Banco Comercial Portugues

Investor Presentation • Jul 31, 2024

Disclaimer

• l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ('IFRS') of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended.
• l The figures presented do not constitute any form of commitment by BCP in regard to future earnings.
• l The figures for the first six months of 2023 and 2024 were not audited.
• l The information in this presentation is for information purposes only and should be read in conjunction with all other information made public by the BCP Group.

Nos outros deve ser:

Os valores dos primeiros nove meses de 2023 e de 2022 não foram objeto de auditoria.

Highlights

A Solid and Efficient Bank

	▪ Net income of 485.3 million in the first half of 2024, 14.7% above first half of 2023
Profitability	▪ Group's core operating profit stood at 1,174.1 million
	▪ In Portugal, net income amounted to 411 million in the first half of 2024, corresponding to an increase of 16.2% compared to the same period of 2023
	▪ Bank Millennium net income stood at 82.8 million in the first half of 2024, despite charges of 3761 million related with CHF mortgage loan portfolio (out of which 237.82 million in provisions) and costs related to the extension of credit holidays (PLN mortgage) 46.63 which totaled million.
	▪ Millennium bim net income stood at 46.8 million in the first half of the year
Business Model Rendibilidade	▪ 4 ratio4 Solid capital ratios. CET1 stood at 16.2% and total capital at 20.6%, corresponding respectively to an increase of 219bp and 225bp compared with the same period of last year, reflecting the strong capacity of organic capital generation
	LCR5 NSFR5 LtD5 ▪ Liquidity indicators well above regulatory requirements. at 296%, at 175% and at 67%. Eligible assets available to discount at ECB of 28.9 billion
	▪ Group's total Customer funds grew 8.9% year on year to 100.6 billion
	▪ Reduction in non-performing assets compared to June 2023: 176 million in NPEs and 59 million in foreclosed assets
	▪ Cost of risk stood at Group level stood at 34bp in the first half of 2024, which compares with 50bp in the same period of last year
	▪ Customer base grew 4.1%, highlighting the 11% increase in mobile Customers, which represented 70% of the total active customers at the end of June 2024

1 Includes provisions for legal risk, costs with out of court settlements and legal advice (before taxes and non-controlling interests). Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale).

² Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes and non-controlling interests.

• ³ Before taxes and non-controlling interests.
• ⁴ Fully implemented ratio including unaudited net income for H1'24.

⁵Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD).

Customer base growth Based on the quality of the Teams and distinctive digital skills

Customer counting criteria used in the Strategic Plan.

Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales

7

7

2 Interactions (Millennium website and app), individuals includes AB

3 Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.4% of total transactions

4 Digital sales (Millennium website and app) in number of operations

5 Digital channels satisfaction (NPS), 5 largest banks, Source: BASEF-Marktest

Resultado líquido de XXX milhões no primeiro trimestre de 2024 Net income of 485.3 million in the first half of 2024

(Million euros)	H1'23	H1'24	%	D
interest income Net	1 374 4 ,	1 397 5 ,	+1 7%	+23 2
Commissions	387 0	396 0	+2 3%	+9 0
income Core	1 761 4 ,	1 793 6 ,	+1 8%	+32 2
Operating costs	-561 5	-619 4	+10 3%	-57 9
operating profit Core	1 199 9 ,	1 174 1 ,	-2 1%	-25 8
1 Other income	82 9	-43 4	-	-126 3
Of which: sale of of Millennium Financial Services 80%	127 0	-	-	-127 0
Operating income net	1 282 8 ,	1 130 7 ,	-11 9%	-152 1
2 modification Results on	-11 6	-61 0	-	-49 4
Impairment and other provisions	-548 5	-389 9	-28 9%	+158 6
Of which: Loans impairment	-145 5	-97 0	-33 3%	+48 5
3 Of which: legal risk CHF (Poland) mortgages on	-331 6	-237 8	-28 3%	+93 8
before Income tax	722 7	679 9	-5 9%	-42 9
Income , non-controlling interests and discontinued operations taxes	-299 5	-194 6	-35 0%	+104 9
income Net	423 2	485 3	+14 7%	+62 0

9

Net interest income

Comissões Fees and commissions

H1'23 H1'24

Outros proveitos Other income

Portugal

(Million euros) -35.9 1.5

Regulatory contributions

13.0 22.2

¹Positive one-off effect of 127 million (117.8 million booked in net trading income and 9.2 million booked in other operating income) related with the sale of Millennium Financial Services stake (80%) in Q1'23 as a result of the strategic partnership in the bancassurance business. ² Net trading income includes -24.6 million in H1'23 and -46.4 million in H1'24 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. ³Other operating income includes +18.4 million in H1'23 and +22.8 million in H1'24 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale ⁴ Includes charges related with negotiation costs and legal procedures of CHF loans.

Operating costs

Cost of risk and provisions

629 633

Portugal

reserves

1 Incudes an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 50bp at the group level and 52bp for Portugal ² Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 18.4 million in H1'23 and 22.8 million in H1'24.

