 92.4 from 93.4, but recov -

ering vs the all-time low it hit in April (90.8). Breaking down by component, the economic climate and future climate improved, while personal and current climate worsened. Conversely, business confidence performed the other way around, increasing to 95.2 from 94.2 in May. The index improved across all the surveyed eco-

nomic sectors. The largest improvement took place in retail trade, which grew to 105 from 101.3.

17 Source: ISTAT, Quarterly Economic Accounts (May 2026).

18 Source: ISTAT, Quarterly Account of Public Administrations, households’ income and savings and company profits (July 2026).

19 Source: ISTAT (the Italian National Institute of Statistics) consumer and business confidence (June 2026).

Half-yearly Report on Operation 26 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 In the first three months of 2026, net government debt20 stood at -7.8% of the GDP, improving vs -8.4% in the same period of last year, as the combined result of the period-over-period increase in total outflows (+2.6%) and in total inflows (+4.0%). In terms of weight on the GDP, the primary balance and the revenue balance were both negative, amounting to -4.4% (-4.7% in Q1 2025) and to -2.9% (-3.3% in the same period of last year), respectively. The tax revenue to GDP ratio slightly increased, coming to 37.6%, up by +0.3 p.p. YoY.

In May 2026, industrial output21 decreased slightly month over month (-0.3% vs April) interrupting growth that have been going on for three months in a row. The decrease took place across all the main industrial sectors, with the only exception of energy (+4.6%), while the largest contraction occurred in intermediate goods (-0.8%). Consumer goods (-0.5%) were affected by a negative contribution from both components, with durable goods down by -2.5%; on the other hand, capital goods proved essentially stable (-0.1%). Having regard to economic activity sectors, the best QoQ performances were achieved in the manufacturing of coke and refined petroleum products (+6.1%), in the supply of electricity, gas, steam and air (+4.4%) and in the wood, paper and print industries (+2.2%). On the other hand, the most material decreases took place in the manufacturing of electrical equipment and non-electrical appliances (-2.2%) and in the manufacturing of ma-

chinery and equipment (-2.0%). The year-over-year comparison, net of calendar effects, shows improvement in production: in May 2026 the general index grew by +1.1% vs the same month of last year and, in the first five months of this year, the increase came to +0.6%. The period-over-period growth was driven especially by capital goods (+5.0% YoY), while consumer goods continued to show signs of weakness (-3.2% YoY). Some of the fastest growing sectors were the manufacturing of means of transport (+11.6% YoY), manufacturing of basic pharmaceutical products and pharmaceutical preparations (+3.5% YoY) and the manufacturing of chemical products (+3.3% YoY).

In Q1 2026 gross fixed capital formation21 increased by +0.7% vs Q4 2025 and by +4.6% period over period, in a scenario that proved overall more uneven and more concentrated on specific sectors. Quarter-over-quar-

ter changes showed modest growth and recomposition of growth sources, with higher and higher contri-

bution from capital goods: investments in plant, machinery and armaments grew by +2.3% (+2.0% means of transport), with more modest increases in intellectual property products (+0.8%). Conversely, the construc -

tion sector showed signs of weakness (-0.4%), as the combined result of the marked decline in the residential component (-2.7%) and the growth in non-residential buildings and other works (+1.3%). Period over period there was considerable discontinuity across the main expense items: against significant recovery in the home segment (+16.6% YoY), the steady growth in investments in machinery and armaments (+6.6% YoY) and the more modest growth in intellectual property products (+2.3%), non-residential buildings and other works decreased by -3.2% YoY.

In the first four months of 2026, foreign trade22 saw exports growing period over period by +3.2% YoY, at a faster pace than imports (+1.4% YoY). The balance of trade proved again largely positive, with the surplus increasing to Euro +15.2 billion, improving vs last year (Euro +11.3 billion). Among the sectors that gave the largest contributions to YoY growth in exports worth mentioning are basic metals and fabricated metal products (except machinery and equipment, +32.9%), coke and refined petroleum products (+52.0%) and motor vehicles (+16.1%). The growth in imports was mitigated by the decrease in consumer goods (-4.0%) and energy (-6.1%).

The June 2026 data gave evidence of some slight deceleration in consumer prices23 (consumer price index for the whole nation), which increased by +3.0% YoY (+3.2% in May), while the month-over-month change was zero. This trend reflected the easing in tensions both in goods, driven by the slowdown in prices of un-

processed food (+4.5% YoY vs +5.5% in May), and in services, especially transportation (+1.1% YoY vs +1.7% in May), while energy goods performed the other way around and the increase in their prices accelerated (prices of regulated ones were up by +9.3% vs 5,6% in May and those of non-regulated ones by 12.9% vs 12.5% in May). The Harmonized Index of Consumer Prices (HICP) increased by +0.1% month over month and by +3.1% year over year, marginally slowing down vs +3.2% in May. The period-over-period growth in the “market basket” prices also slowed down, coming to +1.6% vs +1.9% in the previous month, as did core inflation, which slightly decreased to 1.6% to 1.7%.

20 Source: ISTAT, Quarterly Account of Public Administrations, households’ income and savings and company profits (June 2026).

21 Source: ISTAT, Industrial production (July 2026).

22 Source: ISTAT, Foreign trade and import prices (June 2026).

23 Source: ISTAT: Consumer prices – provisional data (June 2026).

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Financial Statements Financial Statements of the Parent Company Having regard to the labour market24, after showing a growth trajectory in the first part of the year, in May 2026 the unemployment rate came to 5.0% (down by 0.1 p.p. vs. the April figure), standing well below the recent time series levels and confirming its decreasing trend vs last year. The employment rate slightly slack -

ened coming to 63.0% (-0.1 p.p.), while the inactivity rate (33.6%) increased month over month (+0.2 p.p.) but decreased year over year. Worth mentioning is that the number of employed persons hit 24.336 million, with stronger footing at its all-time high and increasing by 228 thousand persons vs May 2025.

With a total amount of Euro 194.4 billion, the package of reforms provided for by Italy’s Recovery and Resilience Plan continues to be one of the main drivers of the development and modernisation of the Italian economy. The disbursement of the ninth and penultimate tranche of funds, amounting to Euro 12.8 billion and linked to the achievement of 50 objectives in H2 2025, was approved by the European Commission on 29 April and paid on 3 June. To date, Italy has received Euro 166 billion, equal to 85% of the allocated resources, and achieved 416 Milestones and Targets, accounting for 72% of the 575 objectives laid down by the Plan in total. The deadlines for the Plan completion remains scheduled on 31 August of this year, the date by which the remaining 159 objectives still to be achieved shall be assessed, to which the last tranche of about Euro 28.4 billion to be paid by 31 December 2026 is linked.

Italy: GDP and its components Source: ISTAT, Period-over-period changes.

24 Source: ISTAT Employment and Unemployment (July 2026, provisional data)Households’ consumption Exports Investments in capital goods GDP (scale ON THE RIGHT) Exports Investments in buildings+4.8% 2022 2023 202416 14 12 10 8 6 4 2 0 -25 4 3 2 1 0 -1

-2+0.7%

+0.5%+0.8%+0.7%

2025 Q1 2026

Half-yearly Report on Operation 28 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

THE BANKING SYSTEM1,25,26,27

The first months of 2026 featured a still extremely uncertain geopolitical and macroeconomic scenario, af-

fected by the risk of a new energy crisis. Such a scenario may fuel further inflationary pressure, determine the tightening of financial conditions and cause growth prospects to be revised down, especially as regards Italy.

The possible repercussions on financial markets, on monetary policies and on the real economy have brought back attention to the banking sector resilience. Some of the main risk factors are the potential worsening in customers’ repayment ability, hit by higher energy costs, as well as the persisting high volatility on markers and geopolitical uncertainty. Nevertheless, these risks are mitigated by the overall strength of the Italian banking system, which, thanks also to the consolidation process, continues to have high capital levels, liquid-

ity and profitability; on top of this, prudent provisioning policies have been kept in force and contribute to strengthen the system’s capacity to absorb shocks.

In Q1 2026 the Italian banking system achieved once again high profitability levels: the six largest banks posted net income increasing by nearly +3% vs the same period of 2025, with the ROE still above 15%. The performance of revenues reasserted the already seen recomposition of income sources: net interest income continued to show signs of deceleration, being affected by the developments in interest rates and by the higher complexity in the macroeconomic scenario, which was offset by the performance of fee and com-

mission income and by the increasing contribution from non-core revenues (especially dividend income and gains from the insurance business. Overall, the banking industry profitability benefited also from effective control of operating expenses and loan impairment, which proved again at very low levels, although with ma-

terial impacts from extraordinary taxation (increase in the rate of Italian Regional Tax on Productive Activities (IRAP) for banks and financial intermediaries).

Cost items remained overall under control, with investments in technology, digitalization and ICT securi-

ty being mitigated by the effects of structural rationalisation actions. IT expenses have become more and more central in the business plans recently presented by the main banking groups, also subsequent to the progressive adoption of artificial intelligence in internal processes, in the models for serving customers and in risk management and control activities. Furthermore, the technology component tends to become more and more recurring due to continuous updating of operational platforms, strengthening of cybersecurity systems and outsourcing of infrastructural components, reducing the degree to which expense items are discretionary. Personnel costs also proved material, being affected by the renewal of the Italian national col-

lective bargaining agreement for the banking industry and by voluntary redundancy plans, as did expenses associated with higher regulatory and compliance complexity.

As regards lending, in the first months of 2026 the recovery in lending to the private sector proved on a stronger footing, albeit at an overall modest pace. Loans to households continued to grow, driven both by home loans, which were fuelled by the recovery in the real estate market, and by the improvement in demand for mortgage loans which took place in the last part of 2025, as well as by consumer loans, despite higher caution due to the erosion in real income. After posting negative growth in the last few years, lending to businesses also confirmed recovery, benefiting from demand for loans being driven by the increasing need to fund capital formation, and by decreasing liquidity (albeit still at quite positive levels).

The quality of bank loans proved again structurally sound, benefiting from risk ratios and indicators that, in the first part of 2026, remained low, thanks to the resilience of households and businesses, to strong corpo-

rate balance sheets and to prudence in provisioning policies. Because of the geopolitical scenario, however, attention did remain high on the sectors that were the worst hit by higher energy and transportation prices and by the weakness in domestic and foreign demand, being affected by increasing pressure in terms of rate of impairment, which at the end of 2025, had decreased to 1.2% vs. 1.4% in 2024.

The Italian banking system’s capital strength has remained on a virtuous path, driven by self-funding from earnings, still at high levels, and by capital management policies that are consistent with the regulatory set-

ting. This strength, which has been built over time, enables the Italian banking system to address, with the appropriate balance, the increasing risks associated with the worsening in the geopolitical scenario, market volatility and higher and higher cyber threats.

25 Prometeia, Previsione bilanci bancari (April 2026).

26 Prometeia, Italian Banks, increasing profits in H1 (June 2026).

27 Bank of Italy, Financial Stability Report no. 1 2026 (April 2026).

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In May 2026 loans to households and businesses came to Euro 1,304 billion, increasing YoY (stable vs. the previous month). Specifically, in April 2026 loans to households increased by +2.6% YoY (vs +2.7% in March), thanks to acceleration both in home loans (+3.4% YoY) and in consumer loans (+4.7% YoY).

In April 2026 non-performing loans (bad loans, unlikely to pay and past due and/or overlimit exposures), net of writedowns and provisions, decreased to Euro 25.9 billion (vs Euro 27.7 billion as at December 2025), remaining well below the maximum level of Euro 196.3 billion reached in 2015. Consequently, the ratio of net non-performing loans to total loans came to 1.24%, decreasing vs. December 2025 (1.32%).

In May 2026, total direct funding (resident customers’ deposits and bonds) came to Euro 2,166 billion, up by +2.6% YoY. This performance reflects growth both in customers’ deposits (+2.3% YoY) and in bonds (+5.0% YoY).

In May 2026, Interest rates on loans to customers started to embed market expectations for an increase in key interest rates by the ECB (which took place in June), with the rate on new home loans slightly increasing to 3.49% (vs 3.38% as at December 2025 and 3.11% as at December 2024) and the weighted average rate on total loans coming to 4.04% (vs 3.96% as at December 2025 and 4.44% as at December 2024). The only exception is the rate on new loans to corporates, which decreased to 3.51% (vs 3.59% as at December 2025 and 4.40% as at December 2024).

The performance of the interest rate on bank funding did not undergo any material changes (0.91% in May 2026) stable vs the previous month (-1bp) and slightly increasing vs December 2025 (+3bps). It is also point-

ed out that the rate on deposits with an agreed maturity in Euro applied to households and non-financial corporations came to 2.22% in May, up by +10bps vs. December 2025, while it decreased vs the December 2024 figure (-67bps).

The spread on new transactions between the average rate on loans to households and non-financial corpo-

rations and the average one on funding decreased vs. the end of 2025 coming, in May, to 184 basis points (vs. 213 in December 2025).

In May 2026 assets under management29 posted net outflows of Euro -3.6 billion, taking the progressive figure essentially to a breakeven point (Euro -0.4 billion), with growth in collective investment management (up by Euro +7.5 billion) which almost totally offset the outflows from portfolio management. Over total assets under management, the portion under collective management schemes (open-end and closed-end funds) stood at Euro 1,454 billion, equal to 55% of total AuM: investments in portfolio management came to Euro 1,213 billion and accounted for the remaining 45% of total AuM.

The sustainability (ESG) topic continues to be a certainly material element for the banking industry, albeit without any further specific developments in the regulatory framework on ESG reporting. Climate-related risk is one of the main structural challenges in the medium term for banks, as it entails considerable adap-

tation costs and requires intermediaries to achieve an increasing ability to forestall risks and to upgrade their operating model. In this scenario, investments and initiatives associated with the digital and energy transition remain central, also through lending to the sectors eligible for state incentives and for programmes under Italy’s Recovery and Resilience Plan. An interesting event in the ESG scope was the approval of Italian Legislative Decree of 10 June 2026, which has transposed Regulation (EU) 2024/3005 on environmental, social and governance rating into the Italian law. The new provisions aim at strengthening the reliability and comparability of sustainability ratings imposing obligations on ESG rating providers to have authorisation, transparency on rating methodologies, governance and management of conflicts of interest, without setting harmonised methodologies but making rating assessment criteria, limits and assumptions clearer and more disclosed. A qualifying factor is that the European Securities and Markets Authority (ESMA) and CONSOB (Italian Securities and Exchange Commission) as the Italian competent authority, have been vested with a core supervisory role (including the authorisation to ESG rating providers to operate), in order to strengthen market oversight and reduce opacity and greenwashing risks.

28 ABI Monthly Outlook (June 2026).

29 Source: Assogestioni, Monthly Map of Assets Under. Management (May 2026).

Half-yearly Report on Operation 30 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

SIGNIFICANT EVENTS IN THE REPORTING PERIOD

Covered bonds

In June 2026 the Crédit Agricole Italia Banking Group finalised a new issue of Premium Covered Bonds for an amount of Euro 1 billion and with maturity of 11 years (maturity on 24 June 2037).

With large participation of international investors, the issue achieved demand for bonds for over Euro 1.6 billion, thus testifying to its being favourably received by the market.

Pillar II - Globe The new international tax rules laid down by the OECD in order to impose a top-up tax on profits of large multinational enterprises when the effective tax rate (ETR) in force in a jurisdiction in which they are based is below 15% entered into force on 1 January 2024.

In accordance with the related EU Directive adopted at the end of 2022 (Directive (EU) 2022/2523) and transposed in the EU Member States (in Italy with Legislative Decree no. 209 of 27 December 2023), the Crédit Agricole Italia Banking Group estimated the GloBE top-up tax as at 30 June 2026.

The result of the estimate was a GloBE top-up tax equal to zero for Italy jurisdiction as at 30 June 2026.

Geographical coverage optimisation In a market where customers are increasingly opting for digitalization, Crédit Agricole Italia’s geographical coverage optimisation plan has been going on aimed at evolving its service model and at rationalising its geographical footprint.

In H1 2026 the revision of the commercial structure entailed the closure of 46 branches, with the goal of adopting a leaner, more effective and more differentiated geographical coverage model that is fit for the specific features of the various regions the Group operates in.

In this scope, the human factor has nonetheless remained central, a core element of the management the trust relationship with customers and of advisory services aimed at meeting the most complex needs.

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PERFORMANCE OF OPERATIONS

In a macroeconomic scenario affected by the developments in the war in the Middle East and the related effects on energy markets, with the subsequent increase in the risk of inflation transmitting to goods and services, the Crédit Agricole Italia Group proved once again its strength continuing to generate sustainable profitability thanks to its balanced and diversified business model whereby the Group can tangibly support the Italian economy and accelerate its technological transformation to the benefits of its customers.

In H1 2026 the commercial development in the main business lines proved once again strong, with results generally outperforming the period targets and growing vs. the same period of last year.

In a market scenario that features increasing customer digitalization, the customer base continued to grow, with the acquisition of over 100 thousand new customers driven by the development strategy deployed through the digital channel and by the commercial initiatives targeting young people, households and busi-

nesses.

Further evidence of customers’ trust in our Group was given by growth in intermediated assets, which hit Euro 262 billion, increasing by Euro 12 billion YoY (up by +5%).

In the first 6 months of this year, the Group originated loans in an amount of Euro 5.3 billion (up by +9% YoY), placed roughly Euro 8 billion in asset management products through its sale channels and attracted new funding inflows amounting to Euro 1.6 billion. Within its funding activities, Crédit Agricole Italia successfully finalised its first issue in the year of Premium Covered Bonds (CB) in an amount of Euro 1 billion; it has been the CB issue with the longest maturity in the market since the start of the year.

Constant control has been kept on loan quality, with the weight of net non-performing loans on total loans came to below 1%; furthermore, the NPE coverage ratio strengthened even further, from 59.4% in December 2025 to 61.2% in June 2026, giving once again evidence of the high asset quality. The cost of credit stood at 29 bps.

The Bank continues to have a wide liquidity buffer, with the LCR at 192.9% and the NSFR at 132.9%.

Half-yearly Report on Operation 32 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

THE PERFORMANCE OF BALANCE SHEET AGGREGATES

The figures reported on the next pages are expressed in thousands of Euros.

RECLASSIFIED CONSOLIDATED BALANCE SHEET

Assets 30 June 2026 31 Dec. 2025 Changes

Absolute %

Net financial assets/liabilities at fair value 155,244 148,148 7,096 4.8 Financial assets measured at fair value through other comprehensive income 3,802,894 3,090,117 712,777 23.1 Net due from banks 9,108,743 4,074,565 5,034,178 Loans to Customers 73,422,931 73,489,329 -66,398 -0.1 Equity investments 29,528 28,036 1,492 5.3 Property, plant and equipment and intangible assets 2,568,263 2,602,881 -34,618 -1.3 Tax assets 1,459,967 1,615,501 -155,534 -9.6 Other asset items 2,834,746 6,748,546 -3,913,800 -58.0 Total assets 93,382,316 91,797,123 1,585,193 1.7 Liabilities 30 June 2026 31 Dec. 2025 Changes

Absolute %

Funding from Customers 78,944,455 79,147,888 -203,433 -0.3 Tax liabilities 278,750 381,062 -102,312 -26.8 Other liabilities 4,773,215 3,061,086 1,712,129 55.9 Specific-purpose provisions 572,991 619,096 -46,105 -7.4 Capital 1,102,071 1,102,071 - -

Equity instruments 960,000 740,000 220,000 29.7 Reserves (net of treasury shares) 6,293,098 5,963,005 330,093 5.5 Valuation reserves -50,611 -43,771 6,840 15.6 Equity attributable to minority interests 30,232 29,689 543 1.8 Profit (Loss) for the period 478,115 796,997 -318,882 -40.0 Total equity and net liabilities 93,382,316 91,797,123 1,585,193 1.7

LOANS TO CUSTOMERS

As at 30 June 2026, total net loans to customers hit Euro 67.3 billion, growing by +1.0% since the start of the year, driven by both demand for home loans by households and loans to businesses.

Once again the Group provided constant support to the real economy, focusing especially on the ESG tran-

sition, through:

• Origination of Home Loans for Euro 1.8 billion, increasing (+1%) vs the same period of last year and pro-

gressively growing in H1.

Consistently with the Group’s ESG strategy, the weight of green mortgage loans increased to 27% of the total (vs 24% in 2025), concentrating in the best energy efficiency classes (A, B) and was driven by the results of the promotional campaign that went live in February;

• Origination of loans and mortgage loans to corporates in an amount of Euro 3.1 billion, considerably growing vs 2025 (up by +17%) and with constant and prudent oversight of risk management.

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ASSET QUALITY

Asset quality proved once again progressively and constantly improving, with total net non-performing loans coming to Euro 0.7 billion, down by Euro 68 million (-9% vs December 2025).

The weight of net non-performing loans also improved, coming to 0.97%, down by -0.11 p.p. Vs the end of last year, as did the weight of gross non-performing loans, which decreased to 2.5% down by -0.16 p.p. vs December 2025.

The coverage ratio of NPLs further improved coming to 61.2%, up by +1.8 points vs. December 2025.

FUNDING FROM CUSTOMERS

Total funding, as the sum of direct and indirect funding, came to Euro 194.6 billion, increasing by over Euro 3.1 billion (up by +1.6% vs 31 December 2025).

Indirect funding exceeded Euro 115 billion, increasing by Euro 3.3 billion in H1 (+3.0%) driven especially by assets under management, which grew to Euro 59.1 billion (up by +3.3% vs December 2025); assets under administration also grew by Euro 1.4 billion hitting Euro 56.6 billion (up by +2.6% vs the end of last year).

Direct funding from Customers remained stable at Euro 78.9 billion (in line with the figure as at December 2025).

NET INTERBANK POSITION

As at 30 June 2026 the net interbank position reported a credit position of Euro 9.1 billion. The increase vs 31 December 2025 (Euro +5 billion) resulted from a larger liquidity amount deposited in the required reserve subsequent to the smaller use of demand deposits at the ECB, which, as at 31 December 2025, were classified under cash and cash equivalents.

The liquidity position has proved again well above the regulatory requirements (LCR at 192.9%).

EQUITY

As at 30 June 2026, the Group book equity stood at Euro 8.8 billion, increasing by 2.6% vs 31 December 2025; the increase resulted mainly from the profit for the period and from the issue of equity instruments for Euro 220 million, net of dividends paid out in H1 amounting to Euro 440 million.

Half-yearly Report on Operation 34 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Statement of reconciliation of Parent Company equity and profit (loss) for the period and consolidated equity and profit (loss) for

the period

30 June 2026 Equity of which: Profit for the period Parent Company’s balances 8,736,526 474,583 Effect of consolidation of subsidiaries 48,392 9,890 Effect of the equity method accounting of significant equity investments 4,684 602 Dividends received in the period -6,384 -6,384 Other consolidation adjustments -545 -576 Consolidated balances 8,782,673 478,115

OWN FUNDS AND CAPITAL ADEQUACY

Within the annual Supervisory Review and Evaluation Process (SREP), the European Central Bank confirmed the minimum capital requirements for Crédit Agricole Italia on a consolidated basis. Therefore, the SREP re-

quirements as at 30 June 2026 are the following:

• 8.76% for the Common Equity Tier 1 (CET1) ratio;

• 10.59% for the Tier 1 (T1) ratio;

• 13.03% for the Total Capital ratio.

The figures reported above include the Combined Buffer Requirement, equal to the sum of the Capital Con-

servation Buffer (CCB, of 2.50%) and the Systemic Risk Buffer (SyRB, of 0.78%).

Within its day-to-day capital management activities, Crédit Agricole Italia continuously monitors full compli-

ance, present and forward-looking, with all regulatory minimum requirements. The ratios are monitored on a continuous basis, also through the analysis of the components of Own Funds, optimising the composition and costs of Additional Tier 1 and Tier 2 subordinated instruments.

Crédit Agricole Italia’s Common Equity Tier 1 stood at Euro 6,026 million as at 30 June 2026, increasing by Euro 156 million vs. December 2025, mainly as a result of book equity items (including the retained portion of the H1 profit and the interest paid on the outstanding Additional Tier 1 instruments). In the reporting pe-

riod, total Own Funds increased by Euro 459 million, benefiting by the issues of subordinated instruments finalises in H1.

As at 30 June 2026, risk-weighted assets (RWA) came to Euro 45,526 million, up by Euro 1,766 million vs 31 December 2025, mainly as a result of commercial developments.

Following the above-reported developments, the CET1 ratio as at 30 June 2026 came to 13.2% (13.4% as at 31 December 2025), the Tier 1 ratio came to 15.3% (15.1% as at 31 December 2025) and, lastly, the Total Capital ratio hit 18.0% (17.7% as at 31 December 2025).

Once again in H1 2026 the capital ratios proved well above the regulatory minimum requirements, giving even further evidence of the acknowledged capital strength and quality of the Crédit Agricole Italia Banking Group.

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PROFIT OR LOSS

The figures reported on the next pages are expressed in thousands of Euros.

RECLASSIFIED INCOME STATEMENT

30 June 2026 30 June 2025 Changes

Absolute %

Net interest income 862,114 846,917 15,197 1.8 Net fee and commission income 707,213 661,812 45,401 6.9 Dividend income 11,420 12,297 -877 -7.1 Financial income (loss) 26,741 26,304 437 1.7 Other operating income (expenses) 3,979 9,352 -5,373 -57.5 Net operating income 1,611,467 1,556,682 54,785 3.5 Personnel expenses -508,438 -512,374 -3,936 -0.8 Administrative expenses -189,511 -171,631 17,880 10.4 Depreciation and amortization -89,365 -90,292 -927 -1.0 Operating expenses -787,314 -774,297 13,017 1.7 Operating margin 824,153 782,385 41,768 5.3 Net provisions for risks and charges 1,639 -4,381 6,020 Net adjustments to loans -97,259 -96,713 546 0.6 Impairment of securities -27 1,396 -1,423 Gains (losses) on other investments 500 1,901 -1,401 -73.7 Profit (loss) before taxes from continuing operations 729,006 684,588 44,418 6.5 Taxes on income from continuing operations -249,279 -214,843 34,436 16.0 Profit for the period 479,727 469,745 9,982 2.1 Profit (Loss) for the period attributable to minority interests -1,612 -1,480 132 8.9 Profit (Loss) for the period attributable to the Parent Company 478,115 468,265 9,850 2.1 H1 net profit came to Euro 478 million, increasing by Euro 10 million (up by +2.1%) vs. the same period of 2025.

