Bper Banca

Investor Presentation • Nov 6, 2025

3Q25 & 9M25 Results Presentation

MILAN | NOVEMBER 6TH | 2025

Disclaimer

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this document. By accessing these materials, you agree to be bound by the foregoing limitations.

This document and the information contained herein do not constitute an offer to sell financial instruments or a solicitation of an offer to purchase financial instruments in the United States, Australia, Canada, or Japan, or in any other Country where such an offer or solicitation would be subject to authorization by local authorities or would otherwise be prohibited by law.

This presentation contains certain forward-looking statements, projections, objectives, estimates and forecasts reflecting the BPER management's current views with respect to certain 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 BPER Banca's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where BPER 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 BPER 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 BPER as of the date hereof. BPER undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to BPER or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Figures included in the tables shown in this document may not add exactly due to rounding differences.

** * **

The Manager responsible for preparing the Company's financial reports, Giovanni Tincani, declares, in accordance with art. 154-bis, para. 2, of the "Consolidated Financial Services Act" (Legislative Order No. 58/1998), that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries.

** * **

METHODOLOGICAL NOTE

Throughout this presentation: "including BPSO" refers to figures with the contribution of BPSO into BPER from 1st July 2025; "excluding BPSO" refers to figures without the contribution of BPSO; "excluding Alba Leasing" refers to figures without Alba Leasing inclusion, following the signing of a binding agreement for the disposal of a 5.1% stake in the share capital of Alba Leasing S.p.A., which will allow BPER to reduce the shareholding owned by the BPER Group in Alba Leasing to 47.66% of its share capital, with consequent loss of control and accounting deconsolidation of Alba Leasing as early as from the financial report for the period ending 31 December 2025.

Agenda

Executive summary

B:Dynamic | Full Value 2027

Group results

Update on BPSO integration

Final remarks

Annexes

Outstanding shareholders' remuneration sustained by robust business growth

(1) Source: Bloomberg. (2) Total return measures an investment performance that includes both price changes and all cash distributions, such as dividends and interest, assuming they are reinvest. (3) Source: Company data. TBV refers to Tangible Book Value per Share, defined as: (Shareholders' Equity - Intangible Assets) / Common Shares, at period end. (4) TFAs include Direct (Deposits) and Indirect (AuC, AuM and Life Insurance) Funding.

Total Revenues at €4.6 bn and Net Profit at €1.5 bn, including BPSO

9M25 Net Profit at €1.5 bn Record Net Profit excluding BPSO at €1.3 bn

Core Revenues at €4.4 bn and Cost/Income Ratio at 46.0% in 9M25

Strong Asset Quality at the end of Sep-25 with a Cost of Risk(3) at 24bps

Solid Balance Sheet and high Capital Ratios Organic Capital Generation excl. BPSO of 272bps in 9M25

Sound liquidity profile with short & long-term ratios well above regulatory thresholds

Net Profit Cost/Income CoR(3) RoTE(5) CET1 Ratio(6) LCR NSFR Total Revenues €4.6 bn o.w. BPER excl. BPSO €4.2 bn (+2.1% 9M/9M) €1.5 bn o.w. BPER excl. BPSO €1.3 bn (+19.6% 9M/9M)(2) 24bps o.w. BPER excl. BPSO 34bps (-5bps 9M/9M) 46.0% o.w. BPER excl. BPSO 46.8% (-272bps 9M/9M)(4) 15.1% (15.7% excl. Alba Leasing) 19.8% 132% (135% excl. Alba Leasing) 165% (173% excl. Alba Leasing) 9M25Key Financial Highlights(1)

(1) Including BPSO. (2) Net Profit adjustments of previous quarters are shown on slide 32 in Annex. (3) CoR annualised. (4) Cost/Income calculated on Operating Costs adjusted as shown on slide 32 in Annex. (5) RoTE calculated as: Net Profit / (Average Tangible Book Value - Minorities interests - AT1 - Dividends Accrued). (6) CET1 Ratio as at 30 September 2025 to be considered Phased-in on the basis of the new prudential supervisory framework entered into force as of 1 January 2025 (Basel IV) and calculated by including profit for the period for the portion not allocated to dividends, thus simulating, in advance, the effects of the ECB's authorisation to include these profits in Own Funds pursuant to art. 26, para 2 of the CRR.

