Banco BPM SpA

Investor Presentation • Nov 6, 2025

Group 9M 2025 Results Presentation

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the information disclosed in this presentation.

***

This presentation includes both accounting data (based on financial accounts) and internal managerial data (which are also based on estimates).

Mr. Gianpietro Val, as the manager responsible for preparing the Bank's accounts, hereby states pursuant to Article 154-bis, paragraph 2 of the Financial Consolidated Act that the accounting data contained in this presentation correspond to the documentary evidence, corporate books and accounting records.

Methodological Notes

The balance sheet and income statement schemes contained in this news document have been reclassified along management criteria in order to provide an indication on the Group's overall performance based on more easily understandable aggregate operating and financial data. These layouts have been prepared based on the financial statement layouts indicated in the Bank of Italy's Circular no. 262/2005 and following updates.

▪ Following the public tender offer launched on Anima Holding S.p.A. (Anima) in November 2024 by the Banco BPM Group, through Banco BPM Vita, on 11 April 2025 the transaction was completed reaching an interest of 89.949% of the share capital of Anima, vs a stake of 21.973% already held in Anima before the launch od the Offer. In light of this, full Anima's contribution to the income statement is reported in the consolidated financial statements, line by line, in the second quarter of 2025. With regard to the first quarter of 2025, the related economic contribution - when the 21.973% stake was classified as an associate - is instead included in the reclassified income statement item 'Result of investments measured at equity'.

In light of the above, in this presentation, the following P&L data are reported with regard to the first nine months of 2025

• 9M 2025 Like-for-Like, which represents Anima's contribution to the group's P&L as if the offer had not been completed, i.e. maintaining the income statement contribution equivalent to the 21.973% stake and represented within item 'Result of investments measured at equity' also in the second and third quarter of 2025. This view has been prepared for the sake of better comparability with the previous quarters.
• 9M 2025 Stated, which is the effective contribution of Anima to the group's P&L, considering the perfection of the transaction in Q2 (i.e. full consolidation line by line, in the second and third quarter of 2025 and the contribution of the 21.973% stake within the item 'Result of investments measured at equity' for the first quarter.
• 9M 2025 Proforma, which considers the contribution of Anima to the group's P&L as if the stake of 89.949% had already been achieved on 1 January 2025, with a consolidation line-by-line for all the nine months. This view has been prepared for the sake of better comparability with the Strategic Plan targets.

Moreover, also the balance sheet figures at 30 June 2025 and 30 September 2025 reflect the consolidation of Anima and the allocation of the related goodwill within the intangible assets.

• In 2025, in the reclassified income statement, after the result from ordinary operations, a specific item called 'Corporate restructuring costs, net of taxes' has been created, which includes one-off operating costs incurred for extraordinary transactions that have an impact on the Group's organisational structure (such as the acquisition of control of Anima) or that are part of projects aimed at integrating business combinations completed in previous years - as well as nonrecurring charges incurred to protect the interests of the shareholders in relation to the UniCredit public tender offer.
• Starting from 30 June 2025, certain changes have been made to the criteria for aggregating items in the reclassified income statement in order to allow for a better assessment, on an operating basis, of the economic contribution provided by the various operating segments. Specifically:
• the income components constituting remuneration for structuring and hedging risks on certificates issued, placed or structured by the Group, as well as those relating to remuneration for the sale of derivative hedging contracts to retail and corporate customers, previously reported under 'Net financial income', are now included under 'Net Fees and Commissions';
• the impact of the realignment of intercompany revenues and costs due to the different recognition criteria adopted by Banco BPM (upfront recognition of distribution fee income) compared to those adopted by the Group's insurance companies (recognition of distribution fee expense over time), previously reported under 'Insurance result', are now recognised as an adjustment to 'Net Fees and Commissions', in line with the consolidated presentation.

Moreover, starting from the third quarter of 2025, the structure of the reclassified income statement has been further modified, with the aim of ensuring greater alignment between the aggregates highlighted therein and those used to comment on the Group's performance.

In order to ensure a like-for-like comparison, the figures for previous periods have therefore been restated, applying the new classification criteria described above.

• Starting from 31 December 2024, the aggregate of senior unsecured securities resulting from NPE securitizations originated by the Group, mainly with Italian State guarantee (GACS), is shown in the reclassified balance sheet item "Other financial assets" (€1,067m as of 31/12/2024); for consistency, the above criterion has been applied to all previous periods shown in this presentation. In this regard, it should be noted that, in previous periods, the securities in question were included in the reclassified item "Loans measured at amortized cost", although they were shown separately to take into account their peculiar characteristics.
• The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend pay-out determined according to the current regulation. Furthermore, the capital ratios starting form 31 March 2025 are determined by calculating risk-weighted assets in accordance with the new rules set forth in EU Regulation 2024/1623 (known as "Basel 3+") and are therefore not immediately comparable with 2024 data. Finally, it is also noted that, in March 2025, Banco BPM notified the ECB of its intention to exercise the option provided for in Article 468 of EU Regulation No. 575/2013 (CRR), for the period from 1 January 2025 to 31 December 2025. This option allows the exclusion from CET 1 of cumulative unrealised gains and losses as at 31 December 2019, recognised in equity as a change in the valuation reserves of financial assets measured at FVOCI relating to exposures to debt instruments issued by central governments, regional governments or local authorities. The capital ratios that the Group would have, all other things being equal, if it had not exercised the above option are referred to as 'Fully Phased' for brevity. The capital ratios referred to as 'Phased-in' are calculated by applying the above transitional provisions.

