Intesa Sanpaolo

Quarterly Report • Jul 30, 2025

1H25 Results

A sustainable 20% ROE Bank with €1.4 trillion in Customer financial assets

Well-diversified and resilient business model, ready to succeed in any scenario

1H25: key achievements

Best-in-class profitability	€5.2bn	Net income, the best six months ever, with record-high revenues, Commissions and Insurance income
Effective cost management	38.0%	Lowest-ever Cost/Income ratio, best-in-class in Europe
Zero-NPL Bank	1.0%	Net NPL ratio(1) , at historical lows
Rock -solid capital position	13.5%	Fully phased-in CET1 ratio(2) (3) , up 65bps in H1
		Cash dividends accrued in H1 (~€3.2bn to be paid in November)
	~€3.7bn
Strong and sustainable value	€2.0bn	Share buyback, launched in June
creation and distribution	>7%	Dividend yield(4)
World-class position in Social Impact	€0.8bn	deployed(5) Contribution already to fight poverty and reduce inequalities

(1) According to EBA definition

(2) Taking into account €2bn buyback launched in June, 70% cash payout ratio and post >40bps Basel 4 impact. 13.0% not including any 1H25 Net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1

(3) Vs 1.1.25 post Basel 4 impact

(4) Based on: ISP share price as at 28.7.25, 70% cash payout ratio and 2025 Net income guidance of well above €9bn. Subject to shareholders' approval

(5) Over the 2023-1H25 period (of which €154m in 1H25), out of €1.5bn total contribution over the 2023-2027 period. As a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to sustain the initiatives/projects)

The best six-month Net income ever

(1) Excluding capital gain made on the sales of Cariparma, FriulAdria and other branches

(2) Restated for the adoption of IFRS 17 and IFRS 9 by the Group's insurance companies

Increasing and sustainable value creation and distribution, with 20% annualised ROE

Note: figures may not add up exactly due to rounding

• (1) Ratio of Net income to end-of-period shareholders' equity. Shareholders' equity does not include AT1 capital instruments and income for the period. Annualised data
• (2) Ratio of Net income to end-of-period tangible shareholders' equity (shareholders' equity after deduction of goodwill and other intangible assets net of relevant deferred tax liabilities). Shareholders' equity does not include AT1 capital instruments and income for the period. Annualised data
• (3) Taking into account 70% cash payout ratio. 13.0% not including any 1H25 Net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in CET1
• (4) Post >40bps Basel 4 impact and taking into account €2bn buyback launched in June
• (5) Based on ISP average number of shares in 1H25
• (6) Excluding AT1, TBVPS equal to €2.6 in 1H24 and €2.7 in 1H25

2025 Net income guidance upgraded to well above €9bn including Q4 managerial actions to strengthen future profitability

(1) Based on: ISP share price as at 28.7.25, 70% cash payout ratio and 2025 Net income guidance of well above €9bn. Subject to shareholders' approval

Our excellent performance benefits all our stakeholders

(3) Deriving from Non-performing loans outflow

Contents

1H25: the best six months ever

ISP is fully equipped to succeed in any scenario

Final remarks

Appendix: 2022-2025 Business Plan nearing completion

The best six months and Q2 ever

€5.2bn Net income in H1 (+9% vs 1H24) and €2.6bn Net income in Q2 (+6% vs 2Q24), the best six months and Q2 ever

~€3.7bn cash dividends already accrued in H1, of which ~€3.2bn to be paid in November as an interim dividend(1)

The best six months and quarter ever for Operating income, Operating margin and Gross income

Increase in revenues, with record-high six months and Q2 for Commissions (+5% vs 1H24) and Insurance income (+2% vs 1H24)

Strong growth in non-motor P&C revenues (+12% vs 1H24) and significant quarterly increase in Net interest income (+5% vs 1Q25)

€1.4 trillion in Customer financial assets (+€37bn vs 30.6.24), with €12bn increase in Q2

Costs down (-0.2% vs 1H24) while strongly investing in technology, with lowest-ever Cost/Income ratio (38.0%)

NPL inflows and stock at historical lows, driving annualised Cost of risk down to 24bps, with no overlays released

Fully phased-in CET1 ratio up 65bps in H1(2) at 13.5%(3) (up >20bps in Q2)

Note: 1H24 data restated to reflect the current consolidation perimeter

(2) Vs 1.1.25 post Basel 4 impact

(3) Taking into account €2bn buyback launched in June, 70% cash payout ratio and post >40bps Basel 4 impact. 13.0% not including any 1H25 Net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1

⁽¹⁾ Relevant resolution from the Board of Directors to be defined on 31.10.25 when approving results as at 30.9.25

H1: €5.2bn Net income driven by Commissions and Insurance income at record highs

1H25 P&L; € m

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

(1) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations

(2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests

2Q25: €2.6bn Net income, the best Q2 ever with strong quarterly NII growth

2Q25 P&L; € m

Note: figures may not add up exactly due to rounding. 2Q24 data restated to reflect the current consolidation perimeter

(1) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations

(2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking and insurance industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests

Increase in revenues, managed in an integrated manner to create value

Operating income

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

Resilient Net interest income…

Net interest income – Half-yearly comparison

Note: 2023 and 1H24 data restated to reflect the current consolidation perimeter

… growing in Q2 despite Euribor decline

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

A Wealth Management, Protection & Advisory leader, with €1.4 trillion in Customer financial assets, growing further in Q2…

Customer financial assets(1)

▪ >€900bn in Direct deposits and Assets under administration will fuel our Wealth Management, Protection & Advisory businesses

▪ Unmatched client advisory network with ~17,000 People(2) dedicated to fueling AuM growth, up to ~20,000 by 2027

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

(1) Net of duplications between Direct deposits and Indirect customer deposits

(2) ~6,950 Private Bankers and Financial Advisors in the Private Banking Division and ~10,000 Relationship Managers in the Banca dei Territori Division

… fueling strong growth in Commissions, especially in Wealth Management

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

• (1) On top of traditional Commissions from Management, dealing and consultancy activities
• (2) Direct deposits, Assets under management and Assets under administration
• (3) Valore Insieme, Private Advisory, WE ADD and Sei
• (4) Excluding Corporate Centre
• (5) AM = Asset Management
• (6) BdT WM = Banca dei Territori Wealth Management

Best-ever six months for Insurance income, driven by P&C

Note: figures may not add up exactly due to rounding

(1) Commissions + Insurance income

(2) Individuals. Not including Credit Protection Insurance. Banca dei Territori Division perimeter

(3) Including collective policies

Best-in-class contribution from Commissions and Insurance income to revenues

(1) Sample: Barclays, BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea and UniCredit (30.6.25 data); BBVA, Commerzbank, HSBC, ING Group, Santander, Standard Chartered and UBS (31.3.25 data); Société Générale (31.12.24 data)

Lowest-ever Cost/Income ratio while strongly investing in technology

Cost/Income ratio

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter (1) In the 2022-1H25 period

Cost reduction, with high flexibility for further decrease

Operating costs

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the consolidation perimeter

Our tech transformation is enabling generational change and significant efficiency gains

⁽¹⁾ In the 2022-1H25 period

(2) Agreement with Italian Labour Unions signed in October 2024, with related costs (~€440m pre-tax, ~€300m net of tax) booked in 4Q24

(3) Agreed with Italian Labour Unions

Best-in-class Cost/Income ratio in Europe

(1) Sample: Barclays, BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea and UniCredit (30.6.25 data); BBVA, Commerzbank, Crédit Agricole S.A., HSBC, ING Group, Santander, Société Générale, Standard Chartered and UBS (31.3.25 data)

Zero-NPL Bank status and NPL inflow at historical lows…

▪ Stage 2 loans down €1.4bn vs 30.6.24 with a low incidence on Net loans

▪ Well-diversified loan portfolio, with no economic business sector exceeding 5% of Loans to customers

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

(1) According to EBA definition

(2) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans

(3) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans

… with ISP among the best in Europe for NPL stock and ratios…

(1) Including only banks in the EBA Transparency Exercise. Sample: BNP Paribas, Deutsche Bank, Nordea and UniCredit (30.6.25 data); BBVA, Crédit Agricole Group, ING Group, Santander and Société Générale (31.3.25 data); Commerzbank (31.12.24 data)

(2) According to EBA definition. Data as at 30.6.24

Source: EBA Transparency Exercise, Investor presentations, press releases, conference calls and financial statements

… as well as for Stage 2 loans…

(1) Including only banks in the EBA Transparency Exercise. Sample: BNP Paribas, Deutsche Bank, Nordea and UniCredit (30.6.25 data); BBVA and Société Générale (31.3.25 data); Crédit Agricole Group, ING Group and Santander (31.12.24 data) Source: Investor presentations, press releases, conference calls and financial statements

… driving Cost of risk to historical lows

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

Russia exposure reduced to <0.1% of Group customer loans, with local loans near zero

Note: figures may not add up exactly due to rounding (1) Export Credit Agencies

Rock-solid capital base, with 65bps CET1 increase in H1

Note: figures may not add up exactly due to rounding

(1) Considering 70% cash payout ratio. 13.0% not including any 1H25 Net income, in compliance with the ECB's recent guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1

(2) ~€3.7bn accrued cash dividends and €0.2bn AT1 coupon for 1H25

Best-in-class MREL and sound liquidity position

Note: figures may not add up exactly due to rounding

(1) Preliminary management data. Taking into account €2bn buyback launched in June. The Total Ratio would be 36.4% (10.9% or €34bn buffer vs requirement) and the Subordination ratio 22.1% (4.1% or €13bn buffer vs requirement) not including any 1H25 Net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in CET1

(2) Combined Buffer Requirement

(3) Last twelve-month average

(4) Preliminary data

(5) Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks

Enhanced ESG commitment…

NOT EXHAUSTIVE Result achieved vs BP target x
	2022-2025 Business Plan main ESG initiatives	Results achieved as at 30.6.25 (2022-1H25)	2022-2025 Business Plan targets
Unparalleled support to address social needs	Expanding food and shelter program for people in need	60.3m interventions	50m >100%
Strong focus on financial inclusion	New social lending(1)	€23.4bn	€25bn 94%
Continuous commitment to culture	Progetto Cultura and Gallerie d'Italia museums	30,000sqm across 4 venues with ~2,335,000 visitors	30,000sqm 100%
Promoting innovation	Promoting innovation	€172m investments in startups 763 innovation projects launched	€100m >100% 800 95%

World-class position in Social Impact further strengthened with ~€1.5bn contribution(2) (€0.8bn already deployed(3)) and ~1,000 dedicated People

(1) New lending to support non-profit activities, vulnerable and young people and urban regeneration

(2) Over the 2023-2027 period. As a cost for the Bank (including ~€0.5bn structure costs related to the ~1,000 People dedicated to sustain the initiatives/projects), already taken into account in the 2024-2025 guidance

(3) Over the 2023-1H25 period, of which €154m in 1H25

… including on climate

	NOT EXHAUSTIVE	x	Result achieved vs BP target
2022-2025 Business Plan main ESG initiatives		Results achieved as at 30.6.25 (2022-1H25)	2022-2025 Business Plan targets
Supporting clients		New lending to support the green economy, circular economy and ecological transition (including Mission 2 NRRP(1))	€78.6bn(3)	€76bn(4)	>100%
	of which circular economy new lending(2)	€14bn	€8bn	>100%
	through the ESG/climate transition	New green lending to individuals(5)	€11.9bn	€12bn	99%
		ESG Labs	16 opened	>12	>100%
		AuM invested in ESG products in % of total AuM(6)	76%	60%	>100%
	Accelerating on commitment to Net-Zero	Energy acquired from renewable sources	93%(7)	100% In 2030	93%

(1) National Recovery and Resilience Plan

(2) Including green and circular criteria

(3) 2021-1H25. Starting from 30.6.24 the figure also includes the 2022-1H25 cumulative amount of transition finance pertaining to the foreign activities of the Group

(4) In the 2021-2026 period

(5) Starting from 30.6.24 the cumulative amount of green mortgages issued by the International Banks Division since 2023 is also included

(6) Eurizon perimeter - funds and AM products pursuant to art.8 and 9 SFDR 2019/2088

(7) As at 31.12.24

Emissions reduction (main achievements):

• From 2022 to 2024, the Group set 2030 targets for the 10 most emitting sectors(8) within the Group lending portfolio
• Overall, in those sectors subject to target-setting, absolute financed emissions dropped by 33% in 2024 vs 2022

▪ The Group's own emissions were reduced by 35% at end 2024 (since 2019) vs a 2030 reduction target of 53%

▪ On 27.1.25 received the validation by SBTi of targets for the reduction of own and Group financed emissions

(8) Agriculture – Primary Farming, Aluminium, Automotive, Cement, Commercial Real Estate, Coal mining, Iron and Steel, Oil and Gas, Power generation, Residential Real Estate. No targets were set for the Shipping and Aviation sectors, which were not material in terms of exposure and/or financed emissions as of the baseline date

Contents

1H25: the best six months ever

ISP is fully equipped to succeed in any scenario

Final remarks

Appendix: 2022-2025 Business Plan nearing completion

ISP is fully equipped to succeed in any scenario…

Resilient profitability, rock-solid capital position even in adverse scenarios, low leverage and strong liquidity

