Banco Comercial Portugues

Investor Presentation • May 15, 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 three 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.

l The Group owns 49% of Millenniumbcp Ageas Grupo Segurador, S.G.P.S., S.A. (Mbcp Ageas), accounted for under the equity method, as Investments in associated companies. On 1 January 2023 Mbcp Ageas adopted simultaneously IFRS9 - Financial Instruments and IFRS17 - Insurance Contracts. Taking into account that the initial adoption of IFRS 17 and IFRS 9 requires comparative information, Mbcp Ageas made the transition exercise on 1 January 2022. The impacts resulting from this implementation by Mbcp Ageas led to the restatement of the accounts of the Group referring to 2022 and to the first quarter of 2023.

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

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).

³ Fully implemented ratio including unaudited net income for 1Q24

⁴ Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD).

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

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

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

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 234.3 million in the first quarter of 2024

(Million euros)	Q1'23	Q1'24	%	D
interest income Net	664 6	696 2	+4 8%	+31 7
Commissions	195 4	196 4	+0 5%	+1 0
income Core	860 0	892 6	8% +3	+32 7
Operating costs	-268 5	-308 1	+14 7%	-39 6
operating profit Core	591 4	584 6	-1 2%	-6 9
1 Other income	140 2	-23 8	-	-164 0
Of which: sale of of Millennium Financial Services 80%	127 0	-	-	-127 0
Operating income net	731 6	560 7	-23 4%	-170 9
2 Results modification on	9 -5	2 -7	-	-1 3
Impairment and other provisions	-318 2	-218 7	-31 2%	+99 4
Of which: impairment Loans	-80 4	-73 5	-8 5%	+6 9
3 Of which: legal risk CHF (Poland) mortgages on	-174 5	-117 4	-32 7%	+57 1
before Income tax	407 5	334 8	-17 9%	-72 7
, non-controlling interests and discontinued operations Income taxes	-191 4	-100 5	-47 5%	+90 9
income Net	216 1	234 3	+8 4%	+18 2

Net interest income

Comissões Fees and commissions

Portugal (Million euros) International operations (Million euros) 121.0 117.7 20.7 23.7 141.7 141.4 Q1'23 Q1'24 49.4 49.0 4.3 6.0 53.7 55.0 -0.2% +2.4%

Q1'23 Q1'24

Outros proveitos Other income

17.8 14.7

12

¹ Net trading income includes -11.4 million in Q1'23 and -22.7 million in Q1'24 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. ² Other operating income includes +9.1 million in Q1'23 and +9.6 million in Q1'24 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). ³ Positive 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. ⁴ Includes charges related with negotiation costs and legal procedures of CHF loans.

Mandatory contributions

Operating costs

Cost of risk and provisions

reserves

¹ Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 9.1 million in Q1'23 and 9.6 million in Q1'24.

Continued decrease of NPEs

International operations

*By loan-loss reserves and collaterals. NPE include loans to Customers only.

Customer funds

Portugal (Million euros) International operations (Million euros) 14.88 17.08 8.73 11.43 1.46 25.07 2.06 30.57 Mar 23 Mar 24 +21.9% 31.96 27.43 19.45 24.87 1.40 1.34 14.19 14.34 67.00 67.98 Mar 23 Mar 24 +1.5% (Billioneuros)(Billlion euros)

Loan portfolio

Portugal

Group Capital and liquidity

Significant strengthening of capital ratios

• Significant strengthening of capital ratios. CET1 capital ratio of 16.0% and total capital ratio of 20.5%, corresponding respectively to an increase of 246bp and 255bp 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 March 2024, this reserve on a proforma basis results in an estimated increase in capital requirements of 29bp, from October 2024.
• Surplus of 6.6pp between CET1 ratio and the SREP requirements without the capital conservation and the O-SII buffers, and of 10.1pp if such buffers are considered (5.9pp and 10.0pp respectively, for the total capital ratio)
• Buffers for which there are limitations to results distribution: 660bp to CET1, 588bp to T1 and 652bp to total capital

