Intesa Sanpaolo

Earnings Release • May 6, 2025

Informazione Regolamentata n. 0033-38-2025	Data/Ora Inizio Diffusione 6 Maggio 2025 12:33:16		Euronext Milan
Societa'	:	INTESA SANPAOLO
Identificativo Informazione Regolamentata	:	205117
Utenza - referente	:	BINTESAN18 - Tamagnini Andrea
Tipologia	:	REGEM
Data/Ora Ricezione	:	6 Maggio 2025 12:33:16
Data/Ora Inizio Diffusione	:	6 Maggio 2025 12:33:16
Oggetto	:	Intesa Sanpaolo: consolidated results as at 31 March 2025
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PRESS RELEASE

INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 31 MARCH 2025

THE RESULTS FOR Q1 2025 HIGHLIGHT THAT INTESA SANPAOLO IS ABLE TO GENERATE SOLID SUSTAINABLE PROFITABILITY, WITH A NET INCOME OF €2.6 BILLION (+13.6% VS Q1 2024). 2025 NET INCOME OUTLOOK CONFIRMED AT WELL ABOVE €9 BILLION.

SIGNIFICANT CASH RETURN TO SHAREHOLDERS: €1.8 BILLION OF DIVIDENDS ACCRUED IN Q1 2025 (IN ADDITION TO REMAINING DIVIDENDS FOR 2024 OF €3 BILLION TO BE PAID IN MAY 2025 AND BUYBACK OF €2 BILLION TO BE LAUNCHED IN JUNE 2025).

THE SOLID PERFORMANCE OF INCOME STATEMENT AND BALANCE SHEET IN THE QUARTER TRANSLATED INTO SIGNIFICANT VALUE CREATION FOR ALL THE STAKEHOLDERS, NOT ONLY FOR THE SHAREHOLDERS, WHICH IS ALSO GROUNDED IN THE GROUP'S STRONG ESG COMMITMENT. SPECIFICALLY, €1.6 BILLION TAXES WERE GENERATED, THE FOOD AND SHELTER PROGRAMME FOR PEOPLE IN NEED WAS EXPANDED (55.7 MILLION INTERVENTIONS IN THE PERIOD 2022 - Q1 2025), INITIATIVES WERE ENHANCED TO FIGHT INEQUALITIES AND FOSTER FINANCIAL, SOCIAL, EDUCATIONAL AND CULTURAL INCLUSION (€22 BILLION OF SOCIAL LENDING AND URBAN REGENERATION IN THE PERIOD 2022 - Q1 2025), AROUND €1.5 BILLION TO BE CONTRIBUTED IN 2023-2027 TO ADDRESS SOCIAL NEEDS (OVER €0.7 BILLION OF WHICH ALREADY CONTRIBUTED IN 2023 - Q1 2025).

INTESA SANPAOLO CONTINUES TO OPERATE AS A GROWTH ACCELERATOR IN THE REAL ECONOMY IN ITALY: IN Q1 2025, MEDIUM/LONG-TERM NEW LENDING GRANTED BY THE GROUP TO ITALIAN HOUSEHOLDS AND BUSINESSES AMOUNTED TO AROUND €15 BILLION. IN Q1 2025, THE GROUP FACILITATED THE RETURN TO PERFORMING STATUS OF AROUND 640 COMPANIES, THUS SAFEGUARDING AROUND 3,200 JOBS. THIS BROUGHT THE TOTAL TO AROUND 145,000 COMPANIES SINCE 2014, WITH AROUND 722,000 JOBS SAFEGUARDED OVER THE SAME PERIOD.

INTESA SANPAOLO IS FULLY EQUIPPED TO CONTINUE SUCCEEDING IN ANY SCENARIO THANKS TO THE GROUP'S KEY STRENGTHS, NOTABLY:

• - RESILIENT PROFITABILITY ALSO DUE TO THE INTEGRATED MANAGEMENT OF REVENUES TO CREATE VALUE;
• - A SOLID CAPITAL POSITION AND THE ZERO-NPL BANK STATUS;
• - SIGNIFICANT INVESTMENT IN TECHNOLOGY AND HIGH FLEXIBILITY IN MANAGING OPERATING COSTS;
• - ITS LEADERSHIP IN WEALTH MANAGEMENT, PROTECTION & ADVISORY WITH €900 BILLION IN CUSTOMERS' DIRECT DEPOSITS AND ASSETS UNDER ADMINISTRATION TO FUEL GROWTH IN ASSETS UNDER MANAGEMENT.

THE CAPITAL POSITION AS AT 31 MARCH 2025 WAS SOLID AND WELL ABOVE REGULATORY REQUIREMENTS: THE COMMON EQUITY TIER 1 RATIO WAS 13.3%, UP BY AROUND 45 BASIS POINTS IN THE QUARTER, INCLUDING THE BASEL 4 NEGATIVE IMPACT OF AROUND 40 BASIS POINTS AND DEDUCTING FROM CAPITAL THE DIVIDENDS ACCRUED IN Q1 2025 AND THE BUYBACK TO BE LAUNCHED IN JUNE 2025, NOT CONSIDERING A BENEFIT OF AROUND 115 BASIS POINTS DERIVING FROM THE ABSORPTION OF DEFERRED TAX ASSETS (DTAs), OF WHICH AROUND 15 BASIS POINTS IN THE PERIOD Q2 2025 - Q4 2025.

OPERATING MARGIN WAS UP 1.2% ON Q1 2024, WITH OPERATING INCOME UP 0.5% (NET FEE AND COMMISSION INCOME +7%, INCOME FROM INSURANCE BUSINESS +1.5%, STRONG GROWTH IN PROFITS ON FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE AGAINST A DECREASE IN NET INTEREST INCOME) AND OPERATING COSTS DOWN 0.5%.

CREDIT QUALITY:

• - NPL RATIO WAS 1.2% NET AND 2.3% GROSS, RESPECTIVELY 1% AND 2% ACCORDING TO THE EBA METHODOLOGY;
• - ANNUALISED COST OF RISK AT 21 BASIS POINTS;
• - LOANS OF THE RUSSIAN SUBSIDIARY CLOSE TO ZERO.

• NET INCOME OF €2,615M IN Q1 2025, +13.6% COMPARED WITH €2,301M IN Q1 2024

• GROSS INCOME UP 0.7% ON Q1 2024

• OPERATING MARGIN UP 1.2% ON Q1 2024

• OPERATING INCOME UP 0.5% ON Q1 2024 (NET FEE AND COMMISSION INCOME +7%, INCOME FROM INSURANCE BUSINESS +1.5%, STRONG GROWTH IN PROFITS ON FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE AGAINST THE DECREASE IN NET INTEREST INCOME)

• OPERATING COSTS DOWN 0.5% ON Q1 2024

• CREDIT QUALITY:

____________

• NPL RATIO OF 1.2% NET AND 2.3% GROSS, RESPECTIVELY 1% AND 2% ACCORDING TO THE EBA METHODOLOGY
• ANNUALISED COST OF RISK AT 21 BASIS POINTS
• LOANS OF THE RUSSIAN SUBSIDIARY CLOSE TO ZERO

• A SOLID CAPITAL POSITION, WELL ABOVE REGULATORY REQUIREMENTS:

• COMMON EQUITY TIER 1 RATIO AT 13.3% (°) , UP BY AROUND 45 BASIS POINTS IN THE QUARTER(°°) , INCLUDING THE BASEL 4 NEGATIVE IMPACT OF AROUND 40 BASIS POINTS AND DEDUCTING FROM CAPITAL (°°°) €1.8BN OF DIVIDENDS ACCRUED IN Q1 2025 AND €2BN OF BUYBACK TO BE LAUNCHED IN JUNE 2025, NOT CONSIDERING THE BENEFIT OF AROUND 115 BASIS POINTS DERIVING FROM THE ABSORPTION OF DEFERRED TAX ASSETS (DTAs) OF WHICH AROUND 15 BASIS POINTS IN THE PERIOD Q2 2025 - Q4 2025 (°°°°)
• (°) Estimated pro-forma Common Equity Tier 1 ratio of 14.4%, taking into account: (i) the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the nontaxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, (ii) the expected absorption of DTAs on losses carried forward and DTAs related to the acquisition of UBI Banca and the agreements with the trade unions of November 2021 and October 2024, and (iii) the expected distribution on the Q1 2025 net income of insurance companies.
• (°°) Compared with 12.8% at end of 2024 pro-forma deducting the negative impact of Basel 4.
• (°°°) Deducting from capital also the coupons accrued on the Additional Tier 1 issues.
• (°°°°) Common Equity Tier 1 ratio of 13%, not including in capital any Q1 2025 net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or yearend profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.

