GROUP PROFILE

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GROUP PROFILE

September 2026

HIGHLIGHTSCLEAR MARKET

LEADERSHIP

© 2011 Banca SISTEMA 3 © 2026 Kruso Kapital S.p.A. krusokapital.com3 Kruso Kapital S.p.A.isanItalian financial services company active inthe pawn credit and auction house sector, listed ontheEuronext Milan .

34 branches across Italy, Greece and Portugal Profitable and anticyclical service Pan-European leader in the pawn credit business

for valuables

Multichannel and digitalized

operating model

A PAN -EUROPEAN LEADER IN THE PAWN CREDIT BUSINESS

PisaFirenze

NapoliRomaTorinoBrescia

Milano

RiminiParma

Civitavecchia

PalermoMestre

LivornoAsti

Sanremo

Porto (Formosa)

Athens (2)Braga

BejaEvora

Setùbal Porto (Marques)

SantarémLisbon (Amadora,

Corroios ,

Moscavide ,

Loures , Cacém ,

Martim Moniz,

Alvalade, Mem

Martins, Morais

Soares)

INTERNATIONAL PRESENCE AND GROUP STRUCTURE

GreeceAuction

House*100% 100%

Italy

Portugal100% brand

*Kruso Art (brand of Art -Rite S.r.l. auction house) does not fall within the regulatory perimeter 85.7 % 0.3% 14.0%% Total

Customer LoansGenova

Enlarge TAM

Facilitate

pawnbroking

process

Gain cost

efficiencies END -TO-END DIGITALIZATION OF THE

PAWNBROKING PROCESS

First blockchain -

based pawnbroking

process via NFT

28.15%

digital renewal~31k

registered users~ €36 MN awarded ~ 32,240 online bids 99% of total bids

are online

~19k

registered users~78%

average awarded from online bidsONLINE AUCTION BIDS Notes: Information as of December 31, 2025; the two APPs are only available in ItalyDRIVING DIGITAL TRANSFORMATION IN PAWNBROKING

BUSINESS MODEL

LOW -RISK MODEL

WITH ACCESSIBLE

CREDIT

IDENTIFICATION

•ID + Tax Code

•World Check

•Gianos 3DASSESSMENT

•In-house appraiser

•Weight + Quality •Loan To Value ≤ 80% •Insurance and contract details recorded in the

systemAPPROVAL

•≤ €25k: Appraiser

•€25k<€X< €100k:

Management

• >100k: BoDSAFEKEEPING

•Insured Vault

•Security

systems/procedures

approved by the

Insurance company

•Numbered Security BagsRENEWAL / REDEMPTION •Branch or App ( only in Italy) after paying due

interest /commissions

•Max 3 yearsAUCTION •From day 1/31/91 •90% via App in Italy •Surplus refunded to customers/ partially to

the StatePAWN PROCESS OVERVIEW

4SECURED AGAINST HIGH VALUE ASSETS

(92% gold, 7% branded watches, 1% diamonds)

SMALL -SUM (~€1,600 ), FLEXIBLE (1, 3, 6 months ) AND

EASY TO OBTAIN (around 30 minutes )

LOW-RISK LENDING BUSINESS

(LTV ~80%)

NO CREDIT CHECK NEEDED: ACCESSIBLE TO EVERYONE

(between 5 -8% of goods going to auction)

5 92 –95% OF TOTAL CONTRACT REDEMPTIONSASSET ARE ALWAYS UNDER CONTROL AND INSURED –

NO RISK OF DETERIORATION OR THEFT

NO LENDING AGAINST ELECTRONIC ASSETS

(or any other perishable asset)

SHORT TERM LOAN -RISK IS LIMITED

(average contract duration is 2 -6 months)

NO EXPOSURE TO CONSUMERS,

LENDING IS AGAINST THE ASSET and SAME CONDITIONS

(applied to everyone)

A NEAR RISK FREE BUSINESS MODEL

16.0%

3.0%

34.0%47.0%

(1)LTV based on goods market value.The total market value of the pawn credit sector in Italy is estimated at around €800 million . Smaller players are currently facing challenging market conditions, primarily due to the high cost of funding, increasing compliance -related expenses, and limited capacity to follow go ld price increase.

Wine

*the chart on the left represents the market share on Market OTS of 2024➢Third Market Player ➢30+ players of various sizes➢Kruso Kapital OUTSTANDING IN ITALY TREND & MARKET OVERVIEW

MARKET OVERVIEW €/m

➢First Market PlayerKK OUTSTANDING IN ITALY

112.9115.6123.5125.5134.2

1H24 FY24 1H25 FY25 1H26

Unemployed ;

19%

Pensioners ;

19%

Private companies

employees ; 18%Autonomous

professionals ;

16%Public companies

employees ; 15%Enterpreneurs ;

13%Customers are segmented into various target groups, predominantly male, ranging from entrepreneurs to unemployed individuals. Since the company’s inception, the average customer age has been around 56. Since the business started in 2017, the share of foreign clients has increased from approximately 12% to around 21%.

