Intesa Sanpaolo

Quarterly Report • Jul 30, 2024

The best six months ever with €4.8bn Net income

1H24 Results

Best-in-class Wealth Management, Protection & Advisory, Leading in Technology

A strong bank for a sustainable world

July 30, 2024

1H24 Results: key achievements

Best-in-class profitability	€4.8bn	Net income, best six months ever
Effective Cost management	38.3%	Cost/Income ratio, best-in-class in Europe
Zero-NPL Bank	1.0%	Net NPL ratio(1) , at historical lows
Rock -solid capital position	>13.5%	Fully phased-in CET1 ratio, further increasing
Strong and sustainable	€3.3bn	Accrued dividends
value creation and distribution	€1.7bn	Share buyback, launched in June
World-class position in	€0.5bn	Contribution already deployed(2)
Social Impact	~1,000	Dedicated People
	2024-2025 Net income guidance raised to >€8.5bn

(1) According to EBA definition

(2) Over the 2023-1H24 period, out of €1.5bn total contribution over the 2023-2027 period. As a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to sustain the initiatives/projects)

MIL-BVA362-03032014-90141/VR

The best six-month Net income since 2007…

(1) Restated for the adoption of IFRS 17 and IFRS 9 by the Group's insurance companies

… with strong and sustainable value creation and a rock-solid capital position…

Note: figures may not add up exactly due to rounding

• (1) Ratio of Net income to end-of-period tangible shareholders' equity (shareholders' equity after deduction of goodwill and other intangible assets net of relevant deferred tax liabilities). Shareholders' equity does not include AT1 capital instruments and the Net income for the period. The figure for the period has been annualised excluding capital gains booked in 2023 for the sale of both Zhong Ou Asset Management and PBZ Card acquiring business line
• (2) Ratio of Net income to shareholders' equity at the end of the period. Shareholders' equity does not include AT1 capital instruments and income for the period. The figure for the period has been annualised net of the gains booked in 2023 on the sale of both Zhong Ou Asset Management and PBZ Card acquiring business line
• (3) Taking into account the €1.7bn buyback launched in June
• (4) Based on average half-yearly number of shares
• (5) Excluding AT1, TBVPS equal to €2.5 in 1H23 and €2.6 in 1H24
• (6) Based on average share price in 1H24, number of shares as at 26.7.24, >€8.5bn 2024-2025 Net income guidance and 70% cash payout ratio. Subject to shareholders' approval

… driving improved Net income guidance for 2024 and 2025

• Fully phased-in CET1 ratio well above 14.5% as at 31.12.25 (taking into account €1.7bn buyback launched in June and not considering ~40bps 2025 Basel 4 impact and ~100bps benefit of DTA absorption after 2025, of which the vast majority by 2028)
• 70% cash payout ratio
• Additional distributions for 2024 to be quantified at full-year results approval
• Further future distributions to be evaluated year by year

2024-2025 dividend yield(1) >10%

Our excellent performance benefits all our stakeholders

(1) By Top Employers Institute

(2) Direct and indirect. Increase vs 1H23 almost entirely due to direct taxes

(3) Deriving from Non-performing loans outflow

1H24: the best six months ever

ISP is fully equipped for further success

Appendix: 2022-2025 Business Plan proceeding at full speed

The best six months ever with €4.8bn Net income

€4.8bn Net income (+13% vs 1H23), €5.0bn when excluding the final Deposit Guarantee Scheme contribution

€2.5bn Net income in Q2 (+9% vs 2Q23, +7% vs 1Q24), the best quarter since 2007

Best six months ever for Operating income (+10% vs 1H23), Operating margin (+17%) and Gross income (+15%)

Q2 the best quarter ever for Net interest income (+2% vs 1Q24), Operating income and Operating margin

Strong acceleration in Commissions (+7% vs 1H23, +5% vs 1Q24) and Insurance income (+6% vs 1H23, best six months ever)

€20bn increase in Customer financial assets in Q2 exceeding €1.35 trillion (+€102bn vs 30.6.23)

Costs down while strongly investing in technology, with the lowest-ever half-yearly Cost/Income ratio (38.3%)

Lowest-ever NPL stock (net NPL ratio at 1.0%(1)) with further increase in NPL coverage ratio (+1.7pp vs 1H23)

NPL inflow at historical low, driving annualised Cost of risk to 26bps, with no overlays released

Fully phased-in CET1 ratio up at >13.5%, taking into account €1.7bn buyback launched in June

€3.3bn cash dividends already accrued in H1, of which ~€3.0bn to be paid in November as an interim dividend(2)

World-class position in Social Impact with ~€1.5bn contribution(3) (€0.5bn already deployed(4)) and ~1,000 dedicated People

⁽¹⁾ According to EBA definition

⁽²⁾ Relevant resolution from the Board of Directors to be defined on 31.10.24 when approving results as at 30.9.24

⁽³⁾ Over the 2023-2027 period. As a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to sustain the initiatives/projects)

⁽⁴⁾ Over the 2023-1H24 period

H1: €4.8bn Net income, the best six months since 2007

1H24 P&L; € m

Note: figures may not add up exactly due to rounding

(1) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations

(2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests

(3) Including the final contribution to the Deposit Guarantee Scheme: €350m pre-tax (€235m net of tax), our estimated commitment for the year

2Q24: €2.5bn Net income, the best quarter since 2007

2Q24 P&L; € m

Note: figures may not add up exactly due to rounding

(1) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations

(2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests

€7.9bn Net interest income in H1, of which €4.0bn in Q2…

… thanks to the commercial component

Note: figures may not add up exactly due to rounding

(1) Including hedging on core deposits (as at 30.6.24: ~€160bn core deposits hedged, 4-year duration, ~120bps yield, ~€2.4bn monthly maturities)

More than €1.35 trillion in Customer financial assets, ready to leverage on our leadership in Wealth Management, Protection & Advisory

Customer financial assets(1)

Note: figures may not add up exactly due to rounding. 2023 and 1Q24 data restated to reflect the 30.6.24 consolidation perimeter (1) Net of duplications between Direct deposits and Indirect customer deposits

Well-diversified business model to succeed in any rate scenario thanks to a strong contribution from Wealth Management…

(1) Excluding Corporate Centre

(2) AM = Asset Management

(3) BdT WM = Banca dei Territori Wealth Management

… and from Protection, driven by Non-motor business

ISP's integrated Bancassurance model generates benefits for customers and the Group:

• Best-in-class customer service thanks to E2E control over the insurance value chain including post-sale touchpoints
• Better understanding of customer needs, enabling superior service in providing the best solutions and better risk discrimination
• One-stop shop, increasing customer loyalty due to cross-selling of financial and protection products

Note: figures may not add up exactly due to rounding

(1) Individuals. Not including Credit Protection Insurance. Banca dei Territori division perimeter

Best-in-class contribution of Commissions and Insurance income to revenues

(1) Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); BBVA, Commerzbank, HSBC, ING Group, Standard Chartered and UBS (31.3.24 data); Barclays and Société Générale (31.12.23 data)

Ready to leverage on our leadership in Wealth Management, Protection & Advisory

Note: figures may not add up exactly due to rounding

(1) Valore Insieme also available for Banca dei Territori Affluent clients

(2) Direct deposits, Assets under management and Assets under administration

(3) Valore Insieme, Private Advisory, WE ADD and Sei

(4) On top of traditional Commissions from Management, dealing and consultancy activities

by 360-degree advisory services

~€100bn asset pool identified to fuel AuM growth with our delivery machine already at work

Note: figures may not add up exactly due to rounding

(1) Clients currently served by Banca dei Territori with one of the following features: high income/spending or combinations of significant AuM/age/complex investment products

MIL-BVA362-03032014-90141/VR Strong growth in revenues and effective Cost management driving the lowest-ever Cost/Income ratio while strongly investing in technology

Effective cost management driving the lowest Cost/Income ratio ever

and ~75 to exit by the end of the year), already agreed with Labour Unions and fully provisioned

▪ ~3,850 hires in 2021-1H24 and an additional ~750 hires of young people by 2025

MIL-BVA362-03032014-90141/VR

Best-in-class Cost/Income ratio in Europe

(1) Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); Barclays, BBVA, Commerzbank, Crédit Agricole S.A., HSBC, ING Group, Société Générale, Standard Chartered and UBS (31.3.24 data)

Zero-NPL Bank status and NPL inflow at historical low…

Note: figures may not add up exactly due to rounding.

(1) According to EBA definition

(2) 2023 and 1Q24 balance sheet data restated to reflect the consolidation of Romanian First Bank S.A.

(3) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans

(4) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans

… with ISP among the best in Europe for NPL stock and ratios…

(1) Including only banks in the EBA Transparency Exercise. Sample: BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit as at 30.6.24; BBVA, Commerzbank, Crédit Agricole Group, ING Group and Société Générale as at 31.3.24 (2) According to EBA definition. Data as at 30.6.23

Source: EBA Transparency Exercise, Investor presentations, press releases, conference calls and financial statements

22

… as well as for Stage 2 loans…

(1) Including only banks in the EBA Transparency Exercise. Sample BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit as at 30.6.24; BBVA and Société Générale as at 31.3.24; Crédit Agricole Group and ING Group as at 31.12.23

Source: Investor presentations, press releases, conference calls and financial statements

… driving Cost of risk to historical low with coverage increasing further

Note: figures may not add up exactly due to rounding

Russia exposure reduced to 0.1% of Group customer loans

▪ No contribution at Group level from Russian subsidiary Net income

MIL-BVA362-03032014-90141/VR

Rock-solid and increased capital base thanks to strong organic capital generation

Fully phased-in CET1 ratio evolution

▪ Strong organic capital generation thanks to high and sustainable profitability, capital light business model and best-in-class capabilities for structural RWA optimisation

▪ Our well-balanced model reduces impact from the EBA adverse scenario, positioning ISP as one of the clear winners of the stress test

Note: figures may not add up exactly due to rounding

(1) €3.3bn accrued dividends and ~€0.2bn AT1 coupon for 1H24

(2) 30.6.24 financial statements considering the total absorption of DTA related to IFRS9 FTA, DTA convertible in tax credit related to goodwill realignment and adjustments to loans, DTA related to the public cash contribution covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks, as well as the expected absorption of DTA related to the combination with UBI Banca and to the agreement with trade unions signed on 16.11.21 and DTA on losses carried forward, and the expected distribution on the 1H24 Net income of insurance companies

MIL-BVA362-03032014-90141/VR

Capital will increase in the coming years, allowing flexibility for additional distributions

• No further regulatory headwinds over the Business Plan horizon, excluding ~40bps 2025 Basel 4 impact (~60bps(2) total Basel 4 impact, offset by DTA absorption)
• ~120bps additional benefit from DTA absorption (of which ~25bps in the 3Q24-2025 period) not included in fully phased-in CET1 ratio
• Taking into account 70% cash payout ratio and not considering additional distribution to be quantified for 2024 and evaluated for the following years

Note: figures may not add up exactly due to rounding

(1) Including the impact of €1.7bn buyback launched in June

(2) Of which ~20bps in the 2026-2033 period, including ~10bps in 2026 related to FRTB

Best-in-class MREL and liquidity ratios, with TLTRO reimbursed

Note: figures may not add up exactly due to rounding

(1) Preliminary management data, considering the €1.7bn buyback launched in June

(2) Combined Buffer Requirement

(3) Last twelve-month average

(4) Excluding the Reserve Requirement

(5) €132bn TLTRO III (borrowed over the 2019-2021 period) reimbursed. Only €60m remaining to be reimbursed by VUB Banka (maturity 25.9.24)

Enhanced ESG commitment…

NOT EXHAUSTIVE Result achieved vs BP target x
2022-2025 Business Plan main ESG initiatives		Results achieved as at 30.6.24 (2022-1H24)	2022-2025 Business Plan targets
Unparalleled support to address social needs	Expanding food and shelter program for people in need	>41.8m interventions	50m 84%
Strong focus on financial inclusion	New social lending(1)	€17.2bn	€25bn 69%
Continuous commitment to culture	Progetto Cultura and Gallerie d'Italia museums	30,000sqm across 4 venues with ~1,600,000 visitors	30,000sqm 100%
Promoting innovation	Promoting innovation	>€105m investments in startups 528 innovation projects launched	€100m >100% 800 66%