For further details, see the Explanatory Notes included in the 9M 2025 results press release published on 6 November 2025

Agenda

1	Executive Summary	5
2	Key Highlights	11
3	Final Remarks	24
4	9M 2025 Performance Details	27

Executive Summary

1

CERTIFIED

Delivered our vision: distinctive footprint and solid integrated business mod enabling sustainable growth and value generation

COMPETITIVE POSITION: RECENTLY ESTABLISHED ROBUST SUPERIOR FRANCHISE PRODUCT FACTORIES SET-UP BUSINESS MODEL 30/09/25 Focused presence in high-potential Total IN-HOUSE JV² € 213 BN Scale and economic areas Assets market Non-life Total customer Private banking € 388 BN Northern Italy¹ relevance financial assets³ Bancassurance • Core market with > 75% Non NII revenues Fee-based CIB Consumer Finance 49% on total of branches model revenues³ • GDP per capita ~€44k (vs Asset Management Payments Solid asset 2.48% Gross NPE ratio ~€38k EU-27 average) quality Life Bancassurance Cet 1 ratio Strong capital 13.52% position

Notes: 1. Retail branches as of 30/09/2025. GDP based on Eurostat and ISTAT data for 2023, released in 2025. Per capita value at current price: 2. BBPM equity stakes: PiùVera Assicurazioni 35%, Agos Ducato 39%, Numia 28.6%. 3. Proforma, assuming full consolidation of Anima since January; 4. One-off gain of +€493m in Q3 24. 5. Assuming full consolidation of Anima since January, post minorities and annualised. 6. Calculated considering annualised 2025 DPS, based on 2025 FY Guidance (excluding non-distributable revaluation of pre-existing Anima stake), and share price as of 04/11/2025. 7. Source Bloomberg. 30/12/2021 – 05/11/2025

emarket

9M 2025 Net Income at €1.66bn, well on track towards FY Guidance

ROBUST COMMERCIAL PERFORMANCE

• New Lending +39% Y/Y
• AUM net inflows of €1.7bn in 9M period

IMPROVEMENT IN EFFICIENCY & COR

• Cost/Income at 45%. from 47% in 9M 2024
• CoR at 34bps, from 40bps in 9M 2024 (annualised)

NPEs: A NEW RECORD LOW REACHED

• Gross NPEs -22% Y/Y
• Default Rate at 0.81% (annualised)
• €0.46 INTERIM DIVIDEND PER SHARE (3.6% YIELD)⁴ APPROVED BY BOD TO BE PAID ON 26 NOVEMBER⁵
• €1.17BN DIVIDENDS ACCRUED IN 9M6

9M 2025: Outstanding economics

• certified
• Increasing contribution from Non-interest components (49% of Total Revenues PF vs. 39% in 9M24)
• Strong performance in C/I (45%) and CoR (34bps)

Top-level organic capital generation: 152bps in 9 months Robust Liquidity and Funding

Trajectory vs. Strategic Plan: new, capital-light business model already adopted in 2025, allowing credible progress towards targets

	STATUS VS. THE TARGET	CURRENT PF1	2027 TARGET Q. AVG.	MAIN DRIVERS SUPPORTING THE TRAJECTORY
Net Interest Income	In progress	Q3 €758m 25	€787m	• Growing commercial • Refresh of replicating portfolio volumes Decreasing cost of wholesale funding •
Net Fees & Commissions	In progress	€654m g. Av	€705m	• Anima integration and acceleration of running fees, Continuing increase in fees • consistent with 2025 improvement from specialised activities (CIB, Trade finance, ecc.) • Payments & Insurance at full steam from 2026
Other Revenues Operating Costs	Achieved	Q. €95m M25 €694m	€97m €695m	• Already aligned
Total Provisions	Above target	9 €82m	€105m	Very conservative assumptions in credit and other risks •

Notes: 1. Assuming full consolidation of Anima since January (Net Income ante minorities). See Methodological Notes. 2. Strategic Plan targets include full consolidation of Anima; In Q2 25 some revenue components have been reclassified; Strategic Plan data have been restated accordingly. For details, please refer to Methodological Notes. 3. Includes income from companies and net commissions generated from products distribution (adjusted assuming relative year Cost/Income and tax rate). 4. Including net fees and commissions from commercial banking. Includes Finance and Corporate Center.

