9M25 Results

The best nine months ever despite Euribor decline A sustainable 20% ROE Bank, ready to succeed in any scenario

9M25: key achievements

Roct in class profitability	€7.6bn	Net income, the best nine months ever, with record-high Commissions and Insurance income
Best-in-class profitability	20%	Annualised ROE, with 24% annualised ROTE
Effective cost management	38.9%	Lowest-ever 9M Cost/Income ratio, best-in-class in Europe
Zero-NPL Bank	1.0%	Net NPL ratio ⁽¹⁾ at historical low, with NPL coverage up to >51%
Rock-solid capital position	~13.9%	Fully phased-in CET1 ratio ⁽²⁾ , up ~105bps in 9M ⁽³⁾
	€5.3bn	Cash dividends accrued in 9M (€3.2bn to be paid in November)(4)
Strong and sustainable value creation and distribution	€2bn	Share buyback, finalised in October
	~7%	Dividend yield ⁽⁵⁾
World-class position in Social Impact	€0.9bn	Contribution already deployed ⁽⁶⁾ to fight poverty and reduce inequalities

⁽¹⁾ According to EBA definition

⁽²⁾ Taking into account €2bn buyback finalised in October, 70% cash payout ratio and post >40bps Basel 4 impact. 13.1% not including any 9M25 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⁾ On 26.11.25. €18.6 cents per share

⁽⁵⁾ Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders' approval
(6) Over the 2023-9M25 period (of which €243m in 9M25), 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)

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

⁽²⁾ Excluding accounting effects from the combination with UBI Banca

⁽³⁾ Restated for the adoption of IFRS 17 and IFRS 9 by the Group's insurance companies

Increasing and sustainable value creation and distribution

(1) Ratio of Net income to end-of-period shareholders' equity. Shareholders' equity does not include AT1 capital instruments and income for the period
(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
(3) Based on ISP average number of shares in 9M
(4) Excluding AT1, TBVPS equal to €2.6 in 9M23, €2.7 in 9M24 and €2.8 in 9M25

Rock-solid and significantly growing capital position, with ~40bps increase in Q3

⁽¹⁾ Taking into account 70% cash payout ratio. 13.1% not including any 9M25 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⁾ Post >40bps Basel 4 impact and taking into account €2bn buyback finalised in October

Strong and resilient NII despite significant Euribor decline

⁽¹⁾ 9M23 data restated to reflect the current consolidation perimeter

Strong growth in Commissions and Insurance income, with excellent Q3 performance

Commissions and Insurance income growth mainly driven by Management, dealing and consultancy activities and by P&C

Cost reduction while strongly investing in technology

Firmly on track to deliver 2025 Net income well above €9bn, including Q4 managerial actions to strengthen future profitability

Growth in DPS and EPS
70% cash payout ratio
Additional distribution for 2025 to be quantified at full-year results approval

Dividend yield(1) ~7%, best-in-class in Europe

⁽¹⁾ Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders' approval

Our excellent performance benefits all our stakeholders

⁽¹⁾ By Top Employers Institute

⁽²⁾ Direct and indirect

⁽³⁾ Deriving from Non-performing loans outflow

9M25: the best nine months ever

ISP is fully equipped to succeed in any scenario

Final remarks

Appendix: 2022-2025 Business Plan nearing completion

The best nine months ever

€7.6bn Net income in 9M (+6% vs 9M24) the best nine months ever, of which €2.4bn in Q3

Fully phased-in CET1 ratio up ~105bps in 9M(1) at ~13.9%(2) (up ~40bps in Q3)

€5.3bn cash dividends already accrued in 9M, of which €3.2bn (€18.6 cents per share) to be paid in November as an interim dividend(3)

The best nine months ever for Operating margin and Gross income

Record-high nine months for Commissions (+5% vs 9M24) and Insurance income (+5% vs 9M24)

The best Q3 ever for Commissions (+6% vs 3Q24) and Insurance income (+10% vs 3Q24)

Significant growth in Customer financial assets to >€1.4 trillion (+€33bn vs 30.9.24, of which +€21bn in Q3)

Costs down on a yearly basis while strongly investing in technology, with lowest-ever 9M Cost/Income ratio at 38.9%

NPL inflows and stock at historical lows, with annualised Cost of risk at 25bps

Increase in NPL coverage to 51.1% (+1.6pp in 9M, of which +1pp in Q3), with stable overlays

ISP is a clear winner of the EBA stress test thanks to its well-diversified and resilient business model

(3) On 26.11.25

⁽¹⁾ Vs 1.1.25 post Basel 4 impact

emarket sdir storoge CERTIFIED

9M: €7.6bn Net income driven by Commissions and Insurance income at record highs

9M25 P&L; € m

⁽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

⁽³⁾ Euribor 1M (average data)

CERTIFIED

3Q25: €2.4bn Net income, the best Q3 ever for Commissions and Insurance income

3Q25 P&L: € m

Note: figures may not add up exactly due to rounding

(3) Euribor 1M (average data)

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

certified

Firmly on track to deliver 2025 NII well above 2023 level, despite a significant decline in Eurik

Further growth expected in 2026 also thanks to core deposit hedging

Net interest income trend breakdown

A Wealth Management, Protection & Advisory leader, with >€1.4 trillion in Customer financial assets, growing further in Q3…

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

⁽²⁾ ~7,000 Private Bankers and Financial Advisors in the Private Banking Division and ~10,100 Relationship Managers in the Banca dei Territori Division

… fuelling strong growth in Commissions, at record highs, with excellent performance in Q3

Well-diversified and resilient business model

(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

CERTIFIED

Strong contribution to Group P&L from Wealth Management, with growing AuM inflows

Fully-owned product factories enable quick time-to-market and production/distribution synergies

Note: figures may not add up exactly due to rounding. AuM inflows do not include third-party products, included in Assets under administration

⁽¹⁾ Excluding Corporate Centre

⁽²⁾ AM = Asset Management

⁽³⁾ BdT WM = Banca dei Territori Wealth Management

Best-ever 9M and Q3 for Insurance income, driven by P&C

Note: figures may not add up exactly due to rounding

(3) Including collective policies

⁽¹⁾ Commissions + Insurance income

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

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

⁽¹⁾ Sample: BBVA, Deutsche Bank, HSBC, ING Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, Commerzbank, Lloyds Banking Group and Société Générale (30.6.25 data)

Cost reduction with high flexibility for further decrease

Our tech transformation is enabling generational change and significant efficiency gains

Large-scale reskilling/upskilling program already up and running to face future challenges (e.g., new digital skills)

… enabling generational change and significant efficiency gains

4,000 voluntary exits of People close to retirement age (of which ~2,450 in 9M25)

3,000 People reduction due to natural turnover by 2027 (of which ~625 in 9M25)

3,500 new hires of young people by 1H28 (of which ~650 in 9M25, mainly as Global Advisors)

2,000 People reduction by 2027 (of which ~575 in 9M25) entirely focused on central functions, with no impact on commercial roles, resulting from natural turnover

9,000 exits by 2027 at no social cost with ~€500m savings at run-rate(4)

(4) 2028

⁽¹⁾ In the 2022-9M25 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, BBVA, BNP Paribas, Crédit Agricole S.A., Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (30.9.25 data); Commerzbank (30.6.25 data)

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

⁽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

certified

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

⁽¹⁾ Including only banks in the EBA Transparency Exercise. Sample: Crédit Agricole Group, Deutsche Bank, ING Group, Nordea, Société Générale and UniCredit (30.9.25 data); BBVA, BNP Paribas, Commerzbank and Santander (30.6.25 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: BBVA, Deutsche Bank, Nordea, Société Générale and UniCredit (30.9.25 data); BNP Paribas, Crédit Agricole Group and Santander (30.6.25 data); ING Group (31.12.24 data) Source: Investor presentations, press releases, conference calls and financial statements

Cost of risk at historical lows with increasing NPL coverage

NPL coverage among the best in Europe

No new financing/investment since the beginning of the conflict

Rock-solid capital base, with ~105bps CET1 increase in 9M and ~40bps in Q3

⁽¹⁾ €5.3bn accrued cash dividends and €0.3bn AT1 coupons for 9M25

⁽²⁾ Considering 70% cash payout ratio. 13.1% not including any 9M25 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

ISP is a clear winner of the EBA stress test thanks to its well-diversified and resilient business model

Note: analysis carried out on "transitional" as indicated by the EBA

⁽¹⁾ According to EBA definition. Sample: BBVA, BNP Paribas, Commerzbank, Crédit Agricole Group, Deutsche Bank, ING Group, Nordea, Santander, Société Générale and UniCredit

Best-in-class MREL and sound liquidity position

⁽¹⁾ Preliminary management data. Taking into account €2bn buyback finalised in October. The Total Ratio would be 37.3% (11.7% or €36bn buffer vs requirement) and the Subordination ratio 21.6% (3.5% or €11bn buffer vs requirement) not including any 9M25 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

Continued ESG commitment…

NOT EXHAUSTIVE ^x Result achieved vs BP target

2022-2025 Business Plan main ESG initiatives		Results achieved as at 30.9.25 (2022-9M25)	2022-2025 Business Plan targets
Unparalleled support to address social needs	Expanding food and shelter program for people in need	64.5m interventions	50m	>100%
Strong focus on financial inclusion	New social lending(1)	€24.9bn	€25bn	~100%
Continuous commitment to culture	Progetto Cultura and Gallerie d'Italia museums	30,000sqm across 4 venues with ~2,444,000 visitors	30,000sqm	100%
Promoting innovation	Promoting innovation	€188m investments in startups 810 innovation projects launched	€100m 800	>100% >100%

