2Q25 Results

Alessandro Foti CEO and General Manager

FINECO. SIMPLIFYING BANKING.

Milan, July 31st 2025

Disclaimer

◼ "Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 58 of February 24, 1998), Erick Vecchi, in his capacity as manager responsible for the preparation of FinecoBank S.p.A. (the "Bank")'s financial reports, declares that accounting information contained in this Presentation reflects the Bank's documented results, books and accounting records".
◼ This Presentation may contain written and oral "forward-looking statements", which include all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, objectives, estimates, forecasts, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of the Bank. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Bank undertakes no obligation to publicly 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. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Information, opinions, valuations and forecasts contained in this Presentation have not been audited by any independent body. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
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Agenda

✓Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

Executive Summary: further acceleration in our expected growth

Successful growth story: our diversified business model allows us to deliver strong results in every market condition

Strong net profit and operating leverage

◼ 1H25 Net Profit is 317.8 mln, almost flat y/y

◼ 1H25 Revenues at 644.4 mln (-2.1% y/y) supported by non-financial income (Investing +9.8% y/y, Brokerage +15.0% y/y), almost offsetting lower interest rates (NFI -13.3% y/y)
◼ Operating Costs well under control at -173.1 mln, +8.0% y/y (+5.9% y/y excluding costs related to the acceleration of the growth of the business(1) ). Strong operating leverage confirmed a key strength of the Bank. C/I ratio at 26.9%

Higher y/y AUM and deposits exp. in 2025 as growth is accelerating

◼ Higher y/y AUM and deposits net sales expected in 2025 thanks to combined effect of reinforcing positive tailwinds from the structural trends coupled with a more efficient marketing activity. We are clearly experiencing this step-up:
- ➢ Strong acceleration in new clients' acquisition (+35.5% y/y in 1H25). July: ~15,000 new clients (>20% y/y)
- ➢ Net sales in 1H25 at 6.6 bn (+32% y/y), o/w AUM at 2.6 bn (+80% y/y). TFA at 147.8 bn with AuM at 68.6 bn. July (estimated) recorded a further acceleration of total net sales at ~1.1 bn (up by ~45% y/y) o/w AUM at ~0.4 bln (up by ~35% y/y) confirming the acceleration in the growth; deposits at 0.3 bln (up by ~60% y/y), AUC at ~0.4 bn. Brokerage revenues estimated at ~19 mln

Solid capital and liquidity position

◼ CET1 ratio at 23.5%, TCR at 32.1%, Leverage ratio at 5.20%
◼ LCR at 912%(2) , NSFR at 403%

2025 Guidance

◼ Investing revenues: every 1 billion change of AUM, generates around 2.9 million of manfee from August 1 st until year end
◼ Banking fees expected with a slight decrease in FY25 due to new regulation on instant payments
◼ Brokerage: revenues expected to remain strong with a continuously growing floor thanks to the enlargement of our active investors. For 2025 we expect a record year for brokerage revenues
◼ Operating costs expected in FY25 at around +6% y/y, not including few millions of additional costs for growth initiatives in a range 5/10 mln (mainly: marketing, FAM and AI)
◼ Payout: for FY25 we expect a payout ratio in a range 70/80%

Delivering strong Net Profit in every market condition

Net Profit at 317.8 mln. Results supported by sound acceleration of Investing and Brokerage, confirming the effectiveness of our initiatives. Strong operating leverage confirmed

	1H24	1H25	1H25 /1H24
Net Financial Income	363.3	315.0	-13.3%
Non Financial Income	294.9	330.4	12.0%
Other expenses/income	0.1	-1.1	n.s.
Total revenues	658.3	644.4	-2.1%
Staff expenses	-67.0	-73.8	10.1%
Other admin.expenses	-80.7	-85.8	6.4%
D&A	-12.6	-13.5	7.1%
Operating expenses	-160.3	-173.1	8.0%
Gross operating profit	498.0	471.2	-5.4%
Provisions	-37.7	-7.7	-79.5%
LLP	-1.7	-2.6	52.3%
Profit from investments	1.0	-1.0	n.s.
Profit before taxes	459.6	459.9	0.1%
Income taxes	-139.3	-142.1	2.0%
Net profit	320.3	317.8	-0.8%
ROE (1) Cost/Income	29% 24%	28% 27%

Non Financial Income – new representation

The Non Financial Income is the sum of the Net Commissions line and the Trading Profit line: this is aimed to better represent the industrial nature of our Trading Profit, almost entirely composed of client-driven Brokerage revenues

