Banco Comercial Portugues

Investor Presentation • May 5, 2025

5 MAY 2025

1Q25 BANCO BPI RESULTS

DISCLAIMER

• The purpose of this presentation is purely informative and should not be considered as a service or offer of any financial product, service or advice, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by Banco BPI ("BPI") or any of the companies mentioned herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information set out in the relevant documentation filed by the issuer, having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation.
• BPI cautions that this presentation might contain forward-looking statements concerning the development of its business and economic performance. While these statements are based on BPI's current projections, judgments and future expectations concerning the development of the Bank's business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from BPI's expectations. Such factors include, but are not limited to the market general situation, macroeconomic factors, regulatory, political or government guidelines and trends, movements in domestic and international securities markets, currency exchange rates and interest rates, changes in the financial position, creditworthiness or solvency of BPI customers, debtors or counterparts.
• Statements as to historical performance or financial accretion are not intended to mean that future performance or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. In addition, it should be noted that although this presentation has been prepared based on accounting registers kept by BPI and by the rest of the Group companies it may contain certain adjustments and reclassifications in order to harmonize the accounting principles and criteria followed by such companies with those followed by BPI.
• In particular, regarding the data provided by third parties, BPI does not guarantee that these contents are exact, accurate, comprehensive or complete, nor it is obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, BPI may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, BPI assumes no liability for any discrepancy.
• In relation to Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), this report uses certain APMs, which have not been audited, for a better understanding of the company's financial performance. These measures are considered additional disclosures and in no case replace the financial information prepared under the International Financial Reporting Standards (IFRS). Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordingly, they may not be comparable. Please refer to the Annexes section for a list of the APMs used along with the relevant reconciliation between certain indicators.
• This document has not been submitted to the Comissão do Mercado of Valores Mobiliários (CMVM) (Autoridade Portuguesa do Mercado of Capitais) for review or for approval. Its content is regulated by the Portuguese law applicable at the date hereto, and it is not addressed to any person or any legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions.
• Notwithstanding any legal requirements, or any limitations imposed by BPI which may be applicable, permission is hereby expressly refused for any type of use or exploitation of the content of this presentation, and for any use of the signs, trademarks and logotypes contained herein. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion by any other mean, for commercial purposes, without the previous express consent of BPI and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases.

GROWTH AND FINANCIAL STRENGTH AMID LOWER INTEREST RATES

• Loans grew +5% yoy and total Customer resources +7% yoy
• Loan portfolio quality maintained, NPE at historic low (1.3%), coverage of 152%
• High capitalisation, with CET1 ratio of 13.9% and total ratio of 17.4%
• Net profit from the activity in Portugal of 98 M.€ in 1Q2025, down 13% yoy driven by the repricing of loans at lower interest rate indices
• Banco BPI net profit of 137 M.€ in 1Q2025, with BFA's dividends for 2024 recorded this quarter

BPI RESULTS

In 1st quarter 2025

Commercial activity in Portugal	Loans  YoY +1.4 Bn.€ +5%	Deposits  YoY +1.8 Bn.€ +6% Total customer resources +2.7 Bn.€ +7%	 YoY Gross -8% income -9% Net interest income
Risk and capitalisation	NPE ratio 1.3% (EBA criteria) 152% Coverage (by impairments and collaterals)	0.10% Cost of Risk (as % of loans and guarantees; last 12 months)	13.9% CET1 15.3% T1 17.4% Total
Profit and profitability	Profit in Portugal  YoY 98 M.€ -13% Banco BPI net profit 137 M.€ +13%	Cost-to-income in Portugal 37% (last 12 months)	Recurrent ROTE in Portugal 17.5% (last 12 months)

ECONOMIC PERFORMANCE

IMF projections for 2025 (World Economic Outlook, Apr.25).

