Banco BPM SpA

Investor Presentation • Feb 12, 2025

Group FY2024 Results and Strategic Plan update

A Solid – and continuing – Success Story

February 12th, 2025

FY 2024 Results: DISCLAIMER

This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any questions and answers session and any written or oral material discussed following the distribution of this document.

The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiaries disclaim any responsibility or liability for the violation of such restrictions by any person.

This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Banco BPM or any member of its group or any advice or recommendation with respect to such securities, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Banco BPM or any member of its group, or investment decision or any commitment whatsoever. This presentation and the information contained herein does not constitute an offer of securities in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933 (the "Securities Act"), as amended), Canada, Australia, Japan or any other jurisdiction where such offer is unlawful.

The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating without notice. Certain statements in this presentation are forward-looking statements about Banco BPM. Forward-looking statements are statements that are not historical facts and are based on information available to Banco BPM as of the date hereof, relying on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because dependent on factors most of which are beyond Banco BPM's control. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Banco BPM does not undertake any obligation to 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. You should not place undue reliance on forwardlooking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer.

None of Banco BPM, its subsidiaries or any of their respective representatives, directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or otherwise arising in connection therewith.

By participating to the presentation of the Group results and accepting a copy of this presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this presentation.

***

This presentation includes both accounting data (based on financial accounts) and internal managerial data (which are also based on estimates).

Mr. Gianpietro Val, as the manager responsible for preparing the Bank's accounts, hereby states pursuant to Article 154-bis, paragraph 2 of the Financial Consolidated Act that the accounting data contained in this presentation correspond to the documentary evidence, corporate books and accounting records.

Strategic Plan update: DISCLAIMER

This presentation has been prepared by Banco BPM ("Banco BPM") and includes certain forward-looking statements, projections, objectives and estimates reflecting the current views of the management of the Bank with respect to future events.

Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements and information were developed from scenarios based on a number of assumptions, some of which are outside the control of Banco BPM.

Banco BPM does not undertake any obligation to 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. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer.

The information contained herein has not been independently verified. No representation or warranty, express or implied, is or will be given by Banco BPM, its subsidiaries or any of their respective representative, directors, officers, employees or advisers or any other person as to the accuracy, completeness or fairness of the information contained in this presentation and no responsibility or liability whatsoever is accepted by the same for the accuracy or sufficiency thereof or for any errors, omissions or misstatements negligent or otherwise relating there to.

The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiaries disclaim any responsibility or liability for the violation of such restrictions by any person.

This presentation does not constitute a public offer under any applicable legislation or an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Banco BPM and/or Anima Holding S.p.A. or an advice or recommendation with respect to such securities. This presentation and the information contained herein does not constitute an offer of securities in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933 (the "Securities Act"), as amended), Canada, Australia, Japan or any other jurisdiction where such offer is unlawful.

For the purposes of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed following the distribution of this document. 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.

The road towards a >24% RoTE

2024 RESULTS AT ALL-TIME HIGH, ALREADY EXCEEDING 2026 TARGETS

• Net Income Stated at €1.9bn, with €1.5bn dividends
• Net Income Adjusted at €1.7bn and RoTE Adj. at 16%, both well above market consensus and 2026 targets
• Cost/income at 47%: ~ -7.5p.p in 2 years
• Gross NPE ratio at 2.8%, net Bad Loans close to zero¹

OUTSTANDING TARGETS, STILL CONSERVATIVE AND BACKED BY A PROVEN TRACK RECORD OF DELIVERY

• 2027 Net Income €2.15bn, realistic and highly feasible
  • Anima adds ~€0.2bn of Net Income
  • NII reduction factoring in new 3M Euribor scenario @2% avg. in 2026-27
  • All other P&L growth drivers in line with 2023-26 Strategic Plan and mostly conservative if compared to 2024 trajectory
• 2027 RoTE >24% with improved business mix: high value businesses at 45-50% of Net Income

STRONGEST BUSINESS MODEL IN ITALIAN BANKING LANDSCAPE

• Focus on most dynamic regions at European level
• Unparalleled distribution franchise with best-in-class product factories model
• Lowest NII sensitivity across peers² , with Anima transaction to further improve non-interest income contribution: from 40% to 50% of total revenues

MANAGEMENT COMMITTED TO TOP-NOTCH SHAREHOLDER REMUNERATION

• >€6bn cumulative distribution³(vs. €4bn of 2023-26 Plan)
• +€1bn of additional distribution upon obtainment of positive feedback on Danish Compromise application
• Rock-solid capital: CET1 ratio landing point >14%⁴

Notes: 1. €209m excluding loans with State Guarantees. 2. Based on historical observations. 3. Regardless of regulatory treatment of the Anima acquisition. 4. Base case calculated upon obtainment of positive feedback on Danish Compromise application - CET1 ratio > 13% at year-end throughout the plan regardless of regulatory treatment of the Anima acquisition.

Banco BPM: Group FY2024 Results and Strategic Plan updated targets

	Page
FY2024 results	6
Strategic Plan update: key highlights	16
Strategic Plan update: deep dive	26
Final remarks	36
Annex	39

FY2024 results

Accelerated profitability & higher remuneration: unprecedented level

FURTHER PROFITABILITY SUPPORT FROM KEY PRODUCT FACTORIES HAS YET TO EMERGE

Notes: 1. See slide 42 for details. 2. Subject to AGM approval. 3. Calculated on closing price as of 11 February 2025.

FY 2024 results at historical highs, already surpassing our 2026 targets

LEADING TO STRATEGIC PLAN UPDATE

Notes: 1. 2026 commissions and core revenues of the 2023-26 Strategic Plan are restated for some revenues related to payments, consistent with 2024 data. See Methodological Notes for more details.

FY 2024 Net Income Adjusted at €1.7bn (+18% Y/Y)

Net Income Stated +52% Y/Y

P&L HIGHLIGHTS, €m	Q4 23	Q4 24	Chg. Y/Y	FY 23	FY 24	Chg. FY/FY		MAIN FY TRENDS
Net interest income	868	855	-1.4%	3,289	3,440	4.6%				2023-26
Net fees and commissions	467	494	5.9%	1,920	2,004	4.4%				STRATEGIC PLAN
Income from associates	49	46		144	152				3,440
Income from insurance	13	22		46	93			3,289		~3,050
«Core» Revenues	1,397	1,418	1.5%	5,399	5,689	5.4%	NET INTEREST INCOME
Net financial result	-14	-15		-79	-9
o/w Cost of certificates	-75	-64		-263	-284			FY 2023	FY 2024	FY 26 Target
o/w Other NFR	61	49		184	275
Other net operating income	14	31		22	23
Total revenues	1,397	1,434	2.7%	5,341	5,704	6.8%	NET FEES & COMMISSIONS	1,920	2,004	>2,160
Operating costs	-661	-661	0.0%	-2,571	-2,656	3.3%
Pre-Provision income	736	773	5.1%	2,770	3,048	10.0%		FY 2023	FY 2024	FY 26 Target4
Loan loss provisions	-175	-160	-8.8%	-559	-461	-17.4%
Other1	-113	-36		-171	-83			2,571	2,656	~2,700
Profit from continuing operations (pre-tax)	448	578	29.0%	2,041	2,503	22.7%	OPERATING
Taxes	-105	-171		-605	-790		COSTS
Net profit from continuing operations	343	407	18.6%	1,436	1,714	19.3%				FY 26 Target
Systemic charges	1	-4		-127	-71			FY 2023	FY 2024
One-offs2 and other	-23	-178		-45	278			1,432	1,691	>1,500
Net income	321	225	-30.1%	1,264	1,920	51.9%	NET INCOME
							ADJUSTED3
Net income adjusted3	437	446	1.9%	1,432	1,691	18.0%		FY 2023	FY 2024	PREVIOUS PLAN FY 26 Target

2023 data have been restated; see Methodological Notes for details.