Including unaudited net income for Q1'24. . *Minimum prudential requirements since January 1 , 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 March 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 March 2024) comparing favourably with the values registered by most of the European markets

MREL requirements and Funding Plan

• 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 March 31, 2024, BCP complied with MREL requirement, including CBR, applicable since January 1, 2024 (with a buffer of 5.4%) • 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

¹Requirements covered by the 2022 Resolution Planning Cycle. 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 the reference date of 31 December 2023 was set, minimum requirements of MREL - TREA of 18.89% and MREL - TEM of 5.91%. ³including unaudited net income for Q1 2024.

Robust liquidity position

Portugal

Profitability in Portugal

203.5

172.0

Net income Net operating revenue

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

(Million euros*)

(Million euros)

Q1'23 Q1'24

+18.4%

• Net income reached 203.5 million in Q1'24 representing an increase of 18.4% from Q1'23
• Net income was driven by the reduction on impairments and provisions and by the strict management of operating costs

Net interest income

(Million euros)

The normalization of interest rates provided a positive effect on the repricing of the loan book that together with the higher yield from the securities portfolio, practically offset the negative effects related with the cost of deposits and the wholesale funding

Commissions and other income

(Million euros) (Million euros)

	Q1'23	Q1'24	YoY
Banking fees and commissions	121 0	117 7	-2 8%
Cards and transfers	41 6	39 7	-4 5%
Loans and guarantees	20 2	19 3	-4 3%
Bancassurance	22 5	22 0	-2 3%
Customer related account	35 5	35 5	-0 1%
Other fees and commissions	1 2	1 1	-3 8%
Market related fees and commissions	20 7	23 7	+14 6%
Securities operations	7 6	10 2	+34 5%
Asset and distribution management	13 1	13 5	+3 0%
Total fees and commissions	141 7	141 4	-0 2%

Commissions Other income

(Milhões de euros) (Milhões de euros)

Operating costs

Continued decrease of NPEs

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)	Mar 24 vs. Mar 23	Mar 24 vs. Dec 23
Opening balance	1,279	1,107
Net outflows/inflows	77	67
Write-offs	-107	-33
Sales	-162	-54
Ending balance	1,087	1,087

• NPEs in Portugal total 1,087 millions at the end of March 2024, a decrease of 192 millions from March 2023
• The decrease from March 2023 results from sales of 162 millions, write-offs of 107 millions and net inflows of 77 million
• The decrease of NPEs from March 2023 is attributable mainly to a reduction of 202 million of other NPE
• Cost of risk of 48bp in March 2024, 53bp in March 2023, with a NPE coverage by loan-loss reserves of 89% and 74%, respectively

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 121% for companies NPE as of March 2024, reaching 158% 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 39.0% between March 2023 and March 2024.
• 93 properties were sold during the Q'1 24 (181 properties in Q1'23), with sale values exceeding book value by 2 million
• Reduction of restructuring funds of 10.3% from March 2023

Customer funds and loans to Customers

Performing loans in Portugal

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 2023
• ✓ Leading Bank in Factoring and Confirming, with factoring invoicing of 2.4 billion up until March 2024 and a market share of 23%*
• ✓ Leading Bank in International Business: Leadership in Trade Finance, with a market share of 26.1%**
• ✓ Leading Bank in Leasing, with 157 millions of new leasing business in Q1'24 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
• ✓ 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

(Million euros*)	Q1'23	Q1'24
Poland	58 4	29 7
Mozambique	28 8	22 6
Other	-3 2	0 8
income international operations Net	83 9	53 1
Non-controlling int (Poland+Mozambique)	-37 6	-22 4
Exchange effect rate	-2 2	--
Contribution international operations from	44 1	30 8

1T23 1T24 Contribution from international operations

Evolução positiva do resultado líquido Bank Millennium with positive results for the sixth consecutive quarter

