Banco BPM SpA

Investor Presentation • May 7, 2025

Group Q1 2025 Results Presentation

07 May 2025

Disclaimer

This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any questions and answers session and any written or oral material discussed following the distribution of this document.

The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiaries disclaim any responsibility or liability for the violation of such restrictions by any person.

This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Banco BPM or any member of its group or any advice or recommendation with respect to such securities, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Banco BPM or any member of its group, or investment decision or any commitment whatsoever. This presentation and the information contained herein does not constitute an offer of securities in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933 (the "Securities Act"), as amended), Canada, Australia, Japan or any other jurisdiction where such offer is unlawful.

The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating without notice. Certain statements in this presentation are forward-looking statements about Banco BPM. Forward-looking statements are statements that are not historical facts and are based on information available to Banco BPM as of the date hereof, relying on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because dependent on factors most of which are beyond Banco BPM's control. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Banco BPM does not undertake any obligation to update 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. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer.

None of Banco BPM, its subsidiaries or any of their respective representatives, directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or otherwise arising in connection therewith.

By participating to the presentation of the Group results and accepting a copy of this presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this presentation.

***

This presentation includes both accounting data (based on financial accounts) and internal managerial data (which are also based on estimates).

Mr. Gianpietro Val, as the manager responsible for preparing the Bank's accounts, hereby states pursuant to Article 154-bis, paragraph 2 of the Financial Consolidated Act that the accounting data contained in this presentation correspond to the documentary evidence, corporate books and accounting records.

Methodological Notes

• The balance sheet and income statement schemes contained in this news release have been reclassified along management criteria in order to provide an indication on the Group's overall performance based on more easily understandable aggregate operating and financial data. These layouts have been prepared based on the financial statement layouts indicated in the Bank of Italy's Circular no. 262/2005 and following updates.
• Starting from Q1 2025, the reclassified income statement scheme includes a new item, "Corporate restructuring costs, net of taxes," relating to costs incurred for the insourcing of insurance companies.
• Starting from 31 December 2024, the aggregate of senior unsecured debt securities resulting from NPE securitizations originated by the Group, mainly with Italian State guarantee (GACS), is shown in the reclassified balance sheet item "Other financial assets" (€1,067m as of 31/12/2024); for consistency, the above criterion has been applied to all previous periods shown in this presentation. In this regard, it should be noted that, in previous periods, the securities in question were included in the reclassified item "Loans measured at amortized cost", although they were shown separately to take into account their peculiar characteristics.
• The strategic partnership on Numia related to e-money sector, announced to the market on 14 July 2023, was finalized on 30 September 2024, with Numia Group (the company holding the entire capital of Numia) becoming 42,86% owned by FSI and 28,57% owned by each of Banco BPM and BCC Banca Iccrea. As a consequence:
  • the assets and liabilities related to e-money sector and the equity investment in Tecmarket Servizi S.p.A were transferred to Numia on 30 September 2024. The aforementioned asset and liabilities were reclassified, starting from the situation as of June 30, 2023, in the specific balance sheet items "Non-current assets and groups of assets held for sale" and "Liabilities associated with assets held for sale," in line with IFRS 5;
  • as of 30 September 2024, the interest in Numia Group is shown for an amount of € 272 million, in the reclassified balance sheet item "Interests in associates and joint ventures", qualifying as an associated investment pursuant to IAS 28;
  • the overall Q3 2024 economic impact of the transaction is positive for € 500 million (€ 493 million, net of tax effect), which is shown in ad ad hoc income statement item "Money impact, net of taxes".
• The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend pay-out determined according to the current regulation. Furthermore, the capital ratios as at 31 March 2025 are determined by calculating risk-weighted assets in accordance with the new rules set forth in EU Regulation 2024/1623 (known as "Basel 3+") and are therefore not immediately comparable with 2024 data.

For further details, see the Explanatory Notes included in the Q1 2025 results press release published on 7 May 2025

2027 NET INCOME TARGET OF €2.150M… NOW ONE QUARTER CLOSER AT A FASTER PACE

• Q1 2025 Net Income PF including Anima: 2% above 2027 average quarterly

items. 2. Core Performing customer loans, Gross book value.

