FinecoBank

Investor Presentation • Nov 5, 2025

3Q25 Results

Alessandro Foti CEO and General Manager

Milan, November 5th 2025

Disclaimer

• ◼ "Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 58 of February 24, 1998), Erick Vecchi, in his capacity as manager responsible for the preparation of FinecoBank S.p.A. (the "Bank")'s financial reports, declares that accounting information contained in this Presentation reflects the Bank's documented results, books and accounting records".
• ◼ This Presentation may contain written and oral "forward-looking statements", which include all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, objectives, estimates, forecasts, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of the Bank. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Bank undertakes no obligation to publicly update 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. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Information, opinions, valuations and forecasts contained in this Presentation have not been audited by any independent body. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
• ◼ The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States or in the Other Countries. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or in the Other Countries.
• ◼ This Presentation has been prepared on a voluntary basis and, therefore, the Bank is not bound to prepare similar presentations in the future, unless where provided by law. No guarantee, express or implicit, is given by the Bank with reference to the reliability, accuracy or completeness of information or opinions contained in this Presentation. Neither the Bank nor any of its representatives, directors or employees shall be liable at any time in connection with this Presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.
• ◼ For the above-mentioned purposes, "Presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. Information and any content of this Presentation are the exclusive property of the Bank and the partial or total publication, duplication and/or transmission of the same are forbidden without the prior written consent of the Bank. By participating to this Presentation and accepting a copy of this Presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this Presentation.

Agenda

• ✓Fineco Financial Results
• ❑ Fineco Commercial Results
• ❑ Next steps
• ❑ Key messages

Executive Summary: further acceleration in our expected growth

Successful growth story: our diversified business model allows us to deliver strong results in every market condition

Strong net profit and operating leverage

• ◼ 9M25 Net Profit is 480.5 mln (-1.9% y/y). 9M25 Revenues at 969.6 mln (-1.5% y/y) supported by non-financial income (Investing +10.0% y/y, Brokerage +16.5% y/y), almost offsetting lower interest rates (NFI -12.8% y/y)
• ◼ 3Q25 Net Profit (162.7 mln, +5.9% q/q) and Revenues (325.3 mln, +3.2% q/q) back to q/q growth: 3Q25 NFI (+1.9% q/q) fully absorbed lower rates thanks to positive deposits
• ◼ Operating Costs well under control at -259.9 mln, +8.7% y/y (+~6% y/y excluding costs related to the acceleration of the growth of the business(1) ). Strong operating leverage confirmed a key strength of the Bank. C/I ratio at 26.8%

Strong y/y increase in net sales as growth is accelerating

Clear step-up in our growth thanks to structural trends and more efficient marketing:

• ◼ Strong acceleration in new clients' acquisition (+33% y/y in 9M25). October: ~19,300 new clients (~+30% y/y)
• ◼ Net sales in 9M25 at 9.4 bn (+36% y/y), o/w AUM at 3.6 bn (+43% y/y), Deposits at 1.2 bn (vs -0.3 bn in 9M24) and AUC at 4.7 bn. October (estimated) recorded a further acceleration of total net sales at ~1.3 bn (up by 30%+ y/y) o/w AUM at ~0.5 bln (up by 20+% y/y); deposits at ~ -0.1 bln, AUC at ~0.9 bn leading to the best month ever for Brokerage revenues at ~31.5 mln

Solid capital and liquidity position

• ◼ CET1 ratio at 23.9%, TCR at 32.5%, Leverage ratio at 5.11%
• ◼ LCR at 931%(2) , NSFR at 438%

2025 Guidance: improved outlook

Thanks to the acceleration of structural growth underneath our business:

• ◼ NFI: back to growth thanks to positive deposit net sales
• ◼ Investing: solid increase of AUM flows coherently with lower rates
• ◼ Brokerage: we expect a record year for revenues, thanks to a growing floor driven by the higher AuC and the enlargement of active investors. October just the latest evidence of the higher floor.
• ◼ Banking fees expected with a slight decrease in FY25 due to new regulation on instant payments.
• ◼ Operating costs expected at around +6% y/y, not including 5/10 mln additional costs for growth initiatives (mainly: marketing, FAM, AI)
• ◼ Payout: for FY25 payout ratio in a range 70/80%

2026 Guidance

We expect all the business areas to contribute to the revenues' growth

More details will be provided during the CMD on March 4 th, 2026

Fineco, healthy growth based on quality revenues

certified

Enabling Fineco to deal with any market environment while offering clients seamless access to banking, investing and brokera

Banking, a capital light NII based on sticky deposits

Capital light NII

driven by our clients' transactional liquidity (Cost of funding at 0)

Safe & Diversified bond ptf

diversified blend of EU government bonds, supranational and agencies.