• Portugal ranks among the fastestgrowing economies in the Eurozone
• 2025 real GDP growth forecast partially incorporates the expected impact of increased import duties

INCREASING GLOBAL UNCERTAINTY

Limited exposure to the U.S. market (goods exports as % of GDP; 2024)

• Goods exports to the US account for less than 7% of Portugal's total exports
• Goods and services exports to the US represent less than 4% of GDP

(to 2.25%) and the market anticipates a further 50 bps reduction by year-end (to 1.75%)

KEY CHALLENGES, STRONGER STRUCTURAL POSITION

HOUSING SUPPLY FAILS TO MEET DEMAND

in 2024

NET PROFIT OF 137 M.€ IN THE 1ST QUARTER 2025

VOLUMES INCREASE DOES NOT COMPENSATE REDUCTION IN INTEREST RATES

LOANS INCREASED 5% YOY

Gross portfolio in € Bn ,	Mar 24	Mar 25	YoY	YtD
individuals Loans to	16 2	17 2	6%	3%
loans Mortgage	14 6	15 7	8%	3%
Other loans individuals to	1 7	1 5	-9%	-2%
companies Loans to	11 6	12 0	4%	0%
Public sector	2 3	2 3	0%	-2%
Total loans	30 1	31 5	5%	1%
portfolio of Loan net impairments	29 6	31 0	5%	1%

MORTGAGE LOANS: GROWTH AND MARKET SHARE GAIN

CUSTOMER RESOURCES INCREASED 7% YOY

Mar 24	Mar 25	YoY	YtD
29 7	31 5	6%	3%
8 8	9 6	10%	1%
38 4	41 1	7%	3%

Source: BPI, Bank of Portugal, APFIPP, APS, BPI Vida e Pensões.

MORE DIGITAL CLIENTS AND SALES

COSTS STABLE

CREDIT GROWS WITH LOWEST RISK EVER

1.6% 1.6% 1.5% 1.4% 1.3% M.€ Coverage of NPE by impairments by impairments and collaterals 84% 149% 97% 152% 94% 155% (EBA criteria) Non-Performing Exposures – NPE NPL ratio (EBA) 1.7% Coverage of NPL (by impairments and collaterals) Foreclosed properties 1) Corporate recovery fund (Fundo de recuperação FCR) 153% 1) 6 M.€ 0.4 M.€ 98% 154% Mar.25 Mar.25 95% 151%

COMFORTABLE CAPITAL BUFFER

17

1) Considering buffer requirement for systemic risk in the residential real estate market in Portugal and the countercyclical reserve, which are calculated quarterly.

as % of LRE 13.0% 12.7% 5.91%

STRONG COMMITMENT WITH PORTUGAL

"la Caixa" Foundation initiative in collaboration with BPI

2025 ANNUAL PROGRAM

~50 M.€

100% territorial coverage

4 areas of intervention

Social Programmes Education and Scholarships

Research and Health

Culture and Science

BPI "la Caixa" Foundation Awards and Decentralised Social Initiative

IN THE 1st QUARTER 2025:

• 16th edition of BPI "la Caixa" Foundation Awards 5 M.€ in 2025
• 6th edition of Decentralised Social Initiative 2 M.€ in 2025

SOLID VOLUNTEERING PROGRAM

BPI Volunteering Month

Start on 5 May

Initiatives:

• Food Banks Against Hunger
• Dinners for homeless people
• Blood donation
• Cleaning of beaches and seabed
• Plantation of trees
• Animal care, cleaning and support
• Support for horticultural activities and basket preparation
• …

INVESTMENT IN YOUNG TALENT

BPI internships

High talent retention rate (75%) BPI Trainee Programme - Academies

4th edition in preparation

Other traineeships: 210 (2022-2025 YTD)

TEAM DIVERSITY INNOVATION AND DISRUPTION BPI VALUE AS AN EMPLOYER ACCELERATOR BPI close to the Young as an employer brand #3 In the Banking sector (for STEM and Management students) #41 Global ranking (1152 companies) 23 Events +3000 Participants In 1Q25: The Most Amazing Companies to Work For by Magma Studio (Mar.25)

SUPPORTING CLIENTS' SUSTAINABLE TRANSITION

SUSTAINABLE FINANCE IN 1Q25

~200 M.€

DIALOGUE WITH SOCIETY

BPI Forum" The Future of Water"

• Partnership with Deloitte, Expresso and SIC Notícias
• The events brought together experts, former members of Government, Mayors and businesses to debate the future of water
• The experts addressed the scarcity, surplus, sharing, and contamination of water, its economic value and its role in the current geopolitical context

➢ More than 600 participants in 2 editions

"Women leadership: inspiring careers"

• Partnership with CIP Confederação Empresarial Portugal
• Reflecting on and sharing the challenges and achievements of women leadership with 3 winners of the BPI Woman Entrepreneur Award
• Promotion of CIP's "Promova" Programme, which aims to boost gender equality in companies

