Banco Comercial Portugues

Investor Presentation • Jul 30, 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 six 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.

l In the second quarter of 2025 the Bank reclassified a portfolio of debt instruments associated to credit operations, previously included in the Securities Portfolio (Debt securities held not associated with credit operations), now recognizing them as Loans to Customers (Debt securities held associated with credit operations) The historical amounts considered for the purposes of this analysis are presented according to this reclassification, aiming to ensure their comparability, thus differing from the disclosed accounting. This accounting reclassification also led to the reclassification of the respective results, namely impairments and provisions, credit impairment, net interest income, and results from financial operations.

Highlights

A Solid and Efficient Bank

Profitability	▪ Group's net income of 502.3 million in H1'25, corresponding to an increase of 3.5% compared to H1'24, reaching a ROE of 14.3% in June 2025 ▪ Net income in Portugal increased by 3.2% from 411 million in H1'24, to 424 million in H1'25 ▪ Net income from international operations¹ grew by 11.8%, increasing from 131.1 million in H1'24 to 146.6 million in H1'25, 1 276.52 highlighting Bank Millennium's net income of 121,1 million in H1'25, despite charges of million related with CHF mortgage 2 loan portfolio (out of which 218.2 million in provisions)
Business Model	▪ Solid capital ratios, CET1 3 stood at 16.2% and total capital ratio3 at 20.2%, incorporating the effects resulting from CRR3 4 ▪ Liquidity indicators well above regulatory requirements. LCR5 at 336%, NSFR5 at 181% and LtD5 at 69%. Eligible assets available to discount at ECB of 31.6 billion
	▪ Group's total Customer funds grew 5.5% to 106.2 billion and loans to customers up 3.4% to 60.3 billion compared to June 2024. In Portugal, total customer funds increased by 3.2 billion and customer loans by 1.8 billion compared to June 2024
	▪ Relevant reduction in non-performing assets compared to June 2024: 336 million in NPE, 70 million in corporate restructuring funds and 19 million in foreclosed assets
	▪ Cost of risk at Group level stood at 30bp in H1'25, which compares with 34bp6 in the same period of last year. In Portugal Cost of risk stood at 33bp which compares with 28bp6 in the same period of last year
	▪ Customer base surpasses 7 million highlighting the 9% increase in mobile Customers, which represented 73% of the total active Customers at the end of June 2025

¹ Before non-controlling interests.

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

³ Fully implemented estimated ratio (June 2025) including 25% of the unaudited net income of H1'25.

⁴ Capital Requirement Regulation 3 (CRR3).

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

6 Including an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 50bp at the Group level and 52bp for Portugal in H1'24.

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

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

APP Site

1 Includes P2P transfers in Millennium app

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

3 Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.41% of total transactions

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

ratings

Net income of 502.3 million in H1'25

(Million euros)	H1'24	H1'25	%	D
interest income Net	1 397 5 ,	1 444 1 ,	+3 3%	+46 5
Commissions	397 8	8 413	0% +4	+16 0
income Core	1 795 4 ,	1 857 9 ,	+3 5%	+62 5
Operating costs	-618 8	-683 5	1 +10 5%	-64 8
operating profit Core	1 176 6 ,	1 174 3 ,	-0 2%	-2 3
2 Other income	-45 9	-9 9	-78 4%	+35 9
Profit before impairment provisions and	1 130 7 ,	1 164 4 ,	+3 0%	+33 7
Impairment , other provisions and results modification on	-450 9	-375 5	-16 7%	+75 4
Of which: impairment Loans	-98 1	-89 8	-8 5%	+8 3
2 Of which: legal risk (Poland) CHF mortgages on	-237 8	-218 2	-8 3%	+19 6
Profit income before tax	679 9	788 9	+16 0%	+109 1
, non-controlling interests and discontinued operations Income taxes	-194 6	-286 6	+47 3%	-92 1
income Net	485 3	502 3	5% +3	0 +17

¹ Operating costs year-on-year change of 8.7% on a pro forma basis, mainly reflecting the accrual of salary increases and variable compensation recorded in H2' 24 in Portugal. Since the beginning of 2025, the Bank has been accruing those costs increase | ² Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale).