Key Highlights

2

Q3 2025 Net income at €450m: Positive dynamic despite lower interest rates and seasonality

			1
P&L HIGHLIGHTS €m	Q2 25	Q3 25	Chg. Q/Q
Net interest income	785	758	-3.5%
Net fees and commissions	630	622	-1.4%
Income from associates	24	28
Income from insurance	43	35
«Core» Revenues	1,482	1,443	-2.6%
Net financial result	73	10
o/w Cost of certificates	-42	-37
o/w Other NFR	115	46
Other net operating income	-6	5
Total revenues	1,548	1,457	-5.9%
o/w NII "at full funding cost" 1	743	721	-2.9%
Operating costs	-702	-691	-1.5%
Pre-Provision income	846	766	-9.5%
Total Provisions	-92	-81	-11.4%
o/w LLPs	-89	-90
o/w Other provisions 2	-3	9
Profit from continuing operations (pre-tax)	754	685	-9.2%
Taxes	-203	-216
Net profit from continuing operations	552	468	-15.1%
Systemic charges	0	0
Minorities	-8	-5
PPA and Other	161	-13
Net income	704	450	-36.0%

excl.one off3

9M 2025: Net Income at €1,665m confirms continuing positive momentum

9M 24	9M 25	Chg. Y/Y	9M 25 Pro Forma3
2,585	2,360	-8.7%	2,361
1,546	1,827	18.1%	1,961
106	92		81
88	115		115
4,325	4,393	1.6%	4,517
-48	97		98
-220	-129		-129
172	226		227
-8	-9		-8
4,269	4,481	5.0%	4,607
2,365	2,231	-5.7%	2,232
-1,995	-2,039	2.2%	-2,082
2,275	2,443	7.4%	2,525
-352	-244	-30.6%	-245
-302	-254		-255
-50	10		10
1,923	2,198	14.3%	2,280
-618	-662		-695
1,305	1,536	17.8%	1,585
-67	0		0
0	-13		-18
458	141		137
1,696	1,665		1,704

NII at €2.36bn in 9M 2025

• Managerial actions contribute to improve NII for ~€60m
  9M 25/9M 24 (vs. €103m in FY 2024)
• Cumulated impact of managerial actions throughout 2024/27 strategic plan: ~€100m

REPLICATING PORTFOLIO

• €27.8BN (>€22bn YE 2024)
• Avg. Yield 2.1%, duration 2.5 years

INDEXED C/A

Share on total C/A at 36% (34% YE 2024)

Notes 1. At NIII level: «Static» calculation, +/- 100bps parallel shift to interest rates. 2. Including sensitivity on cost of Certificates, classified at NFR 3. Based on a sensitivity at NII level of ~ €267M (average in 2024) applied to delta of avg. 3M Euribor in the period 4. Other includes one-offs and day effect. 5. Managerial data of the commercial network. 6. Previous Senior Preferred bonds issued in 2023 (Jan. and Nov.); Previous AT1 bonds issued in Jul. 2024 and Nov. 2023; Previous T2 bonds issued in Mar. and Nov. 2024; Previous SNP bonds issued in Jun. 2023, Jan. and Sept. 2024.

ready to take advantage from recovery in investments

Total Net Fees & Commissions up at €1.83bn

emarket

Anima consolidation significantly increased Total Customer Financial Asset now at €388bn

ANIMA National champion in Asset Management with continuing volume growth and P&L performance

First-class network

• 1m+ clients

• 300+ investment professionals

• 100+ distribution partners, including:

• Banco BPM
• ✓ MPS
• Crédit Agricole Italia
• ✓ Poste Italiane
• ✓ B.P. di Puglia e Basilicata

Outstanding commercial and financial results FOCUS ON AUM: +2.4% YTD Total Assets at €210bn¹ €hn 208 205 203 o/w €208bn AUM шиши 16 www. 16 Www. Wrapping o/w €2bn AUC and Assets 189 191 187 under Advisory 31/12/24 30/06/25 30/09/25 AUM net inflows (excl. Class I Insurance Mandates) +€2.5bn in 9M 2025², driven by Retail (+€1.9bn) 9M 24 Y/Y 9M 25 REVENUES³ €370m €412m +11% Solid P&L growth €174m €200m +15% NET INCOME

Cost/Income ratio at 45%, driven by rigorous cost discipline

Headcount: 19,210 employees as of 30/09/2025 (including 559 Anima employees), -818 vs YE 2024.

Retail network: 1,358 branches as of 30/09/2025, stable vs. YE 2024. Excl. 53 private branches of Banca Aletti, 19 other Group outlets and 1 branch of Aletti Suisse.

CoR down to 34bps driven by effective credit management over the life-cycle

Historical data have been restated accordingly.

Stage 2 Loans at €8.9bn GBV (€9.1bn at YE 24 and €10.5 as at 30/09/24)

	FY 2024	9M 20251
COST OF RISK	46bps	34bps
Default rate	1.07%	0.81%
Cure rate	4.28%	6.41%
Net Default rate	0.98%	0.70%

Significant improvement in FVOCI debt reserves and solid Net Financial Result

Strong liquidity & funding position

IMPROVEMENT OF ALL ISSUER RATINGS IN 2025:

• Outlook "Positive" assigned by S&P, Moody's and Fitch (July)
• Upgrade to "BBB (high)"
  by DBRS (April)

DBRS Deposit rating up at A (low) in Oct.

EUROPEAN GREEN BONDS

Last bond issued: €500m EU Green Bond SNP in October
→ first Green bond EU labelled issued by an Italian bank

Wide MKEL buffer": 7.80 p.p. vs. Total Requirement

October 2025 (incl. €400m AT1), o/w

Framework and the EU GB Factsheet

€1.75bn within the GS&S Bonds

Notes: 1. Weighted amount. 2. Managerial data. 3. See slide 34 for more details. 4. Managerial data, Phased-in. See Methodological notes and slide 32 for more details.