9M record Net Profit at €1.3 bn, excl. BPSO, supported by strong commissions growth and continued cost efficiency

P&L Key Figures (€m)

		ВР	ER excl. BF	rso		BPER in	cl. BPSO
	9M25	9M/9M	3Q25	Q/Q	Y/Y	9M25	3Q25
Total Revenues	4,216.4	+2.1%	1,364.4	-4.1%	-0.5%	4,646.3	1,794.3
o/w NII	2,432.8	-3.6%	806.8	-0.9%	-4.0%	2,704.3	1,078.3
o/w Net Commission Income	1,592.5	+6.0%	529.0	+1.3%	+8.4%	1,709.7	646.2
Operating Costs (adjusted)	-1,972.8	-3.5%	-644.8	-2.4%	-0.5%	-2,135.7	-807.6
Net operat. Income (adjusted)	2,243.6	+7.6%	719.7	-5.6%	-0.4%	2,510.5	986.7
LLPs	-230.8	-11.1%	-88.1	+21.9%	+11.7%	-227.7	-85.0
Profit before tax (adjusted)	1,994.7	+17.9%	626.0	-9.9%	+0.2%	2,250.6	881.9
Net Profit (adjusted)	1,328.4	+19.6%	425.0	-7.7%	+2.9%	1,478.6	575.1
Net Profit (stated)	1,328.4	+16.8%	425.0	-7.7%	+2.9%	1,478.6	575.1

Net Profit stated vs adjusted (€m)

Note: All P&L adjustments are shown on slide 32 in Annex.

FY25 BPER Guidance strengthened by 6-month BPSO contribution

		BPER excluding BPSO		BPER including	BPSO
	FY24	9M25	FY25 Guidance vs FY24	9M25	FY25 Guidance
Total Revenues	€5.6 bn	€4.2 bn	~€5.5 bn	€4.6 bn	~€6.4 bn
o.w. Net Inter. Income	€3.4 bn	€2.4 bn	Down mid-single digit	€2.7 bn
o.w. Net Comm. Income	€2.1 bn	€1.6 bn	Up mid-single digit	€1.7 bn
Op. Costs (excl. D&As)	€2.5 bn(1)	€1.7 bn		€1.9 bn
Cost/Income	50.3%(1)	46.8%	~50%	46.0%	<48%(2)
Cost of Risk(3)	36bps	34bps	<40bps	24bps	<35bps
Net Profit	€1.4 bn(1)	€1.3 bn		€1.5 bn
RoTE	16.9%(1)			19.8%
CET1 Ratio	15.8%			15.1%(4)	>14.5%(5)

⁽¹⁾ Operating Costs, C/I and Net Profit are adjusted according to slide 32 in Annex. (2) Cost/Income excludes BPER/BPSO integration costs. (3) CoR annualised. (4) CET1 Ratio as at 30 September 2025 to be considered Phased-in on the basis of the new prudential supervisory framework entered into force as of 1 January 2025 (Basel IV) and calculated by including profit for the period for the portion not allocated to dividends, thus simulating, in advance, the effects of the ECB's authorisation to include these profits in Own Funds pursuant to art. 26, para 2 of the CRR. (5) CET1 Ratio calculated including expected additional taxes on Italian banks, BPER/BPSO integration costs and the total return swap on 9.99% of BPER shares.

Agenda

Executive summary

B:Dynamic | Full Value 2027

Group results

Update on BPSO integration

Final remarks

Annexes

"B:Dynamic | Full Value 2027" on track (BPER excluding BPSO)

100% Business Plan initiatives launched

KEY HIGHLIGHTS

Pillar 1

• Continued growth in new lending with an increase of 20.0% 9M/9M (€14.7 bn in 9M25)
• Continued positive evolution of Net Commissions, especially sustained by sound growth in "Wealth Management" fees up by 12.7% Y/Y, and in Bancassurance fees up by 17.5% Y/Y
• Consistent growth of the customer base

Pillar 2

▪ Ongoing enhancements in digital and remote channels, with new products and features launched, and 26% of new customers joining BPER through digital channels

Pillar 3

• Maintaining a conservative risk approach, also considering Basel IV impact
• Credit Automation for pre-selected Retail and Small Business customers is underway, resulting in an increase of automated credit approvals. A roadmap for 2026 has been defined, focusing on faster customer response, resource efficiency and solid credit quality

Pillar 4

• Technology, Security & AI: Group's data center rationalization process fully completed, with the adoption of AWS cloud services, ensuring data protection and business continuity whilst improving digital customer experience. Capex deployed according to the Plan and above €200 m in 9M25
• ESG Commitment: c. €2.7 bn of new ESG lending in 9M25
• Organization & People: over 3,700 colleagues already involved in BPER Academy & training paths

Agenda

Executive summary

B:Dynamic | Full Value 2027

Group results

Update on BPSO integration

Final remarks

Annexes

Total Revenues excl. BPSO up by 2.1% 9M/9M mainly thanks to increasing contribution of Net Commissions

4,129.1 4,216.4 9M24 9M25 4,646.3 9M25 incl. BPSO +2.1% 843.6 838.9 840.8 853.7 811.9 814.1 806.8 498.7 516.0 487.9 555.8 541.1 522.4 529.0 18.8 42.0 42.3 36.2 75.9 86.6 28.6 1,361.2 1,396.9 1,371.0 1,445.6 1,428.9 1,423.1 1,364.4 9.5% 9.6% 9.6% 9.5% 9.7% 9.8% 9.8% 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 NII Net Commission Income Div./Trad./Other Net Revenues/RWA Total Revenues (€m) Total Revenues (quarterly) (€m) Q/Q key drivers (€m) (1) -7.3 +6.6 -58.0 2Q25 NII Net Comm. Income Div./Trad. /Other 3Q25 1,423.1 1,364.4 1,078.3 646.2 69.8 1,794.3 3Q25 incl. BPSO Net Rev/RWA 9.1%

