FinecoBank

Investor Presentation • Nov 5, 2024

3Q24 Results

Alessandro Foti CEO and General Manager

FINECO. SIMPLIFYING BANKING.

Milan, November 5th 2024

Disclaimer

• ◼ "Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 58 of February 24, 1998), Erick Vecchi, in his capacity as manager responsible for the preparation of FinecoBank S.p.A. (the "Company")'s financial reports, declares that accounting information contained in this Presentation reflects the Company's documented results, books and accounting records".
• ◼ This Presentation may contain written and oral "forward-looking statements", which include all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, objectives, estimates, forecasts, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of the Company. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Information, opinions, valuations and forecasts contained in this Presentation have not been audited by any independent body. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
• ◼ The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States or in the Other Countries. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or in the Other Countries.
• ◼ This Presentation has been prepared on a voluntary basis and, therefore, FinecoBank the Company is not bound to prepare similar presentations in the future, unless where provided by law. No guarantee, express or implicit, is given by the Company with reference to the reliability, accuracy or completeness of information or opinions contained in this Presentation. Neither the Company nor any of its representatives, directors or employees shall be liable at any time in connection with this Presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.
• ◼ For the above-mentioned purposes, "Presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. Information and any content of this Presentation are the exclusive property of the Company and the partial or total publication, duplication and/or transmission of the same are forbidden without the prior written consent of the Company. By participating to this Presentation and accepting a copy of this Presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this Presentation.

Agenda

✓Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

Executive Summary: further acceleration in our expected growth

Successful growth story: our diversified business model allows us to deliver strong results in every market condition

Strong net profit and operating leverage

• ◼ 9M24 Net Profit is 490.0 mln, +7.9% y/y
• ◼ 9M24 Revenues at 984.1 mln, +7.3% y/y supported by all our product area: Net Financial Income (+6.4% y/y, o/w NII +6.3%), Investing (+11.7% y/y) and Brokerage (+11.4% y/y)
• ◼ Operating Costs well under control at -239.1 mln, +10.8% y/y (+6.7% y/y excluding costs related to the acceleration of the growth of the business(1) ). Strong operating leverage confirmed a key strength of the Bank. C/I ratio at 24.3%

Going towards a step-up in our growth dynamics

• ◼ Higher AUM and deposits net sales expected thanks to combined effect of reinforcing positive tailwinds from the structural trends coupled with a more efficient marketing activity. We are already starting to see this step-up:
  • ➢ Strong acceleration in new clients' acquisition (+26.5% y/y in 9M24) vs 2023-record year. October: 15,083 new clients (+28% y/y), best month ever
  • ➢ Net sales in 9M24 at 6.9 bn, o/w AUM at 2.5 bn. TFA at 135.3 bn with AuM at 63.8 bn. October est.: net sales doubled y/y at ~1 bn o/w AUM at ~430 mln (FAM retail net sales at ~460 mln) despite ~-100 mln from insurance; deposits at ~0 mln with brokerage clients buying on the dips, AUC at ~550 mln and leading to very solid Brokerage revenues, estimated at ~18 mln

Solid capital and liquidity position

• ◼ CET1 ratio at 27.3%,TCR at 38.0%, Leverage ratio at 5.35%
• ◼ LCR at 897%(2) , NSFR at 369%

2024 Guidance: improved outlook, record Net Profit

• ◼ Revenues are expected in FY24 at a record level, with an improvement of the mix in favour of commissions thanks to:
  • ➢ Investing revenues expected to increase low double digit in FY24 vs FY23 and to increase low double digit in FY25 vs FY24
  • ➢ Banking fees expected stable in FY24 and with a slight decrease in FY25 due to new regulation on instant payments
  • ➢ Brokerage: revenues expected to remain strong with a continuously growing floor thanks to the enlargement of our active investors
• ◼ Operating costs expected in FY24 at around +6% y/y, not including additional costs mainly for: FAM and marketing expenses. For FY25 operating costs expected at around +6% y/y, not including additional costs for growth initiatives
• ◼ DPS: for FY24 we expect a higher dividend per share. On excess capital distribution, we are going to take more time as the probability of a higher-than-expected business growth is increasing

Delivering strong Net Profit in every market condition

Net Profit at 490.0 mln. Results supported by sound acceleration of Investing and Brokerage, confirming the effectiveness of our initiatives, and Net Financial Income. Strong operating leverage confirmed

mln	9M23	9M24	9M24/ 9M23
Net financial income	508 5	540 8	6 4%
o/w Net interest income	508 2	540 0	6 3%
o/w Profit from treasury	0 2	0 8	n.s.
Net commissions	362 2	387 2	6 9%
Trading profit	46 3	56 1	21 0%
Other expenses/income	-0 3	0 0	-88 5%
Total revenues	916 7	984 1	3% 7
Staff expenses	-91 5	-102 1	11 6%
Other admin .expenses	-104 1	-118 0	13 3%
D&A	-20 1	-19 1	-5 3%
Operating expenses	-215 8	-239 1	10 8%
operating profit Gross	700 9	744 9	6 3%
Provisions	-52 0	-41 2	-20 8%
LLP	-2 0	-2 7	33 5%
Profit from investments	0 1	1 8	n.s.
Profit before taxes	647 0	702 9	8 6%
Income taxes	-192 8	-212 9	10 4%
Net profit	454 2	490 0	9% 7
(1) ROE	31%	29%
Cost/Income	24%	24%