Previous Guidance NEW GUIDANCE

1	Executive Summary	6

• Key Highlights 14
• Final Remarks 24
• Q1 2025 Performance Details 28

1

Executive Summary

NET PROFIT TRAJECTORY: THE BEST QUARTER EVER¹

FAST EXECUTION OF PLAN ACTIONS DRIVES OVERPERFORMANCE: 2027 TARGETS AT REACH

Very solid P&L contribution from non-interest revenues coupled with top performance in Cost/Income (44%) and CoR (30bps)

Strong volume growth, confirming our ability to generate shareholder value through continuing support to the Italian economy

Notes: 1. Businesses with turnover up to €5m. 2. Managerial data. New lending to Households, Corporate and Enterprises with original maturity > 18 months, including green lending products (finalized loans, project financing and SLLs) and ordinary loans granted to sectors classified as "green" or with a low exposure to transition climate risk drivers. For comparison purposes, the figure for the first quarter of 2024 has been estimated using the current calculation method.

Transformational strategy: Anima acquisition adds a new piece to complete our diversified business model, bringing total customer financial assets to €377bn

Note: 1. Based on 2027 projections.

Total Revenues from Key Product Factories: well on track vs Plan trajectory

business.

Further improvement in Asset Quality: Net Bad Loans (excluding State-Guaranteed) close to zero

3,568 2,855 2,754 31/03/24 31/12/24 31/03/25 GROSS NPEs -22.8% Y/Y & -3.5% Q/Q 2025 Stock, in € m Ratio 2.8% 2.7% 3.4% 1,191 Vintage In years 3.4 2.4 Gross Gross Net TOTAL NPEs 2.5

• Default rate at 0.97% in Q1 2025¹ (1.07% in FY 2024)
• Cost of Risk at 30bps in Q1 2025¹ (46bps in FY 2024), benefitting from strong asset quality
• Status of NPE disposal process: Target of €1,020m, o/w €820m completed in 2024. Remaining ~€200m (already frontloaded in 2024), to be executed by YE 2025

o/w: NPEs excluding loans with State Guarantees

Robust Capital, Liquidity and Funding position

CET 1 RATIO EVOLUTION: 13% TARGET IN THE "NO DANISH" SCENARIO CONFIRMED

LIQUIDITY & FUNDING POSITION

Notes: 1. CET1 phased-in at 15.94%, including the application of the Art.468 of the CRR 3 on FVOCI reserves. 2. MDA buffer calculated with 2025 Phased-in requirement and equivalent to the buffer vs. CET 1 Minimum Requirement. 3. MREL Buffer at YE 2024 and as at 31/03/2025 both calculated with new 2025 requirement (phased-in). 4. Calculated as Gross Customer loans at AC (excluding REPOs) on Core Customer Direct Funding (C/A and Deposits).

Key Highlights

Q1 2025 Net Income at €511m (+37.9% Y/Y)

					MAIN TRENDS
P&L HIGHLIGHTS, €m	Q1 24	Q1 25	Chg. Y/Y	€ m		+12.3%
Net interest income	864	817	-5.5%				554
Net fees and commissions	522	554	6.2%	NET FEES &	493	522
Income from associates	30	40		COMMISSIONS
Income from insurance	5	26			Q1 2023	Q1 2024	Q1 2025
«Core» Revenues	1,421	1,437	1.1%			+18.0%
Net financial result	9	46			1,250	1,434	1,476
o/w Cost of certificates	-75	-50		REVENUES
o/w Other NFR	84	97
Other net operating income	4	-7			Q1 2023	Q1 2024	Q1 2025
Total revenues	1,434	1,476	2.9%			-7p.p.
o/w NII "at full funding cost" 1	789	767	-2.9%		51%
Operating costs	-669	-645	-3.5%	COST/INCOME		47%	44%
Pre-Provision income	765	831	8.6%
Total Provisions	-104	-71	-31.6%		Q1 2023	Q1 2024	Q1 2025
o/w LLPs	-82	-76				-45.1%
2 o/w Other provisions	-21	5		LLPs	137	82	76
Profit from continuing operations (pre-tax)	662	760	14.8%
Taxes	-215	-243			Q1 2023	Q1 2024	Q1 2025
Net profit from continuing operations	446	517	15.8%
Systemic charges	-68	0				+58.2%	517
PPA and Other3	-8	-6		NET PROFIT FROM CONTINUING	327	446
Net income	370	511	37.9%	OPERATIONS
					Q1 2023	Q1 2024	Q1 2025

15

NII at €817m in Q1 2025, with reduced sensitivity

DETAILS ON NII EVOLUTION – Q1 2025 VS Q1 2024

• Cumulated impact of managerial actions throughout 2024/27 strategic plan: ~€100m