Net interest income came to Euro 862 million, increasing by Euro 15 million (up by +1.8% YoY). In a scenario of market rates decreasing vs the same period of 2025, this performance was achieved through growth in the average in-force business with customers and in the security portfolio, as well as thanks to the effective interest rate hedging policies deployed.

Net fee and commission income came to Euro 707 million, increasing by Euro 45 million (up by +6.9% YoY) thanks to the development in management, intermediation and advisory services which grew by Euro 42 million (up by +10.5%). Specifically, this positive component was driven by the contribution from securities intermediation and placement (up by Euro +31 million, +17.8%) and from the distribution of insurance prod-

ucts (up by Euro +9 million, +5.2%).

Fee and commission income from the commercial banking business came to Euro 224 million, growing by 3.0% YoY; the largest increases resulted from the larger and larger use of payment systems.

Dividend income from equity investments came to Euro 11 million, of which Euro 9.6 million from the share-

holding in the Bank of Italy. Year over year income from units in OICR (Collective Investment Undertakings) decreased by roughly Euro 1 million.

Total financial income came to Euro 27 million, stable YoY.

Half-yearly Report on Operation 36 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Intermediation of instruments on behalf of customers to hedge foreign exchange and interest rate risks grew and generated income amounting to Euro 12 million (up by +20% YoY). In H1 gains on securities were realized amounting to Euro 24 million (down by Euro -1 million YoY). The other measurement components posted a negative mismatch of Euro 9 million, in line with the same period of 2025.

The balance of item "Other operating income (expenses)" was positive by Euro 4 million vs Euro 9 million as at 30 June 2025, with the latter figure including the release of some provisions set aside in previous FYs and managed over time with a conservative approach.

Operating expenses came to Euro 787 million, increasing by Euro 13 million (+1.7%) vs the same period of last year.

Personnel expenses came to Euro 508 million, decreasing vs. last year by Euro 4 million (-0.8%) and essen-

tially reflecting the percentage reduction in headcount.

Administrative expenses stood at Euro 190 million; the increase of Euro 18 million (+10.4% YoY) resulted from the smaller weight of releases of provisions set aside in previous FYs and managed over time with a con-

servative approach. Nevertheless, net of these effects, the increase would be of Euro 3 million, reflecting the continuing implementation of the IT investment plan to support innovation consistently with the objectives set in the MTP and the concomitant cost control and optimization actions, especially in the property scope.

The Cost/Income ratio stood below 49%, decreasing by roughly 1 percentage point vs. 30 June 2025.

The operating margin came to Euro 824 million, increasing by Euro 42 million (+5.3%) vs. 2025.

Net provisions for risks and charges had a positive balance of Euro 2 million and benefited from the partial release of provisions set aside in previous FYs for disputes with Customers. In the same period of 2025 this item reported net provisions amounting to Euro 4 million.

Net adjustments to loans and impairments of securities, totalling Euro 97 million and slightly increasing (up by Euro +2 million, +2.1%) vs. 2025, enabled to strengthen the coverage ratio of non-performing loans from 59.4% as at the end of 2025 to 61.2% as at 30 June 2026.

The weights of adjustments to loans came to 29 bps vs. 30 bps in H1 2025.

Gains/losses from disposals of investments came to Euro 500 thousand (decreasing by Euro 1.4 million vs.

the same period of 2025) and this item also reports the effect of the measurement with the equity method of the equity investment in Fiere di Parma.

As the result of the dynamics described above, the gross profit from continuing operations came to Euro 729 million, increasing by Euro 44 million (+6.5%) vs. the same period of 2025.

Item Income taxes came to Euro 249 million, vs. a tax burden of Euro 215 million for the same period of last year (up by +16.0%), being affected by the measures laid down in Italy’s 2026 Finance Act, which generate an additional expense of about Euro 24 million in the first 6 month of this year.

Net income came to Euro 478 million, increasing by Euro 10 million (+2.1%) vs. June 2025.

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OTHER INFORMATION

OUTLOOK30

The persisting geopolitical uncertainty is going to continue to impact negatively on the growth prospects for the world economy, which is expected to grow by +3.0% in 2026, vs average growth of +3.5% in the 2024-

2025 two-year period. Nonetheless, the slowdown in economic growth was partially offset by the stronger global technology cycle, which was driven by investments in artificial intelligence and by its progressive integration into production systems, in a scenario with inflationary pressure on the rise again globally and inflation expected to stand at +4.7% in 2026, vs. +4.1% in 2025.

In the United States the economic situation has remained relatively favourable, with the GDP expected to growth by +2.3% in 2026, driven by the accommodative fiscal policy and financial conditions, as well as by the strong investments in AI, while the impact generated by the war has remained modest, thanks to the fact that the Country is a net exporter of energy. Nevertheless, inflationary pressure has remained stronger than in the recent past and inflation has remained well above the target set by the FED.

In China, despite the good performance of exports and the strong development in the high-tech sector, growth is expected to slow down to +4.6% in 2026, due to higher energy prices and to the persisting struc -

tural weakness factors (domestic demand and real estate sector).

In the Euro Area, after growing by +1.4% in 2025, the GDP is expected to slow down to +0.9% in 2026. The growth prospects are affected by the increase in energy prices, weak consumer confidence and still modest growth in private investments. Conversely, domestic demand should benefit from the labour market resil-

ience, from a partial decrease in households’ propensity to save and from the support given by public invest-

ments associated with the funds from the Recovery and Resilience Facility.

As regards Italy, the GDP is expected to grow by +0.5% in 2026, essentially in line with 2025, driven by the in-

vestments funded through Italy’s Recovery and Resilience Plan, but hindered by higher energy prices, which have continued to generate pressure on consumption, investments and exports.

RISKS AND UNCERTAINTIES

The risk monitoring, management and control policies continue to be key principles on which Banks contin-

ued to measure themselves both against each other and against domestic and international markets.

Crédit Agricole Italia governance bodies continue to focus constantly and unfaltering on the Bank’s sustaina-

ble development and growth, closely monitoring the risks to which it is exposed. This approach is necessary now more than ever due to the complex geopolitical context– which has now become a structural constant of the current historical period – and to the persisting macroeconomic uncertainty, being affected also by the probable impacts of a new energy shock. These developments and circumstances may generate impacts on the equity, financial and profitability structure of the Bank, which is committed to containing those effects within thresholds deemed acceptable. The priority goal is to protect savings and, consequently, customers’ trust, as well as to support credit, which are essential elements to foster healthy and sustainable growth.

Crédit Agricole Italia uses risk control methods, measurement standards and tools that are consistent throughout the Crédit Agricole Group as a whole and appropriate for the type and size of the risks taken, also in such a complex economic scenario as the present one.

In H1 2026, after an overall favourable first period in which it benefited from the easing of trade tensions, from accommodative financial conditions and large investments in AI, the international economic activity has entered a phase of higher pressure and vulnerability following the new deterioration in the geopolitical situation. Specifically, the tensions in the Middle East involving Iran and the Strait of Hormuz have caused a significant increase in oil and natural gas prices, with repercussions on energy cost and on inflation. Staples continue to be the strong labour market and the role of technological innovation as a driver of growth in several economies.

30 Sources: International Monetary Fund, World Economic Outlook Update: Global Economy in Crosscurrents of War and Technology (July 2026); OECD, World Economic Outlook (June 2026).

Half-yearly Report on Operation 38 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 In this scenario, the main Central Banks have deployed different strategies, but have nonetheless all remained oriented to prudence and constant monitoring of macroeconomic indicators. Although the increase in in-

terest rates was but slight, the banking industry could firmly establish its growth, driven by progressively recovering demand, and reasserted its focus on controlling risk levels.

In such a complex scenario, the analyses performed by the governance bodies based on the information cur-

rently available gave evidence to conclude that Crédit Agricole Italia is going to be able to address the risks and uncertainties generated by the new context.

The assessment giving evidence of the Bank’s ability to continue as a going concern is based on the capitali-

zation it has long proved able to maintain, which shows a reassuring buffer on top of the requirements set by the ECB, its present liquidity above the regulatory threshold and the healthy and prudent management that has always been a distinctive feature of the Group, while ensuring steady development through sustainable growth strategies and the commitment to providing households and businesses with support.

For reporting on the main risks to which Crédit Agricole Italia is exposed, please see the specific section of the notes to the financial statements.

HUMAN RESOURCES

At the end of 2025 the new 2026-2028 Medium Term Plan was launched, which reasserts once again the centrality of the Group’s women and men in the corporate strategy.

Indeed, the new 2026-2028 People Project comprises a set of initiatives aimed at developing all our people’s trust and sense of responsibility in order to enhance their engagement even further as they are part of a firm that gives attention to its resources. In a context that requires higher speed, agility and continuous expan-

sion, trust will be an essential element thanks to which the Group will be able to be a long-term business partner for its customers, to bring teams together and to promote transversality and cooperation at all levels in the organization.

In terms of headcount, the resources on the Group employee ledger as at 30 June 2026 were 12,338 and are broken down by entity here below:

RESOURCES ON THE EMPLOYMENT LEDGER

(point-in-time figure)30 June 2026 31 Dec. 2025 Crédit Agricole Italia 11,699 11,642 Crédit Agricole Group Solutions 573 562 Crédit Agricole Leasing Italia 62 56 Other 4 4 Total Resources of the Crédit Agricole Italia Banking Group* 12,338 12,264

* The entities included in the perimeter are listed in Section 3 - Scope and methods of consolidation - "Equity investments in subsidiaries" of Part A of the Note to the half-year condensed financial statements.

As in the last few years, also in 2026, the Crédit Agricole Italia Banking Group was certified as a Top Employers company. The annual survey carried out by the Top Employers Institute certifies the best compa-

nies in the world in the HR scope, those that provide excellent work conditions, that train and develop talents at all corporate levels and that make constant efforts to improve and optimize their Best Practices in the field of Human Resources.

MERGER OF CRÉDIT AGRICOLE GROUP SOLUTIONS

Within the 2026-2028 Medium-Term Plan, one of the strategically important actions lines is the one concern-

ing corporate simplification and streamlining of the decision-making and governance processes.

The scope of this strategy also includes the project for the integration of Crédit Agricole Group Solutions into Crédit Agricole Italia, through a short-form merger, which completes the actions for the rationalization of the corporate structure of the Crédit Agricole Italia Banking Group.

Half-yearly Report on Operation 39

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company The merger will be effective as of 1 October 2026 with the accounting and tax effectiveness as of 1 January 2026 for direct taxes under Article 172(9) of Italian Presidential Decree no. 917 of 22 December 1986.

DISCLOSURE ON TRANSACTIONS WITH RELATED PARTIES

Detailed information on intra-group transactions and on transactions with related parties, including informa-

tion on the weight of the transactions or existing positions with said counterparties on equity, the financial situation and profit or loss, along with tables summarizing those effects, is given in the specific section of the Note to the financial statements.

MANAGEMENT AND COORDINATION BY THE CONTROLLING COMPANY

Pursuant to Articles from 2497 to 2497-sexies of the Italian Civil Code, it is specified that the controlling com-

pany Crédit Agricole SA exercises management and coordination activities on Crédit Agricole Italia S.p.A.

ATYPICAL OR UNUSUAL TRANSACTIONS

In H1 2026 the Crédit Agricole Italia Group carried out no atypical or unusual transactions, as defined in CONSOB Communication no. 6064293 of 28 July 2006.

RESEARCH AND DEVELOPMENT

Research and development activities have aimed mainly at studying the possible application of new technol-

ogies in relationships with Customers, improving products/services and enhancing the efficiency of internal processes.

For more exhaustive information, please see section “Strategic plan and business development lines” of the 2025 Annual Report and Financial Statements.

TREASURY SHARES

As at 30 June 2026 the Parent Company Crédit Agricole Italia S.p.A. held 8,247 treasury shares having the nominal value of 1 Euro each, totalling Euro 8,247. No company of the Banking Group holds shares in the Parent Company. The treasury shares have been deducted from equity.

For more information on equity, please see Part F of the explanatory notes to the financial statements.

EVENTS AFTER THE REPORTING PERIOD

Disclosure on events after the reporting period is provided in the note to the financial statements.

Half-yearly Condensed Consolidated Financial Statements 40 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

HALF-YEARLY CONDENSED

CONSOLIDATED FINANCIAL

STATEMENTS

CONSOLIDATED BALANCE SHEET

Assets 30 June 2026 31 Dec. 2025 10. Cash and cash equivalents 832,446 4,377,990 20. Financial assets measured at fair value through profit or loss 238,963 228,556 a) financial assets held for trading; 83,562 77,559 c) other financial assets mandatorily measured at fair value 155,401 150,997 30. Financial assets measured at fair value through other comprehensive income 3,802,894 3,090,117 40. Financial assets measured at amortized cost 84,232,072 79,134,571 a) due from banks 10,809,141 5,645,242 b) loans to customers 73,422,931 73,489,329 50. Hedging derivatives 803,621 891,363 60. Fair value change of financial assets in macro-hedge portfolios (+/-) -535,687 -619,995 70. Equity investments 29,528 28,036 90. Property, Plant and Equipment 1,006,080 1,026,755 100. Intangible assets 1,562,183 1,576,126

- of which goodwill 1,315,925 1,315,925 110. Tax assets 1,459,967 1,615,501 a) current 402,372 510,383 b) deferred 1,057,595 1,105,118 120. Non-current assets held for sale and discontinued operations 350 1,475 130. Other assets 1,734,016 2,097,713 Total assets 95,166,433 93,448,208

Half-yearly Condensed Consolidated Financial Statements 41

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

Liabilities and Equity 30 June 2026 31 Dec. 2025 10. Financial liabilities measured at amortized cost 80,930,250 81,001,578 a) Due to banks 1,703,920 1,574,258 b) Due to Customers 63,058,682 63,373,745 c) Debt securities issued 16,167,648 16,053,575 20. Financial liabilities held for trading 83,719 80,408 40. Hedging derivatives 1,568,233 1,741,029 50. Fair value change of financial liabilities in macro-hedge portfolios (+/-) -598,146 -711,329 60. Tax liabilities 278,750 381,062 a) current 238,836 335,076 b) deferred 39,914 45,986 80. Other liabilities 3,517,731 1,748,373 90. Employee severance benefits 69,520 81,867 100. Provisions for risks and charges 503,471 537,229 a) commitments and guarantees given 110,690 104,027 b) post-employment and similar obligations 24,383 25,632 c) other provisions for risks and charges 368,398 407,570 120. Valuation reserves -50,611 -43,771 140. Equity instruments 960,000 740,000 150. Reserves 2,797,728 2,467,635 160. Share premium reserve 3,495,378 3,495,378 170. Capital 1,102,071 1,102,071 180. Treasury shares (+/-) -8 -8 190. Minority interests (+/-) 30,232 29,689 200. Profit (Loss) for the period 478,115 796,997 Total liabilities and equity 95,166,433 93,448,208

Half-yearly Condensed Consolidated Financial Statements 42 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

CONSOLIDATED INCOME STATEMENT

Items 30 June 2026 30 June 2025 10. Interest and similar income 1,284,659 1,425,500 Of which: interest income calculated with the effective interest method 1,281,401 1,422,324 20. Interest and similar expenses (423,497) (579,842) 30. Net interest income 861,162 845,658 40. Fee and commission income 731,812 685,066 50. Fee and commission expense (24,720) (23,413) 60. Net fee and commission income 707,092 661,653 70. Dividend and similar income 11,420 12,297 80. Net gains (losses) on trading activities 11,753 9,759 90. Net gains (losses) on hedging activities (10,223) (5,985) 100. Gain (loss) on disposal or repurchase of: 41,598 45,485 a) financial assets measured at amortized cost 28,579 21,357 b) financial assets measured at fair value through other comprehensive income 13,019 24,121 c) financial liabilities - 7 110. Net gains (loss) on other financial assets and liabilities measured at fair value through profit or loss (236) (4,009) b) other financial assets mandatorily measured at fair value (236) (4,009) 120. Net banking income 1,622,566 1,564,858 130. Net adjustments/recoveries for credit risk on: (103,016) (111,887) a) financial assets measured at amortized cost (99,739) (109,934) b) financial assets measured at fair value through other comprehensive income (3,277) (1,953) 140. Gains/Losses on contract modifications without derecognition (374) (1,361) 150. Net financial income (loss) 1,519,176 1,451,610 180. Net financial and insurance income (loss) 1,519,176 1,451,610 190. Administrative expenses: (895,638) (858,113) a) personnel expenses (508,438) (512,374) b) other administrative expenses (387,200) (345,739) 200. Net provisions for risks and charges (5,024) (1,253) a) commitments and guarantees given (6,663) 3,128 b) other net provisions 1,639 (4,381) 210. Net adjustments to/recoveries on property, plant and equipment (45,586) (46,392) 220. Net adjustments to/recoveries on intangible assets (44,793) (43,990) 230. Other operating expenses/income 199,401 180,844 240. Operating costs (791,640) (768,904) 250. Gains (losses) on equity investments 618 1,048 260. Net gains (losses) from property, plant and equipment and intangible assets measured at fair value - (140) 280. Gains (losses) on disposals of investments 852 974 290. Profit (Loss) before tax from continuing operations 729,006 684,588 300. Taxes on income from continuing operations (249,279) (214,843) 310. Profit (Loss) after tax from continuing operations 479,727 469,745 330. Profit (Loss) for the period 479,727 469,745 340. Profit (Loss) for the period attributable to minority interests (1,612) (1,480) 350. Profit (Loss) for the period attributable to the Parent Company 478,115 468,265

Half-yearly Condensed Consolidated Financial Statements 43

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

CONSOLIDATED STATEMENT OF COMPREHENSIVE

INCOME

Items 30 June 2026 30 June 2025 10. Profit (Loss) for the period 479,727 469,745 Other comprehensive income after tax not reclassified to profit or loss - -

20. Equity securities designated at fair value through other comprehensive income 212 5,444 30. Financial liabilities designated at fair value through profit or loss (changes in own credit rating) - -

40. Hedging of equity securities designated at fair value through other comprehensive income - -

50. Property, Plant and Equipment - -

60. Intangible assets - -

70. Defined-benefit plans (601) 87 80. Non-current assets held for sale and discontinued operations - -

90. Share of valuation reserves on equity investments measured using the equity method: - 4 100. Financial revenues or costs relating to insurance contracts issued - -

Other comprehensive income after tax reclassified to profit or loss - -

110. Hedges of investments in foreign operations - -

120. Foreign exchange differences - -

130. Cash flow hedges - -

140. Hedging instruments (non-designated elements) - -

150. Financial assets (other than equity securities) measured at fair value through other comprehensive income (6,452) 13,572 160. Non-current assets held for sale and discontinued operations - -

170. Share of valuation reserves on equity investments measured using the equity method: - -

180. Financial revenues or costs relating to insurance contracts issued - -

190. Financial revenues or costs relating to reinsurance cessions - -

200. Total other comprehensive income after taxes (6,841) 19,107 210. Comprehensive income (Item 10+170) 472,886 488,852 220. Consolidated comprehensive income attributable to Minority Interests 1,611 1,479 230. Consolidated comprehensive income attributable to the Parent Company 471,275 487,373

Half-yearly Condensed Consolidated Financial Statements 44 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2026

Capital:

Ordinary

sharesShare

premium

reserveReserves: Valuation

reservesEquity

instrumentsTreasury

sharesProfit

(Loss)

for the

period Equity

retained

earnings

reservesother

EQUITY GROUP SHARE AS AT 31 DEC. 2025 1,102,071 3,495,378 2,480,765 -13,130 -43,771 740,000 -8796,997 8,558,302

MINORITY INTERESTS AS AT 31 DEC. 2025 20,516 3,408 692 2,939 -22 - - 2,156 29,689

ALLOCATION OF THE PROFIT OR LOSS FOR THE PREVIOUS FY - - - - - - - - -

Reserves - - 359,598 - - - - -359,598 -

Dividends and other allocations - - - - - - - -439,555 -439,555

CHANGES FOR THE PERIOD - - - - - - - - -

Changes in reserves - - -297 - - - - - -297 Transactions on equity - - - - - - - - -

Issue of new shares - - - - - - - - -

Purchase of treasury shares - - - - - - - - -

Change in equity instruments - - -28,120 - - 220,000 - - 191,880 Charity - - - - - - - - -

Consolidation adjustments - - - - - - - - -

Shares and rights on shares of the Parent Company assigned to employees and directors - - - - - - - - -

Changes in equity interests - - - - - - - - -

Comprehensive income - - - - -6,841 - - 479,727 472,886

EQUITY GROUP SHARE AS AT 30 JUNE 2026 1,102,071 3,495,378 2,810,858 -13,130 -50,611 960,000 -8478,115 8,782,673

MINORITY INTERESTS AS AT 30 JUNE 2026 20,516 3,408 1,780 2,939 -23 - - 1,612 30,232

Half-yearly Condensed Consolidated Financial Statements 45

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2025

Capital:

Ordinary

sharesShare

premium

reserveReserves: Valuation

reservesEquity

instrumentsTreasury

sharesProfit

(Loss)

for the

period Equity

retained

earnings

reservesother

EQUITY GROUP SHARE AS AT 31 DEC. 2024 1,102,071 3,495,378 2,225,146 -13,636 -64,720 740,000 -6808,284 8,292,517

MINORITY INTERESTS AS AT 31 DEC. 2024 20,516 3,408 -1,303 2,939 -23 - - 1,993 27,530

ALLOCATION OF THE PROFIT OR LOSS FOR THE PREVIOUS FY - - - - - - - - -

Reserves - - 377,419 - - - - -377,419 -

Dividends and other allocations - - - - - - - -432,858 -432,858

CHANGES FOR THE PERIOD - - - - - - - - -

Changes in reserves - - -4,642 - - - - - -4,642 Transactions on equity - - - - - - - - -

Issue of new shares - - - - - - - - -

Purchase of treasury shares - - - - - - -2 - -2 Change in equity instruments - - -29,445 - - - - - -29,445 Charity - - - - - - - - -

Consolidation adjustments - - - - - - - - -

Shares and rights on shares of the Parent Company assigned to employees and directors - - - - - - - - -

Changes in equity interests - - -4 - - - - - -4 Comprehensive income - - - - 19,108 - - 469,745 488,853

EQUITY GROUP SHARE AS AT 30 JUNE 2025 1,102,071 3,495,378 2,566,481 -13,636 -45,612 740,000 -8468,265 8,312,939

MINORITY INTERESTS AS AT 30 JUNE 2025 20,516 3,408 690 2,939 -23 - - 1,480 29,010

Half-yearly Condensed Consolidated Financial Statements 46 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

CONSOLIDATED STATEMENT OF CASH FLOWS

30 June 2026 30 June 2025

A. OPERATING ACTIVITIES

1. Cash flows from operations 1,104,488 1,124,030

- profit (loss) for the period (+/-) 478,115 468,265

- Gains/losses on financial assets held for trading and on financial assets/liabilities measured at fair value through profit or loss(-/+) -1,150 3,464

- Gains/losses on hedging activities (-/+) 9,849 3,751

- Net adjustments/recoveries for credit risk (+/-) 97,754 112,183

- Net adjustments to/recoveries on property, plant and equipment and intangible assets (+/-) 90,379 90,382

- Net provisions for risks and charges and other costs/revenues (+/-) 5,024 1,253

- Taxes, levies and tax credits not settled (+/-) 249,279 214,843

- net adjustments to/recoveries on discontinued operations net of tax effect (-/+) - -

- other adjustments (+/-) 175,238 229,889 2. Cash flow from/used in financial assets -5,455,695 688,762

- financial assets held for trading -4,617 11,940

- financial assets designated at fair value - -

- financial assets mandatorily measured at fair value -4,640 4,649

- financial assets measured at fair value through other comprehensive income -725,082 670,015

- financial assets measured at amortized cost -5,200,782 -86,690

- other assets 479,426 88,848 3. Cash flow from/used in financial liabilities 1,068,013 1,101,632

- financial liabilities measured at amortized cost -172,945 -99,426

- financial liabilities held for trading 3,311 -11,096

- financial liabilities designated at fair value - -

- other liabilities 1,237,647 1,212,154 Net cash flow from/used in operating activities -3,283,194 2,914,424

B. INVESTING ACTIVITIES

1. Cash flow from: 19,131 19,155

- sales of equity investments - 450

- dividend income on equity investments 11,420 12,297

- sales of property, plant and equipment 7,711 -

- sales of intangible assets - 6,408

- sales of subsidiaries and business units - -

2. Cash flows used in: -33,806 -33,554

- purchases of equity investments -1,224 -

- purchases of property, plant and equipment -2,426 -2,383

- purchases of intangible assets -30,156 -31,171

- acquisitions of subsidiaries and business units - -

Net cash flow from/used in investing activities -14,675 -14,399

C. FUNDING ACTIVITIES

- issues/purchases of treasury shares - -2

- issues/purchases of equity instruments 191,880 -29,445

- dividend distribution and other -439,555 -432,858

- sale/purchase of ownership interests without loss or acquisition of control over the investee - -4 Net cash flow from/used in funding activities -247,675 -462,309

NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENT FOR THE PERIOD -3,545,544 2,437,716

RECONCILIATION

Financial Statement items 30 June 2026 30 June 2025 Opening cash and cash equivalents 4,377,990 5,296,488 Total net increase/decrease in cash and cash equivalents for the year -3,545,544 2,437,716 Closing cash and cash equivalents 832,446 7,734,204 Key: (+) generated/from (–) absorbed/used in

Half-yearly Condensed Consolidated Financial Statements 47

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company In accordance with the amendment to IAS 7, endorsed by Regulation no. 1990 of 6 November 2017, to be adopted for the first time in reporting periods starting on or after 1 January 2017, the information required under paragraph 44 B to measure changes in liabilities resulting from financing activities, irrespective of whether the changes result from cash flows or changes other than in cash equivalents, is given below.

