Banca Generali – Investors Presentation 1H 2026

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Investor

Presentation1H 2026 RESULTS 29 July 2026

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No. 1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Business Update and Closing Remarks1H2026 Financial Results Net Inflows, Assets and Recruiting

Annex

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EXECUTIVE SUMMARY –1H 2026 RESULTS

3 Best first half results ever •Net Profit at €279m (+39% YoY), driven by operating normalization and supportive financial markets •Total BG Assets at €1 21bn (+14% YoY) on strong commercial traction and positive performance •Solid Capital Position withCET1/TCR at 17.2%/19.0%, after assuming 85% dividend payout Focus on strengthening AM platforms •Signing of the Investlinx acquisition and launch of a new active ETF, WITA •Diversifying asset management centers to better adapt to changing business conditions •Strong results from commercial initiatives focused on protectionSustained commercial momentum •Total Net Inflows (volumes) to a record €4.4bn (+47% YoY) as business conditions normalized •Net inflows in managed solutions at €1.9bn (+128% YoY) reflecting a higher -quality inflow mix •Advisor Network up to 2,473 FAs (+3% YTD), including 64 new senior professionals

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4NET PROFIT

STRONGEST FIRST HALF RESULTS EVER, REPORTED AND RECURRING

176.3202.1

89.4 93.5108.6

1H25 1H26 2Q25 1Q26 2Q26

96.263.2

-19.6 -19.623.976.6

0.532.9 43.6

1H25 1H26 2Q25 1Q26 2Q26Recurring Net Profit1 Variable Net Profit€\m €\m

200.2

278.7

89.9Net Profit

€\m

+16.2 %+14.6%

126.4

152.3

NOTES: 1) Consistent with the methodology adopted in previous years, recurring net profit derived from total net profit adjusted for the following items: variable fees ( -€125.0m) and other revenues (-€1.4m), non -recurring costs (+€4.3m) and provisions (+€6.0m) while including the related tax effects (+€19.9m) and the additional tax charge at BG FML (+€19.6m). On this basis, recurring net profit amounted to €202.1m; 2) The tax charge relates to the period Jan. -Jun. 2026 and represents the maximum tax exposure under current regulatory framework+21.5% o/w tax charge on

BG FML

1H 2026 net profit at €279m (+39% YoY) reflecting positive operating trend and financial market tailwinds 1H 2026 recurring net profit at €202m (+15% YoY) driven by asset expansion, strong commercial trend and diversified product initiatives 1H 2026 variable net profit at €77m (+221% YoY) driven by financial market tailwinds partly affected by a €20m additional tax charge2 after application of standard corporate tax rate to BG FML, following current unavailability of tax benefits

in Luxembourg

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NET FINANCIAL INCOME

5HIGHER CONTRIBUTION FROM VOLUMES AND INTERMONTE

1H 2026 NFI at €189m (+7% YoY) benefiting from higher trading (€21.6m, +42%) thanks to a higher contribution

from Intermonte

(€13.2m, +82% YoY)1H 2026 NII at €167m (+4% YoY) with a slightly lower NIM more than offset by higher volumes161.7 167.4 82.4 82.7 84.8 1H25 1H26 2Q25 1Q26 2Q26Net Interest Income

15.321.6

6.6 9.212.4

1H25 1H26 2Q25 1Q26 2Q26Trading Gains

& Others+2.5%

2.09%

1.99%

2.02%

1.96%

177.0

189.0

89.0

91.8

97.2Net Financial Income

(NFI), €\m

2.08%+3.5% +2.9%

NOTE: 1) Calculated on average Interest -bearing Assets/LiabilitiesTotal Net Interest Margin

(NIM)1

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6TOTAL GROSS FEES

STRONG GROWTH DRIVEN BY BUSINESS DIVERSIFICATION AND FAVORABLE M ARKETS

550.2615.9

271.6301.3 314.6

1H25 1H26 2Q25 1Q26 2Q26Gross Recurring Fees

42.5125.8

8.046.679.2

1H25 1H26 2Q25 1Q26 2Q26Variable Fees+4.4%

1.06%

1.07%

1.07%

1.07%Total Gross Recurring Fees on Avg. Total

Assets

592.7

741.7

279.6

347.9

393.8Total Gross Fees €\m

1.04%+11.9%+15.8%

1H 2026 total gross fees at €742m (+25% YoY)

reflecting strong

execution in a favorable

business environment

1H 2026 variable fees at €126m (tripled YoY), benefiting from favorable market trend and

successful investment

strategies1H 2026 gross recurring fees at €616m (+12% YoY) underpinned by asset growth and a well -

diversified revenue base

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GROSS RECURRING FEES (1/2)

7ROBUST GROWTH DRIVEN BY ASSET EXPANSION AND IMPROVED PRODUCT MIX

Avg. Investment Assets1 €\bnInvestment Fees €\m Advisory FeesManagement Fees

448.2 494.8

221.2 242.0 252.826.929.9

13.5 14.515.4475.1524.7

234.7 256.5268.2

1H25 1H26 2Q25 1Q26 2Q26+4.6%

+2.5%

63.7 69.5 63.3 68.7 70.270.177.069.7 76.178.0 1H25 1H26 2Q25 1Q26 2Q26Average AUM

Management Fees

on Avg. AUM2

1.42%

1.44%

1.40%

1.43%Investment Fees

on Avg. AUI

1.37%

1.37%

1.35%

1.37%xAverage AUI

NOTES: 1) Net of double counting; 2) Fee margin based on average AUM (managed solutions + traditional life policies) on an annualize d basis

1.44%

1.38%+10.5%+14.3%

+9.9%

1H 2026 investment fees at €525m (+10% YoY) including uptick in advisory fees (+11% YoY) on

stronger volumes

1H 2026 management fees at €495m (+10% YoY) reflecting business

momentum, asset

expansion and mix

enhancement

1H 2026 AUM margin at 1.44% (+2bps YoY) thanks to improved product mix and positive

financial markets+12.0%

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GROSS RECURRING FEES (2/2)

8POSITIVE TREND ACROSS THE BOARD

Other Fees €\m 14.2 14.47.5 6.7 7.838.5 44.7 19.5 21.9 22.822.432.0 9.9 16.2 15.875.191.1

36.944.8 46.4

1H25 1H26 2Q25 1Q26 2Q26Brokerage

CommissionsEntry Fees

Avg. Total Assets €\bn Other Fees on Avg. Total Assets 104.9116.3105.0114.6 117.9 1H25 1H26 2Q25 1Q26 2Q26Banking Fees+3.5%

+2.9%

0.14%

0.14%

0.16%

0.16%

0.16%+21.3 %+25.6%

+10.9%

1H 2026 brokerage fees at €45m (+16% YoY) driven by stronger activity both retail -driven (+13% YoY LfL) and corporate -

driven (+31% YoY LfL) 1H 2026 banking fees at €14m, broadly flat YoY with a slight increase in 2Q (+4% YoY)1H 2026 entry fees at €32m (+43% YoY) linked to higher demand for structured products and

BTP placements

+12.4%

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-0.5% -0.9%11.1% 10.5% 11.1% 10.4% 10.5%35.9% 35.8% 35.9% 36.1% 35.5%47.0% 45.8% 47.0% 46.5% 45.1%

1H25 1H26 2Q25 1Q26 2Q26TOTAL PAYOUT RATIO ON FEES

BROADLY STABLE QUARTERLY PAYOUT RATIO EXCLUDING POSITIVE ONE -OFFS

9 Total Fee Expenses €\m o/w Payout to FAs,

ordinary

o/w Payout to FAs, cost of growth o/w Payout to Third P arties6.1% 6.1% 6.2% 5.9% 6.3%