Notes: 1. Includes: Net adj. on other financial assets, Net provisions for risks & charges, Profit (loss) on the disposal of equity, Profit (loss) on FV measurement of tangible assets and other elements (pre-tax). 2. Main one-off elements net of tax: gain related to the Payments deal (+€493m in Q3 24) and costs related to the solidarity fund (-€130m in Q4 24). 3. See slide 42 for details. 4. 2026 commissions and core revenues of the 2023-26 Strategic Plan are restated for some revenues related to payments, consistent with 2024 data. See Methodological Notes for more details.

1. FY 2024 Results

9

Net Interest Income: solid Y/Y performance (+4.6%)

Notes: 1. Managerial data of the commercial network. 2. Based on a sensitivity at NII level of ~ €300m (~ €75m on a quarterly basis) at YE 2023 (reduced to ~ €250m at YE 2024), applied to delta of avg. 3M Euribor in the period; «Static» calculation to +/- 100bps parallel shift to interest rates. 3. Sensitivity at NII and NFR level (incl. cost of certificates).

Net Interest Income: proven resilience driven by effective managerial actions

Notes: 1. BPER, Intesa Sanpaolo, MPS, UniCredit Italy. 2. Avg. Yield 2.1%; duration of 2.3 years. 3. Previous issuance dates: Nov. 2023 for AT1, Jan. 2022 for T2, Jun. 2023 for SNP and Nov. 2023 for SP.

Total Net Fees & Commissions at an all time high: €2bn (+4.4% Y/Y)

Notes: 1. 2023 data have been reclassified, see Methodological Notes for details. 2. 2024 affected by the increase in costs of synthetic securitizations (-€23m Y/Y) and cancellation of the fees on C/A excess liquidity in Q1 2023 (~€15m). 3. Include Net commissions and Income from associates from Anima, Agos, Numia, Banco BPM Vita, Vera Vita, BBPM Life, Banco BPM Assicurazioni, Vera Assicurazioni + Income from life Insurance of Banco BPM Vita, Vera Vita, BBPM Life.

1. FY 2024 Results 12

Cost/Income ratio reduced to 47%, driven by rigorous cost discipline Positive contribution from solidarity fund starting from 2025

Headcount: 19,490 employees as of 31/12/2024, -271 vs. YE 2023.

Retail network: 1,358 branches as of 31/12/2024, stable vs. YE 2023. Excl. 54 private branches of Banca Aletti, 25 other Group outlets and 1 branch of Aletti Suisse.

Outperforming derisking plan, with enhanced asset quality and CoR

Notes: 1. Gross book value.

N.B. Starting from 31/12/24, Customer Loans at Amortised Cost exclude the GACS senior notes. Historic data have been restated accordingly.

Strong Capital, Liquidity and Funding position

SOLID LEVELS OF LIQUIDITY AND FUNDING RATIOS

Notes: 1. MDA buffer equivalent to the buffer vs. CET 1 Minimum Requirement. 2. Buffer as of 31/12/23 calculated applying requirement for 2024. 3. Subject to AGM approval. 4. Considering the requirement for 2025 (phased-in). 5. Managerial data. 6. Buffer at YE 2023 calculated on 2023 requirement; buffer at YE 2024 calculated with new 2025 requirement (phased-in).

15 1. FY 2024 Results

Strategic Plan update: key highlights

A Solid – and continuing – Success Story

A highly attractive competitive position, built on best-in-class footprint and a leading product factories model

Notes: 1. Market shares calculated on the number of branches (Source: Studies and Research processing on Bank of Italy Supervisory Reports as of 30/06/2024). 2. Gross Core Performing Customer Loans as of 31/12/2024 (excludes Repos and Leasing).

A management team with an undisputable track-record of growth and accomplishments...

2024 ACTUAL RESULTS WELL AHEAD OF 2026 TARGETS ACROSS ALL MAIN KPIS

Notes: 1. On an adjusted basis. 2. Provided to the market during 2024. 3. Subject to AGM approval.

...constantly exceeding market expectations and generating superior shareholder value creation

Notes: 1. FTSE Italy Banks Index. 2. Calculated based on (i) actual or consensus annual dividend per share pertaining to the 2024 fiscal year results and (ii) share prices as of 11/02/2025. Peers: ABN AMRO, Banca MPS, Banco de Sabadell, Bankinter, BBVA, BNP Paribas, BP Sondrio, BPER, CaixaBank, Crédit Agricole, Credem, HSBC Holdings, ING, Intesa Sanpaolo, KBC Group, Lloyds Banking Group, Mediobanca, NatWest Group, UniCredit.

2. Strategic Plan update: key highlights

19

Sizeable increase of Net Income target for 2026, with further growth in 2027

• Updated macro scenario with conservative assumptions (-110bps in 2026 vs previous est.)
• New starting point: strong 2024 performance, ahead of 2023-26 Plan by >€300m, allowing to further increase our targets
• Key pillars, actions and drivers of the 2023-26 Plan all confirmed, adding contribution from full integration of Anima starting from 2H 2025
• Three years horizon for targets maintained

KEY MESSAGES	BETTER PERFORMANCE, HIGHER REMUNERATION
		2023-26 STRATEGIC PLAN	UPDATE incl. ANIMA1
	Net Income at end of Plan	> €1.5bn in 2026	€2.15bn in 2027 (€1.95bn in 2026)
	4-yr cumulative shareholder remuneration	~ €4bn 2023-2026	>€6bn + €1bn2 2024-2027
	RoTE at end of Plan	~ 13.5% in 2026	>24% in 2027 (>20% in 2026)
	CET1 ratio landing point	~ 14% in 2026	>14%3 in 2027

Notes: 1. Including Anima 100% stake. 2. Additional shareholder remuneration upon obtainment of positive feedback on Danish Compromise application. 3. Base case calculated upon obtainment of positive feedback on Danish Compromise application - CET1 ratio > 13% at year-end throughout the plan regardless of regulatory treatment of the Anima acquisition.

20 2. Strategic Plan update: key highlights

Updated main underlying macro-economic assumptions

Notes: 1. Approved in December 2023. Sources: processing on Prometeia data.

2027 Net Income target builds on our excellent performance in 2024, with Anima providing additional contribution

Notes: 1. See slide 42 for details. 2. Corresponding to ~0.9€ EPS guidance for 2024 (Dec 2023).