World-class position in Social Impact further strengthened with ~€1.5bn contribution(2) (€0.5bn already deployed(3)) and ~1,000 dedicated People

(1) New lending to support non-profit activities, vulnerable and young people and urban regeneration

(2) Over the 2023-2027 period. As a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to sustain the initiatives/projects), already taken into account in the 2024-2025 guidance (3) Over the 2023-1H24 period

… with a strong focus on climate

x Result achieved vs BP target

NOT EXHAUSTIVE			x	Result achieved vs BP target
2022-2025 Business Plan main ESG initiatives		Results achieved as 2022-2025 Business Plan at 30.6.24 (2022-1H24) targets
	New lending to support the green economy, circular economy and ecological transition (including Mission 2 NRRP(1))	~€59bn(3)	€76bn(4)	77%
Supporting clients through the ESG/climate transition	of which circular economy new lending(2)	~€10bn	€8bn	>100%
	New green lending to individuals(5)	€6.7bn	€12bn	56%
	ESG Labs	15 opened	>12	>100%
	AuM invested in ESG products in % of total AuM(6)	76.4%	60%	>100%
Accelerating on commitment to Net-Zero	Energy acquired from renewable sources	~90%(7) 100% in Italy	100%(8)	~90%
(1) National Recovery and Resilience Plan (2) Including green and circular criteria (3) 2021-1H24. Starting from 30.6.24 the figure also includes the 2022-1H24 (4) In the 2021-2026 period (5) Starting from 30.6.24 the cumulative amount of green mortgages issued by ISBD since 2023 is also included (6) Eurizon perimeter -	▪ Financed emissions reduction: ― ― cumulative amount of transition finance pertaining to the foreign activities of the Group ― ▪ funds and AM products pursuant to art.8 and 9 SFDR 2019/2088	Targets set for 2 additional sectors (Iron & Steel and Commercial Real Estate) >22% absolute reduction in 2023 vs 2022 for the six high-emitting NZBA sectors with disclosed 2030 targets(9) SBTi documentation for validation submitted in March 2024 €9.8bn green and social bonds (14 issuances in 2022-1H24 period)

(7) Data as at 31.3.24 (8) At Group level in 2030

(9) Oil & Gas, Power generation, Automotive, Coal mining, Iron & Steel and Commercial Real Estate

1H24: the best six months ever

ISP is fully equipped for further success

Appendix: 2022-2025 Business Plan proceeding at full speed

Italy's solid fundamentals support the resilience of the economy

	The Italian economy is resilient thanks to solid fundamentals	Italian GDP YoY evolution
Households	▪ Strong Italian household gross wealth at ~€11,500bn, of which >€5,100bn in financial assets, coupled with low household debt and debt-service ratios ▪ Household debt to gross disposable income at 59% in 4Q23, far lower than 88% in the Euro area ▪ Less vulnerability to mortgage rate growth: 66% of mortgages at fixed rates (vs ~20% before the financial crisis) and 20% of floating-rate mortgages issued in 2023 had interest-rate caps ▪ Outstanding deposits 50% higher than 2008 and almost double the stock of loans	% 1.2 1.0 0.7-1.0 2023 2024 2025 forecast(1) forecast(1)
Corporates	▪ Very resilient SMEs, with historically-low default rates, high liquidity and improved financial leverage (34% in 2023 vs 50% in 2011) ▪ Export-oriented companies highly diversified in terms of industries and markets; Italian exports have outperformed Germany's by 7% over the past 5 years(2) ▪ Lower dependence on bank credit, declining from 66% of total financial debt in 2011 to 47% in 2023	Italian corporate liquidity Deposits/Loans to non-financial companies, %
Italian Government/ EU support	▪ As part of the revised Italian Recovery and Resilience Plan, total EU support rises to €194bn, of which €102bn already received and partially invested. The Commission has given the green light for the disbursement of the fifth installment of €11bn, and the Government has requested the payment of the sixth installment of €8.5bn. A material acceleration in effective spending is expected in 2024-2025	66 62 56 32
Banking system	▪ The banking system is massively capitalised, highly liquid, strongly supporting households and companies, and heavily engaged in the twin transition (digital and green) of the Italian economy	20 2007-12 2013-19 2020-21 2022-23 Jan.- May 24

▪ Inflation at 0.9% in June 2024, vs 2.5% in the Eurozone and the unemployment rate at the lowest level of the past sixteen years (6.8% in May 2024)

▪ In 1H24, the ratings and outlook/trend on Italy were confirmed/left unchanged by Morningstar DBRS, Fitch, S&P and Moody's

(1) Source: Intesa Sanpaolo (July 2024)

(2) % change exports in goods (in nominal values), May 2024 vs May 2019: Italy +27%, Germany +19.9%

MIL-BVA362-03032014-90141/VR ISP is far better equipped than its peers thanks to a best-in-class risk profile, rock-solid capital position and a well-diversified and resilient business model

Note: figures may not add up exactly due to rounding

(1) Fully phased-in CET1. Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); Barclays, BBVA, Commerzbank, Crédit Agricole S.A., HSBC, ING Group, Société Générale, Standard Chartered and UBS (31.3.24 data)

(2) Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets. Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea and Santander (30.6.24 data); UniCredit (net NPL 30.6.24 data and Level 2 and Level 3 assets 31.12.23 data); BBVA and UBS (31.3.24 data); Barclays, Commerzbank, Crédit Agricole S.A., HSBC, ING Group, Société Générale and Standard Chartered (net NPL 31.3.24 data and Level 2 and Level 3 assets 31.12.23 data)

(3) And the expected distribution on the Net income of insurance companies

(4) Calculated as the difference between the fully phased in CET1 ratio vs requirements SREP + combined buffer considering macroprudential capital buffers and estimating the Countercyclical Capital Buffer

(5) Sample: BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit as at 30.6.24; BBVA, Commerzbank, Crédit Agricole S.A., ING Group and Société Générale as at 31.3.24

(6) Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); BBVA, Commerzbank, HSBC, ING Group, Standard Chartered and UBS (31.3.24 data); Barclays and Société Générale (31.12.23 data)

(7) Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); Barclays, BBVA, Commerzbank, Crédit Agricole S.A., HSBC, ING Group, Société Générale, Standard Chartered and UBS (31.3.24 data)

(8) Sample: BNP Paribas, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); BBVA, Commerzbank, Standard Chartered and UBS (31.3.24 data); Barclays, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Group and Société Générale (31.12.23 data)

MIL-BVA362-03032014-90141/VR ISP has a unique Commissions-driven and efficient business model, with strong tech investments

Contribution of Commissions and Insurance income to Operating income(2)

% (1) Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); Barclays, BBVA, Commerzbank, HSBC, ING Group, Société Générale, Standard Chartered and UBS (31.3.24 data) (2) Sample: BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); BBVA, Commerzbank, HSBC, ING Group, Standard Chartered and UBS (31.3.24 data); Barclays and Société Générale (31.12.23 data) (3) Sample: BNP Paribas, Lloyds Banking Group, Nordea, Santander and UniCredit (30.6.24 data); BBVA, Commerzbank, Standard Chartered and UBS (31.3.24 data); Barclays, Deutsche Bank, HSBC, ING Group and Société Générale (31.12.23 data)

Delivering on our commitments and fully equipped for further success

The best six months ever

• €4.8bn Net income, the best six months since 2007
• €2.5bn Net income in Q2, the best quarter since 2007
• H1 the best six months and Q2 the best quarter ever for Net interest income, Operating income and Operating margin
• Strong acceleration in Commissions and the best six months ever for Insurance income
• Lowest-ever half-yearly Cost/Income ratio at 38.3%
• €48bn increase in Customer financial assets in H1 (of which €20bn in Q2)
• NPL inflow at historical low, driving a further decrease in NPL stock and low Cost of risk
• Fully phased-in CET1 ratio up at >13.5%, taking into account the €1.7bn buyback launched in June
• €3.3bn cash dividends accrued in H1

Fully equipped for further success thanks to a well-diversified and resilient business model

• Resilient profitability, rock-solid capital position (a clear winner of EBA stress test), low leverage and strong liquidity
• Well-diversified and resilient business model: a Wealth Management, Protection & Advisory Leader with fully-owned product factories and €1.35 trillion in Customer financial assets
• Zero-NPL Bank with net NPL stock at €4.8bn, net NPL ratio at 1.0% and €0.9bn as overlays
• Significant tech investments (€3.2bn already deployed)
• High strategic flexibility in managing Costs
• Low and adequately provisioned Russia exposure
• Long-standing, motivated and cohesive management team with strong track record in delivering and exceeding commitments

Well on track to deliver Net income >€8.5bn in 2024-2025 and ready to leverage on our leadership in Wealth Management, Protection & Advisory

2024 outlook: improved Net income guidance

Revenues	Solid growth in Revenues driven by further increase in Net interest income (also thanks to higher contribution from core deposits hedging) and growth in Commissions and Insurance, leveraging on our leadership in Wealth Management, Protection & Advisory
Operating costs	Stable Operating costs despite tech investments, mainly thanks to lower Personnel expenses (already agreed voluntary exits and non recurring component in 2023)	▪ ▪	Net income >€8.5bn 70% cash payout ratio
Cost of risk	Low Cost of risk driven by Zero-NPL Bank status and high-quality loan portfolio	▪ EPS vs 2023	Further growth in DPS and
Levies and other charges concerning the banking industry	Lower Levies and other charges concerning the banking industry due to no further contribution to the Resolution Fund		>10% dividend yield(1)
	▪ Additional distributions for 2024 to be quantified at full-year results approval ▪ Further future distributions to be evaluated year by year

1Q24: the best six months ever

ISP is fully equipped for further success

Appendix: 2022-2025 Business Plan proceeding at full speed

2022-2025 Business Plan proceeding at full speed

Our People are our most important asset

▪ 100% of initiatives launched with >90% progressing ahead of schedule

▪ ISP recognised as Top Employer 2024(1) for the third consecutive year and received the Best Talent Acquisition Team prize in the 2023 LinkedIn Talent Awards

▪ Intesa Sanpaolo placed first in the LinkedIn Top Companies 2024 ranking as the best company in Italy for career development and professional growth

Massive upfront de-risking, slashing Cost of risk

Key highlights

▪ Massive deleveraging with €5.6bn gross NPL stock reduction in 2022-2Q24, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target

• Focus on modular approach and sectorial forward looking factoring in the macroeconomic scenario and on proactive credit management
• Focus on Banca dei Territori Division action plan, with strong management of underlying Cost of risk, NPL inflow from Performing loans and new solutions for new needs arising in the current scenario
• Enhanced risk management capabilities: comprehensive and robust Risk Appetite Framework encompasses all the key risk dimensions of the Group
• Massive upfront de-risking, slashing Cost of risk

• Introduction of a Sectorial Framework which assesses the forward-looking profile of each economic sector on a quarterly basis across different countries. The sectorial view, approved by a specific management committee, feeds all the credit processes in order to prioritise credit decisions and action plans
• Cybersecurity anti-fraud protection extended to new products and services for retail customers, including the use of Artificial Intelligence; adoption of Open Source Intelligence solutions to empower cyber threat intelligence capability
• Enhanced protection of both the remote access to company applications and the access to corporate workstations enabling multi-factor authentication, and at the same time improving user experiences through frictionless processes
• Enhanced protection from cyber-attacks in terms of detection/recovery and improved internal awareness of cyber-attacks (e.g. phishing)
• Increased customer login protection by leveraging biometric identification and by improving identification through electronic document verification (Passport, ID Card)
• In the EBA Clearing "Fraud Pattern and Anomaly Detection" (FPAD) project, ISP is among the first European banks to integrate the risk score provided by the EBA into its anti-fraud systems for corporate transactions (bank transfers and instant credit transfers)
• Further enhanced security levels of digital services also through the adoption of advanced solutions and technologies for the remote biometric recognition of users, improving the user experience
• Set up of the Anti Financial Crime (AFC) Digital Hub, aimed at becoming a national and international centre open to other financial institutions and intermediaries, with the goal of combating money laundering and terrorism through new technologies and Artificial Intelligence, based on a public-private collaboration model
• Set up of the new AFC model based on an international platform and competence centres specialised in Transaction Monitoring, Know Your Customers and Financial Sanctions
• The Balance Sheet Optimisaton unit continued expanding the credit risk hedging schemes to optimise capital absorption. In 2Q24, three new synthetic securitisations were completed for a total amount of €4.6bn. As at 30.6.24, the outstanding securitised portfolio of synthetic securitisation transactions included in the GARC Program (Gestione Attiva Rischio di Credito - Active Credit Risk Management) was equal to ~€26bn
• Further strengthened the capital efficiency initiatives and extended the scope of Credit Strategy to ESG criteria, shifting >€18bn of new lending in 2023 and €7.8bn in 1H24 to more sustainable economic sectors with the best risk/return profile