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

Total Revenues

• Increasing capital efficiency with Net revenues/RWA at c. 10%
• 3Q25 Total Revenues stood at €1.4bn (-4.1% Q/Q) mainly affected by dividends and trading seasonality

Core Revenues

• 9M25 Core Revenues stable at €4.0 bn, driven by strong Net Commissions growth (+6.0% 9M/9M) thanks to AuM, Life Insurance, and Bancassurance products
• 9M25 Net Commission Income on Total Revenues increased to 37.8% from 37.3% in 1H25 and 36.4% in 9M24
• 3Q25 Core Revenues stable Y/Y and Q/Q at €1.3 bn

Dividends

▪ 9M25 Dividends at €52.1 m (+29.0% 9M/9M)

BPER INCLUDING BPSO

▪ 3Q25 Core Revenues at €1.7 bn

Note: All figures refer to BPER excluding BPSO, unless otherwise specified.

(1) Net Revenues calculated as: Operating Income excluding Other Operating Exp./Income net of Provisions. Net Revenues considered cumulative for the period and annualised. RWAs considered point in time as the date of closing of the reporting period. In 1Q25, 2Q25 and 3Q25 RWAs exclude Basel IV effects. "3Q25 incl. BPSO" Net Revenues on RWAs excludes Alba Leasing and includes 9M25 BPSO contribution.

Resilient NII performance in 3Q25 at €806.8 m, excl. BPSO

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

NII

• 9M25 NII stood at €2.4 bn with a reduction of 3.6% 9M/9M better than expected
• 3Q25 NII resilient at €806.8 m (-0.9% Q/Q), thanks to increasing average commercial volumes and treasury related actions

Commercial Rates

During the quarter, commercial spread narrowed affected by interest rates reduction

NII Sensitivity

Interest rate sensitivity (±100 bps) amounted to approx. €184 m in 3Q25, up from €150 m in 2Q25, mainly driven by the seasonal repricing of floating-rate assets and in line with 3Q24 trend

BPER INCLUDING BPSO

• 3Q25 NII at €1.1 bn
• Interest Rates sensitivity: +/-100 bps equal to approx. €250 m in 3Q25

Continued solid performance of Net Commission Income up by 6.0% 9M/9M, excl. BPSO

1,502.7 1,592.5 1,709.7 Net Commission Income (€m) +6.0%

Net Commission Income(1) (quarterly) (€m)

Net Commission Income by category (€m)

	9M24	% on Total	9M25	% on Total	9M/9M	3Q25	Q/Q	Y/Y
Wealth	624.3	41.5%	688.6	43.2%	+10.3%	223.0	-1.0%	+12.7%
o/w AuC	48.8	3.3%	40.4	2.5%	-17.4%	10.4	-20.1%	+11.1%
o/w AuM	470.6	31.3%	523.8	32.9%	+11.3%	174.1	+2.8%	+9.5%
o/w Life Insur. & Others	104.8	7.0%	124.4	7.8%	+18.7%	38.6	-10.3%	+30.2%
Bancassurance	71.1	4.7%	82.6	5.2%	+16.3%	24.8	-21.0%	+17.5%
Banking services	807.3	53.7%	821.3	51.6%	+1.7%	281.1	+5.9%	+4.6%
Total	1,502.7	100.0%	1,592.5	100.0%	+6.0%	529.0	+1.3%	+8.4%

KEY HIGHLIGHTS

BPER EXCLUDING BPSO Net Commission Income

• 9M25 Net Commission Income up at €1.6 bn (+6.0% Y/Y), mainly driven by strong performance in AuM, Life Insurance, and Bancassurance products
• 3Q25 Net Commissions strongly up by 8.4% Y/Y, driven by Wealth Management products (+12.7% Y/Y)
• Higher Net Commission Income contribution on Total Revenues at 37.8% in 9M25 (37.3% in 1H25 and 36.4% in 9M24)
• Wealth Management fees up by 10.3% 9M/9M
• 9M25 Banking Services Fees confirmed as the main contributor to overall Net Commission Income at €821.3 m (+1.7% 9M/9M) mainly thanks to positive performance of structured finance & credit cards fees

BPER INCLUDING BPSO

▪ 3Q25 Net Commission at €0.65 bn

9M24 9M25

Note: All figures refer to BPER excluding BPSO, unless otherwise specified.