• Net income of 29.7 million in Q1'24 which compares with 58.3 million in the same period of last year. The reduction was influenced mainly by the sale of Millennium Financial Services in Q1'23
• Net income influenced by charges associated with the CHF mortgage loan portfolio (190.9 million out of which 117.42 million in provisions³ )
• Adjusted² net income up by 6.3% (9.7 million) compared with the same period of last year
• Core operating profit growth supported by the 7.3% increase in net interest margin
• CET1 ratio (=T1) of 14.9% and total capital ratio of 18.0%, above the minimum requirements of 8.1% (9.9% for T1) and 12.2% respectively

¹ FX effect excluded.€/Zloty constant at March 2024 levels: Income Statement 4.32; 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, credit holidays, linear distribution of BFG resolution fund fee and hypothetical bank tax. 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 March 2024 levels: Income Statement 4.32; 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 March 2024 (2.0% as of March 2023)
• Coverage of NPL>90d by loan-loss reserves at 156% as of March 2024 (159% as of March 2023)
• Stable cost of risk at 63bp

*FX effect excluded. €/Zloty constant at March 2024 levels: Income Statement 4.32; Balance Sheet 4.31. Q1'23 Q1'24

27.5 27.8

Customers funds and loans to Customers

CHF mortgages

CHF mortgage portfolio (gross w/o legal risk provisions

(Number of cases)

Cumulative provisions for legal risks**

Individual lawsuits New individual lawsuits and extrajudicial agreements***

Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at March 2024 levels: Income Statement 4.32; Balance Sheet 4.31. | **Actual outstanding B/S provisions differ from the sum of P&L charges due to FX 40 movements and utilizations among others | ***Out of court settlements mainly booked in Net trading income

Net income reflects Millennium bim's resilience in challenging environment

• months of the year, a reduction of 21.4% 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
• Loans to Customers (gross) decreased by 8.2%; Customer funds increased 3.6%
• Capital ratio of 36.9%

Net interest income reflects the interest rate environmet

Mar 23 Mar 24

11.0 8.8

Commissions

Q1'23 Q1'24

Mar 23 Mar 24

(Milhões de euros) (Milhões de euros) (Milhões de euros) 3.6 1.6 Q1'23 Q1'24 Credit ratio NPL>90d Cost of risk 201bp 99bp 55.4 21.0 Mar 23 Mar 24 7.7% 3.2% 107% 134% NPL>90d Loan-loss reserves Loan impairment (net of recoveries) (Million euros* ) (Million euros* (Million euros* )

)

• NPL>90d ratio of 3.2% as of March 2024, with coverage by loan-loss reserves of 134% on the same date
• Cost of risk of 99bp in Q1'24, 201bp in same period of 2023

Business volumes

)

Key figures

Strategic Plan: Excelling 24

	Q1'24		2024
C/I ratio	35%	✓	≈40%
Cost of risk	52 bp	✓	≈50 bp
RoE	15.0%	✓	≈10%
CET1 ratio1	16.0%	✓	>12.5%
NPE ratio	3.4%	✓	≈4%
Share of mobile Customers	69%	✓	>65%
Growth of high engagement Customers1 (vs 2020)	+14.7%	✓	+12%
Average ESG rating2	67%		>80%

¹Fully implemented ratio including unaudited net income for 1Q24

²Active Customers with card transactions in the previous 90 days or funds > €100 (>MZM 1,000 in Mozambique) ³Average of Top 3 indices (DJSI, CDP and MSCI) | NPE include loans to Customers only.

COMMITMENT TO PEOPLE AND SOCIETY

ATM or TPA.

Millennium bcp Foundation Society Sustainability

Biennal of Coimbra: anozero "The Freedom Ghost" is the theme of the 2024 edition of anozero - Coimbra Biennial.

Tremor festival: Azores - 11º edition– The Foundation was the official sponsor of all Tremor 2024 creation activities.

