Banco Comercial Portugues

Investor Presentation • May 21, 2025

Disclaimer

• l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ('IFRS') of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended.
• l The figures presented do not constitute any form of commitment by BCP in regard to future earnings.
• l The figures for the first three months of 2024 and 2025 were not audited
• l The information in this presentation is for information purposes only and should be read in conjunction with all other information made public by the BCP Group.

Highlights

A Solid and Efficient Bank

Profitability	▪ Group's net income of 243.5 million in Q1'25, corresponding to an increase of 3.9% compared to Q1'24, reaching a ROE of 13.9% in March 2025 ▪ In Portugal, net income amounted to 218.9 million in Q1'25, corresponding to an increase of 7.6% compared to Q1'24 ▪ Bank Millennium net income stood at 42.8 million in Q1'25, despite charges of 130.81 million related with CHF mortgage loan portfolio (out of which 98.1 2 million in provisions)
	▪ 4 ratio3 4 Solid capital ratios. CET1 stood at 15.9% and total capital at 20.0%, incorporating the effects resulting from CRR3 ▪ Liquidity indicators well above regulatory requirements. LCR5 at 354%, NSFR5 at 180% and LtD5 at 67%. Eligible assets available to discount at ECB of 31.4 billion
Business Model	▪ Group's total Customer funds grew 6.1% to 104.6 billion and loans to customers up 2.2% to 58.1 billion compared to March 2024 ▪ Relevant reduction in non-performing assets compared to March 2024: 232 million in NPE, 43 million in foreclosed assets and 39 million corporate restructuring funds ▪ Cost of risk at Group level stood at 38bp in Q1'25, which compares with 52bp in the same period of last year. In Portugal Cost of risk stood at 34bp which compares with 48bp in the same period of last year ▪ Customer base surpasses 7 million highlighting the 9% increase in mobile Customers, which represented 72% of the total active Customers at the end of March 2025

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

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

³ Fully implemented ratio including 25% of the unaudited net income of Q1'25.

⁴ Capital Requirement Regulation 3 (CRR3), with an estimated impact of 50bp.

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

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

Customer counting criteria used in the Strategic Plan. 6

% Digital Transactions (#)³ % Digital Sales (#) # Digital Interactions (mio) 2 4 (Number of operations, Jan-Mar 2025 vs Jan–Mar 2024) +15% Transactions¹ +16% P2P Transfers +75% Investment Funds(#) +13% Sales +34% Personal loans (#) +19% National Transfers +15% Savings +56% Account Opening (#) Strong mobile growth Y/Y Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales #1 NPS⁵Digital Customers Mar 2025 5 largest Banks 4.8 App 84 84 99.6 99.6 11 9 13 11 163 182

• 7%

73 74

Q1'24 Q1'25 APP Site

1 Includes P2P transfers in Millennium app

Q1'24 Q1'25

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

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

87 89

Q1'24 Q1'25 Digital ATM

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

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

4.9

4.8

Millennium leads ratings

Net income of 243.5 million in Q1'25

(Million euros)	Q1'24	Q1'25	%	D
interest income Net	696 2	721 1	+3 6%	+24 8
Commissions	197 3	201 4	+2 1%	+4 2
income Core	893 5	922 5	2% +3	+29 0
Operating costs	-307 8	-339 7	+10 4%	-31 9
operating profit Core	585 7	582 8	-0 5%	-2 9
1 Other income	-25 0	-13 3	+46 6%	+11 6
Profit impairment provisions before and	560 7	569 4	5% +1	+8 7
2 Impairment , other provisions and results modification on	-226 0	-191 2	-15 4%	+34 8
Of which: impairment Loans	-73 5	-55 8	-24 1%	+17 8
3 Of which: legal risk (Poland) CHF mortgages on	-117 4	-98 1	-16 4%	+19 3
Profit income before tax	334 8	378 2	+13 0%	+43 5
, non-controlling interests and discontinued operations Income taxes	-100 5	-134 8	+34 2%	-34 3
income Net	234 3	243 5	+3 9%	+9 1

Delivering shareholder value

¹ Considering the evolution of the book value per share from March 2024 to March 2025 and the €0.03 per share dividend relating to the 2024 results to be approved at the next Annual General Shareholders' Meeting on May 22, 2025. | ² The €0.017 dividend per share relating to the 2023 results paid in 2024 divided by the last closing price (non-adjusted) of March 2024

10

Net interest income

Comissões Fees and commissions

Q1'24 Q1'25

Outros proveitos Other net operating income

13 ¹Net trading income includes -22.7 million in Q1'24 and -5.3 million in Q1'25 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. | ²Other operating income includes +9.6 million in Q1'24 and +8.1 million in Q1'25 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale) and includes charges related with negotiation costs and legal procedures of CHF loans.