Continued decrease of NPEs

Portugal

16

Customer funds

Loan portfolio

Portugal (Million euros) International operations (Million euros) (Billion euros) -0.02 0.65 18.03 18.66 Jun 23 NPE Performing Jun 24 -0.15 -1.16 39.88 38.57 Jun 23 NPE Performing Jun 24 -3.3% -1.32 billion +3.5% +0.63 billion (Billion

Group Capital and liquidity

19

Solid capital ratios

• CET1 capital ratio of 16.2% and total capital ratio of 20.6%, corresponding respectively to an increase of 219bp and 225bp compared to the same period last year, reflecting the strong capacity for organic capital generation
• Capital ratios comfortably above SREP requirements even considering the reserve for sectorial systemic risk notified by the BdP** which aims to reinforce the resilience of the banking sector of a potential deterioration in economic conditions and/or unexpected significant correction in residential property prices. With reference to June 2024, this reserve on a proforma basis results in an estimated increase in capital requirements of 29bp, from October 2024.
• Surplus of 6.8pp between CET1 ratio and the SREP requirements not including the capital conservation and the O-SII buffers, and of 10.3pp if including such buffers (6.6pp and 10.1pp respectively, for the total capital ratio)
• Buffers for which there are limitations to results distribution: 679bp to CET1, 605bp to T1 and 659bp to total capital

Including unaudited net income for H1'24. . *Minimum prudential requirements since March, 2024.

**The Banco of Portugal's decision translates into the requirement to comply with a reserve for sectoral systemic risk of 4% on the amount of risk exposures on the retail portfolio of loans to individuals collateralized by residential properties located in Portugal, calculated in pursuant to paragraph 3 of article 92 of Regulation (EU) 575/2013, from October 1, 2024, onwards, at the highest level of consolidation in Portugal, considering the applicable legal framework

Stronger capital position

Leverage ratio

(Milhões de euros*) (Milhões de euros*) (Fully implemented, latest available data)

Leverage ratio in comfortable levels (6.4% as of June 2024) higher when comparing to European banks

RWA density

(Milhões de euros)* (RWAs as a % of assets, latest available data)

RWAs density in very conservative values (40% as of June 2024) comparing favourably with the values registered by most of the European markets

MREL requirements and Funding Plan

MREL position (BCP Resolution Group - 30 Jun 2024)*

• Resolution strategy: MPE (Multi Point of Entry)²
• BCP Resolution Group : Perimeter centred in Portugal
• Preferred Resolution Measure: Bail-in
• No subordination requirements have been applied to the BCP Resolution Group
• As of June 30, 2024, BCP complied with new MREL requirement, including CBR, applicable since July, 2024 (with a buffer of 5% of TREA, amounting to c. EUR 1,300 million)
• Funding Plan execution
  • Exercise of the option for early repayment of the entire AT1 issue, issued on January 31, 2019, with a coupon of 9.25%, on January 31, 2024
  • 400 million of AT1 on January 11, 2024, with a coupon of 8.125% during the first 5.5 years
  • Benchmark issue of Senior Preferred Notes in the 2nd half of 2024

MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements *Preliminary data

¹Requirements covered by the 2023 Resolution Planning Cycle, applicable since July 2024. MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework.

²In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL

requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 18.03% and MREL - TEM of 5.91% from 18 June 2024. ³including unaudited net income for H1 2024.

Fundo de pensões Pension fund

• Discount rate revised to 3.81%
• Liabilities covered at 112%
• The level of coverage of pension fund liabilities by assets provides room to absorb adverse impacts in the pension fund of up to 349 million with no impact on capital ratios

Robust liquidity position

(Milhões de euros) 296% NSFR (Net stable funding ratio) LCR (Liquidity coverage ratio) 100% Liquidity ratios (CRD/CRR) Liquidity excess in ECB (Million euros)

(Billion euros)

Portugal

Profitability in Portugal

Net income Net operating revenue

(Million euros*) (Million euros*) (Million euros)

• Net income reached 411 million in H1'24 representing an increase of 16.2% from H1'23

• Net income was driven by the reduction of mandatory contributions, lower impairments and provisions (impairment reversal) and by the strict management of operating costs

(Million euros)

Operating Costs

Net interest income

(Million euros)

The normalization of interest rates had a negative impact in the cost of deposits and the wholesale funding, despite the positive effect of the repricing of the loan book and the higher yield from the securities portfolio

Commissions and other income

(Million euros) (Million euros)

	H1'23	H1'24	YoY
Banking commissions fees and	236.5	237.1	+0.3%
Cards and transfers	78 6	82 5	+5 0%
and Loans guarantees	40 9	38 6	-5 7%
Bancassurance	43 3	43 5	+0 4%
related Customer account	71 4	71 3	-0 2%
Other fees and commissions	2 4	1 3	-45 5%
Market related fees and commissions	43.7	48.8	+11.7%
Securities operations	17 9	22 2	+23 9%
and distribution Asset management	25 8	26 6	+3 2%
Total fees and commissions	280.2	286.0	+2.0%

Commissions Other income

(Milhões de euros*) (Milhões de euros*)

Operating costs

Branches 402 398 Jun 23 Jun 24 6,256 6,274 Jun 23 Jun 24 +18 -4

29

Operating Costs Employees

NPEs decrease

Non-performing exposures (NPE) NPE build-up

(Milhões de euros*) (Milhões de euros*) (Million euros)

Loan impairment (net of recoveries)