Portfolio duration: 2.3 years

HQLA: 80%

Ancillary Lending

only 24% of Net Financial Income, offered exclusively to our well-known base of retail clients (no corporates)

Investing: healthy expansion, future-proof

Growing Revenues

Recurring and Sustainable thanks to our strategic positioning

Quality Revenues

Very Low upfront fees NO Performance fees

Future-proof

Aligned to rising clients' demand for

• ✓ Transparency
• ✓ Efficiency
• Convenience

Brokerage: a structurally higher floor

Bridge between 2 worlds self-feeding a business growth:

Active investors

• 3/4 avg executed orders per month

• Mostly linked to a PFAs,
• Avg TFA ~ €250k

Driven by the increase in AUC and enlargement of quality active investors

Delivering strong Net Profit in every market condition

Net Profit at 480.5 mln. Results supported by sound acceleration of Investing and Brokerage, confirming the effectiveness of our initiatives. Strong operating leverage confirmed

	9M24	9M25	9M25/ 9M24
Net Financial Income	540 8	471 7	8% -12
Net Non Financial Income	443 3	498 6	12 5%
Other expenses/income Net	0 0	-0 6	n.s.
Total revenues	984 1	969 6	-1 5%
Staff expenses	-102 1	-111 5	9 2%
Other admin net of recoveries .expenses	-118 0	-127 9	8 4%
D&A	-19 1	-20 5	8% 7
Operating expenses	-239 1	-259 9	7% 8
Gross operating profit	744 9	709 7	-4 7%
Other charges and provisions	-41 2	-11 1	-72 9%
LLP	-2 7	-3 7	40 1%
Net income from investments	1 8	-0 8	n.s.
Profit before taxes	702 9	694 0	-1 3%
Income taxes	-212 9	-213 5	0 3%
profit Net	490 0	480 5	9% -1
(1) ROE	27%	27%
Cost/Income	24%	27%

Revenues

• ➢ Net Financial Income (-12.8% y/y) driven by lower interest rates
• ➢ Non Financial Income up by +12.5% y/y driven by Investing (+10.1% y/y), on the back of higher volumes and higher control of the value chain by Fineco Asset Management, and Brokerage (+21.8% y/y), thanks to the enlargement our active investors and to higher market volumes

Costs

The yearly increase is mainly linked to costs related to the growth of the business, related to:

• Marketing expenses, as we are catching the acceleration of structural trends
• FAM as it is increasing the efficiency of the value chain
• A.I., as we are launching projects to further boost our PFAs' productivity

Net of these items, 9M25(2): ~6% y/y

⁽¹⁾ ROE is calculated as adj.net profit divided by EOP book equity for the period (excl. valuation reserves)

⁽²⁾ Excluding costs strictly related to the growth of the business, mainly marketing (-2.2 mln y/y), FAM (-2.2 mln y/y) and A.I. (-1.0 mln y/y)

Net Financial Income: q/q growth driven by our valuable deposits

Supported by accelerating deposits net sales driven by our clients' transactional liquidity

Net Financial Income fully absorbed decreasing rates, thanks to our deposits growth

• ➢ High quality deposits: mainly represented by valuable and sticky transactional liquidity
• ➢ Cost of funding at zero: deposits are gathered for the quality of our services and without aggressive commercial offers on short-term rates

Investing: an healthy growth thanks to our future-proof positioning

Growing AUM thanks to our best-in-class market positioning, coupled with higher efficiency on the value chain through FAM

Increasing Investing revenues thanks to positive volumes effect and FAM

Combining growth potential from FAM and emerging advisory tren

certified

FAM key to sustain AUM margins thanks to more efficient value chain, Fineco best placed to catch clients demal for efficient and fair solutions

FAM consistently contributing to FBK net sales, with strong room to grow as a % of our Investing

Fineco best placed to catch the fast growing, clients-driven trend of advanced financial advisory

Brokerage: a new structural growth under way

A clear step-up in our active investors: Fineco clearly the platform of choice for strong clients' appetite in bonds and ETFs

+7.3% vs 2020, the Covid year

Structurally higher floor of revenues with healthier dynamics, driven by both wider active investors and higher AUC (not by macro-events like the pandemic with strick lockdown)

High quality lending

Offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

Cost of Risk on commercial loans (2)

• Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
• We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
• NPE at 27.6 mln with a coverage ratio at 83.5%, NPE ratio at 0.52%
• LLP equal to -3.7 mln in 9M25

⁽¹⁾ Current accounts/overdraft Include Lombard loans

^<sup>(2)Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans NPE ratio: Non Performing Exposures on Commercial Loans Portfolio over the Commercial Loans Portfolio

Solvency, liquidity ratios

Capital position well above requirements

Y C N E V L O S
Y T DI UI Q LI

	Dec 24	Jun 25	Sept 25	Current Requirements
CET1 Ratio	(1) 25 91%	23 46%	23 93%	8 67%
Total Capital Ratio	(1) 35 78%	32 07%	32 53%	13 04%
Leverage Ratio	(1) 22% 5	20% 5	11% 5	3 00%
(2) LCR	909%	912%	931%	100%
NSFR	382%	403%	438%	100%
HQLA/Deposits (2)	77%	79%	80%

