Banca Monte dei Paschi di Siena

Investor Presentation • Aug 6, 2025

A Clear and Simple Commercial Bank, Revolving Around Customers, Combining Technology With Human Touch

2Q-25 & 1H-25 Results

Siena, 6th August 2025

Disclaimer (1/2)

IMPORTANT - YOU MUST CAREFULLY READ THE FOLLOWING BEFORE CONTINUING: The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation (including any oral briefing and any question-and-answer session in connection with it) is for information only. This presentation is not intended to, and does not constitute, represent or form part of any offer to exchange or purchase, invitation, inducement or solicitation of an offer to buy or exchange, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. It must not be acted on or relied upon in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Nothing herein should be construed as financial, legal, tax, accounting, actuarial or other specialist advice. Any such offer or solicitation will be made only pursuant to an official offer documentation approved by the appropriate regulators. The release, presentation, publication or distribution of this presentation in jurisdictions other than Italy may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than Italy should inform themselves about and observe any applicable requirements. It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. The information pertaining to MEDIOBANCA - Banca di Credito Finanziario Società per Azioni has been derived from publicly available sources. Such information has been independently prepared by MEDIOBANCA - Banca di Credito Finanziario Società per Azioni and other available sources, and Banca Monte dei Paschi di Siena S.p.A. (the "Company" or the "Offeror") has neither independently verified its accuracy, nor performed any due diligence thereon. Consequently, the Company disclaims any responsibility or liability for the content, accuracy, or completeness of such information. This presentation was prepared by the Company solely for information purposes. The information contained herein provides a summary of the second quarter 2025 ("2Q-25") and half year 2025 ("1H-25") financial statements and is not complete. 2Q/1H 2025 complete interim financial statements will be available on the Company's website at https://www.gruppomps.it. The information, statements and opinions contained in this presentation are for information purposes only and do not constitute (and are not intended to constitute) an offer of securities for sale, or solicitation of an offer to purchase or subscribe securities, nor shall it or any part of it form the basis of, or be relied upon in connection with, or act as any inducement or recommendation to enter into any contract or commitment or investment decision whatsoever. Any recipient is therefore responsible for his own independent investigations and assessments regarding the risks, benefits, adequacy and suitability of any operation carried out after the date of this presentation. To the extent applicable, any industry and market data contained in this presentation has come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the fairness, quality, accuracy, relevance, completeness or sufficiency of such data. The Company has not independently verified such data contained therein. In addition, some industry and market data contained in this presentation may come from the Company's own internal research and estimates, based on the knowledge and experience of the Company's management in the market in which the Company operates. Any such research and estimates, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. Neither the Company nor any member of its Group nor any of its or their respective representatives, directors, or employees shall be liable at any time in connection with this presentation or any of its contents for any damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection with any use and/or reliance placed on this presentation. The Company, its Group and their representatives undertake no obligation to provide the recipients with access to any additional information or to update or revise this presentation or to correct any inaccuracies or omissions contained herein that may become apparent. This presentation shall remain the property of the Company.

NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, OR JAPAN (OR IN OTHER COUNTRIES, AS DEFINED BELOW): The voluntary public exchange offer referred to in this presentation (the "Offer") has been promoted by the Offeror on all the ordinary shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni. This presentation does not constitute an offer to buy or sell the shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni.