Well-diversified and resilient business model, with revenues managed in an integrated manner to create value

Low Cost/Income ratio and significant tech investments (€4.6bn already deployed(1)) with ~2,350 IT specialists already hired(1)

High strategic flexibility in managing Costs also thanks to an acceleration in our tech transformation (9,000 exits by 2027(2))

Zero-NPL Bank with net NPL stock at only €4.9bn, net NPL ratio at 1.0%(3) and €0.9bn as overlays

Well-diversified loan portfolio and best-in-class proactive credit management

Very low and adequately provisioned Russia exposure (<0.1% of Group customer loans, with local loans near zero)

Long-standing, motivated and cohesive management team with strong track record in delivering on commitments

Leadership in technology, risk profile, Cost management and Wealth Management, Protection & Advisory activities

… and is far better positioned than its peers…

Note: figures may not add up exactly due to rounding

(1) Sample (latest available data): Barclays, BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit

(2) Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets

(3) Calculated as the difference between the fully phased-in CET1 ratio vs requirements SREP + combined buffer considering macroprudential capital buffers and estimating the Countercyclical Capital Buffer and the Systemic Risk Buffer

(4) And the expected distribution on the Net income of insurance companies

(5) Including in CET1 1H25 accrued Net income, considering 70% cash payout ratio

(6) Sample (latest available data): BBVA, BNP Paribas, Commerzbank, Crédit Agricole S.A., Deutsche Bank, ING Group, Nordea, Santander, Société Générale and UniCredit

(7) Sample (latest available data): Barclays, BBVA, BNP Paribas, Commerzbank, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit

MIL-BVA362-03032014-90141/VR … also thanks to a unique Commissions-driven and efficient business model, coupled with strong tech investments

Contribution from Commissions and Insurance income to Operating income(3),%

(1) Sample: Barclays, BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea and UniCredit (30.6.25 data); BBVA, Commerzbank, HSBC, ING Group, Santander, Société Générale, Standard Chartered and UBS (31.3.25 data) (2) Sample: Barclays, BNP Paribas, Lloyds Banking Group, Nordea and UniCredit (30.6.25 data); BBVA, Commerzbank, Santander, Standard Chartered and UBS (31.3.25 data); Deutsche Bank, HSBC, ING Group and Société Générale (31.12.24 data) (3) Sample: Barclays, BNP Paribas, Deutsche Bank, Lloyds Banking Group, Nordea and UniCredit (30.6.25 data); BBVA, Commerzbank, HSBC, ING Group, Santander, Standard Chartered and UBS (31.3.25 data); Société Générale (31.12.24 data)

Italy's strong fundamentals support the resilience of the economy…

NOT EXHAUSTIVE

Resilient and adaptive corporates	Export-oriented companies highly diversified in terms of industry and destination markets, with the US representing only 10% of exports and 3% of GDP
	Very resilient Italian companies with high liquidity buffers and improved financial leverage
	Strongly adaptive ecosystem with low default rates even throughout the COVID-19 crisis
Solid banking	Banking system massively capitalised, highly liquid and profitable
system	Low risk profile (net NPL ratio at ~1.5%(1) )
Low debt/high wealth households	Strong gross wealth (€12.3 trillion, of which €5.7 trillion in financial assets) paired with low household debt
	Outstanding deposits, ~60% higher than 2008 and almost double the stock of loans
	Unemployment rate close to historical lows, with employment and activity rates at their highest levels
Significant investments at European level	Positive impact on GDP growth from EU defence spending increase and German boost in infrastructure spending
	EU financial support (Next Generation EU) to fund the NRRP(2) (~€120bn of spending expected by the Government in 2025-26)
	▪ Italian GDP expected to grow 0.7% in 2025 and 1.0% in 2026(3)

▪ In May, Moody's confirmed Italy's rating and modified its outlook to positive

(1) December 2024 data

(2) National Recovery and Resilience Plan

(3) Source: ISP Research Department forecasts (July 2025), on working-day adjusted annual data

… and Italian corporates are by far stronger than in the past

Italian corporates are far better capitalised than in the past… … with liquidity buffers at historical highs

Financial Debt/Financial Debt + Equity, %

Deposits/Loans to non-financial companies, %

Resilient and adaptive Italian corporates

Contents

1H25: the best six months ever

ISP is fully equipped to succeed in any scenario

Final remarks

Appendix: 2022-2025 Business Plan nearing completion

ISP delivered the best six months ever and is fully equipped to succeed in any scenario

The best six months ever

• €5.2bn Net income, the best six months ever
• ~€3.7bn cash dividends accrued in H1 (>7% dividend yield(1) in 2025)
• €2.6bn Net income in Q2, the best Q2 ever
• The best six months and quarter ever for Operating income, Operating margin and Gross income
• Record-high six months and Q2 for Commissions and Insurance income, driven by Wealth Management and nonmotor P&C
• Lowest-ever Cost/Income ratio (38.0%)
• NPL stock, inflows and annualised Cost of risk (24bps) at historical lows
• Fully phased-in CET1 ratio up 65bps in H1(2) at 13.5%(3)

Fully equipped to succeed in any scenario

• Resilient profitability, rock-solid capital position (also in adverse scenarios), low leverage and strong liquidity
• Well-diversified and resilient business model: a Wealth Management, Protection & Advisory Leader with fully-owned product factories and €1.4 trillion in Customer financial assets
• Zero-NPL Bank with net NPL stock at only €4.9bn, net NPL ratio at 1.0%(4) and €0.9bn as overlays
• Significant tech investments (€4.6bn already deployed(5))
• High strategic flexibility in managing Costs (e.g., 9,000 exits by 2027, of which ~2,700 in 1H25)
• Well-diversified loan portfolio and best-in-class proactive credit management
• Very low Russia exposure, with local loans near zero
• Long-standing, motivated and cohesive management team with strong track record in delivering and exceeding commitments

⁽¹⁾ Based on: ISP share price as at 28.7.25, 70% cash payout ratio and 2025 Net income guidance of well above €9bn. Subject to shareholders' approval

⁽²⁾ Vs 1.1.25 post Basel 4 impact

⁽³⁾ Taking into account 70% cash payout ratio and €2bn buyback launched in June. 13.0% not including any 1H25 Net income, in compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute via cash dividends or via share buybacks the profits that it wants to include in CET1

⁽⁴⁾ According to EBA definition

⁽⁵⁾ In the 2022-1H25 period

MIL-BVA362-03032014-90141/VR 2025 Net income guidance upgraded to well above €9bn including Q4 managerial actions to strengthen future profitability

Increase in revenues, managed in an integrated manner	▪ Resilient Net interest income (thanks to a higher contribution from core deposits hedging) ▪ Growth in Commissions and Insurance, leveraging on our leadership in Wealth Management, Protection & Advisory ▪ Strong increase in Trading profits		2025 Net income guidance	Q4 managerial actions to strengthen future profitability
Cost reduction despite tech investments	▪ Workforce reduction due to the already agreed voluntary exits and natural turnover ▪ Additional benefits from technology (e.g., branch reduction, IT/process streamlining) ▪ Real estate rationalisation		Well above €9bn	Well above €9bn including Q4 managerial actions
Low Cost of risk	▪ Low NPL stock ▪ High-quality loan portfolio ▪ Proactive credit management		May 2025	July 2025
Lower Levies and other charges concerning the banking and insurance industry	▪ No further contribution to the Italian Deposit Guarantee Scheme	▪ ▪ ▪ ▪	Growth in DPS and EPS 70% cash payout ratio Additional distribution for 2025 full-year results approval Dividend yield(1)	to be quantified at >7%, best-in-class in Europe

(1) Based on: ISP share price as at 28.7.25, 70% cash payout ratio and 2025 Net income guidance of well above €9bn. Subject to shareholders' approval

Contents

1H25: the best six months ever

ISP is fully equipped to succeed in any scenario

Final remarks

Appendix: 2022-2025 Business Plan nearing completion

2022-2025 Business Plan nearing completion

Massive upfront de-risking, slashing Cost of risk		Structural Cost reduction, enabled by technology	Growth in Commissions, driven by Wealth Management, Protection & Advisory	Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate
Massive NPL stock reduction and continuous preemption through a		A new Digital Bank and footprint optimisation	Dedicated service model for Exclusive clients	Unparalleled support to address social needs
modular strategy		Workforce renewal	Strengthened leadership in Private Banking	Strong focus on financial inclusion
A new credit decisioning model		Smart real estate	Continuous focus on fully-owned product factories (Asset management and Insurance)	Continuous commitment to culture
		management	Further growth in payments business	Promoting innovation
Proactive management of other risks		Advanced Analytics empowered Cost management	Double-down on Advisory for all Corporate clients	Accelerating on commitment to Net-Zero
		IT efficiency	Growth across International Banks businesses	Supporting clients through the ESG/climate transition

Our People are our most important asset

▪ ISP recognised as Top Employer Europe 2025(1) and confirmed Top Employer Italy(1) for the fourth consecutive year

▪ Ranked first among Banking & Finance companies in the LinkedIn Top Companies 2025 for career development and professional growth

(1) By Top Employers Institute

Massive upfront de-risking, slashing Cost of risk

Key highlights

	▪ Massive deleveraging with €5.4bn gross NPL stock reduction in 2022-1H25, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target
	▪ Focus on modular approach and sectorial forward looking – factoring in the macroeconomic scenario – and on proactive credit management
	▪ Focus on Banca dei Territori Division action plan, with strong management of underlying Cost of risk, NPL inflow from Performing loans and new solutions for new needs arising in the current scenario
	▪ Enhanced risk management capabilities: comprehensive and robust Risk Appetite Framework encompasses all the key risk dimensions of the Group
Massive upfront	▪ Introduction of a Sectorial Framework which assesses the forward-looking profile of each economic sector on a quarterly basis across different countries. The sectorial view, approved by a specific management committee, feeds all the credit processes in order to prioritise credit decisions and action plans
de-risking, slashing	▪ Cybersecurity anti-fraud protection extended to new products and services for retail customers, including the use of Artificial Intelligence; adoption of Open Source Intelligence solutions to empower cyber threat intelligence capability
Cost of risk	▪ Enhanced protection of both the remote access to company applications and the access to corporate workstations enabling multi-factor authentication, and at the same time improving user experiences through frictionless processes
	▪ Enhanced protection from cyber-attacks in terms of detection/recovery and improved internal awareness of cyber-attacks (e.g., phishing)
	▪ Further enhanced security levels of digital services also through the adoption of advanced solutions and technologies for the remote biometric recognition of internal users and customers, improving their user experience
	▪ In the EBA Clearing "Fraud Pattern and Anomaly Detection" (FPAD) project, ISP is among the first European banks to integrate the risk score provided by the EBA into its anti-fraud systems for corporate transactions (bank transfers and instant credit transfers)
	▪ Set up of the Anti Financial Crime (AFC) Digital Hub, aimed at becoming a national and international centre open to other financial institutions and intermediaries, with the goal of combating money laundering and terrorism through new technologies and Artificial Intelligence, based on a public-private collaboration model
	▪ Set up of the new AFC model based on an international platform and competence centres specialised in Transaction Monitoring, Know Your Customers and Financial Sanctions
	▪ The Balance Sheet Optimisation unit continued expanding the credit risk hedging schemes to optimise capital absorption. In 2Q25, two new synthetic securitisations were completed for a total of ~€3.5bn: the first on a ~\$2.4bn corporate loan portfolio and the second on a ~€1.5bn corporate portfolio with a high ESG score and/or assessed within the circular economy framework. As at 30.6.25, the outstanding securitised portfolio of synthetic securitisation transactions included in the GARC Program (Gestione Attiva Rischio di Credito - Active Credit Risk Management) was equal to ~€29bn
	▪ Further strengthened the capital efficiency initiatives and extended the scope of Credit Strategy to ESG criteria, shifting €15.4bn of new lending in 1H25 (~€21bn in 2024 and >€18bn in 2023) to more sustainable economic sectors with the best risk/return profile