Operating costs

Cost of risk and provisions

642

¹ Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 9.6 million in Q1'24 and 8.1 million in Q1'25.

Loan-loss reserves 630

Continued decrease of NPEs

Portugal

17

Customer funds

Mar 24 Mar 25

Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investments).

Loan portfolio

Portugal

International operations

Group Capital and liquidity

20

Solid capital ratios

• CET1 stood at 15.9% and total capital ratio at 20.0% incorporating the effects resulting from CRR3 3
• Capital ratios comfortably above requirements which also include the conservation buffer, O-SII buffer, countercyclical capital buffer and systemic risk buffer
• Buffers for which there are limitations to results distribution: 632bp to CET1, 556bp to T1 and 592bp to total capital

Stronger capital position

Leverage ratio

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

Leverage ratio in comfortable levels (6.3% as of March 2025) higher when comparing to European banks

RWA density

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

RWAs density in very conservative values (40% as of March 2025) comparing favourably with the values registered by most of the European markets

MREL requirements and Funding Plan

MREL position (BCP Resolution Group - 31 Mar 2025)*

• Resolution strategy: MPE (Multi Point of Entry)² • BCP Resolution Group : Perimeter centred in Portugal • Preferred Resolution Measure: Bail-in • No subordination requirements have been applied to the BCP Resolution Group • As of March 31, 2025, BCP complied with MREL requirement, including CBR, applicable since July 2024 (with a buffer of 4.5% of TREA, amounting to c. EUR 1,220 million) • Funding Plan execution • Tender offer: On March 13, 2025, the Bank launched an offer for its Tier 2 Notes due December 2027, with a nominal amount of EUR 166.3M, receiving valid offers totalling EUR 79.5M by March 20, 2025. • 500 million of T2 issued on March 20, 2025, with a maturity of 12 years and Call Option on the year 7

*Preliminary data MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements ¹Requirements covered by the 2023 Resolution Planning Cycle, applicable since July 2024. MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework. ²In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 18.03% and MREL - TEM of 5.91% from 18 June 2024.

³Including 25% of the unaudited net income of Q1'25.

⁴ Including RRE – Sectoral Systemic Risk Buffer and CCyB – Countercyclical Capital Buffer

Robust liquidity position

Portugal

Profitability in Portugal

(Million euros*) (Million euros*)

Operating Costs

(Million euros*) (Million euros*)

Net income Net operating revenue

Impairment and other provisions

Net interest income

income decrease in Q1'25 despite the positive effects in deposit costs, in the yield from the securities portfolio and in the wholesale funding

Commissions and other income

(Million euros) (Million euros)

			YoY
	Q1'24	Q1'25
Banking fees and commissions	118 .5	125 0	+5.5%
Cards and transfers	39 7	2 34	8% -13
and Loans guarantees	20 2	21 6	+7 1%
Bancassurance	22 0	31 4	+42 5%
and maintenance of Management accounts	35 5	37 3	+5 0%
Other fees and commissions	1 1	0 6	-46 3%
Market related fees and commissions	23 .7	22 .7	-4.2%
Securities operations	10 2	8 3	-18 5%
and distribution Asset management	13 5	14 4	+6 6%
commissions Total fees and	142 2	147.8	+3.9%

Commissions Other income

(Million euros)

+9.3%

168.6

Operating costs

Operating Costs Employees

NPEs decrease

(Million euros)	Mar 25	Mar 25
	24 Mar vs.	24 Dec vs.
Opening balance	087 1 ,	973
outflows/inflows Net	27	-126
Write-offs	-88	-5
Sales	-184	0
Ending balance	841	841

