Intesa Sanpaolo

Earnings Release • May 3, 2024

A strong bank for a sustainable world

1Q24 Results

Best-ever start to the year

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

Best-ever start to the year with €2.3bn Net income

€2.3bn Net income (+18% vs 1Q23), €2.5bn when excluding the final Deposit Guarantee Scheme contribution

€2.8bn cash dividends to be paid in May (€15.2 cents per share)(1) and €1.7bn buyback to be launched in early June

Best-ever quarter for Operating income (+11% vs 1Q23), Operating margin (+18%) and Gross income (+17%)

Strong acceleration in Commissions (+8% vs 4Q23) and Insurance income (+16%, best-ever Q1)

€28bn increase in Customer financial assets in Q1 exceeding €1.3 trillion (+€119bn vs 31.3.23)

Effective cost management while strongly investing in technology, with the lowest-ever Cost/Income ratio (38.2%)

NPL inflow at historical low driving annualised Cost of risk down to 22bps, with no overlays released

Further increase in NPL coverage ratio (+0.9pp vs 4Q23) coupled with NPL stock at historical low

Fully phased-in CET1 ratio up at >13.3%, taking into account the €1.7bn buyback to be launched in early June

Firmly on track to deliver Net income >€8bn in 2024

(1) Related to 2023 Net income (€5.4bn cash dividends in total - €29.6 cents per share - of which €2.6bn paid as interim dividend in November 2023)

MIL-BVA362-03032014-90141/VR

The best quarterly Net income since 2007

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

Strong and sustainable value creation coupled with a rock-solid capital position

(1) Taking into account the €1.7bn buyback to be launched in early June 2024

(2) Based on average quarterly number of shares

(3) Excluding AT1, TBVPS equal to €2.4 in 1Q23 and €2.7 in 1Q24

(4) Based on average share price in 1Q24, number of shares as at 2.5.24, >€8bn 2024-2025 Net income guidance and 70% cash payout ratio. Subject to shareholders' approval

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

quick time-to-market and production/distribution synergies Asset management insurance insurance Distinctive advisory networks and top-notch digital tools Advanced investment management platform to develop highlytailored investment solutions Strengthened leadership in Private Banking with upgraded commercial proposition, new omnichannel strategy and scale-up of international presence with Private Advisory and WE ADD with Private Banking Commercial organisation dedicated to Banca dei Territori Exclusive clients Banca dei Territori (1) Strong growth in Customer financial assets(2) managed through our 360-degree advisory services provided by Banca dei Territori and Private Banking (€123bn as at 31.3.24, +€23bn vs 31.3.23), generating €70m Commissions in Q1 (+41% vs 1Q23)

Note: figures may not add up exactly due to rounding

Life

P&C

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

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

Fully-owned product factories under a single oversight unit enabling

~€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

Net income above €8bn in 2024 and 2025

• Fully phased-in CET1 ratio >14% as at 31.12.25 (taking into account €1.7bn buyback to be launched in early June 2024 and not considering ~60bps Basel 4 impact and ~100bps benefit of DTA absorption, of which the vast majority by 2028)
• 70% cash payout ratio
• Additional distributions for 2024 and 2025 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 1Q23 entirely due to direct taxes

(3) Deriving from Non-performing loans outflow

1Q24: the best-ever start to the year

ISP is fully equipped for further success

Appendix: 2022-2025 Business Plan proceeding at full speed

MIL-BVA362-03032014-90141/VR

1Q24: €2.3bn Net income, the best quarter since 2007

1Q24 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 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: €357m pre-tax (€239m net of tax), our estimated commitment for the year

€3.9bn Net interest income in Q1…

Net interest income

Well on track to deliver growth in Net interest income in 2024 vs 2023 also thanks to a higher contribution from core deposits hedging

… thanks to the commercial component

Note: figures may not add up exactly due to rounding

(1) Including hedging on core deposits (as at 31.3.24: ~€160bn core deposits hedged, 4-year duration, ~100bps yield, ~€2.4bn monthly maturities)

MIL-BVA362-03032014-90141/VR More than €1.3 trillion in Customer financial assets, ready to leverage on our leadership in Wealth Management, Protection & Advisory

Note: figures may not add up exactly due to rounding. The amount for Indirect customer deposits as at 31.3.23 has been restated, for the Assets under administration and in custody component, as a result of the delisting of shares, which, as they are no longer listed, are included at nominal value

(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…

MIL-BVA362-03032014-90141/VR

Note: figures may not add up exactly due to rounding

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

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

Operating costs

Leading Cost/Income ratio in Europe

Cost/Income ratio(1)

(1) Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander and Standard Chartered (31.3.24 data); Commerzbank, Crédit Agricole S.A., Société Générale, UBS and UniCredit (31.12.23 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) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans

(3) 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: BBVA, Deutsche Bank, ING Group, Nordea and Santander as at 31.3.24; BNP Paribas, Commerzbank, Crédit Agricole Group, Société Générale and UniCredit as at 31.12.23 (2) According to EBA definition. Data as at 30.6.23

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

… as well as for Stage 2 loans…

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

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

21

… 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

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

Fully phased-in CET1 ratio evolution

▪ 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) €1.6bn accrued dividends and €0.1bn AT1 coupon for 1Q24

(2) 31.3.24 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 non-taxable public cash contribution of €1,285m 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 new agreement with trade unions signed on 16.11.21 and DTA on losses carried forward, and the expected distribution on the Net income of insurance companies

MIL-BVA362-03032014-90141/VR

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

CET1 ratio projections

• No further regulatory headwinds, excluding Basel 4 impact (~60bps, offset by DTA absorption)
• ~120bps additional benefit from DTA absorption (of which ~20bps in the 2Q24-2025 period) not included in fully phased-in CET1 ratio
• Taking into account 70% cash payout ratio and not considering any additional distribution for 2024-2025 to be evaluated year-by-year

Best-in-class MREL ratios and a very manageable 2024 wholesale funding plan

Note: figures may not add up exactly due to rounding

(1) Preliminary management data, considering the €1.7bn buyback to be launched in early June 2024

(2) Combined Buffer Requirement

(3) 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

MIL-BVA362-03032014-90141/VR Sound liquidity position with LCR and NSFR well above regulatory requirements and Business Plan targets

• 84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (63% including Corporates)
• Very granular deposit base: average deposits ~€11k for Households (~19m clients) and ~€63k for Corporates (~1.8m clients)
• Broad access to international wholesale-funding markets across all geographies

High liquidity reserves and TLTRO almost entirely reimbursed

Note: figures may not add up exactly due to rounding

(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) Excluding the Reserve Requirement

MIL-BVA362-03032014-90141/VR

Enhanced ESG commitment with the appointment of a Chief Sustainability Officer…

NOT EXHAUSTIVE

x Result achieved vs BP target

2022-2025 Business Plan main ESG initiatives		Results achieved as at 31.3.24 (2022-1Q24)	2022-2025 Business Plan targets
Unparalleled support to address social needs	Expanding food and shelter program for people in need	38.3m interventions	50m 77%
Strong focus on financial inclusion	New social lending(1)	€15.8bn	€25bn 63%
Continuous commitment to culture	Progetto Cultura and Gallerie d'Italia museums	30,000sqm across 4 venues with ~1,400,000 visitors	30,000sqm 100%
Promoting innovation	Promoting innovation	€93m investments in startups 464 innovation projects launched	€100m 93% 800 58%

World-class position in Social Impact further strengthened with ~€1.5bn contribution(2) (~€0.4bn already deployed) 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

… with a strong focus on climate

NOT EXHAUSTIVE			x	Result achieved vs BP target
2022-2025 Business	Plan main ESG initiatives	Results achieved as at 31.03.24 (2022-1Q24)	2022-2025 Business Plan targets
	New lending to support the green economy, circular economy and ecological transition (Mission 2 NRRP(1))	€47.2bn(3)	€76bn(4)	62%
Supporting clients through the ESG/climate transition	of which circular economy new lending(2)	€9.4bn	€8bn	>100%
	New green lending to individuals	€4.9bn	€12bn	41%
	ESG Labs	14 opened	>12	>100%
	AuM invested in ESG products in % of total AuM(5)	76%	60%	>100%
Accelerating on commitment to Net-Zero	Energy acquired from renewable sources	~90% 100% in Italy	100%(6)	~90%
(1) National Recovery and Resilience Plan (2) Including green and circular criteria (3) 2021-1Q24 (4) In the 2021-2026 period (5) Eurizon perimeter - funds and AM products pursuant to art.8 and 9 SFDR 2019/2088	▪ Financed emissions reduction: ― ― ― SBTi documentation for validation submitted in March 2024 ▪ €8.8bn green and social bonds (13 issuances in 2022-1Q24 period)	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(7)