Main performance drivers aligned with 2023-26 Strategic Plan

SAME STAND-ALONE DRIVERS AS IN 2023-26 STRATEGIC PLAN, WITH DIFFERENT STARTING POINTS

CORE GROSS PERF.	NET FEES &	INDIRECT	OPERATING	COST OF RISK
CUSTOMER LOANS	COMMISSIONS	FUNDING	COSTS
~ +1.7%	~ +4.4%	~ +6%	Stable	~ 40bps
3-yr CAGR1	3-yr CAGR1	3-yr CAGR1		end of Plan target2

Integration of Anima adding ~€0.2bn of Net Income in 2027, based on consensus and conservative synergies estimation 8

KEY ASSUMPTIONS

• Net Income (€ bn) From 22.4% to 100% stake, included in consolidated P&L figures line by line (reclassification vs. today: (-) income from associates, (+) commissions and costs)
  • Projections based on 2026 consensus inertially extended to 2027
  • Assumptions for synergies highly conservative:
    • Removal of amortization of intangibles at consolidated level
    • Synergies from acquisition

policies

and 2026

• New LTIP alignment to BBPM

• Central functions synergies – Integration costs factored in 2025

Key cost synergies Key revenue synergies

• +5/10p.p. of Anima products penetration on BBPM distribution channels

0.23 0.20 (additional ~78% stake) 0.06 (current ~22% stake) 0.05 (current ~22% stake)

2024 2027

0.26

Update on Anima PTO: 43.3% of capital already committed, new proposed price allowing to maintain significant shareholder value creation 8

• General Assembly meeting planned for 28/02. Key decisions:
  • Approve new offer price: level proposed at €7 per share
  • Provide the Board with the Authority to waive the conditions precedent of the initial offer, including:

    • Minimum acceptance level of the Offer resulting in a stake of BBPM Group of at least 66.67%

    • Obtainment of positive feedback from ECB on Danish Compromise application prior to the conclusion of the offer period

GENERAL ASSEMBLY MEETING COMMITMENTS AND OTHER ELEMENTS

• Received commitments to tender by Poste and FSI for 21.3% of Anima share capital (leading to a fully-diluted stake of 43.3% considering the shares already held by Banco BPM), subject to approval of General Assembly resolutions concerning authorization to amend terms and conditions of the offer, required in light of the "passivity rule"
• Anima management entitled to receive ~4.7% of share capital following LTIP acceleration; these shares are subject to 12 months lock-up (excluding "sell to cover" portion: up to ~50% of such shares) unless tendered to the offer

INDUSTRIAL AND FINANCIAL RATIONALE OF THE DEAL ANNOUNCED ON NOVEMBER 6TH FULLY CONFIRMED

This slide does not constitute or form any part of an offer to exchange or purchase, or solicitation of an offer to buy or exchange, any securities. Any such offer or solicitation will be made only pursuant to official offer documentation approved by the appropriate regulators. Information on the Anima public cash tender offer can be retrieved on the official website of Banco BPM and access to such information is subject to the restrictions specified therein.

25 2. Strategic Plan update: key highlights

Notes: 1. Based on 2027 projections. 2. Assuming 100% ownership and confirmation of Danish Compromise application.

Strategic Plan update: deep dive

Strategic Plan update: Net Income 2027 at €2.15bn, RoTE >24%

			2023-26 PLAN		UPDATE INCL. ANIMA
€ bn	2023	2024	2026 3	2026	2027	Lower contribution to revenues from NII,
Total revenues	5.34	5.70	~ 5.4	6.07	6.36	factoring in a conservative interest rates
o/w NII	3.29	3.44	~ 3.05	3.01	3.15	scenario
o/w Net fees & commissions	1.92	2.00	>2.16	2.65	2.78
Core revenues	5.40	5.69	~ 5.54	5.93	6.24	Net fees & commissions strongly and positively impacted by Anima, further
o/w key product factories1	0.86	0.97	~ 1.18	1.60	1.72	improving fee-income contribution to revenues
Non-interest income on total revenues	38%	40%	~ 43%	50%	50%
Operating costs	2.57	2.66	~ 2.7	2.79	2.79
Cost/Income	48%	47%	<50%	46%	44%	Cost/Income and Cost of Risk furtherly decreasing
CoR (bps)	54	46	~ 45	43	40
Net Income	1.43 Adj.2	1.69 Adj.2	>1.5	1.95	2.15	• Net Income target (2027) increased by 40% vs. Strategic Plan 2023-26 (2026)
RoTE	14.1%	16.0%	~ 13.5%	>20%	>24%	• Outstanding RoTE

Notes: 1. Include Net fees & commissions + Income from associates from Anima, Agos, Numia, Banco BPM Vita, Vera Vita, BBPM Life, Banco BPM Assicurazioni, Vera Assicurazioni + Income from life Insurance of Banco BPM Vita, Vera Vita, BBPM Life. 2. See slide 42 for details. 3. 2026 commissions and core revenues of the 2023-26 Strategic Plan are restated for some revenues related to payments, consistent with 2024 data. See Methodological Notes for more details.

27 3. Strategic Plan update: deep dive

Volumes: moderate loan growth, indirect funding remix towards AuM

• Same growth assumptions of 2023- 26 Strategic Plan despite more favorable interest rates scenario
• Target well below historical-high

▪ Limited use of time deposits vs. 2023-26 Strategic Plan in accordance with the updated interest rate environment

Confirmed importance of net wholesale bond issuance activity over Plan horizon: €3.4bn (2025-27)¹ , of which €2.1bn secured bonds and €1.3bn unsecured bonds

▪ Indirect funding CAGR conservatively below current trend

▪ Remix towards AuM thanks to more favorable interest rate environment

Notes: 1. After a volume of >€4.3bn in 2024; net of maturities.

NII: a demonstrated track record of managerial actions effectively compensating sensitivity xx Euribor 3M (yearly avg.)

Notes: 1. Peers including BPER, ISP, MPS, UCI Italy. 2. Sensitivity at YE 2024 of ~€250m at NII level, applied to delta of avg. 3M Euribor in the period; «Static » calculation to +/- 100bps parallel shift to interest rates.

Net fees & commissions: growth sustained by strategic partnerships at "full steam" and additional contribution from Anima consolidation

Notes: 1. Includes Anima distribution fees. 2. Includes Consumer Credit, Payments System and P&C Insurance. 3. CIB, Structured Finance and Trade Finance. 4. After neutralizing fees on C/A excess liquidity in Q1 2023 (~€15m) and the increase in costs of synthetic securitizations (-€23m Y/Y).

3. Strategic Plan update: deep dive

30

Revenues from key product factories: Anima consolidation to further increase key product factories revenues

Operating costs: decreasing stand-alone cost base despite reinforced investment plan

2024-2027, € bn

Asset quality: prudent projections leaving room for further improvement

2027 Net Income target: comparison vs. market consensus

Breakdown across single P&L lines

	2027 NET INCOME		KEY DRIVERS OF THE STAND-ALONE PRE-TAX UPSIDE
€ bn			€ bn	2024 BBPM actual	2027 BBPM target	2027 market consensus	Upside vs. consensus (2027)	Main drivers justifying the upside
2.15	+78% stake of Anima		NII	3.44	3.15	3.04	+0.10	• Consensus embeds no managerial actions (worth >€0.1bn in 2024)
0.20	Upside vs. consensus:		Net fees & Commissions	2.00	2.28	2.18	+0.10	• Current consensus CAGR 24-27 is < 3% • 2024 normalized growth > 6% • Product factories will be at "full steam" from 2026
Stand-alone	~1.50	• ~€0.45bn net • ~€0.65bn pre-tax	Other revenues (o/w NFR)	0.26 (-0.01)	0.45 (0.08)	0.32 (-0.02)	+0.13 (+0.10)	• Benefit from certificates: more than €0.1bn with - 160bps of Euribor between 2024 and 2027 • NFR includes MPS dividend starting from 2025 • Product factories providing >€0.1bn on top of 2024 leveraging on life insurance revenues and key JVs profitability trajectory
1.95			Operating costs (o/w HR)	-2.66 (-1.75)	-2.62 (-1.68)	-2.73 (-1.76)	+0.11 (+0.08)	• HR costs: target for 2027 already locked-in relying on signed agreements • Other costs: ongoing cost discipline actions implementation
BBPM target	Market consensus		LLPs and other provisions	-0.54	-0.42	-0.61	+0.12 LLPs +0.07 other provisions	• CoR: target highly consistent with 2024 improvement trajectory and trend reported by peers • Other provisions: Real Estate investment portfolio (key driver for historical provisions) down to < €0.48bn from €1.0bn at beginning of 2024 (~€1.1bn at beginning of 2023)
	stand-alone

