Banca Generali

Investor Presentation • Nov 5, 2025

To be the No. 1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

9M 2025 RESULTS: EXECUTIVE SUMMARY

Consistent improvement in results across all lines

• Recurring net profit at €274m (+7% YoY), well positioned for future growth
• Reported net profit at €315m (-7% YoY), challenging comparison almost recovered
• Capital and liquidity ratios, robust with CET1/TCR ratio at 17.4%/19.4% and LCR at 328%

• Total Assets at €110bn (+9% YoY), new high in Banca Generali's history
• Total net inflows at €4.4bn, in line with guidelines set for the year
• October net inflows at €1.2bn (>2x YoY), highlighting strong product mix

• Core business, focus on AI, FA network empowerment and in-house asset management expansion
• Intermonte, strengthening private banking and tapping new growth areas
• Alleanza, a win-win deal to expand assets and revenues

NET PROFIT

RELENTLESS GROWTH IN RECURRING NET PROFIT

• 9M 2025 net profit at €315m, supported by strong 3Q results despite usual seasonality
• 9M 2025 recurring net profit at €274m (+7% YoY), a new high for the period with solid operating trend across all business lines
• 9M 2025 variable net profit at €41m (-50% YoY) due to lower market-related fees

NET FINANCIAL INCOME

SOLID PERFORMANCE IN A CONTEXT OF FALLING MARKET RATES

Net Financial Income €\m

• 9M 2025 Net Financial Income at €263m (+6% YoY) despite the decrease in market rates
• 9M 2025 NII at €243m (+2% YoY) supported by higher volumes offsetting decreasing interest rates
• 9M 2025 trading gains and others² at €20m, doubled YoY thanks to Intermonte's market making activity (€9.9m)

TOTAL GROSS FEES

TOTAL GROSS FEES UP WITH HIGH-QUALITY MIX

• 9M 2025 total gross fees at €905m (+1% YoY) with recurring fees accounting for 92% of total (86% in 9M 2024)
• 9M 2025 gross recurring fees at €833bn (+8% YoY) thanks to an acceleration in 3Q25 overcoming the usual seasonality
• 9M 2025 variable fees at €72m (-41% YoY) on a tough YoY comparison
  LUX IM assets at/close to HWM amounted to ~€12.5bn² as of 30 Oct. 2025

GROSS RECURRING FEES (1/2)

ACCELERATION DRIVEN BY ASSET GROWTH

Investment Fees €\m

• 9M 2025 investment fees at €721m (+7% YoY) driven by AUI expansion (+8% YoY)
• 9M 2025 management fees³ at €681m (+7% YoY, +6% LfL) representing 94% of total investment fees
• 9M 2025 management fee margin at 1.41% in line with 1.40%-1.42% guidance

GROSS RECURRING FEES (2/2)

ROBUST TREND OUTPERFORMING SEASONALITY

Other Fees €\m

• 9M 2025 entry fees at €33.8m (-11% YoY), with a stronger 3Q contribution than last year
• 9M 2025 brokerage fees at €55.4m (+32% YoY) boosted by Intermonte (€10.8m) on top of a solid organic growth (+6% LfL)
• 9M 2025 banking fees¹ at €22.1m (+19% YoY) boosted by Intermonte (€13.0m) offsetting perimeter changes and new pricing on banking products

TOTAL PAYOUT RATIO ON FEES

PAYOUT IN LINE WITH OUR GUIDELINES

• 9M 2025 fee expenses on NII at €6.5m (-36% YoY) aligned with interest rate decline
• 9M 2025 payout to third parties decreased thanks to lower retrocessions on advisory to third-parties

OPERATING COSTS (1/2)

COSTS INCLUDE NEW INITIATIVES WITH POSITIVE IMPACT STARTING IN 2026

Total Operating Costs €\m

9M 2025 total operating costs¹ at €253m including Intermonte (+7.5% LfL)

Non core items at €6.8m of which advisory commissions and set-up costs for strategic projects representing ~60% of total

9M 2025 core operating costs at €204m (+8.4% YoY) driven by higher staff and IT costs related to Al projects and Insurbanking

OPERATING COSTS (2/2)