Structural Cost reduction, enabled by technology

Key highlights
Structural Cost reduction, enabled by technology	▪ operational with ~470 dedicated specialists ▪ Commercial launch of on 15.6.23 and release of the App on iOS and Android stores; go live of the new official showcase website ▪ Completed the first and second customer migrations from ISP to (October 2023 and March 2024) ▪ Insourcing of core capabilities in IT ongoing with ~2,100 people already hired ▪ product range has been consolidated and enriched ("SpensieRata", virtual cards, credit cards, prepaid cards, protection, loans, etc) ▪ Ongoing extension of the platform to the entire Group ▪ Completed the release of Internet Banking (web application) ▪ AI Lab in Turin operational (setup of Centai Institute) ▪ 839 branches closed since 4Q21 in light of launch ▪ Digital platform for analytical cost management up and running, with 42 efficiency initiatives already identified ▪ Extended the Hub Procurement system, with full coverage of the centralised purchasing management perimeter. Started the pilot project in Procurement Analytics ▪ Rationalisation of real estate in Italy in progress, with a reduction of ~500k sqm since 4Q21 ▪ ~5,400 voluntary exits(1) since 2022 ▪ Completed the update of functions and digital services in Serbia, Hungary, Romania, Croatia and Slovenia. Ongoing implementation of new functions in Slovakia, in line with the roll-out phase ▪ Completed the activities to improve the customer experience of branch digital processes in Hungary, Slovenia, Albania and Croatia (i.e. use of Artificial Intelligence and the new chatbot Navigated Experience functionality) ▪ Go-live of the new core banking system in Egypt and alignment of digital channels ▪ Ongoing activities to progressively release applications for the target platform in the remaining countries of the International Subsidiary Banks Division ▪ Digital Process Transformation: processes identified and activated E2E transformation activities (especially involving procurement processes, customer onboarding, hereditary succession process management, bank account closing process and control management processes). The E2E transformation activities will leverage both on Process Intelligent Automation and traditional reengineering methods. Released new digital solutions for customer onboarding, current accounts closing, and inheritance management processes for a first group of branches (roll-out phase ongoing) ▪ In line with the SkyRocket plan, the new Cloud Region in Turin is fully operational (in addition to the Milan Cloud Region made available in June 2022) and has enabled launch with an entirely Italy-based infrastructure (including disaster recovery) ▪ Launched digitalisation projects related to Artificial Intelligence (AI) and Distributed Ledger Technology (DLT) at Eurizon. In the AI area, started the implementation of the Proof of Concepts in the Group's infrastructure. Regarding DLT, tests for the tokenisation of mutual funds were successfully completed
	The Intesa Sanpaolo Mobile app was recognised by Forrester as the "Global Mobile Banking Apps Leader" and "Global Digital Experience Leader" for the second consecutive year, ranking first worldwide among all banking apps evaluated

Significant investments in technology already deployed to succeed now and in the future

: ISP cloud-based digital banking platform

New technology backbone already available to mass market retail clients through , to be progressively extended to the entire Group

Digital businesses

New digital channels ( ) to attract new customers and better serve ISP customers with a low cost-to-serve model

Artificial intelligence

Artificial intelligence to further unlock new business opportunities, increase operational efficiency and further improve the management of risks

~€500m additional contribution(1) to 2025 Gross income, not envisaged in the 2022-2025 Business Plan

(1) Additional contribution to 2025 Gross income from isytech, isybank, Fideuram Direct and AI not envisaged in the Business Plan, offsetting the impact from higher inflation and renewal of the Labour contract

: Group cloud-based digital platform

Key elements of our cloud-based digital platform

Cloud-native Secure Always-on

• Scalable hybrid cloud technology
• Lower and flexible infrastructure costs
• Modular
• API-based architecture

• Faster time-tomarket

• Enhanced cybersecurity protection

• Resilient by design

Scalable

▪ Across segments ▪ Across products

▪ Across

• 24/7/365
• Real-time
• Instant responses
• Omnichannel

The first leading bank fully adopting a next-gen, cloud-based core banking solution

MIL-BVA362-03032014-90141/VR

A new digital bank with an innovative customer experience delivered in less than 12 months

Unique digital customer experience…

… already appreciated by the market

<3 minutes average onboarding time

<30 clicks

required to open an account

Immediately active

accounts and cards for client banking needs

• Leading digital capabilities: isybank user interface based on ISP's award-winning app defined by Forrester as "Global Mobile Banking Apps Leader"
• Top-notch customer security thanks to the ISP control framework

▪ Qorus Banking Innovation Award 2023

▪ CIO+ Italia Award 2023

▪ >40% of total sales to retail ISP Group customers already digital(1) today

~350,000 migrated customers(2)

>100,000 accounts opened by new customers

>70m transactions completed

~€2.1bn customer deposits

2022-2025 Business Plan proceeding at full speed

Product offering broader and more innovative than digital challengers

	Product offering broader than digital challengers(1)…
Fully accessible product catalogue, in continuous evolution(2)			Peer 1	Peer 2	Peer 3	Peer 4
	Debit cards
Cards	Cards in eco-sustainable material
	EU and extra-EU withdrawals
	Transfers
	Tax incentives related transfer
Payments	Payments from account to account
	Payments to Public Administration	(3)	(4)	(4)	(4)
	Salary advance
Credit	Personal loans
	Mortgages

… delivered through the most innovative tech platform in the market: ready to succeed even against fintechs

• (1) Sample: BBVA Italy, Hype, N26 Italy and Revolut Italy
• (2) E.g., to be complemented with credit cards, prepaid cards, simple protection products
• (3) Including MAV, F24, Pago PA
• (4) Partial functionalities

MIL-BVA362-03032014-90141/VR Accelerated the development of 's innovative digital features, further enriching the customer experience 2022-2025 Business Plan proceeding at full speed

: a unique approach coupling digital with the human touch of ISP's Digital Branch

An innovative digital bank business model with <30% Cost/Income:

• Progressively scalable to the entire Group
• Key enabler to speed-up/increase branch network rationalisation beyond what is already planned

from the adoption of generative AI solutions

AI program at scale with strong benefits for the Group

	Dedicated program to adopt AI at scale…	… with strong benefits for the Group
	▪ Group-wide adoption of AI through the development of AI use cases favouring: ― Better commercial effectiveness (examples of use cases underway/live: pricing optimisation through one-to-one pricing based on AI models, marketing propensity	AI use cases, #	x	Dedicated AI specialists ~150
Holistic impact	intelligence to identify cross/up-selling opportunities analysing purchasing behavioural patterns) ― Operational efficiency (e.g., conversational platform, with 80% of conversations already managed end-to-end, chatbot, controls)
	― Strengthened Risk management (e.g., cyber security, cyber fraud, AML, VaR), regulatory analysis (ISP is the first European bank to use AI for regulatory analysis thanks to Aptus.AI) and ESG (e.g., Real Estate management)		80
	▪ Skills and solutions sourcing with:
Partnerships and agreements	― Third-party agreements (e.g., Google, Microsoft, iGenius) ― Partnerships with Academia (e.g., Normale di Pisa, London City University & Fujitsu Laboratory of Europe, ZHAW Zurich University of Applied Sciences, Bicocca University) ― CENTAI, ISP research center for artificial intelligence	35
	▪ Ethical principles of responsible adoption through:	30.6.23	30.6.24	2025
Responsible and effective adoption	― Clear responsibility of business owner and guaranteed human presence in the loop ― Guardrail adoption ensures data quality, fairness and explainability ▪ >300 resources involved in AI Project and Cloud Center of Excellence	~150	~170	~300
	▪ Rationalised solutions/tools to empower ISP People
First adoptions of GenAI	solutions, developed in the GenAI Laboratory, already tested in	~€100m additional contribution to 2025 Gross income, not envisaged in the 2022-2025 Business Plan, not	including potential upside

Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/4)

Key highlights

Growth in Commissions, driven by Wealth Management, Protection & Advisory

• Direct Advisory as part of our digital offering up and running, allowing customers to build investment portfolios with the advisory of direct bankers operating remotely and supported by BlackRock's Aladdin Robo4Advisory platform. Direct Advisory completes the existing offer which also includes "Advanced Trading" (operating in over 50 cash and derivatives markets), and "In-Self Investments" (to operate independently on a selected set of sustainable funds and wealth management products created by Fideuram Asset Management). Cash Deposits added to the offering to complement wealth management product solutions and expanded the "Advanced Trading" product offering. Fideuram Direct promoted to customers of the traditional networks, both for Advanced Trading and for Direct Advisory, based on customer preferences and operational characteristics
• Alpian the first Swiss private digital Bank is operational as a mobile-only platform providing multi-currency, wealth management and financial advisory services with experienced consultants; the offer has been enriched with In-Self configurable mandates and Apple Pay
• New dedicated service model for Exclusive clients fully implemented
• Enhancement of the product offering (new AM/Insurance products) and further growth of the advanced advisory service "Valore Insieme" for Affluent and Exclusive clients: ~58,000 new contracts and €18.4bn in Customer financial asset inflows in 2023, ~37,000 new contracts and €10bn in Customer financial asset inflows in 1H24. Started in early March the marketing of Eurizon mutual funds dedicated to customers holding the Exclusive Package of Valore Insieme
• Launched in March 2023 the first co-badge debit card in Italy (in eco-sustainable material), dedicated to business customers, equipped with a dual circuit (Bancomat®, PagoBancomat® and MasterCard or Visa) and Instant Issuing service that can be activated from the website and App. In June 2024, introduced the option to use Bancomat co-badge card on Apple Pay (including the international circuit) and Bancomat Pay for purchases on Amazon. In 2Q24, released Visa Business Solutions for Commercial Visa credit cards
• Intesa Sanpaolo was the first Bank in Italy to offer Nexi SoftPOS in 2023, a solution allowing contactless digital payments from smartphones/tablets without a card payment machine (POS terminal). In June 2024, extended the service to the iOS operating system and launched the evolved version SoftPOS Pro on Android for medium/large corporate clients
• Launched in 1Q24 the wearable ring payment service, in collaboration with Mastercard and Tapster
• Introduction of new functionalities of Robo4Advisory by BlackRock to generate investment advice on selected product to support relationship managers
• Adoption of the BlackRock Aladdin Wealth and Aladdin Risk platforms for investment services: Aladdin Wealth module for BdT and Fideuram, Aladdin Risk and Aladdin Enterprise module for the Asset Management Division and FAM/FAMI(1)
• New features for UHNWI(2) client advisory tools, strengthening of service model for family offices. Released the new We Add advanced advisory service for the Intesa Sanpaolo Private Banking network. Integrated the new Aladdin Robo4Advisory functions on the Fideuram network to support advisory activities, and in April launched the new contract providing also the opportunity to include Assets under administration in the service. The integration of ESG principles into the current advisory models is progressively evolving
• Ongoing enrichment of the alternative funds offering from leading international players through partnerships with specialised platforms

Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/4)