TREND OF COMMERCIAL SPREADS⁴

KEY MANAGERIAL ACTIONS IN Q1 2025

€500m

• REPLICATING PORTFOLIO AT >€25BN (>€22bn YE 24), Avg. Yield 2.1% and duration of 2.8 years
• SHARE OF INDEXED C/A AT 36% (34% YE 24)
• DECREASING COST OF NEWLY ISSUED WHOLESALE BONDS

Social Senior Pref. Social Covered Bond Spread 95bps 48bps Spread previous issuances⁵ ~185bps ~69bps

Notes: 1. At NII level: «Static» calculation, +/- 100bps parallel shift to interest rates. 2. Including sensitivity on cost of Certificates, classified at NFR 3. Based on a sensitivity at NII level of ~ €275M (average in 2024) applied to delta of avg. 3M Euribor in the period 4. Managerial data of the commercial network. 5. Latest Senior Preferred bonds issued in 2023 (Jan. and Nov.); Latest Covered bonds issued in 2024 (Jan. and May).

Jan-25 Feb-25

€750m

Total Net Fees & Commissions up at €554m: +12% Q/Q and +6% Y/Y

Fees from specialised activities (CIB, Structured Finance and Trade

Finance)

OTHER FEES

• Commercial banking impacted by fees on fiscal credits (ecobonus) and instant payments (-€15m Y/Y)
• Fees from specialised activities increased by 30% Y/Y

2. Key Highlights

17

Cost/Income ratio reduced to 44%, driven by rigorous cost discipline

Headcount: 18,964 employees as of 31/03/2025, -526 vs. YE 2024. Retail network: 1,358 branches as of 31/03/2025, stable vs. YE 2024. Excl. 54 private branches of Banca Aletti, 21 other Group outlets and 1 branch of Aletti Suisse.

€ m

Enhanced asset quality supports low CoR

Notes: 1. Annualised. 2. Gross book value. 3. Coverage ratios indicated in brackets include write-offs. N.B. Starting from 31/12/24, Customer Loans at Amortised Cost exclude the GACS senior notes. Historic data have been restated accordingly.

Optimization and diversification of Debt Securities portfolio

COMPOSITION BY COUNTERPARTY OF THE BANKING BOOK¹

THIS SLIDE REFERS TO THE SECURITIES PORTFOLIO OF THE BANKING BUSINESS

Starting from 31/12/24, Debt Securities portfolio at AC includes the GACS senior notes. Historic data have been restated accordingly.

Notes: 1. Managerial view. 2. Include Corporate and Financial securities and GACS senior notes.

Resilient trend in FVOCI debt reserves and solid Net Financial Result

Notes: 1. Refer to securities portfolio of the banking business. 2. Portfolio sensitivity for a 1 bp rate variation, including hedging strategies. Managerial data. 3. Cost of Certificates, classified under NFR, in accordance with Bank of Italy accounting schemes, impacted by trend in interest rates.

Strong liquidity & funding position

Notes: 1. Weighted amount. 2. Managerial data. 3. See slide 34 for more details. 4. The amount as of 31/12/2024 includes €0.75 of MRO and \$1bn of non - euro monetary policy operations. The amount as of 31/03/25 included €1.5bn of LTRO and €1.5bn of MRO. 5. Managerial data. See slide 32 for more details.

Robust capital position confirmed

Notes: 1. MDA buffer calculated with 2025 Phased-in requirement and equivalent to the buffer vs. CET 1 Minimum Requirement. 2. CET1 phased-in at 15.94%, including the application of the Art.468 of the CRR 3 on FVOCI reserves.

Final Remarks

BANCO BPM + ANIMA: THE ROAD TOWARDS OUR NEW POTENTIAL

€ m	Q1 2025 actual	Q1 2025 incl. full consolidation of Anima2	2027 Q. Avg. (Strategic Plan incl. Anima full consolidation)
Total revenues	1,476	1,601	1,590
o/w NII	817	817	787
o/w Net fees & commissions	554	688	695
Core revenues	1,437	1,561	1,560
o/w key product factories1	266	390	430
Non-interest income on total revenues	45%	49%	50%
Operating costs	645	703	697
Cost/Income	44%	44%	44%
CoR (bps)	30	30	40
NET INCOME	511	549	538
Breakdown of Net Income by Business Mix	~25%	~30% ~10%	~35%
& Asset Management + Protection3 Wealth ht	~10%		10-15%
g e al li Specialty Banking Solutions3 or pit M	~65%	~60%	50-55%
Commercial Banking & Other4 a c Including net fees and commissions from commercial banking

Notes: 1. Include Net fees & commissions + Income from associates (Anima, Agos, Numia, Banco BPM Vita, Vera Vita, BBPM Life, Banco BPM Assicurazioni, Vera Assicurazioni) + Income from life Insurance of Banco BPM Vita, Vera Vita, BBPM Life. 2. Assuming full consolidation of Anima, before minorities and PPA and after removing intra-group items. 3. Includes income from companies and net commissions generated from products distribution (adjusted assuming relative year Cost/Income and tax rate). 4. Includes Finance and Corporate Center.