Delivering shareholder value

Return on Equity (RoE) | Return on Tangible Equity (RoTE) | ¹ Considering the evolution of the book value per share from June 2024 to June 2025 and the €0.03 dividend per share relating to 2024 earnings, paid in June 2025 and adjusted by the number of shares purchased in the scope of the share buyback (SBB), until June 30, 2025. | ² Dividend per share (€0.03) relating to the 2024 earnings paid in June 2025 divided by the last closing price (non-adjusted) of June 2024

10

Net interest income

Comissões Fees and commissions

H1'24 H1'25

Outros proveitos Other net operating income

Portugal

13

¹Net trading income includes -46.4 million in H1'24 and -5.3 million in H1'25 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. | ²Other operating income includes +22.8 million in H1'24 and +23.3 million in H1'25 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

14 ¹ Operating costs year-on-year change in a pro forma basis of +8.7% for the Group and of +5.1% for Portugal, considering the accrual of salary increases and variable remuneration booked in H2'24 in Portugal.

Cost of risk and provisions

Portugal

15 1 Including an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 50bp at the Group level and 52bp for Portugal in H1'24..| ² Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 22.8 million in H1'24 and 23.3 million in H1'25.

Continued decrease of NPEs

17

Customer funds

+5.5%

Loan portfolio

International operations (Billlion euros) -0.29 +2.12 39.67 41.50 Jun 24 NPE Performing Jun 25 +1.83 billion +0.16 billion

Group Capital and liquidity

20

Solid capital ratios

• CET1 stood at 16.2% and total capital ratio at 20.2% 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: 658bp to CET1, 585bp to T1 and 615bp to total capital

¹Fully implemented estimated ratio (June 2025) including 25% of the unaudited net income of H1'25. ²Combined buffer reserve incudes: Conservation buffer, O-SII buffer, countercyclical capital buffer and systemic risk buffer. ³Capital Requirement Regulation 3 (CRR3).

Stronger capital position

Leverage ratio

(Fully implemented, latest available data)

Leverage ratio of 6.4% as of June 2025

RWA density

(RWAs as a % of assets, latest available data)

RWAs density in very conservative values (39% as of June 2025) comparing favourably with the values registered by most of the European markets

MREL requirements and Funding Plan execution

MREL position (BCP Resolution Group - 30 Jun 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 June 30, 2025, BCP complied with MREL requirement, including CBR, applicable since July, 2024 (with a buffer of 6.7% of TREA, amounting to c. EUR 1,800 million)
• Funding Plan execution
  • 500 million of Senior Preferred issued on June 24, 2025, with a maturity of 6 years and Call Option on the year 5
  • 500 million of T2 issued on March 20, 2025, with a maturity of 12 years and Call Option on the year 7
  • 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

Jun 25 (%TREA)

MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements *Preliminary data

¹Requirements covered by the 2024 Resolution Planning Cycle, applicable since July 2025 (24.89%). 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 15.36% and MREL - TEM of 5.91% from 29 May 2025.

³Including unaudited net income for 1H 2025.

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

Fundo de pensões Pension fund

Pension fund Jun 24 Jun 25 Pension fund Fund's profitability -1.8% +1.6% Effect of actuarial differences in liabilities* (includes discount rate) +2.6% +3.7%

• Discount rate revised to 3.9%

• Coverage of pension fund liabilities by assets comfortably above 100%

*Actuarial differences of the pension fund / balance at the beginning of the period

Robust liquidity position

(Billion euros)

Portugal

Profitability in Portugal

(Million euros) (Million euros)

Operating Costs

(Million euros) (Million euros)

Net income Net operating revenue

Impairment and other provisions

¹ Operating costs year-on-year change in a pro forma basis of +5.1%, considering the accrual of salary increases and variable remuneration booked in H2'24 in Portugal.

Net interest income

Interest rates decrease, which significantly impacted the loan's portfolio income, resulted in a net interest income decrease in H1'25 despite the positive effects in deposit costs, in the yield from the securities portfolio, performing credit volume and in the wholesale funding

Commissions and other income

	H1'24	H1'25	YoY
Banking fees and commissions	239 0	257 2	+7 7%
Cards and transfers	83 4	78 0	-6 5%
and Loans guarantees	40 4	43 7	+8 1%
Bancassurance	43 5	61 5	+41 6%
and maintenance of Management accounts	70 2	74 5	+6 1%
Other fees and commissions	1 5	-0 5
Market related fees and commissions	48 8	49 9	+2 2%
Securities operations	22 2	21 7	-2 3%
and distribution Asset management	26 6	28 2	+5 9%
Total fees and commissions	287 8	307 1	+6 7%

Commissions Other income

(Million euros) Operating Costs Employees +8.5%¹

Operating costs

¹ Operating costs year-on-year change in a pro forma basis of +5.1%, considering the accrual of salary increases and variable remuneration booked in H2'24 in Portugal.