(€/bn)	Dec.24	Jun.25	Sept.25
CET1 Capital	1.31	1.36	1.39
Tier1 Capital	1.81	1.86	1.89
Total Capital	1.81	1.86	1.89
RWA	5.06	5.81	5.81
o/w credit	3.07	2.98	2.98
o/w market	0.10	0.14	0.15
o/w operational	1.89	2.69	2.69
HQLA (2)	21.55	22.87	23.57

Agenda

• ❑ Fineco Financial Results
• ✓Fineco Commercial Results
• ❑ Next steps
• ❑ Key messages

Clients' profile and focus on Private Banking

Outperforming the system in Private Banking growth

Improving the quality of our client base

TFA and Net Sales evolution

Successful shift towards high added value products thanks to strong productivity of the network

Breakdown of total TFA, bn

Breakdown of total Net Sales, bn

Net sales organically driven key in our strategy of growth

emanket sdin storage certified

The structure of recruiting is changing: more interest in the quality of the business model by PFAs

Total Net Sales, bn - Organic / Recruit, %

2,533 2,622 2,628 2,607 2,578 2,541 2,606 2,790 2,918 2,962 3,002 3,061

No change in our recruiting policy (recruiting costs to be amortized: 46.9 mln as of Sept.25)

Structural increase in the spontaneous interest to join Fineco, which emerged as the perfect partner for professionals looking to grow in a sustainable way

of senior PFAs recruited in the period

of junior PFAs recruited in the period

Agenda

• ❑ Fineco Financial Results
• ❑ Fineco Commercial Results
• ✓Next steps
• ❑ Key messages

Guidance

certified

Our diversified business model key to successfully deal with the current volatile environment

Revenues

2025 Guidance: outlook improved

Outlook improved thanks to the acceleration of the structural growth underneath our business:

• NET FINANCIAL INCOME: back to growth thanks to positive deposit net sales.

• ➤ INVESTING: solid year on year increase of AUM net sales coherently with lower interest rates.
• ▶ BROKERAGE REVENUES: expected to remain strong with a continuously growing floor thanks to the higher AuC and the enlargement of our active investors. For FY25 we expect a record year for brokerage revenues. October just the latest evidence of the higher floor.
• ➤ BANKING FEES: expected with a slight decrease in FY25 due to the new regulation on instant payments.

2026 Guidance

We expect all the business areas to positively contribute to the revenues' growth.

More details will be provided during the Capital Market Day on March 4th, 2026.

Costs and provisions

• ➤ OPERATING COSTS: expected growth of around 6% y/y in FY25, not including few millions of additional costs for growth initiatives in a range 5/10 mln (mainly: marketing, FAM, AI).
• ➤ COST / INCOME: in FY25 comfortably below 30% thanks to the scalability of our platform and strong operating gearing.

• COST OF RISK: in a range 5-10 bps in FY25 thanks to the quality of our portfolio.

Capital

PAYOUT & CAPITAL RATIOS: for FY25 we expect a payout ratio in a range 70/80%. On Leverage Ratio our goal is to remain above 4.5%.

Commercial performance

• NET SALES: robust, high quality net sales

• CLIENTS ACQUISITION: continued strong growth expected

A unique positioning for a long-term growth story

Huge potential to gain additional market share of Italian households' wealth

Fineco, a long term growth journey just at the beginning

GROWING STRUCTURAL TAILWINDS IN OUR FAVOUR

FINECO, PLAYING BIG GOING FORWARD THANKS TO OUR UNIQUE MARKET POSITIONING:

• ➢ Transparency, Efficiency & Convenience: in line with the most recent emerging trends with Italian households quickly changing their financial behaviours
• ➢ Customer centricity: Fintech DNA as key lever for a superior customer experience
• ➢ Massive generational wealth transfer: new generation will focus much more on efficiency, convenience and transparency when managing their assets

With a rising market share but yet only at 2.4%, FINECO GROWTH STORY IS JUST AT THE BEGINNING

Stepping-up our growth trajectory thanks to strong clients' acquisition

Strong increase in the quality and volume of new clients, fueled by strategic positioning and excellent customer experience.

9M25: 145k new clients (+32.6% vs 9M24)

• ➢ Healthy acceleration in new client growth, driven by a distinctive offer, strong digital acquisition capabilities and exceptional word-of-mouth
• ➢ No reliance on short-term rate-driven marketing
• ➢ Each new client contributes positively to FBK's metrics through deposits or brokerage/investing activity

Growth driven by a virtuous mix

• Strong word-of-mouth
• Distinctive communication
• Highly effective digital acquisition

Customer satisfaction 94%(1)

Net Promoter Score: FBK clearly outperforming the industry

Net sales: heading towards a new dimension of growth

Solid improvement in the quality our new clients, coupled with an unprecedented opportunity for our Investing

Next step: an AI-powered Network to boost Net Sales and AUM

Our PFAs' productivity heading towards the next level

AI Assistant: Reingeneering our PFA platform with AI

Fineco as the only real player able to deliver an efficient and pervasive AI implementation thanks to our in-house Tech know-how and data control

