Banco Comercial Portugues

Investor Presentation • Oct 29, 2025

Banço Comercial Português, S.A.

Earnings Presentation

9M 2025

Millennium

Disclaimer

• l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ('IFRS') of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended.
• l The figures presented do not constitute any form of commitment by BCP in regard to future earnings.
• l The figures for the first nine months of 2024 and 2025 were not audited.
• l The information in this presentation is for information purposes only and should be read in conjunction with all other information made public by the BCP Group.
• l In the second quarter of 2025 the Bank reclassified a portfolio of debt instruments associated to credit operations, previously included in the Securities Portfolio (Debt securities held not associated with credit operations), now recognizing them as Loans to Customers (Debt securities held associated with credit operations) The historical amounts considered for the purposes of this analysis are presented according to this reclassification, aiming to ensure their comparability, thus differing from the disclosed accounting. This accounting reclassification also led to the reclassification of the respective results, namely other impairments and provisions, credit impairment, net interest income, and results from financial operations.

Highlights

A Solid and Efficient Bank

Profitability

• In 9M25, the Group's net income amounted to €775.9 million, reflecting an increase of 8.7% compared to the same period of the previous year. This performance resulted in a ROE of 14.6% in September 2025
• Net income in Portugal increased by 8.0% from 606 million in 9M24, to 654.5 million in 9M25
• International operations recorded a positive performance, with net income increasing from 192.7¹ million in 9M24 to 230.7¹ million in 9M25, representing an increase of 19.8% compared to the same period of the previous year. Highlight for Bank Millennium's which recorded a net income of 202.0¹ million in 9M25, despite charges of 380.2² million related with CHF mortgage loan portfolio (out of which 310.4² million in provisions)

Business Model

• Solid capital ratios, CET13 stood at 15.9% and total capital ratio3 at 19.9%
• Liquidity indicators well above regulatory requirements. LCR⁴ at 321%, NSFR⁴ at 180% and LtD⁴ at 68%. Eligible assets available to discount at ECB of 29.1 billion
• Group's total Customer funds grew 8.6% to 109.5 billion and loans to customers up 4.9% to 61.5 billion compared to September 2024. In Portugal, customer loans increased by 7.2% (+2.9 billion) and total customer funds increased by 6.3% (+4.4 billion) compared to September 2024
• Relevant reduction in non-performing assets compared to September 2024: 332 million in NPE, 71 million in corporate restructuring funds and 19 million in foreclosed assets
• Cost of risk at Group level stood at 31bp in 9M25, which compares with 38bp⁵ in the same period of last year. In Portugal Cost of risk stood at 33bp in line with with the same period of last year⁵
• Customer base surpasses 7.2 million highlighting the 9% increase in mobile Customers, which represented 74% of the total active Customers at the end of September 2025

^<sup>1Before non-controlling interests.

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

^<sup>3 Fully implemented estimated ratio (September 2025) including 25% of the unaudited net income of 9M25.

^<sup>4 Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD).

⁵ Including an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 49bp at the Group level and 49bp for Portugal in 9M24.

Customer base growth

Based on the quality of the Teams and distinctive digital skills

Innovation focused on Customer needs

translates into accelerated growth in Mobile usage and sales

Strong mobile growth Y/Y

(Number of operations, Jan-Sep 2025 vs Jan–Sep 2024) In Mortgages…

+14%

Transactions¹

+17% National

Transfers (#)

+15%

Sales

+48%

Personal loans (#)

+61%

Account Opening (#)

+58%

Investment Funds (#)

78%

Mortgage Approval Letters digitally signed (#)

39%

Digital Mortgage Deed Appointments (#)

App Millennium leads ratings

1

NPS⁵Digital Customers

1 Includes P2P transfers in Millennium app 2 Interactions (Millennium website and app), individuals includes AB

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

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

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

7 7

Net income of 775.9 million in 9M25

(Million euros)	9M24	9M25	%	D
Net interest income	2 110 8 ,	2 166 6 ,	+2 6%	+55 8
Commissions	604 6	628 8	+4 0%	+24 1
income Core	2 715 4 ,	2 795 4 ,	+2 9%	+80 0
Operating costs	-945 7	-1 032 5 ,	+9 2%	-86 8
operating profit Core	1 769 7 ,	1 762 9 ,	-0 4%	-6 8
Other income	-24 1	29 5		+53 6
Profit impairment provisions before and	6 1 745 ,	792 1 4 ,	+2 7%	+46 8
Impairment , other provisions and results modification on	-689 8	-590 6	4% -14	+99 2
Of which: impairment Loans	-167 3	-141 0	-15 7%	+26 3
1 Of which: legal risk (Poland) CHF mortgages on	-347 6	-310 4	-10 7%	+37 2
Profit income before tax	055 8 1 ,	201 1 7 ,	8% +13	9 +145
, non-controlling interests and discontinued operations Income taxes	-341 7	-425 8	+24 6%	-84 1
income Net	714 1	9 775	+8 7%	+61 8