FULL CONFIDENCE IN REACHING OUR OBJECTIVES BASED ON SUCCESSFUL TRACK RECORD

2022 data restated for IFRS 17 impact.

Q1 2025: BEST QUARTERLY PERFORMANCE LEADING TO SIGNIFICANT UPLIFT IN NET INCOME GUIDANCE

Q1 2025 ALREADY	▪ NET INCOME €511m, +38% Y/Y		HIGHER 2025 NET INCOME GUIDANCE
ACCELERATING VIS-À-VIS THE PACE	▪ NET INCOME PF INCL. ANIMA FULL CONSOLIDATION1 €549m		• TOTAL REVENUES: positive Y/Y trend, even assuming Euribor at 2% starting from Q3:
SET IN 2024-27 PLAN	2% HIGHER THAN 2027 PLAN TARGET ✓		– NII "at full funding SINGLE DIGIT cost"4
FAST EXECUTION OF PLAN ACTIONS DRIVES OVERPERFORMANCE	+€2.4BN CUSTOMER LOANS2 ▪ SINCE YE 2024 ▪ 49% SHARE OF NON-NII ON TOTAL REVENUES PF Anima full consolidation1 (including ) ▪ TOP PERFORMANCE IN COST/INCOME (44%) AND COST OF RISK (30BPS)		– Net fees & DOUBLE DIGIT commissions • COST/INCOME • PROVISIONS vs. FY2024 SINGLE DIGIT
SUCCESSFUL COMPLETION OF ANIMA ACQUISITION	▪ FULL CONSOLIDATION BY Q2 2025 INTEGRATION ALREADY STARTED ▪		NET INCOME € bn ~1.95
SOLID CAPITAL POSITION	13% TARGET AFTER ACQUISITION OF ANIMA3 CONFIRMED, WITH MDA BUFFER >350bps		~1.7 Previous Guidance NEW GUIDANCE

Q1 RESULTS ALREADY IN LINE WITH NET INCOME 2027 PLAN TARGET OF €2.15BN: REFERENCE POINT FOR ANY STAND-ALONE VALUATION OF THE BANK

items.

Notes: 1. Assuming full consolidation of Anima, before minorities and PPA and after removing intra-group

2. Core Performing customer loans at AC, GBV. 3. As per 2024-27 strategic plan, assuming no application of Danish Compromise to the acquisition of Anima. 4. Including cost of certificates. 3. Final Remarks