• NPE in Portugal total 841 million at the end of March 2025, a decrease of 246 million from March 2024
• The decrease of NPE from March 2024 is attributable mainly to a reduction of 306 million of other NPE
• Cost of risk of 34bp in March 2025, 48bp in March 2024, with the ratio loan-loss reserves / NPE ascending to 92% and 89%, respectively

Non-performing exposures (NPE) NPE build-up

(Million euros) (Million euros)

Loan impairment (net of recoveries)

(Million euros)

NPE coverage

Other NPE total coverage*

NPE total coverage* NPL>90d total coverage*

• Total coverage* ≥100%, for both individuals and companies, and for both NPE categories (NPL>90d and other NPE)
• Coverage by loan-loss reserves are stronger in loans to companies, where real-estate collateral, usually more liquid and with a more predictable market value, accounts for a lower coverage than in loans to individuals: coverage by loan-losses was 107% for companies NPE as of March 2025, reaching 139% for companies NPL>90d

Foreclosed assets and corporate restructuring funds

Sales of foreclosed assets

Foreclosed assets Corporate restructuring funds

• 114 properties were sold during Q1'25 (93 properties in Q1'24), with sale values exceeding book value by 3 million
• Restructuring funds amount to 334 million in March 2025 a decrease of 10.5% from March 2024

Customer funds and loans to Customers

Total Customers Funds* Loans to Customers (gross)

Performing loans in Portugal

Evolution of performing loans

Performing loans to individuals increase by 6.3%, with a highlight on the mortgage loan portfolio which increase by 1.2 billion

The Bank maintains a prominent position in the corporate segment:

• ✓ PME Leader programme reference Bank, winner of 6 of the last 7 editions with a 29% market share in 2024;
• ✓ Leadership in Inovadora COTEC programme for the 4th consecutive year, with a market share of 49%;
• ✓ Leading Bank in Satisfaction: Best Bank for companies, Closest Bank to Clients, Most innovative Bank, Most efficient Bank and Bank with the Most appropriate products according to DATAE 2024;
• ✓ Leading Bank in Factoring and Confirming, with factoring invoicing of more than 2 billion euros up until March 2025 and a market share of 21%*;
• ✓ Leading Bank in International Business: Leadership in Trade Finance in Portugal according to Euromoney , with a market share of 24.6%**;
• ✓ Leading Bank in Leasing, with 170 millions of new leasing business in Q1'25 and a market share of 24%*;
• ✓ Leading Bank in EIF/EIB: EIF InvestEU 3 funding categories sold out (Innovation/Digitalization and Sustainability) and 3 categories with ongoing availability (Competitiveness, Social, and Microcredit) and EIB guarantees for midcaps and public sector companies;
• ✓ Leading Bank in BPF INVEST EU guarantees access to all types and the largest number of applications in Sustainability, Investment and Working Capital;
• ✓ Distinct digital offer: Digital Account Opening, availability of M2030 for European Funds, iziBizi for ERP/Accounting and digital subscription of business products.

These awards are the exclusive responsibility of the attributing entities.

International operations

Contribution from international operations

	1T24	1T25
(Million euros2 )			%
Poland	30 7	42 8	39 6%
3 Mozambique	23 4	3 7	-84 3%
Other	0 8	0 7	-12 0%
income international Net operations	8 54	47 1	0% -14
Non-controlling int (Poland+Mozambique)	-23 1	-22 6	-2 2%
Exchange effect rate	-0 9	--	--
Contribution from international operations	30 8	24 5	-20 2%

36 ¹ Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients and hypothetical bank tax until May 2024 | ² Subsidiaries' net income presented for Q1'24 reflect the same exchange rate as of Q1'25 for comparison purposes. | ³ The earnings decrease reflects the booking of impairments related with the downgrade of the public debt rating.

Evolução positiva do resultado líquido Bank Millennium

37

¹FX effect excluded.€/Zloty constant at March 2025 levels: Income Statement 4.19; Balance Sheet 4.19. | ² Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients and hypothetical bank tax until May 2024. | ³ Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). | 4 Polish bank tax of 23,6 million.

Aumento expressivo da margem financeira Net interest income increase

Commissions and other income Contributions

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

*FX effect excluded. €/Zloty constant at March 2025 levels: Income Statement 4.19; Balance Sheet 4.19.