Delivering shareholder value

Group Profitability

Net interest income

Comissões Fees and commissions

Other operating income

¹Net trading income includes -67.1 million in 9M24 and -5.3 million in 9M25 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. | ²Other operating income includes +37.3 million in 9M24 and +44.7 million in 9M25 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale) and includes charges related with negotiation costs and legal procedures of CHF loans.

Operating costs

Cost of risk and provisions

Continued decrease of NPEs

NPE include loans to Customers only.

* Considering State guarantees or supranationals, the ratio would stand at 121.1% in September 2024 and 126.1% in September 2025.

Group Business activity

Customer funds

Loan portfolio

Group

Capital and liquidity

Solid capital ratios

• CET1 stood at 15.9% and total capital ratio at 19.9% incorporating the effects resulting from CRR3 3
• Capital ratios comfortably above requirements which also include the conservation buffer, O-SII buffer, countercyclical capital buffer and systemic risk buffer
• Buffers for which there are limitations to results distribution: 599bp to CET1, 523bp to T1 and 556bp to total capital

¹Fully implemented estimated ratio (September 2025) including 25% of the unaudited net income of 9M25.

²Combined buffer reserve incudes: Conservation buffer, O-SII buffer, countercyclical capital buffer (including the increase in the percentage applicable to exposures to counterparties resident in Poland) and systemic risk buffer. ³Capital Requirement Regulation 3 (CRR3).

Stronger capital position

Leverage ratio

(Fully implemented, latest available data)

Leverage ratio of 6.2% as of September 2025

RWA density

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

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

MREL requirements and Funding Plan

■ MREL position (BCP Resolution Group - 30 Sep 2025)*

• Resolution strategy: MPE (Multi Point of Entry)²
• BCP Resolution Group: Perimeter centred in Portugal
• Preferred Resolution Measure: Bail-in
• No subordination requirements have been applied to the BCP Resolution Group
• As of September 30, 2025, BCP complied with MREL requirement. including CBR, applicable since July, 2025 (with a buffer of 4.6% of TREA, amounting to c. EUR 1.250 million)
• Funding Plan execution
• Early redemption of the EUR 500 million of SP on October 2, 2025 (not eligible as of September 30, 2025)
• 500 million of Senior Preferred issued on June 24, 2025, with a maturity of 6 years and Call Option on the year 5
• 500 million of T2 issued on March 20, 2025, with a maturity of 12 years and Call Option on the year 7
• Repurchase of EUR 79.5M of the Tier 2 EUR 166.3M Notes due December 2027, in the context of a Tender Offer launched on March 13, 2025

MREL - Minimum Requirement for own funds and Fligible Liabilities | TREA - Total Risk Exposure Amount: LRE - Leverage Ratio Exposure: CBR - Combined Buffer Requirements

Requirements covered by the 2024 Resolution Planning Cycle, applicable since July 2025 (24.89%). MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework.

requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 15.36% and MREL - TEM of 5.91% from 29 May 2025.

Robust liquidity position

Portugal

Profitability in Portugal

Operating Costs

Net income Net operating revenue

(Million euros) (Million euros)

Impairment and other provisions

(Million euros) (Million euros)

Net interest income

Interest rates decrease, which significantly impacted the loan's portfolio income, resulted in a net interest income decrease in 9M25 despite the positive effects in deposit costs, performing credit volume, in the yield from the securities portfolio and in the wholesale funding.

Commissions and other income

	9M24	9M25	YoY
Banking commissions fees and	367 4	388 0	6% +5
Cards and transfers	119 3	116 8	-2 1%
Loans and guarantees	60 9	66 5	+9 3%
Bancassurance	81 2	92 5	+13 9%
Management and maintenance of accounts	105 9	111 9	+5 7%
fees Other and commissions	0 1	0 2	+154 3%
fees commissions Market related and	70 3	77 5	+10 1%
Securities operations	29 6	34 2	+15 4%
and distribution Asset management	40 7	43 3	+6 3%
Total fees and commissions	437 7	465 5	+6 3%

Operating costs

Sep 24 Sep 25

NPEs decrease

Non-performing exposures (NPE) NPE build-up

Loan impairment (net of recoveries)