Information for U.S. Persons

The shares to be issued in connection with the Offer may not be offered or sold in the United States except pursuant to an effective registration statement under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or pursuant to a valid exemption from registration. The Offer is being made for the shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni by Banca Monte dei Paschi di Siena S.p.A., each of which is a company incorporated in Italy. Information distributed in connection with the Offer is subject to Italian disclosure requirements that are different from those of the United States. Financial statements and financial information included in the offer document or the exemption document, if any, have been prepared in accordance with the international accounting standards issued by the International Accounting Standards Board and may not be comparable to the financial statements or financial information of U.S. companies. It may be difficult for you to enforce your rights and any claim you may have arising under U.S. federal securities laws in respect of the Offer, since Banca Monte dei Paschi di Siena S.p.A. and MEDIOBANCA - Banca di Credito Finanziario Società per Azioni are located in Italy, and some or all of their officers and directors may be residents of Italy or other countries outside the U.S. You may not be able to sue a company incorporated outside the U.S. or its officers or directors in a non-U.S. court for violations of U.S. securities laws. It may be difficult to compel a company incorporated outside the U.S. and its affiliates to subject themselves to a U.S. court's judgment. The Offer will not be submitted to the review or registration procedures of any regulator outside of Italy and has not been approved or recommended by any governmental securities regulator. The Offer will be made in the U.S. pursuant to the exemptions from (i) the "U.S. tender offer rules" under the United States Securities Exchange Act of 1934 (the "U.S. Exchange Act") provided by Rule 14d-1(c) thereunder and (ii) the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder. These exemptions permit a bidder to satisfy certain substantive and procedural U.S. Exchange Act rules governing tender offers by complying with home jurisdiction law or practice, and exempt the bidder from compliance with certain other U.S. Exchange Act rules. As a result, the Offer will be made in accordance with the applicable regulatory, disclosure and procedural requirements under Italian law, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of payments, that are different from those applicable in the U.S. To the extent that the Offer is subject to the U.S. securities laws, such laws only apply to holders of the shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni in the U.S. and no other person has any claims under such laws. To the extent permissible under applicable law or regulation in Italy, and pursuant to the exemptions available under Rule 14e-5(b) under the U.S. Exchange Act, the Offeror and its affiliates or brokers (acting as agents for the Offeror or its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly purchase, or arrange to purchase, the shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni, that are the subject of the Offer or any securities that are convertible into, exchangeable for or exercisable for such shares, including purchases in the open market at prevailing prices or in private transactions at negotiated prices outside the U.S. To the extent information about such purchases or arrangements to purchase is made public in Italy, if any such purchases are made, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni of such information. In addition, the financial advisors to the Offeror, may also engage in ordinary course trading activities in securities of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni, which may include purchases or arrangements to purchase such securities. Since the announcement of the Offer, the Offeror and certain of its affiliates have engaged, and intend to continue to engage throughout the acceptance period, in various asset management, brokerage, banking-related, collateral-taking, estates and trusts services, and custody-related activities involving the Offeror common shares outside the United States. Among other things, the Offeror or one or more of its affiliates intends to engage in trades in the Offeror common shares for the accounts of its customers for the purpose of effecting brokerage transactions for its customers and other customer facilitation transactions in respect of the Offeror common shares. Further, certain of Offeror's asset management affiliates may buy and sell the Offeror common shares or indices including the Offeror common shares, outside the United States as part of their ordinary, discretionary investment management activities on behalf of their customers. Certain of Offeror's affiliates may continue to (a) engage in the marketing and sale to customers of funds that include the Offeror common shares, providing investment advice and financial planning guidance to customers that may include information about the Offeror common shares, (b) transact in the Offeror common shares as trustees and/or personal representatives of trusts and estates, (c) provide custody services relating to the Offeror common shares and (d) engage in accepting the Offeror common shares as collateral for loans. These activities occur outside of the United States and the transactions in the Offeror common shares may be effected on the Euronext Milan, other exchanges or alternative trading systems and in the over-the-counter market.

Disclaimer (2/2)

IMPORTANT INFORMATION

Prior to the commencement of the acceptance period, as required under applicable regulations, the Offeror has published an offer document and an exemption document, to be carefully examined by the shareholders of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni. The Offer has been launched in Italy and is made, on a non-discriminatory basis and on equal terms, to all holders of shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni. The Offer has been promoted in Italy as the shares of MEDIOBANCA - Banca di Credito Finanziario Società per Azioni are listed on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A. and is subject to the obligations and procedural requirements provided for by Italian law.

The Offer is not being made or disseminated in Canada, Japan and Australia, or any other country in which such Offer is not authorized, or to any person to whom such offer or solicitation is not permitted by law (the "Excluded Countries").

Partial or complete copies of any documents issued by the Offeror in connection with the Offer shall not be sent, nor shall they be transmitted, or otherwise distributed, directly or indirectly, in the Excluded Countries. Any person receiving such documents shall not distribute, send or dispatch them (whether by post or by any other means or instrumentality of communication or commerce) in the Excluded Countries. Any acceptances of the Offer resulting from solicitation activities carried out in violation of the above limitations will not be accepted. This presentation, as well as any other document issued by the Offeror in connection with the Offer, shall not constitute or form part of any offer to purchase or exchange, or any solicitation of offers to sell or exchange, securities in any of the Excluded Countries.