Cascais Ópera: 1st edition of international lyric singing competition. 'Tereza Berganza' award – best female voice – Portuguese soprano Sílvia. 'Maurício Bensaúde' award – best male voice – yeomongMin Gil, South Korean bassbaritone.

Association Terra dos Sonhos: health professionals and volunteers come together to make the dreams of children and young people with serious illnesses come true. The Mbcp Foundation supports, in 2024, the dreams of three young people.

Millennium Solidário: At Christmas 2023, donation of 2,500 euros to ACREDITAR and of 20,000 euros to IPO - Lisbon, with the main purpose of supporting people suffering from cancer and contributing to their treatment and recovery.

Millennium bcp begins to issue cards with cuts for visually impaired Customers, so that they can easily identify the correct position to insert the cards in the

Millennium volunteers replant 2,000 trees in Pinhal de Leiria, on the 5 hectares reforested in 2020 with the support of the Bank.

Millennium Volunteers with the "Brigada do Mar" (Sea's Brigade) at Praia da Tocha, in Cantanhede, in another action to clean the sand and surrounding areas and separate waste.

BCP Group publishes its 20th Sustainability Report, disclosing 2023 aggregate indicators on ESG performance and details on nonfinancial information on operations in Portugal, Poland and Mozambique.

Millennium bcp leads a "green" bond loan to Greenvolt, worth 100 million euros, and co-leads a "green" bond loan to REN, worth 300 million euros.

Millennium bcp is a subscriber to the protocol signed between APB and ADENE, a cooperation instrument that aims to contribute to the process of decarbonization and energy transition of properties in Portugal.

Millennium bcp continues to reduce its ecological footprint in Portugal, with 37.5% less Electricity consumption (100% green), 47.1% less Water and 84.0% less GHG emissions in the last 5 years (2018/ 2023).

EXTERNAL RECOGNITION

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

category for the 6th Millennium bcp: Winner in time the "Large Banks" category

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

ActivoBank: Winner in the "Digital Banking" category

ActivoBank: 2024 Consumer's Choice, in the "Digital Bank"

Bank Millennium: "Best Bank" in Poland

Bank Millennium: title of Top Employer Polska 2024

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

for the Year" ranking. "Best Remote Account Opening Process" Category. Third position in the general classification, with the App reaching the 2 nd position

Bank Millennium: "Institution

Bank Millennium: "The Innovators 2024"

Millennium bim: Best Foreign Exchange Provider in Mozambique

Appendix

Sovereign debt portfolio

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

	23 Mar	23 Jun	Sep 23	23 Dec	24 Mar	YoY	QoQ
Portugal	6 908 ,	6 534 ,	6 188 ,	5 656 ,	6 357 ,	-8%	+12%
T-bills and other	810	421	109	104	721	-11%	>100%
Bonds	6 098 ,	6 113 ,	6 079 ,	5 552 ,	5 635 ,	-8%	+1%
Poland	3 204 ,	3 461 ,	3 881 ,	4 949 ,	6 507 ,	>100%	+31%
Mozambique	527	530	533	544	552	+5%	+1%
Other	8 206 ,	9 216 ,	8 963 ,	10 944 ,	11 908 ,	+45%	+9%
Total	18,844	19,741	19,564	22,093	25,323	+34%	+15%

Sovereign debt portfolio Sovereign debt maturity

• ✓ The sovereign debt portfolio totalled 25.3 billion, 16.7 billion of which maturing in more than 2 years
• ✓ The Portuguese sovereign debt portfolio totalled 6.4 billion, Polish amounted to 6.5 billion and Mozambican amounted to 0.6 billion; "other" includes, among other, sovereign debt from France (3.8 billion), Spain (3.1 billion), Belgium (2.9 billion), Germany (0.9 billion) and Ireland (0.5 billion)