(Milhões de euros)* (Million euros)

(Million euros)

(Million euros)	Jun 24 vs. Jun 23	Jun 24 vs. Dez 23
Opening balance	1,262	1,107
Net outflows/inflows	106	140
Write-offs	-95	-81
Sales	-163	-56
Ending balance	1,109	1,109

• NPEs in Portugal total 1,109 millions at the end of June 2024, a decrease of 152 millions from June 2023
• The decrease from June 2023 results from sales of 163 millions, write-offs of 95 millions and net inflows of 106 million
• The decrease of NPEs from June 2023 is attributable mainly to a reduction of 133 million of other NPE
• Cost of risk of 28bp in June 2024, 53bp in June 2023, with a NPE coverage by loan-loss reserves of 87% and 75%, respectively

¹ Value impacted by impairment reversal, without this effect the cost of risk would stand at 52bp .

NPE coverage

Other NPE total coverage*

NPE total coverage* NPL>90d total coverage*

• Total coverage* ≥100%, for both individuals and companies, and for both NPE categories (NPL>90d and other NPE)
• Coverage by loan-loss reserves are stronger in loans to companies, where real-estate collateral, usually more liquid and with a more predictable market value, accounts for a lower coverage than in loans to individuals: coverage by loan-losses was 122% for companies NPE as of June 2024, reaching 136% for companies NPL>90d

Foreclosed assets and corporate restructuring funds

(Million euros)

Foreclosed assets Corporate restructuring funds

(Milhões de euros*) (Milhões de euros*) (Million euros)

• Net foreclosed assets were down by 47.2% between June 2023 and June 2024.
• 59 properties were sold during the H'1 24 (64 properties in H1'23), with sale values exceeding book value by 17 million
• Restructuring funds amount to 393 million in June 2024

* The participation in Turismo Algarve FCR was reclassified to investments in associated companies in Q2'24

Customer funds and loans to Customers

Performing loans in Portugal

Performing loans portfolio ¹

Evolution of performing loans

The Bank maintains a prominent position in the corporate segment:

• ✓ Leadership in PME Leader programme for the 6th consecutive year with a 33% market share
• ✓ Leadership in Inovadora COTEC programme for the 4th consecutive year, with a market share of 49%
• ✓ Leading Bank in Satisfaction: Best Bank for companies, Main Bank, Most innovative Bank, Most efficient Bank and Bank with the Most Appropriate Products according to DATAE 2024
• ✓ Leading Bank in Factoring and Confirming, with factoring invoicing of 4.8 billion up until June 2024 and a market share of 23%*
• ✓ Leading Bank in International Business: Leadership in Trade Finance, with a market share of 26.0%**
• ✓ Leading Bank in Leasing, with 396 millions of new leasing business in H1'24 and market share of 23%*
• ✓ Leading Bank in EIF/EIB: #1 Commercial bank of the EIB in Portugal and #1 Commercial Bank of the EIF in Europe
• ✓ Leading Bank in BPF INVEST EU guarantees with 30% market share
• ✓ Distinct digital offer: Digital Account Opening, availability of M2030 for European Funds, iziBizi for ERP/Accounting and digital subscription of business products

These awards are the exclusive responsibility of the attributing entities.

International operations

Contribution from international operations

euros2 (Million )	H1'23	H1'24
Poland	83.0	82.8
Mozambique	48.9	46.8
Other	-3.0	1.6
Net income international operations	128.9	131.1
Non-controlling int. (Poland+Mozambique)	-56.5	-56.9
Exchange rate effect	-2.8	--
Contribution from international operations	69.5	74.3

¹Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients, profit from the sale of 80 stake in Millennium Financial Services (127 million), extension of the credit holidays (PLN mortgage), linear distribution of BFG resolution fund fee and hypothetical bank tax until May 2024 | ²Subsidiaries' net income presented for H1'23 reflect the same exchange rate as of H1'24 for comparison purposes..

Evolução positiva do resultado líquido Bank Millennium with resilient net income

• Net income influenced by charges associated with the CHF mortgage loan portfolio (376 million out of which 237.8 million in provisions³ ) costs related to the extension of credit holidays (PLN mortgage) which totaled 46.6 million
• Adjusted² net income up by 5.9% (19.4 million) compared with the same period of last year
• Core operating profit growth supported by the 5.3% increase in net interest margin
• CET1 ratio (=T1) of 14.3% and total capital ratio of 17.1%, above the minimum requirements of 8.1% (9.9% for T1) and 12.2% respectively

¹ FX effect excluded.€/Zloty constant at June 2024 levels: Income Statement 4.31; Balance Sheet 4.31.

² Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients, profit from the sale of 80 stake in Millennium Financial Services, extension of the credit holidays (PLN mortgage, linear distribution of BFG resolution fund fee and hypothetical bank tax until May 2024. | ³ Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes and non-controlling interests.