SUPPORT TO THE ECONOMY AND INNOVATION

Launch of 7th edition

• ◼ Applications until 31 May
• ◼ Recognises the best national projects in the tourism sector
• ◼ BPI, Official Bank of Lisbon Tourism Fair (BTL)

Launch of 3rd edition

• ◼ Applications until 17 April
• ◼ Recognises projects that contribute to organisations' innovation and transformation

Launch of 4th edition

• ◼ Applications until 30 April
• ◼ Recognises innovative companies that set the example of value creation for the country

NATIONAL TOURISM AWARDS NATIONAL INNOVATION AWARDS COTEC INNOVATOR STATUS NATIONAL AGRICULTURE AWARDS

Closure of 13th edition

• ◼ 10 awards attributed
• ◼ Personality award: João Coimbra, Manager of Quinta da Cholda
• ◼ Institutional award: EDIA, the managing company of the Alqueva project

RECOGNITION

Note: From June 2024, Banco BPI no longer presents consolidated accounts as it has no fully consolidated subsidiaries. In accordance with IAS 28 and IAS 27, the associated companies over which Banco BPI has significant influence (Allianz and BCI) are accounted for using the equity method in Banco BPI's accounts as from 30 June 2024 (previously, these holdings were accounted for at acquisition cost in Banco BPI's separate financial statements).

BPI RATINGS VS. PEERS As of 29 April 2025

	(Long Term Debt/ Issuer Credit Rating)	(Long Term Debt/ Issuer rating)	(Issuer Default Rating)	(Long-Term Debt/ Issuer Rating)
e d a r G t n e	AAA	Aaa Mortgage bonds	AAA	AAA
	AA+	Aa1	AA+	AA (high)
	AA	Aa2	AA	Mortgage bonds AA
	AA	Aa3	AA	AA (low)
	A+	A1 Deposits	A+	A (high)
m st	Bank 1 Bank 3 A	A2	Deposits Bank 1 A Senior debt	Bank 1 A
e v n	A	A3	A	Bank 3 A (low)
I	Bank 2 BBB+	Bank1 Bank3 Bank 2 Baa1	BBB+	Bank 2 BBB (high)
	BBB	Bank 5 Baa2	Bank 2 Bank 5 BBB	BBB
	BBB	Baa3	BBB	BBB (low)
	BB+	Bank 4 Ba1	Bank 4 BB+	Bank 4 BB (high)
t n e	BB	Ba2	BB	BB
m st e d e a v r n g I - n o N	BB	Ba3	BB	BB (low)
	B+	B1	B+	B (high)
	B	B2	B	B
	B	B3	B	B (low)
	CCC+	Caa1	CCC+	CCC (high)

S&P: On 15 Nov.24 upgraded BPI rating, from BBB+ to A-, with Stable outlook.

Moody's: On 19 Nov.24 upgraded the rating of BPI and its senior debt to A2 (from Baa1) and the rating of its deposits to A1 (from A2). The Outlook of the ratings is Stable.

Fitch Ratings: On 13 Dec.24 upgraded BPI rating, from BBB+ to A-, with Stable outlook and the ratings of its senior debt and deposits from A- to A.

DBRS: on 4 Jul.24 reaffirmed BPI's mortgage covered bond rating (AA).

INCOME STATEMENT OF THE ACTIVITY IN PORTUGAL

In M €	Mar 24	Mar 25	%
Net interest income	245 1	222 6	-9%
Dividend income	4 1	2 4	-41%
accounted Equity income	5 4	5 1	-5%
fee and Net commission income	0 74	2 75	2 %
Gains/(losses) financial and liabilities and other assets on	8 0	9 5	-26%
Other operating income and expenses	-20 7	-19 1	8 %
Gross income	316 0	292 2	-8%
Staff expenses	-63 0	-62 5	-1%
Other administrative expenses	-46 5	-47 1	1 %
and Depreciation amortisation	-15 6	-16 7	8 %
Recurring operating expenses	-125 1	-126 4	1%
Non-recurrent costs	-6 0	0 0	-100%
Operating expenses	-131 2	-126 4	-4%
operating income Net	184 8	165 7	-10%
Impairment losses and other provisions	-19 7	-23 6	20%
Gains and losses in other assets	0 1	0 0	-74%
before Net income income tax	165 3	142 2	-14%
Income tax	-53 4	-44 3	-17%
income Net	9 111	97 9	-13%
income Recurrent net	116 0	97 9	-16%

BALANCE SHEET OF THE ACTIVITY IN PORTUGAL

1) Includes medium and long-term sovereign debt of 4.6 Bn.€ (Portugal 33%; Spain 21%, Italy 14%, European Union 14%, USA 13% and France 4%), with an average residual maturity of 2.2 years.