9M25 incl. BPSO

Significant increase in TFAs at c. €320 bn since the launch of "B:Dynamic | Full Value 2027", at €414 bn including BPSO

Q/Q key drivers(1) (€bn)

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

Deposits

Stable Deposits at €120.7 bn at the end of September 2025

AuC & AuM

• AuC and AuM strongly increased over the quarter thanks to both positive net inflows and market effect:
• AuC above €100 bn, up by €4.6 bn Q/Q,
• AuM at €76.6 bn, up by €2.5 bn Q/Q
• AuM net inflows were €0.4 bn in 3Q25 and €1.8 bn in 9M25

Life insurance

Life Insurance at €21.5 bn, up by €0.2 bn Q/Q

BPER INCLUDING BPSO

TFAs at €414.0 bn with a well-balanced mix

Note: All figures refer to BPER excluding BPSO, unless otherwise specified. (1) Managerial quarterly figures.

Attention to cost efficiency proven by cost reduction by 3.5% 9M/9M, excl. BPSO

49.5 46.8 9M24 9M25 2,044.2 1,972.8 C/I Ratio (%)(1) Total Costs (€m) 2,135.7 46.0 9M25 incl. BPSO -272bps -3.5%

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

Total Costs

• 9M25 Total Costs decreased by 3.5% 9M/9M to below €2.0 bn, with a lower Cost/Income Ratio at 46.8%, mainly driven by:
• HR Costs down by 4.9% 9M/9M, mainly driven by organic turnover
• Non-HR Costs decreased by 1.1% 9M/9M, mainly benefiting from lower consultancy costs
• 3Q25 Total Costs stood at €644.8 m (-2.4% Q/Q), confirming the continuous cost discipline focus. Cost/Income Ratio at 47.3%

Headcount evolution

▪ Headcount at 19,144 at the end of September 2025 with a reduction of approximately 1,100, compared to September 2024

BPER INCLUDING BPSO

• 3Q25 Total Cost stood at €0.8 bn with a Cost/Income at 45.0%
• Headcount at 22,866 at the end of September 2025, excluding c. 260 headcount of Alba Leasing

Note: All figures refer to BPER excluding BPSO, unless otherwise specified. Total Costs adjusted according to slide 32 in Annex.

(1) C/I is calculated on Operating Costs adjusted as shown on slide 32 in Annex and excluding €34.3 m related to a software depreciation in 4Q24.

(2) Managerial figures. (3) Excluding 263 headcount of Alba Leasing.

certified

9M25 sound CoR at 34bps, excl. BPSO. NPE Coverage Ratio increased to 56.3% amongst the highest in Italy

LLPs (€m) and CoR⁽¹⁾ (quarterly) (bps)

LLPs (€m) 259.7 230.8 227.7 CoR(1) (bps) 39 34 24 9M25 9M24 9M25 incl. BPSO

75.8% 74.2% 74.2% 73.9% 72.3% 69.6% 66.5% 68.5% 56.3% 55.6% 54.3% 54.2% 54.4% 54.2% 53.3% 50.0% 50.4% 49.8% 51.0% 48.7% 49.5% 48.6% 48.8% 44.7% 32.0% 37.2% 37.1% 35.3% 33.6% 30.0% 32.1% 28.1% 1024 2024 3Q24 4Q24 1025 2Q25 3Q25 3Q25 incl. BPSO

Past Due

■ Total NPE Coverage Ratio

BPER:

Note: All figures refer to BPER excluding BPSO, unless otherwise specified. Following the BPER/BPSO combination, although measurement at fair value of the assets and liabilities acquired is still being completed, BPSO NPE portfolio was incorporated at its net value as a temporary estimate of the corresponding fair value (ref. IFRS 3).

Bad Loans

(1) CoR annualised.

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

Cost of Risk (CoR)

• In 9M25, CoR⁽¹⁾ at 34bps down by 5bps 9M/9M, thanks to improved asset quality dynamics
• In 3Q25, CoR⁽¹⁾ increased Q/Q due to a conservative approach

Overlays

9M25 total cumulative overlays at €146.6 m, after a reallocation of €67.2 m Q/Q between provisioning categories keeping stable Performing Coverage Ratio at 0.63%

Performing Loans Coverage Ratio

3Q25 Coverage Ratio on Performing Loans stable at a strong 0.63%, one of the highest level amongst Italian peers, thanks to the outstanding quality of the loan book

NPE Coverage Ratio

Total NPE Coverage Ratio up at 56.3% (+63bps Q/Q) mainly driven by increased UTP coverage

Sound Asset Quality, NPE Ratios among the lowest in Italy

KEY HIGHLIGHTS

BPER EXCLUDING BPSO Gross NPE Stock

Gross and Net NPE Ratios improved Y/Y

Stage Classification

Net Stage 2 Loans on Total Net Customers Loans stable at 8.2% in 3Q25, with a coverage ratio at 5.1%

Net Stage 2 Loans / Net Customer Loans (%)

Note: All figures refer to BPER excluding BPSO, unless otherwise specified. Following the BPER/BPSO combination, although measurement at fair value of the assets and liabilities acquired is still being completed, BPSO NPE portfolio was incorporated at its net value as a temporary estimate of the corresponding fair value (ref. IFRS 3).