Very strong capital position, well above minimum Plan threshold

Material further organic capital generation from DTAs and FVOCI Reserves on top of P&L performance Expected capital contribution during the plan horizon: ~145bps

Final Remarks

3

Strong 9M 2025: solid performance, robust capital, value delivered

• Robust Non-NII related business, benefiting from our unique product factories model
• Continuing strong focus on efficiency, ensuring cost discipline
• Excellent Asset Quality, reflecting effective credit management and low-risk portfolio

SOLID CAPITAL POSITION

▪ CET1 ratio well above Plan minimum threshold

VALUE RETURNED TO SHAREHOLDERS

• ~€700m interim dividend approved by BoD to be paid on 26 November²
• €0.46 DPS, up 15% vs 2024 Interim DPS (€0.40)
• Annualized expected dividend yield at ~7.3%³

Profitability growth driven by fee-based model and operational performance keep 2025 guidance firmly within reach, despite volatile environment

2025 GUIDANCE: Y/Y COMPARISON

PROFITABILITY

EFFICIENCY

ASSET QUALITY AND RISK CONTROL

VERY WELL POSITIONED VS. FY 2025 NET INCOME GUIDANCE

Positive trend in total revenues driven by non-NII components, offsetting the pressure on net interest income from lower rates

Operational discipline driving improvement in Cost/Income ratio

Lower Provisions and Outstanding Asset Quality

9M 2025 Performance Details

4

P&L: Quarterly comparison - Stated

Reclassified income statement (€m)	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25 1	Q3 25
Net interest income	864.4	858.4	861.9	855.3	816.9	785.1	757.9
Income (loss) from invest. in associates carried at equity	30.3	44.6	31.1	45.6	39.8	23.6	28.2
Net fee and commission income	537.8	507.3	501.2	508.3	575.1	630.3	621.6
Income from insurance business	9.1	16.2	62.5	28.6	37.1	42.8	34.8
Core Revenues	1,441.7	1,426.5	1,456.8	1,437.9	1,468.9	1,481.8	1,442.5
Net financial result	-11.7	-64.6	28.6	-34.9	14.4	72.7	9.8
Other net operating income	3.8	-1.3	-10.4	31.3	-7.5	-6.2	4.9
Total income	1,433.8	1,360.6	1,474.9	1,434.3	1,475.8	1,548.2	1,457.3
Personnel expenses	-431.6	-428.9	-435.6	-449.1	-434.0	-456.2	-446.8
Other administrative expenses	-172.9	-176.1	-152.3	-143.5	-144.6	-176.8	-171.8
Amortization and depreciation	-64.1	-64.9	-68.2	-68.5	-66.6	-69.2	-72.7
Operating costs	-668.7	-669.9	-656.1	-661.0	-645.2	-702.2	-691.3
Profit (loss) from operations	765.1	690.6	818.8	773.3	830.6	846.1	765.9
Net adjustments on loans to customers	-82.5	-111.6	-107.8	-159.6	-75.5	-88.7	-90.3
Profit (loss) on FV measurement of tangible assets	-13.4	-12.6	-14.1	-14.5	-0.8	-3.4	3.4
Net adjustments on other financial assets	-3.0	-0.3	1.2	-6.5	3.5	-1.2	0.4
Net provisions for risks and charges	-5.0	13.2	-16.1	-14.3	1.9	1.5	5.2
Total Provisions	-103.8	-111.3	-136.9	-194.9	-71.0	-91.8	-81.4
Income (loss) before tax from continuing operations	661.4	579.4	681.9	578.3	759.6	754.2	684.6
Tax on income from continuing operations	-215.3	-180.2	-222.4	-170.9	-243.0	-202.6	-216.3
Income (loss) after tax from continuing operations	446.0	399.1	459.5	407.4	516.6	551.6	468.3
Profit (loss) on the disposal of equity and other investments	0.3	0.5	1.5	-0.5	0.2	0.6	0.1
Systemic charges after tax	-68.1	1.5	0.0	-4.4	0.0	0.0	0.0
Impact of bancassurance reorganization	2.5	0.0	0.0	0.0	0.0	0.0	0.0
Impact on Payment Business	0.0	0.0	493.1	0.0	0.0	0.0	0.0
Revaluation of Anima stake	0.0	0.0	0.0	0.0	0.0	201.8	0.0
Restructuring costs and others	0.0	-11.7	0.0	-130.2	0.0	0.0	0.0
Income (loss) attributable to minority interests	0.0	0.0	0.0	0.0	0.0	-8.3	-4.9
Purchase Price Allocation after tax	-8.7	-10.0	-9.4	-6.9	-7.0	-13.2	-13.3
Fair value on own liabilities after Taxes	-1.8	0.5	1.0	1.5	1.5	1.3	1.2
Client relationship impairment, goodwill and partecipation	0.0	0.0	0.0	-42.4	0.0	0.0	0.0
Restructuring costs	0.0	0.0	0.0	0.0	-0.7	-30.0	-1.1
Net income (loss) for the period	370.2	379.9	945.7	224.6	510.7	703.8	450.3