LOAN PORTFOLIO AND CUSTOMER RESOURCES

Loan portfolio					Customer resources
portfolio in Gross M € ,	24 Mar	25 Mar	YoY	YtD	In M €
individuals Loans to	16 246	201 17	6%	3%	Customer deposits
loans Mortgage	587 14	695 15	8%	3%
Other loans individuals to	659 1	506 1	-9%	-2%	Off-balance sheet resources
companies Loans to	594 11	12 012	4%	0%
Public sector	2 264	2 259	0%	-2%	Total
Total loans	30 104	31 472	5%	1%
portfolio of Loan net impairments	29 552	30 951	5%	1%

Mar 25 31 504	YoY 6%	YtD 3%
9 623	10%	1%
41 127	7%	3%

BANCO BPI INCOME STATEMENT

In M €	Mar 24	Mar 25	%
Net interest income	245 6	222 6	-9%
Dividend income	4 1	52 0	-
accounted Equity income	14 7	7 4	-50%
fee Net and commission income	74 0	75 2	2 %
Gains/(losses) financial and liabilities and other assets on	8 6	8 5	-32%
Other and operating income expenses	-20 7	-23 2	-12%
Gross income	326 3	339 8	4%
Staff expenses	-63 0	-62 5	-1%
Other administrative expenses	-46 5	-47 1	1 %
and Depreciation amortisation	6 -15	-16 7	8 %
Recurring operating expenses	-125 1	-126 4	1%
Non-recurrent costs	-6 0	0 0	-100%
Operating expenses	-131 2	-126 4	-4%
Net operating income	195 1	213 4	9%
losses and other Impairment provisions	-19 6	-23 6	20%
and losses other Gains in assets	0 1	-8 8	-
income before income Net tax	175 7	181 0	3%
Income tax	-54 4	-44 4	-18%
Net income	121 3	136 6	13%

BANCO BPI BALANCE SHEET

In M.€	Dec 24	Mar 25
ASSETS
Cash and cash balances at central banks and other demand deposits	3 286	2 933
Financial assets held for trading, at fair value through profit or loss and at fair value through other comprehensive income	1 480	1 638
Financial assets at amortised cost Of which: Loans to Customers	35 346 30 571	36 210 30 951
Investments in joint ventures and associates	247	227
Tangible assets	192	187
Intangible assets	112	105
Tax assets	270	266
Non-current assets and disposal groups classified as held for sale	14	14
Other assets	124	163
Total assets	41 072	41 743
LIABILITIES
Financial liabilities held for trading	57	50
Financial liabilities at amortised cost	36 146	37 025
Deposits - Central Banks and Credit Institutions	718	1 034
Deposits - Customers	30 501	31 505
Debt securities issued	4 694	4 216
Of which: subordinated liabilities	434	426
Other financial liabilities	232	270
Provisions	32	32
Tax liabilities	258	302
Other liabilities	567	665
Total Liabilities	37 061	38 073
Shareholders' equity attributable to the shareholders of BPI	4 011	3 671
Non controlling interests	0	0
Total Shareholders' equity	4 011	3 671
Total liabilities and Shareholders' equity	41 072	41 743

COVERAGE OF PENSION LIABILITIES

Employee pension liabilities

M €	24 Dec	25 Mar
Total liability past service	763 1	681 1
funds Pension net assets	1 758	1 687
Level of of pension liabilities coverage	100%	100%
fund (YtD annualised) Pension return , non	3 4%	-3 0%
Discount rate	3 4%	8% 3