4

Q1 2025 Performance Details

P&L: Quarterly comparison

Reclassified income statement (€m)	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Chg. Q/Q	Chg. Q/Q %
Net interest income	864.4	858.4	861.9	855.3	816.9	-38.4	-4.5%
Income (loss) from invest. in associates carried at equity	30.3	44.6	31.1	45.6	39.8	-5.8	-12.8%
Net interest, dividend and similar income	894.7	903.0	893.1	901.0	856.7	-44.2	-4.9%
Net fee and commission income	521.6	499.8	488.1	494.4	554.0	59.6	12.1%
Other net operating income	3.8	-1.3	-10.4	31.3	-7.5	-38.8	n.m
Net financial result	8.8	-50.8	48.0	-14.8	46.2	61.0	n.m
Income from insurance business	4.8	10.0	56.2	22.4	26.3	3.9	17.4%
Other operating income	539.1	457.6	581.8	533.3	619.1	85.8	16.1%
Total income	1,433.8	1,360.6	1,474.9	1,434.3	1,475.8	41.5	2.9%
Personnel expenses	-431.6	-428.9	-435.6	-449.1	-434.0	15.0	-3.3%
Other administrative expenses	-172.9	-176.1	-152.3	-143.5	-144.6	-1.1	0.8%
Amortization and depreciation	-64.1	-64.9	-68.2	-68.5	-66.6	1.9	-2.7%
Operating costs	-668.7	-669.9	-656.1	-661.0	-645.2	15.8	-2.4%
Profit (loss) from operations	765.1	690.6	818.8	773.3	830.6	57.3	7.4%
Net adjustments on loans to customers	-82.5	-111.6	-107.8	-159.6	-75.5	84.1	-52.7%
Profit (loss) on FV measurement of tangible assets	-13.4	-12.6	-14.1	-14.5	-0.8	13.7	-94.3%
Net adjustments on other financial assets	-3.0	-0.3	1.2	-6.5	3.5	10.0	n.m
Net provisions for risks and charges	-5.0	13.2	-16.1	-14.3	1.9	16.2	n.m
Profit (loss) on the disposal of equity and other invest.	0.4	0.6	2.1	-0.7	0.3	1.0	n.m
Income (loss) before tax from continuing operations	661.7	580.0	684.0	577.7	760.0	182.3	31.6%
Tax on income from continuing operations	-215.4	-180.4	-223.0	-170.8	-243.1	-72.3	42.4%
Income (loss) after tax from continuing operations	446.3	399.6	461.0	406.9	516.9	109.9	27.0%
Systemic charges after tax	-68.1	1.5	0.0	-4.4	0.0	4.4	n.m.
Impact of bancassurance reorganization	2.5	0.0	0.0	0.0	0.0	0.0	n.m.
Impact on Payment Business	0.0	0.0	493.1	0.0	0.0	0.0	n.m.
Restructuring costs and others	0.0	-11.7	0.0	-130.2	-0.7	129.5	-99.5%
Income (loss) attributable to minority interests	0.0	0.0	0.0	0.0	0.0	0.0	-33.3%
Purchase Price Allocation after tax	-8.7	-10.0	-9.4	-6.9	-7.0	-0.1	1.8%
Fair value on own liabilities after Taxes	-1.8	0.5	1.0	1.5	1.5	0.0	-2.6%
Client relationship impairment, goodwill and partecipation	0.0	0.0	0.0	-42.4	0.0	42.4	n.m.
Net income (loss) for the period	370.2	379.9	945.7	224.6	510.7	286.1	127.4%

Q1 25: PF incl. Anima full consolidation

(€m)	Q1 25	Q1 25 PF incl. Anima full consolidation
Net interest income	816.9	817.5
Income (loss) from invest. in associates carried at equity	39.8	28.9
Net interest, dividend and similar income	856.7	846.4
Net fee and commission income	554.0	688.0
Other net operating income	-7.5	-6.7
Net financial result	46.2	47.4
Income from insurance business	26.3	26.3
Other operating income	619.1	755.0
Total income	1,475.8	1,601.4
Personnel expenses	-434.0	-461.4
Other administrative expenses	-144.6	-162.3
Amortization and depreciation	-66.6	-79.1
Operating costs	-645.2	-702.9
Profit (loss) from operations	830.6	898.5
Net adjustments on loans to customers	-75.5	-75.8
Profit (loss) on FV measurement of tangible assets	-0.8	-0.8
Net adjustments on other financial assets	3.5	3.5
Net provisions for risks and charges	1.9	1.5
Profit (loss) on the disposal of equity and other invest.	0.3	0.4
Income (loss) before tax from continuing operations	760.0	827.2
Tax on income from continuing operations	-243.1	-271.8
Income (loss) after tax from continuing operations	516.9	555.4
Systemic charges after tax	0.0	0.0
Impact of bancassurance reorganization	0.0	0.0
Impact on Payment Business	0.0	0.0
Restructuring costs and others	-0.7	-0.7
Income (loss) attributable to minority interests	0.0	-4.9
Purchase Price Allocation after tax	-7.0	-7.0
Fair value on own liabilities after Taxes	1.5	1.5
Client relationship impairment, goodwill and partecipation	0.0	0.0
Net income (loss) for the period	510.7	544.4