(6) At Group level in 2030

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

1Q24: the best-ever start to the year

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 1.2 1.0 0.7 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 18% of floating-rate mortgages issued in 9M23 had interest-rate caps (>30% in 2022) 60% higher than 2008 and almost double the stock of loans 2023 2024 2025 forecast(1) forecast(1)
Corporates	Very resilient SMEs, with historically-low default rates, high liquidity and improved financial leverage Export-oriented companies highly diversified in terms of industries and markets; Italian exports have Italian corporate liquidity declining from 67% of total financial debt in 2011 to 52% in 2022 Deposits/Loans to non-financial companies, %
Italian Government/ EU support	As part of the revised Italian Recovery and Resilience Plan (approved by the EU last November), total 64 62 €194bn, of which €102bn already received and partially invested. 56 A material acceleration in effective spending is expected in 2024-25 32
Banking system	20 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 2007-12 2013-19 2020-21 2022-23 Feb.24
▪ ▪ S&P and Morningstar DBRS	Inflation at 1.2% in March 2024, vs 2.4% in the Eurozone and the unemployment rate at historical low level of the past fifteen years (7.5% in February 2024) have recently left ratings unchanged on Italy at "BBB/A-2" and "BBB(high)/R-1(low)", respectively, with Stable Outlook/Trend

(1) Source: Intesa Sanpaolo (April 2024)

(2) % change exports in goods (in nominal values), February 2024 vs February 2019: Italy +33.8%, Germany +20.2%

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) 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

• (2) And the expected distribution on the Net income of insurance companies
• (3) Fully phased-in CET1. Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander and Standard Chartered (31.3.24 data); Commerzbank, Crédit Agricole S.A., Société Générale, UBS and UniCredit (31.12.23 data)
• (4) Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets. Sample: Barclays, BBVA, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander and Standard Chartered (net NPL 31.3.24 data); BNP Paribas, Commerzbank, Crédit Agricole S.A., Société Générale, UBS and UniCredit (net NPL 31.12.23 data). Level 2 and Level 3 assets 31.12.23 data (BBVA and Nordea 31.3.24 data)
• (5) Sample: BBVA, BNP Paribas, Deutsche Bank, ING Group, Nordea and Santander (31.3.24 data); Commerzbank, Crédit Agricole S.A., Société Générale and UniCredit (31.12.23 data)
• (6) Sample: BBVA, Deutsche Bank, HSBC, ING Group, Nordea, Santander and Standard Chartered (31.3.24 data); Barclays, BNP Paribas, Commerzbank, Lloyds Banking Group, Société Générale, UBS and UniCredit (31.12.23 data)
• (7) Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander and Standard Chartered (31.3.24 data); Commerzbank, Crédit Agricole S.A., Société Générale, UBS and UniCredit (31.12.23 data)
• (8) Sample: BBVA, Nordea, Santander and Standard Chartered (31.3.24 data); Barclays, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Société Générale, UBS and UniCredit (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: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander and Standard Chartered (31.3.24 data); Commerzbank, Société Générale, UBS and UniCredit (31.12.23 data) (2) Sample: BBVA, Deutsche Bank, HSBC, ING Group, Nordea, Santander and Standard Chartered (31.3.24 data); Barclays, BNP Paribas, Commerzbank, Lloyds Banking Group, Société Générale, UBS and UniCredit (31.12.23 data) (3) Sample: BBVA, Nordea, Santander and Standard Chartered (31.3.24 data); Barclays, BNP Paribas, Commerzbank, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Société Générale, UBS and UniCredit (31.12.23 data)

Delivering on our commitments and fully equipped for further success

The best-ever start to the year

• €2.3bn Net income, the best quarterly Net income since 2007
• €1.6bn cash dividends already accrued in Q1
• Best-ever quarter for Operating income, Operating margin and Gross income
• Strong acceleration in Commissions and best-ever Q1 for Insurance income
• Lowest-ever Cost/Income ratio at 38.2%
• €28bn increase in Customer financial assets in Q1
• Increase in NPL coverage ratio to 50.7%
• Low Cost of risk and NPL inflow at historical low
• Fully phased-in CET1 ratio up at >13.3%, taking into account the €1.7bn buyback to be launched in early June

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 >€1.3 trillion in Customer financial assets
• Zero-NPL Bank with net NPL stock at €5.0bn, net NPL ratio at 1.0% and €0.9bn as overlays
• Significant tech investments (~€3bn already deployed)
• High strategic flexibility in managing Costs
• Low and adequately provisioned Russia exposure
• Long-standing, motivated and cohesive management team

Well on track to deliver >€8bn Net income in 2024 and ready to leverage on our leadership in Wealth Management, Protection & Advisory

2024 outlook: Net income above €8bn

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 above €8bn ▪ 70% cash payout ratio
Cost of risk	Low Cost of risk driven by Zero-NPL Bank status and high-quality loan portfolio	▪ Further growth in DPS and EPS vs 2023
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 and 2025 to be evaluated year-by-year

(1) Based on average share price in 1Q24, number of shares as at 2.5.24, >€8bn 2024-2025 Net income guidance and 70% cash payout ratio. Subject to shareholders' approval

1Q24: the best-ever start to the year

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 upfront

Cost of risk

de-risking, slashing

▪ Massive deleveraging with €5.2bn gross NPL stock reduction in 2022-1Q24, 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 dedicated 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
• Credit assessment capabilities further strengthened with the 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, replacing previous codes with non-transferable security codes (i.e. dynamic QR codes), and by improving identification through electronic document verification (Passport, ID Card)
  • Further enhanced security levels of digital services (including , our new digital bank) 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 in the system, with the goal of combating money laundering and terrorism through new technologies and Artificial Intelligence, based on a public-private collaboration model which enables the introduction of innovation (applied research) in business processes
  • Set up of the new AFC model based on an international platform and competence centres specialised in Transaction Monitoring and Know Your Customers
  • The Active Credit Portfolio Steering (ACPS) unit continued expanding the credit risk hedging schemes to optimise capital absorption. As at 31.3.24, the outstanding volume of synthetic securitisation transactions included in the GARC Program (Active Credit Risk Management) was equal to ~€26bn
  • The ACPS unit also strengthened the capital efficiency initiatives and extended the scope of Credit Strategy to ESG criteria, shifting >€18bn of new lending in 2023 and €3.7bn in 1Q24 to more sustainable economic sectors with the best risk/return profile
  • Winner of the "Innovation of the Year" category in SCI's(2) ESG Securitisation Awards for applying proprietary ESG Scoring model to its risk transfer transactions

Structural Cost reduction, enabled by technology

Key highlights

Structural Cost reduction, enabled by technology

▪ isytech 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 planned customer migration (~300k clients) from ISP to on 14-15 October 2023 ▪ The transformation and simplification of 's technology platform and operating model is proceeding successfully ▪ Insourcing of core capabilities in IT ongoing with ~1,770 people already hired ▪ product range has been consolidated and enriched ("SpensieRata", virtual cards, credit cards, prepaid cards, etc) ▪ Completed the second ISP customer migration to (16-17 March 2024) ▪ Ongoing enrichment of product offering (protection, investments, etc…) and started the gradual extension of the isytech platform to the entire Group ▪ In February 2024, successfully released the MVP(1) of Internet Banking (web application) ▪ AI Lab in Turin operational (setup of Centai Institute) ▪ 836 branches closed since 4Q21 in light of launch ▪ Digital platform for analytical cost management up and running, with 39 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 ~491k sqm since 4Q21 ▪ ~5,100 voluntary exits(2) since 2022 ▪ Implementation of digital functions and services in Serbia, Hungary and Romania completed. Implementation ongoing in Slovakia: the roll-out phase is underway with gradual releases on a monthly basis ▪ Completed the activities to improve the customer experience of 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 (e.g. with Artificial Intelligence and/or Robotic Process 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 and Digital Ledger Technology (DLT) at Eurizon; started feasibility analysis for the establishment of a DLT digital fund The Intesa Sanpaolo Mobile app was recognised by Forrester as the "Global Mobile Banking Apps Leader" and "Global Digital

(1) Minimum Viable Product (2) Referring to the agreements already signed with Labour Unions 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

isytech: 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

MIL-BVA362-03032014-90141/VR Mooney Enel New technology backbone (isytech) already available to mass market retail clients through ; the progressive extension to the entire Group has begun 2022-2025 Business Plan proceeding at full speed

isytech: Group cloud-based digital platform

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)