1H25 1H26 2Q25 1Q26 2Q26

Total Payout Ratio2 (excl. Payout on NII)53.1% 2.2 o/w Fee Expenses on NII1

297.0

146.6

160.1

163.9

324.0

51.9% 53.2% 52.4% 51.4% 2.1 2.2 4.3 4.7 NOTES: 1) Fee expenses paid to FAs related to NII; 2) Fee expenses paid to FAs as a percentage of recurring fees 1H 2026 total payout at 51.9% ( -1.2 ppts) due to a lower cost of growth ( -1.1 ppts) mainly linked to non -

recurring items

2Q 2026 payout ratio broadly in line with the previous quarter, net of

one-off items

1H 2026 payout to third parties at 6.1% with including the impact of a one -off Intermonte’s activityo/w one -off items9.6% 10.0%

0.1% 0.1%

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OPERATING COSTS (1/2)

10STRONG INVESTMENT TO SUPPORT FUTURE GROWTH

NOTE: 1) Core operating costs have been restated to include BG Aequitum and Intermonte

Non-recurring items

Sales PersonnelCore Operating

Costs1151.5164.3

75.4 82.5 81.8 1H25 1H26 2Q25 1Q26 2Q26-0.8%+8.6%1H2026 total operating costs of €182m, (+11% reported; +9% YoY excluding non -recurring

items)

1H2026 core operating costs at €164m (+8% YoY)

reflecting continued

investments in IT, data and AI to support future growth

and scalability

1H2026 non -recurring items at €5m (+157% YoY) mainly related to growth initiatives and advisory for M&A and strategic plan10.7 12.1

5.26.1 6.02.15.4

1.2 2.2 3.212.917.5

6.48.3 9.2

1H25 1H26 2Q25 1Q26 2Q26+11.1%+43.4%

164.4

181.8

81.8

90.8

91.0Total Operating

Costs €\m

+8.5%

+35.5%

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OPERATING COSTS (2/2)

11IMPROVING COST RATIOS DESPITE PUSH ON NEW PROJECTS

0.37%

0.33% 0.33%0.31% 0.30%

0.28%0.31%0.30%0.28%

0.28%

0.27%0.32%0.30%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26

Impact from Intermonte

145.9%

40.7%42.1%

36.0%36.8%

31.1%40.1% 35.1%

30.0%36.1%

30.0%55.8%54.7%

44.6%46.9% 47.3%

43.0%

40.8%

34.9%35.6%39.0%

36.7%36.8%

34.6%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26

Reported Cost/Income

Adjusted Cost/Income

Adjusted Cost/Income ex. Intermonte NOTE: 1) Excluding performance fees and one -off itemsOperating Costs / Total Assets Cost / Income Ratio 1

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SUMMING UP

12

Comments

1H 2026 operating profit excl. performance fees at €299m (+13% YoY) driven by:

-Solid net financial income (+7%) -Strong net recurring fees (+15%) -Stable pay -out ratio to FAs and third parties -Higher operating costs (+11%) mostly for upgrading IT/data/AI infrastructure 1H 2026 total non -operating charges at €24m (-32% YoY), reverting to normalized levels as previous year exceptional items unwind 1H 2026 Intermonte net profit at €6.2m (+93% YoY) with €7.8m revenue synergies, on track with €10 -€15m targeted for this year NOTES :1)Recurring netprofit computed netofvariable fees, trading gains andone-offs;2)Taxrate calculated onarecurring basis, i.e.excluding theadditional taxcharge, 3)The tax charge arise from theapplication ofthestandard corporate taxrate totheLuxembourg subsidiary BGFML, following thecurrent unavailability oftaxbenefits inLuxembourg .Thecharge, relating totheperiod from January toJune 2026 ,represents themaximum potential taxexposure under thecurrent regulatory framework ;4)2026 Budget Law1H 2026 net profit at €279m (+39% YoY) including €19.6m additional tax charge3at BG FML.

Based on the constructive discussions with the Luxembourg authorities and the strengthening of our AM platforms, the Bank remains confident that this tax headwind can normalize over time and gradually move, by 2028, to a 27 -28% range including the temporary IRAP increase4 (€m) 1H25 1H26 % Chg Net Financial Income 177.0 189.0 6.8% Net recurring fees 253.3 291.9 15.3% Variable fees 42.4 125.8 nm Total Banking Income 472.7 606.8 28.4% Core operating costs (LfL) -151.5 -164.3 8.5% Total operating costs -164.4 -181.8 10.6% Operating Profit 308.3 425.0 37.9% Operating Profit excl. performance fees 265.9 299.2 12.5% Net adjustments for impaired loans and other assets -4.6 -2.9 -37.1% Net provisions for liabilities and contingencies -30.0 -20.1 -33.1% Contributions to banking and insurance funds -1.1 -1.2 8.5% Gain (loss) from disposal of equity investments -0.3 0.0 nm Profit Before Taxation 272.2 400.8 47.2% Additional tax charge on BG FML - -19.6 nm Direct income taxes -71.5 -102.5 43.4% Minorities interest -0.5 0.0 nm Tax rate LfL226.3% 25.6% -0.7pp Net Profit 200.2 278.7 39.2% Recurring Net Profit1176.3 202.1 14.6%

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Business Update and Closing Remarks1H2026 Financial Results Net Inflows, Assets and Recruiting

Annex

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1.3 1.4 1.6 1.40.1 0.1 0.1 0.11.2 1.2 1.11.212.814.0 13.9 14.00.90.8 1.0 0.81.31.3 1.3 1.317.618.8 19.0 18.8

1H25 1H26 1Q26 2Q26

BALANCE SHEET –TOTAL LIABILITIES & EQUITY

SLIGHT INCREASE IN VOLUMES IN FIRST HALF

Deposits from

BanksOther DepositsClient Deposits 14Total Liabilities & Equity: Volumes and Yields €\bn Other LiabilitiesTotal Deposits Cost of Funding o/w Cost of Deposits from Banks & Institutionso/w Cost of Client

Deposits

0.74%

2.47%0.85%

0.63%

2.27%0.77%AT1Equity ex. AT11 2 3 1H 2026 total deposits at €16.1bn (+7% YoY) while volumes were little changed QoQ reflecting higher demand for managed and AuC products underway NOTES: 1) Promotional repos for retail clients at €0.2 in 1H26 ( zero at 1Q26); 2) Referring to debts vs FAs, IFRS16 -related liabilities, captive deposits from Generali Group and margins on derivatives ; 3) Including repos to financial institutions (Euronext clearing) for €0.9bn at 1H26 (from €0.9bn at 1Q26); 4) Including €10 0m senior preferred bond issued on 22 December 2025

(MREL eligible)4

0.55%

2.00%0.68%15.016.2 16.1 16.1

0.59%

2.13%0.73%1H 2026 average cost of funding fell to 0.73% (-12bps YoY) while increasing QoQ (+9bps) as market rates moved higher due to

geopolitical tensions

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12.2 13.0 13.0 13.02.32.6 2.5 2.61.51.5 1.7 1.617.618.8 19.0 18.8

1H25 1H26 1Q26 2Q26

2.11%

3.09%

2.73%2.72%

2.09%

3.15%

2.75%2.73%

BALANCE SHEET –TOTAL ASSETS

YIELDS TREND TURNED POSITIVE IN THE QUARTER

Loans to Banks & Other A ssetsLoans to ClientsFinancial Assets 15Total Assets & Interest Bearing Assets: Volumes and Yields €\bn Other AssetsInterest Bearing Assets 16.0 17.1 17.2 Yield on Interest Bearing Assets ( LfL) o/w Loans to Clients o/w Financial Assetso/w Loans to Banks & Other A ssets

2.59%

3.51%

2.88%2.93%

2.15%

3.03%

2.70%2.70%

1H 2026 interest bearing assets at €17.1bn (+7% YoY, little changed QoQ) maintaining an overall defensive profile both at financial assets (duration at 1.4 years) and loan portfolio (collateral -to-loan ratio >200%)17.1 1H2026 yield on interest bearing assets at 2.7 2% with an uptick from 2Q both in financial assets (+5bps QoQ) and loans to clients

(+12bps QoQ)

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CAPITAL AND LIQUIDITY RATIOS

CAPITAL RATIOS FURTHER STRENGTHENED

16 Capital ratios increased driven by retained earnings (+0.7ppts) partly offset by higher RWA linked to business expansion (-0.5ppts).

