July 30th2026
2Q26
Results
2Disclaimer
•“Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 5 8 of February 24, 1998), Erick Vecchi, in his capacity as manager responsible for the preparation of FinecoBank S.p.A.’s (the “Company”)’s financial reports, declares that accounting information contained in this Presentation reflects the Company ’s documented results, books and accounting records”.
•This Presentation may contain written and oral “forward -looking statements”, which include all statements that do not relate sol ely to historical or current facts and which are therefore inherently uncertain. All forward -looking statements rely on a number of assumptions, expectations, objectives, estimates, forecasts, proje ctions and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of the Company. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit express or implied contents of any forward -looking statements and thus, therefore, such forward -looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward -looking statements, whether as a resu lt of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Information, opinions, valuations and forecasts contained in this Presentation have not been audited by any independent body. Neither this Presentat ion nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
•The information, statements and opinions contained in this Presentation are for information purposes only and do not constitu te a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation wit h respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the sec urities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or in any other jurisdiction where such an offer or solicitation would be unlawful (the “Other Cou ntries”), and there will be no public offer of any such securities in the United States or in the Other Countries. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or in the Other Countries.
•This Presentation has been prepared on a voluntary basis and, therefore, FinecoBank is not bound to prepare similar presentations in the future, unless if provided by law. No guarantee, express or implied, is given by the Company with reference to the reliability, accuracy or completeness of information or opinions conta ined in this Presentation. Neither the Company nor any of its representatives, directors or employees shall be liable, at any time, in connection with this Presentation or any of its cont ents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection with any use and/or relian ce placed on it.
•For the above -mentioned purposes, "Presentation" means this document, and any oral presentation, any question -and-answer session and any written or oral material discussed following the distribution of this document. Information and any content of this Presentation are the exclusive property of the Company and the partial or total publication, duplication and/or transmission of the same are forbidden without the prior written consent of the Company. By participating in this Presentation and accepting a co py of this Presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this Presentation.
Agenda
Section 1: Fineco Financial Results 04 Section 2: Commercial ResultsBanking, a widespread use of AI to improve our gateway of access 13 Section 3: Next Steps Section 4: Key Messages21 27
4Section 1:
Fineco Financial Results
5Executive summary: quickly moving towards our next growth cycle The Disruptor advantage: winning the long -term game thanks to a unique positioning Strong net profit and operating leverage •1H26 Net Profit adjusted(1): 343.3 mln, up by 8.0% y/y •1H26 Revenues : 713.8 mln (+10.8% y/y) supported by positive contribution of all product areas (Investing +11.0% y/y, Brokerage +15.2% y/y, Banking +8.5% y/y) •Operating Costs adj.(1): well under control at -192.8 mln, +11.4% y/y (~+6% y/y excluding additional costs for growth(2)) •Strong operating leverage : adj. C/I ratio(1) at 27.0% (1) 1H26 non recurring items : -4.6 mln gross (-3.0 mln net) in 2Q26 due to mutual termination agreement with an executive (2) Excluding costs strictly related to the growth of the business, mainly marketing (-6.3 mln y/y), A.I. (-1.3 mln y/y), FAM (-0.8 mln y/y) and pan-EU platform set-up (-0.4 mln y/y) (3) Avg 12 months Material step -upinnet sales and new clients •1H26 Net sales : 8.9 bn (+34.8% y/y). July Net Sales (estimates) : at ~1.7 bn (+~40% y/y) o/w AUM at ~0.4 bn, deposits at ~-0.3 bn and AUC at ~1.7 bn, with brokerage clients very active buying the dips, and leading to very solid July Brokerage revenues at ~23 mln (+~20% y/y) •1H26 New clients : 126k (+25.9% y/y). July (estimates) : ~21k (+~40% y/y) Solid capital and liquidity position •CET 1: 23.18%; Leverage Ratio : 5.02% •LCR : 976% (3); NSFR : 459 %Guidance : further upgraded outlook Further upgraded outlook for 2026 and 2029 Plan , driven by: 1) better than expected net sales , with all the mix components contributing positively to revenues ; 2) combination of deposit net sales and rates evolution ; 3) slower growth of operating costs going forward vs CMD 2026 : all product areas to positively contribute to the revenue growth •Net financial income : growing thanks to the combination of positive deposit net sales
and rates
•Investing : solid increase of revenues thanks to the combination of resilient net sales and
mix improvement
•Brokerage revenues : expected another record year •Banking fees : expected stable Costs : expected ~6% y/y growth , not including ~15 mln additional costs for growth initiatives (embedding ~5 mln increase for marketing vs 1Q guidance) and ~5 mln for pan-EU platformMain event Fineco and CNP Assicura signed a 4 years exclusive partnership agreement for the distribution of life insurance products . The deal improves both quality of products/services and the Bank marginality
6Delivering strong Net Profit in every market condition Results supported by sound acceleration of Investing and Brokerage. Strong operating leverage confirmed Revenues: allproduct areas contributing •Net Financial Income : +7.7% y/y •Net Non -Financial Income : +13.5% y/y driven by Investing (+11.1% y/y thanks to volumes effect and FAM), Brokerage (+16.4% y/y driven by higher AUC) and Banking (+16.1% y/y) Costs: strong operating leverage confirmed 11.4% y/y increase due to additional costs for business growth (Marketing expenses, FAM, A.I.) and pan-EU
platform set-up
Net of these, 1H26: ~+ 6% y/y (3) (1) 1H26 non recurring items : -4.6 mln gross (-3.0 mln net) in 2Q26 due to mutual termination agreement with an executive (2) ROE is calculated as adj.net profit divided by EOP book equity for the period (excl . valuation reserves) (3) Excluding costs strictly related to the growth of the business, mainly marketing (-6.3 mln y/y), A.I. (-1.3 mln y/y), FAM (-0.8 mln y/y) and pan-EU platform set-up (-0.4 mln y/y) mln 1H25 1H26 y/y Net Financial Income 315.0 339.4 7.7% Net Non Financial Income 330.4 375.1 13.5% Net Other expenses/income -1.1 -0.6 n.s.