⁽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 2023-9M25 period, of which €243m in 9M25

… including on climate

NOT EXHAUSTIVE			x	Result achieved vs BP target
	2022-2025 Business Plan main ESG initiatives	Results achieved as at 30.9.25 (2022-9M25)	2022-2025 Business Plan targets
	New lending to support the green economy, circular economy and ecological transition (including Mission 2 NRRP(1))	~€84.7bn(3)	€76bn(4)	>100%
Supporting clients	of which circular economy new lending(2)	~€15.2bn	€8bn	>100%
through the ESG/climate transition	New green lending to individuals(5)	€13.5bn	€12bn	>100%
	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	95%	100% In 2030	95%

(1) National Recovery and Resilience Plan
(2) Including green and circular criteria
(3) 2021-9M25. Starting from 30.6.24 the figure also includes the 2022-9M25 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) 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

Emissions reduction (main achievements):

▪ From 2022 to 2024, the Group set 2030 targets for the 10 most emitting sectors(7) 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

9M25: the best nine 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…

Zero-NPL Bank with net NPL stock at only €4.8bn, net NPL ratio at 1.0%(3), >51% NPL coverage and €0.9bn as overlays Well-diversified and resilient business model, with revenues managed in an integrated manner to create value Resilient profitability, rock-solid capital position even in adverse scenarios, as shown in the EBA stress test, low leverage and strong liquidity Low Cost/Income ratio and significant tech investments (€5bn 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)) 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 Well-diversified loan portfolio and best-in-class proactive credit management Leadership in technology, risk profile, Cost management and Wealth Management, Protection & Advisory activities

(3) According to EBA definition

⁽¹⁾ In the 2022-9M25 period

⁽²⁾ Of which ~3,650 in 9M25

… and is far better positioned than its peers…

(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 2025 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 9M25 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

... 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⁽²⁾,%

⁽¹⁾ Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (30.9.25 data); Commerzbank (30.6.25 data)

⁽²⁾ Sample: BBVA, Deutsche Bank, HSBC, ING Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, Commerzbank, Lloyds Banking Group and Société Générale (30.6.25 data)

⁽³⁾ Sample: BBVA, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.25 data); Barclays, BNP Paribas, Commerzbank, HSBC, ING Group, Lloyds Banking Group and Société Générale (30.6.25 data); Deutsche Bank (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 (US 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 system

Banking system massively capitalised, highly liquid and profitable

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) (the Government plans to spend 2.1% of GDP in 2026)

Italian GDP expected to grow 0.5% in 2025 and 0.8% in 2026(3)
In May, Moody's confirmed Italy's rating and modified its outlook to positive
In September, Fitch upgraded Italy's ratings to "BBB+/F1" with stable outlook
In October, Morningstar DBRS upgraded Italy's rating to "A (low)" with stable outlook

⁽¹⁾ March 2025 data

⁽²⁾ National Recovery and Resilience Plan

⁽³⁾ Source: IMF, October 2025 World Economic Outlook

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

Deposits/Loans to non-financial companies, %

Resilient and adaptive Italian corporates

9M25: the best nine months ever

ISP is fully equipped to succeed in any scenario

Final remarks

Appendix: 2022-2025 Business Plan nearing completion

ISP delivered the best 9M ever and is fully equipped to succeed in any scenario

The best nine months ever

€7.6bn Net income, the best 9M ever
Fully phased-in CET1 ratio up ~105bps in 9M(1) at ~13.9%(2) (+~40bps in Q3)
€5.3bn cash dividends accrued in 9M (~7% dividend yield(3) in 2025) of which €3.2bn (€18.6 cents per share) to be paid in November as an interim dividend(4)
€2.4bn Net income in Q3, with strong yearly growth in Commissions (+6%) and Insurance income (+10%)
The best 9M ever for Operating margin and Gross income
Record-high 9M and Q3 for Commissions and Insurance income, driven by Wealth Management and non-motor P&C, with excellent performance of AuM net inflow in Q3
Lowest-ever 9M Cost/Income ratio (38.9%)
NPL stock, inflows and annualised Cost of risk (25bps) at historical lows with increasing NPL coverage (>51%)

Fully equipped to succeed in any scenario

Resilient profitability, rock-solid capital position (also in adverse scenarios as shown in the EBA stress test), 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 €4.8bn, net NPL ratio at 1.0%(5) , NPL coverage >51% and €0.9bn as overlays
Significant tech investments (€5bn already deployed(6))
High flexibility in managing Costs (e.g., 9,000 exits by 2027)
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⁾ Vs 1.1.25 post Basel 4 impact

⁽²⁾ Taking into account 70% cash payout ratio and €2bn buyback finalised in October. 13.1% not including any 9M25 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⁾ Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders' approval

⁽⁴⁾ On 26.11.25

⁽⁵⁾ According to EBA definition

⁽⁶⁾ In the 2022-9M25 period

MIL-BVA362-03032014-90141/VR Firmly on track to deliver 2025 Net income 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

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

Low Cost of risk

Low NPL stock
High-quality loan portfolio
Proactive credit management

Lower Levies and other charges concerning the banking and insurance industry

▪ No further contribution to the Italian Deposit Guarantee Scheme

(1) Based on: ISP share price as at 29.10.25, 70% cash payout ratio and 2025 Net income Guidance of well above €9bn. Subject to shareholders' approval

9M25: the best nine 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

Our People are our most important asset

de-risking, slashing Cost of risk

enabled by technology

Massive NPL stock reduction and continuous prevention through a modular strategy

A new Digital Bank and footprint optimisation

Dedicated service model for Exclusive clients

Unparalleled support to address social needs

Workforce renewal

Strengthened leadership in Private Banking

Strong focus on financial inclusion

A new credit decisioning model

Smart real estate management

Further growth in Continuous focus on fully-owned product factories (Asset management and Insurance)

Continuous commitment to culture

Promoting innovation

Proactive management

of other risks

Advanced Analyticsempowered Cost management

Double-down on Advisory for all Corporate clients

payments business

Accelerating on commitment to Net-Zero

IT efficiency

Growth across International Banks businesses

Supporting clients through the ESG/climate transition

▪ 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

Massive upfront de-risking, slashing Cost of risk

Key highlights

Massive upfront de-risking, slashing Cost of risk

Massive deleveraging with €5.3bn gross NPL stock reduction in 2022-9M25, 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
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
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
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)
Implemented over 40 digital use cases to strengthen the effectiveness and efficiency of internal control systems and compliance processes
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
Launched a regional pilot project in the AML/CFT(2) Public-Private Partnership framework, in collaboration with Bank of Italy, Guardia di Finanza(3) and the Anti-Mafia Investigation Directorate
Developed the compliance control framework for Artificial Intelligence systems to ensure ethical use in line with the European Framework (AI Act)
The Balance Sheet Optimisation unit continued expanding the credit risk hedging schemes to optimise capital absorption. In 3Q25, a new synthetic securitisation was completed on a ~€1.5bn portfolio of project finance and corporate loans in the infrastructure sector. As at 30.9.25, 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 ~€24bn of new lending in 9M25 (~€21bn in 2024 and >€18bn in 2023) to more sustainable economic sectors with the best risk/return profile

ISP awarded "European Issuer of the Year" at the Structured Credit Investor (SCI) Risk Sharing Awards 2025 confirming its strong position in active credit portfolio management

(1) According to EBA definition (2) Anti-Money Laundering and Countering the Financing of Terrorism
(3) Italian Financial Police

Structural Cost reduction, enabled by technology

Key highlights

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 with ~2,350 people 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, CJ Onboarding and CJ Trasformazione, in progress for mortgages and investments)
AI Lab in Turin operational (setup of Centai Institute)
1,329 branches closed since 4Q21 in light of launch
Digital platform for analytical cost management up and running, with 47 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 ~771ksqm since 4Q21
~8,700 voluntary exits(2) since 2022
Completed the update of functions and digital services in Serbia, Hungary, Romania, Croatia, Slovakia and Slovenia, with significant functional and regulatory releases and the launch of new services such as Unsecured Lending and Investment Solutions. Finalising the development of Digital Mobile Acquisition features in Croatia and Slovenia
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. Launched activities to further enhance the chatbot efficiency to optimise activities, automating training processes and reducing cost to serve
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

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

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

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

Mooney Enel

Tech transformation accelerating with 64% of applications already cloud-based

: our cloud-native tech backbone…

developed in partnership with leading fintech
New cloud solution leveraging the partnership with and (Skyrocket)
Public cloud regions in Turin and Milan available and ~50% of cloud migration already executed ahead of schedule
€5bn IT investments deployed and ~2,350 IT specialists(1) hired
Developed internal know-how with >100 ISP People certified Google Cloud/Thought Machine

… already successfully deployed through …

successfully deployed to mass market retail clients through our new digital bank ( )
▪ up and running with excellent performance (~0 latency)
Tested platform scalability up to 20m current accounts
New innovative products added on platform ahead of schedule (e.g., virtual cards)

… being progressively extended to the entire Group

is an incubator to extend the tech backbone to the entire Group
Ongoing extension of digital platform to the Parent Company ISP