Retained earnings based on a 85% dividend payout.

CET1/TCR ratios are well above SREP requirement of 8.6% and 12.9%, respectively Leverage ratio at 5.7%, well above minimum requirement

of 3%

Liquidity ratios remain at best practice levels and well above requirements22.0%

17.1% 17.2%2.4%

1.8% 1.8%24.4%

18.9% 19.0%

2024 2025 1H26CET1 AT1Total Capital Ratio % Leverage Ratio % Liquidity Coverage Ratio % Net Stable Funding Ratio % 332% 337% 331%

2024 2025 1H26233%245% 244%

2024 2025 1H265.9%

5.6% 5.7%

2024 2025 1H26

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Business Update and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

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18TOTAL ASSETS (1/3)

ACCELERATING BUSINESS EXPANSION

Breakdown

1H 2026 total assets at €129.0bn (+14% YoY)

o/w:

-€121.1bn distributed by BG FA network -€7.9bn distributed by AG Italian agent networks (hybrid products) At the end of June , contribution of Insurbanking with Alleanza at:

->€260m insurance wrappers since inception o/w ~€200m in 1H 2026 (target FY 2026 at €500m). The investment component (now at 46% of total) will reach ~70% in the short -mid term thanks to automatic switches ->5,000 new current accounts from clients (target FY 2026 at 15,000) -Rollout of the initiative completed at end of June 2026BG Total Assets -Banca Generali distribution perimeter2Insurbanking -Generali hybrid products (investment component)1Total Assets €\bn

106.5113.5121.17.17.47.9113.6120.9129.0

1H25 FY25 1H26

NOTES: 1) Generali hybrid products (Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile) on which Banca Gene rali provides AM/Investment advisory services; 2 ) Including 122 FPAs and Generali clients’ current accounts

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19TOTAL ASSETS (2/3)

BGPASSES THE €120 BILLION THRESHOLD WITH €80 BILLION IN AUI

1H 2026 total assets at €121.1bn (+14% YoY)

reflecting strong

commercial push in context of positive

financial markets

1H 2026 assets under investment (AUI) at €80.4bn (+13% YoY) fueled by managed

solutions

NOTE: 1) Assets and advisory net of double counting 95.6 101.5 107.810.912.013.3106.5113.5121.1 1H25 FY25 1H26BG Total Assets by Contract €\bn BG Total Assets by Fee Category1€\bn o/w Assets under Advanced Advisory Assets under Advisory / Total Assets

10.3%

10.6%

49.1 52.6 56.915.615.715.46.47.38.135.437.940.7106.5113.5121.1

1H25 FY25 1H26

AUC & Banking without Advisory AUC & Banking under Advisory Traditional Life Insurance

Managed Solutions

11.0%71.1

AUI1H 2026 assets under advisory at €13.3bn (+22% YoY) driven by solid AUC demand80.475.6

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20TOTAL ASSETS (3/3)

IN-HOUSE PRODUCTS: A KEY GROWTH DRIVER FOR MANAGED SOLUTIONS

BG Total Assets -Focus on Managed Solutions €\bn 1H 2026 managed solutions at €57.0bn (+16% YoY) with in -

house products1(+21% YoY) reaching 53% of total (+2.4ppt

YoY)

NOTE: 1) In-house products refer to in -house funds and financial wrappersIn-house Funds (retail distribution)Financial WrappersInsurance Wrappers Third -party Funds (retail distribution)

In-house

Products

1H 2026 financial wrappers at €15.2bn (+18% YoY) confirming strong demand for personalized investment

solutions

1H 2026 in -house funds at €15.0bn (+25% YoY) at 53% of total retail funds (+3ppt YoY) driven by innovative protection -oriented strategiesManaged Solutions -Breakdown

50.7%

52.5% In-House Products / Managed solutions 53.2%12.0 13.2 15.012.914.415.212.112.613.512.112.413.249.152.656.9

1H25 FY25 1H2624.927.730.2

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NET INFLOWS

RECORD FIRST HALF DELIVERY DRIVING INCREASE IN YEAR -END TARGET

21 NOTE: 1) Assets and advisory net of double counting1H 2026 total net inflows at €4.4bn (+47% YoY), the best first -half ever, thanks to strong pickup in commercial activity after last year’s

M&A headwinds

Total Net Inflows by Fee Category1€\bn 1H 2026 AUI net inflows at €2.1bn (+31% YoY) driven by managed solutions with €1.9bn

(+128% YoY)

FY 2026 net inflows target revised upwards to ~€7.5bn (from previous €6.5bn) linked to strong business momentum0.8 0.81.90.7

-0.40.60.10.62.21.42.33.6

3.04.4

1H24 1H25 1H26

AUC & Banking without Advisory AUC & Banking under Advisory Traditional Life Insurance

Managed SolutionsAUI

Focus on Managed Solutions €\bn

1.41.62.1

In-house FundsFinancial WrappersInsurance Wrappers Third -party Funds

In-house

Products0.4 0.31.10.70.60.4

-0.3 -0.10.10.3

0.8 0.81.9

1H24 1H25 1H261.10.91.5+47%

+128%

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NET INFLOWS BY ACQUISITION CHANNEL

STRONG RECRUITMENT MOMENTUM

2230 30 3128163336

354294

81106

1H24 1H25 1H26

FAs without Remuneration Package & Junior FAs From Retail & Private Banks From FA Networks2.62.23.21.0

0.81.23.6

3.04.4

1H24 1H25 1H26

Net Recruitment (FAs In/Out) Existing NetworkNet Inflows by Acquisition Channel €\bn 1Recruitment by Acquisition Channel # NOTE: 1) Financial Advisors within the Bank excluding new recruits of the year and year -1 1H 2026 net inflows from net recruitment at €1.2bn (+ 43% YoY), representing 26% of total with the contribution from existing network also at full speed (€3.2bn, +49%

YoY)

1H 2026 total new recruits at 106

professionals (+31%

YoY) of which 64 senior

professionals (+39%

YoY)

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Business Update and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

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24ASSET MANAGEMENT OPERATIONS (1/2)

THREE STRATEGIC HUBS FOR A DIVERSIFIED AM PLATFORM

LUX-based product factory centered around three Sicavs Fully operational Dublin -based AM company focused on active ETF manufacturing and licensed for funds

Signing completed

in July 2026 Banca Generali AM Hubs Italian investment hub with strong expertise in financial wrappers, enhanced by Intermonte capabilities

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ASSET MANAGEMENT OPERATIONS (2/2)

RECENT NEW PRODUCT LAUNCHES

DIFFERENT STRATEGIC PRIORITIES

25FLAGSHIP INVESTMENT STRATEGIES

AND PROTECTION

INVESTMENT PERSONALISATION

AND PROTECTIONMARGIN INTERNALISATION

AND NICHE SOLUTIONS

NOTE: Data as of 2 5July 2026; 1) Retail fund sonlyYTD Net inflows1

o/w Protection~€1.4bn

~€1.0bn

YTD Net inflows

o/w Protection~€0.5bn

~€0.2bn

YTD 2026

Net Inflows~€0.1bn

Launch: 01/07/2026

ADDITIONAL INITIATIVES ACROSS THESE STRATEGIC GROWTH PILLARS IN 2H 2026

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26CLOSING REMARKS

GUIDANCE SUMMARY

Net Inflows – Volumes Growth Net Inflows – Product Mix Net Interest Income Management Fee Margin Core Operating Costs 1H26 Result 2026 Guidance Main Drivers