COST RATIO SLIGHTLY UP, MOSTLY DUE TO NEW PERIMETER

Operating Costs / Total Assets

Cost / Income Ratio

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25

---- Reported Cost/Income

--- Adjusted Cost/Income

• • Adjusted Cost/Income ex. Intermonte

(€m)	9M24	9M25 Reported	% Chg	9M25 Intermonte contribution
Net Financial Income	247.9	262.9	6.0%	10.4
Net recurring fees	353.3	388.0	9.8%	22.0
Variable fees	122.2	71.7	-41.3%	0.0
Total Banking Income	723.4	722.6	-0.1%	32.4
Core operating costs (LfL)	-188.1	-203.9	8.4%	-
Total operating costs	-210.5	-252.6	20.0%	-26.3
Operating Profit	512.9	470.0	-8.4%	6.1
Operating Profit excl. performance fees	390.7	398.3	2.0%	6.1
Net adjustments for impaired loans and other assets	0.9	-4.7	n.m.	0.0
Net provisions for liabilities and contingencies 1	-49.1	-47.1	-4.0%	-
Contributions to banking and insurance funds	-12.1	-1.7	-85.9%	-
Gain (loss) from disposal of equity investments	-0.1	-0.6	n.m.	-
Profit Before Taxation	452.6	416.0	-8.1%	6.1
Direct income taxes	-114.0	-100.7	-11.7%	-1.5
Minorities interest	0.0	-0.7	n.m.	-0.7
Tax rate	25.2%	24.2%	-1.0ppt	24.2%
Net Profit	338.6	314.6	-7.1%	4.0
Recurring Net Profit 2	256.7	273.8	6.7%	4.0

Comments

change in perimeter

9M 2025 non operating charges³ at €54m (-10% YoY) thanks to lower regulatory contribution to banking and insurance funds and stabilization of discount rate on actuarial funds

9M 2025 recurring net profit at a new record high level (+6.7% YoY, +5.1% YoY LfL)

To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

BALANCE SHEET – TOTAL LIABILITIES & EQUITY

GROWING RETAIL DEPOSIT BASE

Total Liabilities & Equity: Volumes and Yields €\bn

• 9M 2025 total deposits⁴ at €15.4bn (+15% YoY, +3% QoQ) mostly represented by client deposits
• 9M 2025 average cost of funding decreased (-39bps YoY, -6bps QoQ) tracking market rates

BALANCE SHEET – TOTAL ASSETS HIGHER FINANCIAL ASSETS AND LOANS TO CLIENTS

Total Assets & Interest Bearing Assets: Volumes and Yields €\bn

9M 2025 interest bearing assets at €16.3bn (+2% QoQ), mainly high-quality financial assets (77%) and secured client loans (14%)

9M 2025 yield on interest bearing assets sustained by resilient yields on financial assets

CAPITAL AND LIQUIDITY RATIOS CAPITAL STRENGTH CONFIRMED

certified

Total Capital Ratio %

Liquidity Coverage Ratio %

Leverage Ratio %

Net Stable Funding Ratio %

9M 2025 capital ratios robust despite the impact of CRR3 (-3.8 ppts YTD) and Intermonte's first-time consolidation (-2.3 ppts YTD), partly offset by higher net profit and other positive items (+1.1 ppt YTD).

Dividend provision aligned with current policy (83% of 9M 2025 net profit)

• Both CET1 and TCR well above 2025 SREP requirements (8.7% and 13.2%)
• Leverage ratio at 5.6% well above the 3% threshold

To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

TOTAL ASSETS (1/2) PASSING THE €110 BILLION THRESHOLD

Total Assets €\bn

o/w Assets under Advanced Advisory €\bn

Total Assets (by Fee Category¹) €\bn

• Other Assets (Other Fees)
• Assets under Investment (Investment Fees)

Assets under Investment / Total Assets

9M 2025 Total Assets at new high of €110.1bn (+9% YoY)

9M 2025 Assets under Investment at €73.2bn (+8% YoY) with a spike in 3Q 2025 (+3% QoQ)

9M 2025 other assets at €36.9bn (+11% YoY) driven by AUC supported by the positive performance of both bonds and equities in the period

TOTAL ASSETS (2/2)

CONFIRMING INCREASING INTEREST IN IN-HOUSE MANAGED PRODUCTS

AUM Products €\bn

• Traditional Life Policies
• Managed Solutions¹

Managed Solutions / Total Assets

Wrappers / Managed Solutions

o/w Managed Solutions - Wrappers €\bn

o/w Managed Solutions - Funds €\bn

9M 2025 AUM products at €66.4bn (+8% YoY) driven by growing demand for financial managed products:

• Financial wrappers (+11%)
• In-house funds (+9%)

9M 2025 Wrapper solutions at €25.6bn (+10% YoY) growing above average driven by financial lines

9M 2025 in-house funds at ~50% of total retail fund assets (+2 p.p. YoY) thanks to compelling strategies

NET INFLOWS (1/2) SOLID VOLUMES IN A CHALLENGING CONTEXT

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Total Net Inflows (by Fee Category¹) €\bn

• Other Assets (Other Fees)
• Assets under Investment (Investment Fees)

Assets under Investment / Total Net Inflows

Focus on AUI Net Inflows €\bn

• AUM
• AUC & Banking under Advisory

AUM / AUI Net Inflows

9M 2025 Total Net
Inflows at €4.4bn, in
line with target despite
headwinds linked to
Mediobanca's
exchange tender offer²

NET INFLOWS (2/2)

NORMALIZATION OF THE QUALITY AND MIX OF THE INFLOWS

AUM Products €\bn

o/w Managed Solutions - Wrappers €\bn

9M 2025 AUM products at €1.8bn (+23% YoY) showing

• more diversified product mix
• solid demand for inhouse solutions (financial wrappers and in-house funds)
• normalization in insurance from prior underexposure

NET INFLOWS BY ACQUISITION CHANNEL RECRUITMENT STEADILY RECOVERING

Net Inflows by Acquisition Channel €\bn

Recruitment by Acquisition Channel #

9M 2025 new recruits at 122 professionals (41 in 3Q25), showing signs of trend normalization after headwinds linked to Mediobanca's offer

NET INFLOWS: OCTOBER UPDATE STRONG DELIVERY

Net Inflows Breakdown by Fee Category¹ €\bn

• Other Assets
• Assets under Investment

Assets under Investment / Total Net Inflows

Breakdown of Assets under Investment €\bn

• AUC & Banking under Advanced Advisory
• Managed solutions
• Traditional Life Policies

Strong results in October (€1.18bn) driven by a normalization in business trend after the M&A-induced soft data in both 2Q-3Q 2025

• Positive contribution from Switzerland thanks to high-profile recruiting through the acquisition of Aequitum (a Swiss external asset manager)
• Results driven by managed products as well as strong subscription of BTP Valore placement

To be the No. 1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

INTRODUCTION KEY STRATEGIC DRIVERS

BG CORE BUSINESS

The Bank is focusing on strengthening its core business through three strategic directives:

• Targeting initiatives aimed at enhancing Financial Advisors' Network
• Expanding Banca Generali Asset Management capabilities and footprint
• Making Al a core part of everything we do, driving excellence across the entire organization

INTERMONTE

The acquisition of Intermonte empowers:

• Our Financial Advisors to broaden the range of services offered to our valued and loyal entrepreneur clients, establishing a truly unique positioning for the bank in the market
• The bank to enhance its capital markets capabilities, broadening its product portfolio and internalizing a greater share of the value chain

ALLEANZA

The first strategic step of the Insurbanking partnership with Generali is focused on expanding the bank's client base in the affluent segment by leveraging:

• The outstanding quality of one of Italy's top-performing insurance distribution channels
• BG's product and service offering, providing access to banking solutions and advanced investment opportunities for a broader audience

EXPANDING CAPACITY IN GLOBAL MARKETS AND STRENGTHENING THE OFFERING FOR SMEs

Strengthening Banca Generali Group's strategic positioning

THE STRATEGIC RATIONALE BEHIND THE ACQUISITION OF INTERMONTE IS BASED ON TWO KEY PILLARS

Expanding BG's Global Markets capabilities

Enhancing expertise in negotiation and structuring (derivatives desk) to boost profitability and sustain a competitive edge

Enhancing BG's offering for entrepreneurs and SMEs

Developing a distinctive value proposition for entrepreneurs and SMEs - a key segment in Private Banking, both for new wealth creation and exposure to generational wealth transfer

Create a unique model that combines the dynamism of a FA network with the specialized expertise of an Investment Banking boutique

Offering entrepreneur clients high value-added services, from managing personal wealth to supporting business needs