Rock-solid capital position

Notes: 1. Upon obtainment of positive feedback on Danish Compromise application.

update: deep dive

Final remarks

Cumulative Net Income > €7.7bn, enabling a further increase in shareholder remuneration

SIZEABLE 2024-27 SHARHEOLDER REMUNERATION

• >50% current market cap²
  • Form of remuneration (dividends / buyback) to be reassessed periodically
  • Interim dividend confirmed throughout the Plan horizon

+1 >6	2025 GUIDANCE3	vs. FY2024
Updated targets 2024-27	• Total revenues: positive trend even assuming further decrease in Euribor 3M4
>24%	NII "at full funding cost"5 – : – Net fees & commissions:	NET INCOME 2025
	• Cost/Income:	> 2024 ADJ.
Updated targets 2024-27	• Provisions:

Notes: 1. 4. Final remarks Subject to AGM approval. 2. Market cap as of 11/02/2025. 3. Assuming Anima to be consolidated at the end of 2Q 2025. 4. Versus base case. 5. Including cost of certificates.

A clear evolution path towards an increasingly value-oriented and well diversified business mix

Notes: 1. Includes income from companies and net commissions generated from products distribution (adjusted assuming relative year Cost/Income and tax rate). 2. Includes Finance and Corporate Center.

P&L: Quarterly comparison

emarket sdir storage
CERTIFIED

Reclassified income statement (€m)	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Chg. Q/Q	Chg. Q/Q %
Net interest income	743.0	809.9	868.7	867.7	864.4	858.4	861.9	855.3	-6.6	-0.8%
Income (loss) from invest. in associates carried at equity	36.3	24.3	34.1	49.4	30.3	44.6	31.1	45.6	14.5	46.6%
Net interest, dividend and similar income	779.3	834.2	902.8	917.0	894.7	903.0	893.1	901.0	7.9	0.9%
Net fee and commission income	493.1	484.7	474.9	466.8	521.6	499.8	488.1	494.4	6.3	1.3%
Other net operating income	2.4	1.4	4.2	13.7	3.8	-1.3	-10.4	31.3	41.8	n.m
Net financial result	-34.1	-8.4	-22.8	-13.8	8.8	-50.8	48.0	-14.8	-62.8	n.m
Income from insurance business		15.0	8.2	13.1	4.8	10.0	56.2	22.4	-33.8	-60.1%
Other operating income		492.7	464.5	479.9	539.1	457.6	581.8	533.3	-48.5	-8.3%
Total income	1,250.3	1,326.9	1,367.3	1,396.9	1,433.8	1,360.6	1,474.9	1,434.3	-40.6	-2.8%
Personnel expenses	-405.4	-402.9	-402.2	-461.5	-431.6	-428.9	-435.6	-449.1	-13.5	3.1%
Other administrative expenses	-170.2	-166.6	-165.1	-150.5	-172.9	-176.1	-152.3	-143.5	8.9	-5.8%
Amortization and depreciation	-64.5	-65.2	-68.1	-49.1	-64.1	-64.9	-68.2	-68.5	-0.3	0.4%
Operating costs	-640.1	-634.7	-635.3	-661.1	-668.7	-669.9	-656.1	-661.0	-4.9	0.7%
Profit (loss) from operations	610.3	692.2	732.1	735.7	765.1	690.6	818.8	773.3	-45.5	-5.6%
Net adjustments on loans to customers	-137.5	-121.3	-124.8	-175.0	-82.5	-111.6	-107.8	-159.6	-51.8	48.1%
Profit (loss) on FV measurement of tangible assets	-1.9	-30.5	-11.8	-102.7	-13.4	-12.6	-14.1	-14.5	-0.4	2.5%
Net adjustments on other financial assets	0.7	0.5	-1.0	-2.1	-3.0	-0.3	1.2	-6.5	-7.7	n.m
Net provisions for risks and charges	2.4	0.9	-17.2	-8.3	-5.0	13.2	-16.1	-14.3	1.8	-11.3%
Profit (loss) on the disposal of equity and other invest.	0.2	-0.4	0.3	0.3	0.4	0.6	2.1	-0.7	-2.7	n.m
Income (loss) before tax from continuing operations	474.2	541.4	577.6	447.8	661.7	580.0	684.0	577.7	-106.3	-15.5%
Tax on income from continuing operations	-147.4	-169.7	-183.0	-104.7	-215.4	-180.4	-223.0	-170.8	52.2	-23.4%
Income (loss) after tax from continuing operations	326.8	371.8	394.6	343.1	446.3	399.6	461.0	406.9	-54.1	-11.7%
Systemic charges after tax	-57.3	-0.4	-69.6	0.7	-68.1	1.5	0.0	-4.4	-4.4	n.m
Impact of bancassurance reorganization	0.0	0.0	0.0	-22.2	2.5	0.0	0.0	0.0	0.0	n.m
Realignment of fiscal values to accounting values	0.0	0.0	0.0	8.8	0.0	0.0	0.0	0.0	0.0	n.m
Impact on Payment Business	0.0	0.0	0.0	0.0	0.0	0.0	493.1	0.0	-493.1	-100.0%
Restructuring costs	0.0	0.0	0.0	0.0	0.0	-11.7	0.0	-130.2	-130.2	n.m
Income (loss) attributable to minority interests	0.0	0.4	0.1	-0.4	0.0	0.0	0.0	0.0	0.0	50.0%
Purchase Price Allocation after tax	-7.4	-6.8	-7.3	-6.8	-8.7	-10.0	-9.4	-6.9	2.5	-26.4%
Fair value on own liabilities after Taxes	3.3	-5.8	1.2	-2.1	-1.8	0.5	1.0	1.5	0.6	56.1%
Client relationship impairment, goodwill and partecipation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-42.4	-42.4	n.m.
Net income (loss) for the period	265.3	359.1	319.0	321.1	370.2	379.9	945.7	224.6	-721.2	-76.3%