P&L: 9M comparison - Stated

Reclassified income statement (€m)	9M 24	9M 25	Chg. Y/Y %
Net interest income	2,584.7	2,360.0	-8.7%
Income (loss) from invest. in associates carried at equity	106.1	91.6	-13.6%
Net fee and commission income	1,546.3	1,826.9	18.1%
Income from insurance business	87.8	114.6	30.6%
Core revenues	4,324.9	4,393.1	1.6%
Net financial result	-47.7	96.9
Other net operating income	-7.9	-8.8	10.3%
Total income	4,269.3	4,481.3	5.0%
Personnel expenses	-1,296.1	-1,337.0	3.2%
Other administrative expenses	-501.3	-493.2	-1.6%
Amortization and depreciation	-197.3	-208.5	5.7%
Operating costs	-1,994.7	-2,038.7	2.2%
Profit (loss) from operations	2,274.6	2,442.6	7.4%
Net adjustments on loans to customers	-301.9	-254.5	-15.7%
Profit (loss) on FV measurement of tangible assets	-40.1	-0.9	-97.8%
Net adjustments on other financial assets	-2.1	2.7
Net provisions for risks and charges	-7.9	8.6
Total Provisions	-351.9	-244.2	-30.6%
Income (loss) before tax from continuing operations	1,922.6	2,198.4	14.3%
Tax on income from continuing operations	-618.0	-661.9	7.1%
Income (loss) after tax from continuing operations	1,304.6	1,536.5	17.8%
Profit (loss) on the disposal of equity and other investments	2.2	1.0
Systemic charges after tax	-66.6	0.0
Impact of bancassurance reorganization	2.5	0.0
Impact on Payment Business	493.1	0.0
Revaluation of Anima stake	0.0	201.8
Restructuring costs and others	-11.7	0.0
Income (loss) attributable to minority interests	0.0	-13.2
Purchase Price Allocation after tax	-28.0	-33.5
Fair value on own liabilities after Taxes	-0.3	3.9
Restructuring costs	0.0	-31.8
Net income (loss) for the period	1,695.8	1,664.7	-1.8%

P&L: 9M 2025 Comparison of stated and adjusted, with one off details

Reclassified income statement (€m)	9M 25	9M 25 Adjusted	One-off	Non-recurring items
Net interest income	2,360.0	2,324.1	35.9	Positive outcome from fiscal litigation
Income (loss) from invest. in associates carried at equity	91.6	91.6	0.0
Net fee and commission income	1,826.9	1,826.9	0.0
Income from insurance business	114.6	114.6	0.0
Core Revenues	4,393.1	4,357.2	35.9
Net financial result	96.9	96.9	0.0
Other net operating income	-8.8	-8.8	0.0
Total income	4,481.3	4,445.4	35.9
Personnel expenses	-1,337.0	-1,337.0	0.0
Other administrative expenses	-493.2	-493.2	0.0
Amortization and depreciation	-208.5	-208.5	0.0
Operating costs	-2,038.7	-2,038.7	0.0
Profit (loss) from operations	2,442.6	2,406.7	35.9
Net adjustments on loans to customers	-254.5	-254.5	0.0
Profit (loss) on FV measurement of tangible assets	-0.9	0.0	-0.9
Net adjustments on other financial assets	2.7	2.7	0.0
Net provisions for risks and charges	8.6	1.2	7.4
Total Provisions	-244.2	-250.6	6.5
Income (loss) before tax from continuing operations	2,198.4	2,156.1	42.4
Tax on income from continuing operations	-661.9	-657.8	-4.1
Income (loss) after tax from continuing operations	1,536.5	1,498.3	38.2
Profit (loss) on the disposal of equity and other invest.	1.0	0.0	1.0
Revaluation of Anima stake	201.8	0.0	201.8	Revaluation of Anima stake
Income (loss) attributable to minority interests	-13.2	-13.2	0.0
Purchase Price Allocation after tax	-33.5	-33.5	0.0
Fair value on own liabilities after Taxes	3.9	3.9	0.0
Restructuring costs	-31.8	0.0	-31.8	M&A transaction costs
Net income (loss) for the period	1,664.7	1,455.5	209.2