BANCO BPI INDICATORS

Profitability, Efficiency and Liquidity Indicators (Bank of Portugal no. 16/2004 with the amendments of 6/2018) Instruction Instruction	Mar 24	Mar 25
Gross / income ATA	3.4%	3.3%
Net income before income and income attributable non-controlling interests / ATA tax to	1.8%	1.7%
income before income and income attributable non-controlling interests / average shareholders' Net tax to (including non-controlling interests) equity	17.7%	18.1%
income 1 ) Staff expenses / Gross	19.3%	18.4%
income 1 ) Operating expenses / Gross	38.3%	37.2%
(net) deposits Loans to ratio	100%	99%
Funding and liquidity indicators	Mar 24	Mar 25
Deposits 2 ) Loans /	98%	95%
Net stable funding ratio (NSFR)	140%	141%
Liquidity (LCR) coverage ratio	202%	192%
average 3 ) Liquidity (LCR) month coverage ratio - 12	175%	216%
forborne NPE ratio and (according the EBA criteria) to	Mar 24	Mar 25
Non-performing exposures - NPE (M .€)	589	548
NPE ratio	1.6%	1.3%
coverage by NPE impairments	96%	97%
NPE coverage by impairments and collaterals	151%	152%
NPE 4) of forborne included Ratio in not	1.2%	0.9%
"Crédito (non-performing duvidoso" loans) (according Bank of Spain criteria) to	Mar 24	Mar 25
.€) 5) "Crédito duvidoso" (M	556	580
"Crédito duvidoso" ratio	1.7%	1.7%
"Crédito duvidoso" coverage by impairments	101%	92%
"Crédito duvidoso" coverage by impairments and collaterals	155%	146%

1) Excluding early-retirement costs.

33

2) According to definition in Alternative Performance Measures.

3) 12 month average, in accordance with the EBA guidelines. Average value (12 months) of the calculation components: Liquidity reserves (7 691 M.€); Total net outflows (3 558 M.€).

4) On March 2025, the forborne was 626 M.€ (forborne ratio of 1.4%), of which 409 M.€ was performing loans (0.9% of the gross credit exposure) and 217 M.€ was included in NPE (0.5% of the gross credit exposure). 3) Includes guarantees provided (recorded off-balance sheet)

RECONCILIATION BETWEEN BPI REPORTED FIGURES AND BPI SEGMENT CONTRIBUTION TO CAIXABANK GROUP

Profit & loss account

		BPI	Business segment
reported As (M .€) Mar 25 by BPI	contribution to CABK Group	BPI	Corporate Center
Net interest income	223	221	216	5
Dividends	52	52	2	50
Equity accounted income	7	7	5	2
fees Net and commissions	75	75	75
Trading income	6	7	7	( 0)
Other operating income & expenses	( 23)	( 22)	( 18)	( 4)
income Gross	340	340	287	53
Operating expenses	( 126)	( 127)	( 127)
Extraordinary operating expenses	( 0)
Pre-impairment income	213	213	160	53
losses on financial Impairment assets	( 24)	( 24)	( 24)	0
Other impairments and provisions	( 0)	( 0)	( 0)	( 0)
Gains/losses on disposals & others	( 9)	( 9)	0	( 9)
Pre-tax income	181	181	137	44
Income tax	( 44)	( 44)	( 43)	( 2)
Net income	137	136	94	42

Loan portfolio & customer resources

March (M.€) 2025	As reported by BPI	Adjustments	contribution BPI to (BPI segment) CABK Group
and advances Loans to customers, net	30 951	( 94)	30 857
Total funds customer	41 127	(4 753)	36 374

The differences between the reported data by BPI and BPI contribution to CaixaBank Group mainly reflect consolidation adjustments and reclassifications to ensure consistency in presentation criteria.

BPI contribution to CaixaBank Group net income is broken down into "BPI" segment and "Corporate Center", which includes the contributions from BFA and BCI, as well as the remuneration of BPI's excess capital.

Regarding customer resources, it should also be noted that the insurance contract liabilities of BPI Vida e Pensões (fully owned by VidaCaixa de Seguros y Reaseguros) are recorded under CaixaBank banking and insurance business segment.

1) Consolidation, standardisation and net fair value adjustments in the business combination.

Reconciliation of the profit & loss account structure

• The European Securities and Markets Authority (ESMA) published on 5th October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA/2015/1415). These guidelines are mandatory to issuers with effect from 3rd July 2016.
• In addition to the financial information prepared in accordance with the International Financial Reporting Standards (IFRS), BPI uses a set of indicators for the analysis of performance and financial position, which are classified as Alternative Performance Measures, in accordance with the abovementioned ESMA guidelines. The information relating to those indicators has already been object of disclosure, as required by ESMA guidelines.
• In the current presentation, the information previously disclosed is included by way of cross-reference and a summarized list of the Alternative Performance Measures is presented next.