31 Dec. 2025 Changes arising from cash flows

generated

by financing

activitiesChanges from

obtaining or

losing control of

subsidiaries or

other businessesFair value

changesOther

changes30 June 2026

Liabilities arising

from financing

activities

(items 10, 20 and 30 of Liabilities) 81,081,986 -161,835 93,818 - 81,013,969

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 48 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

NOTES TO THE HALF-YEARLY

CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

PART A - ACCOUNTING POLICIES

A.1 GENERAL PART

Section 1 – Statement of compliance with IAS/IFRS The half-yearly condensed consolidated financial statements of the Crédit Agricole Italia Banking Group as at 30 June 2026 were prepared and presented in compliance with IAS 34 “Interim Financial Reporting”, which lays down the minimum information content and identifies the accounting standards and measure-

ment bases to be applied to half-yearly condensed financial statements. This half-yearly report and financial statements have been prepared in accordance with Article 154-ter of the Italian Consolidated Law on Finance as the reporting entity is an issuer of financial instruments having Italy as the Member State of origin.

The accounting standards and interpretations used to prepare the half-yearly condensed consolidated finan-

cial statements, having regard to the classification, recognition, measurement and derecognition of assets and liabilities, as well as to recognition of the relevant revenues and costs, are the same ones used by the Crédit Agricole Italia Banking Group (hereinafter referred to also as the “Group”) to prepare its consolidated financial statements as at 31 December 2025, which were prepared and presented in compliance with the IFRS issued by the International Accounting Standards Board (IASB) and the related interpretations given by the IFRS Interpretations Committee (IFRIC) and endorsed by the European Commission, in accordance with Regulation (EC) No. 1606/2002 of 19 July 2002.

As regards the standards and principles that have not been amended vs. those used to prepare the financial statements as at 31 December 2025, please see the relevant information given in the 2025 Annual Report.

As applicable, the communications issued by the competent Supervisory Authorities (Bank of Italy, ECB, EBA, Consob and ESMA) were taken into account, as were the interpretation papers on the application of IFRS prepared by the Italian Accounting Body (Organismo Italiano di Contabilità - OIC), by the Italian Bank -

ing Association (ABI) and by the Organismo Italiano di Valutazione (OIV), whereby recommendations have been given on the disclosures to be included in the Financial Reporting on some material aspects in account-

ing terms or on the accounting treatment of specific transactions.

In accordance with IAS 34, due to need of provide timely information, interim financial reporting (“condensed financial statements”) may provide more limited information than that required to be given in the annual fi-

nancial report and essentially intended to give an update of the latest complete annual report; consequently, the condensed financial statements must be read along with the annual consolidated financial statements of the Group for the FY closed as at 31 December 2025.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 49

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

INTERNATIONAL ACCOUNTING STANDARDS ENDORSED BY THE EUROPEAN

UNION AND ENTERED INTO FORCE IN 2026

In compliance with IAS 8, the table below reports the new international accounting standards or the amend-

ments to standards already in force, along with the Regulations endorsing them, that shall mandatorily be applied for reporting periods beginning on or after 1 January 2026.

Standards, amendments or interpretations Publication date Date of first

adoption

Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)28 May 2025 (EU No. 2025/1047) 1 January 2026 Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 71 July 2025 (EU) No. 2025/1266 1 January 2026 Annual Improvements Volume 11 (IFRS 1 - IFRS 7 - IFRS 9 - IFRS 10 - IAS 7) 10 July 2025 (EU No. 2025/1331) 1 January 2026

AMENDMENTS TO IFRS 9 AND IFRS 7 - CLASSIFICATION AND MEASUREMENT

OF FINANCIAL INSTRUMENTS

On 30 May 2024 the IASB published “Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments”.

The amendments to IFRS 9 and IFRS 7, applicable to reporting periods beginning on or after 1 January 2026, have been endorsed by the European Union with Regulation (EU) 2025/1047 and concern the following as-

pects:

• Clarification about the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic payment system;

• Update of the disclosure on equity instruments designated at fair value through other comprehensive income (FVOCI) with required disclosure on the recognition of disposals and collected dividends in profit

or loss;

• Clarifications and supplementary information to assess whether a financial asset with environmental, social and governance (“ESG”) - linked and similar features passes the SPPI test and requirement of new disclo-

sure on some instruments with contractual terms that could change the amount of cash flows, such as some instruments with features linked to the achievement of environmental, social and governance (ESG) targets.

On this point, through these amendments, the IASB clarified the treatment of instruments whose contractual cash flows may change based on the occurrence or non-occurrence of one or more contingent events (trig-

gers). When the nature of the future contingent event is not related directly to changes in the basic lending risks and costs, the financial asset has contractual cash flows that pass the SPPI test if, and solely if, in all the contractually possible scenarios the contractual cash flows are not significantly different from the con-

tractual cash flows on a financial instrument with identical contractual terms, but without such a contingent feature. Instruments the cash flows on which change in accordance with ESG criteria are considered by the IASB as not directly related and are therefore subject to those amendments.

Given that the Group issues this type of instruments, an analysis methodology rule has been set by the Parent Company within the SPPI test scope. Therefore, without prejudice to the other conditions of the SPPI test, the notion of cash flow “not significantly different” on an instrument without ESG targets is considered met if the cash flow variability generated by the ESG targets is lower than or equal to 10% of the financial instrument re-

muneration (taken to the scenario where the ESG criteria are not met). Any instruments with variability above 10% would not pass the SPPI test and would be recognized at fair value. The Group examined its accounting approach in the light of these amendments, without finding any significant impacts considering that the significance thresholds applied so far in the SPPI test scope are already aligned with the above-described methodological rules issued by the Parent Company.

Having regard to this new approach, the update of Circular 262 of the Bank of Italy, which is expected by the end of this year, will include a new explanatory note on the information required by these amendments on financial assets measured at amortized cost or at fair value through other comprehensive income and on financial liabilities measured at amortized cost that have ESG targets.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 50 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

INTERNATIONAL ACCOUNTING STANDARDS ENDORSED BY THE EUROPEAN

UNION BUT NOT YET ENTERED INTO FORCE

The table below shows the international accounting standards and the international financial reporting stand-

ards that, as at 30 June 2026, had been endorsed by the European Union but had not yet entered into force and, therefore, were not applicable by the Group.

Standards, amendments or interpretations Publication date Date of first-time

adoption

IFRS 18 Presentation and Disclosure in Financial Statement replacing IAS 1 “Presentation of Financial Statements”16 February 2026 (EU No. 2026/338) 1 January 2027 IFRS 18 - Presentation and Disclosure in Financial Statements IFRS 18 “Presentation and Disclosure in Financial Statements”, endorsed by the European Union in February 2026 will replace IAS 1 “Presentation of Financial Statements” and will be applicable to reporting periods beginning on or after 1 January 2027.

The new standard lays down the requirements for the presentation and in financial statements aimed at im-

proving how reporting entities represent financial information to the market and provide users with a better basis to analyse and compare companies’ financial performance. The standard does not change the bases of measurement of financial statement items nor the methods to recognize costs and revenues, but changes the bases and methods of presentation.

IFRS 18 will impose a new structure of the income statement (statement of profit or loss) and mandatory subtotals, with classification of revenues and costs into 3 categories:

• Operating category;

• Investing category;

• Financing category:

• Besides the taxes and discontinued operations categories already contained in the income statement (statement of profit and loss) layout.

Furthermore, IFRS 18 will require more information on performance measures defined by the management (which the standard identifies as management-defined performance measures or MPMs) and used in public communications outside financial statements.

As they concern the presentation of the income statement and financial disclosure, these changes shall be appropriately coordinated with Bank of Italy Circular no. 262, which governs the preparation and presenta-

tion of banks’ financial statements. In this scope, in Q2 2026 the Bank of Italy held a consultation on the draft 9th update of Circular 262 “Banks’ financial statements: layouts and preparation”, which restates financial reporting, with the reference case being that of a bank whose core business under IFRS 18 consists in lending to customers and investing in financial assets; the draft makes significant changes to the financial statement layouts and financial reporting rules, especially as regards the aspects listed below:

• The income statement layout shall be supplemented with three new categories in which revenue and cost items are to be classified based on the intermediary’s core business “operating revenues and costs”, “in-

vesting” and “financing”);

• Specific profit or loss figures (subtotals) shall be mandatorily presented in the income statement (state-

ment of profit and loss), one of which is “Operating profit or loss”;

• Goodwill shall be presented under a balance sheet asset item that is separated from the “Intangible assets”

item;

• In the statement of cash flows (indirect method), “Operating profit (loss)” shall be the starting item to de-

termine cash flows from/used in operating activities, instead of item “Profit (loss) for the period”;

• The introduction of specific disclosure requirements concerning Management-defined performance meas-

ures (MPMs).

The Bank of Italy consultation ended on 1 June 2026 and the final version of the 9th update of Circular 262 is expected to be published in H2.

IFRS 18 is effective for reporting periods beginning on or after 1 January 2027 and retrospective applica-

tion shall be mandatory for annual and interim reporting periods; in accordance with IAS 34 the entity shall present its income statement in compliance with the IFRS 18 requirements in its financial report for H1 2027.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 51

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company The Group has a project underway aimed at assessing the impacts resulting from the adoption of the new standard.

Annual improvements

Annual improvements provide a mechanism for the IASB to efficiently issue a collection of minor amend-

ments to the Accounting Standards..

INTERNATIONAL ACCOUNTING STANDARDS NOT YET ENDORSED BY THE

EUROPEAN UNION

The standards and interpretations that, as at the reporting date, had been published by the IASB but had not yet been endorsed by the European Union are not applicable by the Group.

Document title Issued by the IASB onDate of entry into force of the IASB documentExpected date

of endorsement

by the EU IFRS 19 Subsidiaries without Public Accountability: Disclosures 9 May 2024 1 January 2027 TBD Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures 21 August 2025 1 January 2027 TBD Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency13 November 2025 1 January 2027 TBD IFRS 20 Regulatory Assets and Regulatory Liabilities (issued on 27 May 2026) 27 May 2026 1 January 2029 TBD Amendments to IAS 28 - Amendments to the Fair Value Option for Investments in Associates and Joint Venture 28 June 2026 1 July 2027 TBD

IFRS 19 - IFRS 19 SUBSIDIARIES WITHOUT PUBLIC ACCOUNTABILITY:

DISCLOSURES

On 9 May 2024 the IASB issued IFRS 19, which will be effective for reporting periods beginning on or after 1 January 2027, after being endorsed by the European Union.

IFRS 19 is for entities that do not have public accountability and are subsidiaries of a parent company (either ul-

timate or intermediate) that prepares consolidated financial statements, available for public use, which comply with the IFRSs and has the goal of simplifying the preparation of the financial statements by the subsidiaries deemed eligible for application, permitting them to apply the IFRSs with reduced disclosure requirements.

An entity has public accountability if its equity or debt instruments are traded in a public market, if it is in the process of issuing such instruments for trading in a public market, or if it holds assets in a fiduciary capacity for a broad group of outsiders (e.g. banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks) as one of its primary businesses..

Section 2 – General preparation principles The condensed consolidated financial statements consist of:

• The Balance Sheet;

• The Income Statement;

• The Statement of Comprehensive Income;

• The Statement of Changes in Equity;

• The Statement of Cash Flows;

• The Notes to the financial statements.

The half-yearly condensed consolidated financial statements are also accompanied by the Interim Report on

Operations

The half-yearly condensed consolidated financial statements have been prepared in accordance with the lay -

outs and instructions provided for by the Bank of Italy Circular no. 262 “Banks’ financial statements: layouts and preparation”.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 52 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 The half-yearly condensed consolidated financial statements have been prepared using the Euro as the re-

porting currency. The amounts in the financial statements, the notes to the financial statements and the Management Report are expressed in thousands of Euros, where not otherwise specified.

These Half-yearly Condensed Consolidated Financial Statements, as the Annual Report and Financial State-

ments as at 31 December 2025, were prepared on a going-concern basis.

As already described in the previous paragraph, the communications issued by the competent Supervisory Authorities (Bank of Italy, ECB, EBA, Consob and ESMA) were taken into account to the extent they were applicable, as were the interpretation papers on the application of IAS/IFRS prepared by the Italian Ac -

counting Body (Organismo Italiano di Contabilità - OIC), by the Italian Banking Association (ABI) and by the Organismo Italiano di Valutazione (OIV), whereby recommendations have been given on the disclosures to be included in the Financial Reporting on some material aspects in accounting terms or on the accounting treatment of specific transactions.

As described in paragraph “Risks and uncertainties” of the Half-yearly Consolidated Report, the analyses that were carried out based on the currently available information, in a phase of persistent uncertainty about the general macroeconomic scenario, caused mainly by geo-political tensions – which have by now become a structural and constant feature of the present historical period, to be attributed especially to the continuing war between Russia and Ukraine and to the conflicts in the Middle East – as well as by the recent trade pol-

icies implemented by the USA on tariffs and related consequences in internal trade relations, give evidence to conclude that the Group will be able to address the risks and uncertainties resulting from the economic situation.

The assessment is based on the capital position it has reached, which shows an adequate buffer on top of the requirements set by the ECB, its present liquidity above the regulatory threshold and the healthy and prudent management that has always been a distinctive feature of the Group, while ensuring steady devel-

opment through sustainable growth strategies and the commitment to providing households and businesses with support.

USE OF ESTIMATES AND ASSUMPTIONS IN PREPARING THE HALF-YEARLY

CONSOLIDATED FINANCIAL STATEMENTS

To prepare the Half-yearly Consolidated Financial Statements, estimates and assumptions must be made, which can generate significant effects on the values recognized in the Balance Sheet and in the Income Statement, as well as on the information on contingent assets and liabilities reported.

Making such estimates entails the use of the information that is available at the relevant time and of subjec -

tive assessments.

By their very nature, the estimates and assumptions used may vary from one period to another. Therefore, it cannot be ruled out that the recognized values for this reporting period may vary, even to a significant extent, in future periods, subsequent to any changes in the subjective assessments used. The economic effects gen-

erated by the uncertainties in the macroeconomic scenario, affected especially by the wars between Russia and Ukraine, as well as in the Middle East, require thorough analysis and consideration of the new economic context in the models to measure the recoverable amount of the Group’s assets. Therefore, those estimates and assessments entail unavoidable elements of uncertainty.

The main instances that require the use of subjective assessments to be made by the Senior Management are the following:

• Quantifying losses resulting from the impairment of loans and of other financial assets in general;

• Using measurement models for the recognition of the fair value of financial instruments that are not listed on active markets;

• Using measurement models for equity investments;

• Assessing the consistency of the value of goodwill and of the other intangible assets and property, plant

and equipment;

• The quantification of the provisions for risks and charges, provisions for personnel and obligations con-

cerning employees’ benefits;

• Estimating the recoverability of deferred tax assets;

• Calculating the fair value of financial instruments to be used for financial reporting purposes.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 53

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Impacts generated by the Russia-Ukraine war and by the war in the Middle East The international geopolitical tension, which was still material at the reporting date, is one of the main uncer-

tainty factor in the macroeconomic and financial scope. The global scenario continues to feature complexity, mainly resulting from the Russia-Ukraine war going on and from the situation in the Middle East. Having re-

gard to the latter, diplomatic initiatives and talks between the parties have intensified, but, although giving a glimpse of possible convergence on an agreement in principle, are still quite uncertain as to their outcome. In this scenario, stabilisation expectations are less than firm and continue to generate persistent, albeit modest, volatility in energy and commodity markets.

Any changes in the geopolitical scenario evolution may have negative impacts on global procurement chains, on the performance of prices and on logistics costs. These external factors may affect central banks’ mone-

tary policies, with possible impacts on interest rates and general financial conditions. The evolution in these external variables, which cannot be controlled, may make it necessary to revise the financial reporting esti-

mates and significantly affect the expectations concerning the main profitability-financial ratios and indica-

tors, reducing their medium-term visibility and predictive ability.

Lastly, it is pointed out that, as at the reporting date, exposures to Russia and Ukraine were essentially non-existent and there were but marginal exposures to Countries involved in the recent conflicts or in the areas currently affected by material geopolitical tensions.

Section 3 – Scope and method of consolidation

SCOPE OF CONSOLIDATION

In addition to the Parent Company, Crédit Agricole Italia S.p.A., the consolidation perimeter includes its sub-

sidiaries, joint arrangements and associates specified below.

In accordance with IFRS 10, Subsidiaries are companies in which Crédit Agricole Italia S.p.A., directly or indi-

rectly, holds at the same time:

• The power to influence the Investee’s relevant activities, i.e. the activities that significantly affect the inves-

tee’s returns;

• Exposure and/or rights to variable returns of the Investee;

• The ability to exercise its power over the Investee to affect the amount of its returns.

The companies in which Crédit Agricole Italia S.p.A., directly or indirectly, holds over 50% of the rights to vote in the General Meeting of Shareholders are considered subsidiaries.

Control exists also where the Group, even though not holding the majority of the voting rights, has sufficient rights to unilaterally manage and direct the investee’s relevant activities or where it holds:

• Substantial potential voting rights through underlying call options or convertible instruments;

• Rights that result from contractual agreements and that, combined with its voting rights, make the Group actually able to manage and direct production processes, other management or financial activities, i.e.

activities that significantly affect the investee’s returns;

• Power to affect, under the investee’s articles of association or other agreements, its governance and deci-

sion-making processes concerning relevant activities;

• The majority of voting rights under formally executed agreements with other holders of voting rights (for example, voting agreements and shareholders' agreements).

Special-purpose entities/special-purpose vehicles (SPE/SPV) have also been included, when the require-

ments are met, also irrespective of the existence of a majority shareholding.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 54 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 In accordance with IFRS 11, joint arrangements are arrangements in which two or more parties share control under contractual or other agreements which require unanimous consent of all the parties shar -

ing control in order for material financial and management decisions to be made. In assessing whether an entity has joint control of an arrangement, an entity shall assess first whether all the parties, or a group of the parties, control the arrangement. When all the parties, or a group of the parties, considered collectively, are able to direct the activities that significantly affect the returns of the arrangement (i.e. the relevant activities), the parties control the arrangement collectively. After concluding that all the parties, or a group of the parties, control the arrangement collectively, an entity shall assess whether it has joint con -

trol of the arrangement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. The requirement for unanimous consent means that any party with joint control of the arrangement can prevent any of the other parties, or a group of the parties, from making unilateral decisions (about the relevant activities) without its consent.

In accordance with IAS 28, associates are companies over which Crédit Agricole Italia excercises significant influence and in which it holds, directly or indirectly, at least 20% of the voting rights or has the power to par-

ticipate in determining the financial and operating policies of the Investee, despite holding less than 20% of the voting rights, due to specific legal ties such as being party to shareholders’ voting agreements. Likewise, despite holding at least a 20% equity investment, significant influence may not be exercised due to legal ties, voting agreements or other relevant elements that affect the entity’s governance.

The methods used to consolidate the data of subsidiaries (line-by-line consolidation) and associates (con-

solidation with the equity method) are the same ones used to prepare the Annual Report and Consolidated Financial Statements as at 31 December 2025.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 55

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company 1. Equity investments in subsidiaries The following table shows the equity investments included in the scope of consolidation, reporting:

• The name and headquarters;

• The type of control;

• The capital shares owned, directly or through fiduciary companies or third parties, by the parent company and by each one of its subsidiaries;

• The percentage of voting rights in the ordinary general meeting of shareholders held in total by the inves-

tor, separately setting forth actual and potential ones.

Company name Headquarters Type of control(1)Equity investment Availability

Actual %

of votes

available(2)Investor % held

A. Companies

Parent Company

Crédit Agricole Italia S.p.A. Parma, Italy A1. Companies consolidated on a line-item basis 1. Crédit Agricole Leasing Italia S.r.l. Milan, Italy 1Crédit Agricole Italia S.p.A. 85.00% 85.00% 2. Crédit Agricole Italia OBG S.r.l. Milan, Italy 1Crédit Agricole Italia S.p.A. 60.00% 60.00% 3. Crédit Agricole Group Solutions S.c.p.a. Parma, Italy 1Crédit Agricole Italia S.p.A. 97.83% 97.83%

Crédit Agricole

Leasing Italia S.r.l. 1.19% 1.19% 4. Crédit Agricole Real Estate Italia S.r.l. Parma, Italy 1Crédit Agricole Italia S.p.A. 100.00% 100.00% 5. Agricola Le Cicogne S.r.l. Faenza, Italy 1Crédit Agricole Italia S.p.A. 50.01% 50.01% 6. Le Village by CA Parma S.r.l. Parma, Italy 1Crédit Agricole Italia S.p.A. 66.67% 66.67% 7. Stelline Real Estate S.r.l. Sondrio, Italy 1Crédit Agricole Italia S.p.A. 100.00% 100.00% 8. Le Village by CA Triveneto S.r.l. Padua, Italy 1Crédit Agricole Italia S.p.A. 51.00% 51.00% 9. Le Village by CA delle Alpi società Benefit S.r.l. Sondrio, Italy 1Crédit Agricole Italia S.p.A. 66.22% 66.22% 10. Le Village by CA Milano S.r.l. Milan, Italy 1Crédit Agricole Italia S.p.A. 51.00% 51.00% 11. Le Village by CA Sicilia S.r.l. Catania, Italy 1Crédit Agricole Italia S.p.A. 71.32% 71.32% 12. Le Village by CA Campania S.r.l. Naples, Italy 1Crédit Agricole Italia S.p.A. 100.00% 100.00%

Key:

(1) Type of control:

1 = Majority of the voting rights in the General Meeting of Shareholders.

2 = dominant influence in the ordinary General Meeting of Shareholders.

3= agreement with other shareholders.

4= other forms of control.

5= unitary management pursuant to Article 39, paragraph 1, of Italian Legislative Decree 136/2015.

6= unitary management pursuant to Article 39, paragraph 2, of Italian Legislative Decree 136/2015.

7= Joint arrangements.

8 = significant influence.

(2) Votes in the ordinary General Meeting separately setting froth actual and potential votes.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 56 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 2.  Joint arrangements and investees subject to significant

influence

Company name Headquarters Type of control(1)Equity investment Actual %

of votes

available(2) Investor % held A2. Consolidated using the

equity method

1. Fiere di Parma S.p.A. Parma, Italy 8Crédit Agricole Italia S.p.A. 26.42% 26.42% 2. BDX S.p.A. Collecchio (PR), Italy8Crédit Agricole Italia S.p.A. 15.00% 15.00% 3. Blank S.p.A. Milan, Italy 8Crédit Agricole Italia S.p.A. 49.00% 49.00%

Key:

(1) Type of control:

1 = Majority of the voting rights in the General Meeting of Shareholders.

2 = dominant influence in the ordinary General Meeting of Shareholders.

3 = agreement with other shareholders.

4 = other forms of control.

5 = unitary management pursuant to Article 39, paragraph 1, of Italian Legislative Decree 136/2015.

6 = unitary management pursuant to Article 39, paragraph 2, of Italian Legislative Decree 136/2015.

7 = Joint arrangements.

8 = significant influence.

(2) Votes in the ordinary General Meeting separately setting froth actual and potential votes.

Changes in the consolidation scope occurred in H1 2026 The main changes in the consolidation scope vs. 31 December 2025 concerned the following entities:

• San Piero Immobiliare S.r.l.: on 30 January 2026 the general meeting of the shareholders of San Piero Immobiliare S.r.l., a fully-owned subsidiary of Crédit Agricole Italia S.p.A., was held and approved the finan-

cial statements under the liquidation basis of accounting; on 19 February 2026 the company was struck off from the Business Register.

• San Giorgio Immobiliare S.r.l.: on 30 January 2026 the general meeting of the shareholders of San Giorgio Immobiliare S.r.l., a fully-owned subsidiary of Crédit Agricole Italia S.p.A., was held and approved the finan-

cial statements under the liquidation basis of accounting; on 19 February 2026 the company was struck off from the Business Register.

• Valtellina Golf Club S.p.A.: on 10 March 2026 the sale was finalized of all the shares held by Crédit Agricole Italia S.p.A. in Valtellina Golf Club S.p.A.. This transaction did not generate any impacts on the consolidated income statement.

3.  Equity investments in subsidiaries with significant minority

interests

3.1 MINORITY INTERESTS, AVAILABILITY OF MINORITY INTEREST VOTES AND

DIVIDENDS DISTRIBUTED TO MINORITY INTERESTS

Company name % minority interests% of votes

available to

minority interestsDividends

distributed to

minority interests

1. Crédit Agricole Leasing Italia S.r.l. 15.00% 15.00% – Section 4 – Events occurred after the reporting date No events occurred in the time between reporting date of 30 June 2026 and the date on which the manage-

ment body approved the Half-yearly Condensed Consolidated Financial Statements, no events occurred that may generate impacts on the stated financial situation and profit or loss as at 30 June 2026.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 57

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Section 5 – Other aspects

OTHER INFORMATION

Impairment test - Estimate of possible impairment of intangible assets with indefinite useful life (Goodwill) In accordance with IAS 36, all intangible assets with indefinite useful life shall be tested for impairment at least annually, in order to verify that their carrying amount is not higher than their recoverable amount.

Furthermore, the standard rules that the results of the annual test may be considered valid for subsequent measurements, as long as the likelihood that the recoverable amount of the intangible assets would be less than their carrying amount is remote.

That judgement may be based on the analysis of events that have occurred and of the circumstances that have changed since the most recent annual impairment test.

In accordance with the standard, Crédit Agricole Italia has chosen to test its intangible assets with indefinite useful life for impairment as at 31 December of every year: the outcome of the tests may be considered valid for the following interim financial reporting, unless such evidence is found as to require that an impairment test be carried out earlier in order to verify the recoverable amount of those intangible assets with indefinite useful life.

In accordance with specific internal processes, in H1 it was assessed whether any indications of impairment existed, such as to question the recoverability of the assets’ carrying amounts. The assessment of any po-

tential impairment triggers (internal and external), was based on the evolution occurred in the half year in all the factors that are relevant to the measurement of the recoverable amount of the goodwill generated by the acquisitions of Crédit Agricole FriulAdria, of 173 Crédit Agricole Italia branches and of 29 Crédit Agricole FriulAdria branches (made in 2007), of 81 Crédit Agricole Italia branches and of 15 Crédit Agricole FriulAdria branches (made in 2011) and of Crédit Agricole Carispezia (made in 2011), the goodwill recognized within the aforementioned transactions has been fully allocated to the Retail and Private banking CGU for an amount of Euro 1,316 million.

The results of the assessment of potential impairment triggers did not show any need for a new impair-

ment test.

