Banco Comercial Portugues

Investor Presentation • Oct 30, 2024

2025-28 Strategic Plan

October 30, 2024

Disclaimer

This presentation has been prepared by BCP solely for informational purposes to present the Group`s 2025-2028 Strategic Plan and does not constitute a public offer or an invitation to subscribe or acquire securities.

The presentation of the 2025-2028 Strategic Plan contains projections and statements that have been prepared on the basis of and rely on a number of assumptions, expectations, estimates, forecasts and provisional data concerning future events and are subject to a number of uncertainties and other factors.

The BCP Group ability to achieve objectives depends on many factors outside management's control such as, but not limited to, macroeconomic environment, competitive climate change, regulatory environment change, government actions, interest rate changes and foreign exchange rate levels thus, actual results may differ significantly. The objectives and targets presented in the strategy are not forecasts or estimates of results but indicate the intended directions of the BCP Group activities for the years ahead. BCP Group does not commit to updating or revising any forward-looking statements unless required by law.

There is no guarantee regarding the accuracy, completeness, or reliability of the information provided. The company and its representatives are not liable for any losses resulting from the use of the presentation and It should not be used as the basis for any investment decision. The information has not been independently verified, and no representation or warranty is made regarding its accuracy, completeness, or fairness. BCP Group or its representatives are not liable for any errors or omissions.

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The information, statements and opinions contained in this presentation 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 are, 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, and there will be no public offer of any such securities in any of those jurisdictions.

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Deliver more value

Trajectory and market outlook

Ambition and strategy for next cycle

Main priorities in each geography

Recap of targets

Unrivalled path and competitive franchise with untapped potential

Leading with customer centricity and digital enablement across geographies with structural advantages

Relationship bank with symbiotic combination of human touch and technology, and cemented positions across geographies with growth upside

Robust financial position with clear market recognition

Sharp improvement of balance sheet quality and capital position, allowing for upgraded agency ratings and increase in share price

Sound performance anchored on proven track record

Successful conclusion of recovery period with high profitability and early achievement of previous strategic plan

Demonstrated execution capacity growing the business while creating a more productive and future-ready platform

Millennium bcp consolidated

Active customers²

Mn

Mobile customers

Customer funds and loans €bn

1 Includes ~500 branches from Eurobank

2 M customers : Customer with funds ≥100€ (≥1000MZM in Moçambique) or with cards transactions in past 90 days

Sharp NPEs reduction and capital normalization to healthy levels

Millennium bcp consolidated

CET 1

Coverage NPE ratio

Total impairments/NPE

Leverage ratio

Transformation materialized in profitability leap ~3x vs 2018

Millennium bcp consolidated

Altogether, driving Millennium bcp to surpass 2021-2024 targets

Millennium bcp consolidated

1.Reported 2023 ROE: 16% (reported ROE until 2023 without deduction of AT1 coupons) 2.Average of top 3 indexes (DJSI, CDP and MSCI) 3.Including impact of impairment reversal affecting 2023 and 2024. Group cost of risk excluding impairment reversal: 48bps in 2023 and 49 bps in 9M2024 4.Official ratio, without the Q3'24 net income, of 16.2%

Financial strength recognized by major credit rating agencies…

2018 9M2024 BB-Ba3 BB-BB (High) BBB Baa2 BBB-BBB (High) +3 notches +4 notches +3 notches +3 notches Credit Share price variation¹ ratings

…and equity investors reflected in stock valuation uplift above peers

Privileged position to succeed in evolving banking backdrop

Readiness for macro trends

Interest rate and inflation normalization

Innovation and technology DNA

Mobile supremacy and evolving customer behavior

AI rise

Commitment with security and regulation

Cybersecurity, consumer protection and fraud

		I
TT
		e

Heightened supervisory expectations

Strong retail deposit franchise and normalized cost of risk sets the bank in a favorable position in envisaged environment of normalized interest rates and expanding lending volumes

Leading adoption of digital channels and customer satisfaction positioning the bank to benefit from mobile supremacy and AI rise, with focus on digital experience and personalization

Previous cycle foundational investments in next gen technology, fostering resilience and readiness of data architecture, towards swift compliance with regulatory evolutions and protection of customers

Millennium bcp's position

Market leading capabilities in customer centricity, innovation and technology that ensure readiness for the future

Millennium bcp consolidated

1. Transfers (including P2P), payments. Remaining transactions mostly on ATM. 99.6% in 2024 including ATM 2. Accounts, cards, insurance, credit, savings, diversification products

Competitive position across markets with untapped opportunities, namely in the business segment in Poland and Mozambique