Banca Generali's network profile

FAs at Banca Generali with assets portfolio >50m/€ ptf³

608 (#) - Avg. 100m/€ ptf

No. of firms - owned by BG clients - with revenues >10m/€

~3,900 (#) - ~160 bn/€ est. value

INTERMONTE'S GROWTH PATH BY 2030

INTERMONTE REVENUES SET TO DOUBLE DRIVEN BY EXPECTED SYNERGIES

Intermonte - 2024-2030 Net Banking Income Evolution €\m

• B Managed products driven mainly by fees on AUM products (funds/financial wrappers) with capital protection
• Investment banking driven by M&A fees and inflows from capturing liquidity events
• Total set-up costs at €6m fully booked in 2025

AN OUTSTANDING INSURANCE NETWORK

Alleanza: high quality network focused on life and protection

• Large base of affluent clients: 55% of Alleanza clients are affluent (assets €50k-500K), with a 'small' portion in the private segment assets (~19k clients)
• Sizeable targetable wealth:
  according to internal estimates,
  Alleanza total client assets
  amount to ~€170bn, of which 75%
  held by third party institutions
• Client wealth not efficiently allocated: 80% of assets are made up of current accounts and securities

Undisputed leadership in Private Banking and Wealth Management

High quality network focused on life and protection for affluent clients

Collaboration to set up a new growth engine for both companies

• Providing Alleanza clients with a new integrated range of banking and insurance products with the aim of unlocking a large pot of idle liquidity in current accounts held with third party institutions
• Providing Alleanza network with new tools to broaden the understanding of clients needs, increase efficient management of financial flows and personalized allocation of households investments
• Enabling Banca Generali to further expand its business by targeting the affluent segment, capitalizing on its proprietary product factories to enhance operating leverage and drive revenue growth

INSURBANKING PROJECTED GROWTH PATH

FINANCIAL TARGETS FOR BANCA GENERALI BY 2030

Alleanza Insurbanking: 2030 Targets

• Net revenues forecast based on:
• Net margin of 60-65bps on the investment component of hybrid products (75-80 bps gross)
• Net margin of 80-90bps on banking products and AUC
• Total set-up costs at €5-6m fully booked in 2025

FY 2025 COMMERCIAL TARGETS

FULLY CONFIRMED BY BOTH VOLUMES AND PRODUCT MIX

NET INFLOWS GUIDANCE

Product Mix

Comments

Commitment to total net inflows well above €6 billion by 2025 year-end confirmed

Target of >€3.5 billion in AUI net inflows confirmed despite headwinds in 2Q and 3Q 2025 due to uncertainties related to Mediobanca's exchange tender bid

To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

• Financial Back-up
• Banca Generali at a Glance
• Switzerland
• Sustainability
• Sector Data

FOCUS ON BG FUND MANAGEMENT LUXEMBOURG (BG FML)

DEEP DIVE ON LUX ASSETS

BG FML - Assets by SICAV €\bn

BG FML - Total Assets €\bn

■ LUX IM

FOCUS ON AUC ASSETS

LARGE EXPOSURE TO LIQUID AND IN PROFIT BONDS

AUC Assets by Product Mix¹ €\bn

Key Features

• ♦ €4.0bn bonds due to expire within 1 year

• 77% of bonds carrying unrealized capital gains³

• Only 4% of total AUC invested in structured products (certificates)
• 22% of AUC under advanced advisory

FOCUS ON FINANCIAL ASSETS

HIGH QUALITY FINANCIAL ASSET MIX

Focus on Financial Assets (Banking Book)

Total PTF Classification

Bond PTF Classification

Total PTF - IFRS Classification

Fixed rate bonds 62% (bond portfolio)

Bond PTF Maturity

Bond PTF Duration

Financial assets are high quality and well diversified:

• More than 99% of the bond portfolio is made up of investment grade securities
• 43% of the bond portfolio is rated ≥ A-
• Italy govt bonds represent 51% of total

Limited P&L volatility since most financial assets are accounted at HTC (70% of total)

Total duration and maturity little changed

FOCUS ON LOAN BOOK HIGH QUALITY LOAN BOOK

Total Assets and Interest Bearing Assets €\bn

Focus on Loan Book (Banking Book)

FOCUS ON FINANCIAL ADVISORY NETWORK (1/2)