Key highlights

Growth in Commissions, driven by Wealth Management, Protection & Advisory

• The growth strategy of REYL ISP the Swiss Hub of the Private Banking Division is underway, and together with ISP Wealth Management in Luxembourg will contribute to the growth of fee income abroad, also through synergies with the Italian Private Banking network and other Group companies
• Launched a project to implement a distribution model for selected Reyl banking products in the Italian networks (LPS)
• The strategic partnership with Man Group, Asteria, fully operational. In March 2024, launched the first fund classified as art.8 SFDR on Italian networks, already with >€500m inflows
• Enriched Eurizon offering dedicated to captive and third-party distributors and launched multiple new asset management and insurance products. Eurizon acquired new traditional and private market mandates from institutional third parties
• Continued enhancement of ESG product offering for asset management and insurance, with a ~76.4%(1) penetration on total AUM
• Continued commitment of Eurizon to financial education, ESG training activities (towards distributors and in the academic field) and stewardship (in June, held the first Eurizon engagement event with institutional clients and an Oil&Gas Company)
• Launched the new IMI C&IB organisational set-up, with a focus on strengthening client advisory activities and Originate-to-Share business
• Continued focus on origination and distribution activities in Italy and abroad, with the acceleration of the Originate-to-Share model and the introduction of additional risk-sharing tools
• Enriched the commercial offer of "Soluzione Domani", dedicated to senior customers (over 65 years old and caregivers) through the launch of the Senior Hub ("SpazioxNoi"). In the first phase, the initiative envisages the opening of a multi-service centre dedicated to active aging, well-being and social aggregation
• Finalised the purchase of 26.2% of Intesa Sanpaolo RBM Salute shares, anticipating the exercise of the two call options, initially set for 2026 and 2029
• Since 1.1.24, InSalute Servizi has been the TPA (Third Party Administrator) of the ISP Group Health Fund. Also managing all BdT customers with ISPRBM health insurance policies, InSalute Servizi is today already the 4th TPA in the Italian market, with more than 1.5m reimbursement claims per year. In partnership with leading healthcare providers, it has released a new online medical booking service, with the option to receive medical reports directly on the App. The new service is currently available for individual customers of the Group
• Launched digital platform "IncentNow" for enterprises to provide information to Italian companies and institutions on the opportunities offered by public tenders related to the "Piano Nazionale di Ripresa e Resilienza" (2)

Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/4)

▪ Developed commercial initiatives to support clients in different sectors to optimise the incorporation of European and Italian post-pandemic recovery plans ▪ Launched the Group's first Private Debt Fund, a partnership between ISP and Eurizon Capital Real Assets (ECRA), to support the development of SMEs through innovative financial solutions supporting the real economy and sustainable transition processes (first closing: €156m inflows, of which €109m from third parties) ▪ Go live of Cardea, an innovative and digital platform for financial institutions ▪ Evolution of the corporate digital platform (Inbiz) with the introduction of new products and tools to engage with customers ▪ Further strengthened the commercial activities related to the equity business and expanded the European Equity Research coverage ▪ Ongoing strengthening of the targeted Institutional Clients franchise in Italy and abroad, with dedicated commercial initiatives with a "capital light" perspective ▪ Launched an ESG value proposition initiative for the corporate and SME segments in Slovakia, Hungary, Croatia, Serbia and Egypt. Identified priority sectors for which the definition of a commercial strategy aimed at improving the ESG offer is underway, in markets where the International Subsidiary Banks Division operates. As part of the S-Loan offer, a project for the creation of a financing (multi-country) product dedicated to the achievement of green objectives is in the final stage ▪ Ongoing development of synergies - in Global Market, Structured Finance and Investment Banking - between IMI C&IB and Group banks in Slovakia, Czech Republic, Hungary and Croatia with a significant increase in business and pipeline since the start of the Business Plan. Expansion in progress of the IMI C&IB Synergy Project to other markets ▪ ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors, also through supply chain agreements with specialised partners and integrating working capital funding solutions ▪ Ongoing the commercial cooperation with a leading insurance group to distribute bancassurance products in Slovakia, Croatia, Hungary, Serbia and Slovenia ▪ Launched the factoring product "Confirming" in five additional markets (Slovakia, Serbia, Romania, Slovenia and Albania) and finalised the first deals in each country. Extension is underway in Bosnia, Croatia and Czech Republic ▪ New Factoring Digital Platform: external provider selection in the final stage with the Croatian subsidiary as the pilot Bank ▪ Started a project between the International Subsidiary Banks Division (ISBD) and the Banca dei Territori Division to further enhance cross-border business opportunities for mid-corporates operating in markets where foreign subsidiaries are present. In the first phase, the program involved the banks in Slovakia, Hungary, Romania, the Agribusiness Department and some Regional Governance Centres of Banca dei Territori. The perimeter was then extended to all Banca dei Territori Regional Governance Centres and to four new ISBD geographies (Albania, Croatia, Slovenia, Serbia). Launched a dedicated initiative in Romania with the involvement of Relationship Managers from both divisions ▪ Launched a collaborative project between the International Subsidiary Banks Division (ISBD), Private Banking and Asset Management for the definition and implementation of a new Service model for Private and High Net Worth Individuals (HNWI) of ISBD with advanced asset management needs ▪ In October 2023, signed the contract to acquire 99.98% of First Bank, a Romanian commercial bank focused on SME and retail customers. The acquisition, completed on 31.5.24, strengthened ISP's presence in Romania and offers new opportunities for Italian corporates Key highlights Growth in Commissions, driven by Wealth Management, Protection & Advisory IMI C&IB awarded Best Investment Bank and Best Bank for Corporates in Italy by Euromoney. The Group's subsidiary banks in Croatia, Slovakia and Serbia also awarded as best banks in their local markets

MIL-BVA362-03032014-90141/VR

Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/4)

A unique Digital Wealth Platform for customers seeking to invest remotely in listed markets and asset management products enabled by state-of-the-art technology

Significant development for all services with >€2.75bn Customer financial assets and ~74k clients as at 30.6.24

(1) 1H24 vs 1H23

Recent

2022-2025 Business Plan proceeding at full speed

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/4)

• Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the Italian territory and abroad. In 2022-1H24, >41.8m interventions carried out, providing ~34.5m meals, >3.5m dormitory spaces, >3.3m medicine prescriptions and >490,000 articles of clothing
• Employability:
  • ‒ "Giovani e Lavoro" Program aimed at training and introducing more than 3,000 young people to the Italian labour market in the 2022-2025 Business Plan horizon. >8,000 students (aged 18-29) applied for the program in 1H24: >1,400 interviewed and >600 trained/in-training through 25 courses (>4,500 trained/in-training since 2019). >2,430 companies involved since its inception in 2019. The fourth edition of the "Generation4Universities" program, started in April, involves 90 students, 50 universities and 19 Italian corporations as partners
  • ‒ The "Digital Restart" Program continues, still aiming at training and placing in the labour market unemployed people aged 40-50 through the financing of a Master in Data Analysis in order to develop new digital skills and re-enter the job market: the fourth edition was concluded in 1Q24, involving a total of 100 participants from the beginning of the Program, of which 56 found new employment
• Inequalities and educational inclusion:
  • ‒ Educational inclusion program: strengthened partnerships with main Italian universities and schools: >450 schools and ~14,000 students involved in 1H24 to promote educational inclusion, supporting merit and social mobility (~2,700 schools involved in 2022-1H24)
  • ‒ Launched in April 2023 "Futura", a new program promoted by Save the Children, Forum Disuguaglianze e Diversità and Yolk, with the collaboration of ISP, against female educational poverty, educational failure and early school leaving. The pilot project started and will run for two years in 3 territorial areas with socio-economic disadvantages. It will promote growth and autonomy paths through personalised training courses for 300 girls and young women, including 50 young mothers. >230 training courses already activated
  • ‒ In Action Esg NEET: a social impact initiative launched by the Insurance Division in early 2022 and dedicated to the promotion and inclusion of NEET youth and other fragile categories in the world of work. From the start of the project until June 2024, 9 classes were activated. The training courses involved a total of 148 people, each attending a curricular internship in social-health or educational facilities. The courses are promoted by the collaboration between Intesa Sanpaolo Vita, Fideuram Vita and Dynamo Camp ETS

• Social housing: enhancement of the Group's ongoing initiatives in terms of promoting housing units, also identifying some new partnerships with leading operators in the sector, to achieve the Business Plan targets (promotion of 6k-8k units of social housing and student bed places)
• Disbursed €2.5bn in social lending and urban regeneration in 1H24 (€17.2bn(1) in 2022-1H24)
  • ‒ Lending to the third sector: in 1H24, granted loans supporting non-profit organisations for a total of €107m (~€700m in 2022-1H24)

Unparalleled support to

address social

needs

• ‒ Fund for Impact: in 1H24, €41m made available to support the needs of people and families to ensure wider and more sustainable access to credit, with dedicated programs such as: per Merito (credit line without guarantees to be repaid in 30 years dedicated to university students, studying in Italy or abroad), mamma@work (loan to discourage new mothers from leaving work and supporting motherhood in the first years of life of the children), per Crescere (funds for the training and education of school-age children dedicated to fragile families), per avere Cura (lending to support families taking care of non self-sufficient people) and other solutions (e.g. Obiettivo Pensione, per Esempio)
• ‒ Program for Urban Regeneration: in 1H24 committed ~€119m in new loans to support investments in housing, services and sustainable infrastructure, in addition to the most important urban regeneration initiatives underway in Italy (~€1.4bn in 2022-1H24)

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/4)

2022-2025 Business Plan proceeding at full speed

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/4)

⁽²⁾ Positioning event: event in which a leading player illustrates innovation topics; match-making event: event which fosters a match between supply and demand of innovation

(3) On 25.4.24, UNEP announced the creation of the Forum for Insurance Transition to Net Zero (FIT), a new UN-led and convened structured dialogue and multistakeholder forum to support the necessary acceleration and scaling up of voluntary climate action by the insurance industry and key stakeholders. Intesa Sanpaolo Vita is one of the Founding FIT Participants. On the same date, the NZIA was discontinued

(5) Glasgow Financial Alliance for Net-Zero

(6) Institutional Investors' Group on Climate Change

⁽⁴⁾ In 4Q21 adhesion to Net-Zero Banking Alliance, Net-Zero Asset Managers Initiative, Net-Zero Asset Owner Alliance and Net-Zero Insurance Alliance (now FIT)

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/4)

Supporting clients through ESG/climate transition ▪ ~€59bn disbursed in the period 2021-1H24(1) out of the €76bn in new lending available for the green economy, circular economy and green transition(2) ▪ ~€1.8bn(3) of Green Mortgages in 1H24 (€6.7bn in 2022-1H24) out of the €12bn of new Green lending to individuals throughout the 2022-2025 Business Plan ▪ €8bn circular economy credit facility announced in the 2022-2025 Business Plan. In 1H24, ISP, Strategic Partner of Ellen MacArthur Foundation since 2015, assessed and validated 176 projects for an amount of ~€8bn; granted ~€3,5bn for 88 transactions (of which >€2.1bn related to green criteria) and disbursed €1.3bn, taking into account previously granted amounts (of which €1bn related to green criteria). Overall, since 2022, 962 projects assessed and validated for an amount of ~€28.8bn, granted 560 transactions for an amount of ~€15.5bn (of which €9.6bn related to green criteria), with ~€10bn disbursed taking into account projects previously agreed (of which €7.9bn related to green criteria). In 1H24, ISPIC supported the Group in selecting eligible financing for securitisation in the context of the Circular Economy and Green Economy. In 1H24, the collaboration between ISP, ISPIC, Fondazione Cariplo and Cariplo Factory on Circular Economy issues continued, also through the Circular Economy Lab ▪ Activated 15 ESG Laboratories (in Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin, Florence , Macerata and Chieti), physical and virtual meeting points to support SMEs in approaching sustainability, and evolution of the advisory services offered by partners (e.g. Circularity, Nativa, CE Lab and others) ▪ In 2024, the S-Loan offering was redesigned from six lines to three: S-Loan ESG, S-Loan CER and S-Loan Diversity. Disbursed €0.7bn in 1H24, (~€5.9bn since launch of the product line in July 2020) ▪ Completed the implementation of the ESG/Climate evolution of the Non-Financial Corporate credit framework, leveraging on ESG sectoral assessment and ESG sectoral strategy, ESG scoring at counterparty level and new guidelines on sustainable products; defined the methodology of analysis of the transition plan of Oil & Gas, Power Generation and Automotive customers and gradual extension to other Net Zero sectors ▪ ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors ▪ Significant development of the ESG value proposition initiative for Corporate, SME and Retail segments in all the banks of the International Subsidiary Banks Division(4) thanks to the expansion of the Retail product catalogue and the launch of the Green Dedicated S-Loan in VUB Banka ▪ Enhancement of ESG investment products for asset management with penetration increasing to 76.4% of total AuM(5); continued expansion of IBIPs(6) product catalog of new Art.8 products; continuous maintenance and an increase in investment options (art.8 and 9 of SFDR) underlying the insurance products available to customers to 81% (1H24) ▪ Strong commitment to Stewardship activities: in 1H24, Eurizon Capital SGR took part in 1,248 shareholders' meetings (of which 91% are issuers listed abroad) and 530 engagements (of which 37% on ESG issues); in 1H24, Fideuram took part in 45 shareholders' meetings and 88 engagements (of which 80% on ESG issues)