(1) ROE is calculated as adj.net profit divided by average book equity for the period (excl. valuation reserves)

(2) Excluding costs strictly related to the growth of the business, mainly FAM (-2.1 mln y/y) and marketing (-7.0 mln y/y)

Revenues

• ➢ Consistent growth in Net Financial Income (+6.4% y/y, with NII at +6.3% y/y) mainly thanks to our capital light NII (71% ex. lending) driven by our clients' valuable transactional liquidity and not by lending (not affected by additional costs and provisions due to NPL)
• ➢ Net commissions up by +6.9% y/y driven by Investing (+11.8% y/y) and Brokerage (+9.5% y/y)
• ➢ Trading profit +21.0% y/y mainly thanks to higher brokerage activity

Costs

The yearly increase is mainly linked to costs related to the growth of the business, related to:

• FAM as it is increasing the efficiency of the value chain
• Marketing expenses

Net of these items, 9M24(2): +6.7% y/y

Net profit

+7.9% y/y

Our priority: accelerating on Investing

Growing AUM thanks to our best-in-class market positioning, coupled with higher efficiency on the value chain through FAM

Increasing Investing revenues thanks to FAM

mln	3Q23	2Q24	3Q24	9M23	9M24
Investing	84 4	89 8	93 9	240 6	268 6
o/w
Placement fees	0 8	1 9	1 4	2 5	4 6
Management fees	100 8	106 2	108 2	293 7	318 0
PFA's: incentives to	-9 3	-8 3	-7 5	-26 0	-23 2
PFA's: LTI to	-0 5	-0 3	-0 4	-2 1	-1 3
Other PFA costs	-7 1	-9 4	-7 4	-27 0	-28 5
Other commissions	0 0	0 0	0 0	0 0	0 0
Other income	-0 3	-0 2	-0 4	-0 5	-0 9

NO PERFORMANCE FEES

Combining growth potential from FAM and emerging advisory trend

FAM key to sustain AUM margins thanks to more efficient value chain, Fineco best placed to catch clients demand for efficient and fair solutions

Fineco best placed to catch the fast growing, clients-driven trend of advanced financial advisory

Brokerage: higher floor as the structure of the market is changing

Increased interest in financial markets by clients and big jump into a more digitalized society

Active investors: less than 20 trades per month; Traders: more than 20 trades per month

Brokerage: new initiatives building a potential to be unlocked

Superior price/quality offer, new initiatives and new market trends are the key drivers of our strong brokerage performance

• ➢ Resilient executed orders despite poor market environment for brokerage, thanks to the increase of the client base
• ➢ Wider client base will act as a multiplier for revenues as soon as the market environment improves

High quality lending

Offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

Cost of Risk on commercial loans (2)

• ◼ Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
• ◼ We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
• ◼ NPE at 26.9 mln with a coverage ratio at 84.2%, NPE ratio at 0.52%
• ◼ LLP equal to -2.7 mln in 9M24

HQLA 19.38 20.24 20.83

Solvency, liquidity ratios

Capital position well above requirements

EMARKET SDIR
CERTIFIED

		Sept 23	Jun 24	Sept 24	Current Requirements	(€/bn)	Sept 23	Jun 24	Sept 24
Y C	CET1 Ratio	24 73%	25 78%	27 29%	8 27%	CET1 Capital	1 11	1 23	1 28
N E V L	Total Capital Ratio	35 90%	36 24%	37 96%	12 64%	Capital Tier1	1 61	1 73	1 78
O S	Leverage Ratio	4 96%	5 35%	5 35%	3 00%	Total Capital	1 61	1 73	1 78
Y	(1) LCR	808%	882%	897%	100%	RWA	4 48	4 78	4 69
T DI UI	NSFR	389%	369%	369%	100%	o/w credit	3 04	3 10	3 03
Q LI	HQLA/Deposits	66%	73%	75%		o/w market	0 06	0 07	0 05
						o/w operational	1 38	1 61	1 61

11 (1) Avg 12 months

❑ Fineco Financial Results

❑ Next steps

❑ Key messages

Clients' profile and focus on Private Banking

Avg TFA per Private client(1)

Outperforming the system in Private Banking growth

TFA and Net Sales evolution

Successful shift towards high added value products thanks to strong productivity of the network

Net sales organically driven key in our strategy of growth

The structure of recruiting is changing: more interest in the quality of the business model by PFAs

Deep dive on our transactional liquidity

Our business model has fully fledged banking platform used by all our clients for their daily activities

Granular and retail deposit base, very sticky thanks to the quality of our customer experience

Focus on liquidity transformation

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

2024 Guidance: improved outlook, record Net Profit expected

Our diversified business model key to successfully deal with the current volatile environment

Revenues

➢ REVENUES expected in FY24 at a record level, with an improvement of the mix in favour of commissions thanks to:

• ➢ o/w INVESTING REVENUES: expected to increase low double digit in FY24 vs FY23 (with neutral market effect going forward). For FY25 expected to increase low double digit vs FY24 (with neutral market effect going forward)
• ➢ o/w BANKING FEES: expected stable in FY24 and with a slight decrease in FY25 due to the new regulation on instant payments
• ➢ o/w BROKERAGE REVENUES: expected to remain strong with a continuously growing floor thanks to the enlargement of our active investors