Total revenues 644.4 713.8 10.8% Staff expenses -73.8 -79.4 7.6% Other admin.expenses net of recoveries -85.8 -99.2 15.5%
D&A -13.5 -14.2 5.5%
Operating expenses -173.1 -192.8 11.4% Gross operating profit 471.2 521.0 10.6% Other charges and provisions -7.7 -10.2 31.7%
LLP -2.6 -2.5 -1.6%
Net income from investments -1.0 0.1 n.s.
Profit before taxes 459.9 508.4 10.5% Income taxes -142.1 -165.0 16.1% Net profit 317.8 343.3 8.0% Non recurring expenses (net of taxes)(1)0.0 -3.0 n.s.
Net profit including non recurring items 317.8 340.4 7.1%
ROE (2)28% 28%
Cost/Income 27% 27%
7bn, €✓Sticky transactional deposits with cost of funding close to zero Even a small banking -only client is profitable +28 % y/yNet Financial Income: growth ahead driven by valuable deposits Supported by our clients’ transactional liquidity Net Financial Income
153.7163.0176.4315.0339.4
2Q25 1Q26 2Q26 1H25 1H26+14.8%
+8.2%+7.7%mln, €
Avg 3MEUR
Deposits, stock
(daily avg, bn)Deposits net sales : solid underlying dynamics despite huge clients’ investmentsA quality, industrially driven NII
31.4
2.11%
2.05%
2.24%
29.6
32.3
2.33%
2.15%
29.3
31.8
1H25 1H26
Salary/Pensions +9.8 +10.6 Net bank transfers +7.9 +9.2
+17.7 +19.9
Expenses -12.2 -12.7
+5.6 +7.1
AUM/AUC -5.2 -6.5
Total 0.3 0.6 ✓Low -risk bond portfolio and short -duration ✓No corporate lending and very limited credit exposure
8Focus on our sticky Transactional Liquidity Fully fledged Banking platform used by all our clients for their daily life needs Granular and retail deposit baseNSFR: Fineco a clear outlier thanks to our stable deposits ~32 bn deposits
~4 k
Median ticket~17 k
Avg ticket
More accurate
representation of
deposits distribution 50%+ of clients are crediting salary/pensions on our
banking platform
(~21bn flows in FY25)Available Stable Funding Required Stable Funding>100% NSFR = Source: Pillar III, Regulatory Disclosure as of Dec.25. Regulation: CRR and EU Commission Delegated Regulation 2015/61 art. 24 (1) Fineco’s NSFR asof June 30th, 2026; EBA avg asof March 31st, 2026Benchmarking: Stable deposits (FY25)B.MED
Avanza
Nordnet
Lloyds
BPER
B.MPS
B.BPM
Intesa
Revolut
BGN CA
SAN
BBVA
CBK
UniCredit
BNP
SocGen
HSBC
DBK UBS
C.Schwab
Flatex73%66%61% 59% 56% 54% 52% 51% 51% 49% 46% 43% 42%Fineco36% 36%
27% 27%39%
22% 5% 2% 0%23%Fineco EBA avg459%
126%
Stable deposits
definition 1.Retail deposits 2.Covered by a deposit guarantee scheme and 3.“(a) part of an established relationship making withdrawal highly unlikely or (b) held in a transactional account”(1) (1)
9Investing revenuesInvesting: solid growth aligned with long -term trends Thanks to demand for explicit fee solutions and FAM evolution bn, €FAM: stock evolutionAUM: growth aligned with structural trends
bn, €
97.4 102.0111.0191.9213.0
2Q25 1Q26 2Q26 1H25 1H26+13.9%
+8.8%+11.0%mln, €
11.6 12.8 15.026.5 29.131.2 Jun. 25 Mar.26 Jun. 2638.241.946.2
Retail class
FAM funds underlyingStock (EOP)68.6 73.9 79.7
2Q25 1Q26 2Q26+16.2%
+7.9%
% Advanced advisory on AUM stockAUM Stock (EOP)
Avg AUM
(on daily basis, € bn) 0% perf fees and only 2% upfront feesSustainable revenues
66.5
74.9
77.0
52% 53%
54%
66.7
75.9AUM margins pre-tax (Revenues / daily avg AUM, bps) 57
10An higher floor of Brokerage revenues… …driven by a structurally higher stock of AUC
bn, €
16.018.121.324.7
2023 2024 2025 1H26+15.4%mln, €AUC stock CAGRAvg monthly revenues
CAGR
FY23 FY24 FY25 1H2636.144.754.863.2+23.2%
Initiatives to unlock significant potential from AUC : details on slides 22/24 Launch of Securities Lending platform
Auto -FX
More efficient Systematic InternalizerETFs on self-directed clients Crypto offer : in talks with Regulators Extended US session : launch of pre-
market and extension of After -Hours Brokerage: a new structural growth under way Fineco the platform of choice for stronger retail engagement trend
Pan-EU platform
Launch by end of 2026/
beginning 2027
+15.2%
vs 1H25
AUC margins pre-tax (Revenues / daily avg AUC, bps) 51 51 52
11Commercial Loans Portfolio (gross ) €, mln eop •NPE at 29.9 mln with a coverage ratio at 81% •LLP equal to -2.5 mln in 1H26Lending, a high -quality business Offered exclusively to the existing base of clients 2,219 2,108 2,0812,115 2,349 2,477 472 377
Jun.25473369
Mar.26475
412 Jun.265,183 5,299 5,444+5.0%
+2.8%
Current accounts/Overdraft
Personal loansCards
MortgagesCost of Risk on commercial loans(2) (1)Current accounts/ overdraft Include Lombard loans (2)Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans (3) NPE ratio : Non Performing Exposures on Commercial Loans Portfolio over the Commercial Loans Portfolio(1)7bps 0.54 %NPE ratio Cost of Risk No Corporate Loans(3)
Rock -solid capital and liquidity ratios Well above Regulatory requirements (€/bn) Dec.25 Jun.26 CET1 Capital 1.45 1.50 Tier1 Capital 1.95 2.00 Total Capital 1.95 2.00
RWA 6.20 6.47
o/w credit 3.05 3.20 o/w market 0.17 0.29 o/w operational 2.99 2.99
HQLA (1)24.06 24.98
CAPITAL
LIQUIDITY
(1) Avg 12months ,inlinewith Pillar 3disclosure
Dec.25 Jun.26Current
Requirements
CET1 Ratio 23.30% 23.18% 8.66% Total Capital Ratio 31.37% 30.90% 13.03% Leverage Ratio 5.07% 5.02% 3.00%
LCR (1)958% 976% 100%
NSFR 418% 459% 100%