>90,000 accounts opened by new customers

~43m transactions completed

~€2.1bn customer deposits

Product offering broader and more innovative than digital challengers

Product offering broader than digital challengers(1)…
in continuous evolution(2)	Fully accessible product catalogue,		Peer 1	Peer 2	Peer 3	Peer 4
Cards	Debit 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)
Credit	Salary advance
	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 isytech'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
Holistic impact	▪ 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 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)	AI use cases, #	x 80	Dedicated AI specialists ~150
Partnerships and agreements	▪ Skills and solutions sourcing with: ― 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
Responsible and effective adoption	▪ Ethical principles of responsible adoption through: ― 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 ▪ Rationalised solutions/tools to empower ISP People	30.6.23 ~150	31.3.24	2025 ~300
Completed the activities of the GenAI	Laboratory with trials already concluded in several areas (e.g., HR support,	~€100m additional contribution to 2025 Gross income, not envisaged in the 2022-2025 Business Plan, not	including potential upside

regulatory analysis, technical support and coding) and ready for the first adoptions

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. 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, ~21,000 new contracts and €5.5bn in Customer financial asset inflows in 1Q24. 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; the Instant Issuing function was extended at the end of June to the sale of cards in branches and through remote offerings
• 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).
• Launched in 1Q24 the wearable ring payment service, in collaboration with Mastercard and Tapster, a cutting-edge Swedish company operating in the contactless payment sector
• Introduction of new functionalities of Robo4Advisor by BlackRock to generate investment advice on selected products (funds, insurance products and certificates) 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 and the new Aladdin Robo4advisory functions for the Fideuram networks. The integration of ESG principles into the current advisory models is progressively evolving. Launch of the new contract underway for Fideuram, also providing the opportunity to include Assets under administration in the service
• 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
• 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 €300m inflows
• Enriched Eurizon offering dedicated to captive and third-party distributors and launched multiple new asset management and insurance products (e.g. dedicated offer for clients with excess liquidity, capital protection, protected mutual funds with predefined amount at maturity, PIR compliant mutual funds, thematic mutual funds, fixed income mutual funds, funds with increasing exposure to the equity component). 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%(1) penetration on total AUM
• Continued commitment of Eurizon to financial education, ESG training activities (towards distributors and in the academic field) and stewardship (activated Voting Disclosure Service on Eurizon website)
• 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, the introduction of additional risk-sharing tools while strengthening the Institutional client franchise
• 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
• Launched a new digital plan focused on telemedicine and online booking of medical services at InSalute Servizi an Intesa Sanpaolo Insurance Division company. Since 1.1.24, InSalute Servizi has become the TPA (Third Party Administrator) of the ISP Group Health Fund, with nearly 245k people assisted and more than 1m annual reimbursement claims
• 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)
• Launched webinars and workshops with clients aimed at educating and sharing views on key topics (e.g., digital transition)

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

▪ Developed commercial initiatives to support clients in different sectors (e.g. Energy, TMT, Infrastructure) to optimise the incorporation of European and Italian postpandemic 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 ▪ Go live of Cardea, an innovative and digital platform for financial institutions ▪ Strengthening the corporate digital platform (Inbiz) in the EU with focus on Cash & Trade, leveraging the partnership approach with Fintechs ▪ Ongoing upgrade of Global Markets IT platforms (e.g. equity), started commercial activities to strengthen the equity business and launched the European Equity Research coverage ▪ Launched an ESG value proposition initiative for the corporate and SME segments of Group banks 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, launched a project for the creation of a financing (multi-country) product dedicated to the achievement of green objectives ▪ 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 ▪ Finalised the Master Cooperation Agreement with a leading insurance group to distribute bancassurance products in Slovakia, Croatia, Hungary, Serbia and Slovenia and signed the Local Distribution Agreements ▪ Launched "Confirming" factoring product 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 ▪ 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 project between the International Subsidiary Banks Division (ISBD) and the Private Banking Division for the definition and implementation of a new Service model for High Net Worth Individuals (HNWI) of ISBD, specifically tailored for entrepreneurs 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, in the final stages of the authorisation process by the competent authorities, will strengthen ISP's presence in Romania and offer new opportunities for Italian corporates Key highlights Growth in Commissions, driven by Wealth Management, Protection & Advisory

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 >€2.7bn Customer financial assets and ~72k clients as at 31.3.24

(1) 1Q24 vs 1Q23 (2) Clients holding funds, AuM, insurance products and securities

Recent

Overview

(3) 31.3.24 vs 31.12.23 52

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 2022-1Q24, >38.3m interventions carried out, providing ~31.2m meals, >3.4m dormitory spaces, ~3.3m medicine prescriptions and >446,000 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. >3,500 students (aged 18-29) applied for the program in 1Q24: 850 interviewed and ~400 trained/in-training through 15 courses (>4,300 trained/in-training since 2019). >2,400 companies involved since its inception in 2019. The preparatory activities for the fourth edition of the program Generation4Universities, starting in May 2024, are currently underway
• ‒ 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: >230 schools and >3,960 students involved in 1Q24 to promote educational inclusion, supporting merit and social mobility (>2,470 schools involved in 2022-1Q24)
  • ‒ 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. ~200 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. The initiative, in partnership with Dynamo Academy, aims to train young NEETs in professions in the area of caring. The training courses for two classes in Tuscany and four in Campania have been completed. New classes started in Tuscany, Apulia and Lazio
• 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 €1bn in social lending and urban regeneration in 1Q24 (€15.8bn(1) in 2022-1Q24)
  • ‒ Lending to the third sector: in 1Q24, granted loans supporting non-profit organisations for a total of €50m (€641m in 2022-1Q24)
• Strong focus on financial inclusion
• ‒ Fund for Impact: in 1Q24, €21m 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 1Q24 committed ~€37m in new loans to support investments in housing, services and sustainable infrastructure, in addition to the most important urban regeneration initiatives underway in Italy (~€1.3bn in 2022-1Q24)

Unparalleled support to address social needs

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

• Gallerie d'Italia, museum with four sites: Milan, Naples, Turin and Vicenza. In 1Q24:
  • ‒ >205,000 visitors, with free admission for under-18s (>43,500 visits);
  • ‒ 2 new photography exhibitions opened in Turin, on ESG and historical photography themes: Cristina Mittermeier, in collaboration with National Geographic, on the relationship between man and nature and the defence of the planet; Non ha l'età, in collaboration with RAI, historical photos of Sanremo from the Publifoto Archive;
  • ‒ Circuiting of the Gallerie d'Italia exhibitions: Mimmo Jodice at Villa Bardini-Florence, exhibition venue of Fondazione CR Firenze; The Circle at the IED-Istituto Europeo di Design-Milan with Fondazione Cariplo (exhibition and workshops dedicated to the circular economy);
  • ‒ Free educational and inclusive activities: ~1,500 visits and workshops for schools, ~36,240 children and teenage participants; ~160 itineraries for fragile people and those with disabilities; ~1,920 participants;
  • ‒ Museums as spaces for the community: ~265 activities for adults and families (~4,200 participants); ~110 cultural initiatives and events (~7,890 participants);
  • ‒ Digital enhancement: scale up of the innovative Gallerie d'Italia App for the four museum venues: a digital guide offering an enriched and interactive visitor experience, which can also be used outside the museums, giving access to exclusive content and live coverage of events

▪ Advanced training and development of cultural professions: 4th edition of the Gallerie d'Italia Academy Executive Course on cultural heritage management (29 students, 8 scholarships); projects of Gallerie d'Italia-Torino with academic organisations in Turin; the Euploos Project to catalogue and digitalise the works of the Cabinet of Drawings and Prints of the Uffizi Galleries continues

• "Collectors and the value of art": 3 rd edition of the research dedicated to collectors and to the Italian art market presented in live streaming
• Restituzioni: the 20th edition is being organised: the current restoration campaign involves 117 works of art from the national heritage, in synergy with the Ministry of Culture
• Partnerships: cultural, social and training projects shared with the banking Foundations (including Fondazione Compagnia di San Paolo, Cariplo, Cariparo, CR Firenze, CR Forlì); collaborations with the leading national museums; ongoing Art bonus projects to support public cultural heritage; support for the reading project "Un libro tante scuole" as part of the Turin International Book Fair (7,000 students from all over Italy involved)
• Art collections owned by Intesa Sanpaolo: 178 works on loan to 33 exhibitions at important Italian and international venues; 63 restoration projects; initiatives to enhance the value of collections throughout Italy, particularly in cooperation with organisations and foundations