P&L: FY comparison

Reclassified income statement (€m)	FY 23	FY 24	Chg. Y/Y	Chg. Y/Y %
Net interest income	3,289.2	3,440.0	150.8	4.6%
Income (loss) from invest. in associates carried at equity	144.1	151.7	7.6	5.3%
Net interest, dividend and similar income	3,433.3	3,591.7	158.4	4.6%
Net fee and commission income	1,919.6	2,003.8	84.3	4.4%
Other net operating income	21.7	23.4	1.6	7.5%
Net financial result	-79.0	-8.8	70.2	-88.8%
Income from insurance business	45.9	93.4	47.6	103.8%
Other operating income	1,908.1	2,111.8	203.7	10.7%
Total income	5,341.4	5,703.5	362.1	6.8%
Personnel expenses	-1,672.0	-1,745.2	-73.3	4.4%
Other administrative expenses	-652.4	-644.8	7.6	-1.2%
Amortization and depreciation	-246.8	-265.7	-18.9	7.7%
Operating costs	-2,571.2	-2,655.7	-84.5	3.3%
Profit (loss) from operations	2,770.3	3,047.8	277.6	10.0%
Net adjustments on loans to customers	-558.6	-461.5	97.1	-17.4%
Profit (loss) on FV measurement of tangible assets	-146.8	-54.6	92.2	-62.8%
Net adjustments on other financial assets	-2.0	-8.6	-6.6	n.m.
Net provisions for risks and charges	-22.2	-22.2	0.0	0.0%
Profit (loss) on the disposal of equity and other invest.	0.3	2.4	2.1	n.m.
Income (loss) before tax from continuing operations	2,041.0	2,503.4	462.4	22.7%
Tax on income from continuing operations	-604.8	-789.6	-184.8	30.6%
Income (loss) after tax from continuing operations	1,436.3	1,713.8	277.5	19.3%
Systemic charges after tax	-126.6	-71.0	55.6	-43.9%
Impact of bancassurance reorganization	-22.2	2.5	24.7	n.m
Realignment of fiscal values to accounting values	8.8	0.0	-8.8	n.m
Impact on Payment Business	0.0	493.1	493.1	n.m
Restructuring costs	0.0	-141.9	-141.9	n.m
Income (loss) attributable to minority interests	0.0	0.0	0.0	-50.0%
Purchase Price Allocation after tax	-28.3	-34.9	-6.6	23.1%
Fair value on own liabilities after Taxes	-3.5	1.2	4.7	n.m
Client relationship impairment, goodwill and partecipation	0.0	-42.4	-42.4	n.m
Net income (loss) for the period	1,264.5	1,920.4	655.9	51.9%

P&L FY 2024: comparison of stated vs. adjusted

Reclassified income statement (€m)	FY 24	FY 24 Adjusted	One-off	Non-recurring items
Net interest income	3,440	3,440	0
Income (loss) from invest. in associates carried at equity	152	152	0
Net interest, dividend and similar income	3,592	3,592	0
Net fee and commission income	2,004	2,004	0
Other net operating income	23	23	0
Net financial result	-9	7	-15	Real Estate disposal (Project " Square")
Income from insurance business	93	93	0
Other operating income	2,112	2,127	-15
Total income	5,704	5,719	-15
Personnel expenses	-1,745	-1,745	0
Other administrative expenses	-645	-645	0
Amortization and depreciation	-266	-266	0
Operating costs	-2,656	-2,656	0
Profit (loss) from operations	3,048	3,063	-15
Net adjustments on loans to customers	-461	-427	-34	Additional derisking
Profit (loss) on FV measurement of tangible assets	-55	0	-55	Adjustments on tangilble assets
Net adjustments on other financial assets	-9	-9	0
Net provisions for risks and charges	-22	-11	-12	Real Estate disposal (Project " Square")
Profit (loss) on the disposal of equity and other invest.	2	0	2
Income (loss) before tax from continuing operations	2,503	2,617	-113
Tax on income from continuing operations	-790	-821	32
Income (loss) after tax from continuing operations	1,714	1,795	-82
Systemic charges after tax	-71	-71	0
Impact of bancassurance reorganization	2	0	2
Realignment of fiscal values to accounting values	0	0	0
Impact on Payment Business	493	0	493	Capital gain from closure on Numia deal
Restructuring costs	-142	0	-142	Costs related to solidarity fund and the incentivised pension scheme
Income (loss) attributable to minority interests	0	0	0
Purchase Price Allocation after tax	-35	-35	0
Fair value on own liabilities after Taxes	1	1	0
Client relationship impairment, goodwill and partecipation	-42	0	-42	Partecipations: FV adjustment and disposal
Net income (loss) for the period	1,920	1,691	230

Positive trend in FVOCI debt reserves and Net Financial Result

Notes: 1. Refer to securities portfolio of the banking business. 2. Portfolio sensitivity for a 1 bp rate variation, including hedging strategies. Managerial data. 3. Cost of Certificates, classified under NFR, in accordance with Bank of Italy accounting schemes, impacted by trend in interest rates.

Balance Sheet

Reclassified assets (€ m)					Chg. Y/Y	Chg. Q/Q
	31/12/23	31/03/24	30/06/24	30/09/24	31/12/24	Value	%	Value	%
Cash and cash equivalents	18,297	9,877	10,994	9,079	12,125	-6,173	-33.7%	3,046	33.6%
Loans and advances measured at AC	108,154	106,859	104,406	103,573	103,090	-5,065	-4.7%	-484	-0.5%
- Loans and advances to banks	4,142	3,228	3,621	3,332	3,362	-779	-18.8%	30	0.9%
1 - Loans and advances to customers ( )	104,013	103,631	100,785	100,242	99,727	-4,285	-4.1%	-514	-0.5%
Other financial assets	45,120	49,132	51,347	51,168	51,301	6,181	13.7%	133	0.3%
- Assets measured at FV through PL	7,392	7,667	8,698	7,986	9,319	1,927	26.1%	1,333	16.7%
- Assets measured at FV through OCI	10,693	10,883	12,111	13,363	13,280	2,587	24.2%	-83	-0.6%
- Assets measured at AC	27,036	30,582	30,537	29,819	28,703	1,667	6.2%	-1,117	-3.7%
Financial assets pertaining to insurance companies	15,345	15,645	15,695	16,291	16,690	1,345	8.8%	399	2.4%
Equity investments	1,454	1,419	1,429	1,736	1,708	254	17.5%	-27	-1.6%
Property and equipment	2,858	2,829	2,775	2,502	2,514	-344	-12.0%	12	0.5%
Intangible assets	1,253	1,261	1,248	1,240	1,257	3	0.3%	17	1.4%
Tax assets	4,201	4,062	3,926	3,708	3,373	-829	-19.7%	-335	-9.0%
Non-current assets held for sale and discont. operations	469	449	445	526	445	-24	-5.2%	-81	-15.4%
Other assets	4,946	5,150	5,516	5,613	5,708	762	15.4%	95	1.7%
Total	202,099	196,683	197,782	195,434	198,209	-3,890	-1.9%	2,775	1.4%
Reclassified liabilities (€ m)						Chg. Y/Y		Chg. Q/Q
	31/12/23	31/03/24	30/06/24	30/09/24	31/12/24	Value	%	Value	%
Banking Direct Funding	120,770	123,379	124,149	122,503	126,149	5,379	4.5%	3,646	3.0%
- Due from customers	101,862	102,563	103,683	99,750	102,757	895	0.9%	3,007	3.0%
- Debt securities and other financial liabilities	18,908	20,816	20,466	22,753	23,392	4,484	23.7%	639	2.8%
Insurance Direct Funding & Insurance liabilities	15,041	15,417	15,388	15,973	16,215	1,173	7.8%	242	1.5%
- Financial liabilities measured at FV pertaining to insurance companies	2,800	2,941	3,076	3,226	3,332	531	19.0%	105	3.3%
- Liabilities pertaining to insurance companies	12,241	12,476	12,312	12,746	12,883	642	5.2%	137	1.1%
Due to banks	21,691	11,134	12,396	8,594	6,333	-15,358	-70.8%	-2,261	-26.3%
Debts for Leasing	671	662	646	660	646	-25	-3.7%	-14	-2.1%
Other financial liabilities designated at FV	25,698	27,046	26,746	25,792	28,704	3,006	11.7%	2,911	11.3%
Other financial liabilities pertaining to insurance companies	73	76	71	70	56	-16	-22.7%	-14	-19.7%
Liability provisions						94		197	24.9%
	895	884	778	792	989		10.5%
Tax liabilities	454	545	481	504	472	18	3.9%	-33	-6.5%
Liabilities associated with assets held for sale	212	209	215	1	1	-211	-99.4%	0	7.5%
Other liabilities	2,557	2,966	3,177	5,563	4,041	1,484	58.0%	-1,522	-27.4%
Minority interests	0	0	0	0	0	0	n.m.	0	-4.2%
Shareholders' equity	14,038	14,365	13,733	14,982	14,604	566	4.0%	-378	-2.5%

44 Notes: 1. Starting from 31/12/24, Customer Loans at Amortised Cost exclude GACS senior notes. Historic data have been restated accordingly.