HQLA/Deposits (1)80% 79%
MREL LRE 7.15% 7.02% 5.25%
MREL TREA 44.23% 43.23% 22.19%MREL
12
13Section 2:
Commercial results
(1) Estimate based on Bankit figures. Addressable market includes deposits, administered and managed assets; it excludes stakes in non -listed enterprises an d TFR. FY25 latest available figureItalian households TFA: addressable marketA unique positioning for a long -term growth story
market share
Massive runway ahead96.2%
FY254,224
Addressable market
FBK
3.8%(1)
bn, € The Established Disruptor : a structural winner in a quickly changing market AI disruption Massive generational wealth transferConsolidation in
banking industry
14
15Fineco, long term sustainability for our AUM fee structure Fineco: a clear outlier (1) Source: Morningstar, European Fund Fee Study 2025 (2) Source: ACEPI, Associazione Italiana Certificati e Prodotti di Investimento. (https://acepi.it/it/content/mercato -primario -2006 -2025)% of Active Funds charging Performance Fees (by country of domicile)(1)
Certificates issued
on primary market (bn, €)(2) A clear sign of sizable upfront fees charged25.8 23.631.8
7.09.5
2023 2024 2025 1Q26 1Q25+35.7%UK Ireland Lux All countriesGermany Italy1.1%6.9%11.9% 13.3%43.9%64.9% A unique market positioning based on Efficiency, Transparency and Convenience ✓Fair & transparent pricing ✓No performance fees ✓Negligible upfront fees Leading to a sustainable growth fully aligned with clients’ interest and long term trends
16Fineco at an inflection point bn, €Total Net SalesA material step -up in our growth trajectory
2.65.79.813.4
6.68.9
avg
2010/14avg
2015/19avg
2020/242025 1H25 1H26+34.8%New clientsThd, #
97.3119.2152.4193.8
99.7125.6
2022 2023 2024 2025 1H25 1H26+25.9%
Coupling stronger acquisition with betterclients’ value :
✓1H26 pro-capite Total Net Sales: +3% y/y ✓1H26 New PB clients: +49% y/y Fineco: main European Digital Private Bank Further acceleration of ourgrowth metrics in June :
✓New clients acquisition +51% y/y ✓Net sales: +71% y/y
17Private Banking Under 35
New clients
(by headcount)
Market share
on AIPB (1)€ bn, TFA (1) AIPB ( Associazione Italiana Private Banking). Private Banking clients are clients with more than € 0.5mln TFA with the BankOutperforming in young and PB clients Consistently gaining market share
22.281.291.1
2016 1Q26 2Q26+309.3%
59% 41%
202149%
51%
202551%
49% 1H26above 35 years under 35 years
+265.2 %
vs.
AIPB +82.0 %Avg TFA
47%
44%9%
AuM AuC
Deposits1.1 mln
2.9%
5.8%
An emerging trend:
self-directed Private clients ~12% of stock related to PB clients with no PFAs attached: only interested in Fineco platform
Further improving our quality client base 45% 35% 10% 9%
FY2151%
34% 8%
7%
FY2552%
33% 8%
7%
2Q26107.9160.6175.2
>500k
100-500k50-100k
<50kClient segmentation
€ bn, TFA Total clients: 50 Private clients: 63Higher avg TFA per client 76 89
FY21 FY25
k kAvg age
2Q26
k 92
18
19Total Clients Total N et SalesNet Sales and Total Clients evolution Fineco: a sizable step -up in our growth
1.18.3
1.22.05.62.7
4.86.0
3.75.83.6
-2.14.15.5
2.62.6
2022 2023 2024 20250.3
1H250.6
1H2610.38.810.113.4
6.68.9+33.3%
+34.8%
AuM AuC Deposits€ bn, TFA
1,487.31,562.91,655.61,800.01,897.0
2022 2023 2024 2025 1H26+8.7%#, thd
20PFAs recruited over the last 24 months New PFAs recruited in the yearNet sales organically driven key in our strategy of growth 95% 96% 94% 97% 99%5%
20224%
20236%
20243%
2025 1H2610.3 8.8 10.1 13.4 8.9
1%
Total recruits
Organic€, bn
90% 87% 88% 91% 95%10% 13% 12% 9%
2022 2023 2024 2025 1H2610.3 8.8 10.1 13.4 8.9
5%Total Net Sales – Organic / Recruit Network - headcount Senior recruited (#) Junior recruited (#)
3,002
2,918
2,962
86 70
78 88
100 99
71 128•No change in ourrecruiting policy Organic net sales the main engine of ourgrowth •Structural increase in the spontaneous interest to join Fineco Perfect partner for professionals looking to grow in a sustainable way
3,137
3,076
47 71
21Section 3:
Next steps
22Unlocking AUC potential: focus on initiatives Securities Lending platform A market -place to provide access to ourhigh quality & growing AUCAuto -FXValue extraction from our quality clients’ flows Positioning towards a quote -
driven market evolution:New Platform now live •Creating aconnection with several institutional players (prime brokerage desks, hedge funds, asset managers, market makers …) •High quality AUC :very granular, geographically diversified and retail -based AUC (Hard to Borrow) .ETFs very well on demand•Working on growing volumes and % of orders internalization thanks to the growth of our business •Internalize the vast majority of asset classes (listed and non-listed) •Issuer/market maker of wide range of products (i.e. CFDs, certificates, ETFs) •Key for the launch of the pan-EU platform
58.669.289.1
54.6
2023 2024 2025 1H26+23.2%Live mln, €Automated FX switch:
•a leaner customer experience with no FX risk •more profitable for the BankAll our client base can now also use Auto -FX Already seeing a better -than -
expected increase in volumes Strong potential to brokerage revenues
CAGRLive
More upside ahead Further improvements ahead thanks to:
•Securities Lending platform (just started) •Higher value extraction from our clients’ flows