NPEs decrease

Non-performing exposures (NPE) NPE build-up

(Million euros) (Million euros)

	Jun 25	Jun 25
(Million euros)	vs. Jun 24	vs. Dec 24
Opening balance	1,109	973
Net outflows/inflows	-21	-90
Write-offs	-37	-13
Sales	-231	-49
Ending balance	820	820

Loan impairment (net of recoveries)

(Million euros)

• NPE in Portugal total 820 million at the end of June 2025, a decrease of 289 million from June 2024

• The decrease of NPE from June 2024 is attributable mainly to a reduction of 316 million of other NPE
• Cost of risk of 33bp in H1'25 and 28bp¹ in H1'24, with the ratio loanloss reserves / NPE ascending to 94% in June 2025 and 87% in June 2024

NPE include loans to Customers only

1 Including an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 52bp in H1'24

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 101% for companies NPE as of June 2025, reaching 125% for companies NPL>90d

Foreclosed assets and corporate restructuring funds

Foreclosed assets Corporate restructuring funds

• Net foreclosed assets were down by 29.2% between June 2025 and June 2024

• 171 properties were sold during H1'25 (232 properties in H1'24), with sale values exceeding book value by 6 million
• Restructuring funds amount to 323 million in June 2025 a decrease of 17.9% from June 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 8.0%, highlighting the mortgage loan portfolio which increase by 1.5 billion. Performing loans to companies increase by 2.5%

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 5 th consecutive year, with a market share of 48%;
• ✓ Main Bank for companies: Best Bank for companies, Most innovative Bank, Most efficient Bank and Bank with the Most appropriate products according to DATAE H1'25;
• ✓ Leading Bank in Confirming, with invoicing of more than 3.2 billion euros up until June 2025 and a market share of 28.9%*;
• ✓ Leading Bank in Trade Finance in Portugal according to Euromoney with a market share of 24.3%**;
• ✓ Leading Bank in Leasing, with 323 millions of new leasing business in H1'25 and a market share of 24.3%*;
• ✓ 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

)			%
Poland	84.6	121.1	43.1%
Mozambique 3	46.3	23.7	-48.8%
Other	1.5	1.8	24.5%
Exchange rate effect	-1.2	--	--
Net income international operations	131.1	146.6	11.8%
Non-controlling int. (Poland+Mozambique)	-56.9	-68.3	20.1%
Contribution from international operations	74.3	78.3	5.4%

37 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 H1'24 reflect the same exchange rate as of H1'25 for comparison purposes. | ³ The earnings decrease in H1'25 reflects the booking of impairments related with the downgrade of the public debt rating.

Evolução positiva do resultado líquido Bank Millennium

)

• Net income of 121.1 million in H1'25 which compares with 84.6 million in the same period of last year (+43.1%)
• Net income influenced by charges associated with the CHF mortgage loan portfolio (276.5 million out of which 218.2 million in provisions³ ) and Polish bank tax⁴payment
• Customer funds increased by 6.7%
• Loans to Customers decreased by 0.7%
• Net income Excluding extraordinary effects² up by 6.9% (24.5 million) compared with the same period of last year
• CET1 ⁵ ratio (=T1) of 13.8% and total capital⁵ ratio of 15.6%, above the minimum requirements of 7.3% (8.8% for T1) and 10.8% respectively

¹FX effect excluded.€/Zloty constant at June 2025 levels: Income Statement 4.22; Balance Sheet 4.24. | 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 47.4 million. | ⁵On a pro forma basis, considering the results of H1'25, the CET1 and total capital ratios would be 15.0% and 16.8%, respectively.

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)

Loan-loss reserves

• NPL>90d accounted for 2.1% of total loans as of June 2025 (2.2% as of June 2024)
• Coverage of NPL>90d by loan-loss reserves at 153% as of June 2025 (156% as of June 2024)
• Cost of risk at 21bp

Customers funds and loans to Customers

CHF mortgages decrease by 31% year-on-year

(Number of cases)

Individual lawsuits

42 Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at June 2025 levels: Income Statement 4.22; Balance Sheet 4.24. | **Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others.