(Million euros)

Cost of risk Loan-loss reserves	33bp1 910	33bp 767
	98.3	103.9
	9M24	9M25

	Sep 25	Sep 25
(Million euros)	Sep 24 vs.	Dec 24 vs.
Opening balance	1,045	973
outflows/inflows Net	-54	-58
Write-offs	-34	-17
Sales	-154	-95
Ending balance	803	803

• NPE in Portugal total 803 million at the end of September 2025, a decrease of 242 million from September 2024
• The decrease of NPE from September 2024 is attributable mainly to a reduction of 213 million of other NPE
• Cost of risk of 33bp in 9M25 and 33bp¹ in 9M24, with the ratio loanloss reserves / NPE ascending to 95% in September 2025 and 87% in September 2024

NPE coverage

NPE total coverage*

Other NPE total coverage*

■ NPL>90d total coverage*

• Total coverage* ≥100%, for both individuals and companies, and for both NPE categories (NPL>90d and other NPE)
• Coverage by loan-loss reserves are stronger in loans to companies, where real-estate collateral, usually more liquid and with a more predictable market value, accounts for a lower coverage than in loans to individuals: coverage by loan-losses was 106% for companies NPE as of September 2025, reaching 138% for companies NPL>90d

Foreclosed assets and corporate restructuring funds

Sales of foreclosed assets

• Net foreclosed assets were down by 33% between September 2025 and September 2024
• 195 properties were sold in 9M25 compared to 504 properties sold in 9M24
• Restructuring funds amount to 319 million in September 2025 a decrease of 18.1% from September 2024

Customer funds and loans to Customers

Performing loans in Portugal

Performing loans portfolio

Evolution of performing loans

Performing loans to individuals increase by 9.7%, highlighting the mortgage loan portfolio which increase by 1.9 billion. Performing loans to companies increase by 6.0%

The Bank maintains a prominent position in the corporate segment:

• ✓ PME Leader programme reference Bank, winner of 6 of the last 7 editions with a 29% market share in 2024;
• Leadership in Inovadora COTEC programme for the 5^th consecutive year, with a market share of 48%;
• Main Bank for companies: Best Bank for companies, Most innovative Bank, Most efficient Bank and Bank with the Most appropriate products according to DATAE H1'25;
• ✓ Leading Bank in Sustainable Finance in Portugal 2025 by Global Finance;
• ✓ Leading Bank in Trade Finance in Portugal according to Euromoney with a market share of 24.1%*;
• ✓ Leading Bank for SMEs Euromoney Award given based on the investment made in Digitalization and Innovation and personalized Financial Support to SMEs;
• ✓ Leading Bank in Banco Fomento Guarantees;
• ✓ Leading Bank in Confirming, with a market share of 28.8%;**
• ✓ Leading Bank in Leasing, with a market share of 21.5%;**
• ✓ Leading Bank in EIF/EIB: EIF InvestEU;
• ✓ Distinct digital offer.

These awards are the exclusive responsibility of the attributing entities.

International operations

Contribution from international operations

Contribution from international operations

Contribution from international operations
		euros1 (Million )	9M24	9M25	%
+12.4%		Poland	129.1	202.0	56.4%
108.1	121.5	Mozambique 2	61.8	25.4	-58.9%
		Other	1.8	3.3	77.8%
		Exchange rate effect	-0.2
		Net income international operations	192.7	230.7	19.8%
		Non-controlling int. (Poland+Mozambique)	-84.6	-109.3	29.2%
		Contribution from international operations	108.1	121.5	12.4%

Bank Millennium

■ Net operating revenue

• Net income of 202.0 million in 9M25 which compares with 129.1 million in the same period of last year (+56.4%)
• Net income influenced by charges associated with the CHF mortgage loan portfolio which decreased 30.9% form 9M24 (380.2 million out of which 310.4 million in provisions³) and Polish bank tax⁴ payment
• Customer funds increased by 14.2%
• Loans to Customers decreased by 1.2%, while loans to companies increased by 12.2%
• Net income Excluding extraordinary effects² up by 2.2% (11.7 million) compared with the same period of last year
• CETI ratio (=TI) of 14.4% and total capital ratio of 16.0%, above the minimum requirements of 8.3% (9.8% for TI) and 11.8% respectively

PX effect excluded.€/Zloty constant at September 2025 levels: Income Statement 4.23; Balance Sheet 4.26. | ² Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients, estimated bank tax until May 2024 and credit moratorium on Zloty mortgage loans (2024) | ³ Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). | ⁴ Polish bank tax of 1 million.