Structural Cost reduction, enabled by technology

▪ operational with ~470 dedicated specialists ▪ Continuous extension of the platform to the entire Group, in particular for the Private Banking Division ▪ Insourcing of core capabilities in IT ongoing with ~2,350 people already hired ▪ Commercial launch of on 15.6.23 and release of the App on iOS and Android stores; completed the release of Internet Banking (web application) ▪ product range has been consolidated and enriched (SpensieRata(1), virtual cards, credit cards, prepaid cards, protection, loans, isySalvadanaio, investments, etc.) ▪ Ongoing technical activities for the transformation of the Group's IT system (simplification of the ISP Mobile App, upgrade of products and applications in a cloud perspective, simplification of the Group's data architecture, etc.) and the core banking system by using cloud-based solutions (Thought Machine) ▪ Ongoing release of new omnichannel products for ISP clients on ISYTECH platform (completed for personal loans, Credit Protection Insurance, SpensieRata(1) and bank accounts, in progress for mortgages and investments) ▪ AI Lab in Turin operational (setup of Centai Institute) ▪ 1,323 branches closed since 4Q21 in light of launch ▪ Digital platform for analytical cost management up and running, with 46 efficiency initiatives already identified ▪ Extended the Hub Procurement system, with full coverage of the centralised purchasing management perimeter ▪ Rationalisation of real estate in Italy in progress, with a reduction of ~766ksqm since 4Q21 ▪ ~8,200 voluntary exits(2) since 2022 ▪ Completed the update of functions and digital services in Serbia, Hungary, Romania, Croatia and Slovenia. Ongoing implementation of new functions in Slovakia ▪ Completed the activities to improve the customer experience of branch digital processes in Hungary, Slovenia, Albania and Croatia (i.e. use of Artificial Intelligence and the new chatbot Navigated Experience functionality). Completed in Serbia the release of the Conversational banking functionality for some client segments. ▪ Go-live of the new core banking system in Egypt and alignment of digital channels ▪ Ongoing activities to progressively release applications for the target platform in the remaining countries of the International Banks Division ▪ As part of the merger by incorporation of First Bank into ISP Romania, the technological integration is proceeding according to plan ▪ Digital Process Transformation: processes identified and activated E2E transformation activities (especially involving procurement processes, customer onboarding, hereditary succession process management, bank account closing process and control management processes). The E2E transformation activities will leverage on Process Intelligent Automation and traditional reengineering methods. Released new digital solutions for customer onboarding, current accounts closing, and inheritance management processes for a first group of branches ▪ In line with the SkyRocket plan, the new Cloud Region in Turin is fully operational (in addition to the Milan Cloud Region made available in June 2022) and has enabled launch with an entirely Italy-based infrastructure (including disaster recovery) ▪ Launched digitalisation projects related to AI and Distributed Ledger Technology (DLT) at Eurizon. DLT tests for the tokenisation of mutual funds completed ▪ Ongoing significant upgrades on the App to expand maximum capacity in terms of number of concurrent online customers Key highlights Structural Cost reduction, enabled by technology

(1) Instalment payment

(2) Referring to the agreements already signed with Labour Unions

Our tech transformation is accelerating and operating successfully

: ISP cloud-based digital banking platform

New technology backbone already available to mass market retail clients through , being progressively extended to the entire Group

Digital businesses

New digital channels ( ) to attract new customers and better serve ISP customers with a low cost-to-serve model

Artificial intelligence

Artificial intelligence to further unlock new business opportunities, increase operational efficiency and further improve the management of risks

~€500m additional contribution to 2025 Gross income(1), not envisaged in the 2022-2025 Business Plan

(1) Additional contribution to 2025 Gross income from isytech, isybank, Fideuram Direct and AI not envisaged in the Business Plan, offsetting the impact from higher inflation and renewal of the Labour contract

Tech transformation accelerating with 63% of applications already cloud-based

: Group cloud-based digital platform

Key elements of our cloud-based digital platform

Cloud-native Secure Always-on

• Scalable hybrid cloud technology
• Lower and flexible infrastructure costs
• Modular
• API-based architecture
• Faster time-tomarket
• Enhanced cybersecurity protection
• Resilient by design

Scalable

▪ Across segments ▪ Across products

▪ Across

• 24/7/365
• Real-time
• Instant responses
• Omnichannel

The first leading bank fully adopting a next-gen, cloud-based core banking solution

2022-2025 Business Plan nearing completion

A new digital bank delivered in less than 12 months and already chosen by ~1m clients

Unique digital customer experience…

<3 minutes

average onboarding time

<30 clicks required to open an account

Immediately active

accounts and cards for client banking needs

• >40% of total sales to retail ISP Group customers already digital(1) today
• Qorus-Infosys Finacle Banking Innovation Awards: 2024 Transformative Innovator

▪ Top-notch customer security thanks to the ISP control framework

… already chosen by ~1m clients…

… and gaining strong momentum

~216m transactions completed(2)

>740,000 accounts opened(2) by

new customers

(78% under 35 years old)

~€2.5bn customer deposits(2)

Product offering broader and more innovative than digital challengers

Additional benefits vs Business Plan Product offering broader than digital challengers(1) from ~1 million new customers
Product catalogue			Peer 1	Peer 2	Peer 3	Peer 4	€ m, by 2025
Cards	Debit cards
	Cards in eco-sustainable material						~200
	EU and extra-EU withdrawals
Payments	Transfers
	Tax incentives related transfer
	Payments from account to account
	Payments to Public Administration	(2)	(3)	(3)	(3)
Credit	Salary advance
	Personal loans
	Mortgages
Protection & Investments	Insurance services						Gross income
	Saving services
		Ready to succeed even against fintechs:

• (1) Sample: BBVA Italy, Hype, N26 Italy and Revolut Italy
• (2) Including MAV, F24, Pago PA
• (3) Partial functionalities
• (4) Digital Relationship Managers
• Complete product offering, delivered through the most innovative tech platform in the market
• Unique approach coupling digital with the human touch of ISP's Digital Branch (~2,300 People(4))
• Access to >1,700 advanced ATMs of ISP's "traditional" branches available to customers

~150

AI program at scale with strong benefits for the Group

… with strong benefits for the Group AI use cases, # 80 30.6.24 30.6.25 2025 111 ~€100m additional contribution to 2025 Gross income, not envisaged in the 2022-2025 Business Plan, not including potential upside from the x Dedicated AI specialists ~230 ~300 Dedicated program to adopt AI at scale… Holistic impact ▪ Group-wide adoption of AI through the development of AI use cases favoring: ― Commercial effectiveness (examples of use cases underway/live: ~0.5m client investment recommendations generated every month by Robo4Advisor, predictive pricing models to assess price customisation and support managers via AI assistant with negotiation suggestions; AI-driven sales enablement with advanced campaign and omnichannel platforms) ― Operational efficiency (e.g., automation of transactional and administrative processes, with a 70% reduction of in-branch on-boarding activities; conversational platform, with 80% of conversations with customers already managed end-to-end through AI virtual assistant; AI Copilot trained on internal knowledge to assist digital branch employees with complex questions; AI modules to optimise the handling of internal help desk requests and the subsequent resolution phases) ― Strengthened Risk management, compliance controls and ESG (e.g., AI-driven anomaly detection and risk attribution in market risk area) AI Ecosystem & Strategic Partnerships ▪ Marking scientific and knowledge leadership in AI thanks to: ― Internal AI Academy (e.g., Training & Academy activities >1.5k participants, Data & AI Community >9k members) — Group-wide AI training & communities ― Academic partnerships (e.g., CETIF Master Responsible AI Executive Program, SDA Bocconi EMF FinTech Lab, Berkeley USA SkyLab) — developing advanced AI expertise ― Strategic partnerships (e.g., Opening Future with Google Cloud & TIM >21k people involved and >3,250 training hours delivered, FAIR EU, Horizon TANGO) — international AI innovation projects ― Anti Financial Crime Digital Hub Responsible and effective adoption ▪ Ethical principles of responsible adoption through: ― Rules and technological assets ensuring full compliance with AI Act requirements and clear accountability of business owners for AI decisions ― Realisation of guardrails to ensure the responsible and secure use of Generative AI ▪ According to the 2025 Evident AI Index, the Group is now ranked third in the world for publications on Responsible AI topics ~170 Scaling adoption of GenAI solutions in several areas (e.g., HR support,

digital branch, regulatory analysis, technical support and coding)

adoption of generative AI solutions

Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/7)

(1) Valore Insieme also available for Banca dei Territori Affluent clients

Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/7)

Note: figures may not add up exactly due to rounding

(1) In Italy and abroad

(2) Employed with part-time indefinite-term contracts and on a self-employed basis, in order to ensure greater proximity to customers, specifically in Wealth Management & Protection

(3) Clients currently served by Banca dei Territori with one of the following features: high income/spending or combinations of significant AuM/age/complex investment products

Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/7)

Key highlights

Growth in Commissions, driven by Wealth Management, Protection & Advisory

• Direct Advisory as part of our digital offering up and running, allowing customers to build investment portfolios with the advisory of direct bankers operating remotely and supported by BlackRock's Aladdin Robo4Advisory platform. Direct Advisory completes the existing offer which also includes "Advanced Trading" (operating in over 50 cash and derivatives markets), and "In-Self Investments" (to operate independently on a selected set of sustainable funds and wealth management products created by Fideuram Asset Management). Cash Deposits added to the offering to complement wealth management product solutions (expanded the ETF Capital Accumulation Plan offering) and expanded the "Advanced Trading" product offering. Fideuram Direct promoted to customers of the traditional networks, both for Advanced Trading and for Direct Advisory, based on customer preferences and operational characteristics
• Alpian the first Swiss private digital Bank is operational as a mobile-only platform providing multi-currency, wealth management and financial advisory services with experienced consultants; the offer has been enriched with In-Self configurable mandates and Apple Pay, in addition to an ETF Saving Plan. Acquired over 22,000 active clients
• New dedicated service model for Exclusive clients fully implemented
• Enhancement of the product offering (new AM/Insurance products) and further growth of the advanced advisory service "Valore Insieme" for Affluent and Exclusive clients: ~43,000 new contracts and €12bn in Customer financial asset inflow in 1H25, on top of ~125,000 new contracts and €36.9bn in Customer financial asset inflow in 2023-2024
• Launched in March 2023 the first co-badge debit card in Italy (in eco-sustainable material), dedicated to business customers, equipped with a dual circuit (Bancomat®, PagoBancomat® and MasterCard or Visa) and Instant Issuing service that can be activated from the website and App. In June 2024, introduced the option to use Bancomat cobadge card on Apple Pay and Bancomat Pay for purchases on Amazon. In 2Q24, released Visa Business Solutions for Commercial Visa credit cards. In June 2025, launched a new range of payment cards (XME Debit Card, XME Credit Card, XME Credit Icon), all available instantly and in digital-only format, with the option to request a physical card made from recycled PVC. The XME Debit Card features the Blind Notch, making the card identifiable for the visually impaired
• Intesa Sanpaolo was the first Bank in Italy to offer Nexi SoftPOS in 2023, a solution allowing contactless digital payments from smartphones/tablets without a card payment machine (POS terminal). In June 2024, extended the service to the iOS operating system and launched the evolved version SoftPOS Pro on Android for medium/large corporate clients. In November 2024, expanded the circuits available to merchants with the introduction of American Express
• Launched in 1Q24 the wearable ring payment service, in collaboration with Mastercard and Tapster (VISA available since November 2024), and in 4Q24 the new bracelet with the innovative "TAPSTER Share" function allowing the quick sharing of data and information customers choose to make visible
• Introduction of new functionalities of Robo4Advisory by BlackRock to generate investment advice on selected product to support relationship managers. Additional features to customise on-demand recommendations, released in 3Q24
• Adoption of the BlackRock Aladdin Wealth and Aladdin Risk platforms for investment services: Aladdin Wealth for BdT and Fideuram, Aladdin Risk and Aladdin Enterprise for the Asset Management Division and FAM/FAMI(1)
• New features for UHNWI(2) client advisory tools, strengthening of service model for family offices. Released the new We Add advanced advisory service for the Intesa Sanpaolo Private Banking network. Integrated the new Aladdin Robo4Advisory functions on the Fideuram network to support advisory activities, and in April 2024 launched the new contract providing also the opportunity to include Assets under administration in the service. The integration of ESG principles into the current advisory models is progressively evolving
• Ongoing enrichment of the alternative funds offering from leading international players through partnerships with specialised platforms
• In 4Q24, listed on Borsa Italiana (Euronext) the first seven physical replication ETFs of the D-X platform launched by FAMI through the Sicav AILIS (AuM ~€4.6bn at 30.6.25)

(1) Fideuram Asset Management/Fideuram Asset Management Ireland (2) Ultra High Net Worth Individuals

Growth in Commissions, driven by Wealth Management, Protection & Advisory (4/7)

(1) Luxembourg Hub of Fideuram - Intesa Sanpaolo Private Banking

(2) Eurizon perimeter – funds and AM products pursuant to art.8 and 9 SFDR 2019/2088

(3) National Recovery and Resilience Plan

Growth in Commissions, driven by Wealth Management, Protection & Advisory (5/7)

Key highlights

• Developed commercial initiatives to support clients in different sectors to optimise the incorporation of European and Italian post-pandemic recovery plans
• Launched the Group's first Private Debt Fund, a partnership between ISP and Eurizon Capital Real Assets (ECRA), to support the development of SMEs through innovative financial solutions supporting the real economy and sustainable transition processes (first closing: €156m inflow, of which €109m from third parties)
• Go live of Cardea, an innovative and digital platform for financial institutions
• Evolution of the corporate digital platform (Inbiz) with the introduction of new products and tools to engage with customers
• Underway the digital strengthening of the Global Transaction Banking platform by IMI C&IB, in synergy with at Group level (Isybiz Program), through new releases (e.g., advanced cash management products) and partnerships (e.g., to extend coverage to >100 currencies)
• Growth in Commissions, driven by Wealth Management, Protection &