PILLAR II - GLOBE

The new international tax rules laid down by the OECD in order to impose a top-up tax on profits of large multinational enterprises when the effective tax rate (ETR) in force in a jurisdiction in which they are based is below 15% entered into force on 1 January 2024.

In accordance with the related EU Directive adopted at the end of 2022 (Directive (EU) 2022/2523) and transposed in the EU Member States (in Italy with Legislative Decree no. 209 of 27 December 2023), the Group estimated the GloBE top-up tax as at 30 June 2026.

The result of the estimate was a GloBE top-up tax equal to zero for Italy jurisdiction as at 30 June 2026.

Option for the Italian domestic tax consolidation scheme In March 2016, the national tax consolidation scheme was adopted, with effects since the 2015 tax period, by the Crédit Agricole Group in Italy; such scheme was introduced with Article 6 of Italian Legislative Decree No. 147 of 14 September 2015, according to which also the Italian “sister” companies, whose controlling Com-

pany is resident in an EU Member State, may exercise the option for consolidated taxation.

Initially, 18 Companies of the Crédit Agricole Group in Italy opted to join the tax consolidation scheme and, having been designated by Crédit Agricole S.A., Crédit Agricole Italia S.p.A. has undertaken the role of Con-

solidating Entity. Taking into account the new entities that joined the scheme in previous years and those that were terminated, as at 30 June 2022, the tax consolidation scheme consisted of 25 entities.

This regime provides for the consolidated companies to transfer their taxable income (or their tax loss), as regards the Italian corporate income tax (IRES), to the consolidating Entity Crédit Agricole Italia S.p.A., which calculates a single taxable income or a single tax loss for the Group, as the algebraic sum of the income and/ or losses of the single Companies, and recognizes a single tax account payable to or receivable from the Italian Inland Revenue Agency.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 58 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 As balancing item of taxes/lower taxes for tax losses to be transferred to the consolidation scheme or with-

holdings, detractions and the like, the companies in the consolidation scheme recognize due and payables to/receivables from the consolidating entity.

In its separate Financial Statements, the Consolidating Entity recognizes matching items of due and payables to/receivables from the entities in the consolidation scheme.

Specifically, the intra-group balances resulting from the tax consolidation scheme are recognized in the

items:

• “Financial assets measured at amortized cost - due from banks”, or “Financial assets measured at amor-

tized cost - loans to customers”, in accordance with the kind of counterparty, for estimating the corporate income tax (IRES) transferred by the member entities to the tax consolidation scheme;

• “Financial liabilities measured at amortized cost - due to banks”, or “Financial liabilities measured at amor-

tized cost - due to customers”, in accordance with the kind of counterparty, for the transfer of tax losses by the member entities to the tax consolidation scheme.

Lastly, the tax consolidation scheme’s tax account payable to or receivable from the Italian Inland Revenue Agency is recognized under current tax liabilities or assets based on whether the IRES payable amount is higher or lower than the down-payments made.

Option for the VAT Group In November 2018, the option for a VAT Group scheme pursuant to Article 1 paragraph 24 of Italian Law no.

232 of 11 December 2016 was exercised, with effects as of 1 January 2019; the VAT Group includes the subsid-

iaries of Crédit Agricole Italia S.p.A. having, at the same time, financial, economic and organisational links in force between them, as provided for by Italian Ministerial Decree of 6 April 2018 and by Circular no. 19/2018.

Crédit Agricole Italia S.p.A. is the VAT Group’s Representative Member. Subsequent to some mergers by absorption finalized in previous years and to the closure of other entities, the perimeter of the VAT Group, initially of 15 entities, consisted of 12 entities of the Crédit Agricole Italia Group as at 30 June 2025. Thanks to this scheme, the member entities operate, for VAT purposes, as a single taxable person in their transactions with external companies, with a single VAT registration number. The main advan -

tage generated by the exercise of this option is that, in general, the transactions between the VAT Group member entities are not subject to VAT.

STATUTORY AUDIT OF THE ACCOUNTS

The statutory audit of the accounts of the Crédit Agricole Italia Group is assigned to an independent audit firm that carries out the activities provided for by Article 14, paragraph 1 of Italian Legislative Decree no. 39 of 27 January 2010.

The statutory audit of the accounts has been assigned to the firm PricewaterhouseCoopers S.p.A. for the 2021-2029 period.

The Half-yearly report and condensed consolidated financial statements for H1 2026 were subject to limited review by the aforementioned audit firm.

FAIR VALUE REPORTING

QUALITATIVE DISCLOSURES

CLASSIFICATION OF FINANCIAL INSTRUMENTS AND OF NON-FINANCIAL

ASSETS/LIABILITIES

Reporting on the fair value hierarchy as required by IFRS 13 applies to financial instruments and to non-fi-

nancial assets/liabilities that are measured at fair value (irrespectively of whether they are so measured on a recurring or non-recurring basis).

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 59

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company The standard classifies fair value into three different levels based on the observability of the inputs used for

its measurement:

• Level 1: fair value equal to quoted prices (with no adjustments) in active markets. Level 1 includes financial instruments that are quoted on active markets.

Specifically, these financial instruments are stocks and bonds quoted in active markets, investment schemes quoted in active markets (ETF) and derivatives traded in regulated markets.

Markets are considered active if the quotations are easily and regularly available on the stock exchange, from brokers, intermediaries, price quotation services or regulatory agencies and these prices represent actual transactions that are regularly carried out in the market on an arm's length basis.

• Level 2: fair value determined using measurement models that are based on observable or indirectly ob-

servable market inputs (for example determining the yield curve based on interest rates that are directly observable on the market at a given reference date). Level 2 includes:

–Stocks and bonds that are quoted on markets considered not active or that are not quoted on an active market, but whose fair value is determined using a measurement model based on observable or indirect-

ly observable inputs;

–Financial instruments whose fair value is determined with measurement models using observable market inputs.

• Level 3: fair value determined using measurement models for which at least one of the significant inputs is based on unobservable parameters. The fair value of some complex instruments that are not traded in active markets is determined with measurement techniques based on inputs that are not observable on the market or using the measurement communicated by qualified market players. They are mainly complex in-

terest rate instruments, stock derivatives and structured loans, where the measured correlation or volatility inputs are not directly comparable to market inputs.

Fair value levels 2 and 3: measurement techniques and inputs used • Level 2: this level includes all financial instruments for which there is no active market, but whose meas-

urement is based on observable market inputs. Therefore, measurement models that refer to observable market inputs have been set.

Specifically, fixed-rate bonds relating to financial assets or liabilities are measured using the discount-

ed cash flow method pursuant to the security contractual scheme; floating-rate bonds are measured by discounting back future cash flows estimated on the basis of the forward rates with the application of index-linking parameter.

Derivative contracts are measured using specific calculation algorithms according to the type of the differ-

ent categories of transactions. The adopted approaches are the ones normally used in the market for those derivative instruments, which are mainly plain vanilla ones.

• Level 3: this level includes all financial instruments for which there is no active market and which are deter-

mined using measurement techniques where at least one of the significant inputs is based on unobservable parameters, or using the measurement communicated by qualified market players.

Credit Valuation Adjustment (CVA) and Debit Valuation Adjustment (DVA) In accordance with the IFRS 13 regulatory framework, derivatives shall be priced based on market factors, as well as on the possible effects of the risk of the counterparty’s default, which comprises the risk associated to the counterparty’s creditworthiness, by calculating the Credit Valuation Adjustment (CVA) and the Debit Valuation Adjustment (DVA).

CVA is the adjustment to an OTC derivative contract entered into by the Bank with an external counterparty, which reflects the possible loss resulting from the worsening of the credit rating/default of the counterparty.

In a mirror-like way, the DVA expresses the CVA from the external counterparty’s standpoint and consists in an adjustment of the derivative fair value based on the change in the creditworthiness of the Bank.

Based on the above, the value of a portfolio of OTC derivatives that are in force with a market counter -

party is equal to the value of the same risk-free portfolio less the CVA plus the DVA.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 60 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 As provided for by IFRS 13, in certain conditions, risk mitigation tools may be used, such as ISDA master agreements and Credit Support Annexes (CSA). By signing ISDA Master Agreements, which are framework agreements that amount to the reference international standard on OTC derivatives, the Bank can calculate the CVA and DVA by netting set or by counterparty, after assessing the netting effect potentially resulting from such Agreements, rather than calculating it by single derivative. Much in the same way, risks can be mitigated by finalizing Credit Support Annexes (CSA), which are attached to the ISDA Mater Agreement and provide for the deposit with the creditor of an amount equal to the mark-to-market value of the exposure as collateral. Such collateral allows the present exposure and the consequent risk to be reduced and must be periodically reviewed in order to verify its consistency.

In accordance with IFRS 13, the Crédit Agricole Italia Banking Group has adopted a model implemented by its French Parent Company Crédit Agricole SA; in addition to the effects of any changes in the counterparty’s credit rating (Credit Valuation Adjustment - CVA), this model also expresses any changes in the Group’s own credit rating (Debit Valuation Adjustment - DVA).

In accordance with the model, the calculation of the CVA depends on the exposure, on the probability of default (PD) and on the Loss Given Default (LGD) of the counterparties. This model provides for the use of a forward-looking PD as a function of the type of counterparty, to which a credit default swap (CDS) spread or a CDS proxy is assigned. For this purpose, external counterparties are classified into three categories:

• The first category includes the counterparties for which CDS input parameters are directly observable in

the market;

• The second category includes counterparties for which there is no official quoted parameter, but to which a CDS proxy can be assigned, based on the observable market value that is given to counterparties with the same characteristics in terms of economic activity sector, rating and geographical area;

• The third category includes the counterparties to which a proxy cannot be assigned and for which, there-

fore, historical data are used.

On the other hand, the DVA calculation depends on the Bank’s exposure, probability of default (PD) and Loss Given Default (LGD) and this measure expresses the potential earnings from the change in the market prices of the relevant derivative, due to the worsening of the creditworthiness/default of the Bank. In this case, a PD is used.

As at 30 June 2026, the CVA value for the Crédit Agricole Italia Banking Group, calculated in accordance with the method reported above, was Euro -2.02 million.

Similarly, as at 30 June 2026, the DVA value was Euro +0.86 million.

The difference between the CVA and DVA amounts as calculated (equal to Euro -1.16 million for the Group), net of the same component already recognized as at 31 December 2025 (equal to Euro -1.43 million), is a positive income component (amounting to Euro +0.27 million for the Group).

Processes and sensitivity of measurement The Finance Function of Crédit Agricole Italia S.p.A. is responsible for defining the fair value levels of the financial instruments recognized. Choosing between the above methods is not an option, since they shall be applied in a hierarchical order: absolute priority is given to official prices that are available on active markets for assets and liabilities to be measured (Level 1) or for assets and liabilities that are measured using tech-

niques based on parameters that are observable on the market (Level 2); lower priority is given to assets and liabilities whose fair value is determined based on measurement techniques referring to parameters that are unobservable on the market and, thus, more discretionary (Level 3).

IFRS 13 also requires that, for recurring fair value measurements classified as Level 3 of the fair value hierar-

chy, a narrative description be given of the sensitivity of the fair value measurement to changes in unobserv -

able inputs, if a change in those inputs could result in a significantly higher or lower fair value measurement.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 61

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Indeed, unobservable inputs that can affect the measurement of financial instruments classified as Level 3 mainly consist in estimates and assumptions underlying the models used to measure investments in equity securities and OTC derivatives. For these investments no quantitative sensitivity analysis of the fair value based on the change in unobservable inputs was carried out, since either the fair value was obtained from third-party sources making adjustments mainly linked to their liquidity, or resulted from a model whose inputs are specific for the entity being measured (for example the company equity values) and for which alternative values cannot be reasonably assumed.

Reference is made to the breakdown analysis of the composition of these cases, which is reported in the next section on quantitative disclosures.

Fair value hierarchy For the assets and liabilities recognized, the Finance Department assesses whether transfers between fair value levels have occurred and reviews the fair value categorization at each reporting date.

The Finance Function moves financial instruments from Level 1 to Level 2 only in case of financial instruments that are quoted in a regulated but not active market and that can be measured using the Group’s internal standard pricing models. The Finance Function makes transfers to Level 3 only for financial instruments that are no longer listed in a regulated market and that cannot be measured using standard internal pricing models of the Group.

Transfers between portfolios This case does not apply.

Other information

The cases provided for by IFRS 13 at paragraphs 51, 93 item (i) and 96 did not apply to the Group.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 62 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

QUANTITATIVE DISCLOSURES

FAIR VALUE HIERARCHY

Assets and liabilities measured at fair value on a recurring basis:

breakdown by fair value level Financial assets/liabilities measured at fair value30 June 2026 31 Dec. 2025

L1 L2 L3 L1 L2 L3

1. Financial assets measured at fair value through profit or loss 4 83,509 155,450 4 77,555 150,997 a) financial assets held for trading 4 83,509 49 4 77,555 -

b) financial assets designated at fair value - - - - - -

c) other financial assets mandatorily measured at fair value - - 155,401 - - 150,997 2. Financial assets measured at fair value through other comprehensive income 3,552,164 211,271 39,459 2,839,274 211,271 39,572 3. Hedging derivatives - 803,611 10 - 891,357 6 4. Property, Plant and Equipment - - - - - -

5. Intangible Assets - - - - - -

Total 3,552,168 1,098,391 194,919 2,839,278 1,180,183 190,575 1. Financial liabilities held for trading - 83,670 49 - 80,408 -

2. Financial liabilities designated at fair value - - - - - -

3. Hedging derivatives - 1,568,233 - - 1,741,029 -

Total -1,651,903 49 -1,821,437 -

Key:

L1 = Level 1 L2 = Level 2 L3 = Level 3

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 63

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Changes for the year in assets measured at fair value on a recurring basis (level 3) Financial assets measured at fair value through profit or lossFinancial assets

measured

at fair value

through other

comprehensive

incomeHedging

derivativesProperty,

plant and

equipmentIntangible

Assets

Total Of which:

a) financial

assets held

for tradingOf which

b) financial

assets

designated

at fair

valueOf which

c) other

financial assets

mandatorily

measured at

fair value

1. Opening balance 150,997 - - 150,997 39,572 6 - -

2. Increases 12,635 82 - 12,668 565 4 - -

2.1 Purchases 11,347 - - 11,497 49 -

2.2 Gains recognized in: 1,206 82 - 1,171 516 4 - -

2.2.1 Income Statement 1,206 82 - 1,171 - 4 - -

- o/w: capital gains 161 82 - 127 - 4 - -

2.2.2 Equity - - - - 516 - - -

2.3 Transfers from other levels 82 - - - - - - -

2.4 Other increases - - - - - - - -

3. Decreases 8,311 33 - 8,264 678 - - -

3.1 Sales 344 1 - 343 101 - - -

3.2 Repayments 6,513 - - 6,513 - - - -

3.3 Losses recognized in: 1,454 32 - 1,407 577 - - -

3.3.1 Income Statement 1,454 32 - 1,407 - - - -

- o/w capital losses 1,454 32 - 1,407 - - - -

3.3.2 Equity - - - - 577 - - -

3.4 Transfers to other levels - - - - - - - -

3.5 Other decreases - - - 1 - - - -

4. Closing balance 155,321 49 - 155,401 39,459 10 - -

Changes for the year in liabilities measured at fair value on a recurring basis (level 3)

Financial

liabilities

held for tradingFinancial

liabilities

designated at

fair valueHedging

derivatives

1. Opening balance - - -

2. Increases 81 - -

2.1 Issues - - -

2.2 Losses recognized in: 81 - -

2.2.1 Income Statement 81 - -

- of which Capital losses 81 - -

2.2.2 Equity X - -

2.3 Transfers from other levels - - -

2.4 Other increases - - -

3. Decreases 32 - -

3.1 Repayments - - -

3.2 Repurchases - - -

3.3 Gains recognized in: - - -

3.3.1 Income Statement - - -

- of which Capital gains - - -

3.3.2 Equity X - -

3.4 Transfers to other levels 32 - -

3.5 Other decreases - - -

4. Closing balance 49 - -

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part A 64 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by fair value level

Assets/liabilities not

measured at fair value or measured at fair value on a non-

recurring basis30 June 2026 31 Dec. 2025

BV L1 L2 L3 BV L1 L2 L3

1. Financial assets

measured at

amortized cost 84,232,072 5,556,060 10,829,856 67,135,007 79,134,571 6,319,698 5,645,241 66,549,097 2. Investment property 97,684 - - 139,829 101,310 - - 133,926 3. Non-current assets held for sale and

discontinued

operations 350 - - 350 1,475 - - 1,475 Total 84,330,106 5,556,060 10,829,856 67,275,186 79,237,356 6,319,698 5,645,241 66,684,498 1. Financial liabilities

measured at

amortized cost 80,930,250 -78,335,537 2,707,185 81,001,578 -77,604,369 3,502,821 2. Liabilities associated

with non-current

assets held for sale

and discontinued

operations - - - - - - - -

Total 80,930,250 -78,335,537 2,707,185 81,001,578 -77,604,369 3,502,821

Key:

BV = Book value L1 = Level 1 L2 = Level 2 L3 = Level 3

REPORTING ON “DAY ONE PROFIT/LOSS”

Paragraph 28 of IFRS 7 governs the specific situation where, in case of purchase of a financial instrument that is measured at fair value but not listed on an active market, the transaction price, which generally is equal to the fair value best estimate upon initial recognition, is different from the fair value determined based on the measurement techniques used by the entity.

In this case, a measurement gain/loss is realized upon acquisition, which shall be adequately reported by financial instrument class.

It is pointed out that this case does not apply to the Group Consolidated Financial Statements.

DISCLOSURE ON EXPOSURES TO CRYPTO-ASSETS

In H1 2026, the Bank and the other entities of the Crédit Agricole Italia Group did not carry out any trans-

actions in cryptocurrencies or crypto-assets and, therefore, the Group has not recognized any exposures of this kind.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 65

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

PART B - INFORMATION ON THE CONSOLIDATED

BALANCE SHEET

Reclassified Consolidated Balance Sheet Assets 30 June 2026 31 Dec. 2025 Changes

Absolute %

Net financial assets/liabilities at fair value 155,244 148,148 7,096 4.8 Financial assets measured at fair value through other comprehensive income 3,802,894 3,090,117 712,777 23.1 Net due from banks 9,108,743 4,074,565 5,034,178 Loans to Customers 73,422,931 73,489,329 -66,398 -0.1 Equity investments 29,528 28,036 1,492 5.3 Property, plant and equipment and intangible assets 2,568,263 2,602,881 -34,618 -1.3 Tax assets 1,459,967 1,615,501 -155,534 -9.6 Other asset items 2,834,746 6,748,546 -3,913,800 -58.0 Total assets 93,382,316 91,797,123 1,585,193 1.7 Liabilities 30 June 2026 31 Dec. 2025 Changes

Absolute %

Funding from Customers 78,944,455 79,147,888 -203,433 -0.3 Tax liabilities 278,750 381,062 -102,312 -26.8 Other liabilities 4,773,215 3,061,086 1,712,129 55.9 Specific-purpose provisions 572,991 619,096 -46,105 -7.4 Capital 1,102,071 1,102,071 - -

Equity instruments 960,000 740,000 220,000 29.7 Reserves (net of treasury shares) 6,293,098 5,963,005 330,093 5.5 Valuation reserves -50,611 -43,771 6,840 15.6 Equity attributable to minority interests 30,232 29,689 543 1.8 Profit (Loss) for the period 478,115 796,997 -318,882 -40.0 Total equity and net liabilities 93,382,316 91,797,123 1,585,193 1.7

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 66 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Reconciliation of the balance sheet and reclassified balance sheet The balance sheet layout presented below has been reclassified in accordance with management criteria, in order to provide information on the general performance of the Group’s operations in a timely manner based on profit or loss and financial data that can be determined quickly and easily.

Said financial statements have been built based on the financial statement layouts provided by the Bank of Italy’s Circular no. 262/2005 as updated, in accordance with the same aggregation and classification meth-

ods as used to prepare the consolidated financial statements as at 31 December 2025.

Assets 30 June 2026 31 Dec. 2025 Net financial assets/liabilities at fair value 155,244 148,148 20 a. Financial assets held for trading 83,562 77,559 20 c. Financial assets mandatorily measured at fair value 155,401 150,997 20. Financial liabilities held for trading -83,719 -80,408 Financial assets measured at fair value through other comprehensive income 3,802,894 3,090,117 30. Financial assets measured at fair value through other comprehensive income 3,802,894 3,090,117 Net due from banks 9,108,743 4,074,565 40 a. Due from banks 10,809,141 5,645,242 10 a. Due to banks -1,703,920 -1,574,258 To deduct: Lease liabilities 3,522 3,581 Loans to Customers 73,422,931 73,489,329 40 b. Loans to Customers 73,422,931 73,489,329 Equity investments 29,528 28,036 70. Equity investments 29,528 28,036 Property, plant and equipment and intangible assets 2,568,263 2,602,881 90. Property, Plant and Equipment 1,006,080 1,026,755 100. Intangible assets 1,562,183 1,576,126 Tax assets 1,459,967 1,615,501 110. Tax assets 1,459,967 1,615,501 Other asset items 2,834,746 6,748,546 10. Cash and cash equivalents 832,446 4,377,990 130. Other assets 1,734,016 2,097,713 50. Hedging derivatives (Assets) 803,621 891,363 60. Fair value change of financial assets in macro-hedge portfolios -535,687 -619,995 120. Non-current assets held for sale and discontinued operations 350 1,475 Total assets 93,382,316 91,797,123

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 67

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Liabilities 30 June 2026 31 Dec. 2025 Funding from Customers 78,944,455 79,147,888 10 b) Due to Customers 63,058,682 63,373,745 To deduct: Lease liabilities -281,875 -279,432 10 c) Debt securities issued 16,167,648 16,053,575 Tax liabilities 278,750 381,062 60. Tax liabilities 278,750 381,062 Other liabilities 4,773,215 3,061,086 10 a. Due to banks: of which lease liabilities 3,522 3,581 10 b. Due to customers: of which lease liabilities 281,875 279,432 40 Hedging derivatives (Liabilities) 1,568,233 1,741,029 50. Fair value change of financial liabilities in macro-hedge portfolios -598,146 -711,329 80. Other liabilities 3,517,731 1,748,373 Specific-purpose provisions 572,991 619,096 90. Employee severance benefits 69,520 81,867 100. Provisions for risks and charges 503,471 537,229 Capital 1,102,071 1,102,071 170. Capital 1,102,071 1,102,071 Equity instruments 960,000 740,000 140. Equity instruments 960,000 740,000 Reserves (net of treasury shares) 6,293,098 5,963,005 150. Reserves 2,797,728 2,467,635 160. Share premium reserve 3,495,378 3,495,378 180. Treasury shares (+/-) -8 -8 Valuation reserves -50,611 -43,771 120. Valuation reserves -50,611 -43,771 Minority interests 30,232 29,689 190. Minority interests 30,232 29,689 Profit (Loss) for the period 478,115 796,997 200. Profit (loss) for the period 478,115 796,997 Total liabilities and equity 93,382,316 91,797,123 The tables below breaking down the main balance sheet aggregates are consistent with the reclassified lay -

outs represented above.