23ETF: a new revenues engine for Brokerage and Investing A fast -accelerating shift underneath the surface of the Italian Wealth Management industry A new revenues engine
23.537.6
28.0
2024 2025 1H26+59.8%€, mln Several initiatives to further monetize ETFs •Brokerage fees led by strong turnover •Securities lending opportunity
•Internalization opportunity
•Data platform fee by the beginning of 2H26•Advanced advisory solutions: big volume game ahead •FAM: active ETFs, co -branding on passive plain vanilla •ETF Accumulation plan in AUM, available also on APPETFs Stock
2.94.4 5.78.212.315.9
FY24 FY25 1H2611.116.721.6
ETFs in AUC
ETFs in AUM€, bn % ETF on AUC net sales % ETF on AUM net sales A portion of ETF revenues is included in the revenues from the Systematic Internaliser (slide 22) 36% 46%
Brokerage Investing
24Strong operating leverage & very low fixed costs A distinctive proposition Leveraging our Italian IT infrastructure Limited fixed -costs. Variable costs linked to business results EU passporting leveraging on the Italian banking licenseEstablished Disruptor: a Trusted & Significant Bank, with a state -of-the-art
user experience
Disruptive offering with a top-quality customer experience, enabling rapid
international penetration
Our vertically integrated brokerage key to launch a multi -country platformFineco pan -European platform Launch by end 2026/early 2027 ✓Medium term expected ROE higher vs current Fineco
25Deploying AI across the platform AI Assistant for PFA CRM for PFAs and ManagersLive for allPFAs •Fully integrated with Fineco platform and data to manage clients and advisor teams •Clustering clients and prospects for new campaigns and events •Alerts and agenda to identify priority actions App for PFAs •AI and commercial tools onto a dedicated PFAs AppPortfolio Builder PFA Chatbot
Processes, internal
documents and products Live for allPFAs Design phase•Building quality portfolios. Reporting and proposals •Diagnosis for prospects •Performance and TER comparison •New Builder enhancement : clients’ portfolio analysis and optimizationBrokerage Copilot
Screening securities
•Based on fundamentals and technical analysis •Compare with more securities
•Conversational chat
Portfolio analysis
•Simulation of portfolio evolution •Newsflow related to the portfolio Smart market news based on clients’ interests
•AI- queryable
•News tagged with market sentimentLive for brokerage -
only accountA new AI -driven user experience
AI-first Onboarding
A leaner onboarding process to lower attrition rateAI for prospects AI upgraded onboarding
•Increased prospect
interaction via chat •Chats mostly managed by AIAlready live Already liveApp for clientsAI native APPs •Data -driven personalized upselling •A step -change in usability and simplification Functional and technical
analysis phase
26Costs and provisions
Capital
Payout & capital ratios : we expect a payout ratio in a range 70/80%. On Leverage Ratio our target is to remain above 4.5% •Operating costs : expected growth of around 6% y/y, not including additional costs for growth initiatives (~15 mln1, embedding ~5 mln increase for marketing vs 1Q guidance) and ~5 mln for pan-EU platform set-up costs •Cost / income : comfortably below 30% thanks to the scalability of our platform and strong operating gearing •Cost of risk: in a range 5-10 bps2026 and 2029 outlook Further upgraded outlook for 2026 and 2029 Plan , driven by: 1) better than expected net sales , with all the mix component contributing positively to revenues ; 2) combination of deposit net sales and rates evolution ; 3) slower growth of operating costs going forward vs CMDGuidance: further upgraded outlook 1 Mainly : AI, marketing, FAMAll business areas to positively contribute to the revenue growth thanks to the acceleration of structural trends •Net financial income : growing thanks to the combination of positive deposit net sales and rates increase •Investing : solid increase in revenues thanks to the combination of resilient net sales and mix improvement •Brokerage revenues : expected to remain strong with a continuously growing floor thanks to higher AUC and active investors . We expect another record year •Banking fees : expected stable2026 Revenues
27Section 4:
Key Messages
28Fineco - Built to win 10+ years listed: delivering value to all stakeholders
A leading
growth story…
Fineco TFA growth
+6.7 pp
CAGR vs system (2014 -2025)Winning clients’ trust leveraging on our
core -values
Efficiency
Transparency
Convenience…delivering
rock -solid returns
25 %
ROE FY25
Market share gained. Quality uncompromised. Stakeholders’ interests aligned.
29A healthy & solid commercial trajectory……translated in quality & growing results thanks to our scalable operating platform (1) Figures adjusted by non -recurring items and Net Profit adjusted net of systemic chargesTFA
(bn, €)Clients
(thd, #)Revenues(1)
(mln)
Cost/ Income(1)
(%)Costs(1)
(mln)
Net profit (1) (mln)Fineco, a track record of healthy and sustainable growth
+6 % CAGR2014 2025
964 1,800
49 161+11 % CAGR2014 2025
429 1,317
190 356
155 650
44 27+11 % CAGR
+6 % CAGR
+14 % CAGR
-17 p.p.