~€150m additional contribution to 2025 Gross income, not

Applications already cloud-based

Lower IT CapEx and OpEx, faster time-to-market, easier scalability and fintech collaboration/integration

emanket sdir storage certified

ISYT≣⊂IH: Group cloud-based digital platform

Key elements of our cloud-based digital platform

Cloud-native

Scalable hybrid cloud technology
Lower and flexible infrastructure costs

Modular

API-based architecture
Faster time-tomarket

Secure

Enhanced cybersecurity protection
Resilient by design

Scalable

Across segments
Across products
Across geographies

Always-on

24/7/365
Real-time
Instant responses
Omnichannel

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

A new digital bank delivered in 12 months and already chosen by >1m clients

Unique digital customer experience…

… already chosen by >1m clients…

<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

~800,000 accounts opened(2) by new customers (78% under 35 years old)

~265m transactions completed(2)

~€2.6bn customer deposits(2)

… and gaining strong momentum

⁽¹⁾ Self and remote offering ("offerta a distanza")

⁽²⁾ Data as at 30.9.25

⁽³⁾ Cumulative data since isybank launch

Product offering broader and more innovative than digital challengers

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

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

⁽¹⁾ Sample: BBVA Italy, Hype, N26 Italy and Revolut Italy

⁽²⁾ Including MAV, F24, Pago PA

⁽³⁾ Partial functionalities

⁽⁴⁾ Digital Relationship Managers

Ready to succeed even against fintechs:

AI program at scale with strong benefits for the Group

Dedicated program to adopt AI at scale…

Holistic impact

Group-wide adoption of AI through the development of AI use cases favouring:
― 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

Scaling adoption of GenAI solutions in several areas (e.g., HR support, digital branch, regulatory analysis, technical support and coding)

from the adoption of generative AI solutions

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

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

⁽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

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 Investment Center). 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. Enhancement of the product offering underway (e.g., Pillar3A services), along with a renewed in-App customer experience. Collaboration started with Amex on cards and with BlackRock on investments. More than 25,000 clients acquired
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: ~61,000 new contracts and €17.6bn in Customer financial asset inflow in 9M25, 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 co-badge 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 ondemand 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 Fideuram's Investment Center and the Asset Management Division. Extended the Aladdin platform (Risk and Wealth modules) to ISPWM Lux to support the new digital services of Fideuram Direct BeLux
New features for UHNWI(1) 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(2) through the Sicav AILIS (AuM ~€5bn at 30.9.25). Nearing launch of the new D-X MSCI ETF Diversified Commodities & Strategic Metals
(1) Ultra High Net Worth Individuals
(2) Fideuram Asset Management Ireland

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

Key highlights

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

As part of the international development strategy, the strengthening of operational platforms is underway. Started a project to implement a distribution model for selected REYL banking products in the Italian networks (LPS) and the rationalisation of certain legal entities controlled by REYL ISP
In November 2024, announced a new strategic initiative in collaboration with BlackRock to accelerate the growth of the Digital Wealth Management offering in Europe (Belgium and Luxembourg markets). Established the new Business Unit (Fideuram Direct) to offer fully-digital in-App investment services within ISP Wealth Management(1) to expand the European client base with an efficient and scalable model across multiple geographies. Started the pilot phase of Fideuram Direct for selected customers and confirmed the launch in 4Q25 of the new App for ETF investments and saving plans
The strategic partnership with Man Group Asteria is fully operational, with over ~€2.4bn inflow as at 30.9.25
Completed the merger by incorporation of Epsilon SGR into Eurizon Capital SGR on 1.3.25
On 1.7.25, the total demerger of Fideuram Asset Management SGR became effective, resulting in the transfer of the collective Asset Management business to Eurizon Capital SGR and the remaining assets to Banca Fideuram
Enriched Eurizon offering dedicated to captive and third-party distributors and launched multiple new asset management and insurance products. Eurizon acquired new traditional and private market mandates from institutional third parties
Eurizon has launched the "YourIndexSicav" ETFs, including 26 index funds covering the main bond and equity asset classes, and including both listed classes (UCITS-ETFs) and traditional ones (retail and institutional)
Signed in July 2024 an MoU with Eurobank Asset Management, a management company 100% controlled by Eurobank, allowing Eurizon to enter the Greek market. The business partnership involves both the distribution of Eurizon funds by Eurobank and the support from Eurizon for asset management growth
ESG product offering penetration for asset management and insurance at 76%(2) on total AuM
Continued commitment of Eurizon to financial education, ESG training activities (towards distributors and in the academic field)
Launched the new IMI C&IB organisational set-up, with a focus on strengthening client advisory activities and Originate-to-Share (OtS) business
Continued focus on origination and distribution activities in Italy and abroad, with the acceleration of the OtS model and the introduction of additional risk-sharing tools
Enriched the commercial offer of "Soluzione Domani", dedicated to senior customers (over 65 years old and caregivers) through the launch of the Senior Hub ("SpazioxNoi"). In the first phase, the initiative envisages the opening of two multi-service centres (in Milan and Novara) dedicated to active aging, well-being and social aggregation
Finalised the purchase of 26.2% of Intesa Sanpaolo RBM Salute shares (now Intesa Sanpaolo Protezione)
Since 1.1.24, InSalute Servizi has been the TPA (Third Party Administrator) of the ISP Group Health Fund. Also managing all BdT customers with Intesa Sanpaolo Protezione health insurance policies, InSalute Servizi is today already the 4th TPA in the Italian market, with more than 1.5m reimbursement claims per year. In partnership with leading healthcare providers, it has released a new online medical booking service, with the option to receive medical reports directly on the App. The new service is currently available for individual customers of the Group
In December 2024, Intesa Sanpaolo Vita was renamed Intesa Sanpaolo Assicurazioni, renewing the support for people, families, and businesses, to manage investments, savings and P&C. In addition, in the P&C area, Intesa Sanpaolo Protezione was created through the merger of Intesa Sanpaolo RBM Salute with Intesa Sanpaolo Assicura
Launched digital platform "IncentNow" for enterprises to provide information to Italian companies and institutions on the opportunities offered by public tenders related to the "Piano Nazionale di Ripresa e Resilienza"(3)
(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 (after the third closing: €175m inflow, of which €128m 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)
Further expansion of the IMI C&IB "capital light" toolkit, with the introduction of new tools (e.g., credit risk insurance, portfolio hedging) and commercial enablers (e.g., funding support)
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
Completed in June 2025 the placement of two Certificates in Croatia for Affluent and Private clients. Ongoing activities to develop the Certificate offering also in Slovakia and Hungary by the end of 2025
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 the IMI C&IB Synergy Project in Global Market, Structured Finance and Investment Banking between IMI C&IB and the International Banks with a significant increase in business since the start of the Business Plan
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. Completed 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) with several deals already finalised. 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 (already planned Slovakia, Croatia, Slovenia, Hungary and ongoing consideration in Albania, Bosnia and Herzegovina, Romania and Serbia)
Launched the placement of Minibonds: 17 issuances completed, focusing on the SME segment in Croatia, Serbia and Slovenia
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. 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

Advanced Trading In-Self Investments Direct Advisory

Overview

Professional platform for heavy-trader and expert users in >50 cash and derivatives markets
Sophisticated real-time model with contact and execution desks with >15 years of experience

Recent developments

Key figures

Ongoing expansion of negotiable instruments with a tailored offering for retail and professional clients
Launched a new range of Mini-futures listed on Euronext with underlying Italian and European government bonds
Access to ~180 sustainable funds among best international asset managers
Online investments in pre-built ESG portfolios managed by Fideuram Investment Center
Accumulation Plans on selected ETFs
Completed the lead management process for acquiring new customers (with a high propensity to invest) and assets, through digital marketing and promotional offers
Team of financial advisors available anytime anywhere (by appointment, remotely, via app)
Enhanced advisory tools and features, such as Aladdin's Robo4Advisory platform
Ongoing expansion of the product offering (launched new dedicated Funds and Certificates)
Plenary event for the Direct Bankers network (market scenarios and new solutions)
Completed the planned onboarding of Junior Direct Bankers from the "Academy" program
Digital campaign to promote the Direct Advisory service
~9,500 clients operating in trading ~11,000 clients utilising In-Self investments ~1,600 new clients since the launch(1), of which ~600 in 9M25

Significant development for all services with €3.3bn Customer financial assets and ~81k clients as at 30.9.25(2)

⁽¹⁾ July 2023

⁽²⁾ ~3,000 prospects under development and ~2,000 in the process of being transferred from the traditional network

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

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

2022-2025 Business Plan nearing completion

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/5)

Unparalleled support to address social needs

▪ Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the Italian territory and abroad. In 2022-9M25, 64.5m interventions carried out, providing 53.1m food interventions, 4.4m dormitory spaces, 6.4m medicine prescriptions and 636,000 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. >2,500 students (aged 18-29) applied for the program in 9M25: >1,350 interviewed and >580 trained/in-training through 23 classes (~5,450 trained/in-training since 2019). ~2,500 companies involved since its inception in 2019
‒ The fifth edition of the program "Generation4Universities", which is drawing to a close, involved 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 have been completed

▪ Inequalities and educational inclusion:

‒ Educational inclusion program: strengthened partnerships with main Italian universities and schools, >2,700 schools and >22,600 students involved in 9M25 to promote educational inclusion, supporting merit and social mobility (~6,500 schools involved in 2022-9M25)
‒ "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, ended its activities in 3 territorial areas with socio-economic disadvantages, promoting growth and independence through personalised educational plans 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 12 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, totalling 6,544 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 €4.6bn in social lending and urban regeneration in 9M25 (€24.9bn(1) in 2022-9M25)
‒ Lending to the third sector: in 9M25, granted loans supporting non-profit organisations for a total of €229m (€1.1bn in 2022-9M25)
‒ Fund for Impact: in 9M25, €87m 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 9M25, 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 2022-9M25)

Strong focus on financial inclusion

2022-2025 Business Plan nearing completion

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/5)

Continuous commitment to culture

Gallerie d'Italia, a museum with 4 branches: Milan, Naples, Turin, and Vicenza. In 9M25:
‒ ~530,000 visitors, free entry for visitors under 18 (over 105,000 under 18 and students)
‒ 13 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; the sculptures of "Arturo Martini"; 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 by street artist JR) 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; "Cronache d'acqua" at the Cortona International Photography Festival)
‒ Free educational and inclusive activities: ~3,700 visits and workshops for schools, ~80,600 children and young participants, ~510 itineraries for disabled and people exposed to fragile contexts, ~6,640 participants
‒ Museums as community spaces: ~570 visits and activities for adults and families (~8,800 participants); ~370 cultural events and initiatives (~24,110 participants)
Focus, Jubilee 2025: major exhibition partnerships in Rome, 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 128 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); 12 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; Palazzo Strozzi in Florence, 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: 258 works on loan to 47 exhibitions at Italian and international venues; (among works lent abroad: 46 works featured in the exhibition "Viaggio in Italia" in Luxembourg, in collaboration with the Villa Vauban museum); 127 restoration activities
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 9M25, digitalisation of over 20,000 pages of documents; ~15,000 historical records; digitalisation of over 4,600 Publifoto images and >5,200 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

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/5)

Innovation projects: 164 innovation projects released in 9M25 by Intesa Sanpaolo Innovation Center (ISPIC) for a total of 810 projects released since 2022 (vs 2022–2025 Business Plan target of 800), 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); >410 startups supported and enhanced since 2022. With reference to ecosystem initiatives: since 2019 ~250 startups accelerated, ~630 proofs of concept and other collaborations, >€165m capital raised and >1,100 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), >135 proofs of concept and other contractual collaborations, ~€140m 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, >230 proofs of concept and other contractual collaborations, ~€7m capital raised and >140 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, €11m in capital raised and >80 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, 35 proofs of concept and other contractual collaborations, €5m capital raised and >80 new hires
Genoa & Trieste – "Maritime Ventures": 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 Innovation involved with an investment of €0.75m. Since the launch in 2024, identified 3 potential spin-offs, the first completed in 3Q25 with the establishment of an AI-native platform designed to automate access to financing for SMEs in the maritime sector
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 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 nonfinancing services/activities. Fondo SEI of Neva SGR 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, ~€13 m raised and >65 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. 2025/26 edition of Up2Stars and In Action ESG Climate, launched together for the first time, are dedicated to startups operating in New Materials, Robotics, Designtech, and Aerospace. Ongoing acceleration of 10 startups operating in the New Materials field. 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:
In 9M25, 16 ongoing projects (6 in the neuroscience field, 4 in the AI field, 5 in the robotics field and 1 in climate change), launched ~35 projects since 2022. In 9M25, the deliverables of 3 research projects were introduced into the Group processes/policies
In 9M25, 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), 1 patent on an autonomous navigation robot for environmental sanitisation, and another in the CRM field concerning customer "emotype" profiling. Since 2022, 7 patents have been granted and 6 applications are pending
Business transformation: since 2022, ~110 corporates involved in open innovation programs. ~20 Circular Economy transformation programs have been implemented for companies and institutions. In 9M25, ISPIC organised >20 match-making initiatives, generating ~210 matches between startups and SMEs/Corporates. ISPIC has strengthened the partnership with the EDIH network with a new coaching service for startups. Moreover >40 startups and SMEs have been involved in internationalisation initiatives in relevant hubs such as London, Paris, Stockholm and Zurich
Diffusion of innovation mindset/culture: in 9M25, 18 positioning and match-making(1) events held with >10,000 participants (since 2022, ~130 events held with >45,000 participants). In 9M25, released 10 innovation reports/publications on technologies and trends (~60 since 2022), including in 3Q25, a study on the impact of new technologies on inclusion and, consequently, on economic growth
Neva SGR: In 9M25, ~€70m was invested in startups (>€188m since 2022), including >€16.5m in 3Q25 in Italy and abroad

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)

Accelerating commitment to Net-Zero

▪ 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(2), NZAOA, FIT(3), IIGCC(4) , PRI workgroups/workstreams
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 Intesa Sanpaolo Private Banking 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 2025, Eurizon, Fideuram Intesa Sanpaolo Private Banking and Fideuram Asset Management Ireland (FAMI) continued support to CDP's Non-Disclosure Campaign. In 2024, Eurizon, Fideuram Intesa Sanpaolo Private Banking, Fideuram Asset Management Ireland (FAMI) and Intesa Sanpaolo Assicurazioni Group signed the "Global Investor Statement to Governments on the Climate Crisis", thereby strengthening their commitment to sustainability and the ecological transition
As at 30.9.25, Eurizon contacted 79 companies equal to 74.2% 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
Published the "Stewardship Report 1H25" illustrating and reporting on Eurizon Capital SGR's commitment to stewardship activities, including those related to climate change
"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

⁽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

⁽²⁾ On 3.10.25 NZBA disclosed to its members the outcome of the vote on the recent strategic review proposal, which confirms the transformation of the current Alliance, introducing a "Framework" concept

⁽³⁾ 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

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

~€84.7bn disbursed in the period 2021-9M25(1) out of the €76bn in new lending available for the green economy, circular economy and green transition(2)
~€4.6bn(3) of Green Mortgages in 9M25 (€13.5bn in 2022-9M25) 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 9M25, ISP, Strategic Partner of Ellen MacArthur Foundation (EMF) since 2015, assessed and validated 233 projects for an amount of ~€14.5bn; granted ~€6.3bn for 117 transactions (of which ~€3.4bn related to green criteria) and disbursed €2.5bn, taking into account previously granted amounts (of which €1.2bn related to green criteria). Overall, since 2022, >1,300 projects assessed and validated for an amount of ~€48.4bn, granted ~760 transactions for an amount of ~€27bn (of which ~€15.2bn related to green criteria), with €15.2bn disbursed taking into account projects previously agreed (of which €10.3bn related to green criteria). The strategic partnership with EMF continues, having led to the development of the "Harmonized Circular Economy Finance Guidelines," presented at the World Circular Economy Forum in São Paulo (Brazil), as well as the collaboration between ISP, ISPIC, Fondazione Cariplo, and Cariplo Factory on circular economy initiatives through the activities of the Circular Economy Lab
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 €3.6bn in 9M25 (€10.4bn since product line launch in 2020). Disbursements for the new S-Loan Green Projects product amount to ~€1.8bn (since its launch in 2024)
ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors
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 catalogue 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 (83% as at 30.9.25)
Strong commitment to Stewardship activities: in 9M25, Eurizon Capital SGR took part in 1,373 shareholders' meetings (of which 89% are issuers listed abroad) and 543 engagements (of which 40% on ESG issues); at the same time Eurizon Capital SA and Epsilon SGR(7) took part respectively in 3,344 shareholders' meetings (of which 97% are issuers listed abroad) and 21 shareholders' meetings (of which 90% are issuers listed abroad); In 9M25, Fideuram took part in 39 shareholders' meetings and 103 engagements (of which 87% 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 2022-9M25 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

Leading ESG position in the main sustainability indexes and rankings

Top ranking for Sustainability(1)

The only Italian bank included in the Dow Jones Best-in-Class Indices and in CDP Climate A List

Only bank in Italy, first bank in Europe and second bank worldwide in 2025 Corporate Knights ''Global 100 Most Sustainable Corporations in the World Index''

Ranked first among peer group by Sustainalytics (2025 ESG Industry Top rated and 2025 ESG Regional Top rated)

In October 2025, ISP was confirmed the only Italian Bank in the FTSE D&I Index 2025

In March 2025, ISP was included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality

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

A	AAA	89	8.1
A	AA	85	9.0
A	AA	72	9.6
A	AA	70	9.9
A	AA	69	10.6
A	AA	67	11.5
A	AA	64	12.3
A	AA	64	12.4
B	AA	60	13.1
B	AA	58	13.2
B	AA	57	13.5
B	AA	57	14.2
C	AA	57	15.4
C	AA	56	16.6
NA	AA	52	17.7
NA	AA	41	19.1

ISP included in all main indexes:

Included in the FTSE Diversity and Inclusion Index – Top 100 companies 2025

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 15.10.25; S&P Global ESG 2024 Score (https://www.spglobal.com/esg/solutions/data intelligence-esg-scores as at 15.7.25); Sustainalytics ESG Risk Rating score (source Bloomberg) as at 2.10.25

⁽¹⁾ ISP peer group

Our People are our most important asset

Key highlights

~5,250 professionals hired since 2021
~8,950 people reskilled and ~51m 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

9M25 Results

Detailed information

Key P&L and Balance sheet figures

€ m	9M25		30.9.25
Operating income	20,432	Loans to customers	421,073
Operating costs	(7,956)	Customer financial assets(1)	1,411,456
Cost/Income ratio	38.9%	of which Direct deposits from banking business	573,217
Operating margin	12,476	of which Direct deposits from insurance business	179,011
Gross income (loss)	11,570	of which Indirect customer deposits	826,249
Net income	7,588	- Assets under management	486,173
		- Assets under administration	340,076
		RWA	306,097
		Total assets	944,024
		Fully phased-in CET1 ratio	13.9%(2)