The following table shows the reconciliation of the structure used in this document (Results' Presentation) with the structure adopted in the financial statements and respective notes of the Report and Accounts.

Adopted acronyms and designations			Units, conventional sings and abbreviations
YtD		Year-to-date change	€, Euros, EUR		euros
YoY		Year-on-year change	th.€, th.euros		thousand euros
QoQ		quarter-on-quarter change	M.€, M.euros		million euros
ECB		European Central Bank	Bn.€, Bi.€		billion euros
BoP		Bank of Portugal			change
CMVM		Securities Market Commission	n.a.		not available
APM		Alternative Performance Measures	0, –		null or irrelevant
MMI		Interbank Money Market vs. versus
T1		Tier 1	b.p.		basis points
CET1		Common Equity Tier 1	p.p.		percentage points
RWA		Risk weighted assets	E		Estimate
TLTRO		Targeted longer-term refinancing operations	F		Forecast
LCR		Liquidity coverage ratio
NSFR		Net stable funding ratio

Reconciliation of Banco BPI profit & loss account structure

Structure used in the Results' Presentation	Mar 25	Mar 25	Structure presented in the financial statements and respective notes
Net interest income	222.6	222.6	Net interest income
Dividend income	52.0	52.0	Dividend income
Equity accounted income	7.4	7.4	Share of the profit or (-) loss of investments in subsidiaries, joint ventures and associates accounted for using the equity method
Net fee and commission income	75.2	83.9	Fee and commission income
		-8.7	Fee and commission expenses
Gains/(losses) on financial assets and liabilities and	5.8	0.0	Gains or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net
other		0.9	Gains or (-) losses on financial assets and liabilities held for trading, net
		0.4	Gains or (-) losses on non-trading financial assets mandatorily at fair value through profit or loss, net
		1.2	Gains or (-) losses from hedge accounting, net
		3.2	Exchange differences [gain or (-) loss], net
Other operating income and expenses	-23.2	10.0	Other operating income
		-33.2	Other operating expenses
Gross income	339.8	339.8	GROSS INCOME
Staff expenses	-62.6	-62.6	Staff expenses
Other administrative expenses	-47.1	-47.1	Other administrative expenses
Depreciation and amortisation	-16.7	-16.7	Depreciation
Operating expenses	-126.4	-126.4	Administrative expenses and depreciation
Net operating income	213.4	213.4
Impairment losses and other provisions	-23.6	0.6	Provisions or (-) reversal of provisions
		-24.2	Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss
Gains and losses in other assets	-8.8	-8.8	Impairment or (-) reversal of impairment of investments in subsidiaries, joint ventures and associates
		0.0	Impairment or (-) reversal of impairment on non-financial assets
		0.0	Gains or (-) losses on derecognition of non financial assets, net
		0.0	Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations
Net income before income tax	181.0	181.0	PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Income tax	-44.4	-44.4	Tax expense or income related to profit or loss from continuing operations
Net income from continuing operations	136.6	136.6	PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS
Net income from discontinued operations			Profit or (-) loss after tax from discontinued operations
Net income	136.6	136.6	PROFIT OR (-) LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT

EARNINGS, EFFICIENCY AND PROFITABILITY INDICATORS	The following earnings, efficiency and profitability indicators are defined by reference to the above structure of the profit and loss account used in this document.
Gross income	Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses
Commercial banking gross income	Net interest income + Dividend income + Net fee and commission income + Equity accounted income excluding the contribution of stakes in African banks
Operating expenses	Staff expenses + Other administrative expenses + Depreciation and amortisation
Net operating income	Gross income – Operating expenses
Net income before income tax	Net operating income – Impairment losses and other provisions + Gains and losses in other assets
Cost-to-income ratio (efficiency ratio) 1)	Operating expenses, excluding costs with early-retirements and voluntary terminations and other non recurrent / Gross income 2
Cost-to-core income ratio (core efficiency ratio)1)	[Operating expenses, excluding costs with early-retirements and voluntary terminations and other non recurrent – Income from services rendered to CaixaBank Group (recorded under Other operating income and expenses)] / Commercial banking gross income
Return on Equity (ROE)1)	Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders, excluding AT1 capital instruments
Return on Tangible Equity (ROTE)	1) Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders (excl. AT1 capital instruments) after deduction of intangible net assets and goodwill of equity holdings
Return on Assets (ROA)1)	(Net income attributable to BPI shareholders + Income attributable to non-controlling interests - preference shares dividends paid) / Average value in the period of net total assets
Unitary intermediation margin	Loan portfolio average interest rate, excluding loans to employees – Deposits average interest rate
BALANCE SHEET AND FUNDING INDICATORS
On-balance sheet Customer resources3)	Deposits + Capitalisation insurance of fully consolidated subsidiaries + Participating units in consolidated mutual funds ▪ Deposits = Demand deposits and other + Term and savings deposits + Interest payable + Retail bonds (Fixed rate bonds placed with Customers) ▪ Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec.17)
Off-balance sheet Customer resources4)	Mutual funds + Capitalisation insurance + Pension plans + Subscriptions in public offerings ▪ Mutual funds = Unit trust funds + Real estate investment funds + Retirement-savings and equity-savings plans (PPR and PPA) + Hedge funds + Assets from the funds under BPI Suisse management (BPI Suisse sold on Apr.23) + Third-party unit trust funds placed with Customers. ▪ Capitalisation insurance = Third-party capitalisation insurance placed with Customers ▪ Pension plans = Pension plans under BPI management (includes BPI pension plans)
	▪ Subscriptions in public offerings = Customers subscriptions in third parties' public offerings