Advisory

• Further expansion of the IMI C&IB "capital light" toolkit, with the introduction of new tools (e.g., credit risk insurance, portfolio hedging) ▪ Launched dedicated business initiatives in Italy and abroad with a focus on the FICC(1) business, leveraging the client franchise of the IMI C&IB Division
• Further strengthened the commercial activities related to the equity business and expanded the European Equity Research coverage
• Ongoing strengthening of the Institutional Clients franchise in Italy and abroad, with dedicated commercial initiatives with a "capital light" and Global markets perspective
• ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors
• Strengthening of the Advisory model in the International Banks Division through the evolution of the dedicated digital platform, leveraging Group best practices
• Continuing the successful issuance of Certificates in Croatia for Affluent and Private clients, with two additional placements completed in June. Ongoing activities to develop the Certificate offering in other markets
• Ongoing the commercial cooperation with a leading insurance group to distribute bancassurance products in Slovakia, Croatia, Hungary, Serbia and Slovenia
• Launched an ESG value proposition initiative for the corporate and SME segments in Slovakia, Hungary, Croatia, Serbia and Egypt. As part of the S-Loan offer, launched a financing (multi-country) product, dedicated to the achievement of green objectives, in Slovakia, Hungary, Serbia and Croatia. Started a project to also extend the S-Loan offer to Bosnia and Herzegovina, and Slovenia
• Ongoing development of synergies in Global Market, Structured Finance and Investment Banking between IMI C&IB and main International Banks with a significant increase in business since the start of the Business Plan. Expansion in progress of the IMI C&IB Synergy Project to other markets
• Started a project between the International Banks Division and the Banca dei Territori Division to further enhance cross-border business opportunities for customers operating in markets where foreign subsidiaries are present. In the first phase, the program involved the banks in Slovakia, Hungary, Romania, the Agribusiness Department and some Regional Governance Centres of Banca dei Territori. The perimeter was then extended to all Banca dei Territori Regional Governance Centres and to all the International Banks Division geographies. Launched a dedicated initiative in Romania with the involvement of Relationship Managers from both divisions. Ongoing joint commercial campaigns in the other countries involved, with new development actions in Serbia, Croatia, Bosnia and Herzegovina and Albania
• Launched the factoring product "Confirming" in nine markets (Slovakia, Serbia, Romania, Slovenia, Bosnia and Herzegovina, Albania, Hungary, Czech Republic and Croatia) and finalised the first deals. With reference to the New Factoring Digital Platform, the project envisages the VUB Prague branch as the pilot Bank and a gradual extension to other Banks of the Division (Slovakia, Croatia, Slovenia, Hungary and Serbia)
• Strengthening Trade Finance products across all geographies
• In October 2023, signed the contract to acquire 99.98% of First Bank, a Romanian commercial bank focused on SME and retail customers. The acquisition, completed on 31.5.24, strengthened ISP's presence in Romania and offers new opportunities for Italian corporates

IMI C&IB awarded Best Investment Bank and Best Bank for Corporates in Italy by Euromoney. (1) Fixed-Income, Currencies and Commodities The Group's Banks in Croatia, Slovakia and Serbia also awarded as best banks in their local markets

Growth in Commissions, driven by Wealth Management, Protection & Advisory (6/7)

A unique Digital Wealth Platform for customers seeking to invest remotely in listed markets and asset management products enabled by state-of-the-art technology

Significant development for all services with €3.1bn Customer financial assets and ~79k clients as at 30.6.25(2)

(1) July 2023 (2) ~2,000 prospects under development

Recent

Overview

… to expand the European Digital

Growth in Commissions, driven by Wealth Management, Protection & Advisory (7/7)

… Intesa Sanpaolo is developing

An innovative wealth management concept…

An external growth engine to:

• Reach new Affluent and Private European customers
• Provide them with wealth management solutions and private banking services

Simple digital product offering (e.g., saving plans on ETFs, brokerage)

Advanced digital product offering (discretionary portfolio management and hybrid digitalhuman advisory services)

Accelerate the growth of the Digital Wealth Management offering in Italy and across Europe

Geographical extension of Fideuram Direct Digital platform

leveraging on our operations in Luxembourg, expected to be launched in

4Q25

MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/5)

• Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the Italian territory and abroad. In 2022-1H25, 60.3m interventions carried out, providing 49.1m meals, 4.3m dormitory spaces, 6.3m medicine prescriptions and 621,000 articles of clothing
• Employability:
  • ‒ "Giovani e Lavoro" Program aimed at training and introducing more than 3,000 young people to the Italian labour market in the 2022-2025 Business Plan horizon. >2,200 students (aged 18-29) applied for the program in 1H25 : ~1,200 interviewed and >480 trained/in-training through 19 classes (~5,350 trained/in-training since 2019). >2,480 companies involved since its inception in 2019
  • ‒ The fifth edition of the program "Generation4Universities", started in April, involves 90 students, 69 universities and 18 Italian corporations as partners
  • ‒ The "Digital Restart" Program, still aiming at training and placing in the labour market unemployed people aged 40-50 through the financing of a Master in Data Analysis in order to develop new digital skills and re-enter the job market. The fifth edition of the program, with 50 participants in Rome and Milan, ended in February 2025, and placement support activities for participants who have joined this opportunity are coming to a close
• Inequalities and educational inclusion:
• ‒ Educational inclusion program: strengthened partnerships with main Italian universities and schools, >2,600 schools and >18,000 students involved in 1H25 to promote educational inclusion, supporting merit and social mobility (>6,400 schools involved in 2022-1H25)
• ‒ "Futura", a program promoted by Save the Children, Forum Disuguaglianze e Diversità and Yolk, with the collaboration of ISP, against female educational poverty, educational failure and early school leaving. The two years pilot project, concluded in June, engaged in 3 territorial areas with socio-economic disadvantages, promoting growth and autonomy paths through personalised training courses for 350 girls and young women, including 50 young mothers
• ‒ In Action Esg NEET: a social impact initiative launched by the Insurance Division in early 2022 and dedicated to the promotion and inclusion of NEET youth and other fragile categories in the world of work. From the start of the project, 13 classes were activated, of which 9 have completed the program. Since its launch, the project has provided free training and skills development to 225 people in the regions of Tuscany, Campania, Latium, and Apulia, totaling 4,744 hours of classroom and field training. Each participant completed a curricular internship in social-health or educational facilities. The courses are promoted by the collaboration between Intesa Sanpaolo Assicurazioni, Dynamo Camp ETS and Dynamo Academy

• Social housing: enhancement of the Group's ongoing initiatives in terms of promoting housing units, also identifying some new partnerships with leading operators in the sector, to achieve the Business Plan targets (promotion of 6k-8k units of social housing and student bed places)
• Disbursed €3.0bn in social lending and urban regeneration in 1H25 (€23.4bn(1) in 2022-1H25)
  • ‒ Lending to the third sector: in 1H25, granted loans supporting non-profit organisations for a total of €143m (€1bn in 2022-1H25)

Unparalleled support to

address social

needs

• ‒ Fund for Impact: in 1H25, €53m made available to support the needs of people and families to ensure wider and more sustainable access to credit, with dedicated programs such as: per Merito (credit line without guarantees to be repaid in 30 years dedicated to university students, studying in Italy or abroad), mamma@work (loan to discourage new mothers from leaving work and supporting motherhood in the first years of life of the children), per Crescere (funds for the training and education of school-age children dedicated to fragile families), per avere Cura (lending to support families taking care of non self-sufficient people) and other solutions (e.g. Obiettivo Pensione, per Esempio)
• ‒ Program for Urban Regeneration: in 1H25, committed €32m in new loans to support investments in housing, services and sustainable infrastructure, in addition to the most important urban regeneration initiatives underway in Italy (€1.5bn in 2022-1H25)

2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/5)

• Gallerie d'Italia, a museum with 4 branches: Milan, Naples, Turin, and Vicenza. In 1H25:
  • ‒ ~420,000 visitors, free entry for visitors under 18 (over 94,000 under 18 and students)
  • ‒ 11 new main exhibitions including: enhancement of the corporate collection (in Milan, "Una collezione inattesa" with works from the second half of the 20th century, "Tutti pazzi per i Beatles" with images from the Publifoto Archive; in Vicenza, "Ceramiche e nuvole" with ancient vases in dialogue with contemporary illustration; for the tenth anniversary of the Intesa Sanpaolo Skyscraper in Turin, Warhol's Triple Elvis at the "Gallerie d'Italia off"); the photography exhibitions in Turin ("Carrie Mae Weems", on the theme of racial and gender equality, "Olivo Barbieri" on urbanisation in China); illustrious guests: ("Raffaello" in Naples; "Le cronache di Napoli", a monumental public and participatory art project) with 5 national and international partners (including Galleria Borghese in Rome, Aperture, Rauschenberg Foundation)
  • ‒ Production of exhibitions at other venues (Blue Exit by Rauschenberg from the Agrati collection at the Miart art fair in Milan); travelling exhibitions: circulation of photographic exhibitions of Gallerie d'Italia to other venues ("Cristina Mittermeier" on the defence of the planet, at the Galleria d'Arte Moderna in Palermo; "Maria Callas" at the Italian Cultural Institute in Paris and "Non ha l'età" at the Teatro Ariston in Sanremo, featuring images from our Publifoto Archive)
  • ‒ Free educational and inclusive activities: ~3,500 visits and workshops for schools, ~77,000 children and young participants, ~380 itineraries for disabled and people exposed to fragile contexts, ~4,880 participants
  • ‒ Museums as community spaces: ~470 visits and activities for adults and families (~7,360 participants); ~290 cultural events and initiatives (~21,140 participants)
• Focus, Jubilee 2025: major exhibition partnerships, with loans from the corporate collection: "Caravaggio 2025" alongside Gallerie Nazionali di Arte Antica-Palazzo Barberini, with the loan of the latest Caravaggio, which underwent a major restoration for the occasion; "En route" alongside Biblioteca Apostolica Vaticana, with the loan of the Mappa by Boetti, partnership for the Vatican Pavilion at the Venice Architecture Biennale alongside the Dicastery for Culture and Education of the Holy See
• Restituzioni: organisation of the final exhibition of the 20th edition in its final stage and to be held in Rome: the restoration campaign concerned 126 artworks of the national heritage from all 20 Italian regions (in addition to one from Belgium), in partnership with 51 territorial bodies of the Italian Ministry of Culture and 60 restoration laboratories
• Partnerships: support and joint support of artistic, cultural, social, and training initiatives with public and private institutions, including: partnerships with 6 Bank Foundations (Fondazione Compagnia di San Paolo, Cariplo, Cariparo, CR Cuneo, CR Forlì, Caript); 2 international fairs (Miart in Milan and Turin International Book Fair); 11 prominent Italian museums (including Pinacoteca di Brera and Veneranda Biblioteca Ambrosiana in Milan, Museo Egizio in Turin, Reggia di Venaria, Gallerie dell'Accademia in Venice; Galleria Nazionale di Arte Moderna e Contemporanea in Rome) and international museums (The National Gallery of London); 3 Art bonus projects to support public cultural heritage (venues in Turin, Bergamo, Amatrice) plus the contribution to the restoration of Canova's Cavallo Colossale at Musei Civici di Bassano
• Art collections: 187 works on loan to 39 exhibitions at Italian and international venues; 112 restoration operations
• Historical Archive: among others, continuation of the digitalisation, inventory and cataloguing work to guarantee broad online access to the material of the Archivio Storico document archive and Archivio Publifoto photographic archive (in 1H25, digitalisation of ~14,000 pages of documents; ~14,000 historical records; digitalisation of ~4,500 Publifoto images, ~5,100 photo records)

▪ Further learning and promotion of cultural professions: Executive Course by the Gallerie d'Italia Academy (conclusion of the 5th edition, 30 participants, 14 scholarships for under 35s); conclusion of the first phase of a three-year project with IED (Istituto Europeo di Design) school of design

Continuous commitment to culture

2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5)

MIL-BVA362-03032014-90141/VR

Innovation projects: 117 innovation projects released in 1H25 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of 763 projects released since 2022, in the following areas of action:

• Support of high potential startups growth and development of innovation ecosystems with international perspective on relevant topics (realised leveraging on ISPIC's network, partners and stakeholders of the territory and country); ~400 startups supported and enhanced since 2022. With reference to ecosystem initiatives: since 2019 ~250 startups accelerated, ~480 proofs of concept and other collaborations, >€150m capital raised and >1,000 new hires. Initiatives activated so far include:
  • Turin – "Techstars Transformative World Torino": acceleration program for startups on trend-setting advanced technologies (i.e., AI, Quantum Computing, Robotics, Energy Transition). Since launch in 2019, 69 startups accelerated (28 Italian teams), ~130 proofs of concept and other contractual collaborations, >€130m in capital raised and ~740 new hires
  • Florence – "Italian Lifestyle": acceleration program aimed at supporting startups focusing on digitalisation in Made in Italy (fashion, tourism and food&wine). Since launch in 2021, 18 Italian startups accelerated, >120 proofs of concept and other contractual collaborations, ~€5m capital raised and 110 new hires
  • Naples – "Terra Next": acceleration program on Bioeconomy, supported by the Ministry of Environment and Energy Security. Since its launch in 2022, 22 startups accelerated, ~150 proofs of concept and other contractual collaborations, >€9m in capital raised and ~70 new hires
  • Venice – "Argo": acceleration program on Hospitality and Tourism, with the collaboration of the Ministry of Tourism. Since the start in 2023, 16 startups accelerated, >30 proofs of concept and other contractual collaborations, ~€4m capital raised and >60 new hires
  • Genoa & Trieste – "Maritime Venture": Venture Building program aimed at launching up to 10 new startups for the innovation of SMEs operating in the nautical and port supply-chain. Fondo Sviluppo Ecosistemi di Innovazione (Fondo SEI) of Neva SGR also involved with an investment of €0.75m. Since the launch in 2024, identified 3 potential spin-offs
  • Galaxia – National Aerospace Technology Transfer Hub (Rome/Turin): promoted by CDP Venture Capital aimed at financing and promoting POCs developed by Italian research and deep-tech startups in the Aerospace sector. Fondo SEI of Neva SGR also involved with an investment of €1.5m
• Life Science: partnership agreement with Bio4Dreams (a certified Italian incubator focused on supporting high-potential startups operating in Life Science), to foster sector growth by supporting them with non-financing services/activities. Fondo SEI of Neva SGR also involved with a commitment of investment of €1m
  • The Acceleration programs: "Next Age" (Silver Economy) in Ancona and "Faros" (Blue Economy) in Taranto. Since the start, >30 startups accelerated with >40 POCs and other contractual collaborations realised, ~€6m raised and ~40 new hires
  • Up2Stars program, promoted by the Banca dei Territori Division, and In Action ESG Climate program, promoted by Intesa Sanpaolo Assicurazioni, focused on the support of Italian startups operating in specific fields. Up2Stars's 2025 edition is dedicated to startups operating in New Materials, Robotics, Designtech, and Aerospace. Since the start, 80 startups accelerated in Up2Stars program and 11 startups received €1.75m as part of the Action ESG program
  • Development of multi-disciplinary applied research projects:
    • At the end of 1H25, 18 ongoing projects (7 in the neuroscience field, 5 in the AI field, 5 in the robotics field and 1 in climate change), launched 29 projects since 2022. In 1H25, the deliverables of 3 research projects were introduced into the Group processes/policies
    • 1 US patent obtained on the protocol for secure and encrypted data sharing and processing, resulting from an AI research project (patent granted in Italy in 2021)
  • Business transformation: since 2022, ~100 corporates involved in open innovation programs, of which 11 involved in projects focused on Circular Economy transformation. In 1H25, ISPIC organised >20 match-making initiatives, generating >200 matches between startups and SMEs/Corporates. ISPIC has strengthened the partnership with the EDIH network with a new coaching service for startups. Moreover ~30 startups and SMEs have been involved in internationalisation initiatives in relevant locations such as London, Paris, Stockholm and Zurich
  • Diffusion of innovation mindset/culture: in 1H25, 17 positioning and match-making(1) events held with ~5,000 participants (since 2022, >125 events with >22,000 participants). On 4.6.25, organised the "CE DAY" (event promoted by ISPIC and Cariplo Factory to strengthen the Circular Economy Lab as a key player in the circular economy, foster dialogue among stakeholders, and support the adoption of circular models, innovation, and corporate sustainability). In 1H25, released 5 innovation reports/publications on technologies and trends (>50 since 2022), including a publication on the space logistics value chain and a study on the circular economy as a key to addressing water resource management challenges (Circular Blue Economy), a collaboration between ISPIC and SRM, and on new technologies related to DNA sequencing
  • Neva SGR: in 1H25, €53.3m investments in startups (~€172m since 2022), also thanks to the investments of newly launched funds Neva II and Neva II Italia, launched in September 2024

58

Promoting innovation

2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/5)

▪ Financed emissions reduction:

• From 2022 to 2024, the Group set 2030 targets for the 10 most-emitting sectors(1) within the lending portfolio of the Group, completing coverage of the higher-emitting sectors in November 2024
• Overall, in those sectors subject to target-setting, absolute financed emissions dropped by 32.9% in 2024 compared to 2022
• The Group's own emissions were reduced by 35% at end 2024 (from the 2019 baseline) compared with a 2030 reduction target of 53%
• On 27.1.25 the Group received the validation by SBTi of targets for the reduction of own emissions (which were recognised aligned to a 1.5° trajectory by SBTi) and of the Group's financed emissions
• Ongoing active engagement (among others):
  • Participation in NZBA, NZAOA, NZAMI, FIT(2), IIGCC(3) , PRI workgroups/workstreams, with contribution to relevant publications and dedicated case studies
  • Intesa Sanpaolo has joined the European Energy Efficiency Financing Coalition, promoted by the European Commission, which aims to create a favourable market environment for investments in energy efficiency

– Eurizon Capital SGR, Fideuram Asset Management SGR and Fideuram Asset Management Ireland: continue the individual and collective engagement through participation in the Net-Zero Engagement Initiative (NZEI), Climate Action 100+ and Nature Action 100

• In March 2025, Eurizon supported the statement "A demanding climate plan to ensure economic resilience" promoted by the French Forum for Responsible Investment (Forum pour L'Investissement Responsable, FIR), together with 40 shareholders, asset managers, and stakeholders in the financial sector who together manage over €2,400bn. During 2024, Eurizon, Fideuram Asset Management SGR (FAM) and Fideuram Asset Management Ireland (FAMI) supported CDP's Non-Disclosure Campaign and signed the "Global Investor Statement to Governments on the Climate Crisis". In November 2024, Intesa Sanpaolo Assicurazioni Group also signed the Statement, thereby strengthening its commitment to sustainability and the ecological transition
• As at 30.6.25, Eurizon contacted 78 companies equal to 73.2% of the financed emissions of the portfolio in scope of the Net-Zero initiative (reaching early the 70% objective by 2025)
• Published the "Net-Zero Progress Report 2024" by the Asset Management Division, illustrating and reporting the progress of the Division in achieving the Net-Zero objectives
• "CO2 mitigation solutions" (commercial name of the ex-"Think Forestry"): commercial launch of "CO2 mitigation solution" allowing companies to measure their carbon footprint, define and commit to a multi-year path to reduce CO2 emissions, take concrete action on the basis of a set of industrial decarbonisation actions and support international climate change mitigation projects through the purchase of selected Carbon Credits
• ISP is a signatory of the Finance Leadership Statement on Plastic Pollution, along with 160 other financial institutions engaged in an ambitious environmental agreement to end plastic pollution

(2) On 25.4.24, UNEP announced the creation of the Forum for Insurance Transition to Net-Zero (FIT), a new UN-led and convened structured dialogue and multistakeholder forum to support the necessary acceleration and scaling up of voluntary climate action by the insurance industry and key stakeholders. Intesa Sanpaolo Assicurazioni (ex Intesa Sanpaolo Vita) is one of the Founding FIT Participants. On the same date, the NZIA was discontinued

(3) Institutional Investors' Group on Climate Change

Accelerating commitment to

Net-Zero

⁽¹⁾ Agriculture – Primary Farming, Aluminium, Automotive, Cement, Commercial Real Estate, Coal mining, Iron and Steel, Oil and Gas, Power generation, Residential Real Estate. No targets were set for the Shipping and Aviation sectors, which were not material in terms of exposure and/or financed emissions as of the baseline date

2022-2025 Business Plan nearing completion Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (5/5)

• Supporting clients through the ESG/climate transition years coding, ESG scoring at counterparty level and guidelines on sustainable products ▪ Significant development of the ESG value proposition initiative for Corporate, SME and Retail segments in all the banks of the International Banks Division(4) thanks to the expansion of the Retail product catalogue and the progressive extension to PBZ Hub (Croatia and Slovenia) of the S-Loan offer, already active in VUB Banka (Slovakia), CIB Bank (Hungary) and BIB (Serbia)
  • Expanded the scope of decarbonisation technologies supported with credit incentives for the clients of the IMI C&IB Division
  • Enhancement of ESG investment products for asset management with penetration of 76% of total AuM(5); continued expansion of IBIPs(6) product catalog of new Art.8 products; continuous maintenance and an increase in investment options (art.8 and 9 of SFDR) underlying the insurance products available to customers (82.5% as at 30.6.25)
  • Strong commitment to Stewardship activities: in 1H25, Eurizon Capital SGR took part in 1,227 shareholders' meetings (of which 88% are issuers listed abroad) and 459 engagements (of which 45% on ESG issues); at the same time Eurizon Capital SA and Epsilon SGR(7) took part respectively in 2,902 shareholders' meetings (of which 94% are issuers listed abroad) and 21 shareholders' meetings (of which 90% are issuers listed abroad); In 1H25, Fideuram took part in 37 shareholders' meetings and 95 engagements (of which 96% on ESG issues)
  • The "ESG Ambassador" role was established in the Private Banking Division with the aim of promoting the culture of sustainability in the territories to which they belong, promoting sustainable behaviour and listening to the needs of customers and Private Bankers
  • (1) Since 2024 the figure also includes the 2022-1H25 cumulative amount of transition finance pertaining to the foreign activities of the Group
  • (2) In the 2021-2026 period, new transition finance including new lending related to National Recovery and Resilience Plan
  • (3) Starting from 30.6.24 green mortgages issued by International Banks Division are included
  • (4) Excluding Moldova and Ukraine
  • (5) Eurizon perimeter funds and AM products pursuant to art.8 and 9 SFDR 2019/2088
  • (6) Insurance Based Investment Products
  • (7) In the 1 January 28 February 2025 period before the merger by incorporation into Eurizon Capital SGR
• €78.6bn disbursed in the period 2021-1H25(1) out of the €76bn in new lending available for the green economy, circular economy and green transition(2)
• ~€3.0bn(3) of Green Mortgages in 1H25 (€11.9bn in 2022-1H25) out of the €12bn of new Green lending to individuals throughout the 2022-2025 Business Plan
• €8bn circular economy credit facility announced in the 2022-2025 Business Plan. In 1H25, ISP, Strategic Partner of Ellen MacArthur Foundation (EMF) since 2015, assessed and validated 160 projects for an amount of >€8.7bn; granted ~€2.3bn for 60 transactions (of which €1bn related to green criteria) and disbursed €1.4bn, taking into account previously granted amounts (of which €0.7bn related to green criteria). Overall, since 2022, >1,200 projects assessed and validated for an amount of >€42.5bn, granted >700 transactions for an amount of >€22.5bn (of which ~€13bn related to green criteria), with €14bn disbursed taking into account projects previously agreed (of which €9.8bn related to green criteria). In 1Q25, the strategic partnership with EMF and the collaboration between ISP, ISPIC, Fondazione Cariplo and Cariplo Factory on the circular economy through the Circular Economy Lab were renewed for 3
• Activated 16 ESG Laboratories (in Venice, Padua, Brescia, Bergamo, Cuneo, Bari-Taranto, Rome, Naples-Palermo, Milan, Turin, Florence, Macerata, Chieti and Genova), physical and virtual meeting points to support SMEs in approaching sustainability, and evolution of the advisory services offered by partners (e.g. Circularity, Nativa, CE Lab and others)
• In 2024, the S-Loan offering was redesigned from six lines to three: S-Loan ESG, S-Loan CER and S-Loan Diversity. Disbursed €2.6bn in 1H25 (€9.4bn since product line launch in 2020)
• Completed the implementation of the ESG/Climate evolution of the Non-Financial Corporate credit framework, leveraging on ESG sectoral assessment and ESG sectoral color
• ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors

Leading ESG position in the main sustainability indexes and rankings

Top ranking for Sustainability(1)

In the 2025 ranking by Extel (formerly Institutional Investor), ISP was confirmed first in Europe for the 6th consecutive year for ESG aspects in the banking sector

ISP included in all main indexes:

The only Italian bank included in the Dow
Jones Best-in-Class Indices and in CDP Climate A List		A		AA	89		9.5
Only bank in Italy, first bank in Europe and		A		AA	85		12.8
second bank worldwide in 2025 Corporate		A		AA	72		14.0
Knights ''Global 100 Most Sustainable Corporations in the World Index''		A		AA	70		14.3
		A		AA	69		15.4
Ranked first among peer group by		A		AA	67		16.9
Sustainalytics (2025 ESG Industry Top rated and 2025 ESG Regional Top rated)		A		AA	64		17.1
		B		AA	64		17.2
In September 2024, ISP was ranked the first		B		AA	60		17.7
bank in the world and the only Italian Bank in		B		AA	58		18.0
the FTSE D&I Index 2024 – TOP 100		C		AA	57		19.7
In March 2025, ISP was included in the Equileap Top Ranking 2025 among the 100		C		AA	57		19.7
best companies in the world for gender		NA		AA	57		21.1
equality		NA		AA	56		23.6
In the 2025 ranking by Extel (formerly		NA		AA	52		23.7
Institutional Investor), ISP was confirmed		NA		AA	41		25.6

(1) ISP peer group

Source: CDP Climate Change Score 2024 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as at 15.7.25; S&P Global ESG Score (https://www.spglobal.com/esg/solutions/data-intelligence-esgscores as at 15.7.25); Sustainalytics score (https://www.sustainalytics.com/esg-ratings as at 15.7.25)