Aumento expressivo da margem financeira Net interest income increase

Commissions and other income Contributions

(Milhões de euros)* (Milhões de euros*) (Million euros*; does not include tax on assets and contribution to the resolution fund and to the DGF)

*FX effect excluded. €/Zloty constant at June 2024 levels: Income Statement 4.31; Balance Sheet 4.31 **Includes a profit of 127 million from the sale of 80% stake in Millennium Financial Services

)

(Million euros* )

Credit quality

)

• NPL>90d accounted for 2.2% of total credit as of June 2024 (2.1% as of June 2023)
• Coverage of NPL>90d by loan-loss reserves at 156% as of June 2024 (159% as of June 2023)
• Cost of risk at 50bp

H1'23 H1'24

Customers funds and loans to Customers

CHF mortgages

Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at June 2024 levels: Income Statement 4.31; Balance Sheet 4.31. | **Out of court settlements mainly booked in Net trading income 41 | ***Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others |

Net income reflects Millennium bim's robustness in challenging environment

• Net income of 46.8 million in the first six months of the year, a reduction of 4.3% compared to the same period last year, reflecting the decrease in net interest income due to the reduction in interest rates and the increase in mandatory reserves
• Customer funds increased 10.2%
• Loans to Customers (gross) decreased by 8.7%
• Capital ratio of 37.5%

Net interest income reflects the interest rate environment

)

• NPL>90d ratio of 3.8% as of June 2024, with coverage by loan-loss reserves of 114% on the same date
• Cost of risk of 58bp in H1'24, 153bp in same period of 2023

Business volumes

439

228

10

677

Key figures

Strategic Plan: Excelling 24

	H1'24		2024
C/I ratio	35%	✓	≈40%
Cost of risk 1	34 bp	✓	≈50 bp
RoE	15.4%	✓	≈10%
CET1 ratio 2	16.2%	✓	>12.5%
NPE ratio	3.4%	✓	≈4%
Share of mobile Customers	70%	✓	>65%
Growth of high engagement Customers 3 (vs 2020)	+15.9%	✓	+12%
Average ESG rating 4	67%		>80%

1 Includes an impairment reversal . Without this effect the cost of risk would stand at 50pb ²Fully implemented ratio including unaudited net income for 1S24 | ³Active Customers with card transactions in the previous 90 days or funds > €100 (>MZM 1,000 in Mozambique) ⁴Average of Top 3 indices (DJSI, CDP and MSCI) | NPE include loans to Customers only.

COMMITMENT TO PEOPLE AND SOCIETY

performances

Millennium bcp Foundation Society Sustainability

Câmara Municipal de Elvas - FARRA: Network Art Festival in the Alentejo Region - The Millennium bcp Foundation presents the Exhibition "Encanto e Folia": 4 Centuries of Enchantment in the Millennium bcp Collection

Soares dos Reis National Museum: Launch of the catalog raisonné, in digital format, of the work of Aurélia de Souza (1866-1922)

Ukranian Hub - Amarelo Azul: 3 rd edition of the training and mentoring program aimed at helping Ukrainian women refugees in Portugal to create their own business and a source of income for themselves and their families

Vitor Córdon Studios – Território VII Program: dedicated to young dancers (14-18 years old), coming from dance schools across the country, with the participation of choreographers of international relevance

In 2024, Millennium bcp will once again join the "PORTUGAL CHAMA" campaign Portuguese government initiative that aims to prevent and reduce rural fires and raise public awareness of risky behavior

Millennium Festival ao Largo returns, in its 16th edition, to promote culture in the city of Lisbon, through democratic and inclusive access to selected classical music and dance

Millennium bcp renews, through Communication on Progress 2024,

its commitment to the United Nations Global Compact and its 10 Principles within the scope of Human Rights, Working Conditions, Environmental Protection and Anti-Corruption

In May, Millennium bcp Volunteers return to the Banco Alimentar central warehouses supporting the regular national food collection campaign

Millennium bcp distinguished in the Ranking of Companies Committed to Youth, an initiative of the International Youth Organization and the International Organization for Human Capital Management

Millennium bcp renews Commitment Agreement with iGen - Forum of Organizations for Equality, in a testimony of its commitment to values of diversity, inclusion, pluralism and equality

Millennium bcp and Cleanwatts sign an agreement for energy management in the Bank's buildings, in a partnership that also includes the integration of 28 branches into Renewable Energy Communities (CER)

Millennium bcp and FENAREG (National Federation of Irrigators of Portugal) organize colloquium, in the 40th Edition of Ovibeja, on a decisive topic for the national agricultural sector: water

EXTERNAL RECOGNITION

Millennium bcp : APCC Contact Centers 2024 Best Banking Contact Center in Portugal

Millennium bcp : Distinguished in the ranking of "Companies Committed to Youth"

Millennium bcp : Market Leader - Trade Finance for the 1st time

Bank Millennium: Distinguished in several categories of the Golden Bank ranking

Bank Millennium: "The Innovators 2024" companies App

Bank Millennium: Awarded with the "Service Quality Star"

Bank Millennium: 3 rd place in "ESG Responsible Management Ranking"

"Customer Relationship" category in the Stars of Banking 2024 study

Bank Millennium: For the 10th consecutive time, was distinguished with the title Reliable Employer

Bank Millennium: 3

Bank Millennium: Best remote account opening

rd place in the

Bank Millennium: title of Top Employer Polska 2024

Millennium bim: Consumer's Choice, in the "Large Banks" category for

Millennium bim: Best Foreign Exchange Provider in Mozambique

Millennium bcp: 2024 Consumer's Choice, in the "Large Banks" category for the 4th consecutive year