HIGHLIGHTS:

_______

OPERATING INCOME:	Q1 2025	+1.9% +0.5%	TO €6,792M FROM €6,668M IN Q4 2024 FROM €6,756M IN Q1 2024
OPERATING COSTS:	Q1 2025	-28.1% -0.5%	TO €2,578M FROM €3,584M IN Q4 2024 FROM €2,591M IN Q1 2024
OPERATING MARGIN:	Q1 2025	+36.6% +1.2%	TO €4,214M FROM €3,084M IN Q4 2024 FROM €4,165M IN Q1 2024
GROSS INCOME:	Q1 2025	€3,963M	FROM €2,316M IN Q4 2024 FROM €3,936M IN Q1 2024
NET INCOME:	Q1 2025	€2,615M	FROM €1,499M IN Q4 2024 FROM €2,301M IN Q1 2024
CAPITAL RATIOS:			COMMON EQUITY TIER 1 RATIO AT 13.3% (°) , INCLUDING THE NEGATIVE IMPACT OF BASEL 4 AND DEDUCTING FROM CAPITAL (°°) THE DIVIDENDS ACCRUED IN Q1 2025 AND THE BUYBACK TO BE LAUNCHED IN JUNE 2025 (°°°)

^(°) Estimated pro-forma Common Equity Tier 1 ratio of 14.4%, taking into account: (i) the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the nontaxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, (ii) the expected absorption of DTAs on losses carried forward and DTAs related to the acquisition of UBI Banca and the agreements with the trade unions of November 2021 and October 2024, and (iii) the expected distribution on the Q1 2025 net income of insurance companies.

^(°°) Deducting from capital also the coupons accrued on the Additional Tier 1 issues.

^(°°°) Common Equity Tier 1 ratio of 13%, not including in capital any Q1 2025 net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.

Turin - Milan, 6 May 2025 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 31 March 2025 (*) (**) .

The results for the first quarter 2025 highlight that Intesa Sanpaolo is able to generate solid sustainable profitability, with a net income of €2.6bn. The net income outlook for 2025 is confirmed at well above €9 billion.

The solid performance of income statement and balance sheet in the quarter translated into significant value creation for all stakeholders, which is also grounded in the Group's strong ESG commitment. Specifically:

• significant cash return to shareholders: €1.8bn of dividends accrued in Q1 2025 (in addition to remaining dividends for 2024 of €3bn to be paid in May 2025 and the buyback of €2bn to be launched in June 2025);
• €1.6bn taxes (°) generated;
• expansion of the food and shelter programme for people in need (55.7 million interventions in the period 2022 - Q1 2025);
• enhancement of initiatives to fight inequalities and foster financial, social, educational and cultural inclusion (€22bn of social lending and urban regeneration in the period 2022 - Q1 2025);
• an amount equal to around €1.5bn total costs to be contributed in the five-year period 2023- 2027 to support initiatives addressing social needs (over €0.7bn of which already included in the results for 2023, 2024 and Q1 2025, and the remaining portion included, on a pro-rata basis, in the outlook for full-year 2025 net income), with around 1,000 people devoted to supporting these initiatives.

Intesa Sanpaolo is fully equipped to continue operating successfully in any scenario thanks to the Group's key strengths, notably:

• resilient profitability also due to the integrated management of revenues to create value; specifically, in Q1 2025 - with respect to the previous quarter - this translated in growth in profits on financial assets and liabilities at fair value that more than offset the decrease in net interest income;
• a solid capital position, with the Common Equity Tier 1 ratio up by around 45 basis points in Q1 2025 to 13.3% (°°) , and the zero-NPL bank status;
• significant investment in technology and high flexibility in managing operating costs, also due to the acceleration in technological transformation (62% of applications already cloudbased); 9,000 people leaving the Group by 2027 (around €500m savings in personnel expenses on a fully operational basis starting from 2028) with:
  • trade union agreement relating to Italy for 4,000 voluntary exits by 2027 of people close to retirement age, 2,350 of which by 2025 (already around 1,900 exits in Q1 2025), and 3,500 new hires of young people by the first half of 2028 (already around 190 hires in Q1 2025), 1,500 of which as Global Advisors for the Network commercial activities, specifically in Wealth Management & Protection (already around 140 hires in Q1 2025);
  • by 2027, through natural turnover of people, 3,000 exits in Italy, 1,000 of which by 2025 (already around 250 exits in Q1 2025), and 2,000 net exits in international subsidiaries, 500 of which by 2025 (already around 230 exits in Q1 2025);
• its leadership in Wealth Management, Protection & Advisory with €900bn in customers' direct deposits and assets under administration to fuel growth in assets under management.

^(*) In accordance with Article 65-bis and Article 82-ter of the Issuers' Regulation, effective as of 2 January 2017, Intesa Sanpaolo opted for periodical disclosure, on a voluntary basis, of financial information as at 31 March and 30 September of each financial year, in addition to the annual report and the half-yearly report. This information consists of interim statements approved by the Board of Directors, basically providing continuity with the interim statements published in the past.

^(**) Methodological note on the scope of consolidation on page 23.

^(°) Direct and indirect taxes.

^(°°) Compared with 12.8% at end of 2024 pro-forma deducting the negative impact of Basel 4.

Factors to succeed include:

• ■ as regards technology, generating additional contribution to 2025 gross income of around €500m not envisaged in the 2022-2025 Business Plan (*):
  • new cloud-native technological platform (isytech), already available to mass market retail customers with the new digital bank, Isybank, and to be progressively extended to the entire Group: €4.4bn in IT investments already deployed and around 2,350 IT specialists already hired, with an additional contribution to 2025 gross income of around €150m not envisaged in the Business Plan;
  • new digital channels:
    • Isybank, the Group's digital bank with a lower-than-30% cost/income business model and around one million new customers by 2025 - with an additional contribution to gross income of around €200m by 2025 - not envisaged in the Business Plan: around 700,000 accounts already opened by new customers and around 350,000 Intesa Sanpaolo customers migrated;
    • Fideuram Direct, the digital Wealth Management platform for Private Banking, with around 150,000 customers in 2025 (around 20% of the current customer base of Fideuram): already around 78,000 customers and €3bn in customer financial assets as at 31 March 2025; collaboration with BlackRock to extend the platform to European Private and Affluent customers, starting with Belgium and Luxembourg;
  • artificial intelligence, with around 150 Apps and 300 specialists in 2025 (already 110 Apps and around 230 specialists as at 31 March 2025) and an additional contribution to 2025 gross income of around €100m not envisaged in the Business Plan, not including further potential upside from the adoption of Generative AI solutions;
• ■ as regards the leadership in Wealth Management, Protection & Advisory, Intesa Sanpaolo can leverage on a unique set of enablers for revenue growth deriving from this business:
  • top-notch digital tools;
  • distinctive advisory networks, with around 17,000 people dedicated (°) expected to grow to around 20,000 by 2027;
  • fully owned insurance and asset management product factories;
  • around €1,400bn in the Group's customer financial assets;
  • customer financial assets, managed through the 360-degree advisory services provided by the Banca dei Territori Division and the Private Banking Division, which amounted to €145bn as at 31 March 2025 and increased by €22bn compared with 31 March 2024;
  • the organisational set-up overseeing the growth of revenues from commissions of the Group, specifically through the Wealth Management Divisions structure and the "Fees & Commissions" Control Room.

^(*) Additional contribution to 2025 gross income from isytech, Isybank, Fideuram Direct and Artificial Intelligence, which offsets the impact from higher inflation and the renewal of the labour contract.

^(°) Financial advisors, Private Bankers, Global Advisors (with hybrid contract, employed with part-time indefiniteterm contract and on a self-employed basis), relationship managers for Exclusive customers, relationship managers for Affluent customers and Digital Branch relationship managers.