Loan-loss reserves

• NPL>90d accounted for 2.2% of total loans as of March 2025 (same as of March 2024)
• Coverage of NPL>90d by loan-loss reserves at 150% as of March 2025 (156% as of March 2024)
• Cost of risk at 45bp

Customers funds and loans to Customers

CHF mortgages decrease by 29% year-on-year

(Number of cases)

Individual lawsuits

41 Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at March 2025 levels: Income Statement 4.19; Balance Sheet 4.19. | **Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others.

Millennium bim's results influenced by the context

• Net income of 3.7 million, a reduction of 19.7 million compared to the same period of last year
• Impairments and provisions increase of 21.8 million, including the impact of public debt rating downgrade
• Customer funds increased by 6.9%
• Loans to Customers increased by 2.1%
• Capital ratio of 39.2%

Net interest income reflects the interest rate environment

*FX effect excluded. €/Metical constant at March 2025 levels: Income Statement 66.80; Balance Sheet 68.94.

Loan-loss reserves

• NPL>90d ratio of 3.7% as of March 2025, with coverage by loan-loss reserves of 120% on the same date

• Cost of risk of 180bp in Q1'25 compared to 99bp in Q1'24

Business volumes

Key figures

Deliver more value Main targets for strategic cycle 2025-2028

	Metrics	Q1'25	2028
	Business volumes Portugal	163€bn 110€bn	> 190€bn > 120€bn
Healthy organic growth	Number of customers Portugal	7 mn 2.8mn	> 8mn > 3mn
	Mobile customers Portugal	72% 64%	>80% > 75%
Execution discipline	Cost-to-income Portugal	37% 34%	< 40% < 37%
	Cost of risk Portugal	38 bp 34 bp	< 50 bps < 45 bps
ESG commitment	S&P Global CSA (percentile)	Top quartile	Top quartile
Robust capital	CET1 ratio	15.9%1	> 13.5%
Superior returns	ROE	13.9%	> 13.5%
	Shareholder distribution	2024 activity 72%3	Up to 75% of cumulative net income of 4.0- 4.5€bn in 2025-20282 subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target (

¹ Fully implemented ratio including 25% of the unaudited net income of Q1'25.

2 Including payout and share buyback, from 2025 through 2028. 3

Including a 50% dividend payout of 2024 earnings and the effect of the share buyback programme amounting to 200 million approved by the supervisor.

COMMITMENT TO PEOPLE AND SOCIETY

Millennium bcp Foundation Society Sustainability

Museu Nacional de Arte Antiga:

restoration of the 16th century reliefs of the Monastery of Esperança "Miracle of Santa Clara". Presented to the public in April 2025

São Cristovão Curch: restoration of the painting "Self-Portrait of Jesus", by Bento Coelho da Silveira, part of the project "Art for Saint Christopher", which recovered a total of 12 works

Millennium bcp gallery (Museu Nacional de Arte Contemporânea):

Catalogue for the exhibition "Meanwhile" release, based on the praise of contemplation and the slowdown needed for the creative process

AESE - Associação de Estudos Superiores de Empresa: GOS

Program – Management of Social Organizations, in partnership with AESE and ENTREAJUDA, for training in management of directors of entities in the social economy sector.

Millennium bcp and Mbcp Foundation support the "Sailing Without Limits" project, an initiative led by the Cascais Naval Club, the Cascais City Council and by CERCICA

Casa Acreditar in Lisbon receives donation from the Millennium bcp Foundation and from the Bank's employees collected during "Millennium Solidário: Natal 2024" campaign

Millennium bcp and Mbcp Foundation support the

at the "Joyeux School"

"Academia VilacomVida" project by "sponsoring" and supporting a young Joyeux in his training process

Millennium bcp, in partnership with the Mbcp Foundation, support EPIS –Entrepreneurs for Social Inclusion through voluntaries educational support to young people in vocational education

Millennium bcp publishes its 20th Sustainability Report, complying with the new European sustainability reporting standards adopted by the European Union

Millennium bcp's Corporate Social Responsibility Program distinguished in 2024

by the Fosun Foundation within the scope of 7th edition of the annual initiative "One Fosun CSR Week"