▪ The "ESG Ambassador" role was established in the Private Banking Division – for the pilot phase, now completed, 34 Private Bankers, selected among the approximately 6,000 belonging to the Fideuram and Intesa Sanpaolo Private Banking Networks on the basis of their attention to ESG issues - with the aim of promoting a culture of sustainability in the territories to which they belong, promoting sustainable behavior and representing a listening point for the needs of customers and Private Bankers. The executive phase will be launched by the end of the year

In April 2024, appointment of a Chief Sustainability Officer with the creation of a dedicated governance area consolidating ESG activities, enhancing ESG business steering, and with a strong commitment to social matters and the fight against inequalities, a continuous support for culture and a significant contribution to sustainability through innovation projects and investments in startups

• (1) As from 1H24 the figure also includes the 2022-1H24 cumulative amount of transition finance pertaining to the foreign activities of the Group
• (2) In the 2021-2026 period, new transition finance including new lending related to National Recovery and Resilience Plan
• (3) Starting from 30.6.24 green mortgages issued by ISBD are included
• (4) Excluding Moldova and Ukraine

the

• (5) Eurizon perimeter funds and AM products pursuant to art.8 and 9 SFDR 2019/2088
• (6) Insurance Based Investment Products 56

The only Italian bank included in the Dow Jones Sustainability Indices

Leading ESG position in the main sustainability indexes and rankings

Top ranking(1) for Sustainability

तिग्रह

First bank in Europe and second world-wide in 2024 Corporate Knights ''Global 100 Most Sustainable Corporations in the World Index''

Ranked first among peer group by Sustainalytics (2024 ESG Industry Top rated and 2024 ESG Regional Top rated)

In September 2023, ISP was ranked the first bank in Europe in the Refinitiv D&I Index 2023

In the 2023 ranking by Institutional Investor, ISP was confirmed first in Europe for ESG aspects

(2)
74	A	AA	84	9.3
66	A	AA	80	12.9
66	A	AA	79	13.9
63	A	AA	69	17.8
63	A	AA	69	18.2
62	A	AA	67	19.2
61	A	AA	59	19.2
61	A	AA	59	21.9
60	B	AA	59	22.0
59	B	AA	56	23.3
58	B	AA	55	23.3
58	B	AA	55	23.7
55	B	AA	55	24.2
53	B	AA	55	24.4
53	C	AA	48	25.0
49	C	A	43	27.1

ISP included in all main indexes:

(1) ISP peer group

(2) Bloomberg Disclosure Score

Source: Bloomberg ESG Disclosure Score (Bloomberg as at 15.7.24), CDP Climate Change Score 2023 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as at 15.7.24; S&P Global ESG Score (https://www.spglobal.com/esg/solutions/data-intelligence-esg-scores as at 15.7.24); Sustainalytics score (https://www.sustainalytics.com/esg-ratings as at 15.7.24)

Our People are our most important asset

Key highlights

• ~3,850 professionals hired since 2021
• ~5,350 people reskilled and ~31.3m training hours delivered since 2022
• ~270 talents have completed their development path as part of the International Talent Program, ongoing for other ~220 resources, due to an additional 22 graduates who joined the Program between April and June 2024
• ~470 key people have been selected mostly among Middle Management for dedicated development and training initiatives
• A dedicated platform to foster employee well-being (physical, emotional, mental and social dimensions) with video content, podcasts, articles, tools and apps. Digital and on-site initiatives and events, corporate gyms, and Employee Assistance Program (psychological support service)
• Implemented the new Long-Term Incentive Plan to support the 2022-2025 Business Plan goals and foster individual entrepreneurship
• Completed the creation of the new leading education player in Italy through the combination between ISP Formazione and Digit'Ed
• Application of the new organisational framework activated during 2023 in agreement with trade unions continues, further improving flexibility in terms of daily work schedule and smart working while introducing the 4-day working week on a voluntary basis with no change in remuneration also through the expansion of the experimentation relating to the Network
• Monitoring of the Diversity, Equity & Inclusion targets for each Division and Governance Area implemented; strengthened the collaboration with ISPROUD, the first employee-based community within the Group (currently >1,500 LGBTQ+ People and allies), and started cooperation with the new community "ARTICOLO19" on disability topics
• Intesa Sanpaolo is: i) the first Bank in Europe and the only Italian Bank among the 100 most inclusive and diversity-aware workplaces according to the Refinitiv Global Diversity and Inclusion Index 2023, ii) included for the sixth consecutive year in the Bloomberg Gender Equality Index (GEI) 2023, iii) ranked first in the global ESG Corporate Award ranking, in the Best Company for Diversity Equity & Inclusion category, among large cap companies, iv) the first major Italian banking group to obtain the certification for gender parity "Prassi di Riferimento (PDR) 125:2022" and v) the first Italian Bank and among the first banks in Europe to obtain the Gender Equality European & International Standard (GEEIS) – Diversity Certification. ISP People satisfaction index continues to grow, reaching its highest level of the past 10 years (84% in 2023 vs 79% in 2021 and 66% in 2013)
• ISP recognised as Top Employer 2024(1) for the third consecutive year and ranked first in the LinkedIn Top Companies 2024 as the best company in Italy for career development and professional growth

Our People are our most important asset

1H24 Results

Detailed information

Key P&L and Balance sheet figures

EMARKET SDIR
CERTIFIED

€ m	1H24		30.6.24
Operating income	13,588	Loans to customers	422,214
Operating costs	(5,207)	Customer financial assets(1)	1,353,324
Cost/Income ratio	38.3%	of which Direct deposits from banking business	589,714
Operating margin	8,381	of which Direct deposits from insurance business	171,928
Gross income (loss)	7,737	of which Indirect customer deposits	757,058
Net income	4,766	- Assets under management	455,778
		- Assets under administration	301,280
		RWA	298,923
		Total assets	934,422

Detailed consolidated P&L results

Liquidity, Funding and capital base

Asset quality

Divisional results and other information

1H24 vs 1H23: €4.8bn Net income, the best six months since 2007

€ m

1H24 vs 1H23: €4.8bn Net income, the best six months since 2007
	1H23	1H24	 %
Net interest income	6,838	7,945	16.2
Net fee and commission income	4,353	4,653	6.9
Income from insurance business	856	903	5.5
Profits on financial assets and liabilities at fair value	337	97	(71.2)
Other operating income (expenses)	14	(10)	n.m.
Operating income	12,398	13,588	9.6
Personnel expenses	(3,185)	(3,200)	0.5
Other administrative expenses	(1,375)	(1,340)	(2.5)
Adjustments to property, equipment and intangible assets	(651)	(667)	2.5
Operating costs	(5,211)	(5,207)	(0.1)
Operating margin	7,187	8,381	16.6
Net adjustments to loans	(556)	(554)	(0.4)
Net provisions and net impairment losses on other assets	(191)	(178)	(6.8)
Other income (expenses)	304	88	(71.1)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	6,744	7,737	14.7
Taxes on income	(2,084)	(2,510)	20.4
Charges (net of tax) for integration and exit incentives	(86)	(102)	18.6
Effect of purchase price allocation (net of tax)	(90)	(54)	(40.0)
Levies and other charges concerning the banking and insurance industry (net of tax)	(239)	(1) (293)	22.6
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(23)	(12)	(47.8)
Net income	4,222	4,766	12.9

+20% when excluding capital gains from the sale of Zhong Ou Asset Management and the PBZ Card acquiring business line booked in 1H23

Note: figures may not add up exactly due to rounding

(1) Including the final contribution to the Deposit Guarantee Scheme: €350m pre-tax (€235m net of tax), our estimated commitment for the year

62

Q2 vs Q1: further growth in profitability

	1Q24	2Q24	 %
Net interest income	3,932	4,013	2.1
Net fee and commission income	2,272	2,381	4.8
Income from insurance business	455	448	(1.5)
Profits on financial assets and liabilities at fair value	79	18	(77.2)
Other operating income (expenses)	(6)	(4)	(33.3)
Operating income	6,732	6,856	1.8
Personnel expenses	(1,592)	(1,608)	1.0
Other administrative expenses	(623)	(717)	15.1
Adjustments to property, equipment and intangible assets	(355)	(312)	(12.1)
Operating costs	(2,570)	(2,637)	2.6
Operating margin	4,162	4,219	1.4
Net adjustments to loans	(236)	(318)	34.7
Net provisions and net impairment losses on other assets	(53)	(125)	135.8
Other income (expenses)	57	31	(45.6)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	3,930	3,807	(3.1)
Taxes on income	(1,278)	(1,232)	(3.6)
Charges (net of tax) for integration and exit incentives	(56)	(46)	(17.9)
Effect of purchase price allocation (net of tax)	(29)	(25)	(13.8)
Levies and other charges concerning the banking and insurance industry (net of tax)	(257)	(36)	(86.0)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(9)	(3)	(66.7)
Net income	2,301	2,465	7.1

Quarterly P&L

€ m

	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24
Net interest income	3,254	3,584	3,813	3,995	3,932	4,013
Net fee and commission income	2,137	2,216	2,095	2,110	2,272	2,381
Income from insurance business	397	459	419	391	455	448
Profits on financial assets and liabilities at fair value	262	75	52	(91)	79	18
Other operating income (expenses)	7	7	(12)	(32)	(6)	(4)
Operating income	6,057	6,341	6,367	6,373	6,732	6,856
Personnel expenses	(1,560)	(1,625)	(1,612)	(2,184)	(1,592)	(1,608)
Other administrative expenses	(644)	(731)	(710)	(917)	(623)	(717)
Adjustments to property, equipment and intangible assets	(332)	(319)	(328)	(367)	(355)	(312)
Operating costs	(2,536)	(2,675)	(2,650)	(3,468)	(2,570)	(2,637)
Operating margin	3,521	3,666	3,717	2,905	4,162	4,219
Net adjustments to loans	(189)	(367)	(357)	(616)	(236)	(318)
Net provisions and net impairment losses on other assets	(70)	(121)	(47)	(332)	(53)	(125)
Other income (expenses)	101	203	15	29	57	31
Income (Loss) from discontinued operations	0	0	0	0	0	0
Gross income (loss)	3,363	3,381	3,328	1,986	3,930	3,807
Taxes on income	(1,084)	(1,000)	(1,066)	(288)	(1,278)	(1,232)
Charges (net of tax) for integration and exit incentives	(42)	(44)	(56)	(80)	(56)	(46)
Effect of purchase price allocation (net of tax)	(46)	(44)	(36)	(35)	(29)	(25)
Levies and other charges concerning the banking and insurance industry (net of tax)	(228)	(11)	(264)	18	(257)	(36)
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	0	0	0
Minority interests	(7)	(16)	(6)	1	(9)	(3)
Net income	1,956	2,266	1,900	1,602	2,301	2,465

MIL-BVA362-03032014-90141/VR

Net interest income

Note: figures may not add up exactly due to rounding

(1) Including hedging on core deposits (as at 30.6.24: ~€160bn core deposits hedged, 4y duration, ~120bps yield, and ~€2.4bn monthly maturities)