The implementation of the Plan is proceeding at full speed. Specifically:

• massive de-risking, slashing cost of risk:

• massive deleveraging, with a €5.3bn gross NPL stock reduction in 2022 Q1 2025, reducing the net NPL ratio to 1% (°);
• the Balance Sheet Optimisation unit continued expanding the credit risk hedging schemes to optimise capital absorption. In Q1 2025, a new synthetic securitisation was completed, for an initial amount of around €0.5bn, on a ramp-up of Italian SME loan portfolio. At end of March 2025, the outstanding securitised portfolio of synthetic securitisations included in the GARC Program (Active Credit Risk Management) was equal to around €27bn.
• capital efficiency initiatives further strengthened and scope of credit strategy to ESG criteria extended, shifting €8.7bn of new lending in Q1 2025 (over €18bn in 2023 and around €21bn in 2024) to more sustainable economic sectors with the best risk/return profile;

• structural cost reduction enabled by technology:

• isytech operational with around 470 dedicated specialists;
• insourcing of core capabilities in IT ongoing with around 2,350 people already hired;
• 1,191 branches closed since Q4 2021 in light of the launch of Isybank;
• digital platform for analytical cost management up and running, with 45 efficiency initiatives already identified;
• rationalisation of real estate in Italy in progress, with a reduction of around 715,000 square metres since Q4 2021;
• around 8,100 voluntary exits since 2022;
• digitalisation projects related to Artificial Intelligence and Distributed Ledger Technology launched at Eurizon;
• growth in commissions, driven by Wealth Management, Protection & Advisory:
  • enhancement of the product offering (new asset management and insurance products) and further growth of the advanced advisory service "Valore Insieme" for Affluent and Exclusive customers: around 24,000 new contracts and €5.9bn in customer financial asset inflows in Q1 2025, in addition to around 125,000 new contracts and €36.9bn in customer financial asset inflows in 2023-2024;
  • Intesa Sanpaolo was the first bank in Italy to offer Nexi SoftPOS in 2023, a solution allowing contactless digital payments from smartphones/tablets without a card payment machine (POS terminal);
  • in Q4 2024, the first seven physical replication ETFs of the D-X platform launched by Fideuram Asset Management Ireland through the Sicav AILIS (assets under management of around €4.6bn at end of March 2025) were listed on Borsa Italiana (Euronext);
  • "Soluzione Domani", the commercial offer dedicated to Senior customers (over 65 years old and caregivers), was enriched through the launch of the Senior Hub ("SpazioxNoi"), an initiative which, in the first phase, envisages the opening of two multi-service centres (in Milan and Novara) dedicated to active aging, well-being and social aggregation;

^(°) According to the EBA methodology.

• since 1 January 2024, InSalute Servizi has been the TPA (Third Party Administrator) of the Intesa Sanpaolo Group Health Fund and – managing also all the Banca dei Territori Division customers with Intesa Sanpaolo Protezione health insurance policies – ranks fourth as TPA in Italy with over 1.5 million reimbursement claims per year;
• an ESG value proposition initiative was launched for the corporate and SME segments of the Group's banks in Slovakia, Hungary, Croatia, Serbia and Egypt. As part of the S-Loan offer, a financing (multi-country) product dedicated to the achievement of green objectives was launched in Slovakia, Hungary, Serbia and Croatia. A project to extend the S-Loan offer to Bosnia and Herzegovina and Slovenia was started.
• in October 2023, a contract was signed for the acquisition of 99.98% of First Bank, a Romanian commercial bank focused on SME and retail customers; the acquisition, finalised at end of May 2024, has strengthened Intesa Sanpaolo Group's presence in Romania and offers new opportunities to Italian corporates;
• significant ESG commitment, with a world-class position in social impact and a strong focus on climate:
  • □ unparalleled support to address social needs:
    • expanding food and shelter programme for people in need to counter poverty by providing concrete aid throughout the Italian territory and abroad, with 55.7 million interventions carried out in the period 2022 - Q1 2025, providing around 44.9 million meals, 4 million beds, 6.2 million medicine prescriptions and over 606,000 items of clothing;
    • employability: "Giovani e Lavoro" programme aimed at training and introducing over 3,000 young people to the Italian labour market over the 2022-2025 Business Plan horizon: in Q1 2025, over 1,600 students aged between 18 and 29 applied for the programme, over 900 students were interviewed and over 340 trained/in training through 13 courses (over 5,200 trained/in training since 2019) and over 2,480 companies involved since its inception in 2019;
    • inequalities and educational inclusion: partnerships strengthened with the main Italian universities and schools, in the context of the educational inclusion programme that in Q1 2025 involved over 1,400 schools and around 14,000 students, supporting merit and social mobility (over 5,000 schools involved in the period 2022 - Q1 2025);
    • - social housing: the Group's ongoing initiatives in terms of promoting housing units have been enhanced, also identifying some new partnerships with leading operators in the sector, to achieve the Business Plan targets (promotion of 6-8 thousand units of social housing and student bed places);
    • an amount equal to around €1.5bn total costs expected to be contributed in the five-year period 2023-2027 to support initiatives addressing social needs (over €0.7bn of which already included in the 2023 - Q1 2025 results and the remaining portion included, on a pro-rata basis, in the outlook for full-year 2025 net income), of which around €1bn from sums allocated to the initiatives and around €500m from the structure costs of around 1,000 people devoted to supporting these initiatives;
  • □ strong focus on financial inclusion:
    • €1.6bn in social lending and urban regeneration disbursed in Q1 2025 (€22bn in the period 2022 - Q1 2025);
  • □ continuous commitment to culture:
    • Gallerie d'Italia, the four venues of Intesa Sanpaolo's museum in Milan, Naples, Turin and Vicenza, across a total of 30,000 square metres, welcomed 233,000 visitors in Q1 2025, reaching a total of around 2,150,000 since 2022 (free admission for people up to the age of 18);
  • □ promoting innovation:
    • innovation projects: 63 innovation projects released by Intesa Sanpaolo Innovation Center in Q1 2025 for a total of 709 since 2022;

• Neva SGR: around €25.4m investments in start-ups in Q1 2025 for a total amount of around €144m since 2022;

• □ accelerating on commitment to net-zero emissions:

  • 2030 targets for the 10 most-emitting sectors within the lending portfolio of the Group (°) were set in 2022-2024, completing coverage of the highest-emitting sectors in November 2024;
  • overall, for the aforementioned sectors, absolute financed emissions dropped by 32.9% in 2024 compared to 2022;
  • the Group's own emissions were reduced by 35% at end 2024 (from the 2019 baseline) compared with a reduction target of 53% at 2030;
  • on 27 January 2025, received the validation by SBTi of the targets for the reduction of own and Group financed emissions;
  • over 92% of the energy acquired deriving from renewable sources at end 2024;
• □ supporting customers through the ESG/climate transition:
  • €72.2bn disbursed in the period 2021 Q1 2025, out of the €76bn in new lending available for the green economy, circular economy and green transition (°°) ;
  • around €1.3bn of Green Mortgages in Q1 2025 (€10.2bn in the period 2022 Q1 2025), out of the €12bn of new Green lending to individuals over the 2022-2025 Business Plan;
  • €8bn circular economy credit facility announced in the 2022-2025 Business Plan: €0.5bn disbursed in Q1 2025 (€13.1bn in the period 2022 - Q1 2025);
  • 16 ESG Laboratories activated (in Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin, Florence, Macerata, Chieti and Genoa), physical and virtual meeting points to support SMEs in approaching sustainability, and evolution of advisory services offered by partners (e.g. Circularity, Nativa, CE Lab and others);
  • in 2024, the S-Loan product range dedicated to SMEs to finance projects aimed at improving their sustainability profile has been redesigned from six to three lines (S-Loan ESG, S-Loan CER and S-Loan Diversity): €1.1bn disbursed in Q1 2025 (around €7.9bn since the launch in 2020);
  • enhancement of ESG investment products for asset management, with penetration at 75.7% of total assets under management for Eurizon; investment options (articles 8 and 9 of SFDR) underlying the insurance products available to customers equal to 82%;
  • strong commitment to Stewardship activities: in Q1 2025, Eurizon Capital SGR took part in 195 shareholders' meetings (issuers listed abroad accounted for 94%) and 122 engagements (of which 44% on ESG issues), Eurizon Capital SA and Epsilon SGR (°°°) took part respectively in 567 and 21 shareholders' meetings (of which 98% and 90% respectively are companies listed abroad), and Fideuram took part in one shareholders' meeting and 52 engagements (of which 80% on ESG issues).

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^(°) Oil and Gas, Power Generation, Automotive, Coal Mining, Iron and Steel, Commercial Real Estate, Residential Real Estate, Cement, Aluminium and Agriculture - Primary Farming.

^(°°) For 2021-2026, including new lending for the transition in relation to the National Recovery and Resilience Plan.

^(°°°) Until 28 February 2025, before the merger into Eurizon Capital SGR.