Millennium bcp makes new Sustainability survey available for Suppliers in the promotion of a corporate culture of responsible production and consumption throughout the value chain

Millennium bcp is a partner of new integrated SIBS ESG platform,

which simplifies companies' sustainability information disclosure for financial institutions at no additional cost

EXTERNAL RECOGNITION

Millennium bcp: 2025 Consumer's Choice, in the "Large Banks" category for the 5th consecutive year

Millennium bcp: 2025 Five stars Bank, "Large Banks" category

Millennium bcp: 2025 Five stars Bank, "Mobile apps" category

ActivoBank: 2025 Five stars Bank, for the 2nd time, "Digital banking" category

Millennium bcp Best Trade Finance em Portugal

Millennium bcp distinguished at the 14th edition of the 2025 Euronext Lisbon Awards

Millennium bcp distinguished by "ComparaJá" in the 2025 mortgage loans awards

Millennium bcp: Best Investment Bank in Portugal

Bank Millennium: Best Bank 2025

Bank Millennium: Award for the Best Mobile Banking Application for SMEs in the Global Retail Banking Innovation Awards 2024

Bank Millennium: Top Employer Polska 2025

Bank Millennium: Golden Bank 2025, best multi-channel service quality

Appendix

Sovereign debt portfolio

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

	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	YoY	QoQ
Portugal	6 357 ,	7 109 ,	6 656 ,	4 903 ,	3 228 ,	-49%	-34%
T-bills and other	721	1 466 ,	947	985	663	-8%	-33%
Bonds	635 5 ,	642 5 ,	710 5 ,	918 3 ,	2 565 ,	-54%	-35%
Poland	6 507 ,	6 824 ,	7 306 ,	7 958 ,	8 783 ,	+35%	+10%
Mozambique	552	536	494	643	607	+10%	-6%
Other	11 908 ,	12 819 ,	13 533 ,	14 973 ,	18 460 ,	+55%	+23%
Total	25,323	27,288	27,989	28,477	31,078	+23%	+9%

Sovereign debt portfolio Sovereign debt maturity

✓ The sovereign debt portfolio totalled 31.1 billion, 23.4 billion of which maturing in more than 2 years

✓ The Portuguese sovereign debt portfolio totalled 3.2 billion, Polish amounted to 8.8 billion and Mozambican amounted to 0.6 billion; "Other" includes, among other, sovereign debt from European Union (5.4 billion), Spain (4.6 billion), France (3.5 billion), Italy (1.7 billion), Belgium (1.5 billion), Austria (0.5 billion) and Ireland (0.5 billion)

Sovereign debt portfolio breakdown

Million euros	Portugal	Poland	Mozambique	Other	Total
Trading book	711	133	0	150	994
≤ 1 year	702	1	0	149	852
> 1 year and ≤ 2 years	1	83	0	0	84
> 2 years and ≤ 5 years	6	38	0	0	4 4
> 5 years and ≤ 8 years	1	1	0	0	2
> 8 years and ≤ 10 years	0	10	0	0	11
> 10 years	1	0	0	1	1
Banking book*	2,517	8,649	607	18,311	30,084
≤ 1 year	12	1,800	250	1,912	3,973
> 1 year and ≤ 2 years	183	1,523	120	951	2,778
> 2 years and ≤ 5 years	1,405	4,854	188	9,451	15,897
> 5 years and ≤ 8 years	519	224	50	5,651	6,443
> 8 years and ≤ 10 years	170	249	0	265	684
> 10 years	228	0	0	81	309
Total	3,228	8,783	607	18,460	31,078
≤ 1 year	714	1,801	250	2,061	4,825
> 1 year and ≤ 2 years	184	1,606	120	951	2,861
> 2 years and ≤ 5 years	1,411	4,891	188	9,451	15,941
> 5 years and ≤ 8 years	520	225	50	5,651	6,446
> 8 years and ≤ 10 years	170	259	0	265	695
> 10 years	229	0	0	82	311

Diversified and collateralised portfolio

Carteira de crédito

✓ Loans to companies accounted for 37% of the loan portfolio, including 6% to construction and real-estate sectors, as of March 2025

• ✓ Mortgage accounted for 50% of the loan portfolio, with low delinquency levels and an average LTV of 61%
• ✓ 83% of the loan portfolio is collateralised