(Million euros*

)

Millennium bim's results influenced by the context

• Net income of 23.7 million, a reduction of 22.6 million compared to the same period of last year
• Increase of 24.7 million in provisions and impairments compared to the same period last year, including impacts resulting from the downgrade of the sovereign debt rating
• Customer funds increased by 6.1%
• Loans to Customers increased by 3.9%
• Capital ratio of 37.2%

Net interest income reflects the interest rate environment

(Million euros*) (Million euros*) (Million euros*) Cost of risk Loan impairment (net of recoveries) Credit ratio NPL>90d NPL>90d 1.9 5.0 H1'24 H1'25 58bp 144bp 23.4 23.2 Jun 24 Jun 25 3.8% 3.6% 114% 125%

Loan-loss reserves

• NPL>90d ratio of 3.6% as of June 2025, with coverage by loan-loss reserves of 125% on the same date
• Cost of risk of 144bp in H1'25 compared to 58bp in H1'24

Business volumes

(Million euros*) (Million euros*)

Customers funds Loans to Customers (gross)

Key figures

Deliver more value Main targets for strategic cycle 2025-2028

	Metrics	H1'25	2028
Healthy organic growth	Business volumes Portugal	167€bn 114€bn	> 190€bn > 120€bn
	Number of customers Portugal	7.1 mn 2.8mn	> 8mn > 3mn
	Mobile customers Portugal	73% 65%	>80% > 75%
Execution discipline	Cost-to-income Portugal	37% 35%	< 40% < 37%
	Cost of risk Portugal	30 bp 33 bp	< 50 bps < 45 bps
ESG commitment	S&P Global CSA (percentile)	Top quartile	Top quartile
Robust capital	CET1 ratio	16.2%1	> 13.5%
Superior returns	ROE	14.3%	> 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 estimated ratio (June 2025) including 25% of the unaudited net income of H1'25. 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

Millennium bcp gallery (Museu Nacional de Arte Contemporânea):

Exhibition "Caminhos": presents 31 works by 22 artists from the Millennium bcp collection, centered in the theme of movement as the essence of life

ARCO Lisboa – International Contemporary Art Fair: 8th edition of the fair in Lisbon and 3rd edition of the Millennium bcp Foundation Prize for Best Stand

Oliva art center (S. João da Madeira): inauguration of a specialized art library, offering free access for students and researchers

Cascais Ópera: 2 nd edition of the International Singing Competition, awarding 9 prizes in different categories to recognize the talent of young singers and support their careers

Entrepreneurs for Social Inclusion Association: Mediators for School Success' Program, a project aimed at students at risk of academic unsuccess and school dropout.

ballet performances

Millennium bcp once again joins the annual Portugal Chama campaign, participating in this

Millennium bcp once again joins forces with Banco Alimentar in another semiannual food collection campaign, which involved around

Millennium bcp volunteers once again collaborate with Semear, a project that empowers, trains, and promotes the socio-professional inclusion of people with IDD – Intellectual and Developmental

Millennium bcp once again supports the Festival ao Largo, which returns to Lisbon for its 17th edition, aiming to democratize culture through free music and

60 volunteers nationwide

Disabilities

national effort to prevent risky behaviors and reduce rural fires

Millennium bcp renews its commitment to the Oeiras Community Valley – formerly the Oeiras Solidária Program – a collaborative network of companies and local institutions working to achieve the SDGs

Millennium bcp joins efforts to preserve biodiversity in Taguspark through an initiative promoted by the Oeiras City Council as part of its 'Agenda for Nature

As part of the 41st edition of Ovibeja, Millennium bcp and EDIA are hosting a seminar on 'The Sustainability Challenge for

Portuguese Agriculture', reinforcing their commitment to companies in the sector

Millennium bcp launches a series of webinars on Sustainability, as part of a broader training program

aimed at strengthening its employees' skills in this area

EXTERNAL RECOGNITION

50

category

Appendix

Sovereign debt portfolio

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

	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	YoY	QoQ
Portugal	6,672	6,207	4,453	2,787	2,628	-61%	-6%
T-bills and other	1,466	947	985	663	704	-52%	+6%
Bonds	5,206	5,260	3,468	2,124	1,924	-63%	-9%
Poland	6,824	7,306	7,958	8,783	9,380	+37%	+7%
Mozambique	536	494	643	607	551	+3%	-9%
Other	12,819	13,533	14,973	18,460	18,877	+47%	+2%
Total	26,852	27,539	28,027	30,637	31,436	+17%	+3%