ActivoBank: 2024 Consumer's Choice, in the "Digital Bank" category for the 6th time

Millennium bcp: Winner in the "Large Banks" category

ActivoBank: Winner in the "Digital Banking" category

Millennium bcp: Leadership in the "Inovadora COTEC" programme for the 4th consecutive year

Appendix

Sovereign debt portfolio

(Milhões de euros*) (Milhões de euros*) (Consolidated, million euros)

	Jun 23	Sep 23	Dec 23	Mar 24	Jun 24	YoY	QoQ
Portugal	6 534 ,	6 188 ,	5 656 ,	6 357 ,	7 109 ,	+9%	+12%
T-bills and other	421	109	104	721	1 466 ,	>100%	>100%
Bonds	6 113 ,	6 079 ,	5 552 ,	5 635 ,	5 642 ,	-8%	+0%
Poland	3 461 ,	3 881 ,	4 949 ,	6 507 ,	6 824 ,	+97%	+5%
Mozambique	530	533	544	552	536	+1%	-3%
Other	9 216 ,	8 963 ,	10 944 ,	11 908 ,	12 819 ,	+39%	+8%
Total	19,741	19,564	22,093	25,323	27,288	+38%	+8%

Sovereign debt portfolio Sovereign debt maturity

• ✓ The sovereign debt portfolio totalled 27.3 billion, 18.4 billion of which maturing in more than 2 years
• ✓ The Portuguese sovereign debt portfolio totalled 7.1 billion, Polish amounted to 6.8 billion and Mozambican amounted to 0.5 billion; "other" includes, among other, sovereign debt from France (3.8 billion), Spain (3.1 billion), Italian (0.9 billion) Belgium (3.0 billion), Germany (0.8 billion) and Ireland (0.5 billion)

Sovereign debt portfolio breakdown

Million euros	Portugal	Poland	Mozambique	Other	Total
Trading book	1 524 ,	39	0	268	1 832 ,
1 ≤ year	1 469 ,	1	0	268	1 738 ,
1 and 2 > year ≤ years	37	3	0	0	39
2 and 5 > ≤ years years	5	16	0	0	21
5 and 8 > ≤ years years	4	9	0	0	13
8 and 10 > ≤ years years	1	8	0	0	9
10 > years	9	3	0	0	12
Banking book*	5 584 ,	6 785 ,	536	12 551 ,	25 457 ,
1 ≤ year	28	1 310 ,	157	2 229 ,	3 725 ,
1 and 2 > ≤ year years	648 1 ,	556	4 3	123 1 ,	3 371 ,
2 and 5 > ≤ years years	2 829 ,	4 141 ,	229	5 555 ,	12 753 ,
and 8 5 > ≤ years years	643	536	37	3 495 ,	4 711 ,
8 and 10 > ≤ years years	4 6	242	70	149	507
10 > years	390	0	0	0	390
Total	7 109 ,	6 824 ,	536	12 819 ,	27 288 ,
1 ≤ year	498 1 ,	1 311 ,	157	2 497 ,	463 5 ,
and 2 1 > ≤ year years	1 685 ,	559	4 3	1 123 ,	3 410 ,
2 and 5 > ≤ years years	2 834 ,	4 156 ,	229	5 555 ,	12 774 ,
and 5 8 > ≤ years years	647	545	37	3 495 ,	4 723 ,
and 8 10 > ≤ years years	4 7	250	70	149	516
10 > years	399	3	0	0	402

Diversified and collateralised portfolio

Carteira de crédito

• ✓ Loans to companies accounted for 38% of the loan portfolio, including 7% to construction and real-estate sectors, as of June 2024
• ✓ Mortgage accounted for 49% of the loan portfolio, with low delinquency levels and an average LTV of 60%
• ✓ 84% of the loan portfolio is collateralised

Consolidated net income

(Million euros)	H1'23	H1'24	YoY	Impact on earnings
interest income Net	1 374 4 ,	1 397 5 ,	+1 7%	+23 2
fees and commissions Net	387 0	396 0	+2 3%	+9 0
Other income*	82 9	-43 4	-	-126 3
operating Net revenue	1 844 3 ,	1 750 2 ,	-5 1%	-94 1
Staff costs	-308 0	-339 7	+10 3%	-31 8
Other administrative and depreciation costs	-253 5	-279 7	+10 3%	-26 2
Operating costs	-561 5	-619 4	+10 3%	-57 9
Profit impairment provisions before and	1 282 8 ,	1 130 7 ,	-11 9%	-152 1
modification Results on	-11 6	-61 0	-	-49 4
impairment (net of recoveries) Loans	-145 5	-97 0	-33 3%	+48 5
Other impairment and provisions	-402 9	-292 9	-27 3%	+110 0
Results of modification Impairment and provisions ,	-560 1	-450 9	-19 5%	+109 2
before Income tax	722 7	679 9	-5 9%	-42 9
Income taxes	-246 0	-137 8	-44 0%	+108 2
Non-controlling interests	-53 5	-56 8	+6 2%	-3 3
income Net	423 2	485 3	+14 7%	+62 0