Balance Sheet

Reclassified assets (€ m)				Chg. Y/Y		Chg. Q/Q
	31/03/24	31/12/24	31/03/25	Value	%	Value	%
Cash and cash equivalents	9,877	12,125	12,170	2,293	23.2%	45	0.4%
Loans and advances measured at AC	106,859	103,090	104,155	-2,704	-2.5%	1,066	1.0%
- Loans and advances to banks	3,228	3,362	3,319	91	2.8%	-44	-1.3%
1 - Loans and advances to customers ( )	103,631	99,727	100,836	-2,795	-2.7%	1,109	1.1%
Other financial assets	49,132	51,301	58,301	9,169	18.7%	7,000	13.6%
- Assets measured at FV through PL	7,667	9,319	10,824	3,157	41.2%	1,506	16.2%
- Assets measured at FV through OCI	10,883	13,280	15,273	4,390	40.3%	1,993	15.0%
- Assets measured at AC	30,582	28,703	32,204	1,622	5.3%	3,501	12.2%
Financial assets pertaining to insurance companies	15,645	16,690	16,800	1,155	7.4%	110	0.7%
Equity investments	1,419	1,708	1,654	235	16.6%	-54	-3.2%
Property and equipment	2,829	2,514	2,476	-353	-12.5%	-38	-1.5%
Intangible assets	1,261	1,257	1,268	7	0.6%	12	0.9%
Tax assets	4,062	3,373	3,203	-860	-21.2%	-170	-5.0%
Non-current assets held for sale and discont. operations	449	445	297	-152	-33.9%	-148	-33.3%
Other assets	5,150	5,708	5,210	60	1.2%	-498	-8.7%
Total	196,683	198,209	205,534	8,851	4.5%	7,325	3.7%
Reclassified liabilities (€ m)				Chg. Y/Y		Chg. Q/Q
	31/03/24	31/12/24	31/03/25	Value	%	Value	%
Banking Direct Funding	123,379	126,149	126,164	2,786	2.3%	15	0.0%
- Due from customers	102,563	102,757	102,588	24	0.0%	-170	-0.2%
- Debt securities and other financial liabilities	20,816	23,392	23,577	2,761	13.3%	185	0.8%
Insurance Direct Funding & Insurance liabilities	15,417	16,215	16,295	877	5.7%	80	0.5%
- Financial liabilities measured at FV pertaining to insurance	2,941	3,332	3,555	614	20.9%	224	6.7%
companies
- Liabilities pertaining to insurance companies	12,476	12,883	12,740	264	2.1%	-144	-1.1%
Due to banks	11,134	6,333	7,621	-3,513	-31.6%	1,288	20.3%
Debts for Leasing	662	646	627	-35	-5.3%	-19	-3.0%
Other financial liabilities designated at FV	27,046	28,704	33,213	6,167	22.8%	4,510	15.7%
Other financial liabilities pertaining to insurance companies	76	56	70	-5	-7.2%	14	25.0%
Liability provisions	884	989	942	59	6.6%	-46	-4.7%
Tax liabilities	545	472	561	16	2.9%	89	18.9%
Liabilities associated with assets held for sale	209	1	0	-209	-100.0%	-1	-100.0%
Other liabilities	2,966	4,041	5,173	2,208	74.4%	1,133	28.0%
Minority interests	0	0	0	0	-1.5%	0	-5.8%
Shareholders' equity	14,365	14,604	14,867	502	3.5%	263	1.8%
Total	196,683	198,209	205,534	8,851	4.5%	7,325	3.7%

31 Notes: 1. Starting from 31/12/24, Customer Loans at Amortised Cost exclude GACS senior notes. Historic data have been restated accordingly.

Strong and well diversified liability profile, driven by successful issuance activity

In rolling out its funding plan, Banco BPM considers not only regulatory MREL requirements but also rating agency thresholds and buffers

Managerial data of the banking business.

Notes: 1. Include also Repos with underlying retained Covered Bonds & ABS. 2. MREL Requirements for 2025 (Phased-in). Managerial data. 3. Excluding issues of retained CB and ABS underlying REPOs. 4. Issued under the Green, Social and Sustainability Bonds Framework.

Wholesale bond maturities and calls

Managerial data of the banking business, based on nominal amounts.

Notes: 1. Excluding Repos with retained CB, ABS as well as CCT as underlying (€0.57bn maturities in 2025; €4.15bn maturities in 2026 and €3.65bn maturities in 2027). 2. Redemption profile based on the first call date for callable subordinated bonds. For some instruments, the exercise of the call is subject to prior approval by the competent authority. The information provided in this chart should not be considered as a confirmation of their actual exercise.