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

⁶⁹ (2) Taking into account 70% cash dividend payout ratio and €2bn buyback finalised in October, and post >40bps Basel 4 impact. 13.1% not including any 9M25 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

Detailed consolidated P&L results

Liquidity, funding and capital base

Asset quality

Divisional results and other information

9M25 vs 9M24: the best 9M ever with €7.6bn Net income

	9M24	9M25	 %

Net interest income	11,917	11,112	(6.8)
Net fee and commission income	6,970	7,328	5.1
Income from insurance business	1,311	1,372	4.7
Profits on financial assets and liabilities at fair value	251	633	152.2
Other operating income (expenses)	(10)	(13)	30.0
Operating income	20,439	20,432	(0.0)
Personnel expenses	(4,900)	(4,855)	(0.9)
Other administrative expenses	(2,068)	(2,036)	(1.5)
Adjustments to property, equipment and intangible assets	(1,018)	(1,065)	4.6
Operating costs	(7,986)	(7,956)	(0.4)
Operating margin	12,453	12,476	0.2
Net adjustments to loans	(792)	(783)	(1.1)
Net provisions and net impairment losses on other assets	(327)	(142)	(56.6)
Other income (expenses)	86	19	(77.9)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	11,420	11,570	1.3
Taxes on income	(3,703)	(3,656)	(1.3)
Charges (net of tax) for integration and exit incentives	(163)	(189)	16.0
Effect of purchase price allocation (net of tax)	(82)	(62)	(24.4)
Levies and other charges concerning the banking and insurance industry (net of tax)	(293)	(53)	(81.9)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(12)	(22)	83.3
Net income	7,167	7,588	5.9

Q3 vs Q2: the best Q3 ever for Commissions and Insurance income

	2Q25	3Q25	Δ%
Net interest income	3,800	3,680	(3.2)
Net fee and commission income	2,449	2,444	(0.2)
Income from insurance business	460	450	(2.2)
Profits on financial assets and liabilities at fair value	287	81	(71.8)
Other operating income (expenses)	1	(12)	n.m.
Operating income	6,997	6,643	(5.1)
Personnel expenses	(1,606)	(1,666)	3.7
Other administrative expenses	(722)	(691)	(4.3)
Adjustments to property, equipment and intangible assets	(336)	(357)	6.3
Operating costs	(2,664)	(2,714)	1.9
Operating margin	4,333	3,929	(9.3)
Net adjustments to loans	(281)	(278)	(1.1)
Net provisions and net impairment losses on other assets	(84)	(35)	(58.3)
Other income (expenses)	25	(2)	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	3,993	3,614	(9.5)
Taxes on income	(1,254)	(1,152)	(8.1)
Charges (net of tax) for integration and exit incentives	(68)	(64)	(5.9)
Effect of purchase price allocation (net of tax)	(21)	(17)	(19.0)
Levies and other charges concerning the banking and insurance industry (net of tax)	(41)	(3)	(92.7)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(8)	(6)	(25.0)
Net income	2,601	2,372	(8.8)

Quarterly P&L

	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25
Net interest income	3,947	4,028	3,942	3,801	3,632	3,800	3,680
Net fee and commission income	2,276	2,387	2,307	2,416	2,435	2,449	2,444
Income from insurance business	455	448	408	424	462	460	450
Profits on financial assets and liabilities at fair value	81	20	150	5	265	287	81
Other operating income (expenses)	(3)	(2)	(5)	22	(2)	1	(12)
Operating income	6,756	6,881	6,802	6,668	6,792	6,997	6,643
Personnel expenses	(1,602)	(1,619)	(1,679)	(2,285)	(1,583)	(1,606)	(1,666)
Other administrative expenses	(630)	(725)	(713)	(911)	(623)	(722)	(691)
Adjustments to property, equipment and intangible assets	(359)	(315)	(344)	(388)	(372)	(336)	(357)
Operating costs	(2,591)	(2,659)	(2,736)	(3,584)	(2,578)	(2,664)	(2,714)
Operating margin	4,165	4,222	4,066	3,084	4,214	4,333	3,929
Net adjustments to loans	(234)	(320)	(238)	(482)	(224)	(281)	(278)
Net provisions and net impairment losses on other assets	(52)	(125)	(150)	(353)	(23)	(84)	(35)
Other income (expenses)	57	31	(2)	67	(4)	25	(2)
Income (Loss) from discontinued operations	0	0	0	0	0	0	0
Gross income (loss)	3,936	3,808	3,676	2,316	3,963	3,993	3,614
Taxes on income	(1,280)	(1,234)	(1,189)	(345)	(1,250)	(1,254)	(1,152)
Charges (net of tax) for integration and exit incentives	(56)	(46)	(61)	(424)	(57)	(68)	(64)
Effect of purchase price allocation (net of tax)	(29)	(25)	(28)	(12)	(24)	(21)	(17)
Levies and other charges concerning the banking and insurance industry (net of tax)	(257)	(37)	1	(55)	(9)	(41)	(3)
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	0	0	0	0
Minority interests	(13)	(1)	2	19	(8)	(8)	(6)
Net income	2,301	2,465	2,401	1,499	2,615	2,601	2,372

CERTIFIED

Net interest income

Net fee and commission income

Quarterly analysis Yearly analysis € m € m

Best Q3 ever, essentially stable vs Q2 despite the usual business slowdown in summer
Growth vs 3Q24 driven by Commissions from Management, dealing and consultancy activities (+8.4%; +€119m)

Record-high nine months
8.6% increase in Commissions from Management, dealing and consultancy activities (+€369m)

Net fee and commission income: quarterly development breakdown

€ m

Net fee and commission income

	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	9M24	9M25

Guarantees given / received	48	50	44	45	38	43	43	142	124
Collection and payment services	167	178	178	188	170	176	165	523	511
Current accounts	327	328	332	335	323	327	325	987	975
Credit and debit cards	96	120	102	101	86	116	94	318	296
Commercial banking activities	638	676	656	669	617	662	627	1,970	1,906
Dealing and placement of securities	303	282	230	235	373	360	328	815	1,061
Currency dealing	3	3	2	3	3	2	4	8	9
Portfolio management	660	679	683	688	685	659	675	2,022	2,019
Distribution of insurance products	375	402	404	394	400	412	417	1,181	1,229
Other	73	84	97	132	112	108	111	254	331
Management, dealing and consultancy activities	1,414	1,450	1,416	1,452	1,573	1,541	1,535	4,280	4,649
Other net fee and commission income	224	261	235	295	245	246	282	720	773
Net fee and commission income	2,276	2,387	2,307	2,416	2,435	2,449	2,444	6,970	7,328

Income from insurance business

Quarterly analysis Yearly analysis € m € m

The best Q3 ever
16% growth vs 3Q24 in Non-motor P&C revenues(1) at €183m, €197m including credit-linked products

The best nine months ever
13% growth in Non-motor P&C revenues(1) at €528m, €577m including credit-linked products

Profits on financial assets and liabilities at fair value

Contributions by activity Securities portfolio and Treasury Capital markets Customers 9M25 57 279 297 3Q24 (17) 78 89 3Q25 (115) 100 96 9M24 (359) 228 382 2Q25 82 96 109

Operating costs

Net adjustments to loans

€ m € m

Overlays stable at €0.9bn
NPL coverage ratio at 51.1% as at 30.9.25 (+1pp vs 30.6.25)

Annualised Cost of credit stable at 25bps
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

>€1.4 trillion in Customer financial assets, up €21bn in Q3

30.9.24 30.6.25 30.9.25

Funding mix

Breakdown of Direct deposits from banking business

	Wholesale	Retail
Current accounts and deposits	21	380
Repos and securities lending	19	-
Senior bonds ⁽¹⁾	35	7
Covered bonds	29	-
Short-term institutional funding	19 ⁽²⁾	-
Subordinated liabilities	7 Privat	d with re ng clients
Other deposits	1	52 ⁽³⁾

Retail funding represents 77% of Direct deposits from banking business
84% of Household deposits are guaranteed by the Deposit Guarantee Scheme (65% including Corporates)
Very granular deposit base: average deposits ~€12k for Households (~19.6m clients) and ~€66k 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

(3) Including Certificates

Strong funding capability: broad access to international markets

Covered bonds Total issued in 9M

◼ €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 Tier 2, €1bn AT1 and €0.5bn covered bond placed. On average(2) 86% demand from foreign investors; orderbooks average(2) 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

Note: figures may not add up exactly due to rounding

(1) Including €1bn in AT1 related to 2026 pre-funding

Subordinated bonds(1)

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

LCR at 142%(4) and NSFR at 122%(5) (2025 Business Plan targets: ~125% and ~115% respectively)

⁽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 significantly increased capital base

Fully phased-in Common equity ratio Fully phased-in Tier 1 ratio Fully phased-in Total capital ratio

€5.3bn dividends accrued in 9M €5.3bn dividends accrued in 9M €5.3bn dividends accrued in 9M

~100bps additional benefit from DTA absorption after 30.9.25 not included in the fully phased-in CET1 ratio
6.1%(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 finalised in October