AI Assistant

a technology platform by Fineco

• 1. Portfolio builder: ^a powerful chatbot with FBK financial logicto immediately create quality portfolio made of funds and ETFs. Now also stocks and bonds NEW RELEASE: memo/communication
• Content creator: personalized proposals / diagnostics and detailed reporting with customizable portfolio analysis with graphs, tables and several widgets.
• Portfolio comparison: powerful marketing tool to compare existing portfolio (and TER) of prospect clients

2. Search tool: ^a faster infosearch process for internal

ALREADY LIVE:

~2,900 PFAs active

3. CRM for PFAs: fully integrated with clients' data and attached to their protfolios, it will help PFAs to set an efficient agenda with several initiatives to manage customers and cross-sell

4. Brokerage clients: brokerage AI assistant and AI powered search cross-asset classes and news

Ultimately improving revenues growth via stronger net sales and AUM as PFAs productivity will reach the next level

AUC: the real cornerstone of our fee-driven business growth

An undervalued component of our business, key for AUM growth and higher brokerage floor

Asset Under Custody: a clear sign of healthy fees expansion

AUC PLAYING A KEY ROLE IN OUR FEE DRIVEN GROWTH:

• 1) INVESTING: AUC is the main source of our AUM net sales. As ~90% of our growth is organic driven (as opposed to highly costly recruiting-based business model), our new clients' asset allocation is on avg more skewed into AUC. Our Network of PFA is 100% focused in improving clients' mix into AUM.
• 2) BROKERAGE: AUC and active investors growth as the driver for the higher floor of our revenues. Several new initiatives underway to enhance brokerage AUC profitability 2

3) ETFs: exploring new revenues opportunity by this fast growing asset class (see next slide) 3

ETF business: exploring a new revenues opportunity

Fineco the only real player able to catch the client-driven move towards efficient investment solutions

A fast-accelerating shift underneath the surface of the Italian Wealth Management industry

Initiatives underway to extract recurring revenues on ETFs

• 1) Positive volume effect for Investing business thanks to enlargement of cluster of clients: given the rising interest for ETFs, we can move into advanced advisory wrappers clients not interested in traditional mutual funds, thus with no cannibalization risk
• 2) Given our leadership on ETF retail flows, Fineco is the main gateway for issuers to the Italian market. At present, the Bank is managing all the costs to handle clients while not having recurring revenues on ETFs: talks are underway with our partners to strike the right balance 2
• 3) Fineco Asset Management: launched its first set of ETFs in 2022 and already launched new Actively managed ETFs, with more to come. New co-branding agreement with a leading issuer to launch passive-plain vanilla ETFs 3

Agenda

• ❑ Fineco Financial Results
• ❑ Fineco Commercial Results
• ❑ Next steps
• ✓Key messages

Long term sustainability at the heart of Fineco business model

We are a looking-forward organization playing for the long-run and able to generate a positive impact for all our stakeholders and the society as a whole

Fineco corporate purpose: "to support customers in taking a responsible approach to their financial lives in order to create the conditions for a more prosperous and fairer society"

TRANSPARENCY

Fairness and respect for all our stakeholders

• ✓ NO PERFORMANCE FEES IN OUR REVENUES
• ✓ FAIR PRICING
• ✓ LOW UPFRONT FEES

EFFICIENCY

Fintech DNA: strong focus on IT & Operations, more flexibility, less costs

• ✓ Delivering BEST-IN-CLASS CUSTOMER EXPERIENCE
• ✓ SHARING FAM BENEFITS WITH CLIENTS: better quality and timely products with lower TER

INNOVATION

Quality offer for highly SATISFIED CLIENTS

• ✓ NO short-term AGGRESSIVE COMMERCIAL OFFERS and ZERO REMUNERATION on current accounts
• ✓ Focus on ORGANIC GROWTH

Fineco as a profitable FinTech Bank: ICT a key business driver

Leveraging on a deep-rooted internal know-how to expand platform scalability and operating gearing

HYPERAUTOMATION

Blending RPA, AI, and DevOps for enhanced efficiency and innovation.

COST EFFICIENCY

Our strong emphasis on automation paves the way for greater economies of scale with rising volumes.

DATA DRIVEN

Ensuring our vast data layer is not only extensive, but also seamlessly accessible.

OMNICHANNEL

Through comprehensive integration across all channels, our Technology ensures a smooth and seamless user experience.

SOURCING AND TALENT

By retaining our IT Infra/Dev and expertise in-house, we streamline lead times and craft services with our proprietary technology.

LEAD TIME

By retaining our IT Infra/Dev and expertise in-house, we streamline lead times and craft services with our proprietary technology.

RELIABILITY

With a track record close to 100% uptime, our IT systems are a beacon of reliability for our platforms.

CYBER SECURITY & FRAUD MANAGEMENT

Around the clock, our expert internal security team combats both cyber threats and fraud.

Healthy and sustainable growth with a long term horizon

Highly scalable operating platform...