Consolidated net income

(Million euros)	Q1'24	Q1'25	YoY	Impact on earnings
Net interest income	696.2	721.1	+3.6%	+24.8
Net fees and commissions	197.3	201.4	+2.1%	+4.2
Other income*	-25.0	-13.3	-	+11.6
Net operating revenue	868.5	909.1	+4.7%	+40.6
Staff costs	-165.7	-188.1	+13.5%	-22.4
Other administrative costs and depreciation	-142.1	-151.6	+6.7%	-9.5
Operating costs	-307.8	-339.7	+10.4%	-31.9
Profit before impairment and provisions	560.7	569.4	+1.5%	+8.7
Results on modification	-7.2	-4.2	-	+3.1
Loans impairment (net of recoveries)	-73.5	-55.8	-24.1%	+17.8
Other impairment and provisions	-145.2	-131.2	-9.6%	+14.0
Results of modification, Impairment and provisions	-226.0	-191.2	-15.4%	+34.8
Profit before income tax	334.8	378.2	+13.0%	+43.5
Income taxes	-78.1	-112.2	+43.7%	-34.1
Non-controlling interests	-22.3	-22.5	+1.0%	-0.2
Net income	234.3	243.5	+3.9%	+9.1

Consolidated balance sheet

(Million euros)
	31 March 2025	31 March 2024 (restated) *
ASSETS
Cash and deposits at Central Banks	3,159.4	4,108.7
and advances to credit institutions repayable on demand Loans	326.8	195.3
Financial assets at amortised cost
and advances to credit institutions Loans	1,282.2	846.5
and advances Loans to customers	54,638.2	53,483.5
Debt securities	24,053.6	18,205.4
assets at fair profit Financial value through or loss
Financial assets held for trading	1,473.2	1,610.1
Financial assets not held for trading mandatorily at fair value
through profit or loss	343.8	445.9
Financial assets designated at fair value through profit or loss	37.0	33.0
Financial assets at fair value through other comprehensive income	13,583.5	13,002.7
Hedging derivatives	70.7	45.2
Investments in associates	447.2	394.8
assets held for sale Non-current	43.7	74.8
Investment property	21.4	39.6
Other tangible assets	603.4	604.9
Goodwill and intangible assets	276.5	224.0
Current tax assets	24.8	21.3
Deferred tax assets	2,113.5	2,485.9
Other assets	1,795.4	1,975.6
TOTAL ASSETS	104,294.3	97,797.3

	31 March 2025	31 March 2024
		(restated) *
LIABILITIES Financial liabilities at amortised
cost from credit institutions and other funds
Deposits from customers and other funds	876.1	1,015.3
Deposits Non-subordinated debt securities issued	83,353.8	78,687.2
Subordinated debt	3,743.9	2,724.7
Financial liabilities at fair value through profit or loss	1,395.4	1,381.4
Financial liabilities held for trading	219.4	226.8
Financial liabilities designated at fair value through profit or loss	3,060.7	3,459.9
Hedging derivatives	24.7	40.2
Provisions	1,166.5	845.1
tax liabilities Current	83.3	87.9
Deferred tax liabilities	4.3	4.6
Other liabilities	1,817.1	1,751.9
TOTAL LIABILITIES	95,745.2	90,225.1
EQUITY
Share capital	3,000.0	3,000.0
Share premium	16.5	16.5
Other equity instruments	400.0	400.0
Legal and statutory reserves	384 .4	316 .4
and retained earnings Reserves	3,367.0	2,607.1
Net income for the period attributable to Bank's Shareholders	243.5	234.3
Non-controlling interests	1,137.8	997.9
TOTAL EQUITY	8,549.1	7,572.1
TOTAL LIABILITIES AND EQUITY	104,294.3	97,797.3

*In the fourth quarter of 2024, a reclassification between the item "'Financial assets at fair value through profit or loss" and "Investments in associates" was made. The historical amounts of such items considered for the purposes of this analysis are presented considering this reclassification with the purpose of ensuring their comparability, differing, therefore, from the disclosed accounting values (EUR 6 million in March 2024). Following the change in off-balance sheet customer funds assessment criteria by the Polish subsidiary in the fourth quarter of 2024, the respective balances were restated, resulting in an increase of EUR 13 million with reference to the end of March 2024. In the first quarter of 2025, the Bank recognized as other net operating income the costs associated with property valuation related to mortgage loans, recognised as credit and guarantees commissions and as other administrative costs in previous periods. The historical amounts of such items considered for the purposes of this analysis have been reclassified with the purpose of ensuring their comparability, differing, therefore, from the disclosed accounting amounts. The impact of these reclassifications in the first quarter of 2024 was EUR -1.1 million in other net operating income, offset by net commissions (EUR +0.9 million) and other administrative costs (EUR -0.3 million).