• Historical Archives: in particular, work to guarantee the widest possible access to the materials of the Historical Archive and the Publifoto Archive continues, especially through digitalisation and online use (over 350,000 pages of documents and 2,200 photos from the Publifoto Archive were digitalised in the first quarter)
• Innovation projects: 59 innovation projects released in 1Q24 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of 464 released since 2022
• Initiatives for startup growth and the development of innovation ecosystems, since 2019 >180 startups accelerated, >340 proofs of concept and other collaborations, >€100m capital raised and ~700 new hires:
  • Turin: in progress the acceleration of the 12 startups selected for the 1 st class of "Techstars Transformative World Torino" acceleration program on trend-setting advanced technologies, launched in 2023, under the renewed partnership between ISPIC and Fondazione CSP, Fondazione Sviluppo e Crescita, and Techstars, to continue, following the previous programs on smart mobility and smart cities, to strengthen Turin's strategic positioning as an attractive international hub. Since launch in 2019, 57 startups accelerated, >80 proofs of concept and other contractual collaborations, ~€90m in capital raised and >550 new hires
• Promoting innovation (1/2)
• Florence: in progress the acceleration of the 6 startups selected (140 candidates) for the 3rd class of the three-year program "Italian Lifestyle Acceleration Program", managed by Nana Bianca, promoted by ISPIC and Fondazione CRFI. Since launch in 2021, 12 Italian startups accelerated, >100 proofs of concept and other contractual collaborations, ~€4m capital raised and >100 new hires
• Naples: in progress the selection phase (~190 candidates) for the 3rd class of the three-year acceleration program on Bioeconomy "Terra Next". The program is promoted by ISPIC, Cassa Depositi e Prestiti (CDP), Cariplo Factory, local corporates and scientific partners and supported by the Ministry of Environment and Energy Security. Since launch in 2022, 15 startups accelerated, >130 proofs of concepts and other contractual collaborations, ~€0.8m in capital raised and >20 new hires
• Venice: in progress the acceleration of the 11 startups (~350 candidates) of the 2nd class of the three-year program "Argo" (Hospitality and Tourism), sponsored by Banca dei Territori and ISPIC, developed by CDP, LVenture and with the collaboration of the Ministry of Tourism. Since the start in 2023, 7 startups accelerated, 20 proofs of concept and other contractual collaborations, ~€2m capital raised and >15 new hires
• ISPIC is supporting Banca dei Territori in the three-year acceleration program, promoted by CDP, "Next Age" (focused on the Silver Economy launched in February the call for the 3rd class, program starting in May), and "Faros" (focused on the Blue Economy - the 2nd class concluded in March 2024 with 5 startups accelerated). The programs are managed by AC75 Startup Accelerator and A|cube, respectively

Continuous commitment to culture

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

	‒ Up2Stars: in progress the 2nd edition of the initiative developed by Banca dei Territori with the support of ISPIC, aimed at 40 startups on four vertical pillars (Watertech; Renewable energy and energy efficiency; AI for business transformation; IoT, infrastructure and mobility). Concluded the acceleration for 20 startups, 10 on the pillar "Renewable energy and energy efficiency" and 10 on the pillar "AI for business transformation". Closed in March the call on the pillar "IoT, Infrastructure and Mobility", in progress the selection phase, the acceleration program will start at the end of May 2024. Overall, for the two editions, ~750 applications received and 70 startups accelerated
Promoting innovation	opened in March the call for the 3rd edition of the initiative, launched in 2022 by the Insurance Division with the support of ISPIC, aimed at promoting new solutions to counteract climate ‒ In Action ESG CLIMATE: change through innovation. 7 companies overall awarded for a total amount of €1.1m in the two past editions. In progress the monitoring process of the 2023 winners
	▪ Development of multi-disciplinary applied research projects, in 1Q24:
	– 16 projects in progress (8 in the neuroscience field and 8 in the AI and robotics field), 19 launched since 2022
	– obtained 1 industrialisation resulting from the research project in neuroscience 'School Dropout and Incidence of Neuropsychiatric Disorders' carried out with Scuola IMT Lucca, Intesa Sanpaolo, Fondazione Links and Regina Margherita Hospital of Turin
(2/2)	– submitted 1 international patent application for the sanitisation device developed as part of a project in the robotics field
	▪ Business transformation: since 2022, 49 corporates involved in open innovation programs, of which 6 involved in projects focused on Circular Economy transformation. In 1Q24, ISPIC signed an agreement with CIM 4.0 Competence Center promoted by the Italian Ministry of Economic Development, to provide open innovation services to startups and SMEs. Additionally, with the aim of facilitating the internationalisation of startups and SMEs, ISPIC organised, with the support of ICCIUK(1) and the British Consulate General, the "Women & Innovation Tech Tour" in London (5 companies with female founders/top figures involved)
	Diffusion of innovation mindset/culture: in 1Q24, 11 positioning and match-making(2) events held with >2,400 participants (since 2022, 79 events with >8,000 participants). In 1Q24, released 2 innovation reports ▪ on technologies and trends released (32 since 2022) "Critical Raw Materials" and "Security of Things"
	▪ Neva SGR: in 1Q24, >€8m investments in startups (>€93m since 2022), in progress the activities for the launch of the new NEVA II Fund
	▪ Following the Group's adherence to Net-Zero alliances (NZBA, NZAMI, NZAOA and NZIA(3)) (4):
	– In February 2022, interim 2030 targets set for 4 high-emitting sectors (Oil & Gas, Power Generation, Automotive and Coal Mining) published in the 2022-2025 Business Plan. In 2023, targets were set for 2 additional sectors (Iron & Steel and Commercial Real Estate) and targets for Power Generation and Automotive were revised in line with the value chain and scope chosen for the SBTi submission – >22% absolute emissions reduction in 2023 vs 2022 for the 6 high-emitting NZBA sectors with disclosed 2030 targets
	– The third Climate Report was published in March 2024, also reporting on progress made by the wealth management companies towards targets
Accelerating	– SBTi documentation for validation submitted in March 2024 ▪ Ongoing active engagement (among others):
commitment	– Participation in GFANZ(5), NZBA, NZAOA, NZIA(3), IIGCC(6) , PRI workgroups/workstreams, with contribution to relevant publications and dedicated case studies
to Net-Zero	– Eurizon Capital SGR, Fideuram Asset Management SGR and Fideuram Asset Management Ireland: the individual and collective engagement process was activated through participation in the Net Zero Engagement Initiative (NZEI), Climate Action 100+ and Nature Action 100
	– In June 2022, ISP became an investor signatory of CDP – During 2023, Eurizon supported CDP's Non Dislosure Campaign and CDP's Science-Based Targets Campaign to promote environmental transparency and the setting of science-based targets by companies
	▪ Launched "Think Forestry", a project for reforestation and the preservation of natural capital aimed at promoting environmental sustainability (planting and preserving 100 million trees through the combined efforts of the Bank and client companies) and transitioning to a zero-emissions economy: 5 forestation initiatives already completed
(1) (2)	Italian Chamber of Commerce and Industry for the UK 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 April, 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

• (4) In 4Q21 adhesion to Net-Zero Banking Alliance, Net-Zero Asset Managers Initiative, Net-Zero Asset Owner Alliance and Net-Zero Insurance Alliance
• (5) Glasgow Financial Alliance for Net-Zero
• (6) Institutional Investors' Group on Climate Change

2022-2025 Business Plan proceeding at full speed

MIL-BVA362-03032014-90141/VR

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

• ~€47.2bn disbursed in the period 2021-1Q24 out of the €76bn in new lending available for the green economy, circular economy and green transition in relation to the "2021-2026 Piano Nazionale di Ripresa e Resilienza" (1)
• ~€0.6bn of Green Mortgages in 1Q24 (€4.9bn in 2022-1Q24) 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 1Q24, 78 projects assessed and validated for an amount of ~€3.3bn; granted >€0.9bn for 39 transactions (of which >€0.6bn related to green criteria) and €0.8bn disbursed, taking into account previously granted amounts (of which €0.6bn related to green criteria). Overall, since 2022, 864 projects assessed and validated for an amount of ~€24.1bn, granted 511 transactions for an amount of ~€13bn (of which €8.1bn related to green criteria), with €9.4bn disbursed taking into account projects previously agreed (of which €7.5bn related to green criteria). In 1Q24, ISPIC supported the Group in selecting eligible financing for securitisation in the context of the Circular Economy and Green Economy. The collaboration between ISP, ISPIC, Fondazione Cariplo and Cariplo Factory on Circular Economy issues continued in 1Q24, also through the Circular Economy Lab
• Activated 14 ESG Laboratories (in Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin, Florence and Macerata), 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 ~€0.3bn in 1Q24, (~€5.5bn 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
• Completed activities to verify the alignment of existing portfolios (mortgages, bonds, non-financial corporate lending) to the EU taxonomy criteria for the first disclosure of the Green Asset Ratio. Defined new business actions for the purpose of steering the metric
  • 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(2)
  • Enhancement of ESG investment products for asset management with penetration increasing to ~76% of total AuM(3); continued expansion of IBIPs(4) 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 >80% (1Q24)
  • Strong commitment to Stewardship activities: in 1Q24, Eurizon Capital took part in 201 shareholders' meetings (of which 97% are issuers listed abroad) and 228 engagements (of which 25% on ESG issues)