Sovereign debt portfolio breakdown

Million euros	Portugal	Poland	Mozambique	Other	Total
Trading book	778	103	0	244	1,126
≤ 1 year	725	9	0	244	977
> 1 year and ≤ 2 years	35	38	0	0	74
> 2 years and ≤ 5 years	4	19	0	0	23
> 5 years and ≤ 8 years	5	9	0	0	14
> 8 years and ≤ 10 years	1	28	0	0	29
> 10 years	9	0	0	0	9
Banking book*	5,578	6,403	552	11,664	24,197
≤ 1 year	28	586	167	3,248	4,029
> 1 year and ≤ 2 years	1,644	1,437	6 8	378	3,526
> 2 years and ≤ 5 years	2,839	3,175	213	3,351	9,579
> 5 years and ≤ 8 years	501	820	38	4,533	5,892
> 8 years and ≤ 10 years	213	386	6 6	117	782
> 10 years	353	0	0	37	390
Total	6,357	6,507	552	11,908	25,323
≤ 1 year	753	595	167	3,491	5,006
> 1 year and ≤ 2 years	1,679	1,475	6 8	378	3,600
> 2 years and ≤ 5 years	2,843	3,194	213	3,351	9,602
> 5 years and ≤ 8 years	506	829	38	4,533	5,905
> 8 years and ≤ 10 years	214	414	6 6	117	811
> 10 years	362	0	0	37	399

*Includes financial assets at fair value through other comprehensive income (8.736 million) and financial assets at amortized cost (15.461 million).

Diversified and collateralised portfolio

Carteira de crédito

✓ Loans to companies accounted for 38% of the loan portfolio, including 6% to construction and real-estate sectors, as of March 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)	Q1'23	Q1'24	YoY	Impact on earnings
interest income Net	664 6	696 2	+4 8%	+31 7
fees and commissions Net	195 4	196 4	+0 5%	+1 0
Other income*	140 2	-23 8	-	-164 0
operating Net revenue	1 000 1 ,	868 8	-13 1%	-131 3
Staff costs	-144 3	-165 7	+14 8%	-21 4
Other administrative and depreciation costs	-124 2	-142 4	+14 7%	-18 2
Operating costs	-268 5	-308 1	7% +14	-39 6
Profit before impairment provisions and	731 6	560 7	-23 4%	-170 9
Results modification on	-5 9	-7 2	-	-1 3
impairment (net of recoveries) Loans	-80 4	-73 5	-8 5%	+6 9
Other impairment and provisions	-237 7	-145 2	-38 9%	+92 5
modification Impairment provisions Results of and ,	-324 1	-226 0	-30 3%	+98 1
Income before tax	407 5	334 8	-17 9%	-72 7
Income taxes	-156 2	-78 1	-50 0%	+78 1
Non-controlling interests	-35 1	-22 3	-36 5%	+12 8
income Net	216 1	234 3	+8 4%	+18 2

Consolidated balance sheet

(Million euros)

	31 March 2024	31 March 2023 (restated)
ASSETS
Cash and deposits at Central Banks	4,108.7	3,035.3
Loans and advances to credit institutions repayable on demand	195.3	203.5
Financial assets at amortised cost
Loans and advances to credit institutions	846.5	629.0
Loans and advances to customers	53,483.5	54,075.5
Debt instruments	18,205.4	14,959.0
Financial assets at fair value through profit or loss
Financial assets held for trading	1,610.1	1,581.1
Financial assets not held for trading mandatorily at fair value through profit or loss	445.9	540.9
Financial assets designated at fair value through profit or loss	33.0	-
Financial assets at fair value through other comprehensive income	13,002.7	7,897.8
Hedging derivatives	45.2	38.9
Investments in associated companies	394.9	326.0
Non-current assets held for sale	74.8	253.5
Investment property	39.6	14.7
Other tangible assets	604.9	607.0
Goodwill and intangible assets	224.0	177.4
Current tax assets	21.3	17.9
Deferred tax assets	2,485.9	2,791.1
Other assets	1,975.6	2,011.4
TOTAL ASSETS	97,797.4	89,160.0