emarket sdir storage
CERTIFIED
•

Ba	lance	Sheet
----	-------	-------

Reclassified assets (€ m)				,0,0,00	Chg.		Chg.		Chg. C
	30/09/24	31/12/24	30/06/25	30/09/25	Value	%	Value	%	Value	%
Cash and cash equivalents	9,079	12,125	11,733	12,077	2,998	33.0%	-48	-0.4%	344	2.9%
Loans and advances measured at AC	103,573	103,090	104,621	102,869	-704	-0.7%	-220	-0.2%	-1,752	-1.7%
- Loans and advances to banks	3,332	3,362	4,187	4,116	784	23.5%	754	22.4%	-71	-1.7%
- Loans and advances to customers (1)	100,242	99,727	100,434	98,754	-1,488	-1.5%	-974	-1.0%	-1,681	-1.7%
Other financial assets	51,168	51,301	61,465	65,287	14,119	27.6%	13,986	27.3%	3,822	6.2%
- Assets measured at FV through PL	7,986	9,319	13,681	16,866	8,880	111.2%	7,547	81.0%	3,185	23.3%
- Assets measured at FV through OCI	13,363	13,280	15,697	16,039	2,676	20.0%	2,759	20.8%	343	2.2%
- Assets measured at AC	29,819	28,703	32,087	32,382	2,562	8.6%	3,679	12.8%	294	0.9%
Financial assets pertaining to insurance companies	16,291	16,690	17,505	18,160	1,870	11.5%	1,471	8.8%	656	3.7%
Equity investments	1,736	1,708	1,395	1,422	-313	-18.1%	-286	-16.7%	27	2.0%
Property and equipment	2,502	2,514	2,507	2,475	-26	-1.0%	-38	-1.5%	-31	-1.2%
Intangible assets	1,240	1,257	3,187	3,207	1,967	158.7%	1,950	155.2%	19	0.6%
Tax assets	3,708	3,373	3,050	2,928	-780	-21.0%	-444	-13.2%	-121	-4.0%
Non-current assets held for sale and discont. operations	526	445	197	184	-341	-64.9%	-260	-58.5%	-12	-6.2%
Other assets	5,613	5,708	5,289	4,554	-1,058	-18.9%	-1,153	-20.2%	-734	-13.9%
TOTAL ASSETS	195,434	198,209	210,948	213,165	17,731	9.1%	14,956	7.5%	2,217	1.1%
Reclassified liabilities (€ m)					Chg.		Chg.		Chg. C
	30/09/24	31/12/24	30/06/25	30/09/25	Value	%	Value	%	Value	%
Banking Direct Funding	122,503	126,149	129,416	129,320	6,817	5.6%	3,171	2.5%	-96	-0.1%
- Due from customers	99,750	102,757	105,038	104,975	5,225	5.2%	2,217	2.2%	-63	-0.1%
- Debt securities and other financial liabilities	22,753	23,392	24,378	24,345	1,592	7.0%	954	4.1%	-33	-0.1%
Insurance Direct Funding & Insurance liabilities	15,973	16,215	17,010	17,625	1,652	10.3%	1,410	8.7%	615	3.6%
Financial liabilities measured at FV pertaining to insurance companies	3,226	3,332	3,716	3,962	736	22.8%	631	18.9%	247	6.6%
- Liabilities pertaining to insurance companies	12,746	12,883	13,295	13,663	916	7.2%	779	6.0%	368	2.8%
Due to banks	8,594	6,333	6,319	5,202	-3,392	-39.5%	-1,131	-17.9%	-1,116	-17.7%
Debts for Leasing	660	646	664	640	-20	-3.1%	-6	-1.0%	-24	-3.6%
Other financial liabilities designated at FV	25,792	28,704	33,854	37,946	12,154	47.1%	9,242	32.2%	4,092	12.1%
Other financial liabilities pertaining to insurance companies	70	56	77	81	11	15.6%	25	44.0%	4	4.9%
Liability provisions	792	989	849	837	45	5.7%	-152	-15.4%	-13	-1.5%
Tax liabilities	504	472	577	639	134	26.6%	167	35.4%	62	10.7%
Liabilities associated with assets held for sale	1	1	0	0	-1	-100.0%	-1	-100.0%	0	n.m.
Other liabilities	5,563	4,041	6,866	5,136	-427	-7.7%	1,095	27.1%	-1,730	-25.2%
Minority interests	0	0	0	0	0	-100.0%	0	-100.0%	0	n.m.
Shareholders' equity	14,982	14,604	15,316	15,740	758	5.1%	1,136	7.8%	424	2.8%
TOTAL LIABILITIES AND SHARHOLDERS' EQUITY	195,434	198,209	210,948	213,165	17,731	9.1%	14,956	7.5%	2,217	1.1%

certified

Strong and well diversified liability profile, driven by successful issuance acti

BONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV

outstanding as of 30/09/2025

MREL REQUIREMENTS & BUFFERS as of 30/09/2025

WHOLESALE BONDS ISSUED SINCE 20234

• In rolling out its funding plan, Banco BPM considers not only regulatory MREL requirements but also rating agency thresholds and buffers

Managerial data of the banking business.

Notes: 1. Includes two bonds issued by Anima for a total amount of €584m 2. Include also Repos with underlying retained Covered Bonds & ABS. 3. Managerial data. MREL buffer on a phased-in basis, see Methodological Notes. 4. Excluding issues of retained CB and ABS underlying REPOs. 5. Issued under the Green, Social and Sustainability Bonds Framework. 6. Issued under the Eu Green Bond Factsheet and ICMA aligned.

Wholesale bond maturities and calls

SENIORITY PROFILE OF WHOLESALE BOND MATURITIES¹ & CALLS² UNTIL YE 2027

Managerial data of the banking business, based on nominal amounts.

Total Direct Funding from the Banking business

CERTIFIED

Indirect Customer Funding at €279.9bn, including the consolidation of Anim

Indirect Customer Funding up at €122.0bn, excluding the consolidation of Anima: +6.6% Y/Y on a Like-for-Like basis

Managerial data

Notes: 1. AuM from Bancassurance as of 30/09/2025 contains €17.2bn pertaining to Banco BPM Vita, Vera Vita and BBPM Life included also in the balance sheet item "Insurance Direct Funding and Insurance liabilities", as fully consolidated (€16.7bn as of 30/06/2025; €16.0bn as of 31/12/2024 and €15.6bn as of 30/09/2024). 2. Gross of Anima wrapping (investments by Anima products into other Anima products), both retail and institutional. AUC include also assets under advisory.