Market shares, 2023

		Portugal	Poland	Mozambique
	Credit1	~18%	~9%	~14%
Individuals	Deposits	~18%	~7%	~34%
	Credit	~18%2	~4%	~7%2
Companies	Deposits	~20%2	~4%	~15%2

Structural advantage: footprint with economic growth "premium" and banking penetration potential

GDP real growth p.a. 2024-2028

Domestic credit¹as % of GDP 2023

Trajectory and market outlook

Ambition and strategy for next cycle

Main priorities in each geography

Recap of targets

MILLENNIUM BCP – NEW STRATEGIC PLAN 2025-28

… our customers

Create distinctive and engaging customer experiences, through symbiotic combination of human touch and technology, promoting loyalty

>8mn Active customers (M)

Leading Position In satisfaction and recommendation

>80% Mobile customers (M)

… our people

Attract and retain profiles in critical and emerging areas, upskilling talent base and rewarding performance, promoting a more productive organization and better working environments

… our shareholders

Deliver profitability above cost-of-capital through the cycle, distributing relevant returns while ensuring balance sheet resilience

≥13.5% >13.5%ROE

Shareholders distribution Up to 75%

of cumulative net income of 4.0-4.5€bn in 2025-2028¹ subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target (>13.5%)

New cycle requires new priorities

2018 ("Excel") -21: Mobilizar ("Mobilize")

Normalization path

• Recovery of volume growth trend in businesses, withstanding pandemics
• Reduction of legacy exposures in Portugal

Digitalization springboard

building new mobile platform in Portugal and scaled adoption

Resilience of business model to legacy challenges in Poland and consistent performance in Mozambique

2021-24: Superar

Get back on track Converge with market

Robust position at market level

• Competitive profitability
• Clean balance sheet

Digital acceleration with scaleup of customer engagement and sales

Mitigation of legacy risks and capital recovery sustaining recurrent profitability in Poland, while preserving a stable performance in Mozambique's challenging environment

2025-28: Valorizar ("Deliver more value")

Achieve superior performance

Compelling profitability

• Organic growth in attractive pools increasing portfolio balance towards SMEs
• Focused expansion and innovation in adjacent opportunities
• Strengthened credit risk capabilities

Edge in customer experience and trust combining human touch and technology to excel in delivery, productivity and resilience

Tangible returns, leading in families and companies in Portugal, expanding to business segment in Poland and consolidating as leading and robust universal bank in Mozambique

Main targets for strategic cycle 2025-2028

Millennium bcp consolidated

	Metrics	9M2024	2028
Healthy organic growth	Business volumes Portugal	158€bn 108€bn	> 190€bn > 120€bn
	Number of customers Portugal	6.9mn 2.8mn	> 8mn > 3mn
	Mobile customers Portugal	71% 62%	>80% > 75%
Execution discipline	Cost-to-income Portugal	35% 32%	< 40% < 37%
	Cost of risk Portugal	49 bps1 50 bps1	< 50 bps < 45 bps
ESG commitment	S&P Global CSA (percentile)	Top quartile	Top quartile
Robust capital	CET1 ratio	16.5%3	> 13.5%
Superior returns	ROE	14.9%	> 13.5%
	Shareholder distribution	~ 30% 2024 (activity of 2023)	Up to 75% of cumulative net income of 4.0-4.5€bn in 2025-20282 subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target (

1.Excludes impact of impairment reversal affecting 2024. Cost of risk including impairment reversal: 39bps in 9M2024 for Group and 34bps in 9M2024 for Portugal 2.Including payout and share buyback, 2025 through 2028 3.Official ratio, without the Q3'24 net income, of 16.2%

Healthy organic growth

Solid revenue growth driven by customers and volumes evolution…

Millennium bcp consolidated

1. Forward-looking information was developed from scenarios based on economic assumptions and involves risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. 2. M customers

Healthy organic growth

… ensuring healthy NII trajectory despite expected interest rate decline

Millennium bcp consolidated

Net interest income (NII)

€bn

1. Forward-looking information was developed from scenarios based on economic assumptions and involves risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.