Consolidated balance sheet

(Million euros)	30 June 2024	30 June 2023 (restated) *
ASSETS
Cash and deposits at Central Banks	3,710.4	3,884.3
Loans and advances to credit institutions repayable on demand	265.9	238.9
Financial assets at amortised cost
Loans and advances to credit institutions	848.0	570.6
Loans and advances to customers	53,669.9	54,396.7
Debt instruments	19,224.6	16,247.1
Financial assets at fair value through profit or loss
Financial assets held for trading	2,258.0	1,482.9
Financial assets not held for trading mandatorily at fair value through profit	or loss 389.7	476.6
Financial assets designated at fair value through profit or loss	34.1	22.0
Financial assets at fair value through other comprehensive income	13,787.9	7,452.9
Hedging derivatives	63.0	45.6
Investments in associated companies	438.3	332.4
Non-current assets held for sale	53.2	155.0
Investment property	40.1	14.8
Other tangible assets	595.8	604.4
Goodwill and intangible assets	231.7	188.2
Current tax assets	22.1	12.8
Deferred tax assets	2,462.1	2,849.5
Other assets	1,603.5	1,966.5
TOTAL ASSETS	99,698.0	90,941.0

	30 June 2024	30 June 2023 * (restated)
LIABILITIES
Financial liabilities at amortised cost
Resources from credit institutions	1,161.0	2,094.8
Resources from customers	80,539.6	73,680.3
Non subordinated debt securities issued	2,788.1	1,486.5
Subordinated debt	1,386.1	1,349.8
Financial liabilities at fair value through profit or loss
Financial liabilities held for trading	193.1	274.8
Financial liabilities at fair value through profit or loss	3,333.6	3,052.7
Hedging derivatives	36.7	103.4
Provisions	963.2	636.3
Current tax liabilities	114.5	162.6
Deferred tax liabilities	5.8	8.7
Other liabilities	1,549.2	1,523.2
TOTAL LIABILITIES	92,070.9	84,373.1
EQUITY
Share capital	3,000.0	3,000.0
Share premium	16.5	16.5
Other equity instruments	400.0	400.0
Legal and statutory reserves	384.4	316.4
Treasury shares	-	-
Reserves and retained earnings	2,302.2	1,512.3
Net income for the period attributable to Bank's Shareholders	485.3	423.2
Non-controlling interests	1,038.7	899.5
TOTAL EQUITY	7,627.1	6,567.9
TOTAL LIABILITIES AND EQUITY	99,698.0	90,941.0

55

*On 1 January 2023, Millenniumbcp Ageas Grupo Segurador, S.G.P.S., S.A. (Mbcp Ageas), an entity 49% owned by the Group and accounted for under the equity method, adopted simultaneously IFRS9 - Financial Instruments and IFRS17 - Insurance Contracts. During the first half of 2024, Mbcp Ageas reviewed the transition adjustments relating to the adoption of those IFRS, which resulted in a reduction in the amount of the participation by 9.1 million euros against reserves. The participations in Lusofundo – Fundo de Investimento Imobiliário Fechado (42.5%) and Fundo Especial de Investimento Imobiliário Eurofundo (35.1%), received at the end of 2022 as part of the sale process designated as project Crow (sale of hospitality assets and of all the units in two corporate restructuring funds), were reclassified to investments in associated companies with reference to the end of that year. The book value of the participation units in these two entities on 30 June 2024 totalled 26.9 million euros (28.5 million euros on 30 June 2023), with the contribution of these entities to equity accounted earnings being 0.8 million euros in the first half of 2024 (-1.8 million euros in the first half of 2023, previously recognized in net trading income).

Consolidated income statement per quarter

		Quarterly
(Million euros)	2Q 23	3Q 23	4Q 23	1Q 24	2Q 24
interest income Net	709 8	743 1	708 3	696 2	701 3
Dividends from equity instruments	1 1	0 0	0 6	0 0	0 8
fees and commission income Net	191 6	191 4	193 2	196 4	199 6
Other operating income	-65 8	15 7	17 9	-31 4	-39 0
trading income Net	-5 4	-19 9	40 5	-2 9	-2 5
Equity accounted earnings	12 8	18 0	16 5	10 4	21 1
Banking income	844 2	948 3	977 0	868 8	881 4
Staff costs	163 6	160 0	163 8	165 7	0 174
Other administrative costs	94 7	98 5	109 8	107 0	101 6
Depreciation	34 7	34 6	34 3	35 4	35 8
Operating costs	293 0	293 1	307 9	308 1	311 4
Profit impairment provisions bef and	2 551	655 2	669 1	560 7	570 0
Results modification on	6 -5	2 -3	6 -4	2 -7	-53 7
impairment (net of recoveries) Loans	65 1	65 9	28 6	73 5	23 5
Other impairm . and provisions	165 2	199 5	257 4	145 2	147 7
income income Net before tax	315 2	386 6	378 5	334 8	345 1
Income tax	89 8	141 4	150 0	78 1	59 6
income disc (before . oper.) Net	225 5	245 2	228 5	256 6	285 5
income arising from discont . operations Net	0 0	0 0	-2 8	0 0	0 0
Non-controlling interests	18 4	17 8	20 3	22 3	34 5
income Net	207 1	227 5	205 3	234 3	251 0

Consolidated income statment

(Million euros)