Net fee and commission income

• Acceleration of Commissions from Management, dealing and consultancy activities, up 2% vs 1Q24 (+€35m) and 11% vs 2Q23 (+€138m)
• Increase in Commissions from Commercial banking activities, up 6% vs 1Q24 (+€37m) and 3% vs 2Q23 (+€18m)
• Double-digit increase in Commissions from Management, dealing and consultancy activities (+10%; +€250m)
• 2% increase (+€30m) in Commissions from Commercial banking activities

Net fee and commission income: quarterly development breakdown

€ m

Net fee and commission income
	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	1H23	1H24
Guarantees given / received	34	41	41	39	48	50	75	98
Collection and payment services	156	164	169	180	167	178	320	345
Current accounts	341	344	339	336	327	327	685	654
Credit and debit cards	94	107	105	99	95	119	201	214
Commercial banking activities	625	656	654	654	637	674	1,281	1,311
Dealing and placement of securities	230	193	154	190	303	282	423	585
Currency dealing	2	2	3	2	3	3	4	6
Portfolio management	614	641	627	627	657	676	1,255	1,333
Distribution of insurance products	396	403	368	345	375	401	799	776
Other	57	69	69	93	73	84	126	157
Management, dealing and consultancy activities	1,299	1,308	1,221	1,257	1,411	1,446	2,607	2,857
Other net fee and commission income	213	252	220	199	224	261	465	485
Net fee and commission income	2,137	2,216	2,095	2,110	2,272	2,381	4,353	4,653

Income from insurance business

• Non-motor P&C revenues(1) at €143m (+10% vs 2Q23), €160m including credit-linked products
• Non-motor P&C revenues(1) up 17% at €309m, €347m including credit-linked products

Profits on financial assets and liabilities at fair value

Contributions by activity

	2Q23	1Q24	2Q24	1H23	1H24
Customers	80	70	76	169	146
Capital markets	(68)	(145)	(77)	(3)	(222)
Trading and Treasury	63	148	17	170	165
Structured credit products	-	6	2	1	8

MIL-BVA362-03032014-90141/VR

Operating costs

70

Net adjustments to loans

• NPL inflow at historical low (-11% vs 2Q23)
• €0.9bn as overlays
• Annualised Cost of credit at 26bps
• Increased NPL coverage (+1.7pp vs 30.6.23)
• Lowest-ever NPL ratio and NPL stock

Detailed consolidated P&L results

Liquidity, Funding and capital base

Asset quality

Divisional results and other information

More than €1.35 trillion in Customer financial assets

Note: figures may not add up exactly due to rounding. 2023 and 1Q24 data restated to reflect the 30.6.24 consolidation perimeter (1) Net of duplications between Direct deposits and Indirect customer deposits

Funding mix

• Retail funding represents 75% of Direct deposits from banking business
• 84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (63% including Corporates)
• Very granular deposit base: average deposits ~€12k for Households (~19.2m clients) and ~€64k for Corporates (~1.8m clients)

Note: figures may not add up exactly due to rounding

(1) Including Senior non-preferred

(2) Certificates of deposit + Commercial papers

Strong funding capability: broad access to international markets

70% of 2024 funding plan already executed in H1

• ◼ €1bn Tier 2, €2.25bn dual-tranche green senior non-preferred, £600m green senior non-preferred, two floating rate senior preferred totalling €3.25bn, €2.25bn dual-tranche green senior preferred, £750m social senior preferred, \$2.75bn dual-tranche senior and senior non-preferred, €1.25bn covered bond, €2.25bn dual-tranche senior preferred, €1.25bn AT1 and \$3bn dual-tranche senior preferred placed. On average 91% demand from foreign investors; orderbooks average oversubscription ~2.5x
  • ❑ February: €1bn 11NC6 Tier 2 issue, representing the return to the EUR T2 market after a more than 2-year absence, and €2.25bn dual-tranche green senior non-preferred: €1.5bn 5NC4 and €750m 10y, the largest-ever Italian green SNP transaction placed in the Euro market
• ❑ March: inaugural £600m 6NC5 green SNP with the largest orderbook ever for a GBP deal issued by an Italian bank, and €1.5bn 2y FRN senior preferred issue
• ❑ May: €2.25bn dual-tranche green senior preferred: €1bn 3y and €1.25bn 7y, which reopened the EUR public market for Italian banks after over 2 months, and £750m 10y social senior preferred, first ever GBP-denominated social bond issued by a non-UK bank
• ❑ June: \$2.75bn dual-tranche: \$1.25bn 10y senior preferred and \$1.5bn 31NC30 senior nonpreferred, the largest transaction issued by ISP in over 10 years, and €1.25bn 5y covered bond
• ❑ August: €2.25bn dual-tranche senior preferred: €750m 4y and €1.5bn 8y, re-opening the Italian debt capital market in a not easy calendar at the end of summer, and €1.25bn AT1 PerpNC6.5 issued in connection with the tender offer on its €750m AT1 PerpNC24
• ❑ November: €1.75bn 2y FRN senior preferred issue and \$3bn dual-tranche senior preferred: \$1.5bn 10y and \$1.5bn 30y, the largest ISP deal in the last 10 years

2024

• ◼ €2bn dual-tranche senior preferred and €1bn AT1 placed. On average 83% demand from foreign investors; orderbooks average oversubscription ~3.6x
  • ❑ April: €2bn dual-tranche senior preferred: €1bn 3y FRN and €1bn 6.5y FXD green, the largest Euro trade in Italy since August 2023
• ❑ May: €1bn AT1 PerpNC8 issue with the furthest first call date (8 years) issued in the last 3 years in the Euro market

Note: figures may not add up exactly due to rounding

(1) Only €5bn 2024 funding plan thanks to high pre-funding executed in 2023 (~€11bn). Funding mix and size could change according to market conditions and asset growth. Not considering any 2025 pre-funding

High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets

• LCR at 163%(4) and NSFR at 124% (2025 Business Plan targets: ~125% and ~115% respectively)
• Almost zeroed the refinancing operations with the ECB (TLTRO III.9 tranche remaining: €60m - maturity 25.9.24)

Note: figures may not add up exactly due to rounding

(4) Last twelve-month average

⁽¹⁾ Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks

⁽²⁾ Eligible assets freely available (excluding assets used as collateral and including eligible assets received as collateral) and cash and deposits with Central Banks

⁽³⁾ Loans to customers/Direct deposits from banking business

Rock-solid and increased capital base

• No expected further regulatory headwinds over Business Plan horizon, excluding ~40bps 2025 Basel 4 impact (~60bps(3) total Basel 4 impact, offset by DTA absorption)
• ~120bps additional benefit from DTA absorption (of which ~25bps in the 3Q24-2025 period) not included in the fully phased-in CET1 ratio
• 5.9% leverage ratio

⁽¹⁾ Taking into account €1.7bn buyback launched in June

⁽²⁾ Pro-forma fully loaded (30.6.24 financial statements considering the total absorption of DTA related to IFRS 9 FTA (€0.7bn as at 30.6.24), DTA convertible in tax credit related to goodwill realignment (€4.1bn as at 30.6.24) and adjustments to loans (€1.3bn as at 30.6.24), DTA related to the public cash contribution covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks (€0.03bn as at 30.6.24), as well as the expected absorption of DTA related to the combination with UBI Banca and to the agreement with trade unions signed on 16.11.21 (€0.2bn as at 30.6.24) and DTA on losses carried forward (€2.8bn as at 30.6.24), and the expected distribution on the 1H24 Net income of insurance companies)

⁽³⁾ Of which ~20bps in the 2026-2033 period, including ~10bps in 2026 related to FRTB

Detailed consolidated P&L results

Liquidity, Funding and capital base

Asset quality

Divisional results and other information

Non-performing loans: NPL ratio and NPL stock

EMARKET SDIR
CERTIFIED

x Gross NPL ratio, %					x Net NPL ratio, %		x Gross and net NPL ratio based on EBA definition, %
Gross NPL				Net NPL
€ bn	30.6.23	31.12.23	31.3.24	30.6.24	€ bn	30.6.23	31.12.23	31.3.24	30.6.24
Bad loans	3.7	3.4	3.7	3.6	Bad loans	1.2	0.9	1.0	1.0
- of which forborne	0.9	0.7	0.8	0.8	- of which forborne	0.3	0.2	0.2	0.2
Unlikely to pay	6.0	5.9	5.8	5.5	Unlikely to pay	3.6	3.6	3.5	3.3
- of which forborne	2.5	2.4	2.5	2.3	- of which forborne	1.6	1.6	1.6	1.4
Past due	0.7	0.6	0.6	0.6	Past due	0.5	0.5	0.4	0.4
- of which forborne	0.2	0.1	0.1	-	- of which forborne	0.1	-	-	-
Total	10.4	9.9	10.1	9.7	Total	5.3	5.0	5.0	4.8
	2.3	2.3	2.3	2.2		1.2	1.2	1.2	1.1
	1.9	1.8	2.0	1.9		1.0	0.9	1.0	1.0

Note: figures may not add up exactly due to rounding. 2023 and 1Q24 data restated to reflect the consolidation of Romanian First Bank S.A.

Non-performing loans: sizeable and increased coverage in H1

Cash coverage; %

Note: figures may not add up exactly due to rounding. 2023 and 1Q24 data restated to reflect the consolidation of Romanian First Bank S.A. (1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Non-performing loans inflow: at historical low

Non-performing loans gross inflow

Note: figures may not add up exactly due to rounding

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Non-performing loans net inflow

Note: figures may not add up exactly due to rounding

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Loans to customers: a well-diversified portfolio

• ◼ Low risk profile of residential mortgage portfolio ❑ Instalment/available income ratio at 31% ❑ Average Loan-to-Value equal to ~58% ❑ Original average maturity equal to ~25 years
  • ❑ Residual average life equal to ~19 years

Non-retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.6.24)

	30.6.24
Public Administration	5.1%
Financial companies	8.4%
Non-financial companies	40.7%
of which:
SERVICES	4.5%
UTILITIES	4.0%
REAL ESTATE	3.2%
DISTRIBUTION	2.8%
FOOD AND DRINK	2.6%
CONSTRUCTION AND MATERIALS FOR CONSTR.	2.5%
TRANSPORTATION MEANS	2.1%
METALS AND METAL PRODUCTS	2.1%
INFRASTRUCTURE	2.0%
FASHION	2.0%
ENERGY AND EXTRACTION	1.9%
AGRICULTURE	1.6%
TRANSPORT	1.6%
TOURISM	1.6%
CHEMICALS, RUBBER AND PLASTICS	1.4%
MECHANICAL	1.4%
ELECTRICAL COMPONENTS AND EQUIPMENT	0.9%
PHARMACEUTICAL	0.8%
FURNITURE AND WHITE GOODS	0.7%
MEDIA	0.5%
WOOD AND PAPER	0.4%
OTHER CONSUMPTION GOODS	0.2%

Russia exposure reduced to 0.1% of Group customer loans

EMARKET SDIR
CERTIFIED

					€ bn, data as at 30.6.24
--	--	--	--	--	--------------------------	--

	Local presence Russia	Cross-border exposure to Russia
Loans to customers (net of ECA guarantees and provisions)	0.1(1)	0.4
ECA(2) guarantees	-	0.8(3)
Due from banks (net of provisions)	0.8	0.01(4)
Bonds (net of writedowns)	0.01	n.m.(5)
Derivatives	n.m.	-
RWA	2	2
Total assets	1.7	n.a.
Intragroup funding	0.3	n.a.