...with a diversified revenues mix leading to consistent results in every market conditions

ESG Multi-Year Plan 2024-2026 fully integrated within Banks' strategy

Combining business growth and financial strength with the principles of social and environmental sustainability, in order to create long-term value for all Stakeholders

❑ Strategy focuses on ESG objectives(1) within 7 areas:

• ❑ Net-Zero emissions to be achieved by 2050 and with intermediate targets
• ❑ ESG targets included in the 2024-2026 Long-Term Incentive Plan for key resources, included the CEO/GM and other Identified Staff and in the Short-Term Incentive Plan for both employees and Personal Financial Advisors Identified Staff
• ❑ Environmental Management System of the Bank certified in line with the EU Eco-Management and Audit Scheme
• ❑ Certification on Gender Equality pursuant to UNI 125/2022 reference practice Scheme
• ❑ Contribution for the PFA Network to be borne by the Bank for obtaining EFPA ESG certification
• ❑ FinecoBank is signatory of UN Principles for Responsible Banking and participant of UN Global Compact
• ❑ Fineco AM is signatory of UN Principles for Responsible Investing and participant of UN Global Compact

Annex

P&L reclassified (1)

mln	1Q24	2Q24	3Q24	4Q24	FY24	1Q25	2Q25	3Q25	9M24	9M25
Net Financial Income	180 8	182 5	177 6	170 3	711 2	161 3	153 7	156 6	540 8	471 7
Net Non Financial Income	146 1	148 8	148 4	162 8	606 1	167 7	162 7	168 2	443 3	498 6
Other expenses/income Net	0 2	0 0	-0 2	-0 7	-0 8	0 2	-1 3	0 5	0 0	-0 6
Total revenues	327 0	331 3	325 8	332 4	1316 5	329 3	315 1	325 3	984 1	969 6
Staff expenses	-33 4	-33 6	-35 1	-35 7	-137 8	-36 4	-37 4	-37 7	-102 1	-111 5
Other of admin net recoveries .exp.	-39 5	-41 2	-37 3	-50 4	-168 4	-44 4	-41 5	-42 1	-118 0	-127 9
D&A	-6 4	-6 2	-6 4	-6 7	-25 8	-6 5	-7 0	-7 0	-19 1	-20 5
Operating expenses	-79 3	-81 1	-78 8	-92 9	-332 0	-87 2	-85 9	-86 8	-239 1	-259 9
Gross operating profit	247 7	250 2	247 0	239 5	984 5	242 0	229 2	238 5	744 9	709 7
Other charges and provisions	-38 1	0 5	-3 5	-3 7	-44 9	-3 8	-3 9	-3 4	-41 2	-11 1
LLP	-0 3	-1 4	-1 0	0 6	-2 1	-0 9	-1 7	-1 2	-2 7	-3 7
Net income from investments	0 4	0 6	0 8	0 0	1 8	-1 0	-0 1	0 2	1 8	-0 8
Profit before taxes	209 7	249 9	243 3	236 4	939 3	236 4	223 5	234 1	702 9	694 0
Income taxes	-62 7	-76 5	-73 6	-74 1	-287 0	-72 2	-69 9	-71 4	-212 9	-213 5
Net profit for the period	147 0	173 3	169 7	162 3	652 3	164 2	153 6	162 7	490 0	480 5

⁽¹⁾ P&L reclassified includes: 1) «Profits from treasury management» within «Net financial income» and excludes it from «Trading Profit»; 2) Non Financial Income as the sum of Net Commissions and Trading Profit (in order to better represent the industrially-driven nature of our Trading Profit, which is almost entirely composed by Brokerage revenues). Dividends have been reclassified in the Non Financial Income.

9M25 P&L FinecoBank and Fineco Asset Management

mln
Net Financial Income
Net Non Financial Income
o/w Dividends
Net other expenses/income
Total revenues
Staff expenses
Other of admin net recoveries .exp.
D&A
Operating expenses
Gross operating profit
Other charges and provisions
LLP
Net income from investments
Profit before taxes
Income taxes
Net profit for the period

Fineco Asset
Management
0 5
132 3
0 0
-1 2
131 7
-11 7
4 -7
-0 4
-19 6
112 1
0 0
0 0
0 0
112 2
-16 7
95 4

FinecoBank
Individual
471 1
401 4
35 3
0 7
873 3
-99 8
-120 7
-20 1
-240 6
632 8
-11 1
-3 7
-0 8
617 1
-196 8
420 3

FinecoBank
Consolidated
471 7
498 6
0 1
-0 6
969 6
-111 5
-127 9
-20 5
-259 9
709 7
-11 1
-3 7
-0 8
694 0
-213 5
480 5