Sovereign debt portfolio Sovereign debt maturity

• ✓ The sovereign debt portfolio totalled 31.4 billion, 24.2 billion of which maturing in more than 2 years
• ✓ The Portuguese sovereign debt portfolio totalled 2.6 billion, Polish amounted to 9.4 billion and Mozambican amounted to 0.6 billion; "Other" includes, among other, sovereign debt from European Union (5.5 billion), Spain (4.7 billion), France (3.5 billion), Italy (1.7 billion), Belgium (1.6 billion), Austria (0.8 billion) and Ireland (0.5 billion)

Sovereign debt portfolio breakdown

Million euros	Portugal	Poland	Mozambique	Other	Total
Trading book	751	171	0	98	1,020
≤ 1 year	742	1	0	98	842
> 1 year and ≤ 2 years	4	82	0	0	86
> 2 years and ≤ 5 years	2	55	0	0	57
> 5 years and ≤ 8 years	1	8	0	0	9
> 8 years and ≤ 10 years	0	2 5	0	0	2 5
> 10 years	1	0	0	0	1
Banking book*	1,877	9,209	551	18,778	30,416
≤ 1 year	4	1,052	195	1,899	3,150
> 1 year and ≤ 2 years	5	2,118	103	964	3,190
> 2 years and ≤ 5 years	1,363	4,772	204	10,145	16,484
> 5 years and ≤ 8 years	363	1,027	4 9	5,540	6,979
> 8 years and ≤ 10 years	81	240	0	231	552
> 10 years	61	0	0	0	61
Total	2,628	9,380	551	18,877	31,436
≤ 1 year	746	1,054	195	1,997	3,992
> 1 year and ≤ 2 years	9	2,200	103	964	3,276
> 2 years and ≤ 5 years	1,366	4,827	204	10,145	16,541
> 5 years and ≤ 8 years	364	1,035	4 9	5,540	6,988
> 8 years and ≤ 10 years	82	265	0	231	577
> 10 years	61	0	0	0	61

*Includes financial assets at fair value through other comprehensive income (9,797 million) and financial assets at amortized cost (20,619 million). 53

Diversified and collateralised portfolio

Carteira de crédito

• ✓ Loans to companies accounted for 39% of the loan portfolio, including 6% to construction and real-estate sectors, as of June 2025
• ✓ Mortgage accounted for 49% 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)	H1'24	H1'25	YoY	Impact on earnings
interest income Net	1 397 5 ,	1 444 1 ,	+3 3%	+46 5
fees and commissions Net	397 8	8 413	0% +4	+16 0
Other income*	-45 9	-9 9	-78 4%	+35 9
operating Net revenue	1 749 5 ,	1 848 0 ,	+5 6%	+98 4
Staff costs	-339 7	-383 3	+12 8%	-43 6
Other administrative and depreciation costs	-279 1	-300 2	+7 6%	-21 2
Operating costs	-618 8	-683 5	+10 5%	-64 8
Profit impairment provisions before and	1 130 7 ,	1 164 4 ,	+3 0%	+33 7
Results modification on	-61 0	-5 1	-91 6%	+55 9
impairment (net of recoveries) Loans	-98 1	-89 8	-8 5%	+8 3
Other impairment and provisions	-291 8	-280 6	8% -3	2 +11
Results of modification Impairment and provisions ,	-450 9	-375 5	-16 7%	+75 4
Profit income before tax	679 9	788 9	+16 0%	+109 1
Income taxes	-137 8	-218 4	+58 5%	-80 6
Non-controlling interests	-56 8	-68 2	+20 1%	-11 4
income Net	485 3	502 3	+3 5%	+17 0