Annex: FY 2024 Performance Details

Total Customer Financial Assets +€12bn Y/Y and €21.5bn of New Lending

TOTAL CUSTOMER FINANCIAL ASSETS

INDIRECT CUSTOMER FUNDING +€10.0bn Y/Y (+9.4%)

• +€5.9bn AUC
• +€4.1bn AUM

CORE CUSTOMER DEPOSITS +1.4% Y/Y

• High-value deposit base, with >80% Retail & SME deposits¹
• Guaranteed deposits >€55bn

CORE PERFORMING CUSTOMER LOANS

Strong liquidity & funding position

Notes: 1. Weighted amount. 2. Managerial data. 3. See slide 49 for more details. 4. The amount as of 30/09/24 included €1.7bn of TLTRO and €1.0bn of MRO exposure. The amount as of 31/12/2024 includes €0.75 of MRO and \$1bn of non - euro monetary policy operations. 5. Trend improved on short and long-term Issuer and Debt ratings on 18 April 2024 and also on Long-Term Deposit rating on 4 Nov. 2024. 6. Managerial data. See slide 47 for more details.

Strong and well diversified liability profile, driven by successful issuance activity

In rolling out its funding plan, Banco BPM considers not only regulatory MREL requirements but also rating agency thresholds and buffers

Managerial data of the banking business.

Notes: 1. Include also Repos with underlying retained Covered Bonds & ABS. 2. MREL Requirements for 2025 (Phasedin). Managerial data. 3. Excluding issues of retained CB and ABS underlying REPOs (€2.6bn in 2022, €3.8bn in 2023 and €1.9bn in 2024). 4. Issued under the Green, Social and Sustainability Bonds Framework. 5. Private placement.

Wholesale bond maturities and calls

0.50

0.22

Calls €0.72bn

€ bn

Managerial data of the banking business, based on nominal amounts.

Notes: 1. Excluding Repos with retained CB, ABS as well as CCT as underlying (€0.57bn maturities in 2025; €4.15bn maturities in 2026 and €3.65bn maturities in 2027). 2. Redemption profile based on the first call date for callable subordinated bonds. For some instruments, the exercise of the call is subject to prior approval by the competent authority. The information provided in this chart should not be considered as a confirmation of their actual exercise.

Annex: FY 2024 Performance Details

48

Total Direct Funding from the Banking business

EVOLUTION OF TOTAL DIRECT FUNDING¹

Capital-protected Certificates & other Debt Securities at FV	126.0			128.6		132.0
REPOs & Other
Bonds	98.8			97.3		100.3
C/A, Sight & Time deposits - (Core Funding)	(78.4%)			(75.7%)		(75,9%)
(% Share on total)
	31/12/2023			30/09/2024		31/12/2024
		31/12/23	30/09/24	31/12/24	% chg. Y/Y	% chg. Q/Q
C/A & Sight deposits		98,6	96,1		0,2%	2,8%
Time deposits		0,2	1,2	98,8 1,4	490,4%	18,5%
Bonds		18,9	22,7	23,4	23,7%	2,8%
REPOs & Other		3,0	2,4	2,5	-17,2%	3,3%
Capital-protected Certificates & other Debt Securities at FV		5,3	6,1	5,9	11,8%	-2,7%

Notes: 1. Starting from Q1 2024, the short-term Repos have also been considered within the managerial view of Total Direct Funding from the banking business; historic data have been restated accordingly.

Indirect customer funding up at €116.2bn: +9.4% Y/Y; +1.5% Q/Q

Managerial data of the commercial network

Notes: 1. AuM from Bancassurance as of 31/12/2024 contains €16.0bn pertaining to Banco BPM Vita, Vera Vita and BBPM Life included also in the balance sheet item "Insurance Direct Funding and Insurance liabilities", as fully consolidated (€15.7bn as of 30/09/2024; €15.3bn as of 31/12/23.

Optimization and diversification of Debt Securities portfolio

COMPOSITION BY COUNTERPARTY

▪ IT govies on total govies at 38.5%

▪ Share of IT govies on FVOCI govies ptf. at 16.8%

THIS SLIDE REFERS TO THE SECURITIES PORTFOLIO OF THE BANKING BUSINESS

Starting from 31/12/24, Debt Securities portfolio at AC includes the GACS senior notes. Historic data have been restated accordingly.

Notes: 1. Include Corporate and Financial securities, Sovranational securities and GACS senior notes.

Net Customer Loans at Amortized Cost

EVOLUTION OF NET CUSTOMER LOANS

					Change
Net Performing Customer Loans	31/12/23	30/09/24	31/12/24	In % Y/Y	In % Q/Q
Core customer loans	96.9	95.1	94.8	-2.1%	-0.3%
- Medium/Long-Term loans	77.1	75.7	75.2	-2.5%	-0.7%
- Current Accounts	7.5	7.6	7.7	3.6%	2.3%
- Cards & Personal Loans	0.7	0.5	0.5	-29.2%	-4.5%
- Other loans	11.7	11.4	11.5	-2.2%	0.9%
Repos	4.8	3.1	3.0	-38.0%	-3.2%
Leasing	0.4	0.3	0.3	-24.9%	-5.5%
Total Net Performing Loans	102.2	98.5	98.1	-3.9%	-0.4%

NPE migration dynamics

Asset Quality details

Loans to Customers at AC

Gross exposures	31/12/2023	31/03/2024	30/06/2024	30/09/2024	31/12/2024		Chg. Y/Y		Chg. Q/Q
€ m and %						Value	%	Value	%
Bad Loans	1,601	1,547	1,545	1,282	1,160	-441	-27.5%	-122	-9.5%
UTP	2,056	1,931	1,697	1,703	1,552	-504	-24.5%	-151	-8.9%
Past Due	93	90	146	204	143	49	52.6%	-61	-30.0%
NPE	3,751	3,568	3,388	3,190	2,855	-896	-23.9%	-335	-10.5%
Performing Loans	102,575	102,287	99,569	98,976	98,587	-3,988	-3.9%	-390	-0.4%
TOTAL CUSTOMER LOANS	106,326	105,855	102,957	102,166	101,442	-4,884	-4.6%	-724	-0.7%

Net exposures	31/12/2023	31/03/2024	30/06/2024	30/09/2024	31/12/2024		Chg. Y/Y		Chg. Q/Q
€ m and %						Value	%	Value	%
Bad Loans	626	607	601	519	491	-135	-21.5%	-28	-5.3%
UTP	1,168	1,094	950	1,024	979	-189	-16.2%	-45	-4.4%
Past Due	67	67	103	157	110	43	64.0%	-47	-29.7%
NPE	1,862	1,768	1,654	1,700	1,580	-281	-15.1%	-120	-7.0%
Performing Loans	102,151	101,863	99,130	98,541	98,147	-4,004	-3.9%	-395	-0.4%
TOTAL CUSTOMER LOANS	104,013	103,631	100,785	100,242	99,727	-4,285	-4.1%	-514	-0.5%

Coverage ratios	31/12/2023	31/03/2024	30/06/2024	30/09/2024	31/12/2024
%
Bad Loans	60.9%	60.7%	61.1%	59.5%	57.6%
UTP	43.2%	43.4%	44.0%	39.9%	36.9%
Past Due	28.2%	26.1%	29.4%	23.0%	22.8%
NPE	50.4%	50.5%	51.2%	46.7%	44.6%
Performing Loans	0.41%	0.41%	0.44%	0.44%	0.45%
TOTAL CUSTOMER LOANS	2.2%	2.1%	2.1%	1.9%	1.7%

• The overlays as of YE 2024 amount to >€130m

Notes: Starting from 31/12/24, Customer Loans at Amortised Cost exclude GACS senior notes. Historic data have been restated accordingly.