Intesa Sanpaolo is the only Italian bank listed in the Dow Jones Best-in-Class Indices (*) and in the CDP Climate A List, and the only Italian bank, the first bank in Europe and the second worldwide in the 2025 Corporate Knights "Global 100 Most Sustainable Corporations in the World Index" and ranks first among the banks of the peer group by Sustainalytics. Furthermore, Intesa Sanpaolo:

• has been recognized in the FTSE Diversity & Inclusion Index - Top 100 as first bank and seventh company in the world and the only bank in Italy among the 100 most inclusive and diversity-conscious workplaces;
• in March 2025, was included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality;
• has been the first major Italian banking group to obtain the certification for gender parity "Prassi di Riferimento (PDR) 125:2022" envisaged by the National Recovery and Resilience Plan, thanks to its commitment to diversity and inclusion;
• has been the first bank in Italy and among the first banks in Europe to obtain the Gender Equality European & International Standard (GEEIS) - Diversity certification;

• Group's people are its most important asset:

• around 4,800 professionals hired since 2021;
• around 7,850 people reskilled and around 43 million training hours delivered since 2022;
• around 305 talented people have already completed their development path as part of the International Talent Program, which is still ongoing for around other 200 people;
• around 465 key people selected mostly among middle management for dedicated development and training initiatives;
• according to the last climate analysis, Intesa Sanpaolo People satisfaction index has reached its highest level of the past 10 years (84% in 2023 vs 79% in 2021 and 66% in 2013);
• Intesa Sanpaolo has been recognised as Top Employer Europe 2025 and confirmed Top Employer Italy 2025 for the fourth consecutive year by Top Employers Institute, and ranks first among companies in the banking and finance sector in the LinkedIn Top Companies 2025 for career development and professional growth.

_________

^(*) Previously named Dow Jones Sustainability Indices.

In the first quarter of 2025, the Group recorded:

• ● growth in net income of 13.6% to €2,615m from €2,301m in Q1 2024;
• ● growth in gross income of 0.7% to €3,963m from €3,936m in Q1 2024;
• ● growth in operating margin of 1.2% on Q1 2024;
• ● growth in operating income of 0.5% on Q1 2024 with net fee and commission income +7%, income from insurance business +1.5% and strong growth in profits on financial assets and liabilities at fair value against the decrease in net interest income;
• ● operating costs down 0.5% on Q1 2024;
• ● high level of efficiency, with a cost/income of 38%, a level among the best in the top tier European banks;
• annualised cost of risk at 21bps, with overlays equal to €0.9bn;
• credit quality (°):
  • NPL ratio at end of March 2025 was 1.2% net and 2.3% gross. According to the EBA methodology, the NPL ratio was 1% net and 2% gross;
  • the exposure to Russia (^) was further reduced, down by around 90% (around €3.3bn) on end of June 2022 to below 0.1% of the Group's total customer loans: customer loans of the Russian subsidiary were close to zero, cross-border customer loans to Russia were largely performing and classified in Stage 2;
• ● sizeable NPL coverage:
  • NPL cash coverage ratio of 50.1% at end of March 2025, with a cash coverage ratio of 67.3% for the bad loan component;
  • robust reserve buffer on performing loans, amounting to 0.5% at end of March 2025;

^(°) No material payment suspension at end of March 2025. The amount of loans backed by a state guarantee was €13.3bn (around €1.7bn from SACE and €11.6bn from SME Fund).

⁽^) On-balance credit exposure to customers, both cross-border and at the Russian subsidiary Banca Intesa, net of guarantees by Export Credit Agencies and after adjustments. As at 31 March 2025, after adjustments, the onbalance cross-border credit exposure to Russia amounted to €0.31bn of which €0.30bn to customers, net of €0.7bn guarantees by Export Credit Agencies (no off-balance to customers, net of €0.3bn guarantees by ECA, and offbalance of €0.02bn to banks) and the on-balance credit exposure of the subsidiaries amounted to €0.08bn, of which €0.05bn to customers, for Banca Intesa in Russia and €0.05bn, to banks, for Pravex Bank in Ukraine (off-balance, to customers, of €0.03bn for the Russian subsidiary and €0.03bn for the Ukrainian subsidiary). The credit exposure to Russian counterparties currently included in the SDN lists of names to which sanctions apply amounted to €0.39bn.

• very solid capital position, with capital ratios well above regulatory requirements. As at 31 March 2025, including the Basel 4 negative impact of around 40 basis points and deducting from capital(°) €1.8bn of dividends accrued in the first quarter of 2025 and €2bn of buyback to be launched in June 2025, the Common Equity Tier 1 ratio came in at 13.3% (°°) , up by around 45 basis points in the quarter (°°°) , not considering the benefit of around 115bps from the DTA absorption, of which around 15bps in the period Q2 2025 - Q4 2025. This compares with a SREP requirement, comprising Capital Conservation Buffer, O-SII Buffer, Countercyclical Capital Buffer (*) and Systemic Risk Buffer (**) equal to 9.84% (***); the Common Equity Tier 1 ratio came in at 13% not including in capital any Q1 2025 net income (****) .
• strong liquidity position and funding capability, with liquid assets of €278bn and high available unencumbered liquid assets of €207bn at end of March 2025. Regulatory requirements for the Liquidity Coverage Ratio (at 147% (^)) and the Net Stable Funding Ratio (at 121% (#)) have been comfortably complied with.
• Minimum Requirement for own funds and Eligible Liabilities (MREL) comfortably complied with: at end of March 2025 (#) , calculated on risk-weighted assets, the total MREL ratio was 36.7% and the subordination component was 22.1% (36.4% and 21.8%, respectively, not including in capital any Q1 2025 net income (****)), compared with requirements of 26.2% and 18.5%, respectively, comprising a Combined Buffer Requirement of 4.5%;
• support provided to the real economy, with around €21bn of medium/long-term new lending in Q1 2025. Loans amounting to around €15bn were granted in Italy, of which around €13bn was granted to households and SMEs. In Q1 2025, the Group facilitated the return from nonperforming to performing status of around 640 Italian companies thus safeguarding around 3,200 jobs. This brought the total to around 145,000 companies since 2014, thus safeguarding around 722,000 jobs over the same period.

^(°) Deducting from capital also the coupons accrued on the Additional Tier 1 issues.

^(°°) Estimated pro-forma Common Equity Tier 1 ratio of 14.4%, taking into account: (i) the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the nontaxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, (ii) the expected absorption of DTAs on losses carried forward and DTAs related to the acquisition of UBI Banca and the agreements with the trade unions of November 2021 and October 2024, and (iii) the expected distribution on the Q1 2025 net income of insurance companies.

^(°°°) Compared with 12.8% at end of 2024 pro-forma deducting the negative impact of Basel 4.

^(*) Countercyclical Capital Buffer calculated taking into account the exposure as at 31 March 2025 in the various countries where the Group has a presence, as well as the respective requirements set by the competent national authorities and relating to 2026, where available, or the most recent update of the reference period (requirement was set at zero per cent in Italy for the first half of 2025).

^(**) Systemic Risk Buffer calculated taking into account the exposure as at 31 March 2025 to residents in Italy and the fully loaded requirement as at 30 June 2025.

^(***) Applying the regulatory change introduced by the ECB with effect from 12 March 2020, which establishes that the capital instruments not qualifying as Common Equity Tier 1 may be partially used to meet the Pillar 2 requirement.

^(****) In compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.

^{(^)} Average for the last twelve months.

^(#) Preliminary management figures.

The income statement for the first quarter of 2025

The consolidated income statement for Q1 2025 recorded net interest income of €3,632m, down 4.4% from €3,801m in Q4 2024 and down 8% from €3,947m in Q1 2024.

Net fee and commission income amounted to €2,435m, up 0.8% from €2,416m in Q4 2024. Specifically, commissions on commercial banking activities recorded a 7.8% decrease and commissions on management, dealing and consultancy activities recorded an 8.3% increase. The latter, which include portfolio management, distribution of insurance products, dealing and placement of securities, etc., recorded a 58.7% increase in dealing and placement of securities, a 1.5% increase in distribution of insurance products and a 0.4% decrease in portfolio management (performance fees of €9m in Q1 2025 and €44m in Q4 2024). Net fee and commission income for Q1 2025 was up 7% from €2,276m in Q1 2024. Specifically, commissions on commercial banking activities were down 3.3% and those on management, dealing and consultancy activities were up 11.2%. The latter recorded a 23.1% increase in dealing and placement of securities, a 3.8% increase in portfolio management (performance fees of €10m in Q1 2024) and a 6.7% increase in distribution of insurance products.