Costs and provisions

• ➢ OPERATING COSTS: expected growth of around 6% in FY24 vs FY23, not including additional costs mainly for: FAM and marketing expenses. For FY25 expected growth of around 6% y/y, not including additional costs for growth initiatives
• ➢ COST / INCOME: in FY24 and FY25 comfortably below 30% thanks to the scalability of our platform and strong operating gearing
• ➢ COST OF RISK: in a range 5-10 bps in FY24 thanks to the quality of our portfolio

Capital

• ➢ CAPITAL RATIOS: in FY24 growing CET1 and Leverage Ratio. On Leverage Ratio our goal is to remain above 4.5%
• ➢ DPS: for FY24 we expect a higher dividend per share. On excess capital distribution, we are going to take more time as the probability of a higher-than-expected business growth is increasing

Commercial performance

➢ NET SALES: robust, high quality with increasing AUM and deposits net sales

A unique positioning for a long-term growth story

Huge potential to gain additional market share of Italian households' wealth

Looking back 2023/2024: the roots of the step-up in our current growth

Solid improvement in the quality our new clients, coupled with a sizable opportunity for our Investing

Strong acceleration in our organic new clients' acquisition metrics: on track for 2nd record year in a row

Innovation and Simplification Project

Further simplifying clients' user experience thank to easy-to-use new tools and a more efficient marketing engine

Delivering on generative AI

FAMILY&FRIENDS TEST

First application of generative AI, a basis for future developments: a new engine allowing clients to better navigate through our website Help pages

Business abroad

We are assessing the opportunities on the table to expand our business abroad

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

Long term sustainability at the heart of Fineco business model

We are a looking-forward organization playing for the long-run and able to generate a positive impact for all our stakeholders and the society as a whole

Fineco corporate purpose: "to support customers in taking a responsible approach to their financial lives in order to create the conditions for a more prosperous and fairer society"

TRANSPARENCY

Fairness and respect for all our stakeholders ✓ FAM as a champion of ESG: PERFORMANCE FEES FREE trademark

✓ FAIR PRICING

✓ LOW UPFRONT FEES

EFFICIENCY

Fintech DNA: strong focus on IT & Operations, more flexibility, less costs

• ✓ Delivering BEST-IN-CLASS CUSTOMER EXPERIENCE
• ✓ SHARING FAM BENEFITS WITH CLIENTS: better quality and timely products with lower TER

INNOVATION Quality offer for highly SATISFIED CLIENTS

✓ NO short-term AGGRESSIVE COMMERCIAL OFFERS and ZERO REMUNERATION on current accounts

✓ Focus on ORGANIC GROWTH

Fineco as a profitable FinTech Bank: ICT a key business driver

Leveraging on a deep-rooted internal know-how to expand platform scalability and operating gearing

Healthy and sustainable growth with a long term horizon

…with a diversified revenues mix leading to consistent results in every market conditions

25 (1) Figures adjusted by non recurring items and Net Profit adjusted net of systemic charges (FY15: -3.1mln net, FY16: -7.1mln net, FY17: -7.1mln net, FY18: -9.6mln net, FY19: -12.1 mln net, 1Q20: -0.3mln gross, -0.2mln net, 2Q20: -0.7mln gross, -0.4mln net; 3Q20: - 28.0mln gross, -18.7mln net; 4Q20: +2.1mln gross, +1.4mln net; 1Q21: -5.8mln gross, -3.9mln net; 2Q21: -1.9mln gross, -1.3 mln net; 3Q21: -30.0mln gross, -20.1mln net; 4Q21: -2.3mln gross, -1.6mln net; 1Q22: -7.7mln gross, -5.2mln net; 3Q22: -39.0 mln gross, - 26.1 mln net, 4Q22: -1.0mln gross, -0.7mln net); 1Q23: -6.6mln gross, -4.4 mln net; 3Q23: -37.0mln gross, -24.8mln net; 4Q23: 2.0mln gross, 1.3mln net; 1Q24: -35mln gross, -23.4 mln net; 2Q24: -0.3mln gross, -0.2 mln net).

ESG Multi-Year Plan 2024-2026 fully integrated within Banks' strategy

Combining business growth and financial strength with the principles of social and environmental sustainability, in order to create long-term value for all Stakeholders

• ❑ New strategy focuses on challenging ESG objectives(1) within 7 areas:
• Financial Education and advice Customer satisfaction Environment and Supply Chain Diversity & Inclusion Responsible Finance ESG Governance Charitable donations, partnerships and relations with the territory
• ❑ Net-Zero emissions to be achieved by 2050 and with intermediate targets
• ❑ ESG targets included in the 2024-2026 Long-Term Incentive Plan for key resources, included the CEO/GM and other Identified Staff and in the 2024 Short-Term Incentive Plan for both employees and Personal Financial Advisors Identified Staff
• ❑ Environmental Management System of the Bank certified in line with the EU Eco-Management and Audit Scheme
• ❑ Certification on Gender Equality pursuant to UNI 125/2022 reference practice Scheme
• ❑ Contribution for the PFA Network to be borne by the Bank for obtaining EFPA ESG certification
• ❑ FinecoBank is signatory of UN Principles for Responsible Banking and participant of UN Global Compact
• ❑ Fineco AM is signatory of UN Principles for Responsible Investing and participant of UN Global Compact