Details on Net Interest Income

mln	1Q24	Volumes & Margins	2Q24	Volumes & Margins	3Q24	Volumes & Margins	4Q24	Volumes & Margins	FY24	Volumes & Margins	1Q25	Volumes & Margins	2Q25	Volumes & Margins	3Q25	Volumes & Margins	9M24	Volumes & Margins	9M25	Volumes & Margins
Financial Investments	109.6	24,695	113.9	25,177	113.0	25,281	112.0	26,102	448.4	25,314	106.7	26,768	105.4	27,511	110.2	28,603	336.4	25,051	322.3	27,627
Net Margin		1.78%		1.82%		1.78%		1.71%		1.77%		1.62%		1.54%		1.53%		1.79%		1.56%
Gross margin	122.6	2.00%	128.4	2.05%	128.5	2.02%	129.8	1.98%	509.3	2.01%	119.2	1.81%	115.9	1.69%	118.9	1.65%	379.5	2.02%	354.0	1.71%
Leverage - Long	4.6	151	5.0	164	4.5	145	4.4	147	18.4	152	4.1	146	3.1	113	3.6	132	14.0	153	10.7	130
Net Margin		12.31%		12.21%		12.24%		11.91%		12.17%		11.42%		10.89%		10.75%		12.25%		11.03%
Tax Credit	10.2	1,613	10.6	1,520	10.2	1,308	9.7	1,313	40.7	1,438	9.2	1,216	8.2	992	7.3	814	31.1	1,480	24.8	1,007
Net Margin		2.55%		2.81%		3.10%		2.93%		2.83%		3.08%		3.31%		3.58%		2.80%		3.29%
Lending	54.7	5,074	53.0	4,923	50.8	4,838	46.8	4,787	205.4	4,906	41.5	4,783	38.2	4,809	35.6	4,822	158.6	4,945	115.2	4,805
Net Margin		4.34%		4.33%		4.18%		3.89%		4.19%		3.52%		3.18%		2.93%		4.28%		3.21%
Other	-0.1		0.0		0.1		-2.4		-2.5		-0.3		-0.2		0.5		-0.1		0.0
Total	179.0		182.5		178.5		170.4		710.5		161.2		154.6		157.3		540.0		473.1
Gross Margin Cost of Deposits 3M EUR (avg)		2.45% -0.17% 3.92%		2.49% -0.18% 3.83%		2.44% -0.20% 3.56%		2.34% -0.22% 3.00%		2.43% -0.19% 3.58%		2.14% -0.15% 2.56%		1.98% -0.13% 2.11%		1.91% -0.10% 2.01%		2.46% -0.18% 3.77%		2.01% -0.13% 2.23%

Focus on Bond portfolio

Bond Portfolio (nominal value)

Bond portfolio Nominal value: 25.8 bn:

• o/w 72% at fixed rate, avg yield: 162 bps
• o/w 28% at floating rate (swapped), avg spread: 20 bps on 3m Eur

Residual maturity total portfolio: 3.5 years

Overall portfolio duration: 2.3 years (3)

Bond portfolio run-offs, eop bn

⁽²⁾ Sovereign Supranational Agencies and Local Authority

⁽³⁾ Calculated considering hedging bonds

⁽⁴⁾ Almost the entire bond portfolio not at fixed rate is swapped

Details on Net Commissions

Net commissions by product area

mln	1Q24	2Q24	3Q24	4Q24	FY24	1Q25	2Q25	3Q25	9M24	9M25
Banking	12	12	13	12	50	11	11	12	37	34
	0	0	5	9	4	1	4	1	5	7
Brokerage	33	28	24	29	116	37	31	31	86	99
	0	9	7	6	1	1	2	1	5	3
o/w
Equity	23	20	19	24	87	28	24	26	62	79
	2	8	0	2	1	5	8	2	9	5
Bond	6	4	1	2	14	8	3	1	12	11
	2	4	9	4	9	5	6	8	5	1
Derivatives	2	2	2	2	11	3	2	2	8	8
	8	8	7	9	3	1	7	3	4	1
Other commissions	0 8	0 8	1 1	0 1	2 9	-0 2	0 1	0 7	2 7	0 6
Investing	85	90	94	99	369	94	97	104	269	296
	2	1	3	9	5	9	9	0	6	8
o/w
Placement fees	1 3	1 9	1 4	1 7	6 3	2 3	2 5	2 8	4 6	7 7
fees Management	103 6	106 2	108 2	113 3	431 3	114 9	114 4	120 5	318 0	349 8
to	-7	-8	-7	-9	-32	-8	-8	-9	-23	-26
PFA's:	4	3	5	3	5	6	7	4	2	7
incentives
PFA's:	-0	-0	-0	-0	-1	-0	-0	-0	-1	-1
LTI	7	3	4	6	9	5	6	6	3	6
to
Other	-11	-9	-7	-8	-37	-13	-9	-9	-28	-32
PFA	7	4	4	5	0	3	7	3	5	3
costs
Other commissions	0 0	0 0	0 0	3 4	3 4	0 0	0 0	0 0	0 0	0 0
Other	-1	-2	-2	-2	-9	-2	-2	-2	-6	-8
(Corporate	6	4	5	6	0	7	7	7	4	1
Center)
Total	128	128	130	139	527	140	137	144	387	422
	6	6	0	9	0	4	8	4	2	6