Income from insurance business amounted to €462m compared with €424m in Q4 2024 and €455m in Q1 2024.

Profits on financial assets and liabilities at fair value amounted to €265m, compared with €5m in Q4 2024. Contributions from customers amounted to €83m from €95m, those from capital markets recorded a positive balance of €90m compared with a negative balance of €136m, and those from securities portfolio and treasury increased to €92m from €46m. Profits of €265m for Q1 2025 are compared with profits of €81m in Q1 2024 when contributions from customers amounted to €72m, those from capital markets were negative for €198m, and those from securities portfolio and treasury amounted to €207m.

Operating income amounted to €6,792m, up 1.9% from €6,668m in Q4 2024 and up 0.5% from €6,756m in Q1 2024.

Operating costs amounted to €2,578m, down 28.1% from €3,584m in Q4 2024, due to decreases of 30.7% in personnel expenses, 31.6% in administrative expenses and 4.1% in adjustments. Operating costs for Q1 2025 were down 0.5% from €2,591m in Q1 2024, due to decreases of 1.2% in personnel expenses and 1.1% in administrative expenses, and an increase of 3.6% in adjustments.

As a result, operating margin amounted to €4,214m, up 36.6% from €3,084m in Q4 2024 and up 1.2% from €4,165m in Q1 2024. The cost/income was 38% in Q1 2025 versus 53.7% in Q4 2024 and 38.4% in Q1 2024.

Net adjustments to loans amounted to €224m (including €1m relating to the exposure to Russia and Ukraine), compared with €482m in Q4 2024 (including €19m relating to the exposure to Russia and Ukraine, of which €27m to favour de-risking, and €37m of additional adjustments to favour derisking) and €234m in Q1 2024 (including recoveries of €5m relating to the exposure to Russia and Ukraine).

Net provisions and net impairment losses on other assets amounted to €23m (including recoveries of €20m relating to the exposure to Russia and Ukraine), compared with €353m in Q4 2024 (including €96m for the exposure to Russia and Ukraine) and €52m in Q1 2024 (including €34m for the exposure to Russia and Ukraine).

Other income recorded a negative balance of €4m, compared with a positive balance of €67m in Q4 2024 and €57m in Q1 2024.

Income (Loss) from discontinued operations was nil, the same as in Q4 2024 and Q1 2024.

Gross income amounted to €3,963m, compared with €2,316m in Q4 2024 and €3,936m in Q1 2024.

Consolidated net income amounted to €2,615m, after recording:

• taxes on income of €1,250m;
• charges (net of tax) for integration and exit incentives of €57m;
• negative effect of purchase price allocation (net of tax) of €24m;
• levies and other charges concerning the banking and insurance industry (net of tax) of €9m, deriving from the following pre-tax figures: charges of €2m in relation to the resolution fund, €5m in relation to contributions to the deposit guarantee scheme concerning the international network, €6m in relation to levies incurred by international subsidiaries and positive fair value differences of €3m regarding the Atlante fund. In Q4 2024, this caption amounted to €55m, deriving from pretax charges of €7m in relation to levies incurred by international subsidiaries, €42m in relation to the life insurance guarantee fund and €30m in relation to negative fair value differences regarding the Atlante fund. In Q1 2024, this caption amounted to €257m, deriving from pre-tax charges of €3m in relation to the resolution fund, €356m in relation to contributions to the Italian deposit guarantee scheme, €1m in relation to contributions to the deposit guarantee scheme concerning the international network, €6m in relation to levies incurred by international subsidiaries and €15m in relation to negative fair value differences regarding the Atlante fund.
• minority interests of €8m.

Net income of €2,615m in Q1 2025 is compared with €1,499m in Q4 2024 and €2,301m in Q1 2024.

Balance sheet as at 31 March 2025

With regard to the consolidated balance sheet figures, as at 31 March 2025 loans to customers amounted to €417bn, down 1.1% on year-end 2024 and down 1.8% on 31 March 2024 (down 1% versus Q4 2024 and down 1.5% on Q1 2024 when taking into account quarterly average volumes (*)). Total non-performing loans (bad, unlikely-to-pay, and past due) amounted - net of adjustments - to €4,965m, up 0.9% compared with €4,920m at year-end 2024. In detail, bad loans amounted to €1,237m compared with €1,120m at year-end 2024, with a bad loan to total loan ratio of 0.3% (0.3% at year-end 2024 as well), and a cash coverage ratio of 67.3% (68% at year-end 2024). Unlikely-topay loans amounted to €3,385m from €3,438m at year-end 2024. Past due loans amounted to €343m from €362m at year-end 2024.

Customer financial assets amounted to €1,379bn, down 0.3% on year-end 2024 and up 3.4% on 31 March 2024. Under customer financial assets, direct deposits from banking business amounted to €574bn, down 1.8% on year-end 2024 and down 0.6% on 31 March 2024. Direct deposits from insurance business amounted to €174bn, down 2.2% on year-end 2024 and down 0.1% on 31 March 2024. Indirect customer deposits amounted to €796bn, up 1% on year-end 2024 and up 6.4% on 31 March 2024. Assets under management amounted to €470bn, down 0.7% on year-end 2024 and up 4.1% on 31 March 2024; in Q1 2025, the new business for life policies amounted to €4.1bn. Assets held under administration and in custody amounted to €326bn, up 3.5% on year-end 2024 and up 10% on 31 March 2024.

Capital ratios as at 31 March 2025, including the negative impact of Basel 4 and deducting from capital (°) €1.8bn of dividends accrued in the first quarter of 2025 and €2bn of buyback to be launched in June 2025, were as follows:

• Common Equity Tier 1 ratio at 13.3% (13.3% at year-end 2024, 12.8% pro-forma deducting the negative impact of Basel 4),
• Tier 1 ratio at 15.7% (15.8% at year-end 2024, 15.3% pro-forma deducting the negative impact of Basel 4),
• total capital ratio at 18.8% (19% at year-end 2024, 18.4% pro-forma deducting the negative impact of Basel 4).

Capital ratios as at 31 March 2025 - not including in capital any Q1 2025 net income (°°) - were as follows:

• Common Equity Tier 1 ratio at 13%,
• Tier 1 ratio at 15.5%,

________

• total capital ratio at 18.5%.

* * *

^(*) Excluding the loan to the banks in compulsory administrative liquidation (formerly Banca Popolare di Vicenza and Veneto Banca).

^(°) Deducting from capital also the coupons accrued on the Additional Tier 1 issues.

^(°°) In compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.

As a result of the strategic decisions taken, Intesa Sanpaolo has maintained its position as one of the most solid international banking Groups. In addition to the asset quality and level of capital ratios commented on above, the Group has continued to build on its key strengths: robust liquidity and low leverage.

Specifically, with regard to the components of the Group's liquidity:

• the high level of available unencumbered liquid assets (including eligible assets with Central Banks received as collateral and excluding eligible assets currently used as collateral) amounted to €207bn at end of March 2025;
• the high level of liquid assets (comprising available unencumbered liquid assets, excluding eligible assets received as collateral, and eligible assets currently used as collateral) amounted to €278bn at end of March 2025;
• liquidity indicators well above regulatory requirements: Liquidity Coverage Ratio at 147% (°) and Net Stable Funding Ratio at 121% (*);
• the sources of funding were stable and well diversified, with retail funding representing 77% of direct deposits from banking business (including securities issued);
• medium/long-term wholesale funding was €0.9bn in Q1 2025 and included a benchmark transaction of Tier 2 of €0.5bn by Intesa Sanpaolo Assicurazioni (around 89% was placed with foreign investors).

The MREL ratio as at 31 March 2025 (*) , calculated on risk-weighted assets, was 36.7% for the total and 22.1% for the subordination component (36.4% and 21.8%, respectively not including in capital any Q1 2025 net income (**)) compared with requirements of 26.2% and 18.5%, respectively, comprising a Combined Buffer Requirement of 4.5%.

The Group's leverage ratio as at 31 March 2025 (which includes exposures to the European Central Bank) was 5.8% (5.7% not including in capital any Q1 2025 net income (**)), best in class among major European banking groups.

* * *

The Intesa Sanpaolo Group's operating structure as at 31 March 2025 had a total network of 3,914 branches, consisting of 2,966 branches in Italy and 948 abroad, and employed 91,825 people.

* * *

________

^(°) Average for the last twelve months.