Consolidated balance sheet

(Million euros)	30 June 2025	30 June * 2024		30 June 2025	30 June * 2024
			LIABILITIES
ASSETS			Financial liabilities at amortised cost
Cash and deposits at Central Banks	3,043.7	3,710.4	Deposits from credit institutions and other funds	771.7	1,161.0
and advances to credit institutions repayable on demand Loans	271.5	265.9	Deposits from customers and other funds	83,968.0	80,539.6
Financial assets at amortised cost			Non-subordinated debt securities issued	4,265.8	2,788.1
Loans and advances to credit institutions	1,154.9	848.0	Subordinated debt	1,398.5	1,386.1
and advances Loans to customers	55,023.5	53,669.9	Financial liabilities at fair value through profit or loss
Debt securities	25,001.0	19,224.6	Financial liabilities held for trading	252.0	193.1
Financial assets at fair value through profit or loss			Financial liabilities designated at fair value through profit or loss	3,353.2	3,333.6
Financial assets held for trading	1,611.1	2,258.0	Hedging derivatives	52.2	36.7
Financial assets not held for trading mandatorily at fair value			Provisions	1,222.1	963.2
profit through or loss	344.5	389.7	tax liabilities Current	81.0	114.5
Financial assets designated at fair value through profit or loss	37.2	34.1	Deferred tax liabilities	6.9	5.8
Financial assets at fair value through other comprehensive income	13,749.4	13,787.9	Other liabilities	1,690.4	1,549.2
Hedging derivatives	85.9	63.0
in associates Investments	422.1	438.3	TOTAL LIABILITIES	97,061.8	92,070.9
assets held for sale Non-current	75.3	53.2
Investment property	17.4	40.1	EQUITY
Other tangible assets	586.1	595.8	Share capital	3,000.0	3,000.0
Goodwill and intangible assets	281.6	231.7	Share premium	16.5	16.5
Current tax assets	24.3	22.1	Other equity instruments	400.0	400.0
Deferred tax assets	1,968.9	2,462.1	Legal and statutory reserves	464.7	384.4
Other assets	1,767.2	1,603.5	shares Treasury	(127.6)	-
TOTAL ASSETS	105,465.5	99,698.0	and retained earnings Reserves	2,983.5	2,302.2
			Net income for the period attributable to Bank's Shareholders	502.3	485.3
			Non-controlling interests	1,164.4	1,038.7
			TOTAL EQUITY	8,403.7	7,627.1
			TOTAL LIABILITIES AND EQUITY	105,465.5	99,698.0

Consolidated income statement per quarter

	Quarterly
(Million euros)	2Q 24	3Q 24	4Q 24	1Q 25	2Q 25
interest income Net	701 3	2 713	720 1	721 1	723 0
Dividends from equity instruments	0 8	0 0	0 2	0 0	0 8
fees and commission income Net	200 6	206 8	208 1	201 4	212 4
Other operating income net	-40 3	-25 1	-37 0	-56 3	-41 3
trading income Net	-2 5	34 6	-24 3	29 5	26 3
Equity accounted earnings	21 1	12 2	15 1	13 4	17 6
operating Net revenues	881 0	941 8	882 2	909 1	938 8
Staff costs	174 0	182 9	199 3	188 1	195 2
Other administrative costs	101 2	107 8	123 6	113 0	110 4
Amortisation and depreciation	35 8	36 2	37 5	38 6	38 2
Operating costs	0 311	326 9	360 4	339 7	8 343
Profit bef impairment and provisions	570 0	614 9	521 8	569 4	595 0
Results modification on	-53 7	-1 5	-6 1	-4 2	-0 9
impairment (net of recoveries) Loans	23 9	69 2	16 0	55 6	34 1
Other impairm . and provisions	147 2	168 3	214 1	131 4	149 2
Profit income before tax	345 1	9 375	285 6	378 2	410 7
Income tax	59 6	125 0	78 4	112 2	106 2
income after income from continuing Net tax	operations285 5	250 9	207 2	266 0	304 5
income from discontinued operations Net	0 0	0 3	0 0	0 0	0 0
Non-controlling interests	34 5	22 4	14 9	22 5	45 7
income Net	251 0	228 8	192 3	243 5	258 8

Consolidated income statement

(Million euros)