Please, see the Interim Report on Operations for comments on the main items.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 68 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Due from and due to banks Financial assets measured at amortized cost: breakdown by type of due from banks Type of transactions/Values 30 June 2026 31 Dec. 2025 Book value Fair value Book value Fair value

Stage 1

and 2Stage 3 POCI assetsL1 L2 L3 Stage 1 and 2Stage 3 POCI assetsL1 L2 L3 A. Claims on Central Banks 6,374,375 - - -6,374,375 - 678,516 - - - 678,516 -

1. Time deposits - - - X X X - - - X X X 2. Reserve requirement 6,341,522 - - X X X 645,664 - - X X X 3. Repurchase agreements - - - X X X - - - X X X 4. Other 32,853 - - X X X 32,852 - - X X X B. Due from Banks 4,434,766 - - -4,434,766 4,966,726 - - -4,966,726 -

1. Loans 4,434,766 - - - -4,966,726 - - -4,966,726 -

1.1 Current accounts - - - X X X - - - X X X 1.2 Time deposits 2,920,634 - - X X X 2,959,569 - - X X X 1.3 Other loans: 1,514,132 - - X X X 2,007,157 - - X X X

- Repurchase

agreements - - - X X X - - - X X X

- Loans for leases - - - X X X - - - X X X

- Other 1,514,132 - - X X X 2,007,157 - - X X X 2. Debt securities - - - - - - - - - - -

2.1 Structured Securities - - - - - - - - - - - -

2.2 Other debt securities - - - - - - - - - - -

Total 10,809,141 - - -10,809,141 5,645,242 - - -5,645,242 -

Key:

L1 = Level 1 L2 = Level 2 L3 = Level 3

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 69

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Financial liabilities measured at amortized cost: breakdown by type of due to Banks Type of transactions/ Values30 June 2026 31 Dec. 2025 BV Fair value BV Fair value

L1 L2 L3 L1 L2 L3

1. Due to Central Banks - X X X - X X X 2. Due to banks 1,703,920 X X X1,574,258 X X X 2.1 Current accounts

and demand

deposits 48,972 X X X 17,567 X X X 2.2 Time deposits 358,565 X X X 344,384 X X X 2.3 Loans 1,285,607 X X X1,193,043 X X X

2.3.1 Repurchase

agreements

for funding

purposes - X X X - X X X 2.3.2 Other 1,285,607 X X X1,193,043 X X X 2.4 Liabilities for

commitments

to repurchase

own equity

instruments - X X X - X X X 2.5 Lease liabilities 3,522 X X X 3,582 X X X 2.6 Other due and payables 7,254 X X X 15,682 X X X Total 1,703,920 1,703,920 1,574,258 -1,574,258 -

Key:

BV = Book value L1 = Level 1 L2 = Level 2 L3 = Level 3

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 70 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Loans to Customers Items 30 June 2026 31 Dec. 2025 Changes

Absolute %

- Current accounts 2,791,382 2,623,363 168,019 6.4

- Mortgage loans 43,650,926 43,203,156 447,770 1.0

- Invoice financing and credit facilities 20,226,005 20,106,083 119,922 0.6

- Non-performing loans 653,764 721,297 -67,533 -9.4 Loans to Customers 67,322,077 66,653,899 668,178 1.0 Securities measured at amortized cost 6,100,854 6,835,430 -734,576 -10.7 Total Loans to Customers 73,422,931 73,489,329 -66,398 -0.1 Loans to customers: asset quality Items 30 June 2026 31 Dec. 2025

Gross

exposure Total

adjustments Net

exposure %

coverageGross

exposure Total

adjustments Net

exposure %

coverage

Bad loans 538,615 396,385 142,230 73.6% 575,926 409,175 166,751 71.0% Unlikely to Pay 1,142,419 634,743 507,676 55.6% 1,196,235 644,929 551,306 53.9%

- Past-due/overlimit loans 5,670 1,812 3,858 32.0% 4,790 1,550 3,240 32.4% Non-performing loans 1,686,704 1,032,940 653,764 61.2% 1,776,951 1,055,654 721,297 59.4% Performing loans - stage 2 6,800,481 298,632 6,501,849 4.4% 5,748,144 282,231 5,465,913 4.9% Performing loans - stage 1 60,249,879 83,415 60,166,464 0.1% 60,551,584 84,895 60,466,689 0.1% Performing loans 67,050,360 382,047 66,668,313 0.57% 66,299,728 367,126 65,932,602 0.55% Loans to Customers 68,737,064 1,414,987 67,322,077 2.1% 68,076,679 1,422,780 66,653,899 2.1% Securities at amortized cost 6,116,105 15,251 6,100,854 0.2% 6,851,423 15,993 6,835,430 0.2% Total Loans to Customers 74,853,169 1,430,238 73,422,931 1.9% 74,928,102 1,438,773 73,489,329 1.9% Funding from Customers Items 30 June 2026 31 Dec. 2025 Changes

Absolute %

- Deposits 471,187 1,635,708 -1,164,521 -71.2

- Current and other accounts 61,730,973 60,802,315 928,658 1.5

- Other items 574,647 656,290 -81,643 -12.4 Due to Customers 62,776,807 63,094,313 -317,506 -0.5 Debt securities issued 16,167,648 16,053,575 114,073 0.7 Total direct funding 78,944,455 79,147,888 -203,433 -0.3 Indirect funding 115,687,945 112,370,018 3,317,927 3.0 Total funding 194,632,400 191,517,906 3,114,494 1.6

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 71

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

Indirect funding

30 June 2026 31 Dec. 2025 Changes

Absolute %

- Wealth management 30,547,058 29,296,906 1,250,152 4.3

- Insurance products 28,529,243 27,894,909 634,334 2.3 Total assets under management 59,076,301 57,191,815 1,884,486 3.3 Assets under administration 56,611,644 55,178,203 1,433,441 2.6 Indirect funding 115,687,945 112,370,018 3,317,927 3.0 Financial assets and liabilities measured at fair value 30 June 2026 31 Dec. 2025 Changes

Absolute %

Financial assets and liabilities measured at fair value through profit or loss

- Debt securities 758 759 -1 -0.1

- Equity securities and units of collective investment undertakings 154,647 150,242 4,405 2.9

- Derivative financial instruments with positive FV 83,558 77,555 6,003 7.7 Total assets 238,963 228,556 10,407 4.6

- Derivative financial instruments with negative FV 83,719 80,408 3,311 4.1 Total liabilities 83,719 80,408 3,311 4.1 Net Total 155,244 148,148 7,096 4.8 Financial assets measured at fair value through other comprehensive income

- Debt securities 3,552,163 2,839,273 712,890 25.1

- Equity securities 250,731 250,844 -113 0.0 Total 3,802,894 3,090,117 712,777 23.1 Government securities held 30 June 2026 31 Dec. 2025

Nominal

valueBook value Valuation

reserveNominal

valueBook value Valuation

reserve

Financial assets measured at fair value through profit or loss (held for trading) Italian Government securities 1 1 - 1 1 -

Argentinian Government securities 87 - X 87 - X Financial assets measured at fair value through other comprehensive income Italian Government securities 3,520,000 3,552,164 7,136 2,798,000 2,839,274 15,639 Financial assets measured at

amortized cost

Italian Government securities 5,480,000 5,481,753 X 6,202,000 6,205,254 X Total 9,000,088 9,033,918 7,136 9,000,088 9,044,529 15,639

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 72 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

Specific-purpose provisions

30 June 2026 31 Dec. 2025 Changes

Absolute %

Employee severance benefits 69,520 81,867 -12,347 -15.1 Provisions for risks and charges 503,471 537,229 -33,758 -6.3 a) commitments and guarantees given 110,690 104,027 6,663 6.4 b) post-employment and similar obligations 24,383 25,632 -1,249 -4.9 c) other provisions for risks and charges 368,398 407,570 -39,172 -9.6 Total specific-purpose provisions 572,991 619,096 -46,105 -7.4 Specific-purpose provisions came to Euro 573 million, decreasing by Euro 46 million vs. 31 December 2025.

Provisions for risks and charges: changes in the period Pension plans Other provisions for risks and

chargesTotal

A. Opening balance 25,632 407,570 433,202 B. Increases 737 11,959 12,696 B.1 Provision for the year - 10,302 10,302 B.2 Changes due to passage of time 379 1,429 1,808 B.3 Changes due to alterations in the discount rate - 132 132 B.4 Other changes 358 96 454 C. Decreases 1,986 51,131 53,117 C.1 Use in the year 1,495 25,353 26,848 C.2 Changes due to alterations in the discount rate 491 109 600 C.3 Other changes - 25,669 25,669 D. Closing balance 24,383 368,398 392,781 The breakdown of Other Provisions is as follows:

• Legal and tax-related disputes: the provision is intended to cover any expenses from lawsuits brought against the Bank and revocatory actions in insolvency and bankruptcy. Having regard to tax-related dis-

putes, which generate a risk that is overall not significant, the provision is intended to cover expenses resulting from tax-related disputes the amount of which has not already been recognized under the rele-

vant item of the Income Statement, even though the Bank believes it acted correctly in all the cases being

disputed;

• Personnel expenses: the provision covers the expenses for voluntary redundancy incentives;

• Other risks and charges refer mainly to provisions intended to cover the expenses for the integration of Credito Valtellinese, Cassa di Risparmio di San Miniato, Cassa di Risparmio di Cesena and Cassa di Risparmio di Rimini, the expenses associated with the disposal of NPL portfolios and other disputes with Customers.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part B 73

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

Disputes

In H1 2026, pending disputes had a physiologically performance, in line with expectations and with the rele-

vant national context.

The progressively decreasing trend concerned both new disputes, reflecting the by now well-established evolution that was seen also in the previous years, and pending ones, the reduction in which also resulted from the strategy aimed at limiting the risk of disbursement and effective management of legal risk, with actions aimed at settling disputes making good use of Alternative Dispute Resolution (ADR) procedures.

As at the reporting date, for Crédit Agricole Italia, pending disputes were 1,614 in total, for which provisions have been recognized in an amount of Euro 44.2 million.

The majority of court disputes regards positions classified as NPE or positions associated with disposed loans; disputes on performing loans or started by non-customer third parties come next, whereas tax-related and labour-related disputes have but marginal weight.

For the purposes of this Note to the Financial Statements, it was decided to give a representation by homo-

geneous type of dispute, which is deemed more effective than the description of the individual disputes, as it provides a summary and significant snapshot of the main areas of legal risk.

The Bank’s disputes as at 30 June 2026 can be broken down into the following macro-categories:

• Revocatory actions in bankruptcy: disputes started by official receivers or liquidators in bankruptcy peti-

tioning for the return of amounts paid to debtors that were later declared insolvent;

• Liability regarding loan origination or revocation: claims for compensation lodged by customers for alleg-

edly unlawful loan origination, omitted or late revocation of credit lines, or undue reporting to the Central

Credit Register;

• Disputes regarding compounding of interest, interest and other financial terms and conditions applied to current accounts and loan contracts: disputes started by customers claiming the refund of amounts allegedly charged by the Bank as quarterly compounding of interest due, interest above the statutory rate or unauthorized overdraft fees;

• Disputes regarding financial intermediation: disputes regarding the provision of investment servic -

es(breach of obligations concerning suitability, appropriateness, pre-contractual information and conflicts of interest) and the placing of financial and insurance products;

• Other banking disputes: disputes regarding contracts, compensation for damage to third parties, opposi-

tion to payment orders, claims on banking transparency, diligence obligations, frauds associated with the use of payment instruments (especially cards, credit transfers and on-line purchases) and other disputes not falling into the above-listed categories;

• Labour law disputes: this category includes disputes involving employees, including terminated employ -

ees, and regarding the breach of Non-compete Covenants and Extended Notice Covenants, besides disci-

plinary measures and claims for compensation in general;

• Tax-related disputes: procedures and disputes started by the Tax Authority regarding tax payment.

Having regard to tax-related disputes, the notice of some assessments was served on Crédit Agricole Italia in its capacity as the designated consolidating entity in the tax consolidation scheme comprising the Italian direct and indirect subsidiaries of Credit Agricole S.A., which actually concern the determination of the in-

come of entities that do not belong to the Crédit Agricole Italia Banking Group; any expense shall be paid for the entities concerned.

For the other entities of the Group, as at 30 June 2026 provisions for pending disputes were recognized amounting to Euro 1.5 million, mainly regarding the subsidiary Crédit Agricole Leasing Italia for claims con-

cerning the management of lease agreements and/or assets leased out.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part C 74 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

PART C - INFORMATION ON THE CONSOLIDATED

INCOME STATEMENT

RECLASSIFIED CONSOLIDATED INCOME STATEMENT

30 June 2026 30 June 2025 Changes

Absolute %

Net interest income 862,114 846,917 15,197 1.8 Net fee and commission income 707,213 661,812 45,401 6.9 Dividend income 11,420 12,297 -877 -7.1 Financial income (loss) 26,741 26,304 437 1.7 Other operating income (expenses) 3,979 9,352 -5,373 -57.5 Net operating income 1,611,467 1,556,682 54,785 3.5 Personnel expenses -508,438 -512,374 -3,936 -0.8 Administrative expenses -189,511 -171,631 17,880 10.4

Depreciation and

amortization -89,365 -90,292 -927 -1.0 Operating expenses -787,314 -774,297 13,017 1.7 Operating margin 824,153 782,385 41,768 5.3 Net provisioning for risks and charges 1,639 -4,381 6,020 Net adjustments to loans -97,259 -96,713 546 0.6 Impairment of securities -27 1,396 -1,423 Gains (losses) on other investments 500 1,901 -1,401 -73.7 Profit (loss) before taxes from continuing operations 729,006 684,588 44,418 6.5 Taxes on income from continuing operations -249,279 -214,843 34,436 16.0 Profit for the period 479,727 469,745 9,982 2.1 Profit (Loss) for the period attributable to minority interests -1,612 -1,480 132 8.9 Profit (Loss) for the period attributable to the Parent Company 478,115 468,265 9,850 2.1

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part C 75

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of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Reconciliation between the official and reclassified income

statements

The income statement layout presented below has been reclassified in accordance with management crite-

ria, in order to provide information on the general performance of the Crédit Agricole Italia Banking Group’s operations in a timely manner based on profit or loss and financial data that can be determined quickly and easily.

The financial statement has been built based on the financial statement layouts provided by the Bank of Ita-

ly’s Circular no. 262/2005 as updated, in accordance with the same aggregation and classification methods as used to prepare the consolidated financial statements as at 31 December 2025.

30 June 2026 30 June 2025 Net interest income 862,114 846,917 30. Net interest income 861,162 845,658 230. Calit IAS gain 952 1,259 Net fee and commission income 707,213 661,812 60. Net fee and commission income 707,092 661,653 200. Other operating expenses/income: of which Commission income from Fast Loan Application Processing 121 159 Dividends and similar income = item 70 11,420 12,297 Financial income (loss) 26,741 26,304 80. Net gains (losses) on trading activities 11,753 9,759 90. Net gains (losses) on hedging activities -10,223 -5,985 100. Gains (losses) on disposal or repurchase of: a) securities classified as financial assets measured at amortized cost 13,822 5,492 100. Profit (loss) on disposal or repurchase of: b) financial assets measured at fair value through other comprehensive income 13,019 24,121 To deduct: release of provision for impairment of securities measured at fair value through other comprehensive income -2,508 -4,048 100. Gain (loss) on disposal or repurchase of: c) financial liabilities - 7 110. Net gains (losses) on other financial assets and liabilities measured at fair value through profit or loss -236 -4,009 To deduct: b) other financial assets mandatorily measured at fair value of which measurement of financial instruments 1,114 967 Other operating income (expenses) 3,979 9,352 230. Other operating expenses/income 199,401 180,844 To deduct: expenses recovered -192,110 -168,130 To deduct: recovered expenses for the management of non-performing loans -2,195 -1,835 To deduct: Commission income from Fast Loan Application Processing -121 -159 To deduct: Calit IAS gain -952 -1,259 To deduct: gains/losses from lease contracts under IFRS 16 -44 -109 Net operating income 1,611,467 1,556,682 Personnel expenses = item 190 a) -508,438 -512,374 Administrative expenses -189,511 -171,631 190. Administrative expenses: b) other administrative expenses -387,200 -345,739 230. Other operating expenses/income: of which expenses recovered 192,110 168,130 190. Administrative expenses: b) other administrative expenses: o/w expenses for the management of non-performing loans 5,579 5,978

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part C 76 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 30 June 2026 30 June 2025 Depreciation and amortization -89,365 -90,292 210. Net adjustments to/recoveries on property, plant and equipment -45,586 -46,392 To deduct: impairment/impairment recoveries on non-current assets and IFRS 16 right of use 1,014 90 220. Net adjustments to/recoveries on intangible assets -44,793 -43,990 Operating expenses -787,314 -774,297 Operating margin 824,153 782,385 Adjustments on goodwill = item 270 - -

Net provisioning for risks and charges = Item 200 b) other net provisioning 1,639 -4,381 170. Net provisioning for risks and charges; b) other net provisioning 1,639 -4,381 Net adjustments to loans -97,259 -96,713 100. Gain (loss) on disposal or repurchase of: a) financial assets measured at amortized cost 28,579 21,357 To deduct: profit (loss) on disposal or repurchase of: a) securities classified as financial assets measured at amortized cost -13,822 -5,492 To deduct: release of provision for impairment of securities measured at amortized cost -1,492 -1,335 110. Net gains (losses) on other financial assets and liabilities measured at fair value through profit or loss of: b) of other financial assets mandatorily measured at fair value: of which measurement of financial instruments -1,114 -967 130. Net adjustments for credit risk of: a) financial assets measured at amortized cost -99,739 -109,934 To deduct: net adjustments for credit risk of: a) securities classified as financial assets measured at amortized cost 750 2,034 140. Gains/Losses on contract modifications without derecognition -374 -1,361 190. Administrative expenses: b) other administrative expenses: o/w expenses for the management of non-performing loans -5,579 -5,978 To deduct: recovered expenses for the management of non-performing loans 2,195 1,835 200. Net provisioning for risks and charges: a) commitments and guarantees given -6,663 3,128 Impairment of securities -27 1,396 130. Net adjustments for credit risk to: a) securities classified as financial assets measured at amortized cost -750 -2,034 130. Net adjustments for credit risk of: b) financial assets measured at fair value through other comprehensive income -3,277 -1,953 To deduct: release of provision for impairment of securities measured at fair value through other comprehensive income 2,508 4,048 100. Gains (losses) on disposal or repurchase of: a) of which impairment release on securities measured at amortized cost 1,492 1,335 Gains (losses) on other investments 500 1,901 250. Gains (losses) on equity investments 618 1,048 260. Net gains (losses) from property, plant and equipment and intangible assets measured at fair value - -140 280. Gains (losses) on disposals of investments 852 974 210. Net adjustments to/recoveries on property, plant and equipment: o/w impairment/ impairment recoveries on non-current assets and/IFRS 16 right of use -1,014 -90 230. Other operating costs/income: o/w profit/losses from sublease contracts IFRS 16 44 109 Profit (loss) before taxes from continuing operations 729,006 684,588 Taxes on income from continuing operations = item 300 -249,279 -214,843 300. Taxes on income for the period from continuing operations -249,279 -214,843 Profit for the period 479,727 469,745 Profit (Loss) for the period attributable to minority interests -1,612 -1,480 Profit (Loss) for the period attributable to the Parent Company 478,115 468,265 The tables below breaking down the main income statement aggregates are consistent with the reclassified layouts represented above.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part C 77

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of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

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Financial Statements Financial Statements of the Parent Company Net interest income Items 30 June 2026 30 June 2025 Changes

Absolute %

Business with customers 857,145 842,893 14,252 1.7 Business with banks 74,308 104,868 -30,560 -29.1 Debt securities issued -224,209 -275,379 -51,170 -18.6 Financial assets held for trading - 1 -1 Assets measured at fair value 182 16 166 Securities measured at amortized cost 84,168 85,581 -1,413 -1.7 Securities through other comprehensive income 36,777 42,653 -5,876 -13.8 Other net interest income 33,743 46,283 -12,540 -27.1 Net interest income 862,114 846,917 15,197 1.8 Net fee and commission income Items 30 June 2026 30 June 2025 Changes

Absolute %

- guarantees given 8,210 7,490 720 9.6

- collection and payment services 47,326 46,272 1,055 2.3

- current accounts 121,896 119,835 2,060 1.7

- debit and credit card services 46,660 43,977 2,683 6.1 Commercial banking business 224,092 217,574 6,518 3.0

- securities intermediation and placement 202,702 172,061 30,641 17.8

- intermediation in foreign currencies 3,331 3,798 -467 -12.3

- asset management 8,510 7,919 591 7.5

- distribution of insurance products 188,070 178,694 9,376 5.2

- other intermediation/management fee and commission income 41,251 39,160 2,091 5.3 Management, intermediation and advisory services 443,863 401,632 42,231 10.5 Other net fee and commission income 39,258 42,606 -3,348 -7.9 Total net fee and commission income 707,213 661,812 45,401 6.9

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part C 78 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Financial income (loss) Items 30 June 2026 30 June 2025 Changes

Absolute %

Interest rates 6,017 4,329 1,688 39.0 Foreign exchange 5,390 5,348 42 0.8 Commodities 345 83 262 Total gains (losses) on financial assets held for trading 11,753 9,760 1,993 20.4 Total gains (losses) on assets held for hedging -10,223 -5,985 4,238 70.8 Net gains (losses) on financial assets and liabilities measured at fair value 878 -3,043 3,921 Total gains (losses) on securities recognized as assets and liabilities measured at amortized cost 13,822 5,499 8,323 Total gains (losses) on securities through other comprehensive income 10,511 20,073 -9,562 -47.6 Financial income (loss) 26,741 26,304 437 1.7

Operating expenses

Items 30 June 2026 30 June 2025 Changes

Absolute %

Personnel expenses -508,438 -512,374 -3,936 -0.8

- general operating expenses -47,211 -42,850 4,361 10.2

- IT services -98,877 -89,256 9,621 10.8

- direct and indirect taxes -92,404 -87,738 4,666 5.3

- real estate property management -8,511 -7,566 945 12.5

- legal and other professional services -10,666 -4,867 5,799

- advertising and promotion expenses -7,303 -8,578 -1,275 -14.9

- indirect personnel expenses -2,392 -2,043 349 17.1

- other expenses -114,258 -96,864 17,394 18.0

- expenses and charges recovered 192,111 168,131 23,980 14.3 Administrative expenses -189,511 -171,631 17,880 10.4

- intangible assets -44,793 -43,990 803 1.8

- property, plant and equipment -44,572 -46,302 -1,730 -3.7 Depreciation and amortization -89,365 -90,292 -927 -1.0 Operating expenses -787,314 -774,297 13,017 1.7

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of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Net provisioning for risks and charges 30 June 2026 30 June 2025 Changes

Absolute %

- revocatory actions 124 -38 162

- non-lending-related legal disputes -5,485 -8,343 -2,858 -34.3

- other 7,000 4,000 3,000 75.0 Total specific-purpose provisions 1,639 -4,381 6,020 Net adjustments to loans 30 June 2026 30 June 2025 Changes

Absolute %

- bad loans -6,119 -11,279 -5,159 -45.7

- Unlikely to Pay -53,424 -67,902 -14,478 -21.3

- Past-due loans -1,333 -2,084 -751 -36.0 Non-performing loans -60,877 -81,265 -20,388 -25.1

- Performing loans - stage 2 -26,690 -11,865 14,825 124.9

- Performing loans - stage 1 1,843 -239 2,082 870.3 Performing loans -24,848 -12,105 12,743 105.3 Net losses on impairment of loans -85,724 -93,370 -7,645 -8.2 Gains/Losses on contract modifications without derecognition -374 -1,361 -987 -72.5 Measurement of financial instruments -1,114 -967 147 15.2 Expenses/recovered expenses for loan management -3,384 -4,143 -759 -18.3 Net adjustments for guarantees and commitments -6,663 3,128 -9,791 -313.0 Net adjustments to loans -97,259 -96,713 547 1

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 80 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

PART E - INFORMATION ON RISKS AND RELATIVE

HEDGING POLICIES

RISK MANAGEMENT

This section provides an update of the information on risks and the relative hedging policies, as at 30 June 2026, to complete the reporting given in Part E of the Annual Report as at 31 December 2025.

Crédit Agricole Italia attaches great importance to the measurement, management and control of risks, as an essential factor to achieve sustainable growth in an economic situation, such as the present one.

Crédit Agricole Italia is the operating Parent Company in Italy and is engaged in overall risk guidance and control, acting both as coordinator and as a commercial bank with its own distribution network.

In designing the risk management system, Crédit Agricole Italia S.p.A. complies with both the Italian legisla-

tion (with specific reference to Bank of Italy’s Circular No. 285/2013, as updated and to Delegated Regulation 2017/565), as well as with guidelines issued by the Parent Company Crédit Agricole SA.

The companies of the Group have their own risk management and control structures and frameworks in compliance with the Group’s guidelines, operate in their respective perimeters and benefit from the functions directly performed by Crédit Agricole Italia S.p.A., when centralized.

INTERNAL CAPITAL ADEQUACY ASSESSMENT PROCESS

(ICAAP) REPORT

Crédit Agricole Italia is required to prepare the ICAAP report and to send it to the European Central Bank, and, pursuant to Bank of Italy’s Circular no. 285 (Part 1, Title III, Chapter 1, Section 1, Paragraph 1), to the na-

tional Supervisory Authority, covering its consolidated perimeter (Banking Group).

The Internal Capital Adequacy Assessment Process (ICAAP), along with the Internal Liquidity Adequacy As-

sessment Process (ILAAP), is the first phase in the supervisory review process. The second phase consists of the Supervisory Review and Evaluation Process (SREP), which is carried out by the Supervisory Authorities;

within the process, the Supervisory Authorities review the ICAAP and ILAAP and issue an overall opinion on the Group.

Having regard to this exercise on the consolidated situation as at December 2025, the quantitative analy -

ses led to considering capital absorptions, in addition to those concerning Pillar 1 risks, associated with the Banking Group’s exposure to concentration risk (single name and geo-sectoral), sovereign risk, risk of chang-

es in the security portfolio’s value, global interest rate risk (including baseline risk, defined as the risk gener-

ated by a quantitatively different change amongst the various money market indices on floating-rate transac -

tions, and refixing risk, defined as the risk generated by repricing differences between funding and lending), liquidity price risk, business risk and, in compliance with the guidelines of the Parent Company Crédit Agricole S.A., foreign exchange risk (Pillar 2 Risks). The analyses have given evidence that the Crédit Agricole Italia Banking Group’s total capital is adequate to meet all risks to which the Group is exposed in accordance with its operations and target markets.

Conversely, qualitative assessments, control or mitigation measures based on processes were used for the following risks: liquidity – for the part not referring to liquidity price risk –, reputational risk, noncompliance and legal risk, environmental risk, ICT risk, information system security, outsourcing risk, residual risk, real es-

tate risk and model risk. The risk of excessive leverage is monitored by the Group through the leverage ratio.

Lastly, within the ICAAP, besides the risks classified as material in the risk mapping, transfer risk, baseline risk and country risk were also assessed, in accordance with Bank of Italy’s Circular no. 285.

In March 2026, Crédit Agricole Italia sent - to the Supervisory Authority - a set of documents for the assess-

ment of the system for internal capital management, which included quantitative evidence and an “ICAAP Statement” containing the opinion of the governance body on the Group’s capital adequacy, as well as an abstract of the internal documents aimed at providing an overview of the Group’s ICAAP framework.

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of ContentsForeword

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Financial Statements Financial Statements of the Parent Company

INTERNAL LIQUIDITY ADEQUACY ASSESSMENT PROCESS

(ILAAP) REPORT

Along with the ICAAP set of documents, at the end of March 2026, the Crédit Agricole Italia Banking Group sent its ILAAP (Internal Liquidity Adequacy Assessment Process) Report to the Supervisory Authority.

This Report is intended to provide the results of a self-assessment on the processes for the identification, measurement, management and monitoring of internal liquidity and describes: the liquidity framework, the Group’s refinancing structure, the composition of its liquidity reserves, the mechanism for the allocation of refinancing costs, resilience testing, the contingency funding plan and areas where the methodological mod-

el needs to be further developed.

This exercise gave evidence of the compliance of the liquidity risk management framework of the Crédit Ag-

ricole Italia Banking Group with the requirements set down by the Regulator. Indeed, the adopted framework ensures liquidity steering and effective monitoring of compliance with the set limits.

INTERNAL CONTROLS SYSTEM

The internal control system is the set of organizational, procedural and regulatory mechanisms aimed at con-

trolling all types of activities and risks to ensure proper execution and security of operations.

The scope of Crédit Agricole Italia’s internal control system includes all its structures, both central and of the Commercial Network, Information Technology departments, outsourced critical services, as well as out-

sourced services supporting critical and important functions as defined under the DORA Regulation.

In compliance with the standards of the Controlling Company, Crédit Agricole S.A., internal control is carried out with two different modalities: permanent control and periodic control.

In the Crédit Agricole Italia Banking Group, the Risk Management and Permanent Controls Department and the Compliance Department are in charge of permanent control activities, while the Audit Department is in charge of periodic control activities.