^(*) Preliminary management figures.

^(**) In compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.

Breakdown of results by Business Area

The Banca dei Territori Division includes:

• Retail customers (individuals and enterprises with less complex financial needs);
• Exclusive customers (individuals with more complex financial needs);
• Enterprise customers (enterprises with more complex financial needs, generally Small and Medium Enterprises);
• customers that are non-profit organisations.

The division includes Isybank, the digital bank subsidiary (which also operates in instant banking through Mooney, the partnership with the ENEL Group).

The Banca dei Territori Division recorded:

(millions of euro)	Q1 2025	Q4 2024	% changes
Operating income	3,057	2,960	3.3%
Operating costs	-1,450	-1,877	-22.7%
Operating margin	1,607	1,083	48.4%
cost/income	47.4%	63.4%
Total net provisions and adjustments	-296	-307
Gross income	1,311	776
Net income	850	284
(millions of euro)	Q1 2025	Q1 2024	% changes
Operating income	3,057	2,980	2.6%
contribution to the Group's operating income	45%	44%
Operating costs	-1,450	-1,476	-1.8%
Operating margin	1,607	1,504	6.8%
cost/income	47,4%	49,5%
Total net provisions and adjustments	-296	-267
Gross income	1,311	1,237
Net income	850	614

The IMI Corporate & Investment Banking Division comprises:

• Client Coverage & Advisory, including Institutional Clients which manages the relationship with financial institutions and Global Corporate which manages the relationship with corporate customers with a turnover higher than €350m, grouped, in accordance with a sector-based model, in the following eight industries: Automotive & Industrials; Basic Materials & Healthcare; Food & Beverage and Distribution; Retail & Luxury; Infrastructure; Real Estate; Energy; Telecom, Media & Technology;
• Distribution Platforms & GTB, including Global Transaction Banking which manages transaction banking services and IMI CIB International Network which ensures the development of the Division and is responsible for foreign branches, representative offices and foreign subsidiaries carrying out corporate banking (Intesa Sanpaolo Bank Luxembourg, Intesa Sanpaolo Bank Ireland and Intesa Sanpaolo Brasil);
• Global Banking & Markets, which operates specifically in structured finance, primary markets and capital markets (equity and debt capital markets).

The Division also comprises the management of the Group's proprietary trading.

The IMI Corporate & Investment Banking Division recorded:

(millions of euro)	Q1 2025	Q4 2024	% changes
Operating income	1,228	948	29.5%
Operating costs	-339	-494	-31.4%
Operating margin	889	454	95.8%
cost/income	27.6%	52.1%
Total net provisions and adjustments	16	-145
Gross income	904	309
Net income	606	202
(millions of euro)	Q1 2025	Q1 2024	% changes
Operating income	1,228	1,009	21.7%
contribution to the Group's operating income	18%	15%
Operating costs	-339	-348	-2.6%
Operating margin	889	661	34.5%
cost/income	27.6%	34.5%
Total net provisions and adjustments	16	37
Gross income	904	698
Net income	606	468

The International Banks Division is responsible for operations on international markets through commercial banking subsidiaries and associates, and provides guidelines, coordination and support for the Group's subsidiaries. It is responsible for defining the Group's development strategy related to its direct presence abroad, including exploring and analysing new growth opportunities in markets where the Group already has a presence, as well as in new ones. This division also coordinates operations of international subsidiary banks and their relations with the Parent Company's head office departments and the IMI Corporate & Investment Banking Division's branches and offices abroad. The division operates through the South-Eastern Europe HUB, comprising Privredna Banka Zagreb in Croatia, Intesa Sanpaolo Banka Bosna i Hercegovina in Bosnia and Herzegovina and Intesa Sanpaolo Bank in Slovenia, the Danube HUB, comprising VUB Banka in Slovakia and in the Czech Republic, Intesa Sanpaolo Bank Romania and First Bank in Romania, and through Intesa Sanpaolo Bank Albania, CIB Bank in Hungary, Banca Intesa Beograd in Serbia, Bank of Alexandria in Egypt, Pravex Bank in Ukraine and Eximbank in Moldova.

The International Banks Division recorded:

(millions of euro)	Q1 2025	Q4 2024	% changes
Operating income	799	789	1.3%
Operating costs	-328	-410	-20.0%
Operating margin	471	379	24.3%
cost/income	41.1%	52.0%
Total net provisions and adjustments	12	-125
Gross income	483	253
Net income	319	123
(millions of euro)	Q1 2025	Q1 2024	% changes
Operating income	799	809	-1.2%
contribution to the Group's operating income	12%	12%
Operating costs	-328	-313	4.8%
Operating margin	471	496	-5.0%
cost/income	41.1%	38.7%
Total net provisions and adjustments	12	-17
Gross income	483	481
Net income	319	318

The Private Banking Division serves the top customer segment (Private and High Net Worth Individuals) through Fideuram and its subsidiaries Intesa Sanpaolo Private Banking, SIREF Fiduciaria, Intesa Sanpaolo Wealth Management, Reyl Intesa Sanpaolo, Fideuram - Intesa Sanpaolo Private Banking Asset Management and Fideuram Asset Management Ireland.

The Private Banking Division recorded:

(millions of euro)	Q1 2025	Q4 2024	% changes
Operating income	847	823	2.9%
Operating costs	-251	-308	-18.5%
Operating margin	596	515	15.7%
cost/income	29.6%	37.4%
Total net provisions and adjustments	-7	-16
Gross income	589	499
Net income	409	321
(millions of euro)	Q1 2025	Q1 2024	% changes
Operating income	847	860	-1.5%
contribution to the Group's operating income	12%	13%
Operating costs	-251	-246	2.0%
Operating margin	596	614	-2.9%
cost/income	29.6%	28.6%
Total net provisions and adjustments	-7	-5
Gross income	589	629
Net income	409	409

The Asset Management Division develops asset management solutions targeted at the Group's customers, commercial networks outside the Group and the institutional clientele through Eurizon Capital. Eurizon Capital controls Eurizon Capital S.A., a Luxembourg asset management company dedicated to development on international markets, Eurizon Asset Management Slovakia, which heads up Eurizon Asset Management Hungary and Eurizon Asset Management Croatia (the asset management hub in Eastern Europe), Eurizon Capital Real Asset SGR focused on alternative asset classes, Eurizon SLJ Capital LTD, an English asset management company focused on macroeconomic and currency strategies, Eurizon Capital Asia Limited and the 49% of the Chinese asset management company Penghua Fund Management.

The Asset Management Division recorded:

(millions of euro)	Q1 2025	Q4 2024	% changes
Operating income	239	259	-7.7%
Operating costs	-53	-83	-36.1%
Operating margin	186	176	5.7%
cost/income	22.2%	32.0%
Total net provisions and adjustments	2	-2
Gross income	188	174
Net income	136	124
(millions of euro)	Q1 2025	Q1 2024	% changes
Operating income	239	240	-0.4%
contribution to the Group's operating income	4%	4%
Operating costs	-53	-54	-1.9%
Operating margin	186	186	0.0%
cost/income	22.2%	22.5%
Total net provisions and adjustments	2	0
Gross income	188	216
Net income	136	163

The Insurance Division develops insurance products tailored for the Group's customers; the Division includes Intesa Sanpaolo Assicurazioni (which also controls Intesa Sanpaolo Protezione, Intesa Sanpaolo Insurance Agency and InSalute Servizi) and Fideuram Vita.

The Insurance Division recorded:

(millions of euro)	Q1 2025	Q4 2024	% changes
Operating income	460	423	8.7%
Operating costs	-84	-112	-25.0%
Operating margin	376	311	20.9%
cost/income	18.3%	26.5%
Total net provisions and adjustments	0	0
Gross income	376	311
Net income	251	473
(millions of euro)	Q1 2025	Q1 2024	% changes
Operating income	460	441	4.3%
contribution to the Group's operating income	7%	7%
Operating costs	-84	-86	-2.3%
Operating margin	376	355	5.9%
cost/income	18.3%	19.5%
Total net provisions and adjustments	0	1
Gross income	376	356
Net income	251	241

Outlook

The implementation of the 2022-2025 Business Plan is proceeding at full speed, with the net income outlook for 2025 confirmed at well above €9 billion.