€4.4bn~€7.5bn

(from >€6.5bn)•Stable financial markets, barring any major market correction •Ongoing positive structural and cyclical sector growth trends •Higher contribution from recruiting activity €2.1bn AUI >€4.0bn AUI•Stable financial markets, barring any major market correction •Large share of govt and corporate bonds coming to maturity €167m €335 -345m •Increase in client deposits (€0.5 -1bn YoY) •Avg. Euribor 6M at 2.54% 1.44% 1.40-1.42%•Stable financial markets , barring major market correction •Temporary spike in 2026 driven by direct and indirect financial

markets’ tailwinds

+8.5% YoY +6-8% YoY•Strong push on IT projects incorporated •Temporary spike to 8 -9% in 2026 due to the rollout of key strategic

initiativesItem

Tax Rate30.5% Reported 25.6% LfL•2026/28 temporary IRAP increase in Italy for the banking sector included •Temporary spike in 2026, and partially in 2027, due to the application of the full corporate tax -rate in Luxembourg(from 2028 onwards)1H26 Result M/L Term Guidance

27-28%

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Sustainability

▪Sector Data

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11.9 13.2 15.011.112.113.0 1H25 2025 1H26Institutional

Fund Classes

Retail Fund

Classes

19.321.524.23.63.73.6

0.20.10.2

1H25 2025 1H26

BG Alternative/Private Markets

BG Selection/Collection

LUX IMFOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML)

DEEP DIVE ON LUX ASSETS

28 BG FML - Assets by SICAV €\bn BG FML –Total Assets €\bn BG FML – Asset Mix %

23.125.328.023.125.3

51%

16%28%1%2%2%

Equity

Multi-assets

Bonds

Target funds

Alternative

Protection28.0

1H 2026 retail fund classes reach 54% of BG FML total assets (+2ppt YoY,

+2ppt YTD)

1H 2026 equity

exposure increasing

to 51% of total BG FML assets (+2.3p.p.

YoY) on more

favourable market

conditions

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FOCUS ON GENERALI HYBRID PRODUCTS

POSITIVE CONTRIBUTION

29Insurbanking -Volumes1, €\bn

7.4 7.47.07.9

4.14.54.34.9

2024 2025 1Q26 1H26Generali hybrid products (investment component) o/w in BG FML sub -funds Assets in BG FML, % of total NOTE :1)Valore Futuro, Genera Equilibrio, Genera Valore, Genera Sviluppo Sostenibile , Stile Unico 55% 61% 60%Insurbanking -Margin, % Mgmt fee margin

on Private

Banking

(exc. hybrid

products)

Total

Mgmt fee margin1.43% 1.41% 1.44%

2024 2025 1H261.36% 1.34% 1.36%

2024 2025 1H26Mgmt fee margin

on hybrid

insurance

products

(incl. insurbanking) 0.66% 0.64%0.69%

2024 2025 1H26

Advisory and fund

selection services

provided to Generali Italia’s hybrid products for a total of €7.9bn as of 1H26, of which 62% allocated to BG FML

subfunds

Contribution from

advisory and fund selection services worth 8bps to Banca Generali’s

consolidated profitability

62%

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62% 61%60%25%26%26%13%13%15%29.732.035.2

1H25 2025 1H26FOCUS ON AUC ASSETS

LARGE EXPOSURE TO IN THE MONEY BONDS

30AUC Assets by Asset Class1€\bn NOTES: 1) Assoreti perimeter (i.e. excluding BG Suisse and BG Aequitum ); 2) Data as of 09.04.2026€4.2bn bonds due to expire within 1 year 60% of bonds carrying unrealized capital gains2 4% of total AUC invested in structured products

(certificates)

22% of AUC under advanced advisoryKey Features Bonds Equity Others (Repos, ETF, certificates & others)

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31FOCUS ON ETF S

INCREASING EXPOSURE OVER TIME TO SUPPORT BUSINESS NEEDS

ETF Exposure –Historical Series €\bn NOTE: Assoreti perimeter0.30.4 0.4 0.6 0.91.5 1.4 1.51.82.63.2

0.30.60.90.90.90.6 0.60.61.01.21.5

0.20.20.30.40.91.52.02.82.43.03.5

0.20.30.30.40.5

0.3 0.3 0.30.91.21.82.02.83.84.25.15.67.38.8 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26Financial Wrappers Funds AUC Insurance WrappersBG has been integrating ETFs into its investment offering for more than 10 years , leveraging them to improve efficiency and

portfolio construction

As of June 2026, BG’s ETF exposure was as follows :

-ETFs within AUC accounted for 9% of total AUC -ETFs within AUM accounted for 8% of total AUM In the last two years, Banca Generali and Intermonte together traded on average ~€41bn per year Average ETF annual traded volumes at ~€41bn over the last two years (BG and Intermonte combined volumes)

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FOCUS ON FINANCIAL ASSETS

HIGH QUALITY FINANCIAL ASSET MIX

32Bond PTF Classification 46% 20%34%Italy Govt Bonds EU Govt Bonds

Covered/SSA/

Corporate/ FinancialTotal PTF Classification 4%

96%Equity &

Alternative

Investments

Fixed

Income

85%4%11%

HTC HTS & Others HTCSTotal PTF - IFRS Classification Fixed rate bonds 64%

(bond portfolio)3.3

0.93.3

0.7 Total HTCS Total HTCS

1.40.81.4

0.6 Total HTCS Total HTCSBond PTF Maturity Bond PTF Duration2025 1H26 2025 1H26Focus on Financial Assets (Banking Book) Total d uration and maturity little changedLimited P&L volatility since most financial assets are accounted at HTC (85% of total)Financial assets are high quality and well

diversified:

-More than 99% of the bond portfolio is made up of investment grade securities -50% of the bond portfolio is rated ≥ A -

-Italy govt bonds represent 46% of total

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FOCUS ON LOAN BOOK

HIGH QUALITY LOAN BOOK

3312.2 12.8 13.02.32.5 2.61.51.41.617.618.5 18.9

1H25 FY25 1H26

5.4 5.9

2025 1H26Collateral Assets €\bn Granted Loans €\bnTotal Assets and Interest Bearing Assets €\bn Yield –On Loans to Clients % Focus on Loan Book (Banking Book) Lending Quality % 1H26 Credit Book €\bn 0.4

99.6

NPL (Net of Indemnity)

Performing Loans

3.94.4

2025 1H26

Drawn Loans/

Granted LoansCollateral Assets/ Drawn Loans65% 60% 213% 222%2.10.5 Lines of Credit Mortgages & Personal Loans Cost of Risk bps3.47% 3.22% 3.09% 0 0 2Loans to Banks & Other A ssetsLoans to ClientsFinancial Assets

Other Assets

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34FOCUS ON FINANCIAL ADVISORY NETWORK (1/2)

SIZE OF THE NETWORK AND KEY FEATURES

No. of FAs1 #

1,8411,9361,9852,0402,0872,1622,2042,2602,3532,4052,473

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26Key highlights

Male

FemaleGender

FA Teams (#) 226 AUM2 (€\bn) 31.0 Age

~55<35

35-50

>50 Headline FA retention at 98.4% -Core FA retention at 99.6% NOTE: Data as of 30 June 2026 ; 1) Assoreti perimeter; 2) Total Assets managed by FAs involved in Teams project

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35FOCUS ON FINANCIAL ADVISORY NETWORK (2/2)

WIDENING THE GAP WITH THE REST OF THE INDUSTRY

1Average Assets per FA €\m NOTE: 1) Assoreti excluding BG, AZM, ISPB, Mediobanca Premier and Credem Euromobiliare . Credem SpA financial advisors’ activity (added to the already existing Credem Assets since 2019) has also been excluded on a like -for-like basis 11.211.9 11.614.215.7 15.818.019.722.224.325.828.8 29.032.835.139.2

37.340.643.746.548.3

7.4 7.9 8.09.110.2 10.311.812.913.614.615.917.9 18.421.223.125.8

24.026.429.531.8

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26Banca Generali Assoreti

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5.5% 3.9%20.8%17.1%44.2%45.0%29.5%34.0%

36FOCUS ON CLIENTS

EXPANDING CLIENT BASE WITH A DEEPER PRIVATE BANKING VIEW

NOTE: 1) Banca Generali Assoreti assets (i.e. excluding BG Suisse and BG Aequitum) Total No. of Clients ‘000 1H26 Asset Breakdown1 by Cluster of Clients %