▪ The "ESG Ambassador" role was established in the Private Banking Division – for the first phase 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. Completed pilot phase webinars. Launched activities to support the organisation of events held by Private Bankers

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) 2021-2026 National Recovery and Resilience Plan

(2) Excluding Moldova and Ukraine

Supporting

ESG/climate transition

clients through the

• (3) Eurizon perimeter funds and AM products pursuant to art.8 and 9 SFDR 2019/2088
• (4) 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

(त्याद्

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

ISP included in all main indexes:

(1) ISP peer group

(2) Bloomberg Disclosure Score

Source: Bloomberg ESG Disclosure Score (Bloomberg as at 15.4.24), 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 15.4.24; S&P Global ESG Score (https://www.spglobal.com/esg/solutions/data-intelligence-esg-scores as at 15.4.24); Sustainalytics score (https://www.sustainalytics.com/esg-ratings as at 15.4.24)

(2)
74			A			AA		84		10.9
67			A			AA		80		14.2
66			A			AA		79		15.8
63			A			AA		73		19.4
63			A			AA		69		20.4
61			A			AA		69		20.4
61			A			AA		67		20.9
60			A			AA		59		22.9
59		B				AA		59		23.8
59		B				AA		59		24.6
58		B				AA		56		24.6
56		B				AA		55		24.9
55		B				AA		55		25.4
53		B				AA		55		26.0
53		C				AA		48		26.5
49		C			A			43		27.5

Our People are our most important asset

Key highlights
	▪ ~3,450 professionals hired since 2021
	▪ ~4,650 people reskilled since 2022
	▪ ~27.9m training hours delivered since 2022
	▪ ~270 talents have completed their development path as part of the International Talent Program, ongoing for other ~200 resources. An additional 22 talents are going to access the Program by June 2024
	▪ ~470 key people have been selected mostly among Middle Management for dedicated development and training initiatives
Our People are our most important asset	▪ 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, a Nextalia Fund company
	▪ New organisational framework agreed with Trade Unions in May 2023, 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
	▪ Monitoring of the Diversity & Inclusion targets for each Division and Governance Area implemented; strengthened the collaboration with ISPROUD, the first employee-based community within the Group (currently >1,250 LGBTQ+ People and allies)
	▪ 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" envisaged by the National Recovery and Resilience Plan (NRRP) 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) ▪ as Top Employer 2024(1) ISP recognised 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

1Q24 Results

Detailed information

Key P&L and Balance sheet figures

€ m	1Q24		31.3.24
Operating income	6,732	Loans to customers	423,254
Operating costs	(2,570)	Customer financial assets(1)	1,333,798
Cost/Income ratio	38.2%	of which Direct deposits from banking business	575,926
Operating margin	4,162	of which Direct deposits from insurance business	173,776
Gross income (loss)	3,930	of which Indirect customer deposits	750,003
Net income	2,301	- Assets under management	453,319
		- Assets under administration	296,684
		RWA	303,233
		Total assets	931,596

Detailed consolidated P&L results

Liquidity, Funding and capital base

Asset quality

Divisional results and other information

1Q24 vs 1Q23: €2.3bn Net income, the best quarter since 2007

	1Q23	1Q24	 %
Net interest income	3,254	3,932	20.8
Net fee and commission income	2,137	2,272	6.3
Income from insurance business	397	455	14.6
Profits on financial assets and liabilities at fair value	262	79	(69.8)
Other operating income (expenses)	7	(6)	n.m.
Operating income	6,057	6,732	11.1
Personnel expenses	(1,560)	(1,592)	2.1
Other administrative expenses	(644)	(623)	(3.3)
Adjustments to property, equipment and intangible assets	(332)	(355)	6.9
Operating costs	(2,536)	(2,570)	1.3
Operating margin	3,521	4,162	18.2
Net adjustments to loans	(189)	(236)	24.9
Net provisions and net impairment losses on other assets	(70)	(53)	(24.3)
Other income (expenses)	101	57	(43.6)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	3,363	3,930	16.9
Taxes on income	(1,084)	(1,278)	17.9
Charges (net of tax) for integration and exit incentives	(42)	(56)	33.3
Effect of purchase price allocation (net of tax)	(46)	(29)	(37.0)
Levies and other charges concerning the banking industry (net of tax)	(228)	(1) (257)	12.7
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(7)	(9)	28.6
Net income	1,956	2,301	17.6

Note: figures may not add up exactly due to rounding

(1) Including the final contribution to the Deposit Guarantee Scheme: €357m pre-tax (€239m net of tax), our estimated commitment for the year

Q1 vs Q4: strong growth in profitability

	4Q23	1Q24	 %
Net interest income	3,995	3,932	(1.6)
Net fee and commission income	2,110	2,272	7.7
Income from insurance business	391	455	16.4
Profits on financial assets and liabilities at fair value	(91)	79	n.m.
Other operating income (expenses)	(32)	(6)	(81.3)
Operating income	6,373	6,732	5.6
Personnel expenses	(2,184)	(1,592)	(27.1)
Other administrative expenses	(917)	(623)	(32.1)
Adjustments to property, equipment and intangible assets	(367)	(355)	(3.3)
Operating costs	(3,468)	(2,570)	(25.9)
Operating margin	2,905	4,162	43.3
Net adjustments to loans	(616)	(236)	(61.7)
Net provisions and net impairment losses on other assets	(332)	(53)	(84.0)
Other income (expenses)	29	57	96.6
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,986	3,930	97.9
Taxes on income	(288)	(1,278)	343.8
Charges (net of tax) for integration and exit incentives	(80)	(56)	(30.0)
Effect of purchase price allocation (net of tax)	(35)	(29)	(17.1)
Levies and other charges concerning the banking industry (net of tax)	18	(1) (257)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	1	(9)	n.m.
Net income	1,602	2,301	43.6

Note: figures may not add up exactly due to rounding

(1) Including the final contribution to the Deposit Guarantee Scheme: €357m pre-tax (€239m net of tax), our estimated commitment for the year

Quarterly P&L

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

Net interest income

Note: figures may not add up exactly due to rounding

(1) Including hedging on core deposits (as at 31.3.24: ~€160bn core deposits hedged, 4y duration, ~100bps yield, and ~€2.4bn monthly maturities)

Net fee and commission income

+€154m)

+€112m)

Net fee and commission income: quarterly development breakdown

Net fee and commission income
	1Q23	2Q23	3Q23	4Q23	1Q24
Guarantees given / received	34	41	41	39	48
Collection and payment services	156	164	169	180	167
Current accounts	341	344	339	336	327
Credit and debit cards	94	107	105	99	95
Commercial banking activities	625	656	654	654	637
Dealing and placement of securities	230	193	154	190	303
Currency dealing	2	2	3	2	3
Portfolio management	614	641	627	627	657
Distribution of insurance products	396	403	368	345	375
Other	57	69	69	93	73
Management, dealing and consultancy activities	1,299	1,308	1,221	1,257	1,411
Other net fee and commission income	213	252	220	199	224
Net fee and commission income	2,137	2,216	2,095	2,110	2,272

Income from insurance business

• Non-motor P&C revenues(1) up 14% at €165m, €187m including credit-linked products
• Non-motor P&C revenues(1) up 23% at €165m, €187m including credit-linked products

Profits on financial assets and liabilities at fair value

Contributions by activity

	1Q23	4Q23	1Q24
Customers	89	80	70
Capital markets	65	(136)	(145)
Trading and Treasury	107	(36)	148
Structured credit products	1	1	6

Operating costs

Net adjustments to loans

• Increased NPL coverage (+0.9pp vs 31.12.23)
• Strong decline in NPL inflow (-33% vs 4Q23)
• €0.9bn as overlays

• Annualised Cost of credit at 22bps
• Increased NPL coverage (+0.7pp vs 31.3.23)
• NPL ratio and NPL stock at historical low

Detailed consolidated P&L results

Liquidity, Funding and capital base

Asset quality

Divisional results and other information

More than €1.3 trillion in Customer financial assets

Note: figures may not add up exactly due to rounding

(1) Net of duplications between Direct deposits and Indirect customer deposits

(2) The amount for Indirect customer deposits has been restated, for the Assets under administration and in custody component, as a result of the delisting of shares, which, as they are no longer listed, are included at nominal value

Funding mix

• Retail funding represents 77% 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 ~€11k for Households (~19m clients) and ~€63k for Corporates (~1.8m clients)

Note: figures may not add up exactly due to rounding

(1) Including Senior non-preferred

Strong funding capability: broad access to international markets

50% of 2024 funding plan already executed as at 30.4.24

Senior bonds

1 2.5

Covered bonds

• 19 ^◼ €1bn Tier 2, €2.25bn dual-tranche green senior non-preferred, £600m green senior nonpreferred, 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 dualtranche 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