Cross-border exposure to Russia almost entirely performing and classified as Stage 2

(1) There is also an off-balance for Russia of €0.04bn (of which €0.019bn undrawn committed lines)

(2) Export Credit Agencies

(3) There are also Export Credit Agencies guarantees against an off-balance of €0.3bn (entirely against undrawn committed lines)

(4) There is also an off-balance of €0.07bn (no undrawn committed lines)

(5) Including insurance business (concerning policies where the total risk is not retained by the insured)

Detailed consolidated P&L results

Liquidity, Funding and capital base

Asset quality

Divisional results and other information

Divisional financial highlights

EMAKKE SDIR
CERTIFIED

Data as at 30.6.24				Divisions
		Banca dei Territori	IMI Corporate & Investment Banking	International Subsidiary Banks(1)	Private Banking(2)	Asset Management(3)	Insurance (4)	Corporate Centre / Others(5)	Total
						Wealth Management Divisions
	Operating income (€ m)	5,889	2,047	1,603	1,708	490	886	965	13,588
	Operating margin (€ m)	2,869	1,328	1,001	1,221	377	712	873	8,381
	Net income (€ m)	1,293	915	687	793	305	462	311	4,766
	Cost/Income (%)	51.3	35.1	37.6	28.5	23.1	19.6	n.m.	38.3
	RWA (€ bn)	78.0	107.3	36.1	12.4	2.0	0.0	63.1	298.9
	Direct deposits from banking business (€ bn)	263.8	124.3	59.1	43.4	0.0	0.0	99.2	589.7
	Loans to customers (€ bn)	226.0	123.0	43.5	13.7	0.3	0.0	15.7	422.2

Note: figures may not add up exactly due to rounding

(1) Excluding the Russian subsidiary Banca Intesa which is included in the Corporate Centre

(2) Fideuram, Intesa Sanpaolo Private Banking, Intesa Sanpaolo Wealth Management, IW Private Investments, REYL Intesa Sanpaolo, and Siref Fiduciaria

(3) Eurizon

(4) Intesa Sanpaolo Vita - which controls Intesa Sanpaolo Assicura, Intesa Sanpaolo RBM Salute, Intesa Sanpaolo Insurance Agency and InSalute Servizi - and Fideuram Vita

(5) Treasury Department, Central Structures and consolidation adjustments

Banca dei Territori: 1H24 vs 1H23

	1H23	1H24	%
Net interest income	3,274	3,401	3.9
Net fee and commission income	2,357	2,429	3.1
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	60	58	(3.3)
Other operating income (expenses)	(2)	1	n.m.
Operating income	5,689	5,889	3.5
Personnel expenses	(1,641)	(1,621)	(1.2)
Other administrative expenses	(1,434)	(1,398)	(2.5)
Adjustments to property, equipment and intangible assets	(1)	(1)	0.0
Operating costs	(3,076)	(3,020)	(1.8)
Operating margin	2,613	2,869	9.8
Net adjustments to loans	(611)	(565)	(7.5)
Net provisions and net impairment losses on other assets	(61)	(45)	(26.2)
Other income (expenses)	0	17	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,941	2,276	17.3
Taxes on income	(640)	(745)	16.4
Charges (net of tax) for integration and exit incentives	(24)	(40)	66.7
Effect of purchase price allocation (net of tax)	(13)	(11)	(15.4)
Levies and other charges concerning the banking and insurance industry (net of tax)	0	(187)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	1,264	1,293	2.3

+13% considering the benefit of actual market rate trends not entirely reflected in the internal fund transfer price applied to the Division

~€1,480m excluding the final contribution to the Deposit guarantee scheme

Note: figures may not add up exactly due to rounding

Banca dei Territori: Q2 vs Q1

€ m

	1Q24	2Q24	%
Net interest income	1,701	1,700	(0.0)
Net fee and commission income	1,208	1,221	1.0
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	29	29	(0.2)
Other operating income (expenses)	3	(1)	n.m.
Operating income	2,941	2,949	0.3
Personnel expenses	(788)	(833)	5.8
Other administrative expenses	(688)	(710)	3.2
Adjustments to property, equipment and intangible assets	(0)	(0)	(24.4)
Operating costs	(1,476)	(1,544)	4.6
Operating margin	1,465	1,405	(4.1)
Net adjustments to loans	(257)	(308)	20.0
Net provisions and net impairment losses on other assets	(10)	(36)	275.9
Other income (expenses)	0	17	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,198	1,077	(10.1)
Taxes on income	(394)	(350)	(11.1)
Charges (net of tax) for integration and exit incentives	(22)	(18)	(18.0)
Effect of purchase price allocation (net of tax)	(6)	(5)	(10.7)
Levies and other charges concerning the banking and insurance industry (net of tax)	(188)	1	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	588	704	19.7

IMI Corporate & Investment Banking: 1H24 vs 1H23

€ m

	1H23	1H24	%
Net interest income	1,286	1,553	20.8
Net fee and commission income	560	615	9.8
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	70	(121)	n.m.
Other operating income (expenses)	0	0	n.m.
Operating income	1,916	2,047	6.8
Personnel expenses	(245)	(258)	5.3
Other administrative expenses	(433)	(453)	4.6
Adjustments to property, equipment and intangible assets	(8)	(8)	0.0
Operating costs	(686)	(719)	4.8
Operating margin	1,230	1,328	8.0
Net adjustments to loans	76	26	(65.8)
Net provisions and net impairment losses on other assets	(60)	4	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,246	1,358	9.0
Taxes on income	(383)	(432)	12.8
Charges (net of tax) for integration and exit incentives	(12)	(11)	(8.3)
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	851	915	7.5

IMI Corporate & Investment Banking: Q2 vs Q1

	1Q24	2Q24	%
Net interest income	758	795	5.0
Net fee and commission income	284	332	16.9
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(32)	(89)	178.3
Other operating income (expenses)	(0)	(0)	(98.3)
Operating income	1,009	1,038	2.8
Personnel expenses	(128)	(130)	1.2
Other administrative expenses	(216)	(237)	9.9
Adjustments to property, equipment and intangible assets	(4)	(4)	1.8
Operating costs	(348)	(371)	6.6
Operating margin	661	667	0.8
Net adjustments to loans	39	(12)	n.m.
Net provisions and net impairment losses on other assets	(2)	6	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	698	661	(5.3)
Taxes on income	(224)	(209)	(6.8)
Charges (net of tax) for integration and exit incentives	(6)	(5)	(17.7)
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	468	447	(4.5)

International Subsidiary Banks: 1H24 vs 1H23

	1H23	1H24	%
Net interest income	1,094	1,245	13.8
Net fee and commission income	291	320	10.0
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	66	73	10.6
Other operating income (expenses)	(34)	(35)	2.9
Operating income	1,417	1,603	13.1
Personnel expenses	(281)	(313)	11.4
Other administrative expenses	(212)	(232)	9.4
Adjustments to property, equipment and intangible assets	(56)	(57)	1.8
Operating costs	(549)	(602)	9.7
Operating margin	868	1,001	15.3
Net adjustments to loans	(45)	(34)	(24.4)
Net provisions and net impairment losses on other assets	(22)	(4)	(81.8)
Other income (expenses)	121	2	(98.3)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	922	965	4.7
Taxes on income	(203)	(241)	18.7
Charges (net of tax) for integration and exit incentives	(22)	(23)	4.5
Effect of purchase price allocation (net of tax)	(1)	(1)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(17)	(12)	(29.4)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(1)	(1)	0.0
Net income	678	687	1.3

+20% excluding the capital gain from the sale of the PBZ Card acquiring business booked in 1H23

+18% excluding the capital gain from the sale of the PBZ Card acquiring business booked in 1H23

Note: figures may not add up exactly due to rounding. P&L data do not include the contribution of First Bank S.A.

International Subsidiary Banks: Q2 vs Q1

	1Q24	2Q24	%
Net interest income	640	605	(5.5)
Net fee and commission income	146	174	18.9
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	17	56	228.6
Other operating income (expenses)	(15)	(21)	37.8
Operating income	788	814	3.3
Personnel expenses	(156)	(157)	0.6
Other administrative expenses	(114)	(118)	3.8
Adjustments to property, equipment and intangible assets	(29)	(29)	(0.5)
Operating costs	(298)	(304)	1.7
Operating margin	490	511	4.2
Net adjustments to loans	(19)	(15)	(22.1)
Net provisions and net impairment losses on other assets	(0)	(3)	615.6
Other income (expenses)	1	0	(82.9)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	472	493	4.4
Taxes on income	(137)	(104)	(24.0)
Charges (net of tax) for integration and exit incentives	(11)	(12)	9.0
Effect of purchase price allocation (net of tax)	(1)	(1)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(5)	(6)	13.5
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(1)	16.6
Net income	318	370	16.4

Private Banking: 1H24 vs 1H23

	1H23	1H24	%
Net interest income	602	622	3.3
Net fee and commission income	931	1,055	13.3
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	34	23	(32.4)
Other operating income (expenses)	(1)	8	n.m.
Operating income	1,566	1,708	9.1
Personnel expenses	(240)	(242)	0.8
Other administrative expenses	(186)	(195)	4.8
Adjustments to property, equipment and intangible assets	(43)	(50)	16.3
Operating costs	(469)	(487)	3.8
Operating margin	1,097	1,221	11.3
Net adjustments to loans	(11)	(18)	63.6
Net provisions and net impairment losses on other assets	(17)	(17)	0.0
Other income (expenses)	0	20	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,069	1,206	12.8
Taxes on income	(343)	(376)	9.6
Charges (net of tax) for integration and exit incentives	(11)	(9)	(18.2)
Effect of purchase price allocation (net of tax)	(12)	(10)	(16.7)
Levies and other charges concerning the banking and insurance industry (net of tax)	0	(20)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(2)	2	n.m.
Net income	701	793	13.1

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Private Banking: Q2 vs Q1

	1Q24	2Q24	%
Net interest income	313	309	(1.4)
Net fee and commission income	534	522	(2.3)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	7	17	140.0
Other operating income (expenses)	4	3	(23.3)
Operating income	858	850	(0.9)
Personnel expenses	(120)	(121)	0.9
Other administrative expenses	(94)	(102)	8.0
Adjustments to property, equipment and intangible assets	(25)	(25)	0.6
Operating costs	(239)	(248)	3.7
Operating margin	619	602	(2.6)
Net adjustments to loans	2	(19)	n.m.
Net provisions and net impairment losses on other assets	(7)	(10)	41.7
Other income (expenses)	20	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	633	573	(9.6)
Taxes on income	(195)	(181)	(7.1)
Charges (net of tax) for integration and exit incentives	(6)	(4)	(38.1)
Effect of purchase price allocation (net of tax)	(5)	(5)	(4.1)
Levies and other charges concerning the banking and insurance industry (net of tax)	(18)	(2)	(91.3)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(1)	3	n.m.
Net income	409	384	(5.9)

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Asset Management: 1H24 vs 1H23

	1H23	1H24	%
Net interest income	2	29	n.m.
Net fee and commission income	419	436	4.1
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	13	1	(92.3)
Other operating income (expenses)	31	24	(22.6)
Operating income	465	490	5.4
Personnel expenses	(50)	(51)	2.0
Other administrative expenses	(57)	(58)	1.8
Adjustments to property, equipment and intangible assets	(4)	(4)	0.0
Operating costs	(111)	(113)	1.8
Operating margin	354	377	6.5
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	0	0	n.m.
Other income (expenses)	0	30	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	354	407	15.0
Taxes on income	(92)	(100)	8.7
Charges (net of tax) for integration and exit incentives	0	0	n.m.
Effect of purchase price allocation (net of tax)	(2)	(2)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	260	305	17.3

Asset Management: Q2 vs Q1

	1Q24	2Q24	%
Net interest income	14	15	8.1
Net fee and commission income	214	221	3.2
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1	0	(75.5)
Other operating income (expenses)	11	14	27.4
Operating income	240	250	4.2
Personnel expenses	(24)	(26)	8.9
Other administrative expenses	(27)	(30)	10.2
Adjustments to property, equipment and intangible assets	(2)	(2)	0.9
Operating costs	(54)	(59)	9.2
Operating margin	186	191	2.8
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	0	0	(97.8)
Other income (expenses)	30	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	216	191	(11.5)
Taxes on income	(52)	(48)	(8.3)
Charges (net of tax) for integration and exit incentives	(0)	0	n.m.
Effect of purchase price allocation (net of tax)	(1)	(1)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(0)	(84.0)
Net income	163	142	(12.5)