>€5m

€500k -€5m

<€100k€100 -500kPrivate Banking

Assets, bn/€

73.7%79.0%

88.2

94.3

263279290299312332342349359372379

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26Cluster of clients by assets with BG

View by

Single

AccountView by

Family

Account

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Sustainability

▪Sector Data

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38BANCA GENERALI IN A NUTSHELL

MAIN HIGHLIGHTS

38 One of the fastest -growing asset gatherers in Europe1and #3 player in the Private Banking space in Italy2 Frontrunner inintroducing anopen architecture business model inItaly, Banca Generali also relies onanopen banking approach toleverage thebest partners over time Controlled byAssicurazioni Generali withastake of50.2%,Banca Generali recorded Total Return Rate of+1,650%6since itslisting ontheItalian Stock Exchange inNovember 2006 Capital -light business model, leveraging on aNetwork of2,473Financial Advisors ranked atthe

topoftheindustry byquality3

Strategic focus on growth driven by acceleration of the core business, coupled with two new initiatives: the integration of Intermonte and the partnership with Alleanza International footprint with a consolidated presence in Luxembourg, a growing one in Switzerland and a new one in Ireland NOTES: 1) Banca Generali estimates on last 10Y sector data; 2) Source: Magstat , data as of 31.12.2024 (last available data); 3) Based on assets/FA on Assoreti data; 4) Financial Times -

Global Private Banking Awards (2025) ; 5) Deutsche Institut Fur Qualitaetund Finanzem (2026); 6) Data as of 27 July2026 Several times awarded Best Private Bank inItaly4and Best Financial Advisor Network by

Customer Satisfaction5

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39 P u r p o s e To protect and improve the lives of people and businesses by enhancing the management of their assets and savings M i s s i o n Trusted professionals always by the Client’s side , developing and looking after their life plansV i s i o n To be the No. 1 private bank , unique by Value of Service , Innovation and Sustainability Banca Generali’s dynamism -The fastest growing1company in Italy over last 10 years with a unique business model centered around a wealth management approach, a focus on top rated distribution network and a capital light

business model

Assicurazioni Generali’s heritage -Banca Generali can leverage on the financial strength and solid reputation of Assicurazioni Generali, one of the leading insurance groups at European level with a group rating1above

country levelBANCA GENERALI’S AMBITIONS

MISSION, VISION AND PURPOSE

39 NOTE: 1) Moody’s: A1 stable, Fitch: AA -stable, AM Best: A+ stable

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40 5.7 7.2 6.5 7.5 6.8 7.3 7.8 7.8 9.1 9.8 11.4 12.8 14.818.4 20.725.2 27.635.439.945.1 15.0 14.212.514.7 16.8 16.018.4 21.327.531.836.142.942.750.653.860.5 55.557.463.968.4 20.7 21.419.022.2 23.6 23.326.229.136.641.647.555.7 57.569.074.585.783.192.8103.8113.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Administered assets Managed assetsTotal Client Assets €\bn

2006

Listing on Italian

Stock Exchange

Acquisition

of Banca BSI Italia

2008

Acquisition of Banca del Gottardo Italia

2014

Acquisition

of Credit Suisse affluent & upper affluent Italian

operations

2017

Partnership with

Saxo Bank, creation of BG Saxo SIM

2019

Acquisition of

Nextam

Partners (AM

boutique) and BG

Valuer (Swiss

trust)

2013

New strategic

positioning

2020

Partnership

with ConioBANCA GENERALI’S KEY MILESTONES

A YOUNG AND FAST -GROWING COMPANY

2023

Launch of

BG Suisse

Private Bank

40

2025

Acquisition of

Intermonte

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41 R e f e r e n c e S e g m e n tB a n c a G e n e r a l i ’ s M a r k e t S h a r e

2025

Targetable

financial wealth1

Private & HNW

financial wealth2

Financial Advisor

networks32015

2.9%

5.3%

15.5%

1.4%

2.5%

13.3%

+1.5pp.

+2.8pp.

+2.2pp.

Chg.To t a l C l i e n t A s s e t s – 1 0 Y C h g . €\bn

41.6113.5

2015 2025

>2.7x

BANCA GENERALI’S MARKET SHARES

BG HAS GROWN ITS MARKET SHARE ACROSS ALL SEGMENTS OVER THE LAST DECADE

NOTES: 1) Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets. Source:

Prometeia data net of corporate pension plans. 2025 figure estimated; 2) Italian private financial wealth market share based on AIPB (served market) and Prometeia data (non served market). 2025 figure estimated; 3) Italian FA networks market share based on Assoreti data on a like -for-like basis, i.e. excluding AZM, MB, ISPB and new entrants from 2019

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42BANCA GENERALI’S ORGANIZATION

COMPANY STRUCTURE

Company Structure

42 NOTE: Data as of 30 June 2026

Company Structure

100%

100%

Trust Company

Listed on Milan stock exchange: 50.2% owned by Assicurazioni Generali

100%

Trust Company

Asset

Management

Bank

100%Bank

Brokerage

Company100%

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43

RECOGNIZED PLAYER IN THE ITALIAN WEALTH MANAGEMENT SPACE

Wealth Management/

Private BankingFinancial Advisor

Network ESG

Best Discretionary

Mandates Team (2025) Deutsche Institut fur Qualitat und

Finanzen

Top Sustainable Bank in Italy (2024) BFC Media -Private Banking AwardsBest Financial Advisor network by Customer

Satisfaction (2026)

Deutsche Institut fur Qualitat und FinanzenItaly's Best for High -Net

Worth (2026)

Euromoney Institutional

Investor

Sustainability Champion

(2024/25)

Deutsche Institut fur Qualitat und

Finanzen

Best Private Bank in Italy (2025) Financial Times - Global Private

Banking Awards

43 Ranking First in Asset Management for

Customer Service

(2024/2025)

Statista

Sustainability Awards 2023 Among the most sustainable companies according to Statista Best D istribution

Network (2024)

ICA –Italian Certificates

Awards 2024

BANCA GENERALI’S AWARDS

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BANCA GENERALI’S BUSINESS MODEL

FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY

44FA Supports

Products & Services Bank DistributionBanca Generali’s business model is centered around a network of Financial Advisors providing comprehensive wealth advisory services to support clients in managing and protecting their family wealth Banca Generali’s core competitive advantageWealth management approach leveraging on open architecture and best -of-breed partnershipsOpen banking and AI & data driven approachSimple & low risk

balance sheet

ClientFinancial

Advisor

Private Banking

positioning

Best in class distribution

networkBanking products

AUC products

Managed solutions

Insurance solutions

Alternative solutions

Investment Advisory

Real -estate advisory

Succession planning

Family protection

Corporate advisory

Trust ServicesIT Platforms, Digital & AI

Tools

Training

Marketing

CommunicationLimited capital absorption Low risk banking book

Secured loans

1 2 3 4

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BG’S FASAT TOP RANKING IN THE INDUSTRY

BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY

451 Positioning vs I ndustry FA networks by total a ssets per capita: FAs vs Client Banca Generali ranks at the top of FA networks, by:

•Positioning -avg. size of assets for Financial Advisors and Clients;

•Productivity -avg. net inflows per Financial Advisor and Clients Productivity vs Industry FA networks by net inflows per capita: FAs vs Clients Total assets / FAs Total assets / Clients IndustryIndustryNet inflows 2022 -2025 / FAs Net inflows 2022 -2025 / Clients NOTE: Size of the bubble = Total Client assets; data as of 31 December 2025; companies included: Allianz Bank, Banca Generali, Banc a Mediolanum, Banca Widiba, BNL Life Banker, Mediobanca Premier, Fideuram, Finecobank, Zurich Bank, Banca Finint

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BG NETWORK ARCHITECTURE

NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CO NTRACT

461

Senior

Partners

Network

WM &

Private

Network

FPA

Network

RM NetworkCluster Assets (%) FAs (#) Assets/FA (€\m)

Wealth Managers

PTF >€50mSenior Partners

PTF >€150m

Private Bankers

PTF €15-50m

Financial Planners

PTF <€15m

Financial Planning

Agents (FPAs)

Relationship

Managers18% 124

365

1,511

258 121

54173.1

72.6

39.4

9.0

21.6

77.6

Senior Partner Network:

unique in terms of positioning to consolidate excellence and enhance support and service to

Clients

Relationship Managers

(employees)FPAs (AG’s agents) focused on cross -

selling of banking and investment productsWMs, PBs & FPs with one leader on the field

and dedicated

structures for diverse

segments23%

51% 2%

2% 4%

NOTE: Data as of 30 June 2026 -FAs headcount excluding 40 Financial Advisors (representing ̴€943m assets) with managerial and support roles

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BGRANKING #3 IN PRIVATE BANKING IN ITALY47

SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013

47 SOURCE: Magstat and internal data; NOTE: 1) View by single account, assets >€500K per client, Assoreti perimeter (excluding BG Suisse and BG Aequitum )Private Banking Sector Ranking (Magstat), €/bn Banca Generali -Private Banking Assets1€/bn

€281.3

€160.5

€73.5

€68.4

€55.0+518 %+135 %

+58%

+434%

n.a.