This presentation may only be accessed in or from the United Kingdom (i) by persons having professional experience in matters relating to investments falling within the scope of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as subsequently amended (the "Order"), or (ii) by companies having high net assets and by persons to whom the presentation can be legitimately transmitted because they fall within the scope of Article 49(2) paragraphs from (a) to (d) of the Order (all these persons are jointly defined "Relevant Persons"). Securities described in this presentation are made available only to Relevant Persons (and any solicitation, offer, agreement to subscribe, purchase or otherwise acquire such financial instruments will be directed exclusively at such persons). Any person who is not a Relevant Person should not act or rely on this presentation or any of its contents.

Acceptance to the Offer by persons resident in countries other than Italy may be subject to specific obligations or restrictions provided for by laws or regulations. It is the sole responsibility of the addressees of the Offer to comply with such regulations and, therefore, before accepting the Offer, to verify their existence and applicability by contacting their advisors.

To the fullest extent permitted by applicable law, the companies involved in the proposed voluntary public exchange offer disclaim any responsibility or liability for the violation of such restrictions by any person.

FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking information and statements about the Company and its combined business after completion of the Offer. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "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. Although the management of the Company believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of the Company's shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public documents sent by the Company to CONSOB.

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 Company's ability to achieve its projected objectives or results is dependent on many factors that 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. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.

Pursuant to paragraph 2, article 154-bis of the Consolidated Finance Act, the Financial Reporting Officer, Mr. Andrea Francesco Maffezzoni, declares that the accounting information contained in this document corresponds to the document results, books and accounting records.

2Q-25 & 1H-25 Executive Summary

• 1H-25 net profit at €892m, up +21.4% y/y excluding positive net tax in both periods, sustained by a strong commercial activity and with an acceleration in 2Q-25, showing a net profit of €479m, up +15.7% q/q on a comparable basis
• 1H-25 net operating profit at €936m (+4.3% y/y), with €488m contribution in 2Q-25 (+9.1% q/q), mainly driven by higher net fee income and lower cost of risk, in line with guidance
• 1H-25 gross operating profit at €1.1bn (+0.5% y/y), with €576m contribution in 2Q-25 (+7.6% q/q). Revenues increase (+1.1% y/y), driven by higher fees (+9.1% y/y), more than offsetting higher costs (+2.0% y/y), impacted by the renewal of the labour contract and the variable remuneration pool increase; 1H-25 cost/income stable at 46%
• Bank's operating performance sustained by strong commercial performance in 1H-25, confirming the value of MPS's network: WM gross inflows up +19% y/y, new retail mortgages granted at €3.5bn, 2.5x y/y, new consumer finance up +20% y/y
• 1H-25 cost of risk down at 43bps (vs 53bps in FY-24), and 42bps in 2Q-25. Gross NPE ratio pro forma down at 3.7%, net of €0.3bn NPE disposal, net NPE ratio pro forma at 2.0%, and NPE coverage pro forma at 46.7%(1)
• Solid liquidity position with unencumbered counterbalancing capacity at €31bn and ECB funding stable at 6% of total liabilities; LCR at 169% and NSFR at 132%
• CET1 FL stable at robust level of 19.6%(2) with a Buffer on Tier 1 ratio at 840bps

Net Profit

• 1H-25 net profit at €892m, up +21.4% y/y excluding positive net tax in both periods, sustained by a strong commercial activity
• 2Q-25 net profit at €479m, up +15.7% q/q (excluding net taxes), thanks to a solid operating performance, driven by higher revenues, operating costs under control and effective management of cost of risk

Net Operating Profit

• 1H-25 net operating profit at €936m, up +4.3% y/y driven by higher revenues, with increased net fee income contribution thanks to the strong commercial effectiveness of our franchise
• 2Q-25 net operating profit at €488m, up +9.1% q/q thanks to increased revenues and lower cost of risk

Gross Operating Profit

Quarterly Evolution

• 2Q-25 gross operating profit at €576m, up +7.6% q/q driven by higher revenues and effective management of costs
• C/I down at 45% from 47% in 1Q-25

Gross Operating Profit

Yearly Evolution

• 1H-25 gross operating profit at €1.1bn, above previous year thanks to increased revenues driven by net fee income, more than offsetting higher costs, impacted by labour contract renewal and variable remuneration pool increase
• C/I stable at 46%

Strong commercial performance in 1H-25

• Ongoing commercial focus on key strategic areas in 1H-25, confirming the solidity and vitality of MPS's network: total commercial savings up by €4bn ytd, WM gross inflows up +19% y/y, new retail mortgages granted in 6 months at €3.5bn, 2.5x vs 1H-24, new consumer finance up +20% y/y

Managerial data.