Our People are our most important asset

Key highlights

• ~5,000 professionals hired since 2021
• ~8,600 people reskilled and ~46m training hours delivered since 2022
• ~315 talents have completed their development path as part of the International Talent Program, ongoing for other ~190 resources
• ~465 key people have been selected, mostly among Middle Management, for dedicated development and training initiatives
• A dedicated platform to foster employee well-being (physical, emotional, mental and social dimensions) with video content, podcasts, articles, tools and apps. Digital and on-site initiatives and events, corporate gyms, and Employee Assistance Program (psychological support service)
• Implemented the new Long-Term Incentive Plan to support the 2022-2025 Business Plan goals and foster individual entrepreneurship
• Completed the creation of the new leading education player in Italy through the combination between ISP Formazione and Digit'Ed
• Application of the new organisational framework activated during 2023 in agreement with trade unions continues, further improving flexibility in terms of daily work schedule and smart working while introducing the 4-day working week on a voluntary basis with no change in remuneration also through the expansion of the experimentation relating to the Network
• Developed the project "Parole di tutto rispetto" to strengthen inclusive and accessible communication. All managers in Italy have been involved in creating an inclusive leadership culture by participating in workshops on the topics of disability and mental health (over 6,500 People involved). The initiative will gradually be extended abroad
• Intesa Sanpaolo is: i) the leading Bank worldwide among the 100 most inclusive and diversity-conscious workplaces in the FTSE Diversity & Inclusion Index – Top 100, where it also ranks seventh globally, as well as the first and only banking group in Italy, ii) included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality and iii) the first major Italian banking group to obtain the certification for gender parity "Prassi di Riferimento (PDR) 125:2022"
• ISP recognised as Top Employer Europe 2025(1) and confirmed Top Employer Italy(1) for the fourth consecutive year. Banks in Albania, Croatia, Serbia and Slovakia were also awarded as Top Employer 2025
• Ranked first among Banking & Finance companies in the LinkedIn Top Companies 2025 for career development and professional growth

Our People are our most important asset

1H25 Results

Detailed information

Key P&L and Balance sheet figures

emarket sdir storage
CERTIFIED

€ m	1H25		30.6.25
Operating income	13,789	Loans to customers	418,591
Operating costs	(5,242)	Customer financial assets(1)	1,390,613
Cost/Income ratio	38.0%	of which Direct deposits from banking business	570,153
Operating margin	8,547	of which Direct deposits from insurance business	176,267
Gross income (loss)	7,956	of which Indirect customer deposits	809,859
Net income	5,216	- Assets under management	476,229
		- Assets under administration	333,630
		RWA	308,508
		Total assets	943,452

Detailed consolidated P&L results

Liquidity, funding and capital base

Asset quality

Divisional results and other information

1H25 vs 1H24: the best six months ever with €5.2bn Net income

1H25 vs 1H24: the best six months ever with €5.2bn Net income
	1H24	1H25	 %
Net interest income	7,975	7,432	(6.8)
Net fee and commission income	4,663	4,884	4.7
Income from insurance business	903	922	2.1
Profits on financial assets and liabilities at fair value	101	552	446.5
Other operating income (expenses)	(5)	(1)	(80.0)
Operating income	13,637	13,789	1.1
Personnel expenses	(3,221)	(3,189)	(1.0)
Other administrative expenses	(1,355)	(1,345)	(0.7)
Adjustments to property, equipment and intangible assets	(674)	(708)	5.0
Operating costs	(5,250)	(5,242)	(0.2)
Operating margin	8,387	8,547	1.9
Net adjustments to loans	(554)	(505)	(8.8)
Net provisions and net impairment losses on other assets	(177)	(107)	(39.5)
Other income (expenses)	88	21	(76.1)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	7,744	7,956	2.7
Taxes on income	(2,514)	(2,504)	(0.4)
Charges (net of tax) for integration and exit incentives	(102)	(125)	22.5
Effect of purchase price allocation (net of tax)	(54)	(45)	(16.7)
Levies and other charges concerning the banking and insurance industry (net of tax)	(294)	(50)	(83.0)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(14)	(16)	14.3
Net income	4,766	5,216	9.4

Q2 vs Q1: €2.6bn Net income, the best Q2 ever

	1Q25	2Q25	 %
Net interest income	3,632	3,800	4.6
Net fee and commission income	2,435	2,449	0.6
Income from insurance business	462	460	(0.4)
Profits on financial assets and liabilities at fair value	265	287	8.3
Other operating income (expenses)	(2)	1	n.m.
Operating income	6,792	6,997	3.0
Personnel expenses	(1,583)	(1,606)	1.5
Other administrative expenses	(623)	(722)	15.9
Adjustments to property, equipment and intangible assets	(372)	(336)	(9.7)
Operating costs	(2,578)	(2,664)	3.3
Operating margin	4,214	4,333	2.8
Net adjustments to loans	(224)	(281)	25.4
Net provisions and net impairment losses on other assets	(23)	(84)	265.2
Other income (expenses)	(4)	25	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	3,963	3,993	0.8
Taxes on income	(1,250)	(1,254)	0.3
Charges (net of tax) for integration and exit incentives	(57)	(68)	19.3
Effect of purchase price allocation (net of tax)	(24)	(21)	(12.5)
Levies and other charges concerning the banking and insurance industry (net of tax)	(9)	(41)	355.6
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(8)	(8)	0.0
Net income	2,615	2,601	(0.5)

Quarterly P&L

€ m

	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25
Net interest income	3,947	4,028	3,942	3,801	3,632	3,800
Net fee and commission income	2,276	2,387	2,307	2,416	2,435	2,449
Income from insurance business	455	448	408	424	462	460
Profits on financial assets and liabilities at fair value	81	20	150	5	265	287
Other operating income (expenses)	(3)	(2)	(5)	22	(2)	1
Operating income	6,756	6,881	6,802	6,668	6,792	6,997
Personnel expenses	(1,602)	(1,619)	(1,679)	(2,285)	(1,583)	(1,606)
Other administrative expenses	(630)	(725)	(713)	(911)	(623)	(722)
Adjustments to property, equipment and intangible assets	(359)	(315)	(344)	(388)	(372)	(336)
Operating costs	(2,591)	(2,659)	(2,736)	(3,584)	(2,578)	(2,664)
Operating margin	4,165	4,222	4,066	3,084	4,214	4,333
Net adjustments to loans	(234)	(320)	(238)	(482)	(224)	(281)
Net provisions and net impairment losses on other assets	(52)	(125)	(150)	(353)	(23)	(84)
Other income (expenses)	57	31	(2)	67	(4)	25
Income (Loss) from discontinued operations	0	0	0	0	0	0
Gross income (loss)	3,936	3,808	3,676	2,316	3,963	3,993
Taxes on income	(1,280)	(1,234)	(1,189)	(345)	(1,250)	(1,254)
Charges (net of tax) for integration and exit incentives	(56)	(46)	(61)	(424)	(57)	(68)
Effect of purchase price allocation (net of tax)	(29)	(25)	(28)	(12)	(24)	(21)
Levies and other charges concerning the banking and insurance industry (net of tax)	(257)	(37)	1	(55)	(9)	(41)
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	0	0	0
Minority interests	(13)	(1)	2	19	(8)	(8)
Net income	2,301	2,465	2,401	1,499	2,615	2,601

Net interest income

Net fee and commission income

• Best Q2 ever
• Growth vs 2Q24 driven by Commissions from Management, dealing and consultancy activities (+6.3%; +€91m)
• Record-high six months
• 8.7% increase in Commissions from Management, dealing and consultancy activities (+€250m)

Net fee and commission income: quarterly development breakdown

€ m

Net fee and commission income
	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	1H24	1H25
Guarantees given / received	48	50	44	45	38	43	98	81
Collection and payment services	167	178	178	188	170	176	345	346
Current accounts	327	328	332	335	323	327	655	650
Credit and debit cards	96	120	102	101	86	116	216	202
Commercial banking activities	638	676	656	669	617	662	1,314	1,279
Dealing and placement of securities	303	282	230	235	373	360	585	733
Currency dealing	3	3	2	3	3	2	6	5
Portfolio management	660	679	683	688	685	659	1,339	1,344
Distribution of insurance products	375	402	404	394	400	412	777	812
Other	73	84	97	132	112	108	157	220
Management, dealing and consultancy activities	1,414	1,450	1,416	1,452	1,573	1,541	2,864	3,114
Other net fee and commission income	224	261	235	295	245	246	485	491
Net fee and commission income	2,276	2,387	2,307	2,416	2,435	2,449	4,663	4,884

Income from insurance business

• The best Q2 ever
• Double-digit growth in Non-motor P&C revenues(1) at €165m (+15% vs 2Q24), €182m including credit-linked products
• The best six months ever
• Strong growth in Non-motor P&C revenues(1) at €344m (+12%), €380m including credit-linked products

Profits on financial assets and liabilities at fair value

Contributions by activity

	2Q24	1Q25	2Q25	1H24	1H25
Customers	78	83	96	150	179
Capital markets	(145)	90	82	(342)	172
Securities portfolio and Treasury	87	92	109	293	201

Note: figures may not add up exactly due to rounding. 1Q24 and 2Q24 data restated to reflect the current consolidation perimeter

Operating costs

Note: 1Q24 and 2Q24 data restated to reflect the current consolidation perimeter (1) In the 2022-1H25 period

Net adjustments to loans

• Overlays stable at €0.9bn
• NPL coverage ratio at 50%
• Annualised Cost of credit down to 24bps, the best H1 ever
• NPL ratios, stock and inflows at historical lows

Detailed consolidated P&L results

Liquidity, funding and capital base

Asset quality

Divisional results and other information

QoQ decline mainly due to

wholesale funding

~€1.4 trillion in Customer financial assets

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter (1) Net of duplications between Direct deposits and Indirect customer deposits

Funding mix

• Retail funding represents 77% of Direct deposits from banking business
• 84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (64% including Corporates)
• Very granular deposit base: average deposits ~€12k for Households (~19.7m clients) and ~€68k for Corporates (~1.8m clients)

Note: figures may not add up exactly due to rounding

(1) Including Senior non-preferred

(2) Certificates of deposit + Commercial papers

Strong funding capability: broad access to international markets

Light funding plan (thanks to pre-funding executed in 2024), not considering any 2026 pre-funding

Note: figures may not add up exactly due to rounding

• (1) Funding mix and size could change according to market conditions and asset growth
• (2) Including €1bn in AT1 related to 2026 pre-funding
• (3) Not considering the €0.5bn covered bond issued by VUB Banka

2024

• ◼ €2bn dual-tranche senior preferred, €1bn AT1, €1.5bn senior non-preferred and €1.25bn Tier 2 placed. On average 86% demand from foreign investors; orderbooks average oversubscription ~3.5x
  • ❑ April: €2bn dual-tranche senior preferred: €1bn 3y FRN and €1bn 6.5y FXD green, the largest Euro trade in Italy since August 2023
• ❑ May: €1bn AT1 PerpNC8 issue with the furthest first call date (8 years) issued in the last 3 years in the Euro market
• ❑ September: €1.5bn 8NC7 senior non-preferred, the longest Euro denominated callable senior bond ever issued by ISP
• ❑ November: €1.25bn 12NC7 Tier 2 issue, representing the tightest Tier 2 priced by an Italian bank since 2010

2025

• ◼ €0.5bn 10y Bullet Tier 2 bond, €1bn AT1 and €0.5bn covered bond placed. On average(3) 86% demand from foreign investors; orderbooks average(3) oversubscription ~6.0x
  • ❑ February: €0.5bn 10y Bullet Tier 2 bond issued by Intesa Sanpaolo Assicurazioni
  • ❑ May: €1bn AT1 PerpNC8 issue with the lowest-ever Reset Spread and €0.5bn covered bond issued by VUB Banka

High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets

LCR at 145%(4) and NSFR at 121%(5) (2025 Business Plan targets: ~125% and ~115% respectively)

Note: figures may not add up exactly due to rounding

(1) Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash and deposits with Central Banks

(2) Eligible assets freely available (excluding assets used as collateral and including eligible assets received as collateral) and cash and deposits with Central Banks

(3) Loans to customers/Direct deposits from banking business

(4) Last twelve-month average

(5) Preliminary data

Rock-solid and increased capital base

▪ ~100bps additional benefit from DTA absorption after 30.6.25 not included in the fully phased-in CET1 ratio

• 6.0%(4) leverage ratio
• (1) In compliance with the ECB's guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in CET1 capital in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in CET1
• (2) Post Basel 4 impact (>40bps) and taking into account €2bn buyback launched in June
• (3) Taking into account 70% cash dividend payout ratio
• (4) Taking into account 70% cash dividend payout ratio, 5.8% not including any H1 Net income

Detailed consolidated P&L results

Liquidity, funding and capital base

Asset quality

Divisional results and other information

Non-performing loans: NPL ratios and NPL stock

x Gross NPL ratio, %			x Net NPL ratio, %	x Gross and net NPL ratio based on EBA definition, %
Gross NPL				Net NPL
€ bn	30.6.24	31.3.25	30.6.25	€ bn	30.6.24	31.3.25	30.6.25
Bad loans - of which forborne	3.6 0.8	3.8 0.8	3.9 0.9	Bad loans - of which forborne	1.0 0.2	1.2 0.3	1.3 0.3
Unlikely to pay - of which forborne	5.5 2.3	5.7 2.2	5.4 2.1	Unlikely to pay - of which forborne	3.3 1.4	3.4 1.4	3.2 1.4
Past due - of which forborne	0.6 -	0.5 -	0.6 0.1	Past due - of which forborne	0.4 -	0.3 -	0.4 -
Total	9.7	9.9	9.9	Total	4.8	5.0	4.9 1.2
	2.2 1.9	2.3 2.0	2.3 2.0		1.1 1.0	1.2 1.0	1.0