€101.6

€81.3

€38.4

€33.7

€11.9

€26.7

#3 #16

€54.3 n.a.

2013 2024

11.9 16.025.1 29.235.5 36.344.249.158.3 55.363.773.581.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10.7 13.9 16.1 18.6 21.9 22.626.4 28.632.8 31.135.139.3 42.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.47 1.53 1.56 1.57 1.62 1.61 1.68 1.72 1.78 1.78 1.82 1.87 1.92 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Total Private Clients #k Private Assets / Private Clients €/m 1 2025 Magstat data not available

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BG R ANKING #4 IN FA NETWORKS IN ITALY48

STRONGEST INCREASE IN ASSETS SINCE 2013

48 SOURCE: Assoreti and internal data; NOTES: 1) Excluding BG Suisse and BG Aequitum; 2) Calculated on a like -for-like basis, i.e. excluding ISPB assets (~€ 176bn as of 31.12.2025 )1

2025 2013

€83.7

€47.2

€36.2

€29.9

€29.1

€384.5

€137.6

€86.0

€111.91+149 %2

+285 %+279 %+192%

+188 %

FA Network Sector Ranking (Assoreti) €\bn #4 #5Banca Generali -Total Assets ( Assoreti ) €\bn 29.136.6 41.647.555.7 57.566.873.384.6 82.291.8102.7111.9 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 228 243 249 263 279 290 299 312 332 342 349 359 372 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 128 150 167 181 200 198 223 235 255 240 263 286 301 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Total Clients #k Assets / Clients €/k

€137.3

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16% 14%

21%12%27%2%3%5%BG DIVERSIFIED CLIENT PORTFOLIO

ALLOWING A TAILOR -MADE VALUE PROPOSITION

492 Total Assets by Product Segment €\bn Total Assets by Asset Mix1 % 12% 11% 13%

11%13%7%23%10%

AUI: 80.4 €/bn, 66% of totalTotal Assets: 121.1 €/bn

Equity

AlternativeStructured productsMonetary

Gov. & corporate bonds euro-denominatedSegregated accountsOther bonds Other assetsIn-house funds Financial wrappersThird -party fundsInsurance wrappers AUC & Banking under AdvisoryTraditional life policiesAUC

Deposits

AUI NOTE: Data as of 30 June 2026; 1) Assoreti perimeter (excluding BG Suisse and BG Aequitum )

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WEALTH MANAGEMENT APPROACH

SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS

50Real -estate Advisory

Corporate Advisory

Family Protection & PlanningPartnerships with Leading Service Providers An Advanced Advisory model to address financial and non -financial needs of our Clients and their families PARTNER

LAW FIRMS2

Advanced

Advisory Model

Art & Passion Advisory

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51Physical Location Training Platform

TRAINING SUPPORT

APPROACH COMBINING PHYSICAL AND DIGITAL3

A space dedicated to classroom training for Financial Advisors, as well as a venue

for representation/events

A single channel dedicated to FAs training Average training hours performed by BG People at best practice level:

- Financial Advisors :

>163k training hours (70 hours per capita)

- Employe es:

>75k training hours (56 hours per capita) NOTE: Data as of 31 December 2025

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Core Business

▪Intermonte integration

▪Insurbanking with Alleanza

▪Sustainability

▪Sector Data

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FANETWORK

NEW GENERATIONS, TEAM MODEL AND VERTICAL SPECIALIZATIONS

BG Team2

Next -Gen

Network Specialty Verticals Empower the Network to thrive by embracing generational diversity and fostering new talentEnhance and evolve the team model to maximize effectiveness and foster cross -

functional collaboration and knowledge

sharing

4.38.314.324.831.0

2022 2023 2024 2025 1H26Total Team Assets Trend2, €\bn Growth in FAs’ number will be reinforced by introducing more flexible and tailored Team agreements , designed to support different models of collaboration55 87 139 212 226Number of Teams, # Alongside recruitment, BG is rolling out a structured advanced training for young advisors to enhance their impact and

accelerate growth

NOTES: Data as of 30 June 2026; 1) Recruits both with / without entry bonus incentives; 2) Historical data reconstructed only for the teams currently active and including individual assetsLeverage Network specializations to increase quality of services and loyalty

1.41.82.22.42.6

2022 2023 2024 2025 1H26

74 85 106 110 121Headcount, #Total Assets Trend, €\bnFinancial Planner Agents (FPAs)1 53 39 50 50784816102523

1478 639865

44133123173 166

106 2022 2023 2024 2025 1H2655 6075101FAs Recruitment1, # Over 45 y/o 40-45 y/o 41% 49% 43% 61% 58%Next -Gen Share on Total Recruitments, %Under 40 y/o Additional initiatives include expanding the Sustainable Advisor line (200+ FAs) and strengthening the Network’s Investment Banking specialisation62

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1. Equity Step -In:phased allocation

into equities

2. Maturity -Protected Equity: capital protection at maturity BGFML Asset Mix , %Raise Clients’ P rotection Exposure Lift BGFML Share in Retail Funds 42% 42%45% 44% 44%46%49%51%53%58% 58%55% 56% 56%54% 51%

49%47%

2018 2019 2020 2021 2022 2023 2024 2025 1H26BGFML Third-party1.Onboard third -party flagship strategies to the Lux IM platform 2.Broaden industrial advisory with thematic in -house strategies BGFML Penetration on BG Retail Funds, % Enter Active ETFs a b c 1.Build a proprietary active ETF / active -indexing range •Capture structural ETF market

growth

•Internalize margins on current

ETF activity

2.Diversify manufacturing in Ireland •Asset management –friendly hub •Regulator with deep ETF expertise •Faster time-to-marketGROW LUXEMBOURG PLATFORM

LAUNCH IRISH PLATFORM

STRATEGIC PRIORITIES 2ASSET MANAGEMENT

Grow Luxembourg Platform Launch Irish Platform 54 NOTE: Data as of 30 June 2026 51%

16%28%1%2%2%

Equity

Multi-assets

Bonds

Target funds

Alternative

Protection

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Key Figures

55Main Initiatives

Objectives

>180>85%

>400>15k~120AI Ambassadors

Colleagues appointed to foster AI culture within the

Bank

Employee training hours1 1,121 employees involved (94% on total employees) Copilot M 365 activation rate1 AI tool available to most employees (~ 800) AI agents developed Iimplemented by internal teams with the support of the

AI Factory

Use case collected Some of them transformed in to AI agents•Accelerate AI adoption as a cultural change management initiative across the Bank •Promote the use of AI in the FA -client relationship , with the aim of enhancing speed of execution, personalization, and quality of service•AI Factory: a new organizational unit dedicated to the design, evaluation, and implementation of AI solutions within the Bank. It plays a strategic role in governing internal demand, shaping AI solutions, and fostering the diffusion of AI capabilities and skills •AI Ambassadors: a cross -functional community expanded from 40 to ~120 colleagues between 2025 and 2026, across all business units, driving AI adoption and impact across the Bank •Grace: a proprietary AI solution for FAs, enhancing productivity, efficiency, and decision support through AI -powered agents