¹⁾ Ratio referring to the last 12 months, except when indicated otherwise. The ratio can be computed for the cumulative period since the beginning of the year, in annualised terms. 2) Excluding non-recurrent.

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3) The amount of on-balance sheet Customer resources is not deducted from the applications of off-balance sheets products (mutual funds and pension plans) in on-balance sheet products. 4) Amounts deducted from participating units in the Group banks' portfolios and from off-balance sheet products investments (mutual funds and pension plans) in other off-balance sheet products.

BALANCE SHEET AND FUNDING INDICATORS (continuation)
Total Customer resources	On-balance sheet Customer resources + Off-balance sheet Customer resources
Gross loans to customers	Gross loans and advances to Customers (financial assets at amortised cost), excluding other assets (guarantee accounts and others) and reverse repos + Gross debt securities issued by Customers (financial assets at amortised cost) Note: gross loans = performing loans + loans in arrears + receivable interests
Net loans to Customers	Gross loans to Customers – Impairments for loans to Customers
Loan-to-deposit ratio (CaixaBank criteria)	(Net loans to Customers - Funding obtained from the EIB, which is used to provide credit) / Deposits and retail bonds
ASSET QUALITY INDICATORS
Impairments and provisions for loans and guarantees (income statement)	Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss relative to loans and advances to Customers and to debt securities issued by Customers (financial assets at amortised cost), before deduction of recoveries of loans previously written off from assets, interest and others + Provisions or reversal of provisions for commitments and guarantees
Cost of credit risk	Impairments and provisions for loans and guarantees - Recoveries of loans previously written off from assets, interest and other
	Cost of credit risk as % of loan portfolio1) (Impairments and provisions for loans and guarantees - Recoveries of loans previously written off from assets, interest and other) / Average value in the period of the gross loans and guarantees portfolio.
Performing loans portfolio	Gross Customer loans - (Overdue loans and interest + Receivable interests and other)
NPE and NPL ratios	Ratio of non-performing exposures (NPE) and ratio of non-performing loans (NPL) in accordance with the EBA criteria (prudential perimeter)
Coverage of NPE or NPL	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / [Non-performing exposures (NPE) or Non-performing loans (NPL)]
Coverage of NPE or NPL by impairments and associated collaterals	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collaterals associated to NPE or NPL] / [Non-performing exposures (NPE) or Non-performing loans (NPL)]
Non-performing loans ratio ("credito dudoso", Bank of Spain criteria)	Non performing loans ("credito dudoso", Bank of Spain criteria) / (Gross Customer loans + guarantees)
Non-performing loans coverage ratio	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non performing loans ("credito dudoso", Bank of Spain criteria)
Coverage of non-performing loans by impairments and associated collaterals	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collateral associated to credit] / Non performing loans ("credito dudoso", Bank of Spain criteria)
Impairments cover of foreclosed properties	Impairments for real estate received in settlement of defaulting loans / Gross value of real estate received in settlement of defaulting loans

BANCO BPI, S.A. Registered office: Avenida da Boavista 1117, Porto, Portugal Share capital: € 1 293 063 324.98 Registered at Commercial Registry of Porto under registration number PTIRNMJ 501 214 534 and tax identification number 501 214 534