◼ April: €2bn dual-tranche senior preferred: €1bn 3y FRN and €1bn 6.5y FXD green, the largest Euro trade in Italy since August 2023. On average 83% demand from foreign investors; orderbooks average oversubscription ~3.2x

Note: figures may not add up exactly due to rounding

Subordinated bonds

(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

2024 funding plan

MIL-BVA362-03032014-90141/VR High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets

• LCR at 169%(4) and NSFR at 121% (2025 Business Plan targets: ~125% and ~115% respectively)
• Refinancing operations with the ECB: ~€9bn consisting entirely of TLTRO III (TLTRO tranches: III.8: €9bn - maturity 26.6.24; III.9: €60m - maturity 25.9.24)
• Loan to Deposit ratio(5) down to 73%

Note: figures may not add up exactly due to rounding

• (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) Excluding the Reserve Requirement
• (4) Last twelve-month average
• (5) Loans to customers/Direct deposits from banking business

Rock-solid and increased capital base

• ~120bps additional benefit from DTA absorption (of which ~20bps in the 2Q24-2025 period) not included in the fully phased-in CET1 ratio
• No expected further regulatory headwinds, excluding Basel 4 impact (~60bps offset by DTA absorption)
• 5.8%(3) leverage ratio

⁽¹⁾ Taking into account €1.7bn buyback to be launched in early June 2024

⁽²⁾ Pro-forma fully loaded Basel 3 (31.3.24 financial statements considering the total absorption of DTA related to IFRS 9 FTA (€0.8bn as at 31.3.24), DTA convertible in tax credit related to goodwill realignment (€4.2bn as at 31.3.24) and adjustments to loans (€1.5bn as at 31.3.24), DTA related to non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks (€0.03bn as at 31.3.24), as well as the expected absorption of DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21 (€0.2bn as at 31.3.24) and DTA on losses carried forward (€2.7bn as at 31.3.24), and the expected distribution on the Net income of insurance companies)

⁽³⁾ Including exposures with the ECB

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

x Gross NPL ratio, %				x Net NPL ratio, %	x		Gross and net NPL ratio based on EBA definition, %
Gross NPL				Net NPL
€ bn	31.3.23	31.12.23	31.3.24	€ bn	31.3.23	31.12.23	31.3.24
Bad loans - of which forborne	3.9 0.9	3.4 0.7	3.6 0.8	Bad loans - of which forborne	1.2 0.3	0.9 0.2	1.0 0.2
Unlikely to pay - of which forborne	6.4 2.6	5.9 2.4	5.8 2.5	Unlikely to pay - of which forborne	3.8 1.7	3.6 1.6	3.5 1.6
Past due - of which forborne	0.5 0.1	0.6 0.1	0.6 -	Past due - of which forborne	0.4 0.1	0.5 -	0.4 -
Total	10.8	9.9	10.1	Total	5.4	5.0	5.0
	2.4 2.0	2.3 1.8	2.3 2.0		1.2 1.0	1.2 0.9	1.2 1.0

Note: figures may not add up exactly due to rounding

Non-performing loans: sizeable and increased coverage

Cash coverage; %

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 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

Repos, Capital markets and

• ◼ 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 31.3.24)

	31.3.24
Public Administration	5.3%
Financial companies	8.1%
Non-financial companies	42.0%
of which:
SERVICES	4.6%
UTILITIES	4.2%
DISTRIBUTION	3.0%
REAL ESTATE	3.0%
CONSTRUCTION AND MATERIALS FOR CONSTR.	2.7%
FOOD AND DRINK	2.6%
TRANSPORTATION MEANS	2.2%
METALS AND METAL PRODUCTS	2.1%
INFRASTRUCTURE	2.1%
FASHION	2.0%
ENERGY AND EXTRACTION	2.0%
AGRICULTURE	1.6%
TOURISM	1.6%
TRANSPORT	1.6%
MECHANICAL	1.5%
CHEMICALS, RUBBER AND PLASTICS	1.5%
ELECTRICAL COMPONENTS AND EQUIPMENT	1.0%
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 31.3.24
--	--	--	--	--	--	--------------------------	--

	Local presence Russia	Cross-border exposure to Russia
Loans to customers (net of ECA guarantees and provisions)	0.1(1)	0.5
ECA(2) guarantees	-	0.8(3)
Due from banks (net of provisions)	0.7	0.01(4)
Bonds (net of writedowns)	0.01	n.m.(5)
Derivatives	n.m.	-
RWA	1.8	2.1
Total assets	1.5	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 €0.015bn 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

Data as at 31.3.24

	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
Operating income (€ m)	2,941	1,009	788	858	240	441	455	6,732
Operating margin (€ m)	1,465	661	490	619	186	355	386	4,162
Net income (€ m)	588	468	318	409	163	241	114	2,301
Cost/Income (%)	50.2	34.5	37.8	27.9	22.5	19.5	n.m.	38.2
RWA (€ bn)	78.4	110.2	35.1	12.0	2.0	0.0	65.6	303.2
Direct deposits from banking business (€ bn)	263.4	119.3	55.9	43.8	0.0	0.0	93.5	575.9
Loans to customers (€ bn)	229.0	124.5	41.3	13.6	0.3	0.0	14.7	423.3

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: 1Q24 vs 1Q23

€ m

	1Q23	1Q24	%
Net interest income	1,571	1,701	8.3
Net fee and commission income	1,176	1,208	2.7
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	32	29	(9.4)
Other operating income (expenses)	(2)	3	n.m.
Operating income	2,777	2,941	5.9
Personnel expenses	(802)	(788)	(1.7)
Other administrative expenses	(701)	(688)	(1.9)
Adjustments to property, equipment and intangible assets	0	0	n.m.
Operating costs	(1,503)	(1,476)	(1.8)
Operating margin	1,274	1,465	15.0
Net adjustments to loans	(211)	(257)	21.8
Net provisions and net impairment losses on other assets	(6)	(10)	66.7
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,057	1,198	13.3
Taxes on income	(348)	(394)	13.2
Charges (net of tax) for integration and exit incentives	(13)	(22)	69.2
Effect of purchase price allocation (net of tax)	(7)	(6)	(14.3)
Levies and other charges concerning the banking industry (net of tax)	0	(188)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	689	588	(14.7)

+20% considering the benefit of actual market rate trends not entirely reflected in the internal fund transfer price applied to the Division

€776m excluding the final contribution to the Deposit guarantee scheme

Note: figures may not add up exactly due to rounding

Banca dei Territori: Q1 vs Q4

	4Q23	1Q24	%
Net interest income	1,629	1,701	4.4
Net fee and commission income	1,137	1,208	6.2
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	27	29	7.4
Other operating income (expenses)	(3)	3	n.m.
Operating income	2,790	2,941	5.4
Personnel expenses	(1,035)	(788)	(23.9)
Other administrative expenses	(884)	(688)	(22.2)
Adjustments to property, equipment and intangible assets	0	0	n.m.
Operating costs	(1,919)	(1,476)	(23.1)
Operating margin	871	1,465	68.2
Net adjustments to loans	(472)	(257)	(45.6)
Net provisions and net impairment losses on other assets	(36)	(10)	(72.2)
Other income (expenses)	17	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	380	1,198	215.3
Taxes on income	(120)	(394)	228.3
Charges (net of tax) for integration and exit incentives	(28)	(22)	(21.4)
Effect of purchase price allocation (net of tax)	(5)	(6)	20.0
Levies and other charges concerning the banking industry (net of tax)	22	(188)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	249	588	136.1

€776m excluding the final contribution to the Deposit guarantee scheme

IMI Corporate & Investment Banking: 1Q24 vs 1Q23

	1Q23	1Q24	%
Net interest income	598	758	26.8
Net fee and commission income	256	283	10.5
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	97	(32)	n.m.
Other operating income (expenses)	0	0	n.m.
Operating income	951	1,009	6.1
Personnel expenses	(113)	(128)	13.3
Other administrative expenses	(208)	(216)	3.8
Adjustments to property, equipment and intangible assets	(4)	(4)	0.0
Operating costs	(325)	(348)	7.1
Operating margin	626	661	5.6
Net adjustments to loans	(3)	39	n.m.
Net provisions and net impairment losses on other assets	(38)	(2)	(94.7)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	585	698	19.3
Taxes on income	(185)	(224)	21.1
Charges (net of tax) for integration and exit incentives	(6)	(6)	0.0
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking 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	394	468	18.8