ARTIFICIAL INTELLIGENCE

CULTURAL AND OPERATIONAL TRANSFORMATION UNDERWAY3

NOTE: 1) Data refer to full -year 2025

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Core Business

▪Intermonte integration

▪Insurbanking with Alleanza

▪Sustainability

▪Sector Data

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57INTERMONTE - STRATEGIC RATIONALE (1/3)

EXPANDING CAPACITY IN GLOBAL MARKETS AND STRENGTHENING THE OFFER ING FOR SME S

THE STRATEGIC

RATIONALE BEHIND THE

ACQUISITION OF

INTERMONTE IS BASED ON

TWO KEY PILLARSStrengthening Banca Generali Group’s Strategic Positioning

Enhancing BG’s

offering for

entrepreneurs and

SMEs

Expanding BG’s

Global Markets

capabilities

Developing a distinctive value proposition for entrepreneurs and SMEs -a key segment in Private Banking, both for new wealth creation and exposure to generational wealth transferEnhancing expertise in negotiation and structuring (derivatives desk) to boost profitability and sustain a competitive edge See next slide

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58

Italian entrepreneurial

ecosystem

Equity non listed shareholdings/ Tota lItalian household financial wealth , €/trnGenerational wealth

transfer

Create a unique model that combines the dynamism of a FA network with the specialized expertise of an Investment Banking boutique Offering entrepreneur clients high value -added services, from managing personal wealth tosupporting

business needs

1.5 1.5 1.8 2023 2024 2025 25.7% 26.0% 29.3% % of total1Generational wealth transfer of Italian Private families2, €/bn

180300

2028 2033

INTERMONTE - STRATEGIC RATIONALE (2/3)

CREATING A DISTINCTIVE MODEL TO SERVE ITALIAN ENTREPRENEURIAL FA MILIES

1Banca Generali’s

network profile

FAs at Banca Generali with assets portfolio > 50m/€ ptf3 648(#) - Avg. 107m/€ ptf No. of firms - owned by BG clients -

with revenues >10m/€ ~4,400 (#) - ~191 bn/€ est. value4 NOTES: 1) % on Total Italian household financial wealth, source: Bankit and Prometeia; 2) AIPB projection on Prometeia data; 3) Average assets per FA -Data as of 31.12.2025 ; 4) Total estimated value of the firms ( 100% holding) -Data as of 31.12.2025

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59GROWTH PATH TO 2030INTERMONTE - AMBITIONS (3/3)

Targets by 2030FY 2026

Target

1H 2026

Results

€7.8m

revenue synergies

already achieved

mainly from AUC

& Banking

€10-15m

revenue synergies

expected by 2026 25%-30% of total

synergies

€40-45m

additional revenues by 2030 x2 vs. 2024 total revenues

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Core Business

▪Intermonte integration

▪Insurbanking with Alleanza

▪Sustainability

▪Sector Data

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61INSURBANKING - DEEP DIVE ON ALLEANZA (1/3)

PROACTIVE NETWORK OF TALENTED PROFESSIONALS

Alleanza: high quality Network focused on Life and Protection NOTE: Data as of 31 December 2025 unless otherwise specified ; 1) Private Advisors are consultants who have passed the FA exam but are not listed on the Financial Advisors register~10,000 Insurance Consultants in Italy

~2,830

Private Advisors1

>800

Operational points in Italy Peer 5Peer 4ALLEANZAPeer 2Peer 1 18 14 13 10 6 From ninth to third place in ten yearsWide and highly -qualified Distribution N etwork 2024 Life Premiums Ranking, €/bn

Key Features

Within the € 100 billion distributed by Generali, Alleanza accounts for roughly 40% Alleanza relies on one of Italy ’s largest and most widespread networks , with 10,000 insurance

advisors

Thanks to the partnership, Alleanza aims to attract a growing number of talented professionals with the goal of exceeding 4,000 Private Advisors1by 2030

€43bn

Life ReservesFocus

next slide

ALLEANZA

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~40~130~170INSURBANKING - MARKET POTENTIAL (2/3)

A LARGE AND UNTAPPED MARKET POTENTIAL

62Alleanza Life

Reserves AUC

DepositsAlleanza stands out as a leading life insurance company, holding assets of

around ~€40bn

According to internal estimates, Alleanza total client assets amount to ~€170bn , which is consistent with the allocation to insurance products of other distribution

channels

Alleanza client wealth held by third -

parties not efficiently allocated, with 80% of assets made up of current accounts and securities Alleanza client wealth mostly represented by affluent clients (assets €50k -500K), with a ‘small’ portion in the private segment (~19K clients)Private (>500k) Affluent (50 -500k)

Retail (<50k)20%67%13%

By product

AUM45%55%1%~1.9m ~€130bn

Estimated

Wealth held

with Third -

Parties

Total Alleanza

Clients

Estimated

WealthBy wealth

Wealth h eld with

third -parties

breakdown

Alleanza clients

breakdown

Wealth Held by Alleanza Client s Alleanza clients wealth, €\bn

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63INSURBANKING - GROWTH AMBITIONS (3/3)

BANKING BUSINESS AND INSURANCE WRAPPER: TARGETS BY 2030

Conto

Unico

Stile

Unico

Targets by 2030

FY 2026

Targets

Assets in Conto Unico

€3.0-3.5bn

Average n et margin (banking products & AUC)

80-90bps

Assets in Stile Unico

€4.0-5.0bn

Total

Insurbanking

Assets

€7.0-8.5bn

Net Banking

Income

€40-50m-o/w segregated account : €1.5-2.0bn -o/w investment component : €2.5-3.0bn Average n et margin

(investment component)

60-65bps

Product

1H 2026

Results

New current

accounts

15,000

Assets

in Stile Unico €500mNew current accounts

>5,000

(from ~1,700 at end -April 2026) Assets in Stile Unico

~200m

(>260m since inception in

November 2025)

Investment mix shifting towards funds: from 46% today to ~70% over 2 -5 years

€43bn

Life Reserves~10,000

Insurance Consultants in Italy

~2,830

o/w Licenced Private Advisors1 NOTE: 1) Private Advisors are consultants who have passed the FA exam but are not listed on the Financial Advisors register

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Sustainability

▪Sector Data

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SUSTAINABILITY (1/4)

MAIN HIGHLIGHTS

SUSTAINABILITY

Sustainability embedded in Banca Generali ’s vision and guides the way the Bank creates long -term value Double materiality analysis updated confirming 9 material topics aligned with Banca Generali ’s ESG priorities ESG fully incorporated into our governance structure, across the Managing Committee and all Board Committees and in the risk management framework Climate Transition Plan approved in early 2025 and currently under execution, with intermediate targets towards Net Zero by 2040 Strong focus on human capital development with > 75k employee training hours and >163k FA training hours1 Continued recognition by leading ESG rating agencies: as of May 2026 , Banca Generali has been included for the first time in the Dow Jones Best in Class Europe Index NOTE: 1) Data as of 31 December 2025 65

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66 NOTES: 1) Target included in the 2022 -2024 Strategic Plan: -25% by 2025 already exceeded by the end of 2024 . Scope: financial assets on which the Bank has direct control, including corporate issuers (equities and bonds) within the Proprietary Portfolio, Discretionary Mandates and BGFML funds; 2) Target already included in the 2022 -2024 Strategic Plan

Investments

Provision of transition -oriented financial and insurance products or services SUPPORT FOR

CLIMATE TRANSITION

Extension of Active Ownership strategy’s scope with a focus on major carbon -intensive issuers Scope 1 & 2 emissions

ENGAGEMENT

ACTIVITYREDUCTION OF GHG

EMISSIONS2030 : -55%1GHG emissions (tCO2eq/€m) vs. 2019 baseline 2040 : NET ZERO GHG emissions