P&L condensed

				P&L condensed(1)
mln	1Q23	2Q23	3Q23	4Q23	FY23	1Q24	2Q24	3Q24	9M23	9M24
Net financial income	157 4	170 8	180 2	179 5	688 0	180 8	182 5	177 6	508 5	540 8
o/w Net Interest Income	157 4	170 8	180 0	179 5	687 7	179 0	182 5	178 5	508 2	540 0
o/w Profit from treasury management	0 0	0 1	0 1	0 0	0 2	1 8	0 0	-1 0	0 2	0 8
Dividends	0 0	0 0	0 0	0 0	-0 1	0 0	0 0	0 0	0 0	0 0
Net commissions	120 9	121 3	120 1	127 7	489 9	128 6	128 6	130 0	362 2	387 2
Trading profit	15 1	15 0	16 2	14 1	60 4	17 5	20 2	18 4	46 3	56 1
Other expenses/income	0 2	0 0	-0 5	-0 3	-0 6	0 2	0 0	-0 2	-0 3	0 0
Total revenues	293 7	307 0	316 0	320 9	1237 6	327 0	331 3	325 8	916 7	984 1
Staff expenses	-29 8	-30 6	-31 1	-35 3	-126 9	-33 4	-33 6	-35 1	-91 5	-102 1
Other of admin recoveries net .exp.	-37 0	-33 9	-33 2	-40 2	-144 3	-39 5	-41 2	-37 3	-104 1	-118 0
D&A	-6 6	-6 6	-6 9	0 -7	-27 1	-6 4	-6 2	-6 4	-20 1	-19 1
Operating expenses	-73 4	-71 1	-71 3	-82 5	-298 3	-79 3	-81 1	-78 8	-215 8	-239 1
Gross operating profit	220 3	235 9	244 7	238 4	939 3	247 7	250 2	247 0	700 9	744 9
Provisions	-9 3	-2 7	-40 0	-11 6	-63 6	-38 1	0 5	-3 5	-52 0	-41 2
LLP	-0 7	-1 4	0 1	-1 6	-3 6	-0 3	-1 4	-1 0	-2 0	-2 7
Profit from investments	-0 7	0 1	0 7	0 0	0 1	0 4	0 6	0 8	0 1	1 8
Profit before taxes	209 6	231 9	205 5	225 2	872 2	209 7	249 9	243 3	647 0	702 9
Income taxes	-62 4	-70 3	-60 2	-70 3	-263 1	-62 7	-76 5	-73 6	-192 8	-212 9
Net profit for the period	147 3	161 6	145 3	154 9	609 1	147 0	173 3	169 7	454 2	490 0
(2) Net profit adjusted	147 3	161 6	145 3	154 9	609 1	147 0	173 3	169 7	454 2	490 0

9M24 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
financial Net income	1.1	539 8	540 8
Dividends	0.0	32 6	0 0
Net commissions	123.7	263 5	387 2
profit Trading	0.1	56 0	56 1
Other expenses/income	-0.9	1 1	0 0
Total revenues	123.9	893 0	984 1
Staff expenses	-10.1	-92 0	-102 1
Other admin of recoveries net .exp.	-6.8	-111 4	-118 0
D&A	-0.4	-18 6	-19 1
Operating expenses	-17.3	-222 0	-239 1
Gross operating profit	106.5	671 0	744 9
Provisions	0.0	-41 2	-41 2
LLP	0.0	-2 7	-2 7
Profit Investments on	0.0	1 8	1 8
Profit before taxes	106.6	628 9	702 9
Income taxes	-16.1	-196 7	-212 9
profit for Net the period	90.4	432 2	490 0

Details on Net Interest Income

mln	1Q23	Volumes & Margins	2Q23	Volumes & Margins	3Q23	Volumes & Margins	4Q23	Volumes & Margins	FY23	Volumes & Margins	1Q24	Volumes & Margins	2Q24	Volumes & Margins	3Q24	Volumes & Margins	9M23	Volumes & Margins	9M24	Volumes & Margins
Financial Investments	108.1	27,846	110.3	26,545	112.5	25,610	109.2	24,526	440.0	26,132	109.6	24,695	113.9	25,177	113.0	25,281	330.9	26,667	336.4	25,051
Net Margin		1.57%		1.67%		1.74%		1.77%		1.68%		1.78%		1.82%		1.78%		1.66%		1.79%
Gross margin	111.7	1.63%	114.4	1.73%	117.7	1.82%	115.3	1.86%	459.1	1.76%	122.6	2.00%	128.4	2.05%	128.5	2.02%	343.8	1.72%	379.5	2.02%
Leverage - Long	3.4	134	4.4	158	4.7	158	4.5	146	17.0	149	4.6	151	5.0	164	4.5	145	12.5	150	14.0	153
Net Margin		10.43%		11.15%		11.84%		12.17%		11.43%		12.31%		12.21%		12.24%		11.19%		12.25%
Credit Tax	5.7	1,200	7.3	1,409	8.7	1,395	9.4	1,553	31.1	1,389	10.2	1,613	10.6	1,520	10.2	1,308	21.7	1,335	31.1	1,480
Net Margin		1.93%		2.07%		2.47%		2.41%		2.24%		2.55%		2.81%		3.10%		2.17%		2.80%
Lending	40.5	5,549	49.1	5,454	54.1	5,326	56.1	5,207	199.8	5,384	54.7	5,074	53.0	4,923	50.8	4,838	143.7	5,443	158.6	4,945
Net Margin		2.96%		3.61%		4.03%		4.28%		3.71%		4.34%		4.33%		4.18%		3.53%		4.28%
Other	-0.3		-0.2		0.0		0.3		-0.2		-0.1		0.0		0.1		-0.5		-0.1
Total	157.4		170.8		180.0		179.5		687.7		179.0		182.5		178.5		508.2		540.0
Gross Margin Cost of Deposits (avg) 3M EUR		1.88% -0.04% 2.63%		2.09% -0.05% 3.36%		2.26% -0.06% 3.78%		2.34% -0.08% 3.96%		2.14% -0.06% 3.43%		2.45% -0.17% 3.92%		2.49% -0.18% 3.83%		2.44% -0.20% 3.56%		2.08% -0.05% 3.26%		2.46% -0.18% 3.77%