For 2025 it is envisaged:

• increasing revenues, managed in an integrated manner, with: resilience in net interest income (expected to be above the 2023 level), thanks to a higher contribution from core deposits hedging; growth in net fee and commission income and income from insurance business which leverages on the Group's leadership in Wealth Management, Protection & Advisory; strong growth in profits from trading;
• decreasing operating costs with: reduction in the Group's people due to voluntary exits already agreed upon and natural turnover; additional benefits deriving from technology (e.g., branch network rationalisation and IT processes streamlining); real-estate rationalisation;
• low cost of risk with: low NPL stock; high-quality loan portfolio; proactive credit management;
• lower levies and other charges concerning the banking and insurance industry due to no further contribution to the deposit guarantee scheme.

A strong value distribution is envisaged:

• cash payout ratio of 70% of the consolidated net income for each year of the Business Plan, with an increase in the dividend per share for 2025 versus the dividend per share for 2024;
• buyback of €2bn to be launched in June 2025;
• additional distribution for 2025 to be quantified when full-year results are approved.

A solid capital position is envisaged, with the Common Equity Tier 1 ratio - confirming the Basel 3/Basel 4 target of above 12% over the 2022-2025 Business Plan horizon - expected to stand at yearend 2025 at over 13.7% post 2025 Basel 4 negative impact of around 40 basis points, and at around 14.5% post overall Basel 4 negative impact of around 60 basis points (of which around 20 in 2026- 2033, including around 10 in 2026 relating to FRTB) and including the benefit from the absorption of DTAs after 2025 of around 100 basis points (mostly by 2028), taking into account the abovementioned payout ratio envisaged for the years covered by the Business Plan, the buyback to be launched in June 2025 and not considering an additional distribution for 2025.

* * *

For consistency purpose:

• the balance sheet figures for the first quarter of 2024 were restated following the acquisition of the control of First Bank (finalised at the end of May 2024), with the related items consolidated line by line and the corresponding net equity attributed to minority interests;
• the balance sheet figures for the first two quarters of 2024 were restated following the acquisition of the majority stake in the capital of Alpian (which occurred in August 2024 and determined Alpian's change from an investee company subject to significant influence, consolidated at equity, to a fully-consolidated subsidiary), with the related items consolidated line by line and the corresponding net equity attributed to minority interests;
• the income statement figures for the first two quarters of 2024 were restated following the acquisition of the control of First Bank, with the related items consolidated line by line and the corresponding net income attributed to minority interests, and the acquisition of the majority stake in the capital of Alpian, with the related items consolidated line by line against the derecognition of the contribution to the item "dividends and profits (losses) on investments carried at equity" and the corresponding net income (loss) attributed to minority interests;
• the income statement figures relating to the Business areas for the four quarters of 2024 were restated following the reallocation of some items among the Business areas and the Corporate Centre.

* * *

In order to present more complete information on the results generated in the first quarter of 2025, the reclassified consolidated income statement and the reclassified consolidated balance sheet included in the interim statement approved by the Board of Directors are attached. Please note that the auditing firm is completing its activities according to the approach required for the issue of the statement provided for by art. 26 (2) of Regulation EU n. 575/2013 and with ECB Decision no. 2015/656.

* * *

The manager responsible for preparing the company's financial reports, Elisabetta Stegher, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

* * *

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this document. By accessing these materials, you agree to be bound by the foregoing limitations.

This press release contains certain forward-looking statements, projections, objectives, estimates and forecasts reflecting the Intesa Sanpaolo management's current views with respect to certain future events. Forward-looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding Intesa Sanpaolo's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where Intesa Sanpaolo participates or is seeking to participate.

Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Intesa Sanpaolo Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.

All forward-looking statements included herein are based on information available to Intesa Sanpaolo as of the date hereof. Intesa Sanpaolo undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to Intesa Sanpaolo or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

* * *

Investor Relations Media Relations +39.02.87943180 +39.02.87962326

investor.relations@intesasanpaolo.com international.media@intesasanpaolo.com

group.intesasanpaolo.com

Reclassified consolidated statement of income

			(millions of euro)
	31.03.2025	31.03.2024	Changes
			amount	%
Net interest income	3,632	3,947	-315	-8.0
Net fee and commission income	2,435	2,276	159	7.0
Income from insurance business	462	455	7	1.5
Profits (Losses) on financial assets and liabilities at fair value	265	81	184
Other operating income (expenses)	-2	-3	-1	-33.3
Operating income	6,792	6,756	36	0.5
Personnel expenses	-1,583	-1,602	-19	-1.2
Administrative expenses	-623	-630	-7	-1.1
Adjustments to property, equipment and intangible assets	-372	-359	13	3.6
Operating costs	-2,578	-2,591	-13	-0.5
Operating margin	4,214	4,165	49	1.2
Net adjustments to loans	-224	-234	-10	-4.3
Other net provisions and net impairment losses on other assets	-23	-52	-29	-55.8
Other income (expenses)	-4	57	-61
Income (Loss) from discontinued operations	-	-	-	-
Gross income (loss)	3,963	3,936	27	0.7
Taxes on income	-1,250	-1,280	-30	-2.3
Charges (net of tax) for integration and exit incentives	-57	-56	1	1.8
Effect of purchase price allocation (net of tax)	-24	-29	-5	-17.2
Levies and other charges concerning the banking and insurance industry (net of tax)	-9	-257	-248	-96.5
Impairment (net of tax) of goodwill and other intangible assets	-	-	-	-
Minority interests	-8	-13	-5	-38.5
Net income (loss)	2,615	2,301	314	13.6

Figures restated, where necessary and material, considering the changes in the scope of consolidation.

Quarterly development of the reclassified consolidated statement of income

	(millions of euro)
	2025		2024
	First quarter	Fourth quarter	Third quarter	Second quarter	First quarter
Net interest income	3,632	3,801	3,942	4,028	3,947
Net fee and commission income	2,435	2,416	2,307	2,387	2,276
Income from insurance business	462	424	408	448	455
Profits (Losses) on financial assets and liabilities at fair value	265	5	150	20	81
Other operating income (expenses)	-2	22	-5	-2	-3
Operating income	6,792	6,668	6,802	6,881	6,756
Personnel expenses	-1,583	-2,285	-1,679	-1,619	-1,602
Administrative expenses	-623	-911	-713	-725	-630
Adjustments to property, equipment and intangible assets	-372	-388	-344	-315	-359
Operating costs	-2,578	-3,584	-2,736	-2,659	-2,591
Operating margin	4,214	3,084	4,066	4,222	4,165
Net adjustments to loans	-224	-482	-238	-320	-234
Other net provisions and net impairment losses on other assets	-23	-353	-150	-125	-52
Other income (expenses)	-4	67	-2	31	57
Income (Loss) from discontinued operations	-	-	-	-	-
Gross income (loss)	3,963	2,316	3,676	3,808	3,936
Taxes on income	-1,250	-345	-1,189	-1,234	-1,280
Charges (net of tax) for integration and exit incentives	-57	-424	-61	-46	-56
Effect of purchase price allocation (net of tax)	-24	-12	-28	-25	-29
Levies and other charges concerning the banking and insurance industry (net of tax)	-9	-55	1	-37	-257
Impairment (net of tax) of goodwill and other intangible assets	-	-	-	-	-
Minority interests	-8	19	2	-1	-13
Net income (loss)	2,615	1,499	2,401	2,465	2,301

Figures restated, where necessary and material, considering the changes in the scope of consolidation.