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Insurance: 1H24 vs 1H23

	1H23	1H24	%
Net interest income	0	0	n.m.
Net fee and commission income	1	2	100.0
Income from insurance business	834	889	6.6
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(7)	(5)	(28.6)
Operating income	828	886	7.0
Personnel expenses	(72)	(72)	0.0
Other administrative expenses	(84)	(85)	1.2
Adjustments to property, equipment and intangible assets	(15)	(17)	13.3
Operating costs	(171)	(174)	1.8
Operating margin	657	712	8.4
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	39	0	(100.0)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	696	712	2.3
Taxes on income	(205)	(214)	4.4
Charges (net of tax) for integration and exit incentives	(7)	(8)	14.3
Effect of purchase price allocation (net of tax)	(5)	(5)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	0	(23)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(2)	0	n.m.
Net income	477	462	(3.1)

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Insurance: Q2 vs Q1

€ m

	1Q24	2Q24	%
Net interest income	0	0	20.4
Net fee and commission income	1	1	3.3
Income from insurance business	448	442	(1.3)
Profits on financial assets and liabilities at fair value	0	0	(78.4)
Other operating income (expenses)	(7)	3	n.m.
Operating income	441	445	0.9
Personnel expenses	(38)	(34)	(11.8)
Other administrative expenses	(39)	(46)	16.1
Adjustments to property, equipment and intangible assets	(9)	(9)	(0.0)
Operating costs	(86)	(88)	2.1
Operating margin	355	357	0.6
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	1	(1)	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	356	356	0.2
Taxes on income	(110)	(104)	(5.1)
Charges (net of tax) for integration and exit incentives	(3)	(5)	64.1
Effect of purchase price allocation (net of tax)	(2)	(3)	63.6
Levies and other charges concerning the banking and insurance industry (net of tax)	0	(23)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	241	221	(8.3)

MIL-BVA362-03032014-90141/VR

Market leadership in Italy

Note: figures may not add up exactly due to rounding

• (*) Included in the single oversight unit Wealth Management Divisions
• (1) Excluding Corporate centre
• (2) Data as at 30.6.24
• (3) Including bonds
• (4) Mutual funds; data as at 31.3.24
• (5) Data as at 31.3.24

International Subsidiary Banks by country

Data as at 30.6.24

													Total		Total	% of the
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania(*)	Moldova	(**) Ukraine	CEE	Egypt		Group
Operating income (€ m)	231	377	84	330	25	251	41	28	8	3	1,379	204	1,582	11.6%
Operating costs (€ m)	70	123	27	112	14	72	17	19	6	5	466	57	523	10.0%
Net adjustments to loans (€ m)	3	22	3	(12)	(0)	20	0	(6)	(0)	(3)	27	7	34	6.1%
Net income (€ m)	106	129	37	189	9	127	18	11	1	0	627	103	730	15.3%
Customer deposits (€ bn)	6.1	21.2	3.4	13.0	1.1	6.8	1.7	2.3	0.2	0.2	56.0	2.9	58.9	10.0%
Customer loans (€ bn)	4.2	18.3	2.3	9.1	0.9	5.1	0.5	1.7	0.1	0.0	42.2	1.3	43.5	10.3%
Performing loans (€ bn) of which:	4.1	18.1	2.3	9.0	0.9	5.0	0.5	1.7	0.1	0.0	41.8	1.3	43.0	10.3%
Retail local currency	44%	60%	44%	53%	34%	23%	32%	7%	73%	n.m.	49%	53%	49%
Retail foreign currency	0%	0%	0%	0%	13%	28%	14%	4%	0%	n.m.	4%	0%	4%
Corporate local currency	24%	32%	56%	46%	32%	9%	14%	72%	16%	n.m.	34%	27%	34%
Corporate foreign currency	31%	7%	0%	1%	20%	39%	40%	16%	12%	n.m.	13%	19%	13%
Non-performing loans (€ m)	42	153	7	127	7	48	8	23	1	0	416	17	433	9.1%
Non-performing loans coverage	49%	59%	78%	61%	72%	68%	60%	68%	67%	100%	63%	84%	65%
Annualised Cost of credit(1) (bps)	15	24	26	n.m.	n.m.	77	16	n.m.	n.m.	n.m.	13	104	16

Note: figures may not add up exactly due to rounding

(*) P&L figures do not include the contribution of Romanian First Bank S.A. subsidiary (acquisition completed at the end of May 2024)

(**) Consolidated on the basis of the countervalue of 31.3.24 figures at the exchange rate as at 30.6.24

(1) Net adjustments to loans/Net customer loans

Total exposure(1) by main countries

€ m

	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	49,477	50,561	-149	99,889	383,814
Austria	679	1,448	58	2,185	484
Belgium	3,465	4,518	109	8,092	955
Bulgaria	0	0	0	0	9
Croatia	262	251	47	560	8,901
Cyprus	0	0	2	2	33
Czech Republic	139	37	0	176	1,124
Denmark	47	126	0	173	168
Estonia	0	0	0	0	2
Finland	303	410	12	725	196
France	7,674	6,997	6	14,677	4,514
Germany	727	3,400	227	4,354	6,191
Greece	25	12	99	136	1,382
Hungary	687	1,496	26	2,209	4,315
Ireland	1,022	1,544	333	2,899	512
Italy	23,084	12,198	-2,051	33,231	318,451
Latvia	0	0	0	0	14
Lithuania	0	0	0	0	3
Luxembourg	503	1,380	53	1,936	6,703
Malta	0	0	0	0	220
The Netherlands	1,165	1,189	201	2,555	2,577
Poland	364	99	0	463	805
Portugal	510	803	46	1,359	606
Romania	243	668	8	919	1,841
Slovakia	504	905	120	1,529	15,391
Slovenia	2	207	0	209	2,305
Spain	7,969	12,581	559	21,109	5,723
Sweden	103	292	-4	391	389
Albania	41	631	2	674	589
Egypt	93	262	0	355	1,901
Japan	50	4,061	16	4,127	617
Russia	4	6	0	10	1,293
Serbia	7	667	0	674	5,343
United Kingdom	524	1,124	126	1,774	15,747
U.S.A.	3,938	11,235	554	15,727	8,313
Other Countries	6,993	8,782	557	16,332	20,926
Total	61,127	77,329	1,106	139,562	0 438,543

Note: management accounts. Figures may not add up exactly due to rounding

(1) Exposure to sovereign risks (central and local governments), banks and other customers. Book Value of Debt Securities and Net Loans as at 30.6.24

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €71,428m (of which €47,610m in Italy)

Exposure to sovereign risks(1) by main countries

€ m

	DEBT SECURITIES
	Banking Business				LOANS
	AC	FVTOCI	FVTPL(2) Total(3)
EU Countries	39,320	36,383	-3,438	72,265	10,507
Austria	616	1,159	27	1,802	0
Belgium	3,363	4,332	81	7,776	0
Bulgaria	0	0	0	0	0
Croatia	157	251	47	455	1,324
Cyprus	0	0	0	0	0
Czech Republic	0	0	0	0	0
Denmark	0	0	0	0	0
Estonia	0	0	0	0	0
Finland	254	192	12	458	0
France	7,059	3,529	-284	10,304	2
Germany	49	2,013	47	2,109	0
Greece	0	0	8	8	0
Hungary	584	1,483	26	2,093	350
Ireland	335	99	6	440	0	Banking business government bond
						duration: 6.7y
Italy	16,975	8,244	-3,701	21,518	8,266	Adjusted duration due to hedging: 1.2y
Latvia	0	0	0	0	14
Lithuania	0	0	0	0	0
Luxembourg	312	781	0	1,093	0
Malta	0	0	0	0	0
The Netherlands	828	119	103	1,050	0
Poland	192	91	0	283	0
Portugal	385	583	7	975	71
Romania	243	668	1	912	3
Slovakia	504	782	120	1,406	217
Slovenia	0	200	0	200	201
Spain	7,464	11,857	62	19,383	59
Sweden	0	0	0	0	0
Albania	41	631	2	674	0
Egypt	93	262	0	355	647
Japan	0	3,522	0	3,522	0
Russia	0	6	0	6	0
Serbia	7	667	0	674	348
United Kingdom	0	615	2	617	0
U.S.A.	3,254	9,593	251	13,098	0
Other Countries	2,910	4,987	112	8,009	4,207
Total	45,625	56,666	-3,071	99,220	0 15,709

Note: management accounts. Figures may not add up exactly due to rounding

(1) Exposure to central and local governments. Book Value of Debt Securities and Net Loans as at 30.6.24

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €52,057m (of which €44,646m in Italy). The total of FVTOCI reserves (net of tax and allocation to insurance products under management) amounts to -€2,208m (of which -€708m in Italy)

Exposure to banks by main countries(1)

€ m

	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	2,303	8,390	2,078	12,771	18,420
Austria	53	272	30	355	220
Belgium	80	126	27	233	236
Bulgaria	0	0	0	0	0
Croatia	0	0	0	0	60
Cyprus	0	0	2	2	2
Czech Republic	0	37	0	37	15
Denmark	31	35	-1	65	10
Estonia	0	0	0	0	0
Finland	31	177	0	208	2
France	353	2,124	179	2,656	1,652
Germany	283	653	123	1,059	3,509
Greece	0	12	88	100	1,373
Hungary	39	13	0	52	352
Ireland	45	11	14	70	263
Italy	1,004	2,973	1,071	5,048	7,786
Latvia	0	0	0	0	0
Lithuania	0	0	0	0	0
Luxembourg	93	482	26	601	10
Malta	0	0	0	0	190
The Netherlands	93	544	24	661	297
Poland	0	0	0	0	7
Portugal	0	178	31	209	501
Romania	0	0	4	4	71
Slovakia	0	123	0	123	2
Slovenia	0	7	0	7	0
Spain	186	451	469	1,106	1,859
Sweden	12	172	-9	175	3
Albania	0	0	0	0	34
Egypt	0	0	0	0	48
Japan	33	397	0	430	10
Russia	0	0	0	0	38
Serbia	0	0	0	0	116
United Kingdom	80	250	54	384	1,339
U.S.A.	123	437	196	756	728
Other Countries	104	2,287	87	2,478	2,466
Total	2,643	11,761	2,415	16,819	0 23,199

Note: management accounts. Figures may not add up exactly due to rounding

(1) Book Value of Debt Securities and Net Loans as at 30.6.24

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €11,392m (of which €1,542m in Italy)

Exposure to other customers by main countries(1)

			DEBT SECURITIES
		Banking Business			LOANS
	AC	FVTOCI	FVTPL(2)	Total(3)
EU Countries	7,854	5,788	1,211	14,853	354,887
Austria	10	17	1	28	264
Belgium	22	60	1	83	719
Bulgaria	0	0	0	0	9
Croatia	105	0	0	105	7,517
Cyprus	0	0	0	0	31
Czech Republic	139	0	0	139	1,109
Denmark	16	91	1	108	158
Estonia	0	0	0	0
Finland	18	41	0	59	194
France	262	1,344	111	1,717	2,860
Germany	395	734	57	1,186	2,682
Greece	25	0	3	28
Hungary	64	0	0	64	3,613
Ireland	642	1,434	313	2,389	249
Italy	5,105	981	579	6,665	302,399
Latvia	0	0	0	0
Lithuania	0	0	0	0
Luxembourg	98	117	27	242	6,693
Malta	0	0	0	0
The Netherlands	244	526	74	844	2,280
Poland	172	8	0	180	798
Portugal	125	42	8	175
Romania	0	0	3	3	1,767
Slovakia	0	0	0	0	15,172
Slovenia	2	0	0	2	2,104
Spain	319	273	28	620	3,805
Sweden	91	120	5	216
Albania	0	0	0	0
Egypt	0	0	0	0	1,206
Japan	17	142	16	175	607
Russia	4	0	0	4	1,255
Serbia	0	0	0	0	4,879
United Kingdom	444	259	70	773	14,408
U.S.A.	561	1,205	107	1,873	7,585
Other Countries	3,979	1,508	358	5,845	14,253
Total	12,859	8,902	1,762	23,523	0 399,635

Note: management accounts. Figures may not add up exactly due to rounding

(1) Book Value of Debt Securities and Net Loans as at 30.6.24

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €7,979m (of which €1,422m in Italy)

Disclaimer

"The manager responsible for preparing the company's financial reports, Elisabetta Stegher, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records".

* * *

This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate.

Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.

All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.