Aumento expressivo da margem financeira Net interest income increase

Commissions and other income Contributions

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

Net interest income Operating costs

Credit quality

NPL>90d

(Million euros*) (Million euros*)

Loan-loss reserves

Loan impairment (net of recoveries)

(Million euros*)

• NPL>90d accounted for 2.2% of total loans as of September 2025, in line with the same period of last year
• Coverage of NPL>90d by loan-loss reserves at 146% as of September 2025 (154% as of September 2024)
• Cost of risk at 32bp

Customers funds and loans to Customers

Sep 24 Sep 25

CHF mortgages decrease by 34% year-on-year

(Billion euros*

New individual lawsuits and extrajudicial agreements Cumulative provisions for legal risks**

(Number of cases)

Individual lawsuits

(Number of cases)

(Million euros*

Millennium bim's results influenced by the context

• Net income of 25.4 million, a reduction of 36.4 million compared to the same period of last year
• Increase of 40.9 million in provisions and impairments compared to the same period last year, including impacts resulting from the downgrade of the sovereign debt rating
• Operating profit up by 1.3% compared to the same period of last year
• Customer funds increased by 5.7%
• Loans to Customers increased by 3.9%
• Capital ratio of 42.4%

Resilient net interest income

Credit quality

(Million euros*)

• NPL>90d ratio of 3.5% as of September 2025, with coverage by loan-loss reserves of 127% on the same date
• Cost of risk of 124bp in 9M25 compared to 48bp in 9M24

Business volumes

Customers funds Loans to Customers (gross)

(Million euros*) (Million euros*)

Key figures

Deliver more value Main targets for strategic cycle 2025-2028

	Metrics	9M25	2028
	Business volumes Portugal	171€bn 117€bn	> 190€bn > 120€bn
Healthy organic	Number of customers Portugal	7.2mn 2.9mn	> 8mn > 3mn
growth	Mobile customers Portugal	74% 66%	>80% > 75%
Execution	Cost-to-income Portugal	37% 34%	< 40% < 37%
discipline	Cost of risk Portugal	31 bp 33 bp	< 50 bps < 45 bps
ESG commitment	S&P Global CSA (percentile)	Top quartile	Top quartile
Robust capital	CET1 ratio	15.9%1	> 13.5%
	ROE	14.6%	> 13.5%
Superior returns	Shareholder distribution	2024 activity 72%3	Up to 75% of cumulative net income of 4.0- 4.5€bn in 2025-20282 subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target

¹ Fully implemented estimated ratio (September 2025) including 25% of the unaudited net income of 9M25.

Including payout and share buyback, from 2025 through 2028. Including a 50% dividend payout of 2024 earnings and the share buyback programme of 200 million euros, completed during 2025.

COMMITMENT TO PEOPLE AND SOCIETY

Millennium bcp Foundation Society

Millennium bcp Gallery (National Museum of Contemporary Art):

Exhibition "Mily Possoz. A Poetics of Space." The largest showcase of works by one of the most important figures of Portuguese modernism

Lisbon Architecture Triennale: 7th edition, three main exhibitions: Fluxes (MAAT), Spectres (MUDE) and Lighter (MAC/CCB).Lisbon Triennale Millennium bcp Awards: Début Award, Universities Award, and Lifetime Achievement Award

BOCA – Biennial of Contemporary Arts 2025: 5 th edition of the cultural event in Lisbon and Madrid, featuring initiatives across various artistic fields – performing arts, visual arts, music, and cinema

EGEAC Lisbon Culture – Accessible Museum Project: an initiative that addresses barriers to accessing cultural spaces which prevent or hinder the cultural participation of people with disabilities or sensory impairments

Millennium bcp launches a customer service with Portuguese Sign Language interpreters, enabling the deaf community to access the Bank's services autonomously

Millennium bcp supports individual and corporate Clients affected by wildfires with insurance and credit solutions, reinforcing its commitment to being close to those in need

Millennium employees contribute to the School Supplies Collection Campaign promoted by Oeiras Community Valley (OCV), a collaborative network of which Millennium bcp is a member

Millennium volunteers join efforts to help restore a woodland area as part of the "Oxygen" project by Cascais Ambiente, contributing to the conservation of ecosystems

Sustainability

Millennium bcp recognised for the fifth consecutive year in the Financial Times' "Europe's Climate Leaders 2025" ranking, as a leading company in the fight against climate change

Millennium bcp joins the "2025 SDG Flag Day" initiative, raising the SDG flag at its headquarters in TagusPark and reinforcing its alignment with the United Nations 2030 Agenda