Focus on Bond portfolio

(1) "Other" includes: 1.7bn France, 1.0bn Ireland, 0.7bn Belgium, 0.7bn Austria, 0.6bn USA, 0.3bn Portugal, 0.2bn Germany, 0.2bn Chile, 0.2bn China, 0.1bn Saudi Arabia, 0.2bn other

(2) Sovereign Supranational Agencies and Local Authority

(3) Calculated considering hedging bonds

31

(4) Almost the entire bond portfolio not at fixed rate is swapped

Details on Net Commissions

EMARKET SDIR
CERTIFIED

Net commissions by product area

mln	1Q23	2Q23	3Q23	4Q23	FY23	1Q24	2Q24	3Q24	9M23	9M24
Banking	14	15	12	13	55	12	12	13	42	37
	6	6	0	2	3	0	0	5	1	5
Brokerage	31	24	23	27	105	33	28	24	79	86
	3	2	5	0	9	0	9	7	0	5
o/w	22	16	17	17	73	23	20	18	56	62
Equity	8	1	6	3	8	2	8	5	5	5
Bond
	3	1	2	6	16	6	4	1	11	12
	9	5	1	5	7	2	4	8	1	4
Derivatives
	3	2	2	2	10	2	2	3	8	8
	2	4	6	5	7	8	8	3	2	9
Other commissions	1 4	0 6	1 2	1 5	4 7	0 8	0 8	1 1	3 2	2 7
Investing	75	81	84	88	329	85	90	94	241	269
	0	5	6	7	8	2	1	3	1	6
o/w
Placement fees	0 9	0 8	0 8	0 9	3 4	1 3	1 9	1 4	2 5	4 6
Management fees	94 8	98 1	100 8	99 4	393 1	103 6	106 2	108 2	293 7	318 0
PFA's:	-8	-8	-9	-8	-34	-7	-8	-7	-26	-23
incentives	1	6	3	3	3	4	3	5	0	2
to
PFA's:	-0	-0	-0	-0	-2	-0	-0	-0	-2	-1
LTI	8	7	5	6	6	7	3	4	1	3
to
Other	-11	-8	-7	-7	-34	-11	-9	-7	-27	-28
PFA	9	0	1	0	0	7	4	4	0	5
costs
Other commissions	0 0	0 0	0 0	4 2	4 2	0 0	0 0	0 0	0 0	0 0
(Corporate	0	0	0	-1	-1	-1	-2	-2	0	-6
Center)	0	0	0	2	2	6	4	5	0	4
Other
Total	120	121	120	127	489	128	128	130	362	387
	9	3	1	7	9	6	6	0	2	2

Revenues breakdown by Product Area

mln	1Q23	2Q23	3Q23	4Q23	FY23	1Q24	2Q24	3Q24	9M23	9M24
Net financial income	153 8	166 1	174 6	173 3	667 8	171 5	172 2	167 6	494 5	511 3
o/w Net interest income	153 8	166 0	174 5	173 3	667 6	169 8	172 2	168 6	494 3	510 5
o/w Profit from Treasury Management	0 0	0 1	0 1	0 0	0 2	1 8	0 0	-1 0	0 2	0 8
Net commissions	14 6	15 6	12 0	13 2	55 3	12 0	12 0	13 5	42 1	37 5
profit Trading	-4 3	-0 8	0 3	-2 3	-7 2	-1 4	0 0	-1 0	-4 8	-2 4
Other	0 1	0 0	0 2	0 1	0 3	0 1	0 1	0 1	0 2	0 2
Total Banking	164 2	180 9	187 0	184 3	716 3	182 2	184 3	180 1	532 1	546 6	56%
Net interest income	4 0	5 0	5 6	5 4	19 9	5 7	5 8	5 0	14 5	16 5
Net commissions	31 3	24 2	23 5	27 0	105 9	33 0	28 9	24 7	79 0	86 5
Trading profit	19 0	15 3	16 2	15 7	66 3	18 0	20 3	19 1	50 5	57 5
Other	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	54 3	44 5	45 2	48 1	192 1	56 7	55 0	48 8	144 0	160 5	16%
Net interest income	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	0 75	81 5	84 6	88 7	329 8	85 2	90 1	94 3	241 1	269 6
Trading profit	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Other	-0 2	-0 1	-0 3	-0 2	-0 8	-0 3	-0 2	-0 4	-0 5	-0 9
Investing Total	74 8	81 4	84 4	88 5	329 1	84 9	89 8	93 9	240 6	268 6	27%

