Banca Mediolanum

Investor Presentation • May 8, 2025

Q1 2025 Results & Business Update

Table of content and colour key

3

Excellent start of the year thanks to full-service & versatile business model

€ mn	FY 2024	FY 2023	Change
€ mn	Q1 2025	Q1 2024	Change
Net Commission Income	1,168.0	1,029.5	+13%
Net Commission Income	316.2	290.5	+9%
Net Interest Income Net Interest Income	811.1 180.0	752.4 220.0	+8% -18%
Contribution Margin Contribution Margin	1,976.5 495.1	1,766.5 504.0	+12% -2%
Operating Margin	1,093.6	987.7	+11%
Operating Margin	279.1	283.1	-1%
Market Effects	393.4	89.7	+338%
Market Effects	52.0	25.3	+106%
Net Income	1,119.6	821.9	+36%
Net Income	243.3	220.5	+10%

Key ratios Key ratios	FY 2024 Q1 2025	FY 2023 FY 2024
Cost/Income Ratio Cost/Income Ratio	39.0% 38.4%	39.9% 39.0%
Acquisition costs/Gross Acquisition costs/Gross commission income Ratio commission income Ratio	34.1% 34.2%	33.0% 34.1%
Cost of risk (bps) Annualised Cost of risk (bps – R12M)	18 13	19 18

*G&A expenses & Contribution to banking & insurance industries / Contribution margin

Average Recurring Fee (bps) 212 214 214

Average Recurring Fee (bps) 205 212 215

Very positive start of the year w/ significantly-higher average AUM. Negative market performance in Q1 25 offset by net new money

NII impacted by change in rates & success of promo initiatives. Unfavourable comparison vs 2024 due to timing & volume mismatch of promo offers. Update to 2025 expectations: -5% confirmed

Comprehensiveness of business model enabled Operating Margin to remain stable despite declining rates & market headwinds in Q1

Good contribution from performance fees in Jan-Feb, mainly thanks to PIR fund w/ daily crystalisation as well as profit-taking activity by customers

Bottom line keeps delivering thanks to resiliency of BMED business model

Efficiency remained high given the disciplined approach to costs and different seasonality vs Q1 2024

Payout to Family Bankers substantially stable across quarters

CoR even lower than usual thanks to better outlook provided by risk models

Robust commercial performance w/high quality & quantity net inflows

€ bn	Q1 2025	Q1 2024	Change	FY 2024	Change
Total Net Inflows	3.77	3.06	+23%			Extremely strong start of the year, with substantial growth in net new money. Strong contribution once again from both new & existing customers
Net Inflows into Managed Assets	2.01	1.18	+71%			Best start of the year thanks to distinctive investment strategy & flow resiliency. Target of 7.5 bn confirmed
Total AUA/AUM	140.30	125.90	+11%	138.49	+1%	Total financial assets fueled by the growth of deposits and net inflows into managed assets, which offset negative market performance in the quarter
Loans Granted	0.85	0.56	+51%			Strong pick-up in mortgage volumes also favoured by easing of rate environment and recovery of residential RE market
Credit Book	17.78	16.91	+5%	17.62	+1%	Credit book increased maintaining extremely high quality thanks to prudent approach to the business
General Insurance Gross Premiums (€ mn)	53.27	42.39	+26%			Healthy growth of premiums attributable to both stand-alone & loan protection policies

6 Growth & Resilience Drivers

Customer acquisition reflects success of our initiatives Automatic investment services provide great visibility to future flows

	31/03/2025	31/12/2024	Change
Bank Customers	1,963,300	1,918,600	+2%