Millennium bcp makes the SIBS ESG Platform available on its Corporate website, allowing Clients to report ESG data free of charge and securely, with access to a dedicated support team

Millennium bcp further reduced its ecological footprint in 2024, materialising its commitment to environmental preservation and the sustainable use of natural resources in the course of its

operations

EXTERNAL RECOGNITION

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

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

Millennium bcp: Leadership in the "Inovadora COTEC" programme

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

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

Millennium bcp Best Trade Finance Bank in Portugal

Millennium bcp: Best provider in Portugal of Structured Products by Structured Retail Products (SRP)

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

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

Millennium bcp: Best Bank for SMEs according to Euromoney's magazine

Millennium bcp: Best Investment Bank in Portugal

Bank Millennium: Best Bank 2025

Bank Millennium: Best Consumer Digital Bank 2025

Bank Millennium: Best Digital Bank for Consumers 2025

Bank Millennium: Top Employer Polska 2025

Bank Millennium: Silver Grand Prize at the Polish Contact Center Awards

Bank Millennium: Awarded with the Service Quality Star"

Bank Millennium: Golden Bank 2025, best multichannel service quality

Bank Millennium: 2^nd place in the Customer Relations Star category

Appendix

Sovereign debt portfolio

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

	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	YoY	QoQ
Portugal	6 207 ,	4 453 ,	2 787 ,	2 628 ,	2 382 ,	-62%	-9%
T-bills and other	947	985	663	704	456	-52%	-35%
Bonds	5 260 ,	3 468 ,	2 124 ,	1 924 ,	1 926 ,	-63%	+0%
Poland	7 306 ,	7 958 ,	8 783 ,	9 380 ,	10 386 ,	+42%	+11%
Mozambique	494	643	607	551	582	+18%	+6%
Other	13 533 ,	973 14 ,	18 460 ,	18 877 ,	19 092 ,	+41%	+1%
Total	27,539	28,027	30,637	31,436	32,442	+18%	+3%

Sovereign debt portfolio Sovereign debt maturity

• ✓ The sovereign debt portfolio totalled 32.4 billion, 25.2 billion of which maturing in more than 2 years
• ✓ The Portuguese sovereign debt portfolio totalled 2.4 billion, Polish amounted to 10.4 billion and Mozambican amounted to 0.6 billion; "Other" includes, among other, sovereign debt from European Union (5.7 billion), Spain (4.7 billion), France (3.6 billion), Italy (2.0 billion), Belgium (1.1 billion), Austria (0.9 billion) and Ireland (0.5 billion)

Sovereign debt portfolio breakdown

Million euros	Portugal	Poland	Mozambique	Other	Total
Trading book	502	175	0	98	775
1 ≤ year	495	1	0	9 8	595
and 2 1 > ≤ year years	2	86	0	0	89
and 2 5 > ≤ years years	2	54	0	0	56
and 5 8 > ≤ years years	1	4	0	0	5
and 8 10 ≤ > years years	0	20	0	0	20
10 > years	1	10	0	0	10
Banking book*	1 880 ,	10 211 ,	582	18 993 ,	31 667 ,
1 ≤ year	4	1 372 ,	220	1 800 ,	3 397 ,
and 1 2 ≤ > year years	2	2 152 ,	9 1	930	3 174 ,
and 2 5 ≤ > years years	1 367 ,	5 885 ,	224	10 548 ,	18 024 ,
5 and 8 > years ≤ years	365	559	4 8	5 485 ,	6 457 ,
8 and 10 > ≤ years years	82	242	0	231	555
10 > years	6 0	0	0	0	6 0
Total	2 382 ,	10 386 ,	582	19 092 ,	32 442 ,
1 ≤ year	500	1 373 ,	220	1 898 ,	3 992 ,
and 2 1 > ≤ year years	4	2 238 ,	9 1	930	3 263 ,
and 2 5 > ≤ years years	1 369 ,	5 939 ,	224	10 548 ,	18 079 ,
and 5 8 > ≤ years years	366	564	4 8	5 485 ,	6 463 ,
and 8 10 ≤ > years years	82	262	0	231	575
10 > years	6 1	10	0	0	71

Diversified and collateralised portfolio

• ✓ Loans to companies accounted for 39% of the loan portfolio, including 6% to construction and real-estate sectors, as of September 2025
• ✓ Mortgage accounted for 48% of the loan portfolio, with low delinquency levels and an average LTV of 61%
• √ 82% of the loan portfolio is collateralised