⁽³⁾ Taking into account 70% cash dividend payout ratio

⁽⁴⁾ Taking into account 70% cash dividend payout ratio, 5.8% not including any 9M 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 at historical lows

er	narket storage
CER	TIFIED
	•

X Gross NPL ratio, %			ss NPL ratio, % Net NPL ratio, %
	Gross NI	PL			Net NF	PL
€bn		!		€bn
	30.9.24	30.6.25	30.9.25		30.9.24	30.6.25	30.9.25
Bad loans	3.7	3.9	4.1	Bad loans	1.1	1.3	1.3
- of which forborne	0.9	0.9	0.9	- of which forborne	0.3	0.3	0.3
Unlikely to pay	5.3	5.4	5.2	Unlikely to pay	3.2	3.2	3.1
- of which forborne	2.1	2.1	2.1	- of which forborne	1.3	1.4	1.3
Past due	0.6	0.6	0.6	Past due	0.4	0.4	0.4
- of which forborne	0.1	0.1	0.1	- of which forborne	-	-	-
Total	9.6	9.9	9.9	Total	4.7	4.9	4.8
	2.2	2.3	2.3		1.1	1.2	1.1
	1.9	2.0	2.0		0.9	1.0	1.0
		2.0	2.0		0.3	1.0	1.0

Non-performing loans: sizeable and increased coverage

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 inflows: at historical lows

Non-performing loans gross inflow

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

Non-performing loans net inflow

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

Loans to customers: a well-diversified portfolio

Non-retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.9.25)

	30.9.25
Public Administration	5.0%
Financial companies	8.1%
Non-financial companies	38.7%
of which:
UTILITIES	4.8%
SERVICES	4.6%
REAL ESTATE	3.0%
FOOD AND DRINK	2.6%
DISTRIBUTION	2.6%
CONSTRUCTION AND MATERIALS FOR CONSTR.	2.3%
INFRASTRUCTURE	2.3%
TRANSPORTATION MEANS	1.9%
METALS AND METAL PRODUCTS	1.9%
ENERGY AND EXTRACTION	1.7%
FASHION	1.6%
AGRICULTURE	1.5%
TOURISM	1.3%
CHEMICALS, RUBBER AND PLASTICS	1.3%
MECHANICAL	1.3%
ELECTRICAL COMPONENTS AND EQUIPMENT	0.9%
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

.9.25 Divisions
	Banca dei Territori	IMI Corporate & Investment Banking	International Banks ⁽¹⁾	Private Banking ⁽²⁾	Asset Management ⁽³⁾	Insurance ⁽⁴⁾	Corporate Centre / Others ⁽⁵⁾	Total
			Weal	Wealth Management Divisions
Operating income (€ m)	9,094	3,686	2,440	2,579	723	1,360	550	20,432
Operating margin (€ m)	4,621	2,646	1,445	1,816	562	1,097	289	12,476
Net income (€ m)	2,492	1,696	1,019	1,213	415	726	27	7,588
Cost/Income (%)	49.2	28.2	40.8	29.6	22.3	19.3	n.m.	38.9
RWA (€ bn)	86.9	110.7	40.5	15.3	3.0	0.0	49.7	306.1
Direct deposits from banking business (€ bn)	258.5	121.4	62.6	44.2	0.0	0.0	86.6	573.2
Loans to customers (€ bn)	220.5	123.3	47.5	14.0	0.3	0.0	15.5	421.1

⁽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

⁽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: 9M25 vs 9M24

	9M24	9M25	%
Net interest income	5,170	5,160	(0.2)
Net fee and commission income	3,644	3,825	5.0
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	86	106	23.3
Other operating income (expenses)	8	3	(62.5)
Operating income	8,908	9,094	2.1
Personnel expenses	(2,464)	(2,444)	(0.8)
Other administrative expenses	(2,101)	(2,028)	(3.5)
Adjustments to property, equipment and intangible assets	(1)	(1)	0.0
Operating costs	(4,566)	(4,473)	(2.0)
Operating margin	4,342	4,621	6.4
Net adjustments to loans	(813)	(781)	(3.9)
Net provisions and net impairment losses on other assets	(74)	(83)	12.2
Other income (expenses)	16	51	218.8
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	3,471	3,808	9.7
Taxes on income	(1,140)	(1,229)	7.8
Charges (net of tax) for integration and exit incentives	(61)	(72)	18.0
Effect of purchase price allocation (net of tax)	(16)	(12)	(25.0)
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	2,067	2,492	20.6

Banca dei Territori: Q3 vs Q2

	2Q25	3Q25	%
Net interest income	1,717	1,698	(1.1)
Net fee and commission income	1,281	1,266	(1.2)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	45	30	(32.6)
Other operating income (expenses)	0	0	(89.3)
Operating income	3,043	2,994	(1.6)
Personnel expenses	(812)	(811)	(0.1)
Other administrative expenses	(689)	(710)	3.0
Adjustments to property, equipment and intangible assets	(0)	(0)	(16.7)
Operating costs	(1,502)	(1,522)	1.3
Operating margin	1,541	1,473	(4.4)
Net adjustments to loans	(282)	(219)	(22.4)
Net provisions and net impairment losses on other assets	(50)	(15)	(69.2)
Other income (expenses)	51	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,260	1,238	(1.7)
Taxes on income	(395)	(405)	2.7
Charges (net of tax) for integration and exit incentives	(24)	(22)	(9.5)
Effect of purchase price allocation (net of tax)	(2)	(4)	50.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(3)	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	835	807	(3.3)

IMI Corporate & Investment Banking: 9M25 vs 9M24

	9M24	9M25	%
Net interest income	2,318	2,279	(1.7)
Net fee and commission income	916	928	1.3
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(223)	479	n.m.
Other operating income (expenses)	0	0	n.m.
Operating income	3,011	3,686	22.4
Personnel expenses	(381)	(381)	0.0
Other administrative expenses	(665)	(648)	(2.6)
Adjustments to property, equipment and intangible assets	(12)	(11)	(8.3)
Operating costs	(1,058)	(1,040)	(1.7)
Operating margin	1,953	2,646	35.5
Net adjustments to loans	83	(98)	n.m.
Net provisions and net impairment losses on other assets	(10)	(15)	50.0
Other income (expenses)	0	1	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	2,026	2,534	25.1
Taxes on income	(645)	(819)	27.0
Charges (net of tax) for integration and exit incentives	(18)	(19)	5.6
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	1,363	1,696	24.4

IMI Corporate & Investment Banking: Q3 vs Q2

	2Q25	3Q25	%
Net interest income	779	778	(0.0)
Net fee and commission income	291	324	11.3
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	221	64	(71.2)
Other operating income (expenses)	0	(0)	n.m.
Operating income	1,291	1,166	(9.7)
Personnel expenses	(126)	(127)	1.1
Other administrative expenses	(214)	(228)	6.2
Adjustments to property, equipment and intangible assets	(4)	(4)	1.5
Operating costs	(343)	(358)	4.3
Operating margin	948	808	(14.7)
Net adjustments to loans	(50)	(66)	31.5
Net provisions and net impairment losses on other assets	(8)	(4)	(46.2)
Other income (expenses)	1	1	81.0
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	891	739	(17.0)
Taxes on income	(288)	(239)	(17.2)
Charges (net of tax) for integration and exit incentives	(7)	(6)	(11.5)
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	595	495	(16.9)

<-- PDF CHUNK SEPARATOR -->

International Banks: 9M25 vs 9M24

	9M24	9M25	%
Net interest income	1,895	1,830	(3.4)
Net fee and commission income	485	541	11.5
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	124	117	(5.6)
Other operating income (expenses)	(53)	(48)	(9.4)
Operating income	2,451	2,440	(0.4)
Personnel expenses	(496)	(518)	4.4
Other administrative expenses	(372)	(379)	1.9
Adjustments to property, equipment and intangible assets	(95)	(98)	3.2
Operating costs	(963)	(995)	3.3
Operating margin	1,488	1,445	(2.9)
Net adjustments to loans	(45)	36	n.m.
Net provisions and net impairment losses on other assets	(9)	(17)	88.9
Other income (expenses)	1	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,435	1,464	2.0
Taxes on income	(345)	(371)	7.5
Charges (net of tax) for integration and exit incentives	(35)	(46)	31.4
Effect of purchase price allocation (net of tax)	(2)	(4)	100.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(17)	(23)	35.3
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(12)	(1)	(91.7)
Net income	1,024	1,019	(0.5)

International Banks: Q3 vs Q2

	2Q25	3Q25	%
Net interest income	609	607	(0.4)
Net fee and commission income	196	177	(10.0)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	54	30	(44.0)
Other operating income (expenses)	(18)	(16)	(15.2)
Operating income	842	799	(5.1)
Personnel expenses	(170)	(174)	2.0
Other administrative expenses	(129)	(128)	(0.5)
Adjustments to property, equipment and intangible assets	(32)	(33)	2.4
Operating costs	(332)	(335)	1.0
Operating margin	510	464	(9.1)
Net adjustments to loans	37	(18)	n.m.
Net provisions and net impairment losses on other assets	9	(21)	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	556	425	(23.6)
Taxes on income	(123)	(105)	(14.9)
Charges (net of tax) for integration and exit incentives	(24)	(13)	(45.4)
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)	(8)	(6)	(16.5)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(0)	27.3
Net income	400	300	(25.2)