Net Interest Income

• 2Q-25 NII at €551m, up +1.5% q/q driven by loan volume expansion and further optimization of cost of funding
• 1H-25 NII at €1,094m down -6.7% y/y, impacted by declining interest rates only partially offset mainly by effective management of cost of funding

Net Customer Loans

Net Loans (1) (€bn)

• Net customer loans up +4.9% since Dec-24 and up +2.4% q/q driven by strong commercial activity in key strategic segments, retail and SME loans

Total Commercial Savings

• Total commercial savings up by €4.1bn q/q (+2.5% q/q), supporting the performance up to date

Italian Govies Portfolio

Italian Govies Portfolio Breakdown(1) (€bn) Italian Govies Portfolio at FVTOCI

	Dec-24 Mar-25		Jun-25
FVTOCI Duration (years)	~2.1	~1.6	~2.8
FVTOCI Credit spread sensitivity (€m)(2)	-0.4	-0.2	-0.3

• Banking book portfolio (AC + FVTOCI) at €8.6bn, slightly down versus previous quarters; FVTPL stable q/q with portfolio dynamics related to market making activity
• FVTOCI portfolio decreased q/q to €0.9bn, with credit spread sensitivity confirmed at a very low level and slightly longer duration reflecting re-investment of maturities

Net Fee and Commission Income Quarterly Evolution

• Total fees at €405m, up +1.7% q/q driven by commercial banking fees up +9.9% q/q, thanks to lending and payment fees; wealth management and advisory fees above €200m in the quarter, down -5.5% q/q, following the strong performance in 1Q-25, also in institutional bonds placement

Net Fee and Commission Income Yearly Evolution

• 1H-25 total fees at €803m up +9.1% y/y, with increase driven by a strong performance in wealth management and advisory fees (+13.8% y/y) and by a positive dynamic in commercial banking fees (+4.4% y/y), thanks to the excellence of the commercial network in 1H-25 on key strategic areas

Operating Costs Quarterly Evolution

• 2Q-25 operating costs under control at €471m (-0.3% q/q) with both HR and Non-HR practically stable q/q

• 1H-25 operating costs at €943m, up +2.0% y/y with the impact of the renewal of the labour contract and variable remuneration pool increase partially offset by lower Non-HR costs

Gross NPE Stock

• Gross NPE stock pro forma at €3.1bn, down by €0.5bn, o/w €0.3bn thanks to latest portfolio disposal, with economic impact already reflected in six-month financial data. Gross NPE ratio pro forma at 3.7% and Net NPE ratio pro forma at 2.0%

Managerial data.

Notes: (1) NPE ratio calculated as ratio of gross non-performing exposures to customers on total gross exposures to customers (no government securities).

Coverage and Cost of Risk

NPE Coverage Breakdown Cost of Risk (bps)

• Cost of risk at 42bps in 2Q-25 and at 43bps after 6 months, in line with 2025 guidance
• NPE coverage pro forma at 46.7%, after €0.3bn NPE disposal

Funding & Liquidity

• Solid liquidity position with unencumbered counterbalancing capacity at €31bn, LCR at 169% and NSFR at 132%
• Confirmed reduced ECB funding at 6% of total liabilities
• In 1H-25 successfully completed institutional issuances for €1.75bn, in line with the Funding Plan

Capital

• Strong capital position with CET1 FL ratio stable at the solid level of 19.6% (including 2Q-25 net profit, net of dividend with a 75% dividend pay out on pre-tax profit), despite higher RWAs due to strong lending activity in 2Q-25. Buffer on Tier 1 ratio at 840bps

Notes: (1) Dec-24 ratios calculated including net profit for the period, net of €1.083m of dividend distribution. Mar-25 and Jun-25 capital ratios fully loaded exclude only the temporary filter relating to the OCI Reserve on government bonds, and are calculated including net profit for the period, subject, for Jun-25, to the ECB authorization, and net of dividend (calculated on the basis of a pay-out ratio of 75% of the pre-tax profit). (2) Including CCyB at 0.023% and systemic buffer at 0.76%.

2025 EBA EU-Wide Stress Test results

CET1 ratio fully loaded in the Stress Test

2027 CET1 FL ratio in the adverse scenario: Italian banks ranking(1)

• Best ever results in Stress Tests (better than 2023):
  • o Adverse scenario: 2027 FL CET1r = 16.83% (-257bps vs FY24 CRR3 restated)
  • o Baseline scenario: 2027 FL CET1r = 22.93% (+353bps vs FY24 CRR3 restated)
• Positive net results in years 2026 and 2027 even in the adverse scenario
• 2025 EU-wide stress test results confirm the Group's strong capital position and its ability to generate capital sustainably, despite the various macro-shocks simulated in the exercise
• Buffer >500bps on Tier 1 requirement
• The MPS ratio of 16.83% in the adverse scenario is well above the European sample average (11.3%) and Italian sample average (12.8%).