For the 6-month periods ended June 30, 2024 and 2025

							International operations
	Group			P ortugal		T otal		Bank M illennium (P oland)			M illennium bim (M oz.)			Other int. operations
		Jun 2 4 Jun 2 5	Δ %		Jun 2 4 Jun 2 5	Δ %	Jun 2 4 Jun 2 5		Δ %		Jun 2 4 Jun 2 5	Δ %		Jun 2 4 Jun 2 5	Δ %		Jun 2 4 Jun 2 5	Δ %
Interest income	2,387	2,222	-6.9%	1,235	1,002	-18.8%	1,153	1,220	5.8%	1,003	1,078	7.5%	149	142	-5.2%	0	0	100.0%
Interest expense	990	778	-21.4%	561	343	-38.8%	429	435	1.4%	380	402	5.8%	48	33	-32.9%	0	0	- -
Net interest income	1,398	1,444	3.3%	673	659	-2.2%	724	785	8.4%	623	676	8.5%	101	109	8.0%	0	0	100.0%
Dividends from equity instruments	1	1	7.0%	0	0	- -	1	1	7.0%	1	1	7.0%	0	0	- -	0	0	- -
Intermediation margin	1,398	1,445	3.3%	673	659	-2.2%	725	786	8.4%	624	677	8.5%	101	109	8.0%	0	0	100.0%
Net fees and commission income	398	414	4.0%	288	307	6.7%	110	107	-3.1%	90	88	-2.9%	20	19	-3.7%	0	0	- -
Other net operating income	-73	-98	-34.0%	-25	-22	14.5%	-48	-76	-59.7%	-48	-77	-58.8%	1	1	-1.0%	0	0	>100%
Basic income	1,723	1,761	2.2%	936	944	0.9%	788	817	3.7%	666	688	3.3%	121	129	6.1%	0	0	83.3%
Net trading income	- 5	56	>100%	- 5	7	>100%	- 1	49	>100%	- 8	41	>100%	8	8	7.4%	0	0	>100%
Equity accounted earnings	32	31	-1.8%	29	28	-1.7%	3	3	-2.8%	0	0	- -	1	1	-29.0%	2	2	13.3%
Net operating revenues	1,750	1,848	5.6%	960	980	2.1%	789	868	10.0%	658	729	10.8%	130	137	5.9%	2	2	13.3%
Staff costs	340	383	12.8%	178	197	10.3%	161	187	15.7%	135	158	17.1%	27	29	8.7%	0	0	- -
Other administrative costs	208	223	7.5%	100	105	4.9%	107	118	9.9%	78	86	10.3%	29	32	8.8%	0	0	- -
Amortisation and depreciation	71	77	7.9%	37	40	9.6%	34	37	6.0%	25	26	4.1%	9	10	11.5%	0	0	- -
Operating costs	619	684	10.5%	316	342	8.5%	303	341	12.5%	238	270	13.5%	65	71	9.1%	0	0	- -
P rofit bef. impairment and provisions	1,131	1,164	3.0%	644	637	-1.1%	486	527	8.4%	420	458	9.2%	6 5	6 7	2.7%	2	2	13.3%
Results on modification	-61	- 5	91.6%	0	0	- -	-61	- 5	91.6%	-61	- 5	91.6%	0	0	- -	0	0	- -
Loans impairment (net of recoveries)	98	90	-8.5%	56	69	23.7%	42		21 -50.6%	41	16	-60.4%	2	5	>100%	0	0	>100%
Other impairm. and provisions	292	281	-3.8%	30	6	-81.2%	262	275	4.9%	261	252	-3.4%	1	23	>100%	0	0	>100%
P rofit before income tax	680	789	16.0%	559	563	0.7%	121	226	87.1%	5 7	185	>100%	6 2		3 9 -37.0%	2	2	13.3%
Income tax	138	218	58.5%	148	139	-6.2%	-10	79	>100%	-26	64	>100%	15	15	1.0%	0	0	-100.0%
Net income after income tax from continuing operations	542	571	5.2%	411	424	3.2%	131	147	11.8%	8 3	121	46.2%	4 7		2 4 -49.3%	2	2	13.3%
Net income from discontinued operations	0	0	- -	0	0	- -	0	0	- -				0	0	- -
Non-controlling interests	57	68	20.1%	0	0	20.9%	57	68	20.1%	0	0	- -	0	0	- -	57	68	20.1%
Net income	485	502	3.5%	411	424	3.2%	7 4	7 8	5.4%	8 3	121	46.2%	4 7		2 4 -49.3%	-55	-66	-20.3%

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

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.

at fair value through profit or loss before fair value adjustments.

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

61

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