2. At current rates

3. NIM - Net interest margin

Operational efficiency

Focus on productivity improvement, preserving efficiency discipline, and prudent risk selection

Reinforcing ESG commitment

Millennium bcp consolidated

Environment Social Governance

Sustainable financing

Provide transition and sustainable financing solutions to individuals and companies

Support clients on sustainable projects in the energy and adjacent areas

(+3€bn in sustainable finance new production)

Group environmental footprint

Reduce Group's carbon emissions impact

(Neutral Carbon Emissions by 2030 for Poland and Portugal for own operations)

Talent development and diversity

Ensure the professional development and wellbeing of employees

Promote diversity, equity, and inclusion throughout our organization and beyond (c.45% share of women in promotions management positions in Portugal)

Community engagement

Support local community activities and social development

(>2€mn/ year associated to initiatives with social impact)

Robust governance framework cross-geographies

Reinforce group's culture of rigor and accountability, adapted to the evolving regulatory framework and responsible business practices

Strengthen resilience across subsidiaries in response to emerging risks

Promoting and embedding ESG

Account for ESG considerations into strategic and operational decisionmaking (e.g., Implementing the Group's Sustainability Master Plan initiatives)

SDGs¹as priority for Millennium bcp in next cycle

Top quartile in S&P Global CSA

+3€bn in sustainable finance production

Create and deliver more value

Millennium bcp Consolidated 2025-2028

The Board of Directors will submit to the supervisor a request to execute a share buyback of 25% of 2024 estimated annual consolidated profit

Deliver more value

Trajectory and market outlook

Ambition and strategy for next cycle

Main priorities in each geography

Recap of targets

Leadership in customer centricity and primacy across geographies

Aspiration and targets for 2028

	Portugal	Poland	Mozambique
Be the relationship bank with the best experience, human and digital enabled, for families and companies	Lead customer acquisition in A/B digital first arena, with distinctive digital daily banking and value for money proposition	Be the reference bank in acquisition and development of primary relationships in the SME market and individuals, embracing innovation and delivering top-quality services	Be the main bank for families and companies and the reference bank for international investors in Mozambique economy, with strong risk controls
2.3mn Active clients (M)	0.7mn Active clients (M)	3.7mn Active clients	1.7mn Active clients (M)
~20% Market share in banking lending to families and SMEs	>60% Growth in customer funds (stock)	70% Share of primary retail clients	~20% Market share in lending to families and companies1
+4€bn Credit to companies volumes (stock)	Top 3 In acquisition of A/B segment – 18-35y	+14% p.a. Growth in corporate lending volume (stock)	2x Credit to private companies volumes (stock)

Leading position in customer satisfaction and recommendation

Main strategic priorities for Millennium bcp and ActivoBank

25

Main strategic priorities for Millennium bcp

Innovate in commercial banking to grow and be the partner for business sustainability

Receivables financing

Unlock integrated supply chain finance with short-term lending propositions such as revamped domestic and international factoring solutions

Explore partnerships to embed receivables financing, widening customer acquisition

Servicing and experience

Develop innovative end-to-end digital solution for SMEs, integrating working capital and treasury management products Redesign end-to-end credit processes fostering agility and speed

Elevate service model to boost value proposition for small businesses

Structural investments

Capture climate transition opportunity

Support the Portuguese Recovery and Resilience Plan, Portugal 2030 and PEPAC exploring EU-backed guarantees to provide capital light solutions

Risk/Return optimization

Evolve pricing models to capture full value generation potential, while continuously calibrating risk capabilities

+4€bn loans to companies volumes (stock)

+2€bn companies funds volume (stock)

2x lending stock to microbusinesses

20% market share in domestic factoring

20% market share in SMEs

~2€bn green credit production over the cycle

Leader in EU funds financing Main strategic priorities for Millennium bcp

Boost customer acquisition, service differentiation and primacy in individuals

Customer acquisition

Scale acquisition to rejuvenate customer base by innovating entry offer and reinforcing digital and worksite models, adapted to national and foreign target segments

Expand personal lending distribution reach and risk assessment capabilities

Reinforce mortgage acquisition model

Customer experience

Deliver personalized interactions at scale to drive digital engagement and sales, increasing digital conversion through advanced journeys and native products serving flexible needs

Transform customer experience in branches and contact centre, exploring tech and AI, for expedited accessibility, more effective interaction and focus on advisory

Innovate affluent value proposition by enhancing the service model to evolving customer needs

Primacy and loyalty

Revamp daily banking proposition with higher tailoring to needs promoting transactionality

Evolve bancassurance capabilities to maximize protection coverage across segments

+150-200k new active customers (M)

+4€bn credit to individuals volumes (stock)

+6.5€bn individuals' funds volumes (stock)

Leading position customer satisfaction and recommendation

>75% share of mobile customers

>70% digital sales (#)

>35

average of interactions per month per client

20%

market share in mortgage origination

20% personal lending market share among banks

Main strategic priorities for ActivoBank

Lead customer acquisition in A/B digital first arena, with distinctive digital daily banking and value for money proposition