SIZE OF THE NETWORK AND KEY FEATURES

Key highlights

FOCUS ON FINANCIAL ADVISORY NETWORK (2/2) WIDENING THE GAP WITH THE REST OF THE INDUSTRY

Average Assets per FA €\m

FOCUS ON CLIENTS TREND AND KEY FEATURES

Total No. of Clients '000

Breakdown by Cluster of Clients

Private Banking Assets²: €79.3bn Private Banking Clients: >41k To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

• Financial Back-up
• Banca Generali at a Glance
• Switzerland
• Sustainability
• Sector Data

BANCA GENERALI IN A NUTSHELL MAIN HIGHLIGHTS

One of the fastest-growing asset gatherers in Europe¹ and #3 player in the Private Banking space in Italy²

Capital-light business model, leveraging on a Network of 2,408 Financial Advisors ranked at the top of the industry³ by quality and productivity

Frontrunner in introducing an open architecture business model in Italy, Banca Generali also relies on an open banking approach to leverage the best partners over time

Several times awarded Best Private Bank in Italy⁴ and Best Financial Advisor Network by Customer Satisfaction⁵

Controlled by Assicurazioni Generali with a stake of 50.2%, Banca Generali recorded Total Return Rate of +1156% since its listing on the Italian Stock Exchange in November 2006

Awarded Best Sustainable Private Bank in Italy⁷ and included in Sustainalytics' 2024 ESG Top-Rated Companies List

International footprint with a consolidated presence in Luxembourg and a growing one in Switzerland

BANCA GENERALI'S AMBITIONS MISSION, VISION AND PURPOSE

Vision

To be the No. 1 private bank, unique by Value of Service, Innovation and Sustainability

Mission

Trusted professionals always by the Client's side, developing and looking after their life plans

Purpose

To protect and improve the lives of people and businesses by enhancing the management of their assets and savings

BANCA GENERALI'S KEY MILESTONES A YOUNG AND FAST-GROWING COMPANY

Total Client Assets €\bn

BANCA GENERALI'S MARKET SHARES

BG HAS SUCCESSFULLY GROWN ITS SHARE ACROSS ALL SEGMENTS

BANCA GENERALI'S ORGANIZATION COMPANY STRUCTURE

Company Structure

BUSINESS MODEL

FOCUSED ON GROWTH AND LEVERAGING ON FLEXIBILITY

Banca Generali's Business Model

DISTRIBUTION

Private Banking positioning and best in class distribution network

Banca Generali's core competitive advantage

PRODUCTS & SERVICES

• Banking products
• AUC products
• Managed solutions
• Insurance solutions

• Alternative solutions

• Investment Advisory

• Real-estate advisory
• Succession planning & family protection
• Corporate advisory
• Trust Services

Wealth management approach leveraging on open architecture and best-of-breed partnerships

3 SUPPORT

IT Platforms and Digital Tools, Training, Marketing, Communication

Open banking and data driven approach

4 BANK

Limited capital absorption, low risk banking book, secured loans

Simple & low risk balance sheet

BG'S FAs AT TOP RANKING IN THE INDUSTRY BOTH IN TERMS OF POSITIONING AND PRODUCTIVITY

Positioning vs Industry

FA networks by total assets per capita: FAs vs Client

BANCA GENERALI Industry

Total assets / Clients

Productivity vs Industry

FA networks by net inflows per capita: FAs vs Clients

• Banca Generali ranks at the top of FA networks, by:
• Positioning avg. size of assets for Financial Advisors and Clients;
• Productivity avg. net inflows per Financial Advisor and Clients

BG NETWORK ARCHITECTURE

NEW NETWORK ORGANIZATION DRIVEN BY PORTFOLIO SIZE AND TYPE OF CONTRAC

		Cluster	Assets (%)	FAs (#)	Assets/FA (€\m)
Senior Partners Network	BANCA GENERALI PRIVATE SENIOR PARTNER	Senior Partners PTF >€150m	(18%)	109	177.1
	BANCA GENERALI PRIVATE WEALTH MANAGEMENT	Wealth Managers PTF >€50m	(22%)	343	67.8
WM & Private Network	BANCA GENERALI PRIVATE PRIVATE BANKING	Private Bankers PTF €15-50m	(51%)	1,476	37.2
	BANCA GENERALI PRIVATE FINANCIAL PLANNER	Financial Planners PTF <€15m	3%	276	10.0
FPA Network	BANCA GENERALI PRIVATE FINANCIAL PLANNING AGENT	Financial Planning Agents (FPAs)	2%	109	21.5
RM Network	BANCA GENERALI PRIVATE RELATIONSHIP MANAGER	Relationship Managers	4%	58	77.9