RWAs lower given high quality lending & business dynamics

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

• At the end of September 2025, RWAs landed at €52.9 bn, excluding Basel IV impact
• 3Q25 positive credit RWA evolution, down by €0.9 bn Q/Q mainly thanks to the higher quality of the loan book and business dynamics

BPER INCLUDING BPSO

RWAs including BPSO at €79.6 bn, excluding Basel IV impact

Note: All figures refer to BPER excluding BPSO, unless otherwise specified. (1) Other risks include CVA and Market risks.

CET1 Ratio at 15.1% and, excluding Alba Leasing, at 15.7%

Note: The capital ratios as at 30 September 2025 are to be considered Phased-in on the basis of the new prudential supervisory framework entered into force as of 1 January 2025 (Basel IV) and are calculated by including profit for the period for the portion not allocated to dividends, thus simulating, in advance, the effects of the ECB's authorisation to include these profits in Own Funds pursuant to art. 26, para 2 of the CRR. In 3Q25, MDA threshold calculated by applying the updated Pillar 2 Requirement communicated by the ECB on 09 October 2025.

(1) Organic Capital Generation calculated as stated Net Profit including release on DTA from tax loss carry forward contribution and RWAs dynamic.

KEY HIGHLIGHTS

BPER EXCLUDING BPSO

Organic Capital Generation (OCG)(1)

• OCG of €1.7 bn in 9M25 with an impact on CET1 Ratio of +272bps, supported by the positive income dynamics
• OCG of €604 m in 3Q25 with an impact on CET1 Ratio of +73bps

BPER INCLUDING BPSO

Quarterly key drivers

CET1 Ratio at a strong 15.7% at the end of September 2025, already excluding Alba Leasing

Robust Balance Sheet with a sound liquidity profile

KEY HIGHLIGHTS

BPER INCLUDING BPSO LCR and NSFR

• LCR stood at 165% at the end of September 2025. Excluding Alba Leasing, the ratio improves to 173%
• NSFR 132% at the end of September 2025. Excluding Alba Leasing, the ratio improves to 135%

Balance Sheet dynamics

▪ At the end of September 2025, loan to deposits ratio at 76% post BSPO consolidation, stable compared to BPER ratio in 2Q25, remaining one of the lowest among Italian peers

Bond portfolio evolution and duration

8.7 8.9 10.0 11.3 13.6 14.8 14.8 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 35.6% 36.1% Italian Gov. / Total Bonds (%) 38.9% +47.3% Y/Y KEY HIGHLIGHTS Italian Government Bonds (€bn) 41.9% 47.2% 49.5% 49.8% 20.8 3Q25 incl. BPSO 48.9%

Duration(1) (years)

Note: All figures refer to BPER excluding BPSO, unless otherwise specified. Managerial figures. (1) Duration in years, hedging included. (2) Annualised.

BPER INCLUDING BPSO

Italian Govies

• Italian Govies stood at €20.8 bn at the end of September 2025
• This portfolio was 48.9% of the Total Bonds outstanding

Duration

▪ Total Bond portfolio has a duration of 2.0 years at the end of September 2025

Yield

▪ The total financial portfolio has an average yield of 2.4%(2) in 3Q25

All Rating Agencies improved credit profile in 9M25

Rating Agency	LT Issuer			LT Deposits	Outlook
	BBB (high)	BBB (high)	A (low)	A (low)	Stable	Stable
	BBB-	BBB-	BBB	BBB	Positive	Positive
	Baa3		Baa1		Positive
	BBB	BBB			Stable	Stable

BPER INCLUDING BPSO

Bond issued and maturities

▪ Main wholesale issuances in 9M25 include a €0.5 bn Senior Non-Preferred Bond issued by BPER and a €0.5 bn covered bond issued by BPSO

Rating Agencies

• BPER excluding BPSO:
• Fitch upgraded BPER's Outlook from Stable to Positive, in January 2025
• S&P Global upgraded BPER's long-term rating from BBB- to BBB, in April 2025
• Moody's upgraded BPER's Outlook from Stable to Positive, in May 2025
• DBRS upgraded BPER's long-term Deposits from BBB (high) to A (low), in October 2025
• BPSO upgrades following announcement of the successful BPER voluntary offer:
• Fitch upgraded BPSO's Outlook from Stable to Positive, in July 2025
• S&P Global upgraded BPSO's long-term rating from BBB- to BBB, in July 2025
• DBRS upgraded BPSO's long-term Deposits from BBB (high) to A (low), in October 2025

Agenda

Executive summary

B:Dynamic | Full Value 2027

Group results

Update on BPSO integration

Final remarks

Annexes

BPER and BPSO integration activities fully on track to target approximately mid-April '26 merger