Customer acquisition

Scale acquisition of affluent to-be segment customers and conversion to main bank with redesigned onboarding journey and worksite proposition

Reach new target segments, with member get member and dedicated propositions

First bank

Strengthen overall proposition through redesigned digital journeys, promoting conversion and transactionally

Explore new formats for lending with adequate risk levels

Scale mortgage through third parties, innovating offer

Enrich investments proposition optimizing digital journeys and exploring partnerships

Service model

Transform customer experience through increased digitization of servicing activities and enhanced tools leveraging Gen(AI)

Enablers

Business Intelligence and mobile app evolution enabling mass personalization Reinforcement of IT and Labs capabilities to optimize time to market

>700k total active customers (M)

>45% weight of digital A/B clients (18-35y) in active base

Top 3 In acquisition of A/B segment – 18-35y

+60% growth in customer funds

(on- and off-balance sheet)

Leading position

in customer satisfaction and recommendation

>170€mn in net income cumulative in cycle 2025-2028

Main strategic priorities for Millennium bcp

Enablers initiatives in technology, data and AI, resilience and people value proposition

Seize value of technology, data and AI

Process transformation and simplification for efficiency, agility and speed, through end-to-end redesign, AI augmented workflows and departmental one-stop platforms

(Gen)AI deployment expansion to increase productivity and improve experience, with a scalable and safe set up

Data architecture transformation via AI-driven technology migration to address evolving regulatory expectations and high impact use cases at speed and scale, while capturing data quality by design benefits

Continued Tech modernization to expand future proof architecture and infrastructure, gaining superior efficiency, agility and tech resilience

IT factory transformation to step up agility and performance with multi-track operating model setup and latest (Gen)AI and tech integration into the IT processes fabric

Strengthen bank's resilience for challenging context

Ability to respond to Fraud /AML/KYC and ESG risks with enhanced capabilities, tools and models

Cybersecurity and tech resilience to ensure reliability and reputation (inc. DORA)

Risk organization structure to tackle regulatory and agility needs, ensuring a more integrated group view

Reinforce people value proposition and talent management

Talent pool reinforcement and productivity enhancement to prepare the organization for the future

Insourcing of talent in highly critical areas to enhance organizational agility

Strengthening of critical skills to empower employees in the new context

Evaluation plan to promote meritocratic environment, over-performance of teams and equal opportunities, while prioritizing work-life balance

>30%

productivity improvement in operational back-office areas (volumes/ operational FTEs)

500-600k

front office hours saved per year from branch processes digitalization

>70%

of retail servicing journeys digitalized

>75%

of document processing (Gen)AI enabled

>70%

of core data migrated to the new cloud-based enterprise data platform

>75/¹⁰⁰ satisfaction of employees

c.45% share of women in promotions management positions

>30% share of promotions/year in Portugal

Be the reference bank in acquisition and development of primary relationships in the SME market and individuals, embracing innovation and delivering top-quality services

Targets for Bank Millennium in upcoming cycle

1) Primary individual customers defined as customers (18+ y.o.) who use Millennium Bank as their main bank and meet certain transaction, product penetration and portfolio value thresholds 2) Dividend to be paid based on 2026 profits, contingent on regulatory environment

3) Total numer of Small Business and Mid Corporate clients segment , excluding SOHO (Sole Traders) companies reported in retail segment.

4) Excluding credit holidays, FX mortgages related costs and linear amortisation of BFG charge.

Be the main bank for families and companies and the reference bank for international investors in Mozambique economy, with strong risk controls

Trajectory and market outlook

Ambition and strategy for next cycle

Main priorities in each geography

Recap of targets

Main targets for strategic cycle 2025-2028

Millennium bcp consolidated

	Metrics	2028
	Business volumes Portugal	> 190€bn > 120€bn
Healthy organic growth	Number of customers Portugal	> 8mn > 3mn
	Mobile customers Portugal	>80% > 75%
Execution discipline	Cost-to-income Portugal	< 40% < 37%
	Cost of risk Portugal	< 50 bps < 45 bps
ESG commitment	S&P Global CSA (percentile)	Top quartile
Robust capital	CET1 ratio	> 13.5%
	ROE	> 13.5%
Superior returns	Shareholder distribution	Up to 75% of cumulative net income of 4.0-4.5€bn in 2025-20281 subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target (

INVESTOR RELATIONS DIVISION Bernardo Collaço, Head

EQUITY Alexandre Moita +351 211 131 321

DEBT AND RATINGS Luís Morais +351 211 131 337

35

investors@millenniumbcp.pt

BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the. LEI: JU1U6SODG9YLT7N8ZV32