In accordance with the regulations in force, roles and departments engaged in control functions provide the corporate bodies having strategic responsibilities with periodic information on the single risks, through both dedicated reporting and participation in specific Committees, set up at Group level, especially the Risk and Internal Control Committee, which receives the evidence resulting from the activities of the 3 departments engaged in control functions (Internal Audit, Compliance and Risk Management).

CREDIT RISK

Consistently with the guidelines issued by the French Parent Company Crédit Agricole S.A., for adequate control on Credit Risk, the Crédit Agricole Italia Banking Group’s internal lending processes are firmly in place and fully formalized; those processes aim at:

• The achievement of sustainable objectives that are consistent with its risk appetite and with the Group’s value creation expectations, while ensuring support and proximity to the needs of the productive system, households and of the real economy;

• Portfolio diversification, by limiting and constantly monitoring the concentration of exposures by counter-

party/group, economic activity sector or geographical area;

• Adequate selection of the borrower economic groups and single borrowers, through in-depth analyses, aimed at developing and driving business with the most creditworthy Customers, as well as to anticipate and curb insolvency risks.

The credit risk framework is part of the Risk Appetite Framework and of the Risk Strategy agreed on with the Parent Company, which sets precise qualitative and quantitative guidance under which new loans and the quality of the assets shall fall for each customer segment. To that end, a permanent controls system is in force and operated by the Risk Management, which ensures compliance with it, triggering – if the case – the appropriate reporting procedures and the definition of remediation actions.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 82 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Lending processes are defined and governed by operating procedures in order to identify the criteria for risk taking and management, the activities to implement for the proper application of such criteria, the units responsible for carrying out the above activities and the procedures and tools supporting them.

The process steps are structured and the responsibilities are assigned in order to pursue set objectives in terms of overall effectiveness and efficiency.

The entire set of normative instruments that governs lending through guidelines per customer segment, cus-

tomer type and per single product is constantly updated integrating all the operational aspects associated with the origination and monitoring phases, in full compliance with the applicable legislation and regulations.

In the loan origination phase, the mitigation of credit risk is pursued by entering into ancillary agreements or by adopting appropriate tools and techniques designed to mitigate this risk. In this scope, special attention is paid to obtaining and managing guarantees, with the definition of general and specific requirements, with special regard to the rules and procedure to monitor that the requirements of the guarantees remain com-

plied with (legal certainty, prompt realization and value consistency with the guaranteed exposure).

The loan portfolio quality undergoes:

–Constant monitoring carried out at an aggregate level, analyzing its composition based on the risk meas-

urement parameters adopted by the Group (internal rating systems, early warning indicators, other perfor-

mance-monitoring indicators);

–Monitoring of the individual position, through approval processes that are structured and laid down in spe-

cific procedures governing all the phases in the management of the individual lending relations, in order to ensure preventive management of default risk.

The organizational structure, procedures and tools supporting the processes for the management of watch-

list exposures, i.e. showing anomalies, ensure prompt triggering of appropriate actions to restore them to a performing status or, should the circumstances require termination of the business relation, to collect the credit claim.

The Risk Management Function ensures that a permanent controls system is in place both on counterparty risk and on the whole loan portfolio within the scope of the roles assigned to it by the applicable legislation and regulations, including the reporting to the Governance Bodies of the Crédit Agricole Italia Banking Group and of the Parent Company.

From a strategic standpoint, the Crédit Agricole Italia Banking Group has continued to pursue its transforma-

tion ambitions in lending, with special focus on the following scopes:

–Early and proactive loan management;

–Automation of processes and reporting;

–Implementation of systems for credit risk forward-looking analysis.

The goal pursued with all the lending tranformative initiatives is maximizing customer satisfaction by:

–Shortening the response time increasing the percentage of information recovered automatically (thanks also to the use of AI tools) and giving the Network higher decision-making powers where risk is low;

–Increasing efficiency thanks to the reduction of operational activities done by hand.

Specifically, in H1 2026, some of the deployed initiatives enabled to:

• Improve early and proactive loan management by using an internal Early Warning system in accordance with the Crédit Agricole Group’s guidelines, supplementing processes with ESG indicators and creating workflows that give evidence of all credit risk indicators;

• Prepare automatic Lending Governance tools thanks to the data available in the Credit Data Platform

(“Data Lake”);

• Prepare fully automatic decision-making systems with no need for endorsement or action by the users;

• Design additional automation elements in the forbearance detection process;

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 83

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

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Financial Statements Financial Statements of the Parent Company • A new forward-looking data analysis system went live, which, using the historical and financial reporting data and the entry of the business plans, enables to estimate the reliability of the inertial forecasts of the impacts associated with the sectoral data, also benchmarking them against the KPIs of the main compet-

itors in the same scope. The system has been developed to contribute to improving compliance with the principles set out in points 118, 128 and 129 of the Guidelines on Loan Origination and Monitoring, published by the ECB in 2021;

• Implement automatic decision-making systems as regards payment in instalments of current account ex -

penses.

As regards defaulted exposures, in H1 2026 in coordination with the Risk Management Function of Crédit Agricole Italia, the “NPE Regulation” and the “NPE-Stage 3 Policies” were updated and merged into a single document, the NPE consolidated text (Testo Unico NPE or, T.U.N.) in order to ensure further oversight in credit risk governance The portfolio of defaulted exposures default has been subject to continuous analysis and monitoring, assess-

ing risk position based on the developments in the market and determining the best management and pro-

tection action for each one of them; concomitantly, where the case, the provisions covering them have been supplemented, in accordance with the guidelines set by the internal Policies, which implement the applicable legislation and regulations. The total coverage ratio of non-performing loans increased coming to 61.2% vs.

59.4% as at 31 December 2025.

The activity to reduce non-performing loans in H1 2026 (by roughly Euro 300 million) offset the new defaults and enabled to reduce total NPEs by about Euro 90 million, thus decreasing the Gross NPE Ratio to 2.45% (2.6% as at 31 December 2025).

The “Ermes” project managed by the NPE Structure went on with good results (the total recovery rate came to about 20%), which provides for the outsourcing from specialist servicers of the types of non-performing loans listed below:

1. Granular loans classified as UTP (unsecured and of amounts below Euro 50 thousand);

2. Loans classified as Bad (both unsecured and backed by mortgage of amounts below Euro 500 thousand);

3. Residential mortgage loans classified as UTP or Bad of amounts below Euro 500 thousand.

Furthermore, again regarding the aforementioned project, within the Outsourcing, Cost and Loan Disposal Structure, the “control tower” is in full operation, which is charge of monitoring and steering the activities of the servicers, in order to verify, through both general and targeted actions, the effectiveness, cost effec -

tiveness and timeliness of the recovery actions taken by the servicers, which are therefore measured with contractual KPIs, both qualitative and quantitative.

The same structure includes a team responsible for overseeing the process to enforce the Mediocredito Cen-

trale guarantees backing non-performing loans; specifically, the team focuses on secured bad loans (without limit in terms of amount) and UTP (for granular loans up to 50 thousand Euros).

CREDIT QUALITY

Items GROSS EXPOSURES - WEIGHT ON TOTAL Change

June 2026 December 2025 Absolute %

- Bad loans 538,615 0.8% 575,926 0.8% -37,311 -6.5%

- Unlikely to Pay 1,142,419 1.7% 1,196,235 1.8% -53,816 -4.5%

- Past-due/overlimit loans 5,670 0.0% 4,790 0.0% 880 18.4% Non-performing loans 1,686,704 2.5% 1,776,951 2.6% -90,247 -5.1%

- Performing loans - stage 2 6,800,481 9.9% 5,748,144 8.4% 1,052,337 18.3%

- Performing loans - stage 1 60,249,879 87.7% 60,551,584 88.9% -301,705 -0.5% Performing loans 67,050,360 97.5% 66,299,728 97.4% 750,632 1.1% Gross loans to Customers 68,737,064 100.0% 68,076,679 100.0% 660,385 1.0%

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 84 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

Items NET EXPOSURES - COVERAGE RATIO Change

June 2026 December 2025 Absolute %

- Bad loans 142,230 73.6% 166,751 71.0% -24,521 -14.7%

- Unlikely to Pay 507,676 55.6% 551,306 53.9% -43,630 -7.9%

- Past-due/overlimit loans 3,858 32.0% 3,240 32.4% 618 19.1% Non-performing loans 653,764 61.2% 721,297 59.4% -67,533 -9.4%

- Performing loans - stage 2 6,501,849 4.4% 5,465,913 4.9% 1,035,936 19.0%

- Performing loans - stage 1 60,166,464 0.1% 60,466,689 0.1% -300,225 -0.5% Performing loans 66,668,313 0.57% 65,932,602 0.55% 735,711 1.1% Net loans to Customers 67,322,077 2.1% 66,653,899 2.1% 668,178 1.0% Asset quality improved even further: the stock of net non-performing loans decreased by 9% vs. the figures as at December 2025.

The coverage ratio of the NPE portfolio also improved even further, increasing to 61.2%, as did the gross NPE ratio, down to 2.45% vs 2.6% as at December 2025.

ECL GOVERNANCE AND MEASUREMENT

The Risk Management and Permanent Controls Structure is responsible for defining the methodological framework and for overseeing the process for ECL-related impairment of exposures and provisioning. The calculation of impairment of performing assets is part of the overall cost of credit process, which is coordi-

nated by the Credit Intelligence Structure.

To define the IFRS 9 parameters required to calculate ECL, the Crédit Agricole Italia Banking Group has pri-

marily relied on its internal rating system and on the other regulatory processes already implemented.

The assessment of credit risk is based on an expected loss model and extrapolation based on reasonable fu-

ture scenarios. All information that is available, pertinent, reasonable and justifiable, including forward-look -

ing information, shall be taken into account.

Therefore, in compliance with the requirements laid down by the standard, in order to estimate parameters, a set of forward-looking scenarios is used, each one of which is weighted by the related probability of occur-

rence. In agreement with its Parent Company Crédit Agricole S.A., the Crédit Agricole Italia Banking Group uses four different macroeconomic scenarios. These scenarios can be summarized as follows:

• Central scenario, i.e. the most likely scenario;

• Moderately adverse scenario, i.e. the economic scenario in moderately adverse conditions;

• Budget stress scenario, i.e. the most adverse scenario used within the Stress exercise at the end of the

budget preparation;

• Favourable scenario, i.e. the economic scenario in favourable conditions.

The weights to be assigned to the four scenarios - which may vary at each new estimation of the parameters

- are defined by the Crédit Agricole Group (Group Economic Research Department of CAsa) and shared with the local management The Crédit Agricole Italia Banking Group updates the estimate of the parameters at least every year. The ECL calculation formula comprises the following parameters:

• Probability of Default – PD;

• Loss Given Default - LGD;

• Exposure At Default - EAD.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 85

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company As already pointed out, these parameters have also been defined broadly based on the internal models used as part of the regulatory framework (where any), although they had to be adjusted in order to determine an ECL fully compliant with IFRS 9. Indeed, the standard requires a Point-in-Time analysis as at the reporting date, while taking account of the historical loss data and forward-looking macroeconomic data. Therefore, based on the above, the accounting approach is different from the prudential framework, where analyses are multi-year and Through the Cycle to estimate the Probability of Default (PD); moreover, such analyses shall include the Downturn in the estimate of the Loss Given Default (LGD), whereas this effect is not envisaged in the IFRS 9 LGD.

ECLs are calculated according to the type of product concerned, i.e. financial instruments or off-balance sheet instruments. Expected credit losses are discounted at the effective interest rate (EIR) used for the ini-

tial recognition of the financial instrument. The models and parameters used are backtested at least annually by the Risk Management and Permanent Controls Structure.

SIGNIFICANT INCREASE IN CREDIT RISK

For each financial instrument, Crédit Agricole Italia assesses whether any significant increase in credit risk has occurred from the date of initial recognition to the reporting date, in order to assign the financial instru-

ment to the right risk stage given that increase.

Monitoring for any significant increase in credit risk shall cover every financial instrument, unless specific exceptions apply, and contagion is not required for the downgrading of financial instruments of the same counterparty from stage 1 to stage 2.

Moreover, monitoring shall consider the change in credit risk of the principal debtor without taking account of any guarantee, including for transactions with a shareholder guarantee.

For each exposure, any increase in credit risk is assessed using (relative or absolute) quantitative criteria and qualitative criteria.

Relative quantitative criteria: some thresholds (Significant Increase in Credit Risk or SICR) have been set which measure the change in the cumulative forward-looking PD as at the inception date and as at each reference date.

Based on this assessment of changes in credit risk, exposures are classified into the different risk stages.

The change in PD is calculated as PDCClosing Date > ß * PDCFOriginal Date where:

• PDCFOriginal Date are the cumulative forward-looking PDs as at the relationship inception, condition to the time already elapsed from origination;

• PDCClosing Date are the cumulative forward-looking PDs as at the reference date;

• ß is a parameter estimated on Crédit Agricole S.A.’s portfolio, shared by the Group.

It is pointed out that the rule is applied only where the point-in-Time (PiT) PD at one year is above 0.3%.

The origination date is the date of the first registration of the contract or its latest revision in case of com-

mercial renewal or revision of the credit line is deemed as the settlement date, i.e. when the Bank becomes a party to the contractual arrangements governing the financial instrument. For financing and guarantee commitments, origination means the date on which the irrevocable commitment was made.

Other criteria: for exposures without an internal rating model, the Crédit Agricole Italia Banking Group uses non-payment as at the reporting date or in the previous 12 months. In case of non-payment, as at the report-

ing date or in the previous months, the exposure is downgraded to stage 2.

For exposures other than securities for which rating models have been implemented and applied, Crédit Agricole Italia considers that all of the information incorporated into the rating systems allows for a more detailed assessment than the non-payment for over 30 days criterion alone as a back-stop threshold.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 86 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Based on these considerations, the reasons that trigger the classification of the exposures in stage 2 are supplemented with the additional rules listed below:

• The breach of the PD thresholds, which, for Crédit Agricole Italia, are set at 12% for the non-Retail portfolio and at 15% for the Retail portfolio (Crédit Agricole S.A. threshold);

• A PiT PD at one year higher than 20%;

• No rating as at the assessment date if regarding loans disbursed over six months before;

• The exposure being classified as forborne performing;

• Classification in the watchlist in accordance with the Early Warning internal indicator (IMA – Performance Monitoring Indicator) based on the latest information available at the time of calculation, or on information available the month before reference date for Retail segment exposures and available two months before the reference date for Corporate segment exposures;

• The selection of portfolio potions that are considered high risk following specific probes carried out by the Risk Management and Permanent Controls Function, such as:

–Sub-Investment rating grades close to the Sensitive loans perimeter (the thresholds applied by the Crédit Agricole Banking Group are more restrictive);

• Sectors or customer segments common to several Entities, where downgrading is justified by common macroeconomic factors and in accordance with Group instructions.

Qualitative Criteria: downgrading to stage 2 may occur for single-name positions reported by the Chief Lend-

ing Officer (CLO) and validated by the Risk Management and Permanent Controls Function.

If the conditions that triggered downgrading to stage 2 no longer apply, impairment may be reduced to 12-month ECL (stage 1).

For the security portfolio, Crédit Agricole Italia uses an approach that consists in applying an absolute level of credit risk, in accordance with IFRS 9, at the breaching of which exposures shall be classified in stage 2 and provisioned based on ECL at maturity. Therefore, the following rules shall apply for monitoring significant increase in the credit risk of securities:

• “Investment Grade” (IG) securities, at the reporting date, shall be classified in stage 1 and provisioned for based on 12-month ECL;

• “Non-Investment Grade” (NIG) securities, at the reporting date, shall be subject to monitoring for signif-

icant increase in credit risk, since origination, and shall be classified in Stage 2 (lifetime ECL) where any significant increase in credit risk is found.

The related increase in credit risk shall be assessed prior to the occurrence of a known default (Stage 3).

MULTI-SCENARIO CALCULATION

To estimate the parameters used in calculating the forward-looking scenarios at the 30 June 2026 reporting date, the weights set by the Parent Company Crédit Agricole S.A. were the following:

• Central scenario: 60%;

• Moderately adverse scenario: 25%;

• Stressed budget scenario: 10%;

• Favorable scenario: 5%.

In compliance with IFRS 9, the ECL is estimated weighting forward-looking scenarios; therefore, the various scenarios were weighted by their probability of occurrence, as given above.

Following the Memorandum of Understanding signed on 15 June and the consequent decrease in prices, CO-

COR (the CA Group IFRS 9 Coordination Committee) decided to revise the weights for the stressed budget and favorable scenarios to 5% and 10% respectively; however, being unable to reflect the different weighting of the IFRS 9 parameters, the new weighting was applied through a manual adjustment. The sensitivity anal-

yses reported below refer to the weights actually in production (stressed budget scenario 10% and favorable scenario 5%).

The main macroeconomic indicators used to define the scenarios were prepared by the ECO structure of the Parent Company Crédit Agricole S.A. specializing in macroeconomic studies.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 87

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Indicators used as at 30 June 2026 Indicators used as at 30 June 2026Central Scenario Moderately adverse scenario Stressed budget Favorable 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028

ITA GDP 0.70% 0.30% 0.60% 0.70% 0.70% -0.60% -1.18% 1.20% 0.70% -2.60% -1.80% 0.60% 0.70% 0.88% 0.85% 0.92%

ZE GDP 2.20% 0.80% 1.10% 1.20% 2.20% 0.17% -0.90% 1.49% 2.20% -3.29% -1.74% 1.46% 2.20% 1.23% 1.34% 1.36%

Inflation in Italy 1.70% 3.20% 1.60% 1.50% 1.70% 6.60% 5.87% -1.80% 1.70% 5.60% 4.30% 2.40% 1.70% 1.60% 1.32% 1.62%

Investments in

Buildings 4.00% 1.80% -0.30% 0.50% 4.00% 0.20% -3.98% 3.21% 4.00% -5.00% -6.80% -2.10% 4.00% 1.51% -0.38% 0.65%

Investments in

machinery 3.50% -0.60% -1.00% 1.60% 3.50% -1.97% -5.90% 3.53% 3.50% -9.30% -4.50% 3.10% 3.50% 0.45% 2.19% 1.51% Fixed investments 3.80% 1.00% -0.20% 1.00% 3.80% -0.26% -3.74% 3.05% 3.80% -5.60% -4.80% 0.20% 3.80% 1.22% 0.79% 1.09% Unemployment rate 6.10% 6.00% 6.20% 6.20% 6.10% 6.00% 6.60% 6.20% 6.10% 7.00% 7.90% 7.90% 6.10% 5.83% 6.00% 6.00% Domestic demand 0.90% 0.10% 0.40% 0.40% 0.90% -0.71% -0.99% 0.47% 0.90% -0.90% -0.40% -0.20% 0.90% 0.80% 0.82% 0.77% World oil demand 0.87% 0.00% 0.38% 0.67% 0.87% -0.10% -1.92% 0.98% 0.87% -1.06% 0.00% 0.97% 0.87% 0.67% 0.95% 0.66% Work productivity -0.20% -0.31% 0.74% 1.40% -0.20% -1.03% -0.92% 1.25% -0.20% -1.90% -1.20% 0.60% -0.20% 2.17% 2.85% 0.50%

Industrial Production

Index (IPI) -0.30% -0.07% 1.61% 2.73% -0.30% -3.20% -1.60% 6.06% -0.30% -3.90% -3.90% -3.90% -0.30% 0.82% 1.77% 1.87%

Propensity to

consume 0.68% 0.11% -0.17% -1.06% 0.68% -0.32% -0.04% 0.78% 0.68% -0.34% 2.02% -0.55% 0.68% -0.15% 0.26% 0.62% Weight 60% 25% 10% 5% The main underlying assumptions are:

• Central scenario: it assumes gradual and partial reopening of the Strait of Hormuz and a decrease in oil and gas prices, which nonetheless remain high. The States’ economic performances remain adequate, despite energy inflation and tariffs. In the Euro Area there are no significant problems, although there is higher vulnerability to global energy prices, as the pre-war disinflationary trend is no longer helping. The energy supply shock and the increase in inflation are amplified by possible capacity constraints, tightening finan-

cial conditions and higher uncertainty, hindering the expected acceleration in investments. Interest rates increase to a modest extent;

• Moderately adverse scenario: it assumes the continuation of the United States – Iran was, disruptions in procurement chains (late deliveries, shortages) and a more severe and long-lasting shock on energy prices.

There is a temporary increase in production costs and inflation, with consequent decreases in consumption and investments. The ECB initially hikes rates in 2026 and then slows down growth from 2027;

• Stress scenario: it assumes the worsening of trade and geopolitical tensions, with a new tariff offensive by President Trump imposing a strong increase in sectoral tariffs restoring 20% tariffs. The EU refuses to undertake to import larger quantities of LNG and, in response, President Trump limits exports with a subse-

quent increase in gas prices. Moreover, it assumes partial closure of some key sea routes and an increase in delivery time, with sporadic interruptions of supply chains. As a consequence, financial markers “fluctuate”, and inflation increases;

• Favorable scenario: it assumes a very fast resolution of the Persian Gulf war, with consequent decrease in oil prices and resumption of the usual traffic through the Strait of Hormuz. In the Euro Area, inflation de-

creases quickly, reaching 1.8% at the end of 2026 and standing at 2.2% on average. The ECB makes just one «preventive» increase (25 bps) in interest rates to prevent expectations to get out of control.

The economic scenarios used in the 2025 Annual Report and 2025 Half-yearly Report are also given, in order to represent the main changes occurred vs. the multi-scenario used for the 2026 Half-yearly Report.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 88 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Indicators used as at 31 December 2025 Indicators used as at 31 December 2025Central Scenario Moderately adverse scenario Stressed budget Favorable 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028

ITA GDP 0.45% 0.56% 0.94% 0.90% 0.35% -0.98% 0.80% 0.79% 0.65% -2.58% -1.75% 0.57% 0.45% 0.69% 0.96% 0.90%

ZE GDP 1.30% 1.30% 1.50% 1.60% 1.10% -0.50% 1.00% 1.60% 0.93% -2.00% -1.76% 1.50% 1.30% 1.70% 1.90% 2.00%

Inflation in Italy 1.72% 1.23% 1.34% 1.62% 1.80% 3.00% 2.40% 2.00% 1.62% 5.60% 4.35% 2.35% 1.72% 0.77% 1.49% 1.76%

Investments in

Buildings 3.08% 1.80% 1.45% 0.71% 2.90% -1.65% 1.25% 0.66% 2.05% -5.05% -6.79% -2.07% 3.08% 2.48% 3.11% 1.14%

Investments in

machinery 2.74% 2.89% 1.71% 1.21% 2.40% -1.50% 1.17% 0.65% 2.03% -9.34% -4.55% 3.06% 2.74% 3.69% 1.84% 9.53% Fixed investments 2.74% 1.98% 1.56% 1.01% 2.54% -1.23% 1.28% 0.81% 1.95% -5.61% -4.85% 0.19% 2.74% 2.93% 2.46% 1.14% Unemployment rate 6.28% 6.40% 6.50% 6.50% 6.28% 6.70% 6.70% 6.60% 6.15% 6.95% 7.85% 7.90% 6.28% 6.08% 6.20% 6.20% Domestic demand 0.51% 0.60% 0.76% 0.77% 0.46% -0.25% 0.51% 0.59% 0.63% -0.90% -0.44% -0.21% 0.51% 0.47% 0.53% 0.72% World oil demand 0.68% 0.77% 0.76% 0.66% 0.68% 0.38% 0.48% 0.48% 0.68% -1.15% 0.49% 0.68% 0.68% 0.77% 0.76% 0.66% Work productivity -0.25% -0.57% 0.06% 0.82% -0.65% -1.16% 0.73% 1.05% -0.33% -1.95% -1.23% 0.56% -0.25% 0.72% -0.31% 0.76%

Industrial Production

Index (IPI) -0.90% 0.82% 1.77% 1.87% -1.09% -2.18% 2.09% 1.77% 0.70% -3.88% -3.88% -3.88% -0.90% 4.30% 0.16% 0.92%

Propensity to

consume -0.82% -0.77% -0.66% 0.27% -1.60% -0.78% -0.21% 0.38% 0.64% -0.26% 1.96% -0.54% -1.39% 1.49% 1.07% 1.12% Weight 55% 25% 15% 5% Indicators used as at 30 June 2025

Indicators used

as at 30 June 2025Central Scenario Moderately adverse scenario Stressed budget Favorable 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028

ITA GDP 0.57% 1.04% 0.87% 0.65% 0.04% -1.05% -0.42% 0.23% -2.35% -1.73% 1.29% 1.29% 0.82% 1.17% 0.88% 0.65%

ZE GDP 1.00% 1.50% 1.60% 1.60% 0.80% 0.40% 1.40% 1.50% -5.37% -1.62% 1.00% 0.00% 1.30% 1.90% 2.00% 2.00%

Inflation in Italy 1.67% 1.67% 1.19% 1.20% 1.27% 3.00% 1.08% 1.08% 3.18% 1.19% 1.60% 1.60% 1.33% 1.22% 1.34% 1.34% Investments in Buildings -0.66% -0.66% -0.96% 0.58% -1.67% -4.35% -0.69% 0.97% -10.31% -11.89% 2.11% 2.11% -0.56% 0.02% 0.69% 1.01%

Investments in

machinery 0.81% 0.81% 1.33% 1.46% -0.87% -3.50% -0.52% 1.96% -10.22% -4.60% -10.23% -10.23% 1.03% 1.61% 1.46% 1.21% Fixed investments -0.15% -0.15% 0.20% 1.04% -1.22% -3.12% -0.25% 1.40% -11.56% -10.89% -4.96% -4.96% -0.03% 0.79% 1.09% 1.17% Unemployment rate 6.50% 6.68% 6.70% 6.70% 6.40% 7.00% 7.50% 7.50% 8.51% 9.25% 8.98% 8.98% 6.28% 6.35% 6.40% 6.40% Domestic demand 0.89% 0.89% 0.76% 0.53% 0.83% 0.26% 0.49% 0.75% -1.32% -3.23% 0.01% 0.01% 0.89% 0.76% 0.53% 0.49% World oil demand 0.97% 0.87% 0.96% 0.76% 0.49% 0.48% 0.48% 0.48% -0.91% -0.49% 1.48% 0.00% 0.97% 0.87% 0.96% 0.76% Work productivity -0.04% -0.04% 0.83% 0.77% -0.15% -0.07% 0.73% 0.83% -1.87% -1.15% 1.04% 1.04% 0.71% 1.25% 0.46% 0.71%

Industrial Production

Index (IPI) 0.10% 0.10% 2.10% 2.21% 0.83% 3.89% 3.09% 4.09% -1.45% -0.79% 5.29% 5.29% 1.67% 3.58% 0.48% 1.26% Propensity to consume -0.24% 0.00% -0.33% -0.47% -0.64% -0.97% 0.11% 0.26% 0.50% -5.85% -1.38% 0.00% -0.85% 0.33% -0.49% -0.33% Weight 25% 51% 23% 1% Scenario sensitivity analysis Within the revision of the parameters used for the IFRS 9 calculation in the 2026 Half-yearly Report, Crédit Agricole Italia estimated the sensitivity of the ECL figure to the different macroeconomic scenarios given by the Crédit Agricole Group Economic Research Department - ECO, which is a specialist in macroeconomic studies. To estimate the impact from the different scenarios identified, the maximum weighting was associat-

ed to each scenario, each time zeroing the contribution from the others in determining the forward-looking risk parameters and, thus, assessing the marginal contribution of each scenario to the final result.