Consolidated net income

(Million euros)	9M24	9M25	YoY	Impact on earnings
interest income Net	2 110 8 ,	2 166 6 ,	+2 6%	+55 8
fees and commissions Net	604 6	628 8	+4 0%	+24 1
Other income*	-24 1	29 5		6 +53
operating Net revenue	2 691 3 ,	2 824 9 ,	+5 0%	+133 6
Staff costs	-522 7	-575 3	+10 1%	-52 7
Other administrative and depreciation costs	-423 1	-457 2	+8 1%	-34 1
Operating costs	-945 7	-1 032 5 ,	+9 2%	-86 8
Profit impairment provisions before and	1 745 6 ,	1 792 4 ,	+2 7%	+46 8
Results modification on	-62 4	-5 4	+91 4%	+57 0
Loans impairment (net of recoveries)	-167 3	-141 0	-15 7%	+26 3
Other impairment and provisions	-460 1	-444 2	-3 4%	+15 8
modification Impairment provisions Results of and ,	-689 8	-590 6	-14 4%	+99 2
Profit income before tax	055 8 1 ,	201 1 7 ,	8% +13	9 +145
Net income from discontinued operations	0 3	0 0	-100 0%	-0 3
Income taxes	-262 8	-317 1	+20 7%	-54 3
Non-controlling interests	-79 2	-108 7	+37 2%	-29 5
income Net	714 1	9 775	+8 7%	+61 8

Consolidated balance sheet

(Million euros)	September 30 2025	September 30 * 2024
ASSETS
Cash and deposits at Central Banks	3,940.9	4,305.5
Loans and advances to credit institutions repayable on demand	236.1	231.3
Financial assets at amortised cost
Loans and advances to credit institutions	1,119.3	1,272.2
Loans and advances to customers	56,046.1	53,937.0
Debt securities	24,975.8	20,090.5
Financial assets at fair value through profit or loss
Financial assets held for trading	1,385.6	1,797.7
Financial assets not held for trading mandatorily at fair value
through profit or loss	340.2	377.2
Financial assets designated at fair value through profit or loss	37.4	34.7
Financial assets at fair value through other comprehensive income	15,572.0	12,800.9
Hedging derivatives	23.4	38.9
Investments in associates	435.8	441.5
Non-current assets held for sale	69.2	42.8
Investment property	14.4	38.5
Other tangible assets	571.8	585.7
Goodwill and intangible assets	297.0	248.3
Current tax assets	21.8	10.2
Deferred tax assets	1,873.2	2,289.2
Other assets	1,976.8	1,684.1
TOTAL ASSETS	108,937.0	100,226.3

	September 30 2025	September 30 * 2024
LIABILITIES
Financial liabilities at amortised cost
Deposits from credit institutions and other funds	1,435.2	972.4
Deposits from customers and other funds	86,349.8	80,059.0
Non-subordinated debt securities issued	4,208.1	3,294.5
Subordinated debt	1,406.1	1,418.6
Financial liabilities at fair value through profit or loss
Financial liabilities held for trading	264.8	201.9
Financial liabilities designated at fair value through profit or loss	3,473.3	3,466.3
Hedging derivatives	38.8	42.0
Provisions	1,247.5	1,110.6
Current tax liabilities	76.8	107.6
Deferred tax liabilities	7.4	6.5
Other liabilities	1,727.6	1,508.9
TOTAL LIABILITIES	100,235.3	92,188.2
EQUITY
Share capital	3,000.0	3,000.0
Share premium	16.5	16.5
Other equity instruments	400.0	400.0
Legal and statutory reserves	464.7	384.4
Treasury shares	(200.0)	-
Reserves and retained earnings	3,038.3	2,451.4
Net income for the period attributable to Bank's Shareholders	775.9	714.1
Non-controlling interests	1,206.4	1,071.7
TOTAL EQUITY	8,701.7	8,038.0