KEY ACTIVITIES

23 Workstreams launched

Governance & Organisation

• Set up of a "Core" team dedicated to the integration
• Appointed BPSO's new Board of Directors
• Completed 9M25 consolidated financial statements, including BPSO
• Completed HR interviews process with BPSO's entire population
• Ongoing Group policies alignment
• Updated brand and logos for digital and offline channels
• Launched customer communication plan and welcome communications

Business & Operations

• Approved target organizational model and target network footprint by BoD
• Reset of infra-group ATM withdrawal fees
• Ongoing prioritization of gaps identified between BPSO and BPER's systems
• Ongoing product catalogue analysis
• Ongoing completion of IT migration analysis

Annual synergies expected at ~€290m, to be fully achieved in 2027

Progress update – Indicative timeline of the transaction

Agenda

Executive summary

B:Dynamic | Full Value 2027

Group results

Update on BPSO integration

Final remarks

Annexes

Divisional Database in 9M25, excl. BPSO

	Retail	Private & Wealth Manag.	Corporate
Core Revenues(4) €m	2,338	355	768
o.w. Net Inter. Income €m	1,337	57	451
o.w. Net Comm. Income €m	989	298	296
Wealth Net Comm. Inc.(1)€m		689
Cost/Income(2)	60%	40%	29%
Gross Performing Loans €bn	51.0	0.7	34.8
Direct Deposits €bn	77.4	5.4	18.3
Tot. Indirect Deposits(3) €bn		198.7
RWAs €bn	15.0	0.9	24.1

Retail	Private & Wealth Manag.	Corporate

Note: Provisional management data on the commercial perimeter.

Final Remarks

Outstanding BPER shareholders' remuneration sustained by robust business

Continued business growth thanks to the banking network commercial strength

Asset quality amongst the best in Italy

Robust capital. Strong Organic Generation at €1.7 bn in 9M25, excl. BPSO

"B:Dynamic | Full Value 2027" acceleration thanks to BPSO business combination

BPER & BPSO integration activitiesfully on track to target approx. mid-April 2026

Agenda

Executive summary

B:Dynamic | Full Value 2027

Group results

Update on BPSO integration

Final remarks

Annexes

Group P&L

P&L - (€m)	9M25 Stated	9M24 Stated	Delta 9M/9M	Delta 9M/9M (%)	3Q25 Stated = Adjusted	Delta Q/Q (%)	Delta Y/Y (%)
Net interest income	2,704.3	2,523.2	181.1	7.2%	1,078.3	32.4%	28.3%
Net commission income	1,709.7	1,502.7	207.0	13.8%	646.2	23.7%	32.4%
Core Income	4,414.0	4,025.9	388.1	9.6%	1,724.5	29.0%	29.8%
Dividends	54.2	40.4	13.8	34.1%	11.1	-72.0%	237.1%
Gains on equity investments measured under the equity method	27.5	2.7	24.7	907.5%	15.2	116.8%	279.5%
Net income from financial activities	57.6	3.4	54.1		22.6	40.0%	430.4%
Other operating expenses/income	93.1	56.6	36.5	64.4%	20.9	-12.0%	-50.2%
Operating Income	4,646.3	4,129.1	517.2	12.5%	1,794.3	26.1%	30.9%
Staff costs	-1,303.1	-1,455.8	152.7	-10.5%	-480.2	17.4%	21.4%
Other administrative expenses	-584.5	-556.3	-28.2	5.1%	-230.2	31.7%	28.5%
Depreciations & Amortizations	-248.0	-205.8	-42.2	20.5%	-97.3	26.2%	32.2%
Operating costs	-2,135.7	-2,218.0	82.3	-3.7%	-807.6	22.2%	24.6%
Net Operating Income	2,510.5	1,911.1	599.5	31.4%	986.7	29.4%	36.5%
Net impairment losses for credit risk	-231.3	-254.2	22.9	-9.0%	-88.6	23.6%	12.0%
Operating Income net of LLPs	2,279.2	1,656.8	622.4	37.6%	898.0	30.0%	39.5%
Net provisions for risks and charges	-30.2	-31.0	0.8	-2.7%	-15.4	-822.2%	-22.8%
Gain (Losses) on Investments	1.5	152.4	-150.9	-99.0%	-0.7	-133.9%	-164.0%
Result from current operations	2,250.6	1,778.2	472.4	26.6%	881.9	26.9%	41.2%
Contributions to systemic funds	0.0	-109.6	109.6	-100.0%	0.0	n.m.	-100.0%
Profit (Loss) before taxes	2,250.6	1,668.7	582.0	34.9%	881.9	26.9%	41.2%
Taxes	-722.0	-502.7	-219.3	43.6%	-273.4	20.9%	36.8%
Profit (Loss) after tax from discontinued operations	5.9	0.0	5.9	n.m.	5.9	n.m.	n.m.
Profit (Loss) for the period	1,534.4	1,165.9	368.5	31.6%	614.3	31.1%	44.6%
Minority Interests	-55.9	-28.9	-27.0	93.3%	-39.3	385.2%	229.7%
Profit (loss) for the period pertaining to the parent company	1,478.6	1,137.0	341.5	30.0%	575.1	24.9%	39.3%

Note: in the present document, Operating Income and Total Revenues are synonyms, as are Core Revenues/Core Income and Operating Costs/Total Costs.