•High quality NII thanks to sticky transactional liquidity •Cost of funding close to 0Banking •Quality and Future -proof revenues thanks to Recurring ManFees •Transparent approach (advisory solutions) & increasing FAM penetrationInvesting •AUC growth leading to a structurally higher correlation with revenues
over time
•More efficient value chain thanks to our new initiativesBrokerage Structurally hedged model to deliver sustainable &
quality growth
Strong acceleration in client growth to drive higher revenue contribution across our diversified modelFineco: all business areas to sustain revenue growth
050100150200Net Profit
(CAGR, quarterly basis, adjusted) (1), mln
2014 2Q26
(1) Figures adjusted by non recurring items+14% 30
31Track record
MYP targets 2026 –2029The next phase demands more: new markets, AI at enterprise scale, a platform that must grow without growing costs.
We have the foundations, the architecture, and the team to deliver.<<1bps Op. losses from tech, cyber & fraud99.9 %+
Availability1.8 M
Customers served~430 M
Digital accesses/yr~6%
IT Cost / Revenue vs 11.6% avg TCO stable, volumes up Full stack control drives cost discipline — tech cost grows slower than revenue and customersAI in core processes From foundation to enterprise -scale integration — driving revenue and efficiency across the bankPan-European expansion European launch with minimal incremental tech cost — platform already built to replicateTechnology — The Engine behind Fineco scalability A proven platform, a clear plan, and the conviction to execute it Investor message: Fineco's technology platform delivers top -tier efficiency today — and is architected to scale profitably across the Multi -Year Plan.
32Spreading sustainability culture Strengthening Responsible Finance •Enhancement of financial education •Promotion of responsible trading •Development of ESG products and services •Upskill of ESG know -how of PFAs Environmental commitment and supply chain oversightStrengthening governance best practicesBest -in-class governance framework and strong responsible finance practices to sustain a low-risk business model and drive relentless improvement in the Group’s reputation •Empowerment of gender equality and diversity •Promotion of a culture of sustainability for the stakeholders and the community •Improvement of best practices through third -party
certification
•Maintain a low cyber and ICT risk level•2050 Net Zero Targets and EMAS certification •Improvement of the environmental and social oversight across the supply chainOur Sustainability commitment Combining business growth and financial strength with the principles of sustainability, in order to create long -term value for all Stakeholders
33Annex
34P&L reclassified (1) (1) 1H26 non recurring items : -4.6 mln gross (-3.0 mln net) in 2Q26 due to mutual termination agreement with an executive The P&L reclassified is exposed net of the non recurring items
mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26
Net Financial Income 161.3 153.7 156.6 161.4 633.1 163.0 176.4 315.0 339.4 Net Non Financial Income 167.7 162.7 168.2 186.1 684.7 180.6 194.4 330.4 375.1 Net Other expenses/income 0.2 -1.3 0.5 -0.7 -1.3 -0.7 0.1 -1.1 -0.6 Total revenues 329.3 315.1 325.3 346.9 1316.5 342.9 370.9 644.4 713.8 Staff expenses -36.4 -37.4 -37.7 -39.0 -150.5 -39.3 -40.1 -73.8 -79.4 Other admin.exp. net of recoveries -44.4 -41.5 -42.1 -50.1 -178.0 -48.8 -50.4 -85.8 -99.2
D&A -6.5 -7.0 -7.0 -7.2 -27.7 -7.0 -7.2 -13.5 -14.2
Operating expenses -87.2 -85.9 -86.8 -96.3 -356.3 -95.1 -97.7 -173.1 -192.8 Gross operating profit 242.0 229.2 238.5 250.5 960.2 247.8 273.2 471.2 521.0 Other charges and provisions -3.8 -3.9 -3.4 -8.2 -19.4 -4.9 -5.3 -7.7 -10.2
LLP -0.9 -1.7 -1.2 -0.9 -4.7 -1.4 -1.1 -2.6 -2.5
Net income from investments -1.0 -0.1 0.2 0.1 -0.7 -0.3 0.4 -1.0 0.1 Profit before taxes 236.4 223.5 234.1 241.5 935.5 241.1 267.3 459.9 508.4 Income taxes -72.2 -69.9 -71.4 -75.0 -288.5 -78.9 -86.1 -142.1 -165.0 Net profit adjusted 164.2 153.6 162.7 166.5 647.0 162.2 181.1 317.8 343.3 Non recurring expenses (net of taxes) (1)0.0 0.0 0.0 0.0 0.0 0.0 -3.0 0.0 -3.0 Net profit including non recurring items 164.2 153.6 162.7 166.5 647.0 162.2 178.2 317.8 340.4
351H26 P&L FinecoBank and Fineco Asset Management
FinecoBank
Consolidated
339.4
375.1
0.1
-0.6
713.8
-79.4
-99.2
-14.2
-192.8
521.0
-10.2
-2.5
0.1
508.4
-165.0
343.3
-3.0
340.4
FinecoBank
Individual
339.0
317.1
38.4
0.7
656.8
-71.2
-93.9
-14.0
-179.0
477.8
-10.2
-2.5
0.1
465.1
-152.6
312.5
-3.0
309.6
Fineco Asset
Management
0.4