Sensitivity was estimated on the March 2026 data in a lab environment and later applied to the June 2026 closing data. The application of the observed variations to the June 2026 calculation results for Crédit Agricole Italia is summarized in the table below, which shows the range of figures that can be obtained with the above-described method.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 89

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company €/mln Exposure EAD ECL

Multi-

scenarioSensitivity analysis: ECL per single scenario

Central

ScenarioModerately

adverse

scenarioStressed

budgetFavorable

RETAIL BNKG 42,652 41,610 175 160 190 250 134

Stage 1 39,809 38,803 40 34 51 63 24 Stage 2 2,843 2,807 135 126 140 187 110

CORPORATE/

OTHER 61,535 36,804 236 207 263 311 180

Stage 1 53,417 31,675 52 46 62 73 39 Stage 2 8,118 5,129 184 161 201 238 141

SECURITIES 8,979 8,979 14 12 16 24 9

Stage 1 8,969 8,969 13 11 15 23 9 Stage 2 11 11 1 1 1 1 0

TOTAL 113,166 87,394 425 377 472 613 314

Deviation -11.5% 10.9% 44.0% -26.2% Weight 60% 25% 10% 5% The table reports the result of the ECL sensitivity analysis based on the simulated scenarios and the related percentage deviation from the “multi-scenario” used for the accounting ECL, which can vary from Euro 314 million in the Favorable scenario (down by -26.2%) to Euro 613 million in the Stress budgétaire scenario used for budget simulations in stressed conditions (up by 44%). The recognized amount of Euro 425 million re-

flects the weights on the Central and Moderately Adverse Scenarios.

H1 2026 updates In terms of methods and approaches, the actions deployed in H1 2026 concerned:

• The updating of the forward-looking parameters after receiving the new macroeconomic scenarios from the Economic Studies Department of Crédit Agricole S.A. (ECO) and updating of the Retail PD and LGD parameters based on the models under the Return To Compliance Plan (RTCP);

• Removal of the overlay regarding the Forbearance engine in agreement with the Group Risk Management Department of Crédit Agricole S.A.;

• Removal of the overlay regarding the Early Warning models (Early Warning Project), as the Early Warning engine outcomes have been included in the IFRS 9 framework since Q1 2026 (please, see the next point);

• Downgrading to stage 2 of positions in the watchlist in accordance with the Early Warning internal indica-

tor (IMA – Performance Monitoring Indicator) based on the most updated information available at the time of calculation, or on information available the month before reference date for Retail segment positions and available two months before the reference date for Corporate segment positions;

• Removal of the direct downgrading to stage 2 of the positions in the watchlist for at least three of the four months before the reference date given the inclusion of the Early Warning engine in the IFRS 9 framework;

• Implementation of a reduction overlay in order to anticipate the benefit resulting from the change in the scenario weights determined by COCOR (the CA Group IFRS 9 Coordination Committee) on 19 June. The signing of the MoU by and between the USA and IRAN, which took place on 15 June and the consequent decrease in oil prices have not significantly changed the forward-looking scenarios, but have made the severely adverse scenarios less likely. As previously stated in the light of this evidence, COCOR (the CA Group IFRS 9 Coordination Committee) decided to change the weighting vs that used to update the for-

ward-looking parameters, making the favorable scenario more material than the severely adverse one.

However, for time-related reasons, the curves could not the updated with the new weights; therefore, it was decided to take the expected benefit into account through a manual adjustment reducing the ECL.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 90 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 These actions are summarized along with the others in paragraph “Overlays/Post model adjustments” here below.

Overlays/Post model adjustments Following the Forward-Looking Local ECL calculation as at the end of June 2026, the Crédit Agricole Italia Banking Group made management overlays, which are of two types:

• Adjustments made to specific positions:

–Following the OSI on corporate ratings, specific exposures within the Credit File Review were downgrad-

ed to stage 2 and their coverage was increased in accordance with the instructions given by the inspec -

tion team during the talks held during the mission;

–Single-name adjustments (adjustments on single positions) whereby the results could be aligned with the expectations – in terms of risk profile – of the IFRS 9 work group. In accordance with the regulated process, based on the results obtained with the calculation approach defined by the Group and based on the management information of the single counterparties, if the expected loss value associated with a specific counterparty does not accurately reflect its riskiness, the provisioning on the counterparty may be adjusted manually to a level deemed appropriate; such manual actions are allowed only if they increase the coverage ratio on the counterparty. The single-name adjustments made as at 30 June 2026 also include the adjustments to the ECL associated with exposures to:

–The Bank of Italy;

–The State Treasury;

–Intra-group positions (with effects on the separate financial statements of the entities of the Group);

–Direct downgrading to stage 2:

–Of the Retail Small Business positions with PD equal to or higher than 11% and of Corporate positions with PD equal to or higher than 5% (known as sensitive ratings);

–Of pre-sensitive positions, i.e. of Retail Customers with ratings I08 and P07 and of Corporate banking Customers with ratings D-;

–Of Customers belonging to the automotive retail or component manufacturing sectors;

–Of the Purchases or Originated Credit Impaired (POCI) assets acquired within the Creval deal in stage 3 and returned to a performing status over the years;

–Of common Customers reported as being in stage 2 by other entities of the Group;

• Portfolio adjustments made by allocating the identified amounts to all positions proportionally to the ECL. Said case included the following actions:

–Action associated with potential approach-related findings from the OSI on corporate positions currently

underway;

–Action on sectors aimed at taking into account the higher riskiness of energy-intensive sectors, which is growing because of the consequences of the ongoing crisis on the future economic scenario;

–Action aimed at mitigating the impacts on impairments where there are State guarantees (applying to the guaranteed portion). Furthermore, as done in the previous quarters on the Crédit Agricole Italia pe-

rimeter, the coverage ratio of government securities was considered.

–Action associated with possible underestimation of the Retail LGD parameter (emerged during the back -

testing analyses) impacting the LGD curves used in the IFRS 9 scope.

• Other actions to allocate provisions on specific portfolios or on the overall portfolio of Performing Custom-

ers as at the reference date. In H1 2026, the following actions were considered:

–Corrections requested by the Validation Service within the annual review referring to the next updating of the pre-payment model;

–Add-on anticipating corrections to the database regarding bullet and amortizing contracts;

–Action anticipating the benefit resulting from the new weighting of the scenarios following the decision made by COCOR (the CA Group IFRS 9 Coordination Committee) on 19 June, which decreased the weight of the severely adverse macro-economic scenario given the improvement in the geo-political conditions.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 91

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

MARKET RISK

TRADING BOOK

The Crédit Agricole Italia Banking Group does not engage in significant proprietary trading on financial and capital markets and, furthermore, in its capacity as the sub-consolidating subsidiary of the Crédit Agricole Group, Crédit Agricole Italia S.p.A. is subject to the Volcker Rule and to the “Loi francaise de séparation et de régulation des activitès bancaires” (LBF), which prohibit any banking entity from engaging in proprietary speculative trading.

Therefore, trading activities are instrumental to meeting customers’ requirements.

The market risk control system implemented by Crédit Agricole Italia S.P.A. for all the entities of the Group ensures that a risk level consistent with the set objectives is constantly kept.

The Group’s entities calculate their First Pillar capital needs for Market Risk using standardized approaches, given the low materiality of the exposures to this risk.

BANKING BOOK

Asset & Liability Management activities concern all the exposures on the banking book. The impacts gen-

erated by changes in the forward yield curve on net interest income and on the economic value of capital are monitored and mitigated with specific hedging transactions using derivatives with interest rates as the underlying, also through appropriate modeling of financial statement items and behavioural trends (behav -

ioural models).

In its capacity as the Parent Company, Crédit Agricole Italia coordinates the interest rate risk and price risk profiles of the Group’s banking book, centrally managing financial operations, as well as risk assessment and control activities.

The Governance model vests:

• The ALM Committee with the task of setting the strategic and direction lines for the management, of val-

idating proper application of the standards and methods for measuring the exposure to interest rate risk, of examining the reporting produced by the Finance Function, as well as to resolve on any measures to be

implemented;

• The Risk and Internal Control Committee with the task of examining the outcomes of controls on compli-

ance with the Risk Appetite Framework (RAF) and Risk Strategy limits and alert thresholds, as well as any alert procedures that started.

In compliance with the normative instruments of the Group and with the supervisory regulations, the system of limits regarding interest rate risk is reviewed on a yearly basis within the RAF process, setting out oper-

ational limits in the Risk Strategy of Crédit Agricole Italia, which is submitted to the Group Risk Committee of the Crédit Agricole Group and is approved by the Boards of Directors of all the entities of the Group. The outcomes of the initial and periodic validations of the internal and external models adopted to estimate the financial risks contained in the Model Map used by the Group to manage model risk are also submitted to the Internal Models Validation Committee.

The limit system consists of global limits, operational limits and alert thresholds (that are then adapted to each single entity of the Group).

As regards limits on interest rate risk, the Risk Strategy has confirmed:

• A global limit in terms of Net Present Value (NPV);

• A gap global limit subdivided into different time bands;

• A global limit in Van Index terms.

As regards price risk for the Banking Book, global limits have been set, based on the type of instruments that may be held (Government securities), which are expressed with reference to commonly used metrics (fair value, nominal value), and global limits and alert thresholds have been identified on the Banking Book fair value.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 92 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

FAIR VALUE HEDGING

Hedging interest rate risk has the objective of immunizing the Banking Book from changes in the fair value of funding and lending, caused by adverse movements in the yield curve.

The main financial instruments for the management of interest risk hedges are Interest Rate Options and In-

terest Rate Swaps, which, for their very nature, are contracts referring to “pure” interest rate risk. Specifically, fixed-rate debenture loans have been hedged (micro-hedging), as have the mortgage loans with option-

al components to Customers (macro-hedging), government securities (micro- hedging), current accounts (macro-hedging) and fixed-rate mortgage loans in the macro-hedging portfolio.

In compliance with the financial reporting standards, the effectiveness of the hedges is assessed by the Finance Structure, which carries out the relevant tests on a monthly basis and keeps formal documentation for every hedge.

LIQUIDITY RISK

The system for Liquidity Risk classification and management aims at ensuring continuity of essential business activities considering illiquidity risk and any reduction in resources. The management model includes meth-

ods for risk measurement and aggregation and for stress testing, which are compliant with the EU legislation and with the standards of the liquidity management system of the Crédit Agricole Group.

The limit system is based on stress scenarios, with the purpose of ensuring a liquidity surplus on different time horizons and in increasingly serious scenarios. The stress assumptions used cover idiosyncratic crises, systemic crises and global crises.

In regulatory terms, the short-term liquidity risk threshold is the Liquidity Coverage Ratio (LCR), which, as at 30 June 2026 and as the Group LCR, came to 192.89%, once again well above the regulatory requirements.

Moreover, an alert threshold has been set on short term refinancing with market counterparties (RCT – Refinancement Court Terme) in order to limit short term exposure to the market over a one-year time hori-

zon, as well as an alert threshold on the Différence Collecte Crédit (DCC) indicator, which ensures appropri-

ate coverage of loans to Customers through funding from Customers.

Longer term liquidity risk is monitored, in regulatory terms, using the Net Stable Funding Ratio (NSFR). The ratio, which shall be higher than 100%, has the Available Stable Funding (ASF) figure as the numerator and the Required Stable Funding (RSF) figure as the denominator. The Group’s NSFR has always been well above 100%.

Medium-/long-term liquidity management also entails the identification of alert thresholds and limits by determining the Position en Ressources Stables (Stable Resources Position, PRS) and Concentration des échéances MLT (a concentration limit to MLT maturities) indicators. They aim at ensuring the Group’s balance between stable resources (market resources, funding from Customers, own funds) on the one hand, and long-term uses (market, customers, non-current assets and investments), as well as at limiting concentration of maturities in medium-/long-term funding.

The Bank also monitors its intraday liquidity risk through a set of specific indicators that were developed in coordination with its Parent Company and are calculated on a weekly and monthly basis both in Busi-

ness-as-Usual and in Stress conditions. The limit structure is completed by other management and alert indicators provided for in the Contingency Funding Plan.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 93

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of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company

OPERATIONAL RISKS

BREAKDOWN OF LOSSES

Net “pure” operational losses recognized by the Crédit Agricole Italia Banking Group in H1 2026 came to approximately Euro 10 million.

As regards the sources of operational risk, the breakdown of the losses recognized as at the end of June 2026 by Loss Event Type (LET) is given below, net of non-insurance recoveries and excluding boundary losses with credit risk.

35% 30%

25% 20%

15% 10%

5%

0%9.3%33.3%

5.0%

1.5%

Operational errors18.8%

Commercial practices Human resources and safety External frauds Internal frauds 0.3%31.8% Technological systemsDisasters or other events

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 94 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) RISK

In compliance with the applicable legislation and regulations, in the Internal Policy documents ITC risk is de-

fined as “any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any tech-

nology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment”.

The Governance of security management and of ICT risk management is based on the following criteria:

• Formalisation of the roles and responsibilities in the ICT security and Operational Resilience scope;

• Implementation of the principle of separation of duties, in order to appropriately allocate responsibilities;

• Assessment of the ICT risk analysis carried out on a regular basis or in case of significant changes. In ac -

cordance with the risk level, the security measures for its mitigation are identified. The risk analysis is car-

ried out also in case of new initiatives or projects that may entail impacts on the Bank’s information system.

To analyze and assess ICT and security risks on its IT resources, the Crédit Agricole Italia Banking Group implements and develops the key concepts of the Risk Analysis Methodology of the Parent Company Crédit Agricole S.A., supplementing it, to achieve an overall representation of its risk position, through:

• The implementation of the information system risk taxonomy (Themerit) defined by the Parent Company Crédit Agricole S.A. and structured into nine risk scopes (Governance, Operation &Incident, Application project & Development, ICT security, Cybersecurity, Resilience, Obsolescence, Suppliers and Compliance);

• A Risk Self-Assessment exercise on the processes impacted by ICT risk;

• The collection and analysis of IT incidents and of the related operational losses;

• Continuous application of the overall framework of permanent controls;

• The preparation of reporting flows to the top management and the BoD on the ICT risk situation.

Within the project aimed at ensuring alignment with the DORA Regulation (Regulation on digital operational resilience for the financial sector) the CAI Group has identified a list of Critical or Important Functions (CIF) to which it extends its assessment and control activities concerning operational resilience risks. In compli-

ance with the applicable legislation and regulations, CIFs have been defined as “functions, the disruption of which would materially impair the financial performance of a financial entity, or the soundness or continuity of its services and activities, or the discontinued, defective or failed performance of that function would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law”.

In 2025 the risk analysis on CIFs was completed based on the risk model comprising the same practices as those already used by the Operational Risks structure, and the results were submitted to the BoD in 2026. In the reporting period, the CIF perimeter was reviewed and the set defined at inception was confirmed. Fur-

thermore, the Strategic Guidance Document on Resilience was updated.

In H1 2026 the Risk Management and Permanent Controls Structure continued to monitor ICT risk with the methods and approaches that started being used in the previous FYs. Specifically, with reporting through the documents listed below:

• Risk Report, whereby reporting on ICT risk is provided to the Board of Directors of Crédit Agricole Group Solutions with quarterly updates;

• Reporting on permanent controls at least on a six-monthly basis covering all identified ICT risk scopes;

• Annual report on ICT risk, i.e. the summary report on ICT risk, which concerned specific assessments and analyses on the year 2025;

• Annual report on risks associated with the activities contracted out to third parties, in which specific con-

siderations on ICT outsourcing arrangements were also made;

• Information in the Bank’s Risk Report on the ICT risk situation to the Board of Directors of Crédit Agricole

Italia;

• Opinion on the document on Review of the ICT Risk Framework provided for by DORA.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part E 95

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of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company In H1 2026 the annual review of permanent controls started, also considering the new control points required by Crédit Agricole S.A. The first reporting after the review will be made as of July 2026.

The oversight and monitoring of ICT risk have found low exposure to material risks, thus giving evidence of a situation that is good and well under control.

CLIMATE-RELATED AND ENVIRONMENTAL RISKS

In 2026, the Crédit Agricole Italia Banking Group started the activities to ensure full compliance with the new regulatory requirements laid down by the “Guidelines on the management of Environmental, Social and Governance (ESG) risks” which entered into force on 11 January 2026 and by the “Guidelines on environmen-

tal scenario analysis” which will enter into force on 1 January 2027. Going further from the previous version, the EBA requires that ESG risk be structurally integrated in the risk management and governance systems, vesting the management body with the responsibility for directly overseeing these factors and adopting pru-

dential transition plans. Then, the environmental framework has been further strengthened by the Regulator having regard to scenarios, requiring that financial institutions assess the impact of climate-related risks on their stability with a double horizon: short-term stress test and long-term resilience testing. The guidelines are the binding development from “Guide on climate-related and environmental risks - Supervisory expecta-

tions relating to risk management and disclosure” published in November 2020.

Day-to-day activities concerning climate-related and environmental risks also continue, including: strength-

ening of the permanent controls framework, the publication of the 2025 CSR report, going on with the grad-

ual implementation of sector-specific policies, starting of activities to strengthen the Crédit Agricole Italia Banking Group’s climate policy in terms of portfolio decarbonization, internal monitoring periodic reporting, preparation of specific opinions on sustainability topics (new products, process for enhanced due diligence of loan applications falling into specific cases concerning ESG topics, sector-specific policies), evolution in the climate stress testing approaches and implementation of an internal exercise in H1.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part F 96 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

PART F - INFORMATION ON CONSOLIDATED EQUITY

Equity

Items 30 June 2026 31 Dec. 2025 Changes

Absolute %

Share capital 1,102,071 1,102,071 - -

Share premium reserve 3,495,378 3,495,378 - -

Reserves 2,797,728 2,467,635 330,093 13.4 Equity instruments 960,000 740,000 220,000 29.7 Reserve for valuation of financial assets through other comprehensive income -6,555 -315 6,240 Reserves from valuation of actuarial gains (losses) relating to defined-benefit pension plans -44,056 -43,456 600 1.4 Treasury shares -8 -8 - -

Profit for the period 478,115 796,997 -318,882 -40.0 Total (book) equity 8,782,673 8,558,302 224,371 2.6 Own funds and capital adequacy* 30 June 2026 31 December 2025 Common Equity Tier 1 (CET1) 6,026,234 5,870,184 Additional Tier 1 (AT1) 960,000 740,000 Tier 1 capital (T1) 6,986,234 6,610,184 Tier 2 capital (T2) 1,214,529 1,131,148 Own Funds 8,200,763 7,741,333 Risk-weighted assets 45,526,138 43,759,890 o/w for credit and counterparty risk and for loan measurement adjustment risk 35,353,373 32,729,336

CAPITAL RATIOS

Common Equity Tier 1 ratio 13.2% 13.4% Tier 1 ratio 15.3% 15.1% Total Capital ratio 18.0% 17.7%

* The data given in the table refer to the prudential consolidation perimeter, which, in accordance with the applicable legislation and regulations, is implemented for the Banking Group’s members. As at 30 June 2026 the Crédit Agricole Italia Banking Group consisted of Crédit Agricole Italia S.p.A., Crédit Agricole Group Solutions S.c.p.a., Crédit Agricole Leasing Italia S.r.l, Crédit Agricole Italia OBG S.r.l., Stelline Real Estate S.p.A. and Crédit Agricole Real Estate Italia S.p.A.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part G 97

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of ContentsForeword

and ProfileHalf-yearly Report

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Financial Statements Financial Statements of the Parent Company

PART G - BUSINESS COMBINATIONS

In H1 2026 no business combinations were made.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part H 98 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

PART H - TRANSACTIONS WITH RELATED PARTIES

The regulation issued by the Bank of Italy on 12 December 2011, on risk assets and conflicts of interest with associated persons falls within the scope of the framework regulation concerning related parties (Article 2391-bis of the Italian Civil Code, Article 53 of the Italian Consolidated Law on Banking (TUB) and CONSOB Regulation No. 17221/10) and has been designed to “control the risk that the closeness of some persons to the Bank's decision-making centers may compromise the objectivity and impartiality of decisions relating to loan granting and other transactions with the same persons, with possible distortions in the allocation of resources, in the Bank's exposure to risks not adequately measured or controlled, potential damages to de-

positors and shareholders”. This regulation came into force on 31 December 2012 and, consequently, the first supervisory reporting was sent on 31 March 2013, as expected by the Supervisory Authorities.

The Crédit Agricole Italia Banking Group had already adopted a Regulation on Transactions with Related Par-

ties implementing the original CONSOB regulation of 2010; afterwards, on 11 December 2012, in accordance with the regulation issued by the Bank of Italy, Crédit Agricole Italia approved the Document “Regulation for Risk Assets and Conflicts of Interests with Persons Associated with the Crédit Agricole Italia Banking Group”, in order to give the Group a specific internal normative instrument on this matter and to harmonize the var-

ious regulations in force; the Document was then updated on 29 July 2014.

On 25 July 2018, the Board of Directors of Crédit Agricole Italia approved the adoption of the new “Regula-

tion on transactions with Associated Persons”, which was then adopted by the other Banks and Companies of the Banking Group, which formalized, in a single normative instrument, the procedures that the Banks and Companies of the Crédit Agricole Italia Banking Group had to apply to transactions with Associated Persons, in compliance with the regulations in force at the time issued by CONSOB and by the Bank of Italy. After-

wards, with resolution no. 21624 of 10 December 2020 CONSOB amended the Regulation on Transactions with Related Parties as issued with its previous resolution no. 17221 of 12 March 2010. As the amendments entered into force on 1 July 2021, the Crédit Agricole Italia Banking Group duly aligned its “Regulation on Transactions with Associated Persons” to those amendments.

Furthermore, the document implements the amendments introduced with the 33rd update of 23 June 2020 to Bank of Italy Circular no, 285 “Supervisory Provisions for Banks - Risk assets and conflicts of interest with associated persons”, whereby a new chapter, Chapter 11, was added to Part III, already contained in Circular no. 263/2006, aligning it to the new regulatory framework and, specifically, it excluded, under certain condi-

tions, equity investments in insurance undertakings from the scope of application of prudential limits.

Later on, with the 35th update to Circular no. 285 of 17 December 2013, which was published on the Italian Official Journal issue no. 165 of 15 July 2021, the Bank of Italy laid down the obligation for banks to comply – by 31 January 2022 – with Article 88, paragraph 1, points 4 and 5 of Directive 2013/36/EU (CRD), as amended by Directive 2019/878/EU (CRD V), on loans to members of the management body and their related parties.

Therefore, in January 2022, the Regulation was updated implementing the new Supervisory provisions.

As a consequence of the changed corporate structure of the Group resulting from the mergers of Credito Valtellinese S.p.A. and Crédit Agricole FriulAdria S.p.A. into Crédit Agricole Italia S.p.A., it was appropriate to make yet another update to the Regulation on Transactions with Associated Persons.

Indeed, as the Banking Group perimeter no longer includes any entities whose shares are listed (publicly held to any material extent, the Bank has no longer the obligation to apply the provisions laid down in CONSOB Regulation no. 17221 on related parties.

Therefore, on 17 March 2026, the Board of Directors approved the aforementioned Regulation in its latest updated version.

Furthermore, the Board of Directors of the Parent Company approved the internal Policies governing con-

trols on risk assets and conflicts of interest with the Group’s Associated Persons. That document describes, as regards the operational characteristics and strategies of the Bank and of the Group, the business sectors and the types of business transactions, also not entailing the assumption of risk assets, from which conflicts of interest may arise, as well as the controls implemented in the organizational structure and in the internal controls system in order to ensure constant compliance with the prudential limits and decision-making pro-

cedures referred to in the aforementioned Regulation.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part H 99

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of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

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Financial Statements Financial Statements of the Parent Company Besides identifying the related parties and their connected persons of the Crédit Agricole Italia Banking Group, the “Regulation on Transactions with Associated Persons” lays down, in compliance with the princi-

ples established by the applicable legislation on related parties, the proceedings and rules aimed at ensuring transparency and substantial and procedural fairness of transactions with related parties and their connected persons carried out by Crédit Agricole Italia, directly or through any of its subsidiaries. The Regulation also defines the cases, criteria and circumstances in which, without prejudice to full compliance with all obli-

gations and requirements, full or partial application of the Regulation may be excluded. It also lays down prudential limits to risk assets with associated persons, sets the procedures to process and approve transac -

tions with related parties, defines specific rules with regard to transactions with related parties made by the companies belonging to the Group and lays down procedures and time frames for the provision of reporting and appropriate documentation on the transactions (i) to independent directors/Related Party Committee, as well as, where necessary, (ii) to the control bodies.

With regard to controls, the required activities are carried out by the various relevant corporate roles and structures, in different capacities and in the different phases of the process, in order to ensure constant compliance with the prudential limits and resolution-making procedures as provided for by the applicable legislation, also pursuing the objective to appropriately prevent and manage potential conflicts of interests that may result from transactions with associated persons.

PERIMETER OF RELATED PARTIES

The International Accounting Standards and International Financial Reporting Standards govern disclosure on transactions with related parties in IAS 24, which was endorsed by the European Union with Regulation (EU) no. 1126/2008 as amended.