2024 Non-recurring P&L items

Group Reclassified Balance Sheet

				Assets (€bn)
	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	Q/Q	Chg YTD	Y/Y
Customer Loans	87.7	89.0	88.9	90.1	89.6	92.7	125.9	+35.8%	+39.7%	+41.7%
Securities Portfolio	26.5	26.5	27.7	29.0	30.7	32.0	45.0	+40.3%	+54.8%	+62.1%
Interbank Assets(1)	12.6	10.1	10.4	9.4	8.9	8.9	13.2	+47.9%	+39.8%	+26.2%
PPE & Intangible Assets	3.2	3.2	3.2	3.2	3.2	3.2	4.9	+54.0%	+51.8%	+52.6%
Other Assets(2)	10.1	10.6	9.7	8.8	9.6	7.7	15.9	+106.4%	+81.0%	+64.2%
Total Assets	140.1	139.4	139.9	140.6	142.0	144.5	204.8	+41.7%	+45.7%	+46.4%
				Liabilities and Shareholders' Equity (€bn)
	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	Q/Q	Chg YTD	Y/Y
Direct Deposits	118.1	117.6	116.6	118.1	117.4	120.8	165.8	+37.2%	+40.3%	+42.1%
Interbank Liabilities	5.6	5.3	5.0	5.0	4.6	3.9	9.0	+129.0%	+77.9%	+79.5%
Shareholders' Equity	10.5	10.4	10.8	11.6	12.0	11.6	17.1	+47.3%	+48.2%	+58.7%
Other Liabilities(3)	5.8	6.1	7.5	5.9	8.0	8.1	13.0	+59.4%	+121.3%	+72.8%
Total Liabilities and Shareholders' Equity	140.1	139.4	139.9	140.6	142.0	144.5	204.8	+41.7%	+45.7%	+46.4%

⁽¹⁾ Interbank Assets include Cash and cash equivalents and Loans to banks. (2) Other Assets include Hedging derivatives, Equity investments, Loans mandatorily measured at fair value and Other assets. (3) Other Liabilities include Financial liabilities held for trading, Hedging derivatives and Other liabilities.

Asset Quality Breakdown

Gross exposures (€m)	1Q24 2Q24		3Q24			4Q24		1Q25		2Q25		3Q25 excl. BPSO		3Q25 incl. BPSO		Q/Q		Y/Y		YTD
		B/D		B/D		B/D		B/D		B/D		B/D		B/D		B/D	Abs.	Chg	Abs.	Chg	Abs.	Chg
Non Performing Exposures (NPEs)	2,336	2.6%	2,513	2.8%	2,525	2.8%	2,212	2.4%	2,387	2.6%	2,382	2.5%	2,504	2.7%	2,982	2.3%	600	25.2%	457	18.1%	770	34.8%
Bad loans	661	0.7%	710	0.8%	737	0.8%	517	0.6%	578	0.6%	638	0.7%	697	0.7%	766	0.6%	128	20.2%	29	4.0%	249	48.4%
Unlikely to pay loans	1,463	1.6%	1,653	1.8%	1,644	1.8%	1,573	1.7%	1,689	1.8%	1,613	1.7%	1,675	1.8%	2,022	1.6%	409	25.3%	378	23.0%	449	28.5%
Past due loans	213	0.2%	150	0.2%	144	0.2%	122	0.1%	120	0.1%	131	0.1%	132	0.1%	194	0.2%	63	48.3%	50	35.2%	72	58.6%
Gross performing loans	87,272	97.4%	88,427	97.2%	88,377	97.2%	89,747	97.6%	89,100	97.4%	92,226	97.5%	91,184	97.3%	125,306	97.7%	33,080	35.9%	36,929	41.8%	35,559	39.6%
Total gross exposures	89,609	100.0%	90,940	100.0%	90,902	100.0%	91,959	100.0%	91,487	100.0%	94,608	100.0%	93,688	100.0%	128,288	100.0%	33,680	35.6%	37,386	41.1%	36,329	39.5%