96.1
0.0
-1.2
95.3
-8.2
-5.4
-0.3
-13.9
81.5
0.0 0.0
0.0
81.5
-12.5
69.0
0.0
69.0
mln Net Financial Income Net Non Financial Income
o/w Dividends
Net other expenses/income
Total revenues
Staff expenses
Other admin.exp. net of recoveries D&A
Operating expenses
Gross operating profit Other charges and provisions LLP Net income from investments Profit before taxes
Income taxes
Net profit for the period Non recurring expenses (net of taxes) (1) Net profit including non recurring items
36Details on Net Interest Income Volumes and margins: average of the period Net margin calculated on real interest income and expenses mln 1Q25Volumes &
Margins2Q25Volumes &
Margins3Q25Volumes &
Margins4Q25Volumes &
MarginsFY25Volumes &
Margins1Q26Volumes &
Margins2Q26Volumes &
Margins1H25Volumes &
Margins1H26Volumes &
Margins
Financial Investments 106.7 26,768 105.4 27,511 110.2 28,603 114.9 29,259 437.2 28,035 117.7 29,656 128.2 31,107 212.1 27,139 245.9 30,382 Net Margin 1.62% 1.54% 1.53% 1.56% 1.56% 1.61% 1.65% 1.58% 1.63% Gross margin 119.2 1.81% 115.9 1.69% 118.9 1.65% 122.0 1.65% 476.0 1.70% 123.6 1.69% 134.2 1.73% 235.1 1.75% 257.9 1.71% Leverage - Long 4.1 146 3.1 113 3.6 132 3.9 144 14.6 134 3.6 136 3.3 128 7.2 129 6.9 132 Net Margin 11.42% 10.89% 10.75% 10.73% 10.95% 10.72% 10.46% 11.18% 10.59% Tax Credit 9.2 1,216 8.2 992 7.3 814 6.8 813 31.6 959 6.1 773 6.4 557 17.4 1,104 12.6 665 Net Margin 3.08% 3.31% 3.58% 3.32% 3.29% 3.22% 4.62% 3.18% 3.81% Lending 41.5 4,783 38.2 4,809 35.6 4,822 36.2 4,913 151.4 4,832 36.1 4,937 38.0 4,992 79.6 4,796 74.0 4,964 Net Margin 3.52% 3.18% 2.93% 2.93% 3.13% 2.96% 3.05% 3.35% 3.01% Other -0.3 -0.2 0.5 -0.4 -0.3 -0.3 0.5 -0.5 0.2 Total 161.2 154.6 157.3 161.4 634.5 163.2 176.4 315.8 339.6 Gross Margin 2.14% 1.98% 1.91% 1.91% 1.98% 1.94% 1.98% 2.06% 1.96% Cost of Deposits -0.15% -0.13% -0.10% -0.08% -0.11% -0.07% -0.07% -0.14% -0.07% 3M EUR (avg) 2.56% 2.11% 2.01% 2.04% 2.18% 2.05% 2.24% 2.33% 2.15%
37(1) “Other” includes: 1.7bn France, 1.3bn Austria, 0.9bn Belgium, 0.9bn Ireland, 0.7bn USA, 0.3bn Portugal, 0.2bn Germany, 0.2bn Chile, 0.2bn China, 0.1bn Saudi Arabia, 0.1bn other (2) Sovereign Supranational Agencies and Local AuthorityA safe and diversified Bond Portfolio A diversified blend of EU govies , supranational and agencies (1)€ bn, eop nominal value28.5 bn •o/w 79% at fixed rate, avg yield: 187 bps •o/w 21% at floating rate (swapped), avg spread: 10 bps on 3m Eur (3) (3) Calculated considering hedging bonds (4) Almost the entire bond portfolio not at fixed rate is swappedFocus on Bond portfolio Low risk driven by sticky transactional liquidity 8.5 3.8
6.69.00.6
Italy
Spain
Other Govies
SSA Covered & Financial(2)
2.9 years
Avg maturity2.1 years Avg durationBond portfolio run -offs:
a clear opportunity by reinvestment yields20263.6 0.8
20277.2
0.9
20285.4
1.4
20291.9
0.8
20302.1
1.50.51.80.5
20320.00.0
20330.54.48.16.8
2.73.6
2.3 0.0
0.0 2031Fixed rate bonds Floating and swapped bondsAvg yield of fixed rate bonds, bps Avg spread vs EUR 3M of floating and swapped bonds, bps (4)(3) 134 46 -31 € bn, eop 342 201
38Net Commissions by product area
Managerial Data
mln 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26
Banking 11.1 11.4 12.1 15.3 50.0 12.5 13.4 22.6 26.0 Brokerage 37.1 31.2 31.1 38.2 137.5 40.4 39.4 68.3 79.8 o/w Equity 28.5 24.8 26.2 29.2 108.7 31.9 32.1 53.3 64.0 Bond 5.8 3.6 1.8 6.5 17.6 5.6 4.7 9.4 10.4 Derivatives 3.1 2.7 2.3 2.6 10.7 3.0 2.7 5.8 5.8 Other commissions -0.2 0.1 0.7 -0.1 0.5 -0.2 -0.1 -0.1 -0.3 Investing 94.9 97.9 104.0 108.5 405.3 102.5 111.7 192.8 214.2 o/w Placement fees 2.3 2.5 2.8 2.2 9.8 2.0 1.8 4.9 3.9 Management fees 114.9 114.4 120.5 125.1 474.8 124.9 130.6 229.3 255.5 to PFA's: incentives -8.6 -8.7 -9.4 -11.5 -38.2 -9.3 -9.5 -17.3 -18.8
to PFA's: LTI -0.5 -0.6 -0.6 0.1 -1.6 -0.7 -0.6 -1.1 -1.3
Other PFA costs -13.3 -9.7 -9.3 -9.8 -42.1 -14.5 -10.6 -23.0 -25.2 Other commissions 0.0 0.0 0.0 2.5 2.5 0.0 0.0 0.0 0.0 Other (Corporate Center) -2.7 -2.7 -2.7 -2.7 -10.9 -2.7 -2.7 -5.4 -5.5 Total 140.4 137.8 144.4 159.3 581.9 152.6 161.8 278.2 314.4
39Revenues breakdown by product area % on total revenues (ex Corporate Center ) for each product area Managerial Data .Revenues attributable tosingle each product area, generated by products / services offered to customers according to the link between products and product area . Banking includes revenues generated by deposits, treasury and credit products . Investing includes revenues generated by asset under management products ; Brokerage includes revenues from trading activity .