Senior Partner Network: unique in terms of positioning to consolidate excellence and enhance support and service to Clients

wms, PBs & FPs with one leader on the field and dedicated structures for diverse segments

Relationship Managers (employees)

BG RANKING #4 IN FA NETWORKS IN ITALY STRONGEST INCREASE IN ASSETS OVER THE LAST 10 YEARS

Banca Generali - Total Assets (Assoreti)¹ €\bn

FA Network Sector Ranking (Assoreti) €\bn

BG RANKING #3 IN PRIVATE BANKING IN ITALY SUCCESSFUL STRATEGIC REPOSITIONING STARTED IN 2013

Banca Generali - Private Banking Assets¹ €/bn

2016 2017

2018

2019

Private Banking Sector Ranking (Magstat²), €/bn

2021

2022 2023

2020

2

BG DIVERSIFIED CLIENT PORTFOLIO ALLOWING A TAILOR-MADE VALUE PROPOSITION

Total Assets by Product Segment €\bn

Total Assets by Asset Mix¹%

Other assets

WEALTH MANAGEMENT APPROACH

SUPPORTED BY A WIDE RANGE OF PREMIER PARTNERSHIPS

Partnerships with Leading Service Providers

Art & Passion Advisory Artshell ArtDefender ASTE BOLAFFI CHRISTIE'S CAMBI Emblème BOLAFFI Emblème BOLAFFI

Family Protection & Planning

GENERFID

SEBANCA GENERALI

PARTNER LAW FIRMS

An Advanced Advisory model to address financial and non-financial needs of our Clients and their families

TRAINING SUPPORT APPROACH COMBINING PHYSICAL AND DIGITAL

Physical Location

A space dedicated to classroom training for Financial Advisors, as well as a venue for representation/events

Training Platform

A single channel dedicated to FAs training

To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

• Financial Back-up
• Banca Generali at a Glance
• Switzerland
• Sustainability
• Sector Data

EXPANSION IN SWITZERLAND (1/2) MAIN HIGHLIGHTS

Large targetable market estimated at ~140 €\bn, of which:

• 80 €\bn¹ represented by potential assets referring to Italian clients
• 60 €\bn¹ represented by targetable assets to be managed onshore in Switzerland

Opportunity arising from change in regulation, ongoing sector consolidation and overwhelming presence of 'traditional' business models

Launch of disruptive business model through a challenger Bank ("BG Suisse") with digital mindset, no IT legacy, strong brand and leveraging on:

• 1. Two growth engines: clients in Switzerland (onshore) and clients in Italy (offshore) in need of diversification of their booking centers
• 1. Up and running reporting and investment infrastructure internally developed by Banca Generali (BG International) providing a view on aggregated wealth (Italy + Switzerland)

BG SUISSE PRIVATE BANK (2/2) TARGET MARKETS AND MODEL

• Onshore clients in Ticino
• Onshore clients in the rest of Switzerland
• Clients resident in selected other countries already with a custody account in Switzerland or looking for one

Target Model

Target

Clients

Custody and private banking services

CLIENTS MANAGED IN ITALY

• BG clients with need for diversification in terms of booking centers

• BG clients and new clients that already have Swiss AUM at third banks (growth opportunities)

Custody

To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

• Financial Back-up
• Banca Generali at a Glance
• Switzerland
• Sustainability
• Sector Data

SUSTAINABILITY (1/4) MAIN HIGHLIGHTS

First year application of Sustainability Statement pursuant to Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive – CSRD)

New double materiality analysis identified 9 material topics reflecting Banca Generali's ESG priorities

Sustainability fully incorporated into our governance structure - ESG integrated in the Managing Committee and in all Board Committees - and risk management framework

New Climate Transition Plan approved at the beginning of 2025 with intermediate targets to reach Net Zero by 2040

Ongoing focus on developing human capital with >70k employee training hours and >143k FA training hours¹

Several recognitions by the most relevant ESG rating agencies. Among others, awarded top ranking company among "Diversified Financials" by Sustainalytics