Capital position in detail

FULLY LOADED CAPITAL POSITION (€ m and %)	31/12/2023	30/09/2024	31/12/2024
CET 1 Capital T1 Capital Total Capital	9,036 10,425 12,125	9,583 10,972 12,822	9,275 10,665 12,530
RWA	63,823	61,887	61,639
CET 1 Ratio	14.16%	15.48%	15.05%
AT1	2.18%	2.25%	2.25%
T1 Ratio	16.34%	17.73%	17.30%
Tier 2	2.66%	2.99%	3.03%
Total Capital Ratio	19.00%	20.72%	20.33%

LEVERAGE (€/m and %)	31/12/2023	30/09/2024	31/12/2024
Total Exposure	199,614	195,661	204,755
Class 1 Capital	10,425	10,972	10,665
Leverage Ratio	5.22%	5.61%	5.21%

FULLY LOADED RWA	31/12/2023	30/09/2024	31/12/2024
COMPOSITION (€ bn)
CREDIT & COUNTERPARTY RISK	54.2	52.7	51.8
of which: AIRB	20.8	28.3	27.7
MARKET RISK	1.5	1.1	1.2
OPERATIONAL RISK	7.9	7.9	8.5
CVA	0.2	0.2	0.2
TOTAL	63.8	61.9	61.6

Notes: As of December 31 2024, capital data include also the profit of the period, net of the amount of accrued dividends based on a payout of ~80% (subject to AGM approval); the payout considered in the calculation of capital referring to December 2023 and September 2024 was 67%.

ESG Update – Key results in 2024

Notes: 1. Managerial data. New lending to Households, Corporate and Enterprises with original maturity > 18 months, including green lending products (finalized loans, project financing and SLLs) and ordinary loans granted to sectors classified as "green" or with a low exposure to transition climate risk drivers. 2. Automotive, Cement, Coal, Oil & Gas and Power generation; for Coal: direct exposure runoff by 2026. 3. HFC gas leaks excluded. 4. Excluding properties rented to third parties. 5. Share on total managerial positions. 6. Hiring up to 30 years included. 7. Normalised. 8. Share on the Corporate and Financial securities managed by the Finance department (managerial data based on nominal amount).

Successfully continuing our digitalization path

MAIN ACHIEVEMENTS IN 2024

• Wider digitalized customer base: >1.6m individual customers with Digital Identity (2/3 of active customers) and >45% of Small Business customers with APP Mobile
• Increased product range available for digital sales (e.g. time deposits and personal loans on mobile APP)
• Enhanced digital platforms with expanded web banking capabilities; development already underway for a new SME-focused web banking solution
• More flexible digital onboarding capability (24% of overall acquired clients) thanks to BBPM and Webank different and distinctive market position
• Stronger and more effective Digital Branch contribution to retail sales (almost 5%, including 23,000 direct sales and 65,000 indirect sales¹ ), with growing focus on business clients (>41% of Digital Branch commercial effort)

DIGITAL BANKING KPIs

Notes: 1. Digital Branch Indirect Sales: branch sales generated by Digital Branch commercial leads; 2. Omnichannel Sales: significantly digital channels-contributed branch sales (e.g., on-line price quotation and product selection/request) and Remote Sales (Self or Remotely-assisted full digital Sales); Fully Remote sales = Self, Webank, Remote and Digital Branch.

Methodological Notes

• The balance sheet and income statement layouts contained in this news release have been reclassified along management criteria in order to provide an indication on the Group's overall performance based on more easily understandable aggregate operating and financial data. These layouts have been prepared based on the financial statement layouts indicated in the Bank of Italy's Circular no. 262/2005 and following updates.
• It is reminded that, as part of a wider reorganization on the Bancassurance business model started in 2022 (please refer to FY 2022 and FY 2023 Annual Reports for details), on 14 December 2023 the Group completed:
  • the acquisition of control of Vera Vita previously already held at 35% through the purchase of 65% of the capital from Generali Italia, in execution of the exercise of the call option by the Banco BPM Group on 29 May 2023. Consequently, as of 31/12/23, the balance sheet of Vera Vita is included, line-by-line, in the consolidated financial statements. The economic contribution, for the entire 2023 financial year, is shown in the reclassified income statement item "Income (loss) from investments in associates carried at equity", as the company was owned at 35% until the end of 2023, while, starting from Q1 2024, the economic contribution from Vera Vita is reported line-by-line.
  • the purchase transaction of 65% of the shares of Vera Assicurazioni (which in turn holds 100% of Vera Protezione) from Generali Italia and the simultaneous sale of a 65% stake to Crédit Agricole Assurances (CAA). Consequently, as of 31/12/23, the investment held in Vera Assicurazioni (and indirectly in Vera Protezione) for 35% is included in the reclassified balance sheet line item "Equity investment", in line with the classification at the beginning of the year. The related economic contribution, for the stake held (35%), is shown in the reclassified income statement item "Income (loss) from investments in associates carried at equity", as the investment is qualified as an "associates" for the entire 2023 financial year. Nothing changes for the financial year 2024.
  • the sale of its 65% controlling stake in Banco BPM Assicurazione to CAA. As a result of the following loss of control of the subsidiary, the stake held (35%) in Banco BPM Assicurazione is considered as "associate" and included in the reclassified balance sheet line item "Equity investment". The related economic contribution is represented, line-by-line, in the consolidated income statement for the entire 2023 financial year, as it was considered as subsidiary until the end of the 2023, while, starting from Q1 2024, it is included in the reclassified income statement item "Income (loss) from investments in associates carried at equity".

As a result of the above, for the 2023 financial year, in the reclassified income statement a new item "Impact of bancassurance reorganization" has been created, which includes the overall net effects related to bancassurance transactions, with the aim of simplifying their illustration and guarantee a homogeneous comparison (€ -22,2 million). In the first quarter of 2024, the definition of the prices of purchase and sale transactions led to a revision of the estimate of the effects recognized in 2023, by crediting the Q1 2024 income statement of € 2,4 million.

With reference to comparative balance sheet, some minor reclassifications have occurred, in order to reflect the effect of the final PPA of Vera Vita, which was fully completed for the 2024 financial statements; no impact on quarterly economic contributions is involved.

• The strategic partnership on Numia related to e-money sector, announced to the market on 14 July 2023, was finalized on 30 September 2024, with Numia Group (the company holding the entire capital of Numia) becoming 42,86% owned by FSI and 28,57% owned by each of Banco BPM and BCC Banca Iccrea. As a consequence:
  • the assets and liabilities related to e-money sector and the equity investment in Tecmarket Servizi S.p.A were transferred to Numia on 30 September 2024. The aforementioned asset and liabilities were reclassified, starting from the situation as of June 30, 2023, in the specific balance sheet items "Non-current assets and groups of assets held for sale" and "Liabilities associated with assets held for sale," in line with IFRS 5;
  • as of 30 September 2024, the interest in Numia Group is shown for an amount of € 272 million, in the reclassified balance sheet item "Interests in associates and joint ventures", qualifying as an associated investment pursuant to IAS 28;
  • the overall Q3 2024 economic impact of the transaction is positive for € 500 million (€ 493 million, net of tax effect), which is shown in ad ad hoc income statement item "Money impact, net of taxes".