49% 21%
30%
1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 1H25 1H26
Net Financial Income 151.9 145.2 146.7 152.0 595.8 154.0 166.8 297.1 320.7 Non Financial Income 10.8 11.1 12.3 15.8 50.0 12.3 13.1 21.9 25.4 Other 0.1 -0.3 0.0 -0.4 -0.5 -0.5 0.0 -0.2 -0.4 Total Banking 162.8 156.0 159.0 167.4 645.2 165.8 179.9 318.8 345.7 Net interest income 4.5 3.2 3.8 4.3 15.9 3.9 3.6 7.8 7.5 Non Financial Income 64.4 56.2 54.7 64.6 239.9 68.7 71.7 120.7 140.4 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Brokerage 69.0 59.5 58.5 68.8 255.8 72.6 75.3 128.4 147.9 Net interest income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Non Financial Income 94.9 97.9 104.0 108.5 405.3 102.5 111.7 192.8 214.2 Other -0.4 -0.5 -0.3 -0.4 -1.6 -0.5 -0.7 -0.9 -1.2 Total Investing 94.5 97.4 103.7 108.1 403.7 102.0 111.0 191.9 213.0
40Breakdown Total Financial Assets 2025 stock of AUM and AUC have been recasted to move FAM’s ETFs into the “Other” AUM line (previously accounted into AUC and “AUC under advisory”) mln Mar.25 Jun.25 Sep.25 Dec.25 Mar.26 Jun.26
AUM 66,319 68,606 71,237 74,041 73,873 79,729
Funds and Sicav 45,596 47,513 49,782 51,814 51,693 55,981 Insurance 12,744 12,610 12,511 12,493 12,289 12,549 AUC under advisory 7,482 7,967 8,355 9,114 9,264 10,487 Other 497 516 590 620 627 712
AUC 46,817 49,196 52,489 54,828 56,721 63,225
Equity 15,972 17,089 18,509 19,046 18,746 21,178 Bond 21,649 21,979 22,594 23,382 24,647 26,021
ETF 8,907 9,893 11,222 12,269 13,211 15,912
Other 289 235 164 132 117 115 Direct Deposits 29,119 30,013 30,849 31,682 31,508 32,269 Total 142,255 147,814 154,575 160,552 162,101 175,224 o/w TFA FAM retail 25,353 26,520 27,735 29,077 29,125 31,185 o/w TFA Private Banking 68,743 72,581 77,580 81,434 81,247 91,052 o/w Advanced Advisory Service 34,498 35,944 37,552 39,547 39,465 43,292
4141TFA and Net Sales evolution 24% 28%
Dec.1448%
24% 28%
Dec.1548%
21% 31%
Dec.1650%
20% 30%
Dec.1748%
20% 32%
Dec.1850%
19% 31%
Dec.1949%
20% 31%
Dec.2051%
21% 27%
Dec.2149%
22% 29%
Dec.2247%
29% 23%
Dic.2347%
32% 21%
Dec.2446%
34% 20%
Dec.2546%
48% 18%
Jun.2649.355.360.267.2 69.3
36%91.7107.9 106.6122.6140.8160.6175.2
81.4AuM AuC Deposits
1.92.91.5 2.13.52.51.58.3
2.03.1 1.83.3
2.5
1.95.62.7
4.86.0
3.75.82.7 1.9 4.02.34.3 7.33.6
-2.14.15.5
2.62.6
1.2
20140.9
20150.3
20160.5
2017 2018-1.0
2019 2020 20211.1
2022 20231.2
2024-0.2 0.3
1H250.6
1H264.05.55.06.0 6.25.89.310.7 10.38.810.113.4
6.68.9
2025AuM AuC DepositsBreakdown of Total Financial Assets
€ bn
FAM retail / total AUM Breakdown of Total Net Sales 4118% 21% 23% 27% 30% 34% 38% 39%
€ bn
39%
42Balance Sheet
(1) 38.7 bn (1) Financial assets as reported in the Balance Sheet include the variation in the fair value of hedged bonds for the portion att ributable to the risk hedged with the derivative instrument (2) Due from banks includes 1.6bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Jun.26Transactional liquidity: Cost of funding close to 0 •Driven by our clients’ valuable transactional liquidity and not by lending (no costs and provisions due to NPL)459% NSFR
Selective Lending
•Ancillary business offered only to our well -known base of retail clients •No corporate lending Low risk bond portfolio •Diversified blend of EU govies , Supranational and Agencies Fineco: a safe, liquid and diversified Balance Sheet
28.4
6.4
2.31.6
Assets
Financial Assets
Loans to customers Due from Banks
Other33.3
3.1 2.4
Liabilities
Due to customers
Other liabilities
Equity(2)
4343Balance Sheet details (*) Please note that the following item aggregations have been made with respect to the reclassified balance sheet:
1. Item "Due from Banks" = Loans to banks + Cash and Cash balances (excluding "Cash") 2. Item "Financial Assets" = Financial assets held for trading + Financial investments 3. Item "Other Assets" = Other Assets + Tax Assets + Cash 4. Item “Due to Customers” include financial counterparties 5. Item "Other liabilities" = Financial liabilities held for trading + Tax liabilities + Other liabilities43 mln Mar.25 Jun.25 Sep.25 Dec.25 Mar.26 Jun.26 Due from Banks (*) 2,188 2,023 2,531 2,276 2,254 2,278 Loans to Customers 6,132 6,169 6,220 6,378 6,298 6,428 Financial Assets (*) 23,734 25,138 25,682 26,277 26,806 28,355 Tangible and Intangible Assets 269 268 267 276 275 276 Hedging instruments 510 453 442 440 475 366 Tax credit acquired 1,171 848 811 818 728 374 Other Assets (*) 417 460 422 832 610 627 Total Assets 34,421 35,359 36,375 37,296 37,446 38,705 Due to Customers (*) 29,531 30,681 31,609 32,453 32,234 33,256 Due to Banks 893 860 851 850 1,099 866 Debt securities 801 805 809 811 802 1,307 Hedging instruments 30 44 30 24 7 11 Other Liabilities (*) 623 726 682 604 602 869 Equity 2,543 2,244 2,394 2,553 2,702 2,397 Total Liabilities and Equity 34,421 35,359 36,375 37,296 37,446 38,705