Consolidated income statement per quarter

	Quarterly
(Million euros)	1Q 24	2Q 24	3Q 24	4Q 24	1Q 25
Net interest income	696.2	701.3	713.2	720.1	721.1
Dividends from equity instruments	0.0	0.8	0.0	0.2	0.0
Net fees and commission income	197.3	200.6	206.8	208.1	201.4
Other net operating income	-32.5	-40.3	-25.1	-37.0	-56.3
Net trading income	-2.9	-2.5	34.6	-24.3	29.5
Equity accounted earnings	10.4	21.1	12.2	15.1	13.4
Net operating revenues	868.5	881.0	941.8	882.2	909.1
Staff costs	165.7	174.0	182.9	199.3	188.1
Other administrative costs	106.7	101.2	107.8	123.6	113.0
Depreciation	35.4	35.8	36.2	37.5	38.6
Operating costs	307.8	311.0	326.9	360.4	339.7
Profit bef. impairment and provisions	560.7	570.0	614.9	521.8	569.4
Results on modification	-7.2	-53.7	-1.5	-6.1	-4.2
Loans impairment (net of recoveries)	73.5	23.5	69.4	15.9	55.8
Other impairm. and provisions	145.2	147.7	168.0	214.2	131.2
Net income before income tax	334.8	345.1	375.9	285.6	378.2
Income tax	78.1	59.6	125.0	78.4	112.2
Net income after income tax from continuing operations	256.6	285.5	250.9	207.2	266.0
Net income from discontinued operations	0.0	0.0	0.3	0.0	0.0
Non-controlling interests	22.3	34.5	22.4	14.9	22.5
Net income	234.3	251.0	228.8	192.3	243.5

Consolidated income statement

(Million euros)