Net Customer Loans at Amortized Cost

NPE

EVOLUTION OF NET CUSTOMER LOANS

Performing Loans

						Change
Net Performing Customer Loans	30/09/24	31/12/24	30/06/25	30/09/25	In % Y/Y	In % YTD	In % Q/Q
Core customer loans	95.1	94.8	94.7	93.1	-2.1%	-1.8%	-1.7%
- Medium/Long-Term loans	75.7	75.2	75.0	74.5	-1.6%	-0.9%	-0.7%
- Current Accounts	7.6	7.7	7.6	7.4	-2.4%	-4.6%	-3.2%
- Cards & Personal Loans	0.5	0.5	0.4	0.4	-23.1%	-19.4%	-8.2%
- Other loans	11.4	11.5	11.6	10.8	-4.5%	-5.4%	-6.6%
Repos	3.1	3.0	4.1	4.0	30.7%	35.0%	-0.9%
Leasing	0.3	0.3	0.3	0.3	-19.1%	-14.4%	0.0%
Total Net Performing Loans	98.5	98.1	99.0	97.4	-1.2%	-0.8%	-1.6%

€bn

NPE migration dynamics

Asset Quality details Loans to Customers at AC

Gross exposures	30/09/2024	31/12/2024	30/06/2025	30/09/2025	Chg. Y/Y				Chg. Q/Q
€ m and %					Value	%	Value	%
Bad Loans	1,282	1,160	998	989	-293	-22.9%	-9	-0.9%
UTP	1,703	1,552	1,535	1,430	-273	-16.0%	-105	-6.8%
Past Due	204	143	75	67	-137	-67.1%	-8	-10.9%
NPE	3,190	2,855	2,608	2,486	-703	-22.0%	-121	-4.7%
Performing Loans	98,976	98,587	99,449	97,853	-1,123	-1.1%	-1,596	-1.6%
TOTAL CUSTOMER LOANS	102,166	101,442	102,057	100,340	-1,826	-1.8%	-1,717	-1.7%

Net exposures	30/09/2024	31/12/2024	30/06/2025	30/09/2025	Chg. Y/Y		Chg. Q/Q
€ m and %					Value	%	Value	%
Bad Loans	519	491	419	407	-112	-21.6%	-12	-2.9%
UTP	1,024	979	959	894	-131	-12.8%	-66	-6.8%
Past Due	157	110	52	50	-107	-68.0%	-2	-3.6%
NPE	1,700	1,580	1,431	1,351	-349	-20.5%	-80	-5.6%
Performing Loans	98,541	98,147	99,004	97,403	-1,139	-1.2%	-1,601	-1.6%
TOTAL CUSTOMER LOANS	100,242	99,727	100,434	98,754	-1,488	-1.5%	-1,681	-1.7%

Coverage ratios %	30/09/2024	31/12/2024	30/06/2025	30/09/2025
Bad Loans	59.5%	57.6%	58.0%	58.8%
UTP	39.9%	36.9%	37.5%	37.5%
Past Due	23.0%	22.8%	31.0%	25.3%
NPE	46.7%	44.6%	45.1%	45.7%
Performing Loans	0.44%	0.45%	0.45%	0.46%
TOTAL CUSTOMER LOANS	1.9%	1.7%	1.6%	1.6%

• The overlays as at 30/09/25 amount to ca. €150m

Optimization and diversification of Debt Securities portfolio

Starting from 31/12/24, Debt Securities portfolio at AC includes the GACS senior notes. Historical data have been restated accordingly.

Notes: 1. Managerial view. 2. Include Corporate and Financial securities and GACS senior notes.

Capital position in detail

FULLY PHASED CAPITAL POSITION (€ m and %)	30/09/2024	31/12/2024	30/06/2025	30/09/2025
CET 1 Capital T1 Capital Total Capital	9,583 10,972 12,822	9,275 10,665 12,530	8,552 9,942 11,816	8,714 10,104 12,578
RWA	61,887	61,639	64,204	64,470
CET 1 Ratio	15.48%	15.05%	13.32%	13.52%
AT1	2.25%	2.25%	2.16%	2.16%
T1 Ratio	17.73%	17.30%	15.49%	15.67%
Tier 2	2.99%	3.03%	2.92%	3.84%
Total Capital Ratio	20.72%	20.33%	18.40%	19.51%

The ratios phased-in as at 30/09/2025, including the application of the Art.468 of the CRR 3 on FVOCI reserves are the following:

• CET 1: 14.36% (14.15% as at 30/06/2025)

• TIER 1: 16.51% (16.32% as at 30/06/2025)

• TOTAL CAPITAL: 20.35% (19.23% as at 30/06/2025)

See methodological notes

Leverage Ratio	5.61%	5.21%	4.64%	4.62%
Class 1 Capital	10,972	10,665	9,942	10,104
Total Exposure	195,664	204,755	214,258	218,943
LEVERAGE FULLY PHASED (€/m and %)	30/09/2024	31/12/2024	30/06/2025	30/09/2025

Leverage ratio phased-in as at 30/09/2025, including the application of the Art.468 of the CRR 3 on FVOCI reserves:

• 4.86% (4.88% as at 30/06/2025)

See methodological notes

Notes: The Group capital ratios and data included in this presentation are calculated including the interim profit and deducting the amount of the dividend pay-out determined according to the current regulation. Furthermore, the capital ratios as at 31 March 2025 are determined by calculating risk-weighted assets in accordance with the new rules set forth in EU Regulation 2024/1623 (known as "Basel 3+") and are therefore not immediately comparable with 2024 data.