5657

5556

until 2020 2021 2022 2023 2024 2025AVERAGE CUSTOMER AGE -ITALY

11%14%16%18%21%21%

fino al 2020 2021 2022 2023 2024 2025FOREIGN CUSTOMERS ON TOTAL OTS -ITALYA WIDE DIVERSIFIED CUSTOMER BASE

until 20202020

2020

Portugal: Average customer age 50 years and foreign weight on overall customers is 7%CUSTOMERS

STRATEGY

CLEAR GROWTH

STRATEGY:

BUSINESS PLAN

2026/2028

© 2011 Banca SISTEMA 12 © 2026 Kruso Kapital S.p.A. krusokapital.com12 Strong organic growth supported also by new branch openings M&A and potential partnerships not included in the business plan but retained as strategic options

ITALY

Growth supported by acquisition of new

loan portfolios

Opening of one new branch GREECE Opening of two new branchesPORTUGAL Opening of four new branches Consolidated growth of customer loans: CAGR 2025/2028: +9.9% Progressive diversification of funding sources The cost of funding is expected to increase in line with market rates, with efficiency gains expected to stabilize the cost base during 2026 -2028BUSINESS PLAN 2026 -2028 DRIVERS 24 June 2026: opening of the new Pireo branch in Athens5 June 2026: acquisition of a new loan portfolio and opening of the new branch in Genova2 new openings expected in 2026 , with the lease agreement for one of them being already executed on 16 April 2026

* At consolidated level2026 GUIDANCE

CUSTOMER LOANS

2026: € 37 mTOTAL INCOME

For 2026, Total income is expected to increase by 3.2% to €36.9 million , compared with €35.8 million recorded in 2025Loans grew by 12% YoY to approximately €173.5 million , despite the higher funding costs resulting from the planned exit from the Banking Group

2026: 73.2%COST/INCOME

The Cost/ Income ratio is expected to increase from 61.2% in 2025 to 73.2% in 2026

CAGR 25/28: +9.9%2028: € 4 3.7 m

CAGR 25/28: +6.9%

2028: ~ 62%CUSTOMER LOANS TOTAL INCOME

COST / INCOMETotal Capital Ratio

(TCR)*

* At consolidated levelexpected to remain ≥400 bps on average above the current 8% regulatory minimum under

CRR3BUSINESS PLAN 2026 -2028 TARGET

FINANCIALS

H1 2026

TOTAL INCOME

17.318.5

Operating costs10.6 11.6

61.3%62.8%

C/I RatioH1 2025 H1 2026CUSTOMER LOANS

170.0

31/12/202 5 30/06/2026155.1

TOTAL CAPITAL RATIO

17.6%

31/12/202 5 30/06/202616.9%NET INCOME

4.4

H1 2025 H1 20264.4

Notes:1) Estimates applying CRR3, not yet due for financial intermediaries1€/m €/m

€/mKEY FINANCIAL METRICS AND BUSINESS HIGHLIGHTS

© 2011 Banca SISTEMA 17 © 2026 Kruso Kapital S.p.A. krusokapital.com17▪Net interest income increased by21.7%YoY,mainly supported bytheconsistent growth YoY ininterest income ,in particular inPortugal (+44%).

▪Netfeeand commission income essentially inlinewith the prior year, despite the lower contribution from pawn loan auctions inItaly, partly due tothelower number ofauctions compared tothesame period lastyear (#29in1H26vs.#40in 1H25).

▪Total Income increased by7.0%YoY (€18.5million vs.€17.3 million asof30June 2025 ).

▪Operating costs :€11.6million (€10.6million asof30June 2025 )increased by9.8%YoY, driven byhigher other administrative expenses, mainly driven bynon-recurring costs for€1.6million related totheuplisting ontheEXM market, which arelargely refunded under theline-item other operating expense/income .

▪Netprofit :€4.4million, inlinewiththeresult in2025 despite the higher non-recurring costs .Income Statement –H1 2026€/000 30.06.2026 30.06.2025 % change 10,369 8,988 15.4% (2,315) (2,372) -2.4% 8,054 6,616 21.7% 10,701 10,727 -0.2% (261) (125) >100% 10,440 10,602 -1.5% (11) 56 n.a.

18,483 17,274 7.0% (103) (74) 39.2% 18,380 17,200 6.9% (5,540) (4,704) 17.8% (6,683) (4,659) 43.4% (799) (712) 12.2% (698) (645) 8.2% 2,107 139 >100% (11,613) (10,581) 9.8%

- 190 n.a 6,767 6,809 -0.6% (2,389) (2,418) -1.2% 4,378 4,391 -0.3% Interest and similar income Interest and similar expenses Net interest income Other administrative expensesFee and commission income Net impariment losses on property and equipment Pre-tax profit from continuing operationsOther operating income

Operating costs

Gains (losses) on equity investmentsNet impairment losses on intangible assetsFee and commission expenses Net fee and commission income Net result of other financial assets and liabilities measured at fair value

Total Income

Net impariment losses/gains Net financial income

Personnel expenses

Income taxes

Profit for the year

863 618 39,6% 5.411 3.129 72,9% 233.023 215.002 8,4% 149.498 134.688 11,0% 134.500 134.688 -0,1% b) securities issued 14.998 - n.a.