Adjustments to loans (€m)	1Q24			2Q24		3Q24	4Q24		1Q25		2Q25		3Q25 excl. BPSO		3Q25 incl. BPSO		Q/Q		Y/Y		YTD
		coverage		coverage		coverage		coverage	coverage		coverage		coverage		coverage		Abs.		Abs.	Chg	Abs.	Chg
Adjustments to NPEs	1,266	54.2%	1,339	53.3%	1,375	54.4%	1,201	54.3%	1,294	54.2%	1,325	55.6%	1,408	56.3%	1,491	50.0%	166	12.6%	116	8.5%	290	24.2%
Bad loans	478	72.3%	494	69.6%	490	66.5%	392	75.8%	429	74.2%	473	74.2%	515	73.9%	525	68.5%	52	11.0%	35	7.2%	133	34.1%
Unlikely to pay loans	724	49.5%	803	48.6%	839	51.0%	768	48.8%	823	48.7%	803	49.8%	844	50.4%	904	44.7%	101	12.6%	65	7.8%	136	17.8%
Past due loans	64	30.0%	42	28.1%	46	32.1%	41	33.6%	42	35.3%	49	37.1%	49	37.1%	62	32.0%	13	27.7%	16	34.6%	21	50.7%
Adjustments to performing loans	634	0.7%	638	0.7%	649	0.7%	622	0.7%	594	0.7%	582	0.6%	578	0.6%	869	0.7%	287	49.2%	220	33.8%	247	39.6%
Total adjustments	1,900	2.1%	1,977	2.2%	2,024	2.2%	1,823	2.0%	1,888	2.1%	1,907	2.0%	1,986	2.1%	2,360	1.8%	453	23.8%	336	16.6%	537	29.5%

Net exposures (€m)		1Q24										2Q24	3Q24		4Q24		1Q25		2Q25		3Q25 excl. BPSO		3Q25 incl. BPSO		Q/Q		Y/Y		YTD
		B/D		B/D		B/D		B/D		B/D		B/D		B/D		B/D	Abs.	Chg	Abs.	Chg	Abs.	Chg
Non Performing Exposures (NPEs)	1,071	1.2%	1,174	1.3%	1,150	1.3%	1,011	1.1%	1,093	1.2%	1,057	1.1%	1,096	1.2%	1,491	1.2%	434	41.1%	341	29.6%	480	47.4%
Bad loans	183	0.2%	216	0.2%	247	0.3%	125	0.1%	149	0.2%	165	0.2%	182	0.2%	241	0.2%	76	46.6%	-6	-2.3%	116	93.2%
Unlikely to pay loans	739	0.8%	850	1.0%	805	0.9%	805	0.9%	866	1.0%	810	0.9%	831	0.9%	1,118	0.9%	308	38.0%	313	38.7%	313	38.8%
Past due loans	149	0.2%	108	0.1%	98	0.1%	81	0.1%	78	0.1%	82	0.1%	83	0.1%	132	0.1%	50	60.4%	34	35.4%	51	62.7%
Net performing loans	86,638	98.8%	87,788	98.7%	87,728	98.7%	89,125	98.9%	88,506	98.8%	91,644	98.9%	90,606	98.8%	124,437	98.8%	32,793	35.8%	36,709	41.8%	35,312	39.6%
Total net exposures	87,709	100.0%	88,962	100.0%	88,878	100.0%	90,136	100.0%	89,599	100.0%	92,701	100.0%	91,702	100.0%	125,928	100.0%	33,227	35.8%	37,050	41.7%	35,792	39.7%

Financial Assets: Highlights

Bonds PTF Geographical Breakdown (%)

Govies Geographical Breakdown (%)

Bonds PTF Maturities(1) (€bn) Italian Govies Maturities(1) (€bn)

Note: All figures refer to BPER excluding BPSO. Managerial figures. (1) Nominal amounts.

Commercial dynamics: loans and deposits evolution

Commercial loans by geography (€bn) Commercial deposits by geography (€bn)

ESG focus

Environmental

• 100% use of electricity from renewable sources
• About €2.7 bn of new ESG Lending in 9M25
• €1 bn of two Green Bonds issued in 2024
• Published NZBA targets for most significant sectors

Social

• Implementation of the BPER's "Bene Comune" Service supporting Third Sector entities and Impact lending
• Top Employer Italia 2025
• IDEM Gender equality certification
• UNI/PDR 125:2022 Gender equality certification
• Member of Principles for Responsible Banking – set PRB targets for financial inclusion

Governance

• Included by S&P Global in the "Sustainability Yearbook 2025"
• Included in the MIB ESG Index
• Included in FTSE4Good Index
• Weight of ESG KPIs: 20% for LTI and 15% for MBO – Strategic scorecard
• D&I: 40% women in the BoD
• D&I: implementation of a 3Y operational plan for D&I enhancement

TOP ESG RATING

CSA: 77 63

Note: All figures refer to BPER excluding BPSO.

Dummy figures Contacts for Investors and Financial Analysts

Nicola Sponghi

Head of Investor Relations

nicola.sponghi@bper.it

Maria Accarrino

Investor Relations

maria.accarrino@bper.it

Federico Febbraro

Investor Relations

federico.febbraro@bper.it

Chiara Leonelli

Investor Relations

chiara.leonelli@bper.it

Ilaria Picelli

Investor Relations

ilaria.picelli@bper.it

Sara Viglietti

Investor Relations

sara.viglietti@bper.it

BPER

Head Office: Via San Carlo 8/20, Modena

Investor.relations@bper.it bper.it – group.bper.it