Revenues breakdown by Product Area

mln	1Q24	2Q24	3Q24	4Q24	FY24	1Q25	2Q25	3Q25	9M24	9M25
Net Financial Income	171 5	172 2	167 6	160 2	671 5	151 9	145 2	146 7	511 3	443 8
Non Financial Income	10 6	12 0	12 4	13 1	48 2	10 8	11 1	12 3	35 1	34 2
Other	0 1	0 1	0 1	0 1	0 3	0 1	-0 3	0 0	0 2	-0 2
Total Banking	182 2	184 3	180 1	173 4	720 0	162 8	156 0	159 0	546 6	477 8	49%
Net interest income	5 7	5 8	5 0	4 9	21 5	4 5	3 2	3 8	16 5	11 6
Non Financial Income	51 0	49 2	43 8	51 6	195 6	64 4	56 2	54 7	144 0	175 4
Other	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	56 7	0 55	48 8	56 6	217 1	69 0	59 5	58 5	160 5	187 0	19%
Net interest income	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Non Financial Income	85 2	90 1	94 3	99 9	369 5	94 9	97 9	104 0	269 6	296 8
Other	-0 3	-0 2	-0 4	-1 1	-2 0	-0 4	-0 5	-0 3	-0 9	-1 2
Total Investing	84 9	89 8	93 9	98 8	367 5	94 5	97 4	103 7	268 6	295 6	30%

Breakdown Total Financial Assets

mln	Mar	Jun	Sep	Dec	Mar	Jun	Sep
	24	24	24	24	25	25	25
AUM	60	61	63	66	66	68	71
	425	645	808	383	295	577	205
	,	,	,	,	,	,	,
Funds	40	41	43	45	45	47	49
and	708	557	557	645	596	513	782
Sicav	,	,	,	,	,	,	,
Insurance	13	13	12	12	12	12	12
	579	242	982	944	744	610	511
	,	,	,	,	,	,	,
AUC	756	6	6	7	7	7	8
under	5	423	832	360	500	987	378
advisory	,	,	,	,	,	,	,
Other	383	422	437	433	455	466	535
AUC	40	42	43	44	46	49	52
	082	053	270	715	841	225	521
	,	,	,	,	,	,	,
Equity	14	14	14	15	15	17	18
	541	847	993	968	972	089	509
	,	,	,	,	,	,	,
Bond	18	19	20	20	21	21	22
	784	966	506	165	649	979	594
	,	,	,	,	,	,	,
ETF	6	6	7	8	8	9	11
	049	608	243	221	931	922	255
	,	,	,	,	,	,	,
Other	707	632	528	361	289	235	164
Direct Deposits	27 676 ,	27 576 ,	28 189 ,	29 668 ,	29 119 ,	30 013 ,	30 849 ,
Total	128	131	135	140	142	147	154
	183	274	267	766	255	814	575
	,	,	,	,	,	,	,
o/w TFA FAM retail	21 114 ,	21 792 ,	23 326 ,	25 042 ,	25 353 ,	26 520 ,	27 735 ,
o/w TFA Private Banking	59 979 ,	61 839 ,	64 780 ,	68 426 ,	68 743 ,	72 581 ,	77 580 ,
o/w Advanced Advisory Service	29 870 ,	31 175 ,	32 682 ,	34 520 ,	34 498 ,	35 944 ,	37 552 ,

Increasing quality and productivity of the Network

Balance Sheet

mln	Mar 24	Jun 24	Sep 24	Dec 24	Mar	25 Jun 25	Sep 25
from (*) Due Banks	3 808 ,	3 222 ,	3 293 ,	2 334 ,	2 188 ,	2 023 ,	2 531 ,
Loans to Customers	6 098 ,	6 116 ,	6 051 ,	6 236 ,	6 132 ,	6 169 ,	6 220 ,
Financial Assets (*)	20 426 ,	20 750 ,	21 532 ,	23 454 ,	23 ,	734 25 138 ,	25 682 ,
Tangible and Intangible Assets	266	266	265	271	269	268	267
Hedging instruments	705	738	563	527	510	453	442
Tax credit acquired	1 622 ,	1 299 ,	1 317 ,	1 259 ,	1 171 ,	848	811
Other Assets (*)	342	391	397	608	417	460	422
Total Assets	33 268 ,	32 782 ,	33 416 ,	34 689 ,	34 ,	421 35 359 ,	36 375 ,
Due Customers to	28 070 ,	28 005 ,	28 581 ,	29 989 ,	29 ,	531 30 681 ,	31 609 ,
Due Banks to	1 033 ,	1 172 ,	925	851	893	860	851
Debt securities	800	804	808	810	801	805	809
Hedging instruments	6	- 1	39	45	30	44	30
Other (*) Liabilities	690	587	689	604	623	726	682
Equity	2 670 ,	2 215 ,	2 374 ,	2 389 ,	2 543 ,	2 244 ,	2 394 ,
Total Liabilities and Equity	33 268 ,	32 782 ,	33 416 ,	34 689 ,	34 ,	421 35 359 ,	36 375 ,

^(*) Please note that the following item aggregations have been made with respect to the reclassified balance sheet:

^1. Item "Due from Banks" = Loans to banks + Cash and Cash balances (excluding "Cash")