Private Banking: 9M25 vs 9M24

	9M24	9M25	%
Net interest income	912	817	(10.4)
Net fee and commission income	1,558	1,688	8.3
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	42	58	38.1
Other operating income (expenses)	21	16	(23.8)
Operating income	2,533	2,579	1.8
Personnel expenses	(374)	(374)	0.0
Other administrative expenses	(305)	(308)	1.0
Adjustments to property, equipment and intangible assets	(79)	(81)	2.5
Operating costs	(758)	(763)	0.7
Operating margin	1,775	1,816	2.3
Net adjustments to loans	(20)	(7)	(65.0)
Net provisions and net impairment losses on other assets	(33)	(27)	(18.2)
Other income (expenses)	20	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,742	1,782	2.3
Taxes on income	(567)	(543)	(4.2)
Charges (net of tax) for integration and exit incentives	(14)	(18)	28.6
Effect of purchase price allocation (net of tax)	(15)	(15)	0.0
Levies and other charges concerning the banking and insurance industry (net of tax)	(20)	(2)	(90.0)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	15	9	(40.0)
Net income	1,141	1,213	6.3

Private Banking: Q3 vs Q2

	2Q25	3Q25	%
Net interest income	277	279	0.5
Net fee and commission income	570	557	(2.3)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	22	16	(30.4)
Other operating income (expenses)	5	6	25.5
Operating income	874	857	(2.0)
Personnel expenses	(124)	(127)	2.9
Other administrative expenses	(103)	(104)	0.8
Adjustments to property, equipment and intangible assets	(27)	(27)	2.4
Operating costs	(253)	(258)	2.0
Operating margin	621	598	(3.6)
Net adjustments to loans	(7)	4	n.m.
Net provisions and net impairment losses on other assets	(17)	(6)	(67.5)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	597	597	(0.1)
Taxes on income	(183)	(189)	3.3
Charges (net of tax) for integration and exit incentives	(7)	(6)	(5.9)
Effect of purchase price allocation (net of tax)	(5)	(5)	(8.0)
Levies and other charges concerning the banking and insurance industry (net of tax)	(2)	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	3	3	(3.2)
Net income	404	400	(0.9)

Asset Management: 9M25 vs 9M24

	9M24	9M25	%
Net interest income	45	31	(31.1)
Net fee and commission income	663	652	(1.7)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1	2	100.0
Other operating income (expenses)	37	38	2.7
Operating income	746	723	(3.1)
Personnel expenses	(74)	(69)	(6.8)
Other administrative expenses	(87)	(84)	(3.4)
Adjustments to property, equipment and intangible assets	(7)	(8)	14.3
Operating costs	(168)	(161)	(4.2)
Operating margin	578	562	(2.8)
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)	608	564	(7.2)
Taxes on income	(150)	(143)	(4.7)
Charges (net of tax) for integration and exit incentives	0	(3)	n.m.
Effect of purchase price allocation (net of tax)	(3)	(3)	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	455	415	(8.8)

Asset Management: Q3 vs Q2

	2Q25	3Q25	%
Net interest income	10	10	(0.6)
Net fee and commission income	214	223	4.0
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1	1	60.8
Other operating income (expenses)	12	14	18.8
Operating income	237	248	4.6
Personnel expenses	(23)	(24)	5.6
Other administrative expenses	(29)	(28)	(1.9)
Adjustments to property, equipment and intangible assets	(3)	(3)	2.4
Operating costs	(54)	(55)	1.5
Operating margin	183	193	5.6
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)	183	193	5.3
Taxes on income	(45)	(48)	4.6
Charges (net of tax) for integration and exit incentives	(1)	(1)	45.8
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)	15.5
Net income	136	143	5.3

Insurance: 9M25 vs 9M24

	9M24	9M25	%
Net interest income	0	0	n.m.
Net fee and commission income	3	3	0.0
Income from insurance business	1,296	1,367	5.5
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(3)	(10)	233.3
Operating income	1,296	1,360	4.9
Personnel expenses	(106)	(107)	0.9
Other administrative expenses	(136)	(129)	(5.1)
Adjustments to property, equipment and intangible assets	(26)	(27)	3.8
Operating costs	(268)	(263)	(1.9)
Operating margin	1,028	1,097	6.7
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)	1,028	1,097	6.7
Taxes on income	(307)	(329)	7.2
Charges (net of tax) for integration and exit incentives	(14)	(14)	0.0
Effect of purchase price allocation (net of tax)	(7)	(4)	(42.9)
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	677	726	7.2

Insurance: Q3 vs Q2

	2Q25	3Q25	%
Net interest income	(0)	(0)	1.7
Net fee and commission income	1	1	3.6
Income from insurance business	457	449	(1.6)
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(4)	(3)	(4.6)
Operating income	454	447	(1.6)
Personnel expenses	(34)	(36)	5.9
Other administrative expenses	(45)	(46)	2.2
Adjustments to property, equipment and intangible assets	(8)	(10)	14.1
Operating costs	(88)	(92)	4.8
Operating margin	366	355	(3.1)
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)	366	355	(3.1)
Taxes on income	(104)	(105)	0.7
Charges (net of tax) for integration and exit incentives	(6)	(5)	(18.7)
Effect of purchase price allocation (net of tax)	(2)	(1)	(41.4)
Levies and other charges concerning the banking and insurance industry (net of tax)	(24)	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(0)	(47.0)
Net income	231	244	5.9

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 30.9.25
(3) Including bonds
(4) Mutual funds; data as at 30.6.25
(5) Data as at 30.6.25

International Banks by country

Data as at 30.9.25

											Total		Total	% of the
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania(*)	Moldova	(**) Ukraine	CEE	Egypt		Group
Operating income (€ m)	298	610	115	504	40	381	60	95	13	8	2,123	329	2,453	12.0%
Operating costs (€ m)	111	194	43	182	23	116	28	72	10	9	788	85	873	11.0%
Net adjustments to loans (€ m)	(4)	23	4	(31)	(0)	11	(1)	(20)	(2)	(1)	(20)	(16)	(36)	n.m.
Net income (€ m)	138	231	46	292	12	197	23	18	3	(5)	956	162	1,119	14.7%
Customer deposits (€ bn)	7.0	21.3	3.6	14.4	1.3	7.3	1.9	2.2	0.2	0.2	59.5	3.1	62.5	10.9%
Customer loans (€ bn)	4.4	19.5	2.5	10.4	1.0	5.8	0.6	1.6	0.1	0.0	46.1	1.4	47.5	11.3%
Performing loans (€ bn) of which:	4.4	19.3	2.5	10.3	1.0	5.8	0.6	1.6	0.1	0.0	45.7	1.4	47.1	11.3%
Retail local currency	45%	58%	41%	51%	31%	19%	31%	21%	69%	n.m.	47%	48%	47%
Retail foreign currency	0%	0%	0%	0%	11%	24%	9%	7%	0%	n.m.	4%	0%	3%
Corporate local currency	31%	34%	59%	49%	37%	20%	16%	46%	15%	n.m.	37%	38%	37%
Corporate foreign currency	25%	7%	0%	0%	20%	37%	44%	26%	16%	n.m.	12%	14%	12%
Non-performing loans (€ m)	36	194	18	139	6	44	4	17	0	0	458	7	465	9.6%
Non-performing loans coverage	52%	53%	64%	55%	71%	70%	71%	70%	100%	100%	60%	86%	61%
Annualised Cost of credit(1) (bps)	n.m.	16	22	n.m.	n.m.	25	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.

Note: figures may not add up exactly due to rounding

^(*) First Bank merged into Intesa Sanpaolo Bank Romania on 31.10.25

^(**) Consolidated on the basis of the countervalue of 30.6.25 figures at the exchange rate as at 30.9.25

⁽¹⁾ Net adjustments to loans/Net customer loans

Total exposure(1) by main countries

€ m

		DEBT SECURITIES
		Banking Business			LOANS
	AC	FVTOCI	FVTPL(2)	Total(3)
EU Countries	61,433	60,157	6,179	127,769	381,461
Austria	727	1,810	17	2,554	340
Belgium	4,367	5,404	126	9,897	856
Bulgaria	0	47	14	61	8
Croatia	1,855	494	32	2,381	10,221
Cyprus	0	0	14	14	40
Czech Republic	139	314	52	505	893
Denmark	121	148	2	271	202
Estonia	0	0	0	0	2
Finland	319	351	-1	669	131
France	8,601	10,763	425	19,789	6,211
Germany	1,271	3,227	356	4,854	7,266
Greece	51	98	186	335	1,975
Hungary	1,152	1,497	162	2,811	4,813
Ireland	1,894	1,899	350	4,143	598
Italy	26,246	14,419	3,498	44,163	310,844
Latvia	0	0	0	0
Lithuania	0	0	0	0	8 1
Luxembourg	1,004	2,176	31	3,211	7,582
Malta	0	0	0	0	133
The Netherlands	1,362	1,401	127	2,890	2,277
Poland	684	157	39	880	514
Portugal	769	851	42	1,662	251
Romania	55	865	13	933	1,824
Slovakia	1,829	1,018	47	2,894	16,442
Slovenia	101	190	0	291	2,406
Spain	8,742	12,901	647	22,290	5,126
Sweden	144	127	0	271	497
Albania	21	689	0	710	655
Egypt	388	1,080	0	1,468	1,798
Japan	105	3,877	-41	3,941	809
Russia	3	0	0	3	950
Serbia	7	460	0	467	6,023
United Kingdom	767	1,857	180	2,804	14,975
U.S.A.	4,246	9,829	183	14,258	10,709
Other Countries	7,102	9,890	771	17,763	22,974
Total	74,072	87,839	7,272	169,183	440,354