	31 March 2024	31 March 2023 (restated)
LIABILITIES
Financial liabilities at amortised cost
Resources from credit institutions	1,015.3	1,095.2
Resources from customers	78,687.2	73,913.8
Non subordinated debt securities issued	2,724.7	1,488.6
Subordinated debt	1,381.4	1,331.4
Financial liabilities at fair value through profit or loss
Financial liabilities held for trading	226.8	246.6
Financial liabilities at fair value through profit or loss	3,459.9	2,502.2
Hedging derivatives	40.2	130.6
Provisions	845.1	600.4
Current tax liabilities	87.9	62.9
Deferred tax liabilities	4.6	7.8
Other liabilities	1,751.9	1,471.7
TOTAL LIABILITIES	90,225.1	82,851.2
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	316.4	268.5
Treasury shares	-	-
Reserves and retained earnings	2,607.2	1,582.9
Net income for the period attributable to Bank's Shareholders	234.3	216.1
Non-controlling interests	997.9	824.8
TOTAL EQUITY	7,572.2	6,308.8
TOTAL LIABILITIES AND EQUITY	97,797.4	89,160.0

Consolidated income statement per quarter

	Quarterly
(Million euros)	1Q 23	2Q 23	3Q 23	4Q 23	1Q 24
interest income Net	664 6	709 8	743 1	708 3	696 2
Dividends from equity instruments	0 0	1 1	0 0	0 6	0 0
fees and commission income Net	195 4	191 6	191 4	193 2	196 4
Other operating income	-6 4	-65 8	15 7	17 9	-31 4
trading income Net	131 6	-7 1	-20 1	40 4	-2 9
Equity accounted earnings	14 9	14 5	18 2	16 7	10 4
Banking income	000 1 1 ,	844 2	948 3	977 0	868 8
Staff costs	144 3	163 6	160 0	163 8	165 7
Other administrative costs	90 3	94 7	98 5	109 8	107 0
Depreciation	33 9	34 7	34 6	34 3	35 4
Operating costs	268 5	293 0	293 1	307 9	308 1
Profit bef impairment provisions and	731 6	551 2	655 2	669 1	560 7
Results modification on	-5 9	-5 6	-3 2	-4 6	-7 2
impairment (net of recoveries) Loans	80 4	65 1	65 9	28 6	73 5
Other impairm . and provisions	237 7	165 2	199 5	257 4	145 2
income before income Net tax	407 5	315 2	386 6	378 5	334 8
Income tax	156 2	89 8	141 4	150 0	78 1
income disc Net (before . oper.)	251 3	225 5	245 2	228 5	256 6
income arising from discont . operations Net	0 0	0 0	0 0	-2 8	0 0
Non-controlling interests	35 1	18 4	17 8	20 3	22 3
income Net	216 1	207 1	227 5	205 3	234 3

Consolidated balance sheet

(Million euros)