Update on the Mediobanca Offer

Timeline and offer terms	▪ Exchange offer period: started on 14th July and will end on 8th September (40 trading days) ▪ Consideration: 2.533 newly issued ordinary shares for every Mediobanca share tendered ▪ Threshold: at least 66.67% of Mediobanca's share capital, potentially waivable. Minimum acceptance threshold of 35%
Financial proposition	▪ The Offer represents an unparalleled financial proposition for all Mediobanca's shareholders ▪ ~€0.7bn run-rate pre-tax synergies p.a. ▪ Transaction-driven DTAs acceleration at ~€0.5bn p.a. for the next six years ▪ Double-digit accretion on adj. EPS ▪ Organic capital generation above net income allows for accretive DPS, with up to 100% pay-out
Creating a new leading player in the Italian	▪ A new leading competitive force poised to support the Country's families, SMEs and corporates ▪ Synergic and complementary business model, leveraging the strengths of BMPS and Mediobanca

▪ Enhanced diversification and resilient business mix

landscape

• Positive operating profit dynamics both quarter-on-quarter and year-on-year, leading to a 1H-25 net profit of €892mln
• Resilient revenues, with mix enhancement, driven by sound commercial results
• Cost of risk and asset quality improving, in line with the Business Plan, supported by healthy new business and proactive portfolio management
• Capital ratios confirmed among the highest in the banking sector
• Strong progression of commercial activity and economic performance allows to increase 2025 PBT guidance to >€1.5bn
• Mediobanca Offer on track to create a new leading competitive force in the Italian banking landscape

Appendix – Supporting Materials of 2Q-25 Results

Focus on DTAs

On and Off Balance Sheet DTAs (€bn)

	Dec-24	Mar-25	Jun-25
Convertible DTAs	0.4	0.4	0.4
DTAs on Tax loss carryforwards	1.5	1.6	1.7
Other non-convertible DTAs	0.6	0.6	0.5
Total on balance sheet DTAs	2.4	2.5	2.6
DTAs not recorded in balance sheet	1.6	1.4	1.3

• Stock of DTAs not recorded in Balance Sheet at €1.3bn, entirely composed by DTAs on tax loss carryforwards
• Current Italian fiscal regulations do not set any time limit to the use of tax loss carryforwards against the taxable income of subsequent years

Extraordinary Litigations and Extrajudicial Claims

Gross Petitum(1) (€bn)

• Extraordinary litigations and extrajudicial claims at €1.2bn, with slight reduction over 31st March 2025
• A positive trend of civil sentences on disclosure of financial information 2008- 2017 NPE proceedings has consolidated
• NPE criminal proceeding, for which the Bank was summoned for civil liability, registered the start of the trial phase: next hearing on 16th October 2025
• The reduction of petitum concerning the criminal proceeding is due to: (i) the procedure 955/16, that has been definitively positively ruled by the Supreme Court and (ii) the procedure 29877/22, for which the Judge of the preliminary hearing of 6 June 2025 ordered the dismissal of the case against the defendants

Notes: (1) Excluding remote risk litigations, in line with IAS 37.86.