For the 6-month periods ended June 30th, 2023 and 2024

		Internatio nal o peratio ns
	Gro up			P o rtugal			T o tal			B ank M illennium (P o land)			M illennium bim (M o z.)			Other int. o peratio ns
	Jun 2 3	Jun 2 4	Δ %	Jun 2 3	Jun 2 4	Δ %	Jun 2 3	Jun 2 4	Δ %	Jun 2 3	Jun 2 4	Δ %	Jun 2 3	Jun 2 4	Δ %	Jun 2 3	Jun 2 4	Δ %
Interest income	2,039	2,387	17.1%	986	1,235	25.3%	1,053	1,153	9.5%	899	1,003	11.6%	154	149	-2.8%	0	0	--
Interest expense	664	990	49.0%	278	561	>100%	386	429	10.9%	338	380	12.4%	48	48	1.0%	0	0	--
N et interest inco me	1,374	1,398	1.7%	708	673	-4.8%	667	724	8.6%	561	623	11.1%	106	101	-4.6%	0	0	- -
Dividends from equity instruments	1	1	-33.1%	0	0	-100.0%	1	1	16.4%	1	1	16.4%	0	0	--	0	0	--
Intermediatio n margin	1,376	1,398	1.7%	708	673	-4.9%	668	725	8.6%	562	624	11.1%	106	101	-4.6%	0	0	- -
Net fees and commission income	387	396	2.3%	280	286	2.0%	107	110	3.1%	87	90	3.7%	20	20	0.1%	0	0	--
Other operating income	-72	-70	2.5%	-67	-23	65.9%	-5	-48	<-100%	-7	-48	<-100%	1	1	-43.0%	0	0	<-100%
B asic inco me	1,690	1,724	2.0%	921	936	1.6%	769	788	2.4%	642	666	3.7%	127	121	-4.2%	0	0	<-100%
Net trading income	126	-5	<-100%	4	-5	<-100%	122	-1	<-100%	114	-8	<-100%	8	8	0.6%	0	0	-64.4%
Equity accounted earnings	28	32	14.1%	26	29	11.6%	2	3	51.6%	0	0	--	1	1	3.8%	1	2	>100%
B anking inco me	1,844	1,750	-5.1%	952	961	0.9%	892	789	-11.5%	757	658	-13.0%	135	130	-3.9%	1	2	>100%
Staff costs	308	340	10.3%	176	178	1.6%	132	161	21.9%	108	135	24.9%	24	27	8.5%	0	0	-100.0%
Other administrative costs	185	209	12.8%	94	101	7.3%	91	107	18.5%	63	78	24.2%	28	29	5.4%	0	0	--
Depreciation	69	71	3.7%	37	37	-0.4%	32	34	8.5%	23	25	11.5%	9	9	0.9%	0	0	--
Operating co sts	562	619	10.3%	307	316	3.1%	255	303	19.0%	194	238	23.1%	61	65	6.0%	0	0	-100.0%
P ro fit bef. impairment and pro visio ns	1,283	1,131	-11.9%	645	644	-0.1%	638		486 -23.7%	563	420	-25.5%	7 4	6 5	-12.1%	1	2	>100%
Results on modification	-12	-61	<-100%	0	0	--	-12	-61	<-100%	-12	-61	<-100%	0	0	--	0	0	--
Loans impairment (net of recoveries)	146	97	-33.3%	106	55	-48.5%	40	42	7.3%	34	41	19.2%	6	2	-64.9%	0	0	100.0%
Other impairm. and provisions	403	293	-27.3%	49	31	-36.9%	354	262	-26.0%	350	261	-25.4%	1	1	43.0%	3	0	<-100%
N et inco me befo re inco me tax	723	680	-5.9%	490	559	14.0%	232		121 -48.1%	167	5 7	-65.8%	6 8	6 2	-8.4%	- 3	2	>100%
Income tax	246	138	-44.0%	137	148	8.4%	109	-10	<-100%	90	-26	<-100%	19	15	-20.6%	0	0	-11.1%
N et inco me (befo re disc. o per.)	477	542	13.7%	354	411	16.2%	123	131	6.5%	7 7	8 3	7.1%	4 8	4 7	-3.6%	- 3	2	>100%
Net income arising from discont. operations	0	0	100.0%	0	0	100.0%	0	0	--				0	0	--
Non-controlling interests	53	57	6.2%	0	0	12.4%	54	57	6.2%	0	0	--	0	0	--	54	57	6.2%
N et inco me	423	485	14.7%	354	411	16.2%	7 0	7 4	6.8%	7 7	8 3	7.1%	4 8	4 7	-3.6%	-56	-55	1.7%

Glossary (1/2)