Sustainability ESG Update – Key results in 9M 2025

Sustainability ESG KPIs

Low-Carbon New M/L Term financing¹

9M 2024

9M 2025

€ 5.7 bn

30/09/24 30/09/25

€ 4.2bn

Women in managerial positions² 30.4% 31.8%

▪ DONATIONS FOR E-S PROJECTS € 6,27 mln in 9M 2025 (vs €5,6 mln in 9M 2024 )

9M 2024 9M 2025

Issue of Green, Social & Sustainability Bonds

€1.5bn €1.25bn

In 9M 2025

• First Italian Social Bond issued in 2025 (€500m in Jan.)
• First Social Covered Bond issued by the Group (€750m in Feb.)

In addition, €500m EU Green Bond SNP in October → first Green bond EU labelled issued by an Italian bank

ESG bonds issues as Joint Bookrunner/ Lead Manager by Akros

Share of ESG bonds in the Corporate bond proprietary portfolio (banking book)³ 9M 2024

9M 2025

€ 7.9bn € 8.1bn

30/09/24 30/09/25

35.4% 39.8%

Main Sustainability ESG Achievements

• Status of achievement as of 31/12/24 of our 2030 decarbonization targets on most carbon intensive sectors released in May 2025
• Transition Plans, that include short-term actions already in place and medium-long term levers to be activated to achieve 2030 targets disclosed in May 2025
• FURTHER IMPROVEMENT IN ESG ANALYSIS WITHIN LENDING POLICIES: transition plans of the companies operating in the most carbon-intensive sectors (based on their Sustainability Reports) have been compared with BBPM 2030 targets
• SIGNIFICANT IMPROVEMENTS IN ESG RATINGS IN 2025 ⁴ :

S&P Global ESG Score improved to 59/100 in

Oct. 2025 (from 54/100); Industry CSA Score Average at 35/100

• Rating upgraded to AA in March 2025 (from A)
• Transparency Level improved to 'Very High' (from 'High')

• ISS Corporate Rating upgraded to C (Prime Status) in January 2025 (from C-/Not Prime)

• BANCO BPM FIRST SUSTAINABILITY STATEMENT RELEASED IN MARCH 2025
• BANCA ALETTI FIRST PAI (PRINCIPAL ADVERSE IMPACT) STATEMENT PUBLISHED IN JUNE 2025
• PUBLICATION OF OUR EU GREEN BOND FACTSHEET → PIONEER AMONG ITALIAN BANKS AND SECOND FI ISSUER WORLDWIDE

DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION

INDICATOR	DEFINITION
CASH + UNENCUMBERED ASSETS	Including assets received as collateral, net of accrued interests. Managerial data, net of haircuts
CORE REVENUES	Core Revenues: NII + Net Commissions + Income from Associates and Income from Insurance business
COST OF RISK	Loan loss Provisions / Total Net Customer Loans at Amortised Cost. Annualised for interim periods
CURE RATE	Flows from UTP to Performing loans / Stock of UTP (GBV BoP). Excluding loans at IFRS 5. Annualised for interim periods
CUSTOMER LOANS	Loans to customers at Amortised Costs, excluding debt securities
DEFAULT RATE	Flows from Performing to NPEs / Stock of performing loans (GBV BoP). Annualised for interim periods
INDIRECT CUSTOMER FUNDING	Assets under Management (in the form of Funds & Sicav, Bancassurance and Managed Accounts & Funds of Funds) + Assets under Custody net of Capital-protected Certificates, as they have been regrouped under Total Direct Funding
INVESTMENT PRODUCT PLACEMENTS	Managerial data: Funds & Sicav, Bancassurance, Managed Accounts & Funds of Funds, Certificates and other Debt Securities at FV
MREL BUFFER	MREL as % of RWA, including Combined Buffer Requirement
NET DEFAULT RATE	Net flows to NPEs from Performing / Stock of Performing loans (GBV BoP). Annualised for interim periods
NEW LENDING	Managerial data: M/L-term Mortgages (Secured and Unsec.), Pool & Structured Finance (including revolving) and ST Unsec. Loans
ROE	Calculated as Net Profit from P&L / Shareholders' Equity (EoP, excluding Net Profit of the period and AT1 instruments and also adjusted for interim dividend)
ROTE	Calculated as Net Profit from P&L / Tangible Shareholders' Equity (EoP, excluding Net Profit of the period, AT1 instruments and Intangible assets net of fiscal effect and also adjusted for interim dividend)
TOTAL DIRECT FUNDING	Total Direct Funding from the Banking Business (C/A & Sight deposits, Time deposits, Bonds, REPOs & Other) + Capital protected Certificates and Other Debt Securities at FV

Contacts for Investors and Financial Analysts

Arne Riscassi	+39 02 9477.2091
Silvia Leoni	+39 045 867.5613
Carmine Padulese	+39 02 9477.2092

Banco BPM

Registered Offices: Piazza Meda 4, I-20121 Milano, Italy

Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy

investor.relations@bancobpm.it

www.gruppo.bancobpm.it (IR section)