SUSTAINABILITY (2/4) NEW CLIMATE TRANSITION PLAN

Climate Transition Plan - Targets			Operations	Investments
REDUCTION OF CARBON FOOTPRINT	Scope 1 & 2 emissions (tCO 2eq /€m)		2030: -40% GHG emissions (vs. 2019 baseline) 2040: NET ZERO GHG emissions	2030: -55%¹ GHG emissions (vs. 2019 baseline) 2040: NET ZERO GHG emissions
SUPPORT FOR CLIMATE TRANSITION	Headquarters and corporate fleet Commercial offering		2030: Completion of the green retrofitting of headquarters	Development and/or placement of financial or insurance solutions focused on energy transition
COAL INVESTMENTS	Coal phase-out		2030: 100% electric/hybrid corporate fleet	2030: Phase-out from of coal investments in corporate issuers 2
ENGAGEMENT ACTIVITY	Scope of engagement	>	2030: Enhanced due diligence on suppliers with a particular focus on environmental impacts	Extension of the scope of Engagement with a focus on major carbon-intensive issuers

SUSTAINABILITY (3/4) ESG COMMERCIAL APPROACH

certified

BG Personal Portfolio (BGPP) - ESG platform

ESG dedicated platform allowing investment choices aligned to the 17 UN SDGs

• Distinctive features related to portfolio search and optimization
• Bespoke selection of ESG strategies based on ESG metrics
• Reported positive impact of individual strategies and portfolios through the use of ESG metrics and alignment on UN SDGs

ESG product offering

51 LUX IM sub-funds art. 8 and art.9

integration of ESG factors and/or specific thematic features

3 BG Collection sub-funds

integration of ESG factors and/or specific thematic features

BG Equity Infrastructure Fund

Investing in infrastructure projects linked to renewable energy and energy transition

7 portfolio management lines art.8

Sustainability-oriented insurance wrapper

investing in three internal thematic funds: People, Planet & Digital Transformation

36 external funds art.8 and art.9

~800 ESG strategies

from market's best asset managers

SUSTAINABILITY (4/4)

COMMITMENT TO RELATIONS WITH SHAREHOLDERS AND AUTHORITIES

To be the No.1 private bank, unique by value of service, innovation and sustainability

9M 2025 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Key Projects and Closing Remarks

Annex

• Financial Back-up
• Banca Generali at a Glance
• Switzerland
• Sustainability
• Sector Data

TOTAL ITALIAN HOUSEHOLD WEALTH AT A GLANCE

Italian Household Net Wealth €\tn

■ Financial wealth - targetable (TAM)

• Italian Household Wealth, one of the largest in Europe
• 2024 Financial Wealth at €6.0 trillion o/w €3.9 trillion regarded as Targetable Financial Assets
• High yet declining exposure to real estate assets (from 66% in 2014 to 58% in 2024)
• One of the lowest household financial debt in Europe

TOTAL ADDRESSABLE MARKET (1/3)

BY CLIENT SEGMENTATION

Total Addressable Market (TAM) by cluster of clients €\tn

• Private & HNW households wealth expected to remain the fastest-growing segment (+4.8% 2024-27E CAGR)
• Aging population and wealth transfer needs growing relevance
• Increasing search for holistic advisory on both financial and nonfinancial wealth

TOTAL ADDRESSABLE MARKET (2/3) BY PRODUCT MIX

certified

Total Addressable Market (TAM) by product mix €\tn

• Still inefficient household asset allocation with large cash holdings
• Increased market volatility and product complexity expected to further grow demand for professional investment advice
• Managed assets expected to continue grow well above average (+5.4% 2024-27E CAGR)

TOTAL ADDRESSABLE MARKET (3/3) BY DISTRIBUTION CHANNEL

certified

Total Addressable Market (TAM) by distribution channel €\tn

• Financial Advisors expected to further gain market share over traditional banking industry
• Financial Advisors proved as better suited to provide a tailor-made service (no of clients/FA)
• More appealing value proposition compared to traditional banking industry expected to drive FAs industry's growth further
• Ongoing banking sector consolidation expected to provide more growth opportunities

DISCLAIMER

The manager responsible for preparing the company's financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

T. Di Russo, CFO

Certain statements contained herein are statements of future expectations and other forward-looking statements.

These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties.

The user of such information should recognize that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions.

Neither Banca Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document.