IMI Corporate & Investment Banking: Q1 vs Q4

	4Q23	1Q24	%
Net interest income	757	758	0.1
Net fee and commission income	269	283	5.2
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(55)	(32)	(41.8)
Other operating income (expenses)	0	0	n.m.
Operating income	971	1,009	3.9
Personnel expenses	(170)	(128)	(24.7)
Other administrative expenses	(254)	(216)	(15.0)
Adjustments to property, equipment and intangible assets	(4)	(4)	0.0
Operating costs	(428)	(348)	(18.7)
Operating margin	543	661	21.7
Net adjustments to loans	(44)	39	n.m.
Net provisions and net impairment losses on other assets	(1)	(2)	100.0
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	498	698	40.2
Taxes on income	(155)	(224)	44.5
Charges (net of tax) for integration and exit incentives	(7)	(6)	(14.3)
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking 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	336	468	39.3

International Subsidiary Banks: 1Q24 vs 1Q23

1Q23	1Q24	%
520	640	23.1
138	146	5.8
0	0	n.m.
21	17	(19.0)
(16)	(15)	(6.3)
663	788	18.9
(28)	(29)	3.6
(268)	(298)	11.2
395	490	24.1
(2)	0	n.m.
120	1	(99.2)
0	0	n.m.	+18.9% excluding the capital gain
513	472	(8.0)	from the sale of the PBZ Card
(130)	(137)	5.4	acquiring business booked in 1Q23
(10)	(11)	10.0
(1)	(1)	0.0
(6)	(5)	(16.7)
0	0	n.m.
0	0	n.m.	+17.3% excluding the capital gain
366	318	(13.1)	from the sale of the PBZ Card
	(138) (102) 0	(156) (113) (19)	13.0 10.8 n.m.

+17.3% excluding the capital gain from the sale of the PBZ Card acquiring business booked in 1Q23

International Subsidiary Banks: Q1 vs Q4

€ m

	4Q23	1Q24	%
Net interest income	628	640	1.9
Net fee and commission income	147	146	(0.7)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(2)	17	n.m.
Other operating income (expenses)	(27)	(15)	(44.4)
Operating income	746	788	5.6
Personnel expenses	(190)	(156)	(17.9)
Other administrative expenses	(139)	(113)	(18.7)
Adjustments to property, equipment and intangible assets	(31)	(29)	(6.5)
Operating costs	(360)	(298)	(17.2)
Operating margin	386	490	26.9
Net adjustments to loans	(135)	(19)	(85.9)
Net provisions and net impairment losses on other assets	5	0	(100.0)
Other income (expenses)	2	1	(50.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	258	472	82.9
Taxes on income	(54)	(137)	153.7
Charges (net of tax) for integration and exit incentives	(16)	(11)	(31.3)
Effect of purchase price allocation (net of tax)	(4)	(1)	(75.0)
Levies and other charges concerning the banking industry (net of tax)	(13)	(5)	(61.5)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	1	0	(100.0)
Net income	172	318	84.9

Private Banking: 1Q24 vs 1Q23

	1Q23	1Q24	%
Net interest income	280	313	11.8
Net fee and commission income	455	534	17.4
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	20	7	(65.0)
Other operating income (expenses)	(1)	4	n.m.
Operating income	754	858	13.8
Personnel expenses	(117)	(120)	2.6
Other administrative expenses	(91)	(94)	3.3
Adjustments to property, equipment and intangible assets	(21)	(25)	19.0
Operating costs	(229)	(239)	4.4
Operating margin	525	619	17.9
Net adjustments to loans	(6)	2	n.m.
Net provisions and net impairment losses on other assets	(6)	(7)	16.7
Other income (expenses)	0	20	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	513	634	23.6
Taxes on income	(158)	(195)	23.4
Charges (net of tax) for integration and exit incentives	(6)	(6)	0.0
Effect of purchase price allocation (net of tax)	(6)	(5)	(16.7)
Levies and other charges concerning the banking industry (net of tax)	0	(18)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	(1)	n.m.
Net income	343	409	19.2

Private Banking: Q1 vs Q4

	4Q23	1Q24	%
Net interest income	334	313	(6.3)
Net fee and commission income	473	534	12.9
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	13	7	(46.2)
Other operating income (expenses)	1	4	300.0
Operating income	821	858	4.5
Personnel expenses	(161)	(120)	(25.5)
Other administrative expenses	(96)	(94)	(2.1)
Adjustments to property, equipment and intangible assets	(24)	(25)	4.2
Operating costs	(281)	(239)	(14.9)
Operating margin	540	619	14.6
Net adjustments to loans	(8)	2	n.m.
Net provisions and net impairment losses on other assets	(58)	(7)	(87.9)
Other income (expenses)	14	20	42.9
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	488	634	29.9
Taxes on income	(148)	(195)	31.8
Charges (net of tax) for integration and exit incentives	(8)	(6)	(25.0)
Effect of purchase price allocation (net of tax)	(5)	(5)	0.0
Levies and other charges concerning the banking industry (net of tax)	2	(18)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(1)	(1)	0.0
Net income	328	409	24.7

Asset Management: 1Q24 vs 1Q23

	1Q23	1Q24	%
Net interest income	1	14	n.m.
Net fee and commission income	209	214	2.4
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	8	1	(87.5)
Other operating income (expenses)	17	11	(35.3)
Operating income	235	240	2.1
Personnel expenses	(23)	(24)	4.3
Other administrative expenses	(27)	(28)	3.7
Adjustments to property, equipment and intangible assets	(2)	(2)	0.0
Operating costs	(52)	(54)	3.8
Operating margin	183	186	1.6
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	(2)	0	(100.0)
Other income (expenses)	0	30	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	181	216	19.3
Taxes on income	(51)	(52)	2.0
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 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	129	163	26.4

Asset Management: Q1 vs Q4

	4Q23	1Q24	%
Net interest income	12	14	16.7
Net fee and commission income	197	214	8.6
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1	1	0.0
Other operating income (expenses)	9	11	22.2
Operating income	219	240	9.6
Personnel expenses	(38)	(24)	(36.8)
Other administrative expenses	(36)	(28)	(22.2)
Adjustments to property, equipment and intangible assets	(2)	(2)	0.0
Operating costs	(76)	(54)	(28.9)
Operating margin	143	186	30.1
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)	143	216	51.0
Taxes on income	(39)	(52)	33.3
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 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	103	163	58.3

Insurance: 1Q24 vs 1Q23

	1Q23	1Q24	%
Net interest income	0	0	n.m.
Net fee and commission income	1	1	0.0
Income from insurance business	385	447	16.1
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(2)	(7)	250.0
Operating income	384	441	14.8
Personnel expenses	(35)	(38)	8.6
Other administrative expenses	(39)	(39)	0.0
Adjustments to property, equipment and intangible assets	(8)	(9)	12.5
Operating costs	(82)	(86)	4.9
Operating margin	302	355	17.5
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	2	1	(50.0)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	304	356	17.1
Taxes on income	(97)	(110)	13.4
Charges (net of tax) for integration and exit incentives	(2)	(3)	50.0
Effect of purchase price allocation (net of tax)	(2)	(2)	0.0
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(2)	0	n.m.
Net income	201	241	19.9

Insurance: Q1 vs Q4

	4Q23	1Q24	%
Net interest income	0	0	n.m.
Net fee and commission income	1	1	0.0
Income from insurance business	383	447	16.7
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(4)	(7)	75.0
Operating income	380	441	16.1
Personnel expenses	(48)	(38)	(20.8)
Other administrative expenses	(59)	(39)	(33.9)
Adjustments to property, equipment and intangible assets	(8)	(9)	12.5
Operating costs	(115)	(86)	(25.2)
Operating margin	265	355	34.0
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	4	1	(75.0)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	269	356	32.3
Taxes on income	(91)	(110)	20.9
Charges (net of tax) for integration and exit incentives	(8)	(3)	(62.5)
Effect of purchase price allocation (net of tax)	(3)	(2)	(33.3)
Levies and other charges concerning the banking 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	167	241	44.3

MIL-BVA362-03032014-90141/VR

Market leadership in Italy

Note: figures may not add up exactly due to rounding

• (1) Excluding Corporate centre
• (2) Data as at 31.3.24
• (3) Including bonds
• (4) Mutual funds; data as at 31.12.23
• (5) Data as at 31.12.23