9M24 weight on total revenues for each product area

Breakdown Total Financial Assets

mln	Mar	Jun	Sep	Dec	Mar	Jun	Sep
	23	23	23	23	24	24	24
AUM	54	55	55	58	60	61	63
	132	803	400	016	425	645	808
	,	,	,	,	,	,	,
Sicav	35	37	36	38	40	41	43
Funds	962	373	807	839	708	557	557
and	,	,	,	,	,	,	,
Insurance	15	14	14	13	13	13	12
	052	708	359	760	579	242	982
	,	,	,	,	,	,	,
AUC	2	3	3	052	756	6	6
under	787	377	893	5	5	423	832
advisory	,	,	,	,	,	,	,
Other	331	346	341	365	383	422	437
AUC	28	31	33	36	40	42	43
	505	567	200	099	082	053	270
	,	,	,	,	,	,	,
Equity	17	17	17	18	20	21	22
	235	894	676	602	591	455	236
	,	,	,	,	,	,	,
Bond	10	12	14	16	18	19	20
	643	984	767	748	784	966	506
	,	,	,	,	,	,	,
Third-party deposit current accounts	505	564	650	630	605	534	434
Other	122	126	107	118	102	98	94
Direct Deposits	29 340 ,	510 28 ,	27 690 ,	28 442 ,	27 676 ,	576 27 ,	28 189 ,
Total	111	115	116	557	128	131	135
	977	881	289	122	183	274	267
	,	,	,	,	,	,	,

o/w TFA FAM retail	17 416 ,	18 635 ,	18 560 ,	20 003 ,	21 114 ,	21 792 ,	23 326 ,
o/w TFA Private Banking	48 932 ,	51 614 ,	51 643 ,	55 960 ,	59 979 ,	61 839 ,	64 780 ,
o/w Service Advanced Advisory	24 677 ,	25 573 ,	25 719 ,	27 983 ,	29 870 ,	31 175 ,	32 682 ,

Increasing quality and productivity of the Network

Balance Sheet

mln	Mar 23	Jun 23	Sep 23	Dec 23	Mar 24	Jun 24	Sep 24
(1) Due from Banks	1 860 ,	1 934 ,	2 224 ,	2 643 ,	3 808 ,	3 222 ,	3 293 ,
Customer Loans	6 312 ,	6 184 ,	6 058 ,	6 199 ,	6 098 ,	6 116 ,	6 051 ,
Financial Assets	24 366 ,	22 630 ,	21 648 ,	21 417 ,	20 426 ,	20 750 ,	21 532 ,
Tangible and Intangible Assets	268	269	266	271	266	266	265
Derivatives	1 300 ,	1 029 ,	1 028 ,	707	705	738	563
Tax credit acquired	1 314 ,	1 342 ,	1 457 ,	1 618 ,	1 622 ,	1 299 ,	1 317 ,
Other Assets	461	427	406	461	342	391	397
Total Assets	35 881 ,	33 816 ,	33 087 ,	33 316 ,	33 268 ,	32 782 ,	33 416 ,
Customer Deposits	30 878 ,	29 188 ,	28 213 ,	28 758 ,	28 070 ,	28 005 ,	28 581 ,
Due Banks to	1 606 ,	1 300 ,	1 385 ,	867	1 033 ,	1 172 ,	925
Debt securities	799	803	807	809	800	804	808
Derivatives	-8	-13	-16	29	6	-1	39
Funds and other Liabilities	548	628	642	658	690	587	689
Equity	2 058 ,	1 911 ,	2 056 ,	2 195 ,	2 670 ,	2 215 ,	2 374 ,
Total Liabilities and Equity	35 881 ,	33 816 ,	33 087 ,	33 316 ,	33 268 ,	32 782 ,	33 416 ,

Safe Balance Sheet: simple, highly liquid

• ◼ Investment strategy based on a diversified blend of EU government bonds, supranational and agencies
• ◼ 99% not exposed to volatility with no impact in our P&L and BS by the widening of spreads. HTC classification since November 2016
• ◼ Avg maturity at 4.3 years. Overall portfolio duration: 2.6 years
• ◼ Sticky deposits: mostly 'transactional liquidity' gathered for the quality of our services and without aggressive commercial offers. Cost of funding at zero

High-quality lending growth

• ◼ Lending offered exclusively to our well-known base of clients
• ◼ Low-risk: CoR at 7bps, cautious approach on mortgages
• ◼ Strong competitive advantage leveraging on Big Data Analytics and internal IT culture (resulting in unmatched user experience and high customer satisfaction), continuous in-house innovation (i.e. look-through implementation with significant benefits on CET1 ratio), ownership and control of critical infrastructure

Rock-solid capital and liquidity position

(1) Financial assets as reported in the Balance Sheet include the variation in the fair value of hedged bonds for the portion attributable to the risk hedged with the derivative instrument