Headquarters and

corporate fleet

Commercial offering

Scope of engagementCOAL INVESTMENTS Coal phase -out2030:

Phase -out from of coal investments in corporate issuers2

SUSTAINABILITY (2/4)

NEW CLIMATE TRANSITION PLAN

Climate Transition Plan -Targets Operations 2030: -40% GHG emissions (tCO2eq) vs. 2019 baseline 2040: NET ZERO GHG emissions

2030:

Completion of energy efficiency renovations of headquarters

2030 :

Enhanced due diligence on suppliers with a particular focus on

environmental impacts2030:

100% electric/hybrid corporate fleet

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ESG product offering BG Personal Portfolio (BGPP) -ESG platform ESG dedicated platform allowing investment choices aligned to the 17 UN SDGs ▪Distinctive features related to portfolio search and

optimization

▪Bespoke selection of ESG strategies based on ESG metrics ▪Reported positive impact of individual strategies and portfolios through the use of ESG metrics and alignment on

UN SDGs

NOTE: Data as of 31 December 202558 LUX IM sub -funds art. 8 and art.9 integration of ESG factors and/or specific thematic features 3 BG Collection sub -funds integration of ESG factors and/or specific thematic features 7 portfolio management lines art. 8 Sustainability -oriented insurance wrapper investing in three internal thematic funds: People, Planet & Digital Transformation ~800 ESG strategies from market’s best asset managers36 external funds art.8 and art.9

SUSTAINABILITY (3/4)

ESG COMMERCIAL APPROACH

67

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68SUSTAINABILITY (4/4)

HIGH PROFILE RATINGS FROM LEADING ESG RATING AGENCIES

Scale: from CCC to AAA Scale: from 0 to 100Scale: from 100 to 0 Scale: from F to EEE

MSCI Sustainalytics

S&P Global Standard Ethics Inclusion in the S&P Dow Jones Best -in-

Class Europe Index 0 - 9.99 range =

Negligible isk

To be the No. 1 private bank, unique by value of service , innovation

and sustainability

To be the No.1 private bank, unique by value of service , innovation and

sustainability

Balance Sheet & Capital Ratios Key Projects and Closing Remarks1H 2026 Financial Results Net Inflows, Assets and Recruiting

Annex

▪Financial Back -up ▪Banca Generali at a Glance ▪Key Strategic Projects

▪Sustainability

▪Sector Data

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-0.9 -1.0 -1.1 -1.1 6.5 6.4 6.9 7.3 1.4 1.5 2.2 2.3 3.0 3.4 4.1 4.5 10.0 10.3 12.1 13.0

2015 2020 2025E 2028E

Financial debt Real estate assets Financial wealth - other Financial wealth - targetable (TAM)

70TOTAL ITALIAN HOUSEHOLD WEALTH

AT A GLANCE

Italian Household Net Wealth €\tn Italian Household Wealth, one of the largest in Europe 2025 Financial Wealth estimated at €6.3 trillion o/w €4.1 trillion regarded as Targetable Financial Assets High yet declining exposure to real estate assets (from 65% in 2015 to 57% in 2025) One of the lowest household financial debt in Europe SOURCE: Estimates based on Prometeia data as of November 2025; NOTE: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; numbers may not add up due to rounding

+1.9%10Y CAGR

+2.4%2025 -28E

CAGR

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71TOTAL ADDRESSABLE MARKET (1/3)

BY CLIENT SEGMENTATION

0.6 0.7 0.8 0.81.41.51.8 1.90.70.81.01.2

0.30.40.50.6

3.03.44.14.5

2015 2020 2025E 2028E

Lower Affluent & Mass (<100K) Affluent (100K-500K) Private (500K-5m) HNW (>5m)Private & HNW households wealth expected to remain the fastest -

growing segment (+4.5% 2025 -28E

CAGR)

Aging population and wealth transfer needs growing relevance Increasing search for holistic advisory on both financial and non -

financial wealthTotal Addressable Market (TAM) by cluster of clients €\tn

+3.1%

+3.2%2025 -28E

CAGR 10Y CAGR

SOURCE: Estimates based on Prometeia data as of November 2025; NOTES: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; Lower Affluent & Mass: <€100k; Affluent: €100k -€500k; Pr ivate: €500k -€5m; HNW: >€5m; numbers may not add up due to rounding

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72TOTAL ADDRESSABLE MARKET (2/3)

BY PRODUCT MIX

Still inefficient household asset allocation with large cash holdings (~€1.4tn in 2025, 34% of TAM) Increased market volatility and product complexity expected to further grow demand for professional

investment advice

Managed assets expected to continue grow well above average

(+5.4% 2025 -28E CAGR)

Managed assets

+3.1%

+3.2%2025 -28E

CAGR 10Y CAGR Total Addressable Market (TAM) by product mix €\tn SOURCE: Estimates based on Prometeia data as of November 2025; NOTE: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), commercial credits, P&C insurance reserves and other assets; numbers may not add up due to rounding1.1 1.4 1.4 1.4 0.6 0.4 0.6 0.6 0.6 0.7 1.0 1.2 0.7 0.9 1.1 1.3 3.0 3.4 4.1 4.5

2015 2020 2025E 2028E

Deposits Securities Mutual funds & discretionary mandates Insurance

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2.0 2.1 2.3 2.40.60.70.8 0.8 0.30.50.81.1

0.10.10.20.2

3.03.44.1

2015 2020 2025E 2028EBanks Other channels FA Networks Not allocated by channel

73TOTAL ADDRESSABLE MARKET ( 3/3)

BY DISTRIBUTION CHANNEL

Financial Advisors expected to further gain market share over traditional

banking industry

Financial Advisors proved as better suited to provide a tailor -made service (no of clients/FA) More appealing value proposition compared to traditional banking industry expected to drive FAs industry’s growth

further

Ongoing banking sector consolidation expected to provide more growth

opportunities

Total Addressable Market (TAM) by distribution channel €\tn SOURCE: Estimates based on Prometeia data as of November 2025; NOTES: Targetable financial wealth is a subset of financial wealth excluding private company shareholdings, severance pay (TFR), com mercial credits, P&C insurance reserves and other assets; not allocated by channel refers to corporate pension plans; FA networks mar ketestimates differ from Assoreti perimeter as: i) operators working with employee relationship managers have been excluded; ii) past years have been reclassified to include operators that were previously not part of Assoreti; numbers may not add up due to rounding4.5 FA Networks / Targetable Financial Wealth

11.8%

15.7%

20.6%

23.2%

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142-18-48ROSSO 4.0

233-87-61AZZURRO

0-176-240COLORI PRINCIPALI

COLORI SECONDARIROSSO

194-27-23BLU

0-32-96GRIGIO1

63-63-63GRIGIO 2

130-130-

130GRIGIO3

189-189-

189ROSSO 3.0

142-18-48ROSSO 4.0

233-87-61AZZURRO

0-176-240COLORI PRINCIPALI

COLORI SECONDARI

2026 UPCOMING EVENTS

74Investor Relations Contacts

investor.relations@bancagenerali.it

Corporate Website

www.bancagenerali.com9M 2026 Results

Conference Call

Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

29 30NOVEMBER

ROSSO

194-27-23BLU

0-32-96GRIGIO1

63-63-63GRIGIO 2

130-130-

130GRIGIO3

189-189-

189ROSSO 3.0

142-18-48ROSSO 4.0

233-87-61AZZURRO

0-176-240COLORI PRINCIPALI

COLORI SECONDARIROSSO

194-27-23BLU

0-32-96GRIGIO1

63-63-63GRIGIO2

130-130-

130GRIGIO3

189-189-

189ROSSO 3.0

142-18-48ROSSO 4.0

233-87-61AZZURRO

0-176-240COLORI PRINCIPALI

COLORI SECONDARI

DISCLAIMER

The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154 -bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

T. Di Russo, CFO Certain statements contained herein are statements of future expectations and other forward -looking statements.

These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties.

The user of such information should recognize that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions.

Neither Banca Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward -looking information contained in this document.

75