For the 3-month periods ended March 31st , 2024 and 2025

							Internatio nal o peratio ns
	Gro up			P o rtugal		T o tal			B ank M illennium (P o land)			M illennium bim (M o z.)			Other int. o peratio ns
	M ar 2 4	M ar 2 5	Δ %	M ar 2 4	M ar 2 5	Δ %	M ar 2 4	M ar 2 5	Δ %	M ar 2 4	M ar 2 5	Δ %	M ar 2 4	M ar 2 5	Δ %	M ar 2 4	M ar 2 5	Δ %
Interest income	1,166	1,135	-2.6%	596	522	-12.4%	570	613	7.6%	496	540	8.9%	74	73	-1.6%	0	0	--
Interest expense	470	414	-11.8%	257	196	-23.6%	213	218	2.4%	189	202	6.9%	25	17	-32.5%	0	0	10.0%
N et interest inco me	696	721	3.6%	339	326	-3.9%	357	395	10.7%	307	339	10.2%	5 0	5 7	13.6%	0	0	-10.0%
Dividends from equity instruments	0	0	-42.2%	0	0	--	0	0	-42.2%	0	0	-42.2%	0	0	--	0	0	--
Intermediatio n margin	696	721	3.6%	339	326	-3.9%	357	395	10.6%	307	339	10.2%	5 0	5 7	13.6%	0	0	-10.0%
Net fees and commission income	197	201	2.1%	142	148	3.9%	55	54	-2.5%	46	44	-5.7%	9	10	14.0%	0	0	--
Other net operating income	-33	-56	-73.2%	6	-2	<-100%	-38	-54	-41.9%	-39	-54	-40.8%	0	0	-77.7%	0	0	56.5%
B asic inco me	861	866	0.6%	487	472	-3.2%	374	395	5.5%	315	328	4.1%	5 9	6 7	13.1%	0	0	-2.6%
Net trading income	-3	30	>100%	-4	13	>100%	1	16	>100%	-2	12	>100%	4	4	4.3%	0	0	>100%
Equity accounted earnings	10	13	29.1%	9	12	35.8%	1	1	-19.0%	0	0	--	0	0	-22.4%	1	1	-17.0%
N et o perating revenues	869	909	4.7%	492	497	1.1%	377	412	9.3%	313	340	8.8%	6 3	7 1	12.4%	1	1	-17.0%
Staff costs	166	188	13.5%	86	97	12.4%	80	91	14.7%	67	76	14.8%	13	15	14.1%	0	0	--
Other administrative costs	107	113	6.0%	50	52	4.2%	57	61	7.5%	43	45	4.9%	14	16	15.3%	0	0	100.0%
Depreciation	35	39	9.0%	18	20	8.4%	17	19	9.7%	13	14	7.7%	5	5	15.1%	0	0	--
Operating co sts	308	340	10.4%	154	169	9.3%	154	171	11.5%	122	135	10.6%	32	36	14.8%	0	0	100.0%
P ro fit bef. impairment and pro visio ns	561	569	1.5%	338	329	-2.6%	223	241	7.9%	191	205	7.6%	3 2	3 5	10.0%	1	1	-17.0%
Results on modification	-7	-4	42.3%	0	0	--	-7	-4	42.3%	-7	-4	42.3%	0	0	--	0	0	--
Loans impairment (net of recoveries)	74	56	-24.1%	46	34	-27.5%	27	22	-18.5%	26	19	-25.5%	2	3	91.9%	0	0	>100%
Other impairm. and provisions	145	131	-9.6%	18	5	-71.7%	128	126	-1.1%	128	106	-17.0%	0	20	>100%	0	0	-100.0%
N et inco me befo re inco me tax	335	378	13.0%	274	290	6.0%	6 1	8 8	44.6%	3 0	7 6	>100%	3 0	12	-61.8%	1	1	-17.0%
Income tax	78	112	43.7%	70	71	1.4%	8	41	>100%	0	33	>100%	8	8	4.1%	0	0	--
N et inco me after inco me tax fro m co ntinuing o peratio ns 257		266	3.7%	203	219	7.6%	5 3	4 7	-11.3%	3 0	4 3	44.0%	2 3		4 -83.8%	1	1	-17.0%
Net income from discontinued operations	0	0	--	0	0	--	0	0	--				0	0	--
Non-controlling interests	22	23	1.0%	0	0	44.8%	22	23	0.9%	0	0	--	0	0	--	22	23	0.9%
N et inco me	234	243	3.9%	204	219	7.6%	3 1		2 5 -20.2%	3 0	4 3	44.0%	2 3		4 -83.8%	-22	-22	-1.6%

Glossary (1/2)

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

at fair value through profit or loss before fair value adjustments. Loans to Customers (net) - loans to Customers at amortized cost net of impairment, debt instruments at amortized cost associated to credit operations net of impairment and balance sheet amount of loans to Customers at fair value through profit or loss.

Loan to Deposits ratio (LTD) – loans to Customers (net) divided by deposits and other resources from Customers.

Loan to value ratio (LTV) – mortgage amount divided by the appraised value of property.

Glossary (2/2)

Net commissions - net fees and commissions income.

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

Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings. Net trading income – gains/(losses) on financial operations at fair value through profit or loss, foreign exchange gains/(losses), gains/(losses) on hedge accounting and gains/(losses) arising from derecognition of financial assets and liabilities not measured at fair value through profit or loss.

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

Non-performing loans (NPL) – overdue loans (loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment) more than 90 days past due including the non-overdue remaining principal of loans, i.e. portion in arrears, plus non-overdue remaining principal.

Off-balance sheet Customer funds – assets under management, assets placed with Customers and insurance products (savings and investment) subscribed by Customers.

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

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

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

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

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

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

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

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

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

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

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

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

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

INVESTOR RELATIONS DIVISION Bernardo Collaço, Head

EQUITY Alexandre Moita +351 211 131 321

DEBT AND RATINGS Luís Morais +351 211 131 337

60

investors@millenniumbcp.pt

BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the. LEI: JU1U6SODG9YLT7N8ZV32