Moreover, starting form Q1 2024, the profits generated by activities tied to the monetics sector carried out by the subsidiary Tecmarket Servizi S.p.A., as well as profits from the management of digital payment services, provided by the Parent company (after the partial demerger of the abovementioned subsidiary on 1 January 2023), which were previously posted under "Other net operating income", has been reclassified under the line-item "Net fees and commission income" of the reclassified income statement starting from Q1 2024, due to the incoming finalization of the JV in Payments system. 2023 data have been restated accordingly. Looking ahead, this representation will allow for a more homogeneous comparison with the commission income that will be received by the Group for the distribution of services related to payment/monetics business, following the completion of the deal here described.

• Starting from 31 December 2024, the aggregate of senior unsecured debt securities resulting from NPE securitizations originated by the Group, mainly with Italian State guarantee (GACS), is shown in the reclassified balance sheet item "Other financial assets" (€1,067m as of 31/12/2024); for consistency, the above criterion has been applied to all comparative periods (€1,414m as of 31/12/2023). In this regard, it should be noted that, in previous periods, the securities in question were included in the reclassified item "Loans measured at amortized cost", although they were shown separately to take into account their peculiar characteristics.
• The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend pay-out determined according to the current regulation.

For further details, see the Explanatory Notes included in the FY 2024 results press release published on 12 February 2025.

A SLIDE REPORTING THE DEFINITIONS OF THE KEY INDICATORS INCLUDED IN THE PRESENTATION IS INCLUDED IN SECTION ANNEX OF THIS DOCUMENT

Annex: Strategic Plan update details

Key financial targets

sdir storage
CERTIFIED

	€ bn	2024	2026	2027
Profit & Loss	Total revenues	5.70	6.07	6.36
	o/w NII	3.44	3.01	3.15
	o/w Net fees & commissions	2.00	2.65	2.78
	Core revenues	5.69	5.93	6.24
	o/w key product factories1	0.97	1.60	1.72
	Operating costs	2.66	2.79	2.79
	Net Income	1.69 adj3	1.95	2.15
Key ratios	Non-interest income on total revenues	40%	50%	50%
	Cost/Income ratio	47%	46%	44%
	CoR (bps)	46	43	40
	RoTE	16.0%	>20%	>24%
	RoE	14.5%	>15%	>18%
	CET1 ratio	15.0%		14.4%2
Balance sheet & Asset Quality	Core gross perf. customer loans	95.3		100.3
	C/A & Customer Deposits	100.3		101.8
	Indirect funding	116.2		137.0
	Gross NPE ratio	2.8%		3.0%
	Net NPE ratio	1.6%		1.6%

Notes: 1. Including net fees & commissions + income from associates for Agos, Vera Assicurazioni, BBPM Assicurazioni, Numia and Anima + income from Life Insurance. 2. Upon obtainment of positive feedback on Danish Compromise application. 3. See slide 42 for details.

60 Annex: Strategic Plan update details

ESG: Ambitions

• Supporting our clients in their transition path through advisory and commercial offering, consistently with our ESG Strategy
• Confirming our strong position in financing renewable energy projects
• Strengthening the C&E risk drivers' identification and treatment
• Continuing on the path of reducing our own energy consumptions and GHG emissions
• Further enhancing our strategy for People, Generational change and Women empowerment
• Strengthening our leadership position as third sector lender
• Confirming as a top Community bank with strong impact on our local communities (school and educationdriven)
• Improving our customers' accessibility (physical and technological) to the products and services offered by the bank
• Supporting our Digital transformation with a strong Privacy & Cybersecurity management

• Confirming the use of ESG targets in our Short and Long-term incentive plans for managers & employees
• Keep improving the inclusion of ESG sustainability drivers in our operating processes, ensuring consistency among businesses the Group is involved in
• Strengthening our Risks Materiality assessment and Transition Plans development frameworks

ESG: key initiatives and targets

Notes: 1. Direct exposure run-off by 2026. 2. Managerial data. New lending to Households, Corporate and Enterprises with original maturity > 18 months, including green lending products (finalized loans, project financing and SLLs) and ordinary loans granted to sectors classified as "green" or with a low exposure to transition climate risk drivers. 3. Excluding properties rented to third parties. 4. HFC gas leaks excluded. 5. Share on total managerial positions. 6. New hiring finalized to generational change; fixed-term contracts not included. 7. Limited to headquarters 8. Normalised. 9. Share on the Corporate and Financial securities managed by the Finance department (managerial data based on nominal amount).

Annex: Strategic Plan update details

DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION

INDICATOR	DEFINITION
CASH + UNENCUMBERED ASSETS	Including assets received as collateral, net of accrued interests. Managerial data, net of haircuts
CORE REVENUES	Core Revenues: NII + Net Commissions + Income from Associates and Income from Insurance business
COST OF RISK	Loan loss Provisions / Total Net Customer Loans at Amortised Cost. Annualised for interim periods
CURE RATE	Flows from UTP to Performing loans / Stock of UTP (GBV BoP). Excluding loans at IFRS 5. Annualised for interim periods
CUSTOMER LOANS	Loans to customers at Amortised Costs, excluding debt securities
DEFAULT RATE	Flows from Performing to NPEs / Stock of performing loans (GBV BoP). Annualised for interim periods
GUARANTEED DEPOSITS	Deposits <100K covered by FITD
INDIRECT CUSTOMER FUNDING	Assets under Management (in the form of Funds & Sicav, Bancassurance and Managed Accounts & Funds of Funds) + Assets under Custody net of Capital-protected Certificates, as they have been regrouped under Total Direct Funding
INVESTMENT PRODUCT PLACEMENTS	Managerial data: Funds & Sicav, Bancassurance, Managed Accounts & Funds of Funds, Certificates and other Debt Securities at FV
LOW-CARBON NEW MEDIUM/LONG TERM FINANCING	Managerial data: New lending to Households, Corporate and Enterprises with maturity > 18 months. Including green lending products (finalized loans) and ordinary loans granted to specific sectors that are classified as "green" or with a low exposure to climate-related risk drivers
MREL BUFFER	MREL as % of RWA, including Combined Buffer Requirement
NET DEFAULT RATE	Net flows to NPEs from Performing / Stock of Performing loans (GBV BoP). Annualised for interim periods
NEW LENDING	Managerial data: M/L-term Mortgages (Secured and Unsec.), Pool & Structured Finance (including revolving) and ST Unsec. Loans
ROE	Calculated as Net Profit from P&L / Shareholders' Equity (EoP, excluding Net Profit of the period and AT1 instruments and also adjusted for interim dividend)
ROTE	Calculated as Net Profit from P&L / Tangible Shareholders' Equity (EoP, excluding Net Profit of the period, AT1 instruments and Intangible assets net of fiscal effect and also adjusted for interim dividend)
SMALL BUSINESSES	Businesses with turnover up to €5m
TOTAL DIRECT FUNDING	Total Direct Funding from the Banking Business (C/A & Sight deposits, Time deposits, Bonds, REPOs & Other) + Capital-protected Certificates and Other Debt Securities at FV

Contacts for Investors and Financial Analysts

Banco BPM

Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy

investor.relations@bancobpm.it

www.gruppo.bancobpm.it (IR section)