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

Non-performing loans: sizeable coverage

Cash coverage; %

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter (1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Non-performing loans inflows: at historical lows

1H25

Non-performing loans gross inflow

Note: figures may not add up exactly due to rounding

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Non-performing loans net inflow

Note: figures may not add up exactly due to rounding

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Loans to customers: a well-diversified portfolio

• • ❑ Instalment/available income ratio at 31%
  • ❑ Average Loan-to-Value equal to ~57%
  • ❑ Original average maturity equal to ~25 years
  • ❑ Residual average life equal to ~20 years

Non-retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.6.25)

	30.6.25
Public Administration	5.1%
Financial companies	7.3%
Non-financial companies	39.4%
of which:
UTILITIES	4.7%
SERVICES	4.5%
REAL ESTATE	3.1%
DISTRIBUTION	2.7%
FOOD AND DRINK	2.6%
CONSTRUCTION AND MATERIALS FOR CONSTR.	2.4%
INFRASTRUCTURE	2.2%
TRANSPORTATION MEANS	2.0%
METALS AND METAL PRODUCTS	1.9%
ENERGY AND EXTRACTION	1.8%
FASHION	1.6%
AGRICULTURE	1.5%
TOURISM	1.4%
MECHANICAL	1.4%
CHEMICALS, RUBBER AND PLASTICS	1.3%
ELECTRICAL COMPONENTS AND EQUIPMENT	1.0%
TRANSPORT	0.9%
PHARMACEUTICAL	0.7%
FURNITURE AND WHITE GOODS	0.6%
WOOD AND PAPER	0.4%
MEDIA	0.4%
OTHER CONSUMPTION GOODS	0.2%

Detailed consolidated P&L results

Liquidity, funding and capital base

Asset quality

Divisional results and other information

Divisional financial highlights

Data as at 30.6.25	Divisions
	Banca dei Territori	IMI Corporate & Investment Banking	International Banks(1)	Private Banking(2)	Asset Management(3)	(4) Insurance	Corporate Centre / Others(5)	Total
				Wealth Management Divisions
Operating income (€ m)	6,100	2,520	1,641	1,722	475	914	417	13,789
Operating margin (€ m)	3,148	1,837	981	1,217	368	743	253	8,547
Net income (€ m)	1,685	1,202	719	813	272	482	43	5,216
Cost/Income (%)	48.4	27.1	40.2	29.3	22.5	18.7	n.m.	38.0
RWA (€ bn)	88.2	110.8	40.9	15.1	2.9	0.0	50.6	308.5
Direct deposits from banking business (€ bn)	257.1	119.8	61.2	43.3	0.0	0.0	88.7	570.2
Loans to customers (€ bn)	221.3	122.9	47.0	14.0	0.3	0.0	13.1	418.6

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

(1) Excluding the Russian subsidiary Banca Intesa which is included in the Corporate Centre

(2) Fideuram, Intesa Sanpaolo Private Banking, Intesa Sanpaolo Wealth Management, REYL Intesa Sanpaolo, and Siref Fiduciaria

(3) Eurizon

(4) Intesa Sanpaolo Assicurazioni - which controls Intesa Sanpaolo Protezione, Intesa Sanpaolo Insurance Agency and InSalute Servizi - and Fideuram Vita

(5) Treasury Department, Central Structures and consolidation adjustments

Banca dei Territori: 1H25 vs 1H24

	1H24	1H25	%
Net interest income	3,483	3,462	(0.6)
Net fee and commission income	2,424	2,558	5.5
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	58	76	31.0
Other operating income (expenses)	8	4	(50.0)
Operating income	5,973	6,100	2.1
Personnel expenses	(1,621)	(1,633)	0.7
Other administrative expenses	(1,398)	(1,318)	(5.7)
Adjustments to property, equipment and intangible assets	(1)	(1)	0.0
Operating costs	(3,020)	(2,952)	(2.3)
Operating margin	2,953	3,148	6.6
Net adjustments to loans	(565)	(561)	(0.7)
Net provisions and net impairment losses on other assets	(46)	(68)	47.8
Other income (expenses)	17	51	200.0
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	2,359	2,570	8.9
Taxes on income	(773)	(824)	6.6
Charges (net of tax) for integration and exit incentives	(40)	(50)	25.0
Effect of purchase price allocation (net of tax)	(11)	(8)	(27.3)
Levies and other charges concerning the banking and insurance industry (net of tax)	(187)	(3)	(98.4)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	1,348	1,685	25.0

Banca dei Territori: Q2 vs Q1

	1Q25	2Q25	%
Net interest income	1,745	1,717	(1.6)
Net fee and commission income	1,278	1,281	0.3
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	31	45	45.2
Other operating income (expenses)	3	0	(84.1)
Operating income	3,057	3,043	(0.5)
Personnel expenses	(821)	(812)	(1.0)
Other administrative expenses	(629)	(689)	9.7
Adjustments to property, equipment and intangible assets	(1)	(0)	(9.5)
Operating costs	(1,450)	(1,502)	3.6
Operating margin	1,607	1,541	(4.1)
Net adjustments to loans	(279)	(282)	1.3
Net provisions and net impairment losses on other assets	(18)	(50)	183.5
Other income (expenses)	0	51	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,311	1,260	(3.9)
Taxes on income	(429)	(395)	(8.0)
Charges (net of tax) for integration and exit incentives	(26)	(24)	(9.1)
Effect of purchase price allocation (net of tax)	(6)	(2)	(55.2)
Levies and other charges concerning the banking and insurance industry (net of tax)	0	(3)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	850	835	(1.7)

IMI Corporate & Investment Banking: 1H25 vs 1H24

€ m

	1H24	1H25	%
Net interest income	1,553	1,501	(3.3)
Net fee and commission income	615	604	(1.8)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(121)	415	n.m.
Other operating income (expenses)	0	0	n.m.
Operating income	2,047	2,520	23.1
Personnel expenses	(257)	(254)	(1.2)
Other administrative expenses	(454)	(421)	(7.3)
Adjustments to property, equipment and intangible assets	(8)	(8)	0.0
Operating costs	(719)	(683)	(5.0)
Operating margin	1,328	1,837	38.3
Net adjustments to loans	26	(32)	n.m.
Net provisions and net impairment losses on other assets	4	(11)	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,358	1,794	32.1
Taxes on income	(432)	(579)	34.0
Charges (net of tax) for integration and exit incentives	(11)	(13)	18.2
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	915	1,202	31.4

IMI Corporate & Investment Banking: Q2 vs Q1

	1Q25	2Q25	%
Net interest income	722	779	7.8
Net fee and commission income	313	291	(7.0)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	194	221	14.3
Other operating income (expenses)	(0)	0	n.m.
Operating income	1,228	1,291	5.1
Personnel expenses	(128)	(126)	(2.2)
Other administrative expenses	(207)	(214)	3.8
Adjustments to property, equipment and intangible assets	(4)	(4)	(8.6)
Operating costs	(339)	(343)	1.4
Operating margin	890	948	6.5
Net adjustments to loans	19	(50)	n.m.
Net provisions and net impairment losses on other assets	(3)	(8)	141.2
Other income (expenses)	(1)	1	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	904	891	(1.5)
Taxes on income	(291)	(288)	(1.0)
Charges (net of tax) for integration and exit incentives	(6)	(7)	6.0
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	606	595	(1.8)

International Banks: 1H25 vs 1H24

	1H24	1H25	%
Net interest income	1,275	1,222	(4.2)
Net fee and commission income	330	365	10.6
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	78	86	10.3
Other operating income (expenses)	(36)	(32)	(11.1)
Operating income	1,647	1,641	(0.4)
Personnel expenses	(327)	(344)	5.2
Other administrative expenses	(242)	(251)	3.7
Adjustments to property, equipment and intangible assets	(63)	(65)	3.2
Operating costs	(632)	(660)	4.4
Operating margin	1,015	981	(3.3)
Net adjustments to loans	(33)	54	n.m.
Net provisions and net impairment losses on other assets	(3)	4	n.m.
Other income (expenses)	1	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	980	1,039	6.0
Taxes on income	(245)	(267)	9.0
Charges (net of tax) for integration and exit incentives	(23)	(33)	43.5
Effect of purchase price allocation (net of tax)	(1)	(2)	100.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(12)	(17)	41.7
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(12)	(1)	(91.7)
Net income	687	719	4.7

Note: figures may not add up exactly due to rounding. 1H24 data restated to reflect the current consolidation perimeter

International Banks: Q2 vs Q1

emarket sdir scorage
CERTIFIED

	1Q25	2Q25	%
Net interest income	613	609	(0.6)
Net fee and commission income	168	196	16.8
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	32	54	70.5
Other operating income (expenses)	(14)	(18)	32.8
Operating income	799	842	5.3
Personnel expenses	(174)	(170)	(2.0)
Other administrative expenses	(122)	(129)	5.9
Adjustments to property, equipment and intangible assets	(33)	(32)	(1.9)
Operating costs	(329)	(332)	0.9
Operating margin	471	510	8.3
Net adjustments to loans	17	37	117.8
Net provisions and net impairment losses on other assets	(5)	9	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	482	556	15.4
Taxes on income	(143)	(123)	(13.9)
Charges (net of tax) for integration and exit incentives	(9)	(24)	151.5
Effect of purchase price allocation (net of tax)	(1)	(1)	174.9
Levies and other charges concerning the banking and insurance industry (net of tax)	(10)	(8)	(22.3)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(1)	(0)	(62.2)
Net income	319	400	25.5

Private Banking: 1H25 vs 1H24

	1H24	1H25	%
Net interest income	622	538	(13.5)
Net fee and commission income	1,055	1,132	7.3
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	24	42	75.0
Other operating income (expenses)	13	10	(23.1)
Operating income	1,714	1,722	0.5
Personnel expenses	(248)	(247)	(0.4)
Other administrative expenses	(201)	(204)	1.5
Adjustments to property, equipment and intangible assets	(52)	(54)	3.8
Operating costs	(501)	(505)	0.8
Operating margin	1,213	1,217	0.3
Net adjustments to loans	(18)	(10)	(44.4)
Net provisions and net impairment losses on other assets	(17)	(21)	23.5
Other income (expenses)	20	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,198	1,186	(1.0)
Taxes on income	(376)	(355)	(5.6)
Charges (net of tax) for integration and exit incentives	(10)	(12)	20.0
Effect of purchase price allocation (net of tax)	(10)	(10)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(19)	(2)	(89.5)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	10	6	(40.0)
Net income	793	813	2.5

Private Banking: Q2 vs Q1

	1Q25	2Q25	%
Net interest income	260	277	6.5
Net fee and commission income	562	570	1.4
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	20	22	12.0
Other operating income (expenses)	5	5	(7.8)
Operating income	847	874	3.2
Personnel expenses	(123)	(124)	0.4
Other administrative expenses	(100)	(103)	2.9
Adjustments to property, equipment and intangible assets	(28)	(27)	(3.5)
Operating costs	(251)	(253)	1.0
Operating margin	596	621	4.1
Net adjustments to loans	(3)	(7)	118.8
Net provisions and net impairment losses on other assets	(4)	(17)	293.0
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	589	597	1.4
Taxes on income	(173)	(183)	5.8
Charges (net of tax) for integration and exit incentives	(5)	(7)	25.4
Effect of purchase price allocation (net of tax)	(5)	(5)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(0)	(2)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	3	3	24.0
Net income	409	404	(1.2)

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Asset Management: 1H25 vs 1H24

	1H24	1H25	%
Net interest income	29	21	(27.6)
Net fee and commission income	436	429	(1.6)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1	1	0.0
Other operating income (expenses)	24	24	0.0
Operating income	490	475	(3.1)
Personnel expenses	(51)	(46)	(9.8)
Other administrative expenses	(57)	(56)	(1.8)
Adjustments to property, equipment and intangible assets	(5)	(5)	0.0
Operating costs	(113)	(107)	(5.3)
Operating margin	377	368	(2.4)
Net adjustments to loans	0	2	n.m.
Net provisions and net impairment losses on other assets	0	0	n.m.
Other income (expenses)	30	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	407	370	(9.1)
Taxes on income	(99)	(94)	(5.1)
Charges (net of tax) for integration and exit incentives	0	(2)	n.m.
Effect of purchase price allocation (net of tax)	(2)	(2)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	306	272	(11.1)