Consolidated income statement per quarter

			Quarterly
(Million euros)	3Q 24	4Q 24	1Q 25	2Q 25	3Q 25
interest income Net	2 713	720 1	721 1	723 0	722 5
Dividends from equity instruments	0 0	0 2	0 0	0 8	0 0
fees Net and commission income	206 8	208 1	201 4	212 4	215 0
Other operating income net	-25 1	0 -37	-56 3	-41 3	0 1
trading income Net	34 6	-24 3	29 5	26 3	24 8
Equity accounted earnings	12 2	15 1	13 4	17 6	13 6
operating Net revenues	941 8	882 2	909 1	938 8	976 9
Staff costs	182 9	199 3	188 1	195 2	192 0
Other administrative costs	107 8	123 6	113 0	110 4	118 2
Amortisation and depreciation	36 2	37 5	38 6	38 2	38 7
Operating costs	326 9	360 4	339 7	343 8	349 0
Profit impairment provisions bef and	614 9	521 8	569 4	595 0	627 9
modification Results on	-1 5	-6 1	-4 2	-0 9	-0 3
impairment (net of recoveries) Loans	69 2	16 0	6 55	34 1	2 51
Other impairm . and provisions	168 3	214 1	131 4	149 2	163 6
Profit before income tax	375 9	285 6	378 2	410 7	412 8
Income tax	125 0	78 4	112 2	106 2	98 7
income income continuing operations after from Net tax	250 9	207 2	266 0	304 5	314 1
income from discontinued operations Net	0 3	0 0	0 0	0 0	0 0
Non-controlling interests	22 4	14 9	22 5	45 7	40 5
income Net	228 8	192 3	243 5	258 8	273 6

Consolidated income statement

(Million euros)

For the 9-month periods ended September 30, 2024 and 2025

	Gro up		P o rtugal			T o tal			B ank M illennium (P o land)			M illennium bim (M o z.)			Other int. o peratio ns
	Sep 2 4	Sep 2 5	Δ %	Sep 2 4	Sep 2 5	Δ %	Sep 2 4	Sep 2 5	Δ %	Sep 2 4	Sep 2 5	Δ %	Sep 2 4	Sep 2 5	Δ %	Sep 2 4	Sep 2 5	Δ %
Interest income	3,558	3,301	-7.2%	1,809	1,484	-18.0%	1,749	1,816	3.8%	1,528	1,610	5.4%	221	206	-6.8%	0	0
Interest expense	1,448	1,134	-21.7%	806	489	-39.2%	642	645	0.4%	572	598	4.4%	70	47	-32.7%	0	0
N et interest inco me	2,111	2,167	2.6%	1,003	995	-0.9%	1,107	1,172	5.8%	956	1,013	5.9%	151	159	5.1%	0	0
Dividends from equity instruments	1	1	-2.3%	0	0		1	1	-2.3%	1	1	-2.3%	0	0		0	0
Intermediatio n margin	2,112	2,167	2.6%	1,003	995	-0.9%	1,108	1,173	5.8%	957	1,013	5.9%	151	159	5.1%	0	0
Net fees and commission income	605	629	4.0%	438	465	6.3%	167	163	-2.2%	137	136	-0.7%	30	27	-8.7%	0	0
Other net operating income	-98	-97	1.4%	-28	-10	65.4%	-70	-87	-23.8%	-72	-88	-22.4%	2	1	-40.0%	0	0	>100%
B asic inco me	2,618	2,700	3.1%	1,414	1,451	2.6%	1,205	1,249	3.7%	1,022	1,061	3.9%	183	188	2.5%	0	0	<-100%
Net trading income	29	81	>100%	28	11	-61.9%	1	70	>100%	-11	58	>100%	12	11	-2.9%	0	0	<-100%
Equity accounted earnings	44	45	1.9%	40	40	-0.4%	3	4	29.3%	0	0		1	1	-18.6%	2	3	62.9%
N et o perating revenues	2,691	2,825	5.0%	1,482	1,502	1.3%	1,209	1,323	9.4%	1,011	1,120	10.8%	196	200	2.0%	2	3	62.9%
Staff costs	523	575	10.1%	278	295	6.4%	245	280	14.3%	205	237	15.5%	40	43	7.8%	0	0
Other administrative costs	316	342	8.2%	150	162	7.8%	166	180	8.6%	122	135	11.0%	44	45	2.1%	0	0
Amortisation and depreciation	107	116	7.6%	55	61	11.4%	53	55	3.7%	39	39	1.6%	14	15	9.7%	0	0
Operating co sts	946	1,033	9.2%	482	518	7.4%	463	515	11.0%	366	411	12.5%	98	103	5.5%	0	0