Total Direct Funding from the Banking business

EVOLUTION OF TOTAL DIRECT FUNDING
Capital-protected Certificates & other Debt Securities at FV	129.1			132.0		131.6
REPOs & Other Bonds	99.7		100.3			100.2
C/A, Sight & Time deposits - (Core Funding)	(77.2%)			(75.9%)		(76.1%)
(% Share on total)	31/03/2024			31/12/2024		31/03/2025
		31/03/24	31/12/24	31/03/25	% chg. Y/Y	% chg. Q/Q
C/A & Sight deposits		99.0	98.8	98.9	-0.1%	0.1%
Time deposits		0.7	1.4	1.3	85.6%	-6.9%
Bonds		20.8	23.4	23.6	13.3%	0.8%
REPOs & Other		2.9	2.5	2.4	-17.2%	-5.2%
Capital-protected Certificates & other Debt Securities at FV		5.7	5.9	5.5	-3.9%	-7.4%
Total Direct Funding		129.1	132.0	131.6	2.0%	-0.3%

Indirect customer funding up at €117.2bn: +6.3% Y/Y; +0.9% Q/Q

Managerial data of the commercial network

Notes: 1. AuM from Bancassurance as of 31/03/2025 contains €16.2bn pertaining to Banco BPM Vita, Vera Vita and BBPM Life included also in the balance sheet item "Insurance Direct Funding and Insurance liabilities", as fully consolidated (€15.4bn as of 31/03/2024; €16.0bn as of 31/12/2024).

Net Customer Loans at Amortized Cost

				Change
Net Performing Customer Loans	31/03/24	31/12/24	31/03/25	In % Y/Y	In % Q/Q
Core customer loans	96.5	94.8	97.2	0.7%	2.5%
- Medium/Long-Term loans	76.9	75.2	76.3	-0.7%	1.5%
- Current Accounts	7.2	7.7	8.0	10.6%	3.4%
- Cards & Personal Loans	0.6	0.5	0.4	-26.9%	-9.1%
- Other loans	11.8	11.5	12.4	5.5%	8.5%
Repos	5.0	3.0	1.8	-63.3%	-38.9%
Leasing	0.4	0.3	0.3	-21.4%	-4.1%
Total Net Performing Loans	101.9	98.1	99.3	-2.5%	1.2%

NPE migration dynamics

Asset Quality details

Loans to Customers at AC

Gross exposures	31/03/2024	31/12/2024	31/03/2025	Chg. Y/Y		Chg. Q/Q
€ m and %				Value	%	Value	%
Bad Loans	1,547	1,160	1,140	-406	-26.3%	-20	-1.7%
UTP	1,931	1,552	1,549	-382	-19.8%	-3	-0.2%
Past Due	90	143	65	-26	-28.3%	-78	-54.5%
NPE	3,568	2,855	2,754	-814	-22.8%	-101	-3.5%
Performing Loans	102,287	98,587	99,756	-2,531	-2.5%	1,170	1.2%
TOTAL CUSTOMER LOANS	105,855	101,442	102,510	-3,345	-3.2%	1,068	1.1%

Net exposures	31/03/2024	31/12/2024	31/03/2025	Chg. Y/Y		Chg. Q/Q
€ m and %				Value	%	Value	%
Bad Loans	607	491	488	-120	-19.7%	-4	-0.8%
UTP	1,094	979	989	-105	-9.6%	10	1.0%
Past Due	67	110	46	-20	-30.5%	-64	-57.8%
NPE	1,768	1,580	1,523	-245	-13.8%	-57	-3.6%
Performing Loans	101,863	98,147	99,313	-2,550	-2.5%	1,167	1.2%
TOTAL CUSTOMER LOANS	103,631	99,727	100,836	-2,795	-2.7%	1,109	1.1%

Coverage ratios	31/03/2024	31/12/2024	31/03/2025
%
Bad Loans	60.7%	57.6%	57.2%
UTP	43.4%	36.9%	36.1%
Past Due	26.1%	22.8%	28.5%
NPE	50.5%	44.6%	44.7%
Performing Loans	0.41%	0.45%	0.44%
TOTAL CUSTOMER LOANS	2.1%	1.7%	1.6%

• The overlays as at 31/03/25 amount to >€160m

Starting from 31/12/24, Customer Loans at Amortised Cost exclude GACS senior notes. Historic data have been restated accordingly.

Sustainability ESG Update – Key results in Q1 2025

to the Bank's NZBA targets

Notes: 1. Managerial data. New lending to Households, Corporate and Enterprises with original maturity > 18 months, including green lending products (finalized loans, project financing and SLLs) and ordinary loans granted to sectors classified as "green" or with a low exposure to transition climate risk drivers. For comparison purposes, the figure for the first quarter of 2024 has been estimated using the current calculation method. 2. Share on total managerial positions. 3. Share on the Corporate and Financial securities managed by the Finance department (managerial data based on nominal amount). 4. The use by Banco bpm of any MSCI ESG research LLC or its affiliates ('MSCI') data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Banco BPM by MSCI. MSCI services and data are the property of MSCI or its information providers are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