Revenues

➢ Net Financial Income (-13.3% y/y) driven by lower interest rates
➢ Non Financial Income up by +12.0% y/y driven by Investing (+10.0% y/y), on the back of higher volumes and higher control of the value chain by Fineco Asset Management, and Brokerage (+20.5% y/y), thanks to the enlargement our active investors and to higher market volumes

Costs

The yearly increase is mainly linked to costs related to the growth of the business, related to:

Marketing expenses, as we are catching the acceleration of structural trends
FAM as it is increasing the efficiency of the value chain
A.I., as we are launching projects to further boost our PFAs' productivity

Net of these items, 1H25(2): +5.9% y/y

(2) Excluding costs strictly related to the growth of the business, mainly marketing (-1.1 mln y/y), FAM (-1.6 mln y/y) and A.I. (-0.6 mln y/y)

Our priority: accelerating on Investing

Growing AUM thanks to our best-in-class market positioning, coupled with higher efficiency on the value chain through FAM

Increasing Investing revenues thanks to positive volumes effect and FAM

mln	2Q24	1Q25	2Q25	1H24	1H25
Investing	89.8	94.5	97.4	174.7	191.9
o/w
Placement fees	1.9	2.3	2.5	3.2	4.9
Management fees	106.2	114.9	114.4	209.8	229.3
to PFA's: incentives	-8.3	-8.6	-8.7	-15.7	-17.3
to PFA's: LTI	-0.3	-0.5	-0.6	-1.0	-1.1
Other PFA costs	-9.4	-13.3	-9.7	-21.1	-23.0
Other commissions	0.0	0.0	0.0	0.0	0.0
Other income	-0.2	-0.4	-0.5	-0.5	-0.9

Quarterly ManFee dynamics temporarily affected by lower avg AUM due to negative market performance in March/April 2025

NO PERFORMANCE FEES

VERY LOW UPFRONT

Combining growth potential from FAM and emerging advisory trend

FAM key to sustain AUM margins thanks to more efficient value chain, Fineco best placed to catch clients demand for efficient and fair solutions

FAM consistently contributing to FBK net sales, with strong room to grow as a % of our Investing

Fineco best placed to catch the fast growing, clients-driven trend of advanced financial advisory

Brokerage: a new structural growth under way

A clear step-up in our active investors: Fineco clearly the platform of choice for strong clients' appetite in govies and ETFs

Active investors: a new structural growth thanks to our initiatives and incoming govies/ETF demand

Wider active investors leading to continuously growing floor of revenues

+10.5% vs 2020, the Covid year

Confirming the structurally higher floor of revenues and much healthier dynamics, driven by the enlargement of our quality-active investors and not by macro-events like the pandemic with strict lockdown

High quality lending

Offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

Cost of Risk on commercial loans (2)

◼ Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
◼ We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
◼ NPE at 30.1 mln with a coverage ratio at 74.4%, NPE ratio at 0.58%
◼ LLP equal to -2.6 mln in 1H25

(2) Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans

NPE ratio: Non Performing Exposures on Commercial Loans Portfolio over the Commercial Loans Portfolio

Solvency, liquidity ratios

Capital position well above requirements

emarket sdir storage
CERTIFIED

		Dec 24	Mar 25	Jun 25	Current Requirements
Y C N E V L O S	CET1 Ratio	25 91%	(1) 23 99%	23 46%	8 68%
	Capital Total Ratio	78% 35	(1) 94% 32	07% 32	05% 13
	Leverage Ratio	22% 5	(1) 34% 5	20% 5	3 00%
Y T DI UI Q LI	(2) LCR	909%	888%	912%	100%
	NSFR	382%	390%	403%	100%
	HQLA/Deposits (2)	77%	78%	79%

(€/bn)	Dec.24	Mar.25	Jun.25
CET1 Capital	1.31	1.34	1.36
Tier1 Capital	1.81	1.84	1.86
Total Capital	1.81	1.84	1.86
RWA	5.06	5.59	5.81
o/w credit	3.07	2.80	2.98
o/w market	0.10	0.10	0.14
o/w operational	1.89	2.69	2.69
HQLA (2)	21.55	22.12	22.87

❑ Fineco Financial Results

✓Fineco Commercial Results

❑ Next steps

❑ Key messages

Clients' profile and focus on Private Banking

Outperforming the system in Private Banking growth

Improving the quality of our client base

(2) Private Banking clients are clients with more than € 0.5mln TFA with the Bank

TFA and Net Sales evolution

Successful shift towards high added value products thanks to strong productivity of the network

Net sales organically driven key in our strategy of growth

The structure of recruiting is changing: more interest in the quality of the business model by PFAs

Agenda

❑ Fineco Financial Results