^2. Item "Financial Assets" = Financial assets held for trading + Financial investments

^3. Item "Other Assets" = Other Assets + Tax Assets + Cash

^4. Item "Other liabilities" = Financial liabilities held for trading + Tax liabilities + Other liabilities

Safe Balance Sheet: simple, highly liquid

Diversified investment portfolio

• ◼ Investment strategy based on a diversified blend of EU government bonds, supranational and agencies
• ◼ 99% not exposed to volatility with no impact in our P&L and BS by the widening of spreads. HTC classification since November 2016
• ◼ Avg maturity at 3.5 years. Overall portfolio duration: 2.3 years
• ◼ Sticky deposits: mostly 'transactional liquidity' gathered for the quality of our services and without aggressive commercial offers. Cost of funding at zero

High-quality lending growth

• ◼ Lending offered exclusively to our well-known base of clients
• ◼ Low-risk: CoR at 7bps, cautious approach on mortgages
• ◼ Strong competitive advantage leveraging on Big Data Analytics and internal IT culture (resulting in unmatched user experience and high customer satisfaction), continuous in-house innovation (i.e. look-through implementation with significant benefits on CET1 ratio), ownership and control of critical infrastructure

Rock-solid capital and liquidity position

⁽²⁾ Due from banks includes 1.8bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Sept.2025

Leverage Ratio comfortably under control

Leverage Ratio Sensitivity: multi-year view

Delta Retained earnings = Tier 1 Capital (mln)

OUR PRIORITIES

Thanks to the structural trends that are in place in Italy (demand for advanced advisory, digitalization, inflection point in clients' financial behaviors) and to our new initiatives we can sustain our growth by focusing on the following priorities:

• 1) Maintaining an appropriate level of regulatory capital and Leverage Ratio
• 2) Targeting investments to drive long-term business growth, whilst maintaining good cost discipline
• 3) Distributing a regular, generous ordinary dividend
• 4) Considering annually potential return of surplus capital not required for other priorities

Fineco Asset Management in a nutshell

FAM is active on 7 business lines, providing not only the expertise of the best Asset Managers but also solutions managed internally by FAM to deepen further the range of strategies and the flexibility of FAM catalogue of products.

KEY BENEFITS:

• ✓ Quality improvement and time-to-market for customers and distribution needs
• ✓ Several efficiencies leveraging on a vertically integrated business model combined with the strong operating efficiency which is in Fineco's DNA
• ✓ Better risk management thanks to the lookthrough on daily basis on funds' underlying assets
• ✓ Win-win solution: lower price for clients, higher margins

Preserving our best price/quality ratio

Competitive landscape for banking services(1)

ESG ratings, Indices and highlights

Our ESG ratings and Indices

RATING AGENCY	EVALUATION SCALE	AS TODAY
	(From 0 to 100)	68
	(From D- to A)	B
	(From 100 to 0)	(1) 11.4 Low risk
	(From CCC to AAA)	AA
	(From F to EEE)	EEE- with Stable Outlook(1)

ESG OFFER & BANK's PORTFOLIO

Funds SFDR classification(2):

• 80% on total no. ISIN (available in platform) ex Art. 8 and 9 SFDR

Lending:

• € 0.2 bn of stock of Green Mortgages for the purchase of properties

Treasury:

• 99.5% of bonds from issuers with Net-Zero emissions targets
• €0.3bn of collateral switch ESG

⁽¹⁾ Rating as of FY24. FY25 rating under review

⁽²⁾ Regulation EU 2019/2088 - Sustainable Finance Disclosure Regulation.

Funding

Fixed Income

Senior Preferred instruments

• ➤ €300 mln Senior Preferred (6NC5) issued on February 16^th, 2023 in order to have an additional buffer above the Fully Loaded MREL Requirement on LRE.
• Annual coupon at 4.625% (5 years Mid Swap Rate plus 150 bps vs initial guidance of 175bps) for the first 5 years, floating rate between the fifth and sixth year
• Public placement with a strong demand, 4x the offer

• The instrument is rated BBB+ by S&P

• ➤ €500 mIn Senior Preferred (6NC5) issued on October 14^th, 2021 in order to be immediately compliant with the Fully Loaded MREL Requirement on Leverage Ratio Exposure (LRE), which is binding starting from January 1st, 2024.

• Annual coupon at 0.50% (5 years Mid Swap Rate plus 70 bps vs initial guidance of plus 100 bps) for the first 5 years, floating rate between the fifth and sixth year
• Public placement with a strong demand, more than 4x the offer
• The instrument is rated BBB+ by S&P

AT1 instrument

• ► €500 mIn perpetual AT1 issued on March 11^th, 2024 in order to maintain the Leverage Ratio above 4.5%:
• Coupon fixed at 7.5% (initial guidance at 8%) for the initial 5.5 years. First call date: September 11th, 2029 (reset spread 4.889%)
• Public placement, with strong demand (7x, €3.45bn), listed in Euronext Dublin
• Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
• The instrument is rated BB by S&P