Asset Management: Q2 vs Q1

	1Q25	2Q25	%
Net interest income	11	10	(7.5)
Net fee and commission income	215	214	(0.2)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	0	1	123.8
Other operating income (expenses)	13	12	(8.4)
Operating income	239	237	(0.8)
Personnel expenses	(23)	(23)	(0.5)
Other administrative expenses	(28)	(29)	3.4
Adjustments to property, equipment and intangible assets	(3)	(3)	0.4
Operating costs	(53)	(54)	1.6
Operating margin	186	183	(1.5)
Net adjustments to loans	2	0	(77.8)
Net provisions and net impairment losses on other assets	0	0	68.5
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	188	183	(2.3)
Taxes on income	(50)	(45)	(8.4)
Charges (net of tax) for integration and exit incentives	(1)	(1)	38.8
Effect of purchase price allocation (net of tax)	(1)	(1)	(0.0)
Levies and other charges concerning the banking and insurance industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(0)	328.2
Net income	136	136	(0.4)

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Insurance: 1H25 vs 1H24

	1H24	1H25	%
Net interest income	0	0	n.m.
Net fee and commission income	2	2	0.0
Income from insurance business	889	918	3.3
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(5)	(6)	20.0
Operating income	886	914	3.2
Personnel expenses	(72)	(71)	(1.4)
Other administrative expenses	(85)	(83)	(2.4)
Adjustments to property, equipment and intangible assets	(17)	(17)	0.0
Operating costs	(174)	(171)	(1.7)
Operating margin	712	743	4.4
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	0	0	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	712	743	4.4
Taxes on income	(214)	(224)	4.7
Charges (net of tax) for integration and exit incentives	(8)	(10)	25.0
Effect of purchase price allocation (net of tax)	(5)	(3)	(40.0)
Levies and other charges concerning the banking and insurance industry (net of tax)	(23)	(24)	4.3
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	462	482	4.3

Insurance: Q2 vs Q1

€ m

	1Q25	2Q25	%
Net interest income	(0)	(0)	(283.5)
Net fee and commission income	1	1	(0.3)
Income from insurance business	461	457	(1.0)
Profits on financial assets and liabilities at fair value	0	0	(80.2)
Other operating income (expenses)	(3)	(4)	41.2
Operating income	460	454	(1.3)
Personnel expenses	(37)	(34)	(6.8)
Other administrative expenses	(37)	(45)	20.7
Adjustments to property, equipment and intangible assets	(9)	(8)	(11.5)
Operating costs	(84)	(88)	5.0
Operating margin	376	366	(2.7)
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	(0)	0	n.m.
Other income (expenses)	(0)	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	376	366	(2.6)
Taxes on income	(120)	(104)	(13.2)
Charges (net of tax) for integration and exit incentives	(4)	(6)	45.8
Effect of purchase price allocation (net of tax)	(1)	(2)	71.8
Levies and other charges concerning the banking and insurance industry (net of tax)	0	(24)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(0)	(78.2)
Net income	251	231	(7.9)

Note: figures may not add up exactly due to rounding. Included in the single oversight unit Wealth Management Divisions

Market leadership in Italy

Note: figures may not add up exactly due to rounding

• (*) Included in the single oversight unit Wealth Management Divisions
• (1) Excluding Corporate centre
• (2) Data as at 30.6.25
• (3) Including bonds
• (4) Mutual funds; data as at 31.3.25
• (5) Data as at 31.3.25

International Banks by country

Data as at 30.6.25

											Total CEE		Total	% of the Group
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania(*)	Moldova	(**) Ukraine		Egypt
Operating income (€ m)	200	412	77	349	26	255	40	64	8	4	1,436	218	1,655	12.0%
Operating costs (€ m)	73	130	29	122	15	77	18	49	6	5	525	56	581	11.1%
Net adjustments to loans (€ m)	(14)	18	3	(36)	(1)	2	(0)	(19)	(2)	2	(46)	(7)	(54)	n.m.
Net income (€ m)	95	154	30	222	9	137	16	13	3	(5)	675	113	788	15.1%
Customer deposits (€ bn)	6.8	20.9	3.5	13.9	1.2	7.1	1.8	2.2	0.2	0.2	57.9	3.3	61.2	10.7%
Customer loans (€ bn)	4.3	19.6	2.5	10.3	1.0	5.6	0.6	1.7	0.1	0.0	45.7	1.3	47.0	11.2%
Performing loans (€ bn) of which:	4.2	19.4	2.5	10.2	1.0	5.6	0.6	1.6	0.1	0.0	45.3	1.3	46.6	11.3%
Retail local currency	43%	57%	39%	51%	31%	19%	30%	21%	72%	n.m.	47%	47%	47%
Retail foreign currency	0%	0%	0%	0%	11%	23%	9%	7%	0%	n.m.	3%	0%	3%
Corporate local currency	30%	35%	61%	49%	38%	20%	17%	46%	15%	n.m.	37%	36%	37%
Corporate foreign currency	26%	8%	0%	0%	20%	38%	44%	26%	13%	n.m.	13%	16%	13%
Non-performing loans (€ m)	34	183	21	140	6	39	5	17	0	0	445	8	453	9.2%
Non-performing loans coverage	60%	54%	60%	54%	73%	72%	72%	68%	100%	100%	60%	83%	61%
Annualised Cost of credit(1) (bps)	n.m.	19	24	n.m.	n.m.	8	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.

Note: figures may not add up exactly due to rounding

(*) Including Intesa Sanpaolo Bank Romania and First Bank

(**) Consolidated on the basis of the countervalue of 31.3.25 figures at the exchange rate as at 30.6.25

(1) Net adjustments to loans/Net customer loans

Total exposure(1) by main countries

€ m

		DEBT SECURITIES Banking Business
	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	58,570	59,088	5,395	123,053	380,704
Austria	705	1,753	38	2,496	334
Belgium	3,722	5,124	331	9,177	887
Bulgaria	0	42	34	76	8
Croatia	1,532	428	43	2,003	10,115
Cyprus	0	0	16	16	8
Czech Republic	138	273	50	461	1,184
Denmark	99	239	1	339	198
Estonia	0	0	0	0	2
Finland	312	390	0	702	199
France	8,502	11,205	114	19,821	5,756
Germany	1,330	3,176	182	4,688	6,375
Greece	50	82	164	296	2,374
Hungary	923	1,358	123	2,404	4,666
Ireland	1,607	1,736	313	3,656	549
Italy	25,657	13,802	2,826	42,285	310,480
Latvia	0	0	0	0	10
Lithuania	0	0	0	0	1
Luxembourg	931	2,335	44	3,310	7,420
Malta	0	0	0	0	154
The Netherlands	1,341	1,397	113	2,851	2,760
Poland	488	137	34	659	582
Portugal	714	846	35	1,595	345
Romania	80	832	6	918	1,786
Slovakia	1,586	1,061	88	2,735	16,299
Slovenia	90	225	0	315	2,436
Spain	8,630	12,474	840	21,944	5,412
Sweden	133	173	0	306	364
Albania	21	671	1	693	629
Egypt	183	987	0	1,170	1,744
Japan	114	4,092	-44	4,162	1,188
Russia	3	0	0	3	957
Serbia	7	520	-1	526	5,860
United Kingdom	736	1,809	136	2,681	13,864
U.S.A.	4,211	10,251	479	14,941	9,638
Other Countries	6,727	9,175	853	16,755	22,561
Total	70,572	86,593	6,819	163,984	437,145

Note: management accounts. Figures may not add up exactly due to rounding

(1) Exposure to sovereign risks (central and local governments), banks and other customers. Book value of debt securities and net loans as at 30.6.25

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €74,445m (of which €47,720m in Italy)

Exposure to sovereign risks(1) by main countries

€ m

		DEBT SECURITIES
		Banking Business			LOANS
	AC	FVTOCI	FVTPL(2) Total(3)
EU Countries	45,088	41,896	2,022	89,006	10,963
Austria	617	1,457	2	2,076	0
Belgium	3,555	4,834	281	8,670	0
Bulgaria	0	42	34	76	0
Croatia	1,333	413	43	1,789	1,296
Cyprus	0	0	0	0	0
Czech Republic Denmark	0 0	254 0	50 0	304 0	0 0
Estonia	0	0	0	0	0
Finland	253	225	0	478	0
France	7,044	6,433	-163	13,314	1
Germany	352	1,604	-44	1,912	15
Greece	0	0	31	31	0	Banking business government bond
Hungary	777	1,326	123	2,226	363	duration: 7.0y
Ireland	384	77	0	461	0
Italy Latvia	19,351 0	9,445 0	1,049 0	29,845 0	8,535 10	Adjusted duration due to hedging: 0.9y
Lithuania Luxembourg Malta	0 313 0	0 1,290 0	0 1 0	0 1,604 0	0 0 0
The Netherlands	834	299	45	1,178	0
Poland	246	128	36	410	0
Portugal	534	629	-25	1,138	63
Romania	80	832	3	915	42
Slovakia	1,474	971	88	2,533	259
Slovenia	88	218	0	306	321
Spain	7,853	11,419	467	19,739	58
Sweden	0	0	1	1	0
Albania	21	671	1	693	0
Egypt	183	987	0	1,170	447
Japan	0	3,517	-58	3,459	0
Russia	0	0	0	0	0
Serbia	7	520	-1	526	541
United Kingdom	0	1,261	2	1,263	0
U.S.A.	2,978	8,120	92	11,190	0
Other Countries	2,959	5,023	180	8,162	4,058
Total	51,236	61,995	2,238	115,469	16,009

Note: management accounts. Figures may not add up exactly due to rounding

(1) Exposure to central and local governments. Book value of debt securities and net loans as at 30.6.25

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €53,467m (of which €44,597m in Italy). The total of FVTOCI reserves (net of tax and allocation to insurance products under management) amounts to -€1,779m (of which -€314m in Italy)

Exposure to banks by main countries(1)

€ m

		LOANS
	AC	FVTOCI	FVTPL(2) Total(3)
EU Countries	3,831	10,489	2,437	16,757	21,513
Austria	88	278	26	392	191
Belgium	109	183	49	341	127
Bulgaria	0	0	0	0	0
Croatia	0	0	0	0	122
Cyprus	0	0	16	16	0
Czech Republic	0	19	0	19	16
Denmark	38	72	1	111	12
Estonia	0	0	0	0	0
Finland	11	88	0	99	13
France	915	3,102	230	4,247	2,554
Germany	283	806	188	1,277	4,112
Greece	27	82	128	237	2,314
Hungary	96	32	0	128	480
Ireland	77	10	3	90	214
Italy	1,547	3,312	1,311	6,170	9,090
Latvia	0	0	0	0	0
Lithuania	0	0	0	0	0
Luxembourg	93	936	35	1,064	11
Malta	0	0	0	0	126
The Netherlands	160	628	26	814	32
Poland	0	0	-2	-2	3
Portugal	40	175	60	275	251
Romania	0	0	3	3	50
Slovakia	35	90	0	125	1
Slovenia	0	7	0	7	0
Spain	295	609	365	1,269	1,791
Sweden	17	60	-2	75	3
Albania	0	0	0	0	2
Egypt	0	0	0	0	80
Japan	24	427	13	464	21
Russia	0	0	0	0	42
Serbia	0	0	0	0	64
United Kingdom	120	254	86	460	1,831
U.S.A.	138	727	288	1,153	725
Other Countries	297	2,521	200	3,018	2,894
Total	4,410	14,418	3,024	21,852	27,172

Note: management accounts. Figures may not add up exactly due to rounding

(1) Book value of debt securities and net loans as at 30.6.25

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €12,089m (of which €1,576m in Italy)

Exposure to other customers by main countries(1)

		DEBT SECURITIES
		Banking Business			LOANS
	AC	FVTOCI	FVTPL(2)	Total(3)
EU Countries	9,651	6,703	936	17,290	348,228
Austria	0	18	10	28	143
Belgium	58	107	1	166	760
Bulgaria	0	0	0	0	8
Croatia	199	15	0	214	8,697
Cyprus	0	0	0	0	8
Czech Republic	138	0	0	138	1,168
Denmark	61	167	0	228	186
Estonia	0	0	0	0
Finland	48	77	0	125	186
France	543	1,670	47	2,260	3,201
Germany	695	766	38	1,499	2,248
Greece	23	0	5	28
Hungary	50	0	0	50	3,823
Ireland	1,146	1,649	310	3,105	335
Italy	4,759	1,045	466	6,270	292,855
Latvia	0	0	0	0
Lithuania	0	0	0	0
Luxembourg	525	109	8	642	7,409
Malta	0	0	0	0
The Netherlands	347	470	42	859	2,728
Poland	242	9	0	251	579
Portugal	140	42	0	182
Romania	0	0	0	0	1,694
Slovakia	77	0	0	77	16,039
Slovenia	2	0	0	2	2,115
Spain	482	446	8	936	3,563
Sweden	116	113	1	230
Albania	0	0	0	0	627
Egypt	0	0	0	0	1,217
Japan	90	148	1	239	1,167
Russia	3	0	0	3	915
Serbia	0	0	0	0	5,255
United Kingdom	616	294	48	958	12,033
U.S.A.	1,095	1,404	99	2,598	8,913
Other Countries	3,471	1,631	473	5,575	15,609
Total	14,926	10,180	1,557	26,663	393,964

Note: management accounts. Figures may not add up exactly due to rounding

(1) Book Value of debt securities and net loans as at 30.6.25

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €8,889m (of which €1,547m in Italy)

Disclaimer

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

* * *

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

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

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