International Subsidiary Banks by country

Data as at 31.3.24

											Total	Total		% of the
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania	Moldova	(*) Ukraine	CEE Egypt		Group
Operating income (€ m)	122	188	43	164	12	121	20	14	4		688	100	789	11.7%
Operating costs (€ m)	35	61	14	56	7	35	8	10	3		230	31	261	10.1%
Net adjustments to loans (€ m)	2	10	1	(4)	(0)	10	(1)	(3)	(0)		14	5	19	8.0%
Net income (€ m)	41	64	17	94	4	60	9	5	1		295	47	343	14.9%
Customer deposits (€ bn)	5.9	20.7	3.4	12.5	1.0	6.3	1.6	1.0	0.2		52.7	2.8	55.5	9.6%
Customer loans (€ bn)	3.9	17.9	2.3	8.9	0.9	4.9	0.5	0.7	0.1		40.0	1.2	41.3	9.7%
Performing loans (€ bn) of which:	3.8	17.7	2.3	8.8	0.9	4.8	0.5	0.7	0.1		39.6	1.2	40.9	9.8%
Retail local currency	47%	60%	44%	53%	34%	23%	31%	17%	68%		50%	53%	50%
Retail foreign currency	0%	0%	0%	0%	12%	28%	14%	11%	0%		4%	0%	4%
Corporate local currency	24%	33%	56%	47%	32%	10%	15%	36%	19%		33%	25%	33%
Corporate foreign currency	29%	7%	0%	1%	21%	39%	39%	36%	13%		12%	22%	13%
Non-performing loans (€ m)	41	147	7	131	8	49	7	5	2		397	10	407	8.2%
Non-performing loans coverage	51%	59%	77%	61%	70%	67%	59%	79%	50%		61%	89%	64%
Annualised Cost of credit(1) (bps)	18	23	17	n.m.	n.m.	85	n.m.	n.m.	n.m.		14	158	18

Note: figures may not add up exactly due to rounding

(*) Considering the limited operations of Pravex Bank in Q1 and, more in general, its not-material size, its income statement has not been consolidated. The subsidiary's balance sheet has been consolidated on the basis of the countervalue of 2023 year-end figures at the exchange rate as at 31.3.24

(1) Net adjustments to loans/Net customer loans

Total exposure(1) by main countries

€ m

	AC	FVTOCI	Banking Business FVTPL(2)	Total(3)	LOANS
EU Countries	48,968	51,785	905	101,658	382,417
Austria	689	1,407	8	2,104	565
Belgium	3,319	4,890	133	8,342	1,075
Bulgaria	0	0	0	0	7
Croatia	261	533	61	855	8,685
Cyprus	0	0	-5	-5	7
Czech Republic	136	37	0	173	1,090
Denmark	45	101	12	158	162
Estonia	0	0	0	0	2
Finland	294	342	2	638	174
France	7,703	7,280	289	15,272	4,571
Germany	573	3,141	543	4,257	5,408
Greece	26	0	107	133	1,495
Hungary	582	1,520	52	2,154	4,084
Ireland	1,026	1,452	393	2,871	736
Italy	23,361	14,131	-1,717	35,775	321,045
Latvia	0	0	0	0	15
Lithuania	0	0	0	0	2
Luxembourg	496	1,316	133	1,945	6,507
Malta	0	0	0	0	136
The Netherlands	1,152	1,250	147	2,549	2,213
Poland	399	98	1	498	1,009
Portugal	511	614	-2	1,123	414
Romania	58	584	12	654	835
Slovakia	361	963	114	1,438	15,132
Slovenia	0	206	0	206	2,309
Spain	7,937	11,623	614	20,174	4,332
Sweden	39	297	8	344	407
Albania	41	590	1	632	569
Egypt	92	554	0	646	1,874
Japan	54	3,983	19	4,056	534
Russia	4	6	0	10	1,368
Serbia	7	644	0	651	5,115
United Kingdom	547	1,070	163	1,780	15,306
U.S.A.	3,886	10,198	419	14,503	7,971
Other Countries	6,681	8,309	195	15,185	21,408
Total	60,280	77,139	1,702	139,121	0 436,562

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 31.3.24

(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 €71,874m (of which €49,109m in Italy)

Exposure to sovereign risks(1) by main countries

€ m

		DEBT SECURITIES
		Banking Business			LOANS
	AC	FVTOCI	FVTPL(2) Total(3)
EU Countries	38,751	36,971	-2,649	73,073	10,334
Austria	616	1,130	0	1,746	0
Belgium	3,273	4,648	97	8,018	8
Bulgaria	0	0	1	1	0
Croatia	156	533	61	750	1,407
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	190	0	444	0
France	7,094	3,847	-131	10,810	15
Germany	49	1,691	418	2,158	0
Greece	0	0	0	0	0
Hungary	367	1,472	52	1,891	220	Banking business government bond
Ireland	335	76	81	492	0
						duration: 6.9y
Italy	17,028	9,507	-3,418	23,117	8,162	Adjusted duration due to hedging: 0.9y
Latvia	0	0	0	0	15
Lithuania	0	0	0	0	0
Luxembourg	311	721	0	1,032	0
Malta	0	0	0	0	0
The Netherlands	828	110	39	977	0
Poland	190	90	1	281	0
Portugal	387	369	-29	727	76
Romania	58	584	5	647	3
Slovakia	361	841	114	1,316	164
Slovenia	0	199	0	199	200
Spain	7,444	10,963	60	18,467	64
Sweden	0	0	0	0	0
Albania	41	590	1	632	0
Egypt	92	554	0	646	672
Japan	0	3,489	0	3,489	0
Russia	0	6	0	6	0
Serbia	7	644	0	651	345
United Kingdom	0	546	4	550	0
U.S.A.	3,217	8,695	253	12,165	0
Other Countries	2,783	4,432	17	7,232	4,745
Total	44,891	55,927	-2,374	98,444	0 16,096

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 31.3.24

(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 €54,265m (of which €46,362m in Italy). The total of FVTOCI reserves (net of tax and allocation to insurance products under management) amounts to -€1,889m (of which -€536m in Italy)

Exposure to banks by main countries(1)

€ m

	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	2,318	9,205	2,385	13,908	15,598
Austria	63	265	14	342	272
Belgium	24	164	29	217	182
Bulgaria	0	0	0	0	0
Croatia	0	0	0	0	34
Cyprus	0	0	-5	-5	0
Czech Republic	0	37	0	37	0
Denmark	30	25	9	64	10
Estonia	0	0	0	0	0
Finland	32	111	2	145	4
France	337	2,241	295	2,873	1,683
Germany	283	697	52	1,032	2,949
Greece	0	0	106	106	1,487
Hungary	151	48	0	199	350
Ireland	60	11	8	79	285
Italy	948	3,668	1,175	5,791	7,090
Latvia	0	0	0	0	0
Lithuania	0	0	0	0	0
Luxembourg	92	447	102	641	46
Malta	0	0	0	0	106
The Netherlands	93	555	24	672	317
Poland	0	0	0	0	1
Portugal	0	203	21	224	303
Romania	0	0	4	4	81
Slovakia	0	122	0	122	6
Slovenia	0	7	0	7	2
Spain	187	423	545	1,155	387
Sweden	18	181	4	203	3
Albania	0	0	0	0	52
Egypt	0	0	0	0	42
Japan	37	388	0	425	13
Russia	0	0	0	0	45
Serbia	0	0	0	0	74
United Kingdom	88	253	64	405	701
U.S.A.	146	499	144	789	711
Other Countries Total	112 2,701	2,935 13,280	64 2,657	3,111 18,638	2,310 0 19,546

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

(1) Book Value of Debt Securities and Net Loans as at 31.3.24

(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 €10,459m (of which €1,386m in Italy)

Exposure to other customers by main countries(1)

			DEBT SECURITIES
			Banking Business		LOANS
	AC	FVTOCI	FVTPL(2)	Total(3)
EU Countries	7,899	5,609	1,169	14,677	356,485
Austria	10	12	-6	16	293
Belgium	22	78	7	107	885
Bulgaria	0	0	-1	-1	7
Croatia	105	0	0	105	7,244
Cyprus	0	0	0	0	7
Czech Republic	136	0	0	136	1,090
Denmark	15	76	3	94	152
Estonia	0	0	0	0	2
Finland	8	41	0	49	170
France	272	1,192	125	1,589	2,873
Germany	241	753	73	1,067	2,459
Greece	26	0	1	27
Hungary	64	0	0	64	3,514
Ireland	631	1,365	304	2,300	451
Italy	5,385	956	526	6,867	305,793
Latvia	0	0	0	0
Lithuania	0	0	0	0
Luxembourg	93	148	31	272	6,461
Malta	0	0	0	0
The Netherlands	231	585	84	900	1,896
Poland	209	8	0	217	1,008
Portugal	124	42	6	172
Romania	0	0	3	3	751
Slovakia	0	0	0	0	14,962
Slovenia	0	0	0	0	2,107
Spain	306	237	9	552	3,881
Sweden	21	116	4	141
Albania	0	0	0	0
Egypt	0	0	0	0	517 1,160
Japan	17	106	19	142	521
Russia	4	0	0	4	1,323
Serbia	0	0	0	0	4,696
United Kingdom	459	271	95	825	14,605
U.S.A.	523	1,004	22	1,549	7,260
Other Countries	3,786	942	114	4,842	14,353
Total	12,688	7,932	1,419	22,039	0 400,920

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

(1) Book Value of Debt Securities and Net Loans as at 31.3.24

(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 €7,150m (of which €1,361m 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.