For the 3-month periods ended March 31st, 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
	M ar 2 3	M ar 2 4	Δ %	M ar 2 3	M ar 2 4	Δ %	M ar 2 3	M ar 2 4	Δ %	M ar 2 3	M ar 2 4	Δ %	M ar 2 3	M ar 2 4	Δ %	M ar 2 3	M ar 2 4	Δ %
Interest income	979	1,166	19.2%	456	596	30.7%	523	570	9.1%	441	496	12.3%	81	74	-8.3%	0	0	--
Interest expense	314	470	49.6%	116	257	>100%	198	213	7.7%	173	189	8.9%	25	25	-1.2%	0	0	16.7%
N et interest inco me	665	696	4.8%	340	339	-0.2%	325	357	10.0%	268	307	14.5%	5 6	5 0	-11.5%	0	0	-16.7%
Dividends from equity instruments	0	0	-19.4%	0	0	--	0	0	-19.4%	0	0	-19.4%	0	0	--	0	0	--
Intermediatio n margin	665	696	4.8%	340	339	-0.2%	325	357	10.0%	268	307	14.5%	5 6	5 0	-11.5%	0	0	-16.7%
Net fees and commission income	195	196	0.5%	142	141	-0.2%	54	55	2.4%	43	46	8.1%	11	9	-19.7%	0	0	--
Other operating income	-6	-31	<-100%	2	7	>100%	-8	-38	<-100%	-9	-39	<-100%	1	0	-66.7%	0	0	--
B asic inco me	854	861	0.9%	483	487	0.9%	370	374	1.0%	302	315	4.3%	6 8	5 9	-13.6%	0	0	34.4%
Net trading income	132	-3	<-100%	10	-4	<-100%	121	1	-98.8%	116	-2	<-100%	5	4	-27.0%	0	0	<-100%
Equity accounted earnings	15	10	-30.3%	14	9	-34.9%	1	1	43.6%	0	0	--	0	0	2.0%	0	1	90.0%
B anking inco me	1,000	869	-13.1%	507	492	-3.0%	493		377 -23.5%	418	313	-25.3%	7 4	6 3	-14.4%	0	1	90.0%
Staff costs	144	166	14.8%	80	86	7.5%	64	80	23.9%	52	67	28.0%	12	13	6.5%	0	0	100.0%
Other administrative costs	90	107	18.5%	48	50	4.5%	42	57	34.3%	28	43	50.4%	14	14	1.4%	0	0	--
Depreciation	34	35	4.4%	18	18	-0.4%	15	17	10.1%	11	13	12.5%	4	5	3.9%	0	0	--
Operating co sts	269	308	14.7%	146	155	5.5%	122	154	25.8%	92	122	33.0%	30	32	3.8%	0	0	42.9%
P ro fit bef. impairment and pro visio ns	732		561 -23.4%	361	338	-6.5%	371		223 -39.8%	327	191	-41.6%	4 3		3 2 -27.2%	0	1	90.0%
Results on modification	-6	-7	-21.7%	0	0	--	-6	-7	-21.7%	-6	-7	-21.7%	0	0	--	0	0	--
Loans impairment (net of recoveries)	80	74	-8.5%	53	46	-12.9%	27	27	-0.2%	24	26	8.0%	4	2	-54.6%	0	0	<-100%
Other impairm. and provisions	238	145	-38.9%	49	18	-64.4%	189	128	-32.3%	184	128	-30.3%	2	0	<-100%	3	0	-100.0%
N et inco me befo re inco me tax	408	335	-17.9%	259	274	5.8%	149		6 1 -59.1%	113	3 0	-73.6%	3 8	3 0	-21.3%	- 3	1	>100%
Income tax	156	78	-50.0%	87	70	-19.0%	69	8	-88.8%	60	0	-99.7%	10	8	-21.0%	0	0	-100.0%
N et inco me (befo re disc. o per.)	251	257	2.1%	172	203	18.4%	7 9		5 3 -33.0%	5 4	3 0	-44.5%	2 9	2 3	-21.3%	- 3	1	>100%
Net income arising from discont. operations	0	0	--	0	0	--	0	0	--				0	0	--
Non-controlling interests	35	22	-36.5%	0	0	-6.5%	35	22	-36.4%	0	0	--	0	0	--	35	22	-36.4%
N et inco me	216	234	8.4%	172	204	18.4%	4 4		3 1 -30.3%	5 4	3 0	-44.5%	2 9	2 3	-21.3%	-38	-22	43.5%

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.

NPE Specific coverage - NPE impairments (balance sheet) divided by the stock of NPE.

NPE total coverage - Impairments (balance sheet) and NPE collaterals divided by the stock of NPE.

NPE total specific coverage - NPE impairments (balance sheet) and NPE collaterals divided by the stock of NPE.

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

59

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