Reclassified consolidated balance sheet

			(millions of euro)
Assets	31.03.2025	31.12.2024	Changes
			amount	%
Cash and cash equivalents	37,447	40,533	-3,086	-7.6
Due from banks	36,933	36,128	805	2.2
Loans to customers	416,797	421,512	-4,715	-1.1
Loans to customers measured at amortised cost	414,811	419,658	-4,847	-1.2
Loans to customers measured at fair value through other comprehensive income and through profit or loss	1,986	1,854	132	7.1
Financial assets measured at amortised cost which do not constitute loans	65,124	62,979	2,145	3.4
Financial assets measured at fair value through profit or loss	48,862	45,706	3,156	6.9
Financial assets measured at fair value through other comprehensive income	88,323	76,303	12,020	15.8
Financial assets pertaining to insurance companies measured at amortised cost	5	5	-	-
Financial assets pertaining to insurance companies measured at fair value through profit or loss	101,980	104,344	-2,364	-2.3
Financial assets pertaining to insurance companies measured at fair value through other comprehensive income	70,518	72,973	-2,455	-3.4
Investments in associates and companies subject to joint control	2,970	3,036	-66	-2.2
Property, equipment and intangible assets	18,497	18,884	-387	-2.0
Assets owned	17,419	17,655	-236	-1.3
Rights of use acquired under leases	1,078	1,229	-151	-12.3
Tax assets	12,462	12,916	-454	-3.5
Non-current assets held for sale and discontinued operations	907	667	240	36.0
Other assets	34,309	37,299	-2,990	-8.0
Total Assets	935,134	933,285	1,849	0.2

Liabilities	31.03.2025	31.12.2024	Changes
			amount	%
Due to banks at amortised cost	60,107	45,082	15,025	33.3
Due to customers at amortised cost and securities issued	540,743	552,029	-11,286	-2.0
Financial liabilities held for trading	41,513	42,866	-1,353	-3.2
Financial liabilities designated at fair value	24,175	23,437	738	3.1
Financial liabilities at amortised cost pertaining to insurance companies	1,971	1,412	559	39.6
Financial liabilities held for trading pertaining to insurance companies	100	63	37	58.7
Financial liabilities designated at fair value pertaining to insurance companies	48,136	50,646	-2,510	-5.0
Tax liabilities	2,614	2,097	517	24.7
Liabilities associated with non-current assets held for sale and discontinued operations	249	5	244
Other liabilities	19,208	18,655	553	3.0
of which lease payables	1,105	1,097	8	0.7
Insurance liabilities	124,195	126,081	-1,886	-1.5
Allowances for risks and charges	5,356	5,591	-235	-4.2
of which allowances for commitments and financial guarantees given	585	601	-16	-2.7
Share capital	10,369	10,369	-	-
Reserves	51,315	42,789	8,526	19.9
Valuation reserves	-1,849	-2,035	-186	-9.1
Valuation reserves pertaining to insurance companies	-367	-297	70	23.6
Interim dividend	-3,022	-3,022	-	-
Equity instruments	7,572	8,706	-1,134	-13.0
Minority interests	134	145	-11	-7.6
Net income (loss)	2,615	8,666	-6,051	-69.8
Total liabilities and shareholders' equity	935,134	933,285	1,849	0.2

Figures restated, where necessary and material, considering the changes in the scope of consolidation and discontinued operations.

Quarterly development of the reclassified consolidated balance sheet

	(millions of euro)
Assets	2025		2024
	31/3	31/12	30/9	30/6	31/3
Cash and cash equivalents	37,447	40,533	56,071	55,582	51,462
Due from banks	36,933	36,128	34,139	33,028	29,041
Loans to customers	416,797	421,512	421,946	422,216	424,234
Loans to customers measured at amortised cost	414,811	419,658	419,559	420,420	421,899
Loans to customers measured at fair value through other comprehensive income and through profit or loss	1,986	1,854	2,387	1,796	2,335
Financial assets measured at amortised cost which do not constitute loans	65,124	62,979	62,868	60,779	62,749
Financial assets measured at fair value through profit or loss	48,862	45,706	45,608	41,914	42,029
Financial assets measured at fair value through other comprehensive income	88,323	76,303	79,500	77,018	77,230
Financial assets pertaining to insurance companies measured at amortised cost	5	5	2	2	5
Financial assets pertaining to insurance companies measured at fair value through profit or loss	101,980	104,344	103,872	101,961	103,265
Financial assets pertaining to insurance companies measured at fair value through other comprehensive income	70,518	72,973	72,797	69,150	70,928
Investments in associates and companies subject to joint control	2,970	3,036	2,799	2,621	2,495
Property, equipment and intangible assets	18,497	18,884	18,542	18,611	18,651
Assets owned	17,419	17,655	17,285	17,276	17,257
Rights of use acquired under leases	1,078	1,229	1,257	1,335	1,394
Tax assets	12,462	12,916	13,150	14,095	14,470
Non-current assets held for sale and discontinued operations	907	667	1,024	1,139	732
Other assets	34,309	37,299	36,868	36,406	35,936
Total Assets	935,134	933,285	949,186	934,522	933,227

Liabilities	2025	2024
	31/3	31/12	30/9	30/6	31/3
Due to banks at amortised cost	60,107	45,082	51,013	48,176	55,998
Due to customers at amortised cost and securities issued	540,743	552,029	555,320	557,052	545,019
Financial liabilities held for trading	41,513	42,866	44,528	45,078	44,737
Financial liabilities designated at fair value	24,175	23,437	24,088	23,314	23,218
Financial liabilities at amortised cost pertaining to insurance companies	1,971	1,412	2,247	2,185	2,222
Financial liabilities held for trading pertaining to insurance companies	100	63	64	107	67
Financial liabilities designated at fair value pertaining to insurance companies	48,136	50,646	50,685	50,775	51,748
Tax liabilities	2,614	2,097	2,467	2,700	2,672
Liabilities associated with non-current assets held for sale and discontinued operations	249	5	7	17	5
Other liabilities	19,208	18,655	21,716	15,513	15,690
of which lease payables	1,105	1,097	1,117	1,185	1,245
Insurance liabilities	124,195	126,081	125,232	119,676	120,561
Allowances for risks and charges	5,356	5,591	4,589	4,520	5,161
of which allowances for commitments and financial guarantees given	585	601	536	495	496
Share capital	10,369	10,369	10,369	10,369	10,369
Reserves	51,315	42,789	42,953	43,933	50,153
Valuation reserves	-1,849	-2,035	-1,805	-2,079	-1,977
Valuation reserves pertaining to insurance companies	-367	-297	-278	-366	-302
Interim dividend	-3,022	-3,022	-	-	-2,629
Equity instruments	7,572	8,706	8,682	8,652	7,889
Minority interests	134	145	142	134	325
Net income (loss)	2,615	8,666	7,167	4,766	2,301
Total Liabilities and Shareholders' Equity	935,134	933,285	949,186	934,522	933,227

Figures restated, where necessary and material, considering the changes in the scope of consolidation and discontinued operations.

Breakdown of financial highlights by business area

								(millions of euro)
	Banca dei Territori	IMI Corporate & Investment Banking	International Banks	Private Banking	Asset Management	Insurance	Corporate Centre	Total
Operating income
31.03.2025	3,057	1,228	799	847	239	460	162	6,792
31.03.2024	2,980	1,009	809	860	240	441	417	6,756
% change	2.6	21.7	-1.2	-1.5	-0.4	4.3	-61.2	0.5
Operating costs
31.03.2025	-1,450	-339	-328	-251	-53	-84	-73	-2,578
31.03.2024	-1,476	-348	-313	-246	-54	-86	-68	-2,591
% change	-1.8	-2.6	4.8	2.0	-1.9	-2.3	7.4	-0.5
Operating margin
31.03.2025	1,607	889	471	596	186	376	89	4,214
31.03.2024	1,504	661	496	614	186	355	349	4,165
% change	6.8	34.5	-5.0	-2.9	-	5.9	-74.5	1.2
Net income (loss)
31.03.2025	850	606	319	409	136	251	44	2,615
31.03.2024	614	468	318	409	163	241	88	2,301
% change	38.4	29.5	0.3	-	-16.6	4.1	-50.0	13.6

								(millions of euro)
	Banca dei Territori	IMI Corporate & Investment Banking	International Banks	Private Banking	Asset Management	Insurance	Corporate Centre	Total
Loans to customers
31.03.2025	221,625	122,745	45,713	13,834	273	-	12,607	416,797
31.12.2024	221,231	126,059	45,255	14,022	254	-	14,691	421,512
% change	0.2	-2.6	1.0	-1.3	7.5	-	-14.2	-1.1
Direct deposits from banking business
31.03.2025	254,289	123,380	61,047	45,921	21	-	89,253	573,911
31.12.2024	258,772	125,194	60,922	47,921	15	-	91,684	584,508
% change	-1.7	-1.4	0.2	-4.2	40.0	-	-2.7	-1.8
Risk-weighted assets
31.03.2025	86,488	109,314	40,366	15,150	2,924	-	50,394	304,636
31.12.2024	76,385	106,967	38,271	12,388	2,027	-	60,328	296,366
% change	13.2	2.2	5.5	22.3	44.3	-	-16.5	2.8
Absorbed capital
31.03.2025	8,303	10,522	4,592	1,548	318	4,757	3,361	33,401
31.12.2024	6,943	9,748	4,311	1,193	219	4,419	3,201	30,034
% change	19.6	7.9	6.5	29.8	45.2	7.6	5.0	11.2

Figures restated, where necessary and material, considering the changes in the scope of consolidation and in business unit constituents and discontinued operations.

Numero di Pagine: 31