Internatio nal o peratio ns

P ro fit bef. impairment and pro visio ns 1,746 1,792 2.7% 1,000 984 -1.6% 746 809 8.5% 645 708 9.8% 9 8 9 7 -1.5% 2 3 62.9% Results on modification -62 -5 91.4% 0 0 -- -62 -5 91.4% -62 -5 91.4% 0 0 -- 0 0 -- Loans impairment (net of recoveries) 167 141 -15.7% 98 104 5.7% 69 37 -46.2% 67 31 -53.9% 2 6 >100% 0 0 -- Other impairm. and provisions 460 444 -3.4% 65 10 -84.3% 395 434 9.9% 385 388 0.7% 10 46 >100% 0 0 100.0% P ro fit befo re inco me tax 1,056 1,202 13.8% 836 870 4.0% 219 332 51.4% 131 284 >100% 8 6 4 4 -48.6% 2 3 62.9% Income tax 263 317 20.7% 236 216 -8.5% 27 101 >100% 4 82 >100% 23 19 -18.0% 0 0 -- N et inco me after inco me tax fro m co ntinuing o peratio ns 793885 11.6% 601 654 8.9% 192 231 20.0% 127 202 59.0% 6 3 2 5 -59.8% 2 3 62.9%

Non-controlling interests 79 109 37.2% -5 -1 89.2% 85 109 29.2% 0 0 -- 0 0 -- 85 109 29.2% N et inco me 714 776 8.7% 606 654 8.0% 108 121 12.4% 127 202 59.0% 6 4 2 5 -60.0% -83 -106 -28.4%

Net income from discontinued operations 0 0 -100.0% 0 0 -- 0 0 -100.0% 0 0 -100.0%

Glossary (1/2)

Assets placed with Customers – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions.

Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers.

Business Volumes - corresponds to the sum of total Customer funds and loans to Customers (gross).

Commercial gap – loans to Customers (gross) minus on-balance sheet Customer funds.

Core income - net interest income plus net fees and commissions income.

Core net income - net interest income plus net fees and commissions income deducted from operating costs.

Cost of risk, net (expressed in basis points) - ratio of loans impairment (P&L) accounted in the period to loans to Customers at amortized cost and debt instruments at amortized cost related to credit operations before impairment at the end of the period.

Cost to core income - operating costs divided by core income.

Cost to income – operating costs divided by net operating revenues.

Coverage of non-performing exposures by impairments – loans impairments (balance sheet) divided by the stock of NPE.

Coverage of non-performing loans by impairments – loans impairments (balance sheet) divided by the stock of NPL.

Coverage of overdue loans by impairments - loans impairments (balance sheet) divided by overdue loans.

Coverage of overdue loans by more than 90 days by impairments - loans impairments (balance sheet) divided by overdue loans by more than 90 days.

Debt instruments – non-subordinated debt instruments at amortized cost and financial liabilities measured at fair value through profit or loss (debt securities and certificates).

Debt securities placed with Customers - debt securities issued by the Bank and placed with Customers.

Deposits and other resources from Customers – Deposits from Customers at amortized cost and Customer deposits at fair value through profit or loss.

Dividends from equity instruments - dividends received from investments classified as financial assets at fair value through other comprehensive income and from financial assets held for trading.

Equity accounted earnings - results appropriated by the Group related to the consolidation of entities where, despite having some influence, the Group does not control the financial and operational policies.

Insurance products – includes unit linked saving products and retirement saving plans ("PPR", "PPE" and "PPR/E").

Loans impairment (balance sheet) – balance sheet impairment related to loans to Customers at amortized cost, balance sheet impairment associated with debt instruments at amortized cost related to credit operations and fair value adjustments related to loans to Customers at fair value through profit or loss.

Loans impairment (P&L) – impairment (net of reversals and net of recoveries - principal and accrual) of financial assets at amortized cost for loans to Customers and for debt instruments related to credit operations.

Loans to Customers (gross) – loans to Customers at amortized cost before impairment, debt instruments at amortized cost associated to credit operations before impairment and loans to Customers at fair value through profit or loss before fair value adjustments.

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

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

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

Glossary (2/2)

Net commissions - net fees and commissions income.

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

Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings.

Net trading income – gains/(losses) on financial operations at fair value through profit or loss, foreign exchange gains/(losses), gains/(losses) on hedge accounting and gains/(losses) arising from derecognition of financial assets and liabilities not measured at fair value through profit or loss.

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

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

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

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

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

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

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

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

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

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

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

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

Return on tangible equity (ROTE) – net income (after minority interests) deducted from Coupons on AT1 and from goodwill impairment (if they exist), divided by the average equity, deducted from goodwill and intangible assets (weighted average of the average of monthly equity in the period), with Equity = Equity - preference shares - other capital instruments, net of treasury shares of the same nature - non-controlling interests.

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

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

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

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

INVESTOR RELATIONS DIVISION

Bernardo Collaço, Head

EQUITY

Alexandre Moita +351 211 131 321

DEBT AND RATINGS

Luís Morais +351 211 131 337

investors@millenniumbcp.pt

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