(2) Due from banks includes 2.5bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Sept.2024

Leverage Ratio Sensitivity

Leverage Ratio comfortably under control

Retained earnings = Tier 1 Capital (mln)

	150	160	170	180	190	200	250	300	350	400	450	500
-3	6	6	6	6	6	6	6	6	6	7	7	7
000	35%	38%	41%	44%	47%	50%	66%	81%	96%	11%	27%	42%
,
-2	6	6	6	6	6	6	6	6	6	7	7	7
500	25%	28%	31%	34%	37%	40%	55%	70%	85%	00%	15%	30%
,
-2	6	6	6	6	6	6	6	6	6	6	7	7
000	15%	18%	21%	24%	27%	30%	45%	59%	74%	89%	04%	18%
,
-1	6	6	6	6	6	6	6	6	6	6	6	07%
500	05%	08%	11%	14%	17%	20%	34%	49%	64%	78%	93%	7
,
-1	96%	99%	6	6	6	6	6	6	6	6	6	6
000	5	5	02%	04%	07%	10%	25%	39%	53%	68%	82%	96%
,
-500	5	5	5	5	5	6	6	6	6	6	6	6
	87%	90%	92%	95%	98%	01%	15%	29%	44%	58%	72%	86%
0	5	5	5	5	5	5	6	6	6	6	6	6
	78%	81%	84%	86%	89%	92%	06%	20%	34%	48%	62%	76%
500	5	5	5	5	5	5	5	6	6	6	6	6
	69%	72%	75%	78%	80%	83%	97%	11%	25%	38%	52%	66%
1	61%	64%	67%	69%	72%	75%	88%	6	6	6	6	6
000	5	5	5	5	5	5	5	02%	16%	29%	43%	56%
,
1	5	5	5	5	5	5	5	5	6	6	6	6
500	53%	56%	58%	61%	64%	67%	80%	93%	07%	20%	34%	47%
,
2	5	5	5	5	5	5	5	5	5	6	6	6
000	45%	48%	51%	53%	56%	59%	72%	85%	98%	12%	25%	38%
,
2	5	5	5	5	5	5	5	5	5	6	6	6
500	38%	40%	43%	46%	48%	51%	64%	77%	90%	03%	16%	29%
,
3	30%	33%	35%	38%	41%	43%	56%	69%	82%	95%	6	6
000	5	5	5	5	5	5	5	5	5	5	08%	20%
,
4	5	5	5	5	5	5	5	5	5	5	5	6
000	16%	19%	21%	24%	26%	29%	41%	54%	67%	79%	92%	04%
,
5	5	5	5	5	5	5	5	5	5	5	5	5
000	03%	05%	08%	10%	12%	15%	27%	40%	52%	64%	76%	88%
,
6	4	4	4	4	4	5	5	5	5	5	5	5
000	90%	92%	95%	97%	99%	02%	14%	26%	38%	50%	62%	74%
,
7	4	4	4	4	4	4	01%	13%	25%	36%	48%	60%
000	78%	80%	82%	85%	87%	89%	5	5	5	5	5	5
,
8	4	4	4	4	4	4	4	5	5	5	5	5
000	66%	68%	71%	73%	75%	78%	89%	01%	12%	23%	35%	46%
,
9	4	4	4	4	4	4	4	4	5	5	5	5
000	55%	57%	60%	62%	64%	66%	78%	89%	00%	11%	22%	33%
,
10	4	4	4	4	4	4	4	4	4	4	5	5
000	45%	47%	49%	51%	53%	56%	67%	78%	89%	99%	10%	21%
,

OUR PRIORITY

Focus on our Balance Sheet to keep under control the growth of deposits and improve our quality revenues mix. Thanks to our new initiatives at the same time we can:

• 1) sustain our growth
• 2) distribute a growing dividend per share
• 3) keep our Leverage Ratio comfortably above the regulatory requirements and in line with our guidance

Considering our organic capital generation after dividend distribution and payment of AT1 coupon, also in case of extremely adverse market scenario, our Leverage ratio would comfortably remain above regulatory requirements and in line with our guidance

LR >4.5%

LCR

Very strong liquidity ratios

HQLA/Deposits

Fineco as of 30.09.2024. HQLA/Deposits based on Pillar III "EU LIQ1 Template" as of 30 June 2024: HQLA 12-month average weighted value; Deposits calculated as retail deposits and deposits from small business customers plus operational and non operational deposits, total unweighted value, 12-month average. Peers are: BBVA, B.BPM, BNP Paribas, CABK, Commerzbank, Credem, Credit Agricole, Danske, Deutsche Bank, HSBC, ISP, Lloyds, Mediobanca, Santander, SocGen, UBS, UCG.

Fineco Asset Management in a nutshell

FAM is active on 7 business lines, providing not only the expertise of the best Asset Managers but also solutions managed internally by FAM to deepen further the range of strategies and the flexibility of FAM catalogue of products.