In accordance with the definition given in paragraph 9 of IAS 24, a related party is a person or entity that is related to the entity that is preparing its financial statements (“reporting entity”). Specifically:

• A person or close member of that person’s family is related to a reporting entity if that person:

(i) Has control or joint control over the reporting entity;

(ii) Has significant influence over the reporting entity; or (iii) Is a member of the key management personnel of the reporting entity or of a parent of the reporting entity (meaning Crédit Agricole S.A.);

• An entity is related to a reporting entity if any of the following conditions applies:

(i) The entity and the reporting entity are members of the same group, which means that each parent, subsidiary and fellow subsidiary is related to the others;

(ii) Is an associate or joint venture of the other entity (or an associate or joint venture of a member of the Crédit Agricole Group);

(iii) Both entities are a joint venture of the same third party;

(iv) Is a joint venture of a third entity and the other entity is an associate of the third entity;

(v) Is a post-employment defined benefit plan for the benefit of employees of either the reporting en-

tity or an entity related to the reporting entity;

(vi) It is controlled or jointly controlled by a person identified in (a);

(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key man-

agement personnel of the entity (or of a parent of the entity);

(viii) The entity, or any member of a group of which it is a part, provides key management personnel ser-

vices to the reporting entity or to the parent of the reporting entity.

In the definition of related party, as given in paragraph 12 of IAS 24, an associate includes the subsidiaries of the associate and a joint venture includes the subsidiaries of the joint venture.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part H 100 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026 Close member of a person’s family are those family members who may be expected to influence, or be influ-

enced by, that person in their dealings with the entity, and include:

• a) that person’s children and spouse or domestic partner;

• (b) children of that person’s spouse or domestic partner; and • (c) dependents of that person or that person’s spouse or domestic partner.

Those persons are reported in column “Other related parties” of the table given in paragraph “Information on transactions with related parties”.

Information on transactions with related parties is given below in compliance with Circular no. 262 “Banks’ financial statements: layouts and preparation” of 22 December 2005, issued by the Bank of Italy as updated, in accordance with IAS 24.

INFORMATION ON TRANSACTIONS WITH RELATED PARTIES

These are transaction with associated persons (related parties and their connected persons), entailing the assumption of risk assets, transfer of resources, services or obligations, regardless of whether a price is paid, including mergers and demergers.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part H 101

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Main financial transactions with related parties Type of related parties Cash and cash

equivalentsFinancial

assets

measured

at fair value

through

profit or lossFinancial assets

measured

at fair value

through other

comprehensive

income Financial

assets

measured at

amortized

cost: loans to

Customers Financial

assets

measured at

amortized

cost: due

from BanksFinancial

liabilities

measured at

amortized

cost: due to

CustomersFinancial

liabilities

measured at

amortized

cost: due to

BanksGuarantees

given

Controlling Company 282,597 - - - 2,920,408 - 1,567,234 18,004 Entities exercising significant influence on the Company - - - - - 51,262 - -

Associates - - - 940 - 5,894 - 994 Directors and Managers with strategic responsibilities - - - 7,310 - 10,720 - 231 Other related parties 57,505 83,722 3,508 4,917,742 1,242,722 649,221 34,595 143,242 Total 340,102 83,722 3,508 4,925,992 4,163,130 717,097 1,601,829 162,471 Main income transactions with related parties Amounts in thousands of Euros Net interest incomeNet fee and

commission

incomePersonnel

expenses

Controlling Company -43,728 -1,417 -131 Entities exercising significant influence on the Company -609 81 -

Associates - 31 -

Directors and Managers with strategic responsibilities 62 142 -5,556 Other related parties 93,779 315,405 858

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part L 102 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

PART L - SEGMENT REPORTING

OPERATIONS AND PROFITABILITY BY BUSINESS SEGMENT

In compliance with IFRS 8 “Operating Segments”, the figures on operations and profitability by business segment are given using the “management reporting approach”.

In compliance with the Bank of Italy provisions, segment reporting was prepared, in line with the Group management reporting, using the multiple ITR (internal transfer rate) method, integrating also the cost of liquidity.

The Crédit Agricole Italia Group operates through an organizational structure that comprises:

• The Retail Banking, Private Banking and Financial Advisors channels serving individuals, households and

small business;

• The Corporate Banking channel serving larger-size enterprises.

Therefore, given the features of the Group, the Other channel is of a residual nature and includes the activities pertaining to central functions, with specific reference to governance.

The data are presented in compliance with the reclassified layouts contained in the Management Report on operations and compared with H1 2025, balance sheet data are presented consistently with the statutory layouts.

A highlight for the period is the improvement is operational efficiency: growth in the net banking income driven by fee and commission income; improved net interest income; “ordinary” cost under control and cost of credit remaining at modest levels. Overall, the cost/income ratio decreased (down by -88 bps) to 48.9%.

The “Retail Banking, Private banking and Financial Advisors” channels generated Operating income of Euro 1,290 million (+5.1%): Net interest income (down by +2.4%), Net fee and commission income (up by +8.1%), income from trading of financial assets increased; Operating expenses (up by +3.5%) under the ef-

fect of the inflation component and by the automatic increases in labour cost. Operating income came to Euro 684 million (up by +6.6%). Net of the Cost of risk, which came to Euro 42 million (down by +5.7% equal to 22 bps) and after taxes, the Net profit came to Euro 424 million (down by +2.8%).

The “Corporate Banking” channel generated operating income of Euro 308 million (+3.2%): Net interest income (+3.3%), Net fee and commission income (+2.3%) and income from trading of financial assets up by +10.5%; Operating expenses (+5.8%); the operating profit came to Euro 221 million (+2.2%). Net of the Cost of risk, which came to Euro 59 million (55 bps) and after taxes, the Net profit came to Euro 106 million (up by +0.7%).

Assets by segment (point-in-time volumes) consisted of net loans to customers; as at 30 June 2026, the assets of the Retail Banking, Private Banking and Financial Advisors channels came to Euro 38,478 million (-0.7%); the assets of the Corporate Banking channel came to Euro 21,310 million (+5.9%); to the “other” channel an amount of Euro 7,533 million was allocated, mainly consisting of institutional counterparties, which are managed by the relevant central departments.

Liabilities by segment (point-in-time volumes) consisted of direct funding from Customers. Within this ag-

gregate, funding of the Retail Banking, Private Banking and Financial Advisors channels came to Euro 49,648 million ( -3.1%); the Corporate Banking channel posted a balance of Euro 11,714 million ( -0.7%); to the “other” channel an amount of Euro 4,187 million was allocated, mainly regarding institutional counterparties.

It is pointed out that unallocated assets and liabilities report the set of inter-bank transactions, the Covered Bonds issued and other balance sheet aggregates, such as: unallocated property, plant and equipment/ in-

tangible assets, tax assets/liabilities and specific-purpose provisions.

In accordance with IFRS 8, it is reported that the Group business operations are essentially carried out in the Italian national territory, they are not subject to periodic performance reporting to the management with breakdown by foreign geographical area. The Group has not achieved revenues resulting from transactions with single external customers for amounts exceeding 10% of the income recognized in the financial state-

ments.

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part L 103

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of ContentsForeword

and ProfileHalf-yearly Report

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Financial Statements Financial Statements of the Parent Company

SEGMENT REPORTING AS AT 30 JUNE 2026

Amounts in thousands of Euros 30 June 2026

Retail and

Private BankingCorporate

BankingOther Total

Operating income

Net interest income 654,409 212,619 -4,914 862,114 Net fee and commission income 636,731 80,838 -10,356 707,213 Dividend income - - 11,420 11,420 Financial Income (loss) 1,764 10,031 14,946 26,741 Other net operating income -2,774 4,986 1,767 3,979 Net operating income 1,290,130 308,474 12,863 1,611,467 Personnel and administrative expenses and depreciation and amortization -605,843 -87,588 -93,883 -787,314 Operating margin 684,287 220,886 -81,020 824,153 Net provisions for risks and charges -1,445 -1,916 5,000 1,639 Net adjustments to loans -40,107 -57,152 - -97,259 Impairment of securities - - -27 -27 Total Cost of Risk -41,552 -59,068 4,973 -95,647 Gains (losses) on other investments - - 500 500 Profit (loss) before taxes from continuing operations 642,735 161,818 -75,547 729,006 Taxes -218,945 -55,699 25,365 -249,279 Profit (Loss) for the period 423,790 106,119 -50,182 479,727 Assets and liabilities Assets by segment (customers) 38,478,260 21,310,359 7,533,458 67,322,077 Equity investments in associates - - 29,528 29,528 Unallocated assets - - 26,030,711 26,030,711 Total assets 38,478,260 21,310,359 33,593,697 93,382,316 Liabilities by segment 49,647,536 11,713,826 4,187,401 65,548,763 Unallocated liabilities - - 19,020,648 19,020,648 Total liabilities 49,647,536 11,713,826 23,208,049 84,569,411

Notes to the Half-Yearly Condensed Consolidated Financial Statements - Part L 104 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

SEGMENT REPORTING AS AT 30 JUNE 2025

Amounts in thousands of Euros 30 June 2025

Retail and

Private BankingCorporate

BankingOther Total

Operating income

Net interest income 638,872 205,787 2,258 846,917 Net fee and commission income 589,009 79,052 -6,249 661,812 Dividend income - - 12,297 12,297 Financial Income (loss) 1,724 9,079 15,501 26,304 Other net operating income -2,550 4,913 6,990 9,353 Net operating income 1,227,055 298,830 30,797 1,556,682 Personnel and administrative expenses and depreciation and amortization -585,267 -82,790 -106,240 -774,297 Operating margin 641,788 216,040 -75,443 782,385 Net provisions for risks and charges -1,763 -2,617 -1 -4,381 Net adjustments to loans -37,546 -59,160 -7 -96,713 Impairment of securities - - 1,396 1,396 Total Cost of Risk -39,309 -61,777 1,388 -99,698 Gains (losses) on other investments - - 1,901 1,901 Profit (loss) before taxes from continuing operations 602,479 154,263 -72,154 684,588 Taxes -190,334 -48,900 24,391 -214,843 Profit (Loss) for the period 412,145 105,363 -47,763 469,745 Assets and liabilities Assets by segment (customers) 37,970,061 20,273,833 7,532,251 65,776,145 Equity investments in associates - - 28,733 28,733 Unallocated assets - - 25,821,057 25,821,057 Total assets 37,970,061 20,273,833 33,382,041 91,625,935 Liabilities by segment 49,403,512 11,653,536 4,558,499 65,615,547 Unallocated liabilities - - 17,668,439 17,668,439 Total liabilities 49,403,512 11,653,536 22,226,938 83,283,986

105

Table

of ContentsForeword

and ProfileHalf-yearly Report

on OperationHalf-yearly

Condensed Consolidated

Financial Statements Financial Statements of the Parent Company Certification of the Half-yearly Condensed Consolidated Financial Statements pursuant to Article 154 of Italian Legislative Decree no. 58/1998CERTIFICATION OF THE HALF-YEARLY

CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS PURSUANT TO ARTICLE

154-BIS OF ITALIAN LEGISLATIVE

DECREE NO. 58/1998

Independent Auditors’ Report 106 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

INDEPENDENT AUDITORS’

REPORT

Review report on half-yearly co ndensed consolidated financial

statements

To the Shareholders of Crédit Agricole Italia SpA

Foreword

We have reviewed the accompanying half-yearly cond ensed consolidated financial statements of Crédit Agricole Italia SpA and its subsidiaries (the Crédit Agricole Italia Group) as of 30 June 2026, comprising the consolidated balance sheet, the co nsolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows and related notes. The direct ors of Crédit Agricole Italia SpA are responsible for the preparation of the half-yearly condensed cons olidated financial statements in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interi m financial reporting. Our responsibility is to express a conclusion on these half-yearly condense d consolidated financial statements based on our review.

Scope of review We conducted our work in accordance with the criteria for a review recommended by Consob in Resolution 10867/1997. A review of half-yearly cond ensed consolidated financial statements consists of making enquiries, primarily of persons resp onsible for financial and accounting matters, and applying analytical and other review procedures. A re view is substantially less in scope than a full-

scope audit conducted in accordance with Intern ational Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accord ingly, we do not express an audit opinion on the half-yearly condensed consolidated financial statements.

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Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the half-yearly condensed consolidated financial statements of Crédit Agricole Italia Group as of 30 June 2026 are not prepared, in all material respects, in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopte d by the European Union applicable to interim financial reporting.

Milan, 30 July 2026 Pricewaterhous eCoopers SpA

Signed by

Pasquale Tuccillo

(Partner)

This review report has been translated into the English language solely for the convenience of international readers. Accordingly, only the origin al text in Italian language is authoritative.

Financial Statements of the Parent Company 108 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

FINANCIAL STATEMENTS

OF THE PARENT COMPANY

BALANCE SHEET

Assets (in Euro units) 30 June 2026 31 Dec. 2025 10. Cash and cash equivalents 832,263,383 4,377,172,164 20. Financial assets measured at fair value through profit or loss 238,812,500 228,556,063 a) financial assets held for trading; 83,561,980 77,559,052 c) other financial assets mandatorily measured at fair value 155,250,520 150,997,011 30. Financial assets measured at fair value through other comprehensive income 3,799,384,957 3,086,608,169 40. Financial assets measured at amortized cost 84,121,756,111 79,059,232,179 a) due from banks 10,809,140,370 5,645,198,027 b) loans to customers 73,312,615,741 73,414,034,152 50. Hedging derivatives 803,621,081 891,362,674 60. Fair value change of financial assets in macro-hedge portfolios (+/-) -535,686,756 -619,995,211 70. Equity investments 187,873,613 188,799,589 80. Property, Plant and Equipment 920,938,022 931,610,670 90. Intangible assets 1,359,537,375 1,368,147,719

- of which goodwill 1,315,925,274 1,315,925,274 100. Tax assets 1,435,179,570 1,588,722,787 a) current 398,263,927 505,007,065 b) deferred 1,036,915,643 1,083,715,722 110. Non-current assets held for sale and discontinued operations 349,767 1,474,609 120. Other assets 1,669,830,762 2,054,533,458 Total assets 94,833,860,385 93,156,224,870

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FINANCIAL STATEMENTS OF

THE PARENT COMPANY

BALANCE SHEET

Liabilities and Equity (in Euro units) 30 June 2026 31 Dec. 2025 10. Financial liabilities measured at amortized cost 80,969,517,326 81,022,760,549 a) Due to banks 1,689,769,691 1,553,068,629 b) Due to Customers 63,110,849,849 63,414,716,617 c) Debt securities issued 16,168,897,786 16,054,975,303 20. Financial liabilities held for trading 83,718,912 80,408,495 40. Hedging derivatives 1,568,233,014 1,741,029,337 50. Fair value change of financial liabilities in macro-hedge portfolios (+/-) -598,145,740 -711,329,023 60. Tax liabilities 275,061,257 376,961,232 a) current 238,352,053 334,659,107 b) deferred 36,709,204 42,302,125 80. Other liabilities 3,240,788,998 1,527,315,510 90. Employee severance benefits 67,198,008 78,976,403 100. Provisions for risks and charges 490,962,938 524,433,627 a) commitments and guarantees given 108,299,514 101,631,158 b) post-employment and similar obligations 24,382,689 25,632,233 c) other provisions for risks and charges 358,280,735 397,170,236 110. Valuation reserves -50,118,935 -43,296,138 130. Equity instruments 960,000,000 740,000,000 140. Reserves 2,754,621,124 2,440,310,835 150. Share premium reserve 3,495,378,045 3,495,378,045 160. Capital 1,102,071,064 1,102,071,064 170. Treasury shares (-) -8,247 -8,240 180. Profit (Loss) for the period (+/-) 474,582,621 781,213,174 Total liabilities and equity 94,833,860,385 93,156,224,870

Financial Statements of the Parent Company 110 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

INCOME STATEMENT

Items 30 June 2026 30 June 2025 10. Interest and similar income 1,265,373,779 1,405,929,261 Of which: interest income calculated with the effective interest method 1,262,165,776 1,402,816,365 20. Interest and similar expenses (423,111,316) (579,136,637) 30. Net interest income 842,262,463 826,792,624 40. Fee and commission income 730,821,325 683,037,289 50. Fee and commission expense (24,457,367) (23,167,685) 60. Net fee and commission income 706,363,958 659,869,604 70. Dividend and similar income 17,788,985 12,296,732 80. Net gains (losses) on trading activities 11,752,640 9,755,760 90. Net gains (losses) on hedging activities (10,223,250) (5,985,281) 100. Gains (losses) on disposal or repurchase of: 41,598,007 45,485,387 a) financial assets measured at amortized cost 28,579,455 21,357,405 b) financial assets measured at fair value through other comprehensive income 13,018,552 24,121,478 c) financial liabilities - 6,504 110. Net profit (loss) on other financial assets and liabilities measured at fair value through profit or loss (235,732) (4,008,669) b) other financial assets mandatorily measured at fair value (235,732) (4,008,669) 120. Net banking income 1,609,307,071 1,544,206,157 130. Net adjustments/recoveries for credit risk on: (98,511,244) (108,484,513) a) financial assets measured at amortized cost (95,234,576) (106,531,630) b) financial assets measured at fair value through other comprehensive income (3,276,668) (1,952,883) 140. Gains/Losses on contract modifications without derecognition (373,885) (1,360,064) 150. Net financial income (loss) 1,510,421,942 1,434,361,580 160. Administrative expenses: (929,961,201) (889,422,307) a) personnel expenses (462,521,354) (466,933,241) b) other administrative expenses (467,439,847) (422,489,066) 170. Net provisions for risks and charges (5,010,140) 14,196 a) commitments and guarantees given (6,668,356) 4,339,465 b) other net provisions 1,658,216 (4,325,269) 180. Net adjustments to/recoveries on property, plant and equipment (39,825,427) (40,516,343) 190. Net adjustments to/recoveries on intangible assets (8,610,344) (10,481,223) 200. Other operating expenses/income 192,570,422 173,821,960 210. Operating costs (790,836,690) (766,583,717) 220. Gains (losses) on equity investments (2,053,675) (3,174,490) 250. Gains (losses) on disposals of investments 267,678 975,060 260. Profit (Loss) before tax from continuing operations 717,799,255 665,578,433 270. Taxes on income from continuing operations (243,216,634) (209,876,945) 280. Profit (Loss) after tax from continuing operations 474,582,621 455,701,488 300. Profit (Loss) for the period 474,582,621 455,701,488

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STATEMENT OF COMPREHENSIVE INCOME

Items 30 June 2026 30 June 2025 10. Profit (Loss) for the period 474,582,621 455,701,488 Other comprehensive income after tax not reclassified to profit or loss - -

20. Equity securities designated at fair value through other comprehensive income 212,168 5,443,761 30. Financial liabilities designated at fair value through profit or loss (changes in own credit rating) - -

40. Hedging of equity securities designated at fair value through other comprehensive income - -

50. Property, Plant and Equipment - -

60. Intangible assets - -

70. Defined-benefit plans (583,086) 87,909 80. Non-current assets held for sale and discontinued operations - -

90. Share of valuation reserve on equity investments measured with the equity method - -

Other income components reclassified to profit or loss 100. Hedging of investments in foreign operations - -

110. Foreign exchange differences - -

120. Cash flow hedges - -

130. Hedging instruments (non-designated elements) - -

140. Financial assets (other than equity securities) measured at fair value through other comprehensive income (6,451,879) 13,571,898 150. Non-current assets held for sale and discontinued operations - -

160.Share of valuation reserve on equity investments measured with the equity method - -

170. Total other comprehensive income after taxes (6,822,797) 19,103,568 180. Comprehensive income (Item 10+170) 467,759,824 474,805,056

Financial Statements of the Parent Company 112 Crédit Agricole Italia Banking Group Half-yearly Consolidated Financial Report as at 30 June 2026

STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2026

(in Euro units) Capital:

Ordinary sharesShare premium

reserveReserves: Valuation

reservesEquity

instrumentsTreasury

shares Profit (Loss) for the periodEquity

retained

earnings

reservesother

EQUITY AS AT 31 DEC. 2025 1,102,071,064 3,495,378,045 2,436,035,756 4,275,079 -43,296,138 740,000,000 -8,240 781,213,174 8,515,668,740

ALLOCATION OF THE PROFIT OR

LOSS FOR THE PREVIOUS FY

Reserves - - 342,725,725 - - - - -342,725,725 -

Dividends and other allocations - - - - - - - -438,487,449 -438,487,449

CHANGES FOR THE PERIOD

Changes in reserves - - -295,271 - - - - - -295,271 Transactions on equity Issues of new shares - - - - - - - - -

Purchase of treasury shares - - - - - - -7 - -7 Extraordinary dividend distribution - - - - - - - - -

Change in equity instruments - - -28,120,165 - - 220,000,000 - - 191,879,835 Derivatives on treasury shares - - - - - - - - -

Shares and rights on shares of the Parent Company assigned to employees and directors - - - - - - - - -

Comprehensive income - - - - -6,822,797 - - 474,582,621 467,759,824 EQUITY AS AT 30 JUNE 2026 1,102,071,064 3,495,378,045 2,750,346,045 4,275,079 -50,118,935 960,000,000 -8,247 474,582,621 8,736,525,672

STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2025

(in Euro units) Capital:

Ordinary sharesShare premium

reserveReserves: Valuation

reservesEquity

instrumentsTreasury

shares Profit (Loss) for the periodEquity

retained

earnings

reservesother

EQUITY AS AT 31 DEC. 2024 1,102,071,064 3,495,378,045 2,195,068,415 3,829,739 -64,223,718 740,000,000 -6,221 793,627,390 8,265,744,714

ALLOCATION OF THE PROFIT OR

LOSS FOR THE PREVIOUS FY

Reserves - - 360,768,640 - - - - -360,768,640 -

Dividends and other allocations - - - - - - - -432,858,750 -432,858,750

CHANGES FOR THE PERIOD

Changes in reserves - - -4,641,858 - - - - - -4,641,858 Transactions on equity Issues of new shares - - - - - - - - -

Purchase of treasury shares - - - - - - -1,501 - -1,501 Extraordinary dividend distribution - - - - - - - - -

Change in equity instruments - - -29,445,229 - - - - - -29,445,229 Derivatives on treasury shares - - - - - - - - -

Shares and rights on shares of the Parent Company assigned to employees and directors - - - - - - - - -

Comprehensive income - - - - 19,103,568 - - 455,701,488 474,805,056 EQUITY AS AT 30 JUNE 2025 1,102,071,064 3,495,378,045 2,521,749,968 3,829,739 -45,120,150 740,000,000 -7,722 455,701,488 8,273,602,432

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STATEMENT OF CASH FLOWS

(in Euro units) 30 June 2026 30 June 2025

A. OPERATING ACTIVITIES

1. Cash flows from operations 1,037,388,149 1,058,904,043

- profit (loss) for the period (+/-) 474,582,621 455,701,488

- Gains/losses on financial assets held for trading and on financial assets/ liabilities measured at fair value through profit or loss(-/+) -1,150,583 3,463,603

- Gains/losses on hedging activities (-/+) 9,849,232 3,751,101

- Net adjustments/recoveries for credit risk (+/-) 95,920,526 113,002,356

- Net adjustments to/recoveries on property, plant and equipment and intangible assets (+/-) 48,435,771 50,997,566

- Net provisions for risks and charges and other costs/revenues (+/-) 5,010,140 -14,196

- Taxes, levies and tax credits not settled (+/-) 243,216,634 209,876,945

- net adjustments to/recoveries on discontinued operations net of tax effect (-/+) - -

- other adjustments (+/-) 161,523,808 222,125,180 2. Cash flow from/used in financial assets -5,399,561,405 970,154,204

- financial assets held for trading -4,616,613 11,940,436

- financial assets designated at fair value - -

- financial assets mandatorily measured at fair value -4,489,241 4,649,519

- financial assets measured at fair value through other comprehensive income -725,081,316 670,015,853

- financial assets measured at amortized cost -5,165,805,359 54,286,513

- other assets 500,431,124 229,261,883 3. Cash flow from/used in financial liabilities 1,047,537,085 854,419,530

- financial liabilities measured at amortized cost -171,145,670 -107,689,693

- financial liabilities held for trading 3,310,417 -11,095,883

- financial liabilities designated at fair value - -

- other liabilities 1,215,372,338 973,205,106 Net cash flow from/used in operating activities -3,314,636,171 2,883,477,777

B. INVESTING ACTIVITIES

1. Cash flows from: 19,795,688 19,077,053

- sales of equity investments 96,203 450,000

- dividend income on equity investments 17,788,985 12,296,732

- sales of property, plant and equipment 1,910,500 6,330,321

- sales of intangible assets - -

- sales of business units - -

2. Cash flows used in: -3,460,677 -2,775,404

- purchases of equity investments -1,223,902 -600,000

- purchases of property, plant and equipment -2,236,775 -2,175,404

- purchases of intangible assets - -

- purchases of business units - -

Net cash flows from/used in investing activities 16,335,011 16,301,649

C. FUNDING ACTIVITIES

- issues/purchases of treasury shares -7 -1,501

- issues/purchases of equity instruments 191,879,835 -29,445,229

- dividend distribution and other -438,487,449 -432,858,750 Net cash flows from/used in funding activities -246,607,621 -462,305,480

NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENT FOR THE PERIOD -3,544,908,781 2,437,473,946

RECONCILIATION

Items (in Euro units) 30 June 2026 30 June 2025 Opening cash and cash equivalents 4,377,172,164 5,295,825,535 Net increase/decrease in cash and cash equivalents for the period -3,544,908,781 2,437,473,946 Cash and cash equivalents: foreign exchange effect 832,263,383 7,733,299,481 Key: (+) generated/ from (–) absorbed/used in

Crédit Agricole Italia S.p.A.

Registered Office Via Università, 1 – 43121 Parma, Italy Share Capital: Euro 1,102,071,064.00 fully paid in On the Business Register of Parma, Taxpayer Identification Number and VAT Identification Number 02113530345, Italian Banking Association (ABI) Code 6230.7 On the Italian Register of Banks at No. 5435. Member of the Italian Interbank Deposit Protection Fund and of the Italian National Compensation Fund.

Parent Company of the Crédit Agricole Italia Banking Group, which is on the Italian Register of Banking Groups at entry No. 6230.7 Company is subject to the management and coordination of Crédit Agricole S.A.