5.646 6.726 -16,1% 3.787 5.602 -32,4% 9.498 8.079 17,6% 886 848 4,5% 1.081 805 34,3% 58.249 49.478 17,7% 4.378 8.776 -50,1% 233.023 215.002 8,4% Total liabilities and equityTotal Assets Financial liabilities measured at amortised cost

a) liabilities

Financial liabilities measured at fair value

Tax liabilities

Other liabilities

Post-employment benefits

Provision for risks and charges Share capital, share premium, reserves, valuation shares Profit for the year% change Cash and cash equivalents Financial asses measured at amortised cost a) loans and receivables with banks Other assets30.06.2026 31.12.2025 b) loans and receivables with customers Property and equipment

Intangible assets

of which: goodwill

Tax assets

▪Total assets of€233.0million increased by8.4%vs.31December 2025 (€215.0million), mainly driven bycustomer loans of€170.0million (+9.6% vs.€155.1million), largely related topawn loans, andgoodwill, stable at €40.1million .

▪Intangible assets amounted to€43.2million, slightly down from €43.4 million atyear-end, while “other assets” rose significantly to€5.4million (vs.€3.1million asof31December 2025 ),mainly reflecting period -related operating dynamics .

▪Financial liabilities measured atamortized cost amounted to€149.5 million, up11.0%vs.€134.7million asof31December 2025 mainly due to the €15 million bond issuance in Q2 2026 +increased to €20 million in July ).

▪Shareholders’ equity asof30June 2026 amounted to€62.6million, up from €58.2million asof31December 2025 .Balance Sheet –H1 2026€/000

TAKEAWAYS

KEY TAKEAWAYS

STRONG MARKET GROWTH 2

CREDIT ACCESSIBLE TOEVERYONE 3LOW RISK BUSINESS MODEL 4

GROWTH AND HIGH RETURNS 5

CLEAR VISION AND FUTURE STRATEGY61•Reliable and trusted player regulated by Bank of Italy •#2 market player in Italy [#34k customers] and in Portugal

[#7k customers]

•Credit tightening reduces access to traditional banking

solutions

•Growing need for small -sum and short -term loans •Supporting circular economy on high value assets •Sustainable finance: majority of loans are redeemed (~5-8% goes to the auction)CLEAR MARKET LEADERSHIP •Collateral of gold (90%), watches and jewels •Short terms exposure •Appraisers are liable for the value provided to goods •High entry barriers •Fixed costs base provides scalability and operational

leverage

•Growth in the pawn loans book (outstanding) underpins

future earnings

•Good track records since listed •Consolidating its presence in current markets

EURONEXT MILAN UPLISTING & FREE FLOAT ENHANCEMENT

Roadmap

•New EXM -compliant bylaws •Share split 1:98 effective on 11 May 2026

•Governance alignment

•Execution: 22 June 2026POSITIONING & GOVERNANCE

Market Context

•Tender offer by Banca CF+ S.p.A.

on Banca Sistema S.p.A.

•FY2025 results factored into transaction setup

Outcome

•Enlarged Free float to 35 %/40% •Improved stock liquidity •Enhanced investor base quality •Better market positioningOn 22 June, 2026, Kruso Kapital completed his journey towards the uplisting to the EXM market

19.2%

15.2%

9.9%

9.1%5.1%5.2%4.9%31.5%

Garbfin S.r.l (Gianluca Garbi) Fondazione Cassa di Risparmio di Cuneo Fondazione Cassa di Risparmio di Alessandria

Fondazione Pisa

Fondazione Sicilia

Trium Capital LLP

Banca CF+

MarketSHAREHOLDING STRUCTURE

Last update based on available information - 24/07/2026

€BY THE NUMBERS

FY 2025

€ 35.8m

+44.9% YoY

TOTAL INCOME € 155.1m

+7.8% YoY

TOTAL LOANS

89.8%

Adj. ROTE€ 8.8m

+95% YoY

NET PROFIT

29.7%

+770 bps YoY

TCR59.7%

-770 bps YoY

Adj. COST INCOME

87.0%*

0.3%

85.7% 0.3% 14.0% 12.7% *included Auction House 1.5%

40.543 N. OF CLIENTS93.452

CONTRACTS

€ 1.600

AVERAGE TICKET

~ 40.500

ONLINE BIDS

KRUSO KAPITAL BY NUMBERS

FY 2025BY THE NUMBERS

STRONG GROWTH BOTH ORGANIC AND THROUGH ACQUISITIONS

9.219.424.735.8

FY22 FY23 FY24 FY25Total Income €/m 2023 2024 2025

Full contribution

from acquired

businesses•IPO on EGM

•Portfolio

acquisition from

Gens Aura

•Acquisition of

CEP (Portugal)Portfolio

acquisition from

Banco BPM

*Pro-forma data

CONTACTS

CFO & Investor Relations Carlo Di Pierro

E-mail: carlo.dipierro@krusokapital.com

Investor Relations – CDR Communication

Vincenza Colucci

E-mail: vincenza.colucci@cdr -communication.it

Luca Gentili

E-mail: luca.gentili@cdr -communication.it