KEY BENEFITS:

• ✓ Quality improvement and time-to-market for customers and distribution needs
• ✓ Several efficiencies leveraging on a vertically integrated business model combined with the strong operating efficiency which is in Fineco's DNA
• ✓ Better risk management thanks to the lookthrough on daily basis on funds' underlying assets
• ✓ Win-win solution: lower price for clients, higher margins

Preserving our best price/quality ratio

41 (1) Most convenient current accounts. Source: Figures based on publicly available costs for families with average online operations of the main Italian banks (ICC – Indicatore Complessivo dei Costi). The figures relates to the costs of current accounts reported in brackets, and are not taking into account promotions on the fee for the first year.

ESG HIGHLIGHTS

ESG OFFER & BANK's PORTFOLIO

Funds SFDR classification(1):

• ex Art. 8 72% on total no. ISIN (€ 21.1 bn)
• ex Art. 9 6% on total no. ISIN (€ 0.9 bn)

Lending:

• Green Mortgages for the purchase of properties with energy class A or B
• New Green Loan launched at the end of 2023

€ 1.9 bn of green, social and sustainable bonds in Bank's portfolio

ENVIRONMENTAL IMPACT

-31% tCO2e Scope 1 and 2 market-based emissions vs. 2021

-29% tCO2e Scope 3 operational emissions vs 2021

(1)Regulation EU 2019/2088 - Sustainable Finance Disclosure Regulation (2) For buildings in which the electric utilities are registered to Fineco (3) Workers = Employees + PFAs

100% electricity from renewable sources(2)

8 kg/worker(3): paper consumption (10 kg/worker in 2022)

Data related to ESG offer as of 30 September 2024, data related to environment as of 31 December 2023

Our ESG ratings and Indices

EMARKET SDIR
CERTIFIED

RATING AGENCY	EVALUATION SCALE	AS TODAY		ESG INDICES
	(0-100)	68	S&P Global ESG Score Data Availability: Very High	Fineco included in:
	(100-0)	12.1	Among the best international banks with low ESG risk
	(0-100)	82(1)	Among the best banking services companies
	(CCC-AAA)	AA	Leader in the "diversified financials" sector
Moody's Analytics	(0-100)	59	Robust performance
	(From D- to A)	C	Awareness band: Knowledge of impacts on, and of, climate issues
	(F-EEE)	(2) EEE-	Excellent with Stable Outlook	S&P Global 1200 ESG index S&P Global LargeMidCap ESG Index

(2) The score as at 30.09.2024 was EE+ with a Positive Outlook

Commitment towards Net-Zero emissions by 2050 RESPONSIBLE FINANCE - Scope 3 emissions from internal investment portfolio ENVIRONMENT - Scope 1, 2 and Scope 3 emissions from operations % exposure in debt securities of sovereign and bank issuers with a Net-Zero target by 2050(1) Exposure in countries, institutions and banks: > 70% of 2021 Total Consolidated Assets 2021 2030 2050 Scope 1 – CO2e from energy consumption of Milan registered office and of the Fineco Centers with utilities in the Bank's name; CO2e from fuel for company car fleet Scope 2 (market-based) - CO2e from energy consumption of Milan registered office and of the Fineco Centers with utilities in the Bank's name Scope 3 - CO2e from paper consumption of all sites; CO2e from energy consumption of Reggio-Emilia Headquarters, of Fineco AM's Dublin office, of the Data Processing Centers and of the Fineco Centers with utilities in the Personal Financial Advisors' name - 55% - 90% and neutralisation of residual emissions 410 tCO2e - 20% - 90% and neutralisation of residual emissions 1,336 tCO2e 64.5% 95% 100% 2026

Funding

Senior Preferred instrument	AT1 instruments
➢ 16th €300 mln Senior Preferred (6NC5) issued on February , 2023 in order to have an additional buffer above the Fully Loaded MREL Requirement on LRE. • Annual coupon at 4.625% (5 years Mid Swap Rate plus 150 bps vs initial guidance of 175bps) for the first 5 years, floating rate between the fifth and sixth year • Public placement with a strong demand, 4x the offer • The instrument has been rated BBB by S&P	➢ 11th €500 mln perpetual AT1 issued on March , 2024 in order to maintain the Leverage Ratio above 4.5%: • Coupon fixed at 7.5% (initial guidance at 8%) for the initial 5.5 years. First call date: September 11th , 2029 (reset spread 4.889%) • Public placement, with strong demand (7x, €3.45bn), listed in Euronext Dublin • Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves • The instrument was assigned a BB- rating by S&P
➢ €500 mln Senior Preferred (6NC5) issued on October 14th , 2021 in order to be immediately compliant with the Fully Loaded MREL Requirement on Leverage Ratio Exposure (LRE), which is binding starting from January 1st, 2024. • Annual coupon at 0.50% (5 years Mid Swap Rate plus 70 bps vs initial guidance of plus 100 bps) for the first 5 years, floating rate between the fifth and sixth year • Public placement with a strong demand, more than 4x the offer • The instrument has been rated BBB by S&P	➢ rd Fineco has recalled on June 3 , 2024 the €200 mln perpetual AT1 issued on 23rd January , 2018 (private placement fully subscribed by UniCredit, coupon fixed at 7.363% until June 2028). ➢After the results of the tender offer on the €300 mln perpetual AT1 issued on July 11th , 2019 (with €168.1 mln were validly tendered), Fineco will also recall at the first rd available date on December 3 , 2024 the amount of the Notes not purchased. The 300 mln AT1 has a coupon fixed at 5.875%.