THE NEW PILLAR

Transformational strategy in action: the acquisition of Anima adds a new piece to complete our diversified business model

Capital position fully loaded in detail

FULLY LOADED CAPITAL POSITION (€ m and %)	31/03/2024	31/12/2024	31/03/2025
CET 1 Capital T1 Capital Total Capital	9,238 10,627 12,825	9,275 10,665 12,530	9,601 10,991 12,874
RWA	62,660	61,639	65,030
CET 1 Ratio	14.74%	15.05%	14.76%
AT1	2.22%	2.25%	2.14%
T1 Ratio	16.96%	17.30%	16.90%
Tier 2	3.51%	3.03%	2.90%
Total Capital Ratio	20.47%	20.33%	19.80%

The ratios phased-in as at 31/03/2025, including the application of the Art.468 of the CRR 3 on FVOCI reserves are the following:

• CET 1 15.94%;
• TIER 1 18.07%;
• TOTAL CAPITAL 20.96%

LEVERAGE FULLY LOADED (€/m and %)	31/03/2024	31/12/2024	31/03/2025
Total Exposure	197,952	204,755	214,395
Class 1 Capital	10,627	10,665	10,991
Leverage Ratio	5.37%	5.21%	5.13%

Leverage ratio phased-in as at 31/03/2025, including the application of the Art.468 of the CRR 3 on FVOCI reserves: 5.47%

Notes: The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend pay-out determined according to the current regulation. Furthermore, the capital ratios as at 31 March 2025 are determined by calculating risk-weighted assets in accordance with the new rules set forth in EU Regulation 2024/1623 (known as "Basel 3+") and are therefore not immediately comparable with 2024 data.

FULLY LOADED RWA COMPOSITION (€ bn)	31/03/2024	31/12/2024	31/03/2025
CREDIT & COUNTERPARTY RISK	53.4	51.8	53.2
of which: AIRB	25.9	27.7	27.6
MARKET RISK	1.2	1.2	1.4
OPERATIONAL RISK	7.9	8.5	10.1
CVA	0.2	0.2	0.3
TOTAL	62.7	61.6	65.0

DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION

INDICATOR	DEFINITION
CASH + UNENCUMBERED ASSETS	Including assets received as collateral, net of accrued interests. Managerial data, net of haircuts
CORE REVENUES	Core Revenues: NII + Net Commissions + Income from Associates and Income from Insurance business
COST OF RISK	Loan loss Provisions / Total Net Customer Loans at Amortised Cost. Annualised for interim periods
CURE RATE	Flows from UTP to Performing loans / Stock of UTP (GBV BoP). Excluding loans at IFRS 5. Annualised for interim periods
CUSTOMER LOANS	Loans to customers at Amortised Costs, excluding debt securities
DEFAULT RATE	Flows from Performing to NPEs / Stock of performing loans (GBV BoP). Annualised for interim periods
INDIRECT CUSTOMER FUNDING	Assets under Management (in the form of Funds & Sicav, Bancassurance and Managed Accounts & Funds of Funds) + Assets under
	Custody net of Capital-protected Certificates, as they have been regrouped under Total Direct Funding
INVESTMENT PRODUCT PLACEMENTS	Managerial data: Funds & Sicav, Bancassurance, Managed Accounts & Funds of Funds, Certificates and other Debt Securities at FV
MREL BUFFER	MREL as % of RWA, including Combined Buffer Requirement
NET DEFAULT RATE	Net flows to NPEs from Performing / Stock of Performing loans (GBV BoP). Annualised for interim periods
NEW LENDING	Managerial data: M/L-term Mortgages (Secured and Unsec.), Pool & Structured Finance (including revolving) and ST Unsec. Loans
ROE	Calculated as Net Profit from P&L / Shareholders' Equity (EoP, excluding Net Profit of the period and AT1 instruments and also adjusted for interim dividend)
ROTE	Calculated as Net Profit from P&L / Tangible Shareholders' Equity (EoP, excluding Net Profit of the period, AT1 instruments and Intangible assets net of fiscal effect and also adjusted for interim dividend)
TOTAL DIRECT FUNDING	Total Direct Funding from the Banking Business (C/A & Sight deposits, Time deposits, Bonds, REPOs & Other) + Capital-protected Certificates and Other Debt Securities at FV

Contacts for Investors and Financial Analysts

Banco BPM

Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy

investor.relations@bancobpm.it www.gruppo.bancobpm.it (IR section)