44Leverage Ratio Sensitivity: multi -year view Delta Retained earnings = Tier 1 Capital ( mln)Delta Total Exposures ( mln)
LR >4.75%
4.5% <LR< 4.75%
LR <4.5% Starting point for simulations on multi -year view : LR on Dec.31st, 20250 150 300 400 450 500 550 600 650 -2,000 5.74% 6.13% 6.38% 6.51% 6.63% 6.76% 6.89% 7.01% -1,500 5.66% 6.04% 6.29% 6.42% 6.55% 6.67% 6.80% 6.92% -1,000 5.59% 5.96% 6.21% 6.34% 6.46% 6.58% 6.71% 6.83% -500 5.51% 5.88% 6.13% 6.25% 6.38% 6.50% 6.62% 6.74% 05.07% 5.44% 5.81% 6.05% 6.17% 6.29% 6.41% 6.53% 6.65% 1,000 5.30% 5.66% 5.90% 6.02% 6.14% 6.25% 6.37% 6.49% 2,000 5.17% 5.52% 5.75% 5.87% 5.99% 6.10% 6.21% 6.33% 3,000 5.05% 5.39% 5.62% 5.73% 5.84% 5.95% 6.07% 6.18% 4,000 4.93% 5.26% 5.49% 5.60% 5.71% 5.82% 5.93% 6.03% 5,000 4.82% 5.14% 5.36% 5.47% 5.58% 5.68% 5.79% 5.90% 6,000 4.71% 5.03% 5.24% 5.35% 5.45% 5.56% 5.66% 5.77% 7,000 4.60% 4.92% 5.13% 5.23% 5.33% 5.44% 5.54% 5.64% 8,000 4.51% 4.81% 5.02% 5.12% 5.22% 5.32% 5.42% 5.52% 9,000 4.41% 4.71% 4.91% 5.01% 5.11% 5.21% 5.31% 5.41% 10,000 4.32% 4.61% 4.81% 4.91% 5.00% 5.10% 5.20% 5.30% 11,000 4.23% 4.52% 4.71% 4.81% 4.90% 5.00% 5.09% 5.19% 12,000 4.15% 4.43% 4.62% 4.71% 4.81% 4.90% 4.99% 5.09% 13,000 4.07% 4.35% 4.53% 4.62% 4.72% 4.81% 4.90% 4.99% 14,000 3.99% 4.26% 4.45% 4.54% 4.63% 4.72% 4.81% 4.90% 15,000 3.92% 4.18% 4.36% 4.45% 4.54% 4.63% 4.72% 4.81%Leverage Ratio comfortably under control 1 2 3
4•Regulatory capital
•Business growth
•Regular dividend
•Potential Capital surplusCapital Management:
our priorities
Appropriate level of regulatory capital and
Leverage Ratio
Targeting investments to drive all options to accelerate our sustainable and organic long -term growth, continuing to keep
cost discipline
Distribute a regular and generous dividend : 70/80% payout ratio throughout the Plan horizon We will evaluate the best way to return the potential excess capital to the market
45➢ €500 mln perpetual AT1 issued on March 11th, 2024 to maintain the Leverage Ratio above 4.5%:
•Coupon fixed at 7.5% (initial guidance at 8%) for the initial 5.5 years . First call date : September 11th, 2029 (reset spread 4.889%) •Public placement , with strong demand (7x, €3.45bn), listed in Euronext Dublin •Semi -annual coupon . Coupon (net of taxes) will impact directly Equity reserves •The instrument is rated BB by S&PSenior Preferred instruments AT1 instrument➢€300 mln Senior Preferred (6NC5) issued on February 16th, 2023 to have an additional buffer above the Fully Loaded MREL Requirement on LRE.
•Annual coupon at 4.625% (5 years Mid Swap Rate plus 150 bps vs initial guidance of 175bps) for the first 5 years, floating rate between the fifth and sixth year •Public placement with a strong demand , 4x the offer •The instrument is rated BBB+ by S&PFunding – Fixed Income ➢€500 mln Senior Preferred (6NC5) issued on May 13th, 2026 •Annual coupon at 3.738% (5 years Mid Swap Rate plus 80 bps vs initial guidance of plus 110 bps) for the first 5 years, floating rate between the fifth and sixth year •Public placement with a strong demand , more than 3x the offer The instrument is rated BBB+ by S&P ➢€500 mln Senior Preferred (6NC5) issued on October 14th, 2021 will be recalled in October 2026 as no longer eligible for MREL purposes
46ESG ratings
ESG offer and Bank’s portfolio (1)ESG ratings, Indices and highlights
Rating agency
S&P Global
CDP
Sustainalytics
MSCI
Standard EthicsEvaluation scale From 0 to 100 From D - to A From 100 to 0 From CCC to AAA From F to EEEAs today 68 B 11.4 low risk AA EEE- with Stable outlook ESG Indices S&P Global 1200 ESG index S&P Global LargeMidCap ESG Index Standard Ethics Italian Banks Index Standard Ethics Italian Index Funds SFDR classification:
Lending:Treasury:
•81% on total no. ISIN ( available in platform ) ex Art. 8 and 9 SFDR •€ 0.2 bn of stock of Green Mortgages and Loan s•€ 3.0 bn of green, social and sustainable bonds •96.6% of bonds from issuers with Net -Zero emissions targets •€0.6bn ofcollateral switch ESG (1) Regulation EU 2019/2088 - Sustainable Finance Disclosure Regulation. ESG offer & Bank’s portfolio dataasof June 30th, 2026. Figures on SFDR funds are calculated on the number of mutual funds available for subscription