Assets placed with Customers – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions. Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers. Business Volumes - corresponds to the sum of total Customer funds and loans to Customers (gross). Commercial gap – loans to Customers (gross) minus on-balance sheet Customer funds. Core income - net interest income plus net fees and commissions income. Core net income - net interest income plus net fees and commissions income deducted from operating costs. Cost of risk, net (expressed in basis points) - ratio of loans impairment (P&L) accounted in the period to loans to Customers at amortized cost and debt instruments at amortized cost related to credit operations before impairment at the end of the period. Cost to core income - operating costs divided by core income. Cost to income – operating costs divided by net operating revenues. Coverage of non-performing exposures by impairments – loans impairments (balance sheet) divided by the stock of NPE. Coverage of non-performing loans by impairments – loans impairments (balance sheet) divided by the stock of NPL. Coverage of overdue loans by impairments - loans impairments (balance sheet) divided by overdue loans. Coverage of overdue loans by more than 90 days by impairments - loans impairments (balance sheet) divided by overdue loans by more than 90 days. Debt instruments – non-subordinated debt instruments at amortized cost and financial liabilities measured at fair value through profit or loss (debt securities and certificates). Debt securities placed with Customers - debt securities issued by the Bank and placed with Customers. Deposits and other resources from Customers – resources from Customers at amortized cost and Customer deposits at fair value through profit or loss. Dividends from equity instruments - dividends received from investments classified as financial assets at fair value through other comprehensive income and from financial assets held for trading. Equity accounted earnings - results appropriated by the Group related to the consolidation of entities where, despite having some influence, the Group does not control the financial and operational policies. Insurance products – includes unit linked saving products and retirement saving plans ("PPR", "PPE" and "PPR/E"). Loans impairment (balance sheet) – balance sheet impairment related to loans to Customers at amortized cost, balance sheet impairment associated with debt instruments at amortized cost related to credit operations and fair value adjustments related to loans to Customers at fair value through profit or loss. Loans impairment (P&L) – impairment (net of reversals and net of recoveries - principal and accrual) of financial assets at amortized cost for loans to Customers and for debt instruments related to credit operations. Loans to Customers (gross) – loans to Customers at amortized cost before impairment, debt instruments at amortized cost associated to credit operations before impairment and loans to Customers at fair value through profit or loss before fair value adjustments. Loans to Customers (net) - loans to Customers at amortized cost net of impairment, debt instruments at amortized cost associated to credit operations net of impairment and balance sheet amount of loans to Customers at fair value through profit or loss. Loan to Deposits ratio (LTD) – loans to Customers (net) divided by deposits and other resources from Customers. Loan to value ratio (LTV) – mortgage amount divided by the appraised value of property.

Net commissions - net fees and commissions income.

Net interest margin (NIM) - net interest income for the period as a percentage of average interest earning assets.

Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings.

Glossary (2/2)

Net trading income – results from financial operations at fair value through profit or loss, results from foreign exchange, results from hedge accounting operations, results from derecognition of financial assets and financial not measured at fair value through profit or loss.

Non-performing exposures (NPE) non-performing loans and advances to Customers (includes loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment ) more than 90 days past-due or unlikely to be paid without collateral realisation, if they recognised as defaulted or impaired.

Non-performing loans (NPL) – overdue loans (loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment) more than 90 days past due including the non-overdue remaining principal of loans, i.e. portion in arrears, plus non-overdue remaining principal. Off-balance sheet Customer funds – assets under management, assets placed with Customers and insurance products (savings and investment) subscribed by Customers.

Operating costs - staff costs, other administrative costs and depreciation.

Other impairment and provisions – impairment (net of reversals) for loans and advances of credit institutions classified at amortized cost, impairment for financial assets (classified at fair value through other comprehensive income and at amortized cost not associated with credit operations), impairment for other assets, namely assets received as payment in kind, investments in associated companies and goodwill of subsidiaries and other provisions.

Other net income – dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings.

Other net operating income – net gains from insurance activity, other operating income/(loss) and gains/(losses) arising from sales of subsidiaries and other assets.

Overdue loans – total outstanding amount of past due loans to Customers (loans to Customers at amortized cost, debt instruments at amortized cost associated to credit operations and loans to Customers at fair value through profit or loss), including principal and interests.

Overdue loans by more than 90 days – total outstanding amount of past due loans to Customers by more than 90 days (loans to Customers at amortized cost, debt instruments at amortized cost associated to credit operations and loans to Customers at fair value through profit or loss), including principal and interests.

Profit before impairment and provisions – net operating revenues deducted from operating costs.

Resources from credit institutions – resources and other financing from Central Banks and resources from other credit institutions.

Return on average assets (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax) divided by the average total assets (weighted average of the average of monthly net assets in the period).

Return on average assets (ROA) – net income (before minority interests) divided by the average total assets (weighted average of the average of monthly net assets in the period).

Return on equity (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax) divided by the average attributable equity + non-controlling interests (weighted average of the average of monthly equity in the period).

Return on equity (ROE) – net income (after minority interests) divided by the average attributable equity, deducted from preference shares and other capital instruments (weighted average of the average of monthly equity in the period).

Securities portfolio - debt instruments at amortized cost not associated with credit operations (net of impairment), financial assets at fair value through profit or loss (excluding the ones related to loans to Customers and trading derivatives), financial assets at fair value through other comprehensive income and assets with repurchase agreement.

Spread - increase (in percentage points) to the index used by the Bank in loans granting or fund raising.

Total Customer funds - balance sheet Customer funds and off-balance sheet Customer fund.

Total Customer funds - balance sheet Customer funds and off-balance sheet Customer funds.

INVESTOR RELATIONS DIVISION Bernardo Collaço, Head

EQUITY Alexandre Moita +351 211 131 321

DEBT AND RATINGS Luís Morais +351 211 131 337

60

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