27

Reclassified Income Statement

(€m)	2Q-25	1Q-25	1H-25	1H-24	2Q-25/ 1Q 25 (%)	1H-25/ 1H 24 (%)
Net Interest Income	551	543	1,094	1,172	+1.5%	-6.7%
Net fees and commission income	405	398	803	736	+1.7%	+9.1%
Core Revenues	956	941	1,897	1,908	+1.6%	-0.6%
Profit (loss) of equity-accounted investments (AXA)	1 8	1 5	3 3	2 8	+22.3%	+18.6%
(1) Financial revenues	7 0	5 2	121	8 9	+35.8%	+36.5%
Other operating net income	3	0	3	6	n.m.	-47.5%
Operating Income	1,047	1,007	2,054	2,031	+3.9%	+1.1%
Personnel expenses	-319	-321	-640	-608	-0.7%	+5.3%
Other administrative expenses	-111	-112	-223	-232	-1.2%	-3.9%
Depreciations/amortisations and net impairment losses on PPE	-41	-38	-79	-84	+6.3%	-6.2%
Operating Costs	-471	-472	-943	-925	-0.3%	+2.0%
Gross operating profit	576	535	1,111	1,106	+7.6%	+0.5%
Net impairment losses for credit risk	-84	-91	-175	-204	-7.6%	-14.2%
Net impairment losses for other financial assets	-3	4	0	-5	n.m.	n.m.
Net operating profit	488	448	936	897	+9.1%	+4.3%
Net gains/losses on equity investments, PPE and intangible assets at FV, and disposal of investments	-5	2	-3	-29	n.m.	-90.7%
Systemic funds contribution	0	0	0	-75	n.m.	n.m.
DTA Fee	-14	-14	-29	-31	-0.7%	-6.2%
Net accruals to provisions for risks and charges	-1	-25	-26	-15	-95.5%	+74.3%
Restructuring costs / one-off costs	-8	-7	-15	-41	+26.9%	-63.5%
Costs of extraordinary operations	0	-7	-7	0	-95.5%	n.m.
Pre-tax profit (loss)	460	397	857	706	+15.7%	+21.4%
Income taxes	2 0	1 6	3 6	453	+24.7%	-92.2%
Profit (loss) for the period	479	413	892	1,159	+16.0%	-23.0%

Balance Sheet

Total Assets(1) (€m)

	Jun-24	Dec-24	Mar-25	Jun-25	QoQ%	YoY%
Loans to Central banks	566	565	660	644	-2.4%	13.7%
Loans to banks	2,671	2,068	1,921	1,716	-10.6%	-35.7%
Loans to customers	77,975	77,310	78,631	80,530	2.4%	3.3%
Securities assets	18,399	17,447	19,024	18,967	-0.3%	3.1%
Tangible and intangible assets	2,356	2,298	2,274	2,251	-1.0%	-4.5%
Other assets	26,734	22,913	22,070	21,466	-2.7%	-19.7%
Total Assets	128,701	122,602	124,580	125,574	0.8%	-2.4%

Total Liabilities (1) (€m)

	Jun-24	Dec-24	Mar-25	Jun-25	QoQ%	YoY%
Deposits from customers	86,180	83,544	84,887	84,228	-0.8%	-2.3%
Securities issued	10,342	10,428	9,707	10,280	5.9%	-0.6%
Deposits from central banks	12,010	8,511	8,010	8,009	0.0%	-33.3%
Deposits from banks	1,114	1,301	1,854	2,250	21.4%	n.m.
Other liabilities	8,260	7,169	8,072	9,336	15.7%	13.0%
Group net equity	10,795	11,649	12,049	11,470	-4.8%	6.3%
Non-controlling interests	0	0	0	0	n.m.	n.m.
Total Liabilities	128,701	122,602	124,580	125,574	0.8%	-2.4%

Notes: (1) Other assets include: cash and cash equivalents, derivatives assets, equity investments, tax assets, other assets. Other liabilities include: financial liabilities held for cash trading, derivatives, provisions, tax liabilities, other liabilities. The volumes relating to bilateral funding transactions backed by the Group's own-issued securities, which were previously reported under other forms of direct funding, are now presented under the item "bonds" starting from the current half-year period. The comparative data as at 31/03/25 and 31/12/24 have been restated accordingly.

Lending & Direct Funding

Total Lending (€m)

	Jun-24	Dec-24	Mar-25	Jun-25	QoQ%	YoY%
Current accounts	2,634	2,659	2,832	2,870	1.3%	8.9%
Medium-long term loans	51,579	50,705	52,041	53,173	2.2%	3.1%
Other forms of lending	14,659	15,023	14,890	15,483	4.0%	5.6%
Reverse repurchase agreements	7,225	7,035	7,029	7,251	3.2%	0.4%
Impaired loans	1,877	1,887	1,838	1,753	-4.6%	-6.6%
Total	77,975	77,310	78,631	80,530	2.4%	3.3%

Direct Funding (1) (€m)

	Jun-24	Dec-24	Mar-25	Jun-25	QoQ%	YoY%
Current accounts	66,640	67,180	65,736	67,753	3.1%	1.7%
Time deposits	7,715	7,151	7,546	7,574	0.4%	-1.8%
Repos	9,179	6,800	9,101	6,578	-27.7%	-28.3%
Bonds	10,342	10,428	9,707	10,280	5.9%	-0.6%
Other forms of direct funding	2,646	2,413	2,504	2,324	-7.2%	-12.1%
Total	96,522	93,972	94,594	94,509	-0.1%	-2.1%