⁽¹⁾ Exposure to sovereign risks (central and local governments), banks and other customers. Book value of debt securities and net loans as at 30.9.25

⁽²⁾ Taking into account cash short positions

Exposure to sovereign risks(1) by main countries

€ m

		Banking Business
	AC	FVTOCI	FVTPL(2) Total(3)
EU Countries	46,887	44,035	3,028	93,950	11,226
Austria	618	1,514	2	2,134	0
Belgium	4,052	4,926	134	9,112	0
Bulgaria	0	47	12	59	0
Croatia	1,646	479	32	2,157	1,335
Cyprus	0	0	0	0	0
Czech Republic	0	295	52	347	0
Denmark	0	0	0	0	0
Estonia	0	0	0	0	0
Finland	251	222	0	473	0
France	7,056	6,333	208	13,597	1
Germany	297	1,857	175	2,329	15
Greece	0	0	32	32	0
Hungary	982	1,468	161	2,611	368
Ireland	385	77	0	462	0
Italy	19,802	10,419	1,712	31,933	8,715
Latvia	0	0	0	0	8
Lithuania	0	0	0	0	0
Luxembourg	314	1,191	1	1,506	0
Malta	0	0	0	0	0
The Netherlands	834	394	73	1,301	0
Poland	419	143	36	598	0
Portugal	535	661	-4	1,192	63
Romania	55	865	12	932	42
Slovakia	1,717	941	47	2,705	308
Slovenia	89	183	0	272	317
Spain	7,835	12,020	343	20,198	54
Sweden	0	0	0	0	0
Albania	21	689	0	710	0
Egypt	388	1,080	0	1,468	460
Japan	0	3,371	-56	3,315	0
Russia	0	0	0	0	0
Serbia	7	460	0	467	592
United Kingdom	0	1,359	6	1,365	0
U.S.A.	2,971	7,795	-91	10,675	0
Other Countries	3,485	5,354	279	9,118	4,045
Total	53,759	64,143	3,166	121,068	16,323

Banking business government bond duration: 6.8y

Adjusted duration due to hedging: 0.7y

⁽¹⁾ Exposure to central and local governments. Book value of debt securities and net loans as at 30.9.25

⁽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 €52,621m (of which €42,768m in Italy). The total of FVTOCI reserves (net of tax and allocation to insurance products under management) amounts to -€1,820m (of which -€374m in Italy)

Exposure to banks by main countries(1)

€ m

		LOANS
	AC	FVTOCI	FVTPL(2)	Total(3)
EU Countries	4,163	9,818	2,113	16,094	21,592
Austria	109	278	16	403	191
Belgium	251	398	-7	642	156
Bulgaria	0	0	0	0	0
Croatia	0	0	0	0	97
Cyprus	0	0	14	14	0
Czech Republic	0	19	0	19	15
Denmark	49	56	1	106	11
Estonia	0	0	0	0	0
Finland	11	88	-1	98	1
France	930	2,862	132	3,924	3,140
Germany	293	682	138	1,113	4,913
Greece	51	98	152	301	1,922
Hungary	98	29	1	128	457
Ireland	66	10	-3	73	211
Italy	1,611	3,028	1,312	5,951	8,185
Latvia	0	0	0	0	0
Lithuania	0	0	0	0	0
Luxembourg	93	875	-1	967	104
Malta	0	0	0	0	123
The Netherlands	181	598	35	814	15
Poland	0	5	-1	4	1
Portugal	36	154	46	236	154
Romania	0	0	1	1	50
Slovakia	35	77	0	112	3
Slovenia	0	7	0	7	0
Spain	332	494	275	1,101	1,755
Sweden	17	60	3	80	88
Albania	0	0	0	0	19
Egypt	0	0	0	0	31
Japan	19	361	7	387	15
Russia	0	0	0	0	41
Serbia	0	0	0	0	41
United Kingdom	89	240	112	441	2,434
U.S.A.	124	787	178	1,089	713
Other Countries	298	2,949	125	3,372	3,404
Total	4,693	14,155	2,535	21,383	28,290

⁽¹⁾ Book value of debt securities and net loans as at 30.9.25

⁽²⁾ Taking into account cash short positions

Exposure to other customers by main countries(1)


		DEBT SECURITIES
		Banking Business			LOANS
	AC	FVTOCI	FVTPL(2)	Total(3)
EU Countries	10,383	6,304	1,038	17,725	348,643
Austria	0	18	-1	17	149
Belgium	64	80	-1	143	700
Bulgaria	0	0	2	2	8
Croatia	209	15	0	224	8,789
Cyprus	0	0	0	0	40
Czech Republic	139	0	0	139	878
Denmark	72	92	1	165	191
Estonia	0	0	0	0	2
Finland	57	41	0	98	130
France	615	1,568	85	2,268	3,070
Germany	681	688	43	1,412	2,338
Greece	0	0	2	2	53
Hungary	72	0	0	72	3,988
Ireland	1,443	1,812	353	3,608	387

Italy	4,833	972	474	6,279	293,944
Latvia	0	0	0	0	0
Lithuania	0	0	0	0	1
Luxembourg	597	110	31	738	7,478
Malta	0	0	0	0	10
The Netherlands	347	409	19	775	2,262
Poland	265	9	4	278	513
Portugal	198	36	0	234	34
Romania	0	0	0	0	1,732
Slovakia	77	0	0	77	16,131
Slovenia	12	0	0	12	2,089
Spain	575	387	29	991	3,317
Sweden	127	67	-3	191	409
Albania	0	0	0	0	636
Egypt	0	0	0	0	1,307
Japan	86	145	8	239	794
Russia	3	0	0	3	909
Serbia	0	0	0	0	5,390
United Kingdom	678	258	62	998	12,541
U.S.A.	1,151	1,247	96	2,494	9,996
Other Countries	3,319	1,587	367	5,273	15,525
Total	15,620	9,541	1,571	26,732	395,741

⁽¹⁾ Book Value of debt securities and net loans as at 30.9.25

⁽²⁾ Taking into account cash short positions

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.

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Intesa Sanpaolo

4465_rns_2025-10-31_632b73cb-c2a3-4a70-8152-7bc311d0b99a.pdf

9M25 Results

9M25: key achievements

Increasing and sustainable value creation and distribution

Rock-solid and significantly growing capital position, with ~40bps increase in Q3

Strong and resilient NII despite significant Euribor decline

Strong growth in Commissions and Insurance income, with excellent Q3 performance

Cost reduction while strongly investing in technology

Firmly on track to deliver 2025 Net income well above €9bn, including Q4 managerial actions to strengthen future profitability

Our excellent performance benefits all our stakeholders

9M25: the best nine months ever

The best nine months ever

emarket sdir storoge CERTIFIED

9M: €7.6bn Net income driven by Commissions and Insurance income at record highs

CERTIFIED

3Q25: €2.4bn Net income, the best Q3 ever for Commissions and Insurance income

certified

Firmly on track to deliver 2025 NII well above 2023 level, despite a significant decline in Eurik

Net interest income trend breakdown

A Wealth Management, Protection & Advisory leader, with >€1.4 trillion in Customer financial assets, growing further in Q3…

… fuelling strong growth in Commissions, at record highs, with excellent performance in Q3

CERTIFIED

Strong contribution to Group P&L from Wealth Management, with growing AuM inflows

Best-ever 9M and Q3 for Insurance income, driven by P&C

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

Cost reduction with high flexibility for further decrease

Our tech transformation is enabling generational change and significant efficiency gains

… enabling generational change and significant efficiency gains

Best-in-class Cost/Income ratio in Europe

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

certified

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

… as well as for Stage 2 loans

Cost of risk at historical lows with increasing NPL coverage

NPL coverage among the best in Europe

Rock-solid capital base, with ~105bps CET1 increase in 9M and ~40bps in Q3

ISP is a clear winner of the EBA stress test thanks to its well-diversified and resilient business model

Best-in-class MREL and sound liquidity position

Continued ESG commitment…

… including on climate

ISP is fully equipped to succeed in any scenario…

… and is far better positioned than its peers…

... also thanks to a unique Commissions-driven and efficient business model, coupled with strong tech investments

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

Solid banking system

Low debt/high wealth households

Significant investments at European level

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

Deposits/Loans to non-financial companies, %

Final remarks

ISP delivered the best 9M ever and is fully equipped to succeed in any scenario

The best nine months ever

Fully equipped to succeed in any scenario

2022-2025 Business Plan nearing completion

Our People are our most important asset

Massive upfront de-risking, slashing Cost of risk

Key highlights

Massive upfront de-risking, slashing Cost of risk

Structural Cost reduction, enabled by technology

Key highlights

Structural Cost reduction, enabled by technology

Our tech transformation is accelerating and operating successfully

: ISP cloud-based digital banking platform

Mooney Enel

Tech transformation accelerating with 64% of applications already cloud-based

: our cloud-native tech backbone…

… already successfully deployed through …

… being progressively extended to the entire Group

Applications already cloud-based

emanket sdir storage certified

ISYT≣⊂IH: Group cloud-based digital platform

Key elements of our cloud-based digital platform

Cloud-native

Modular

Secure

Scalable

Always-on

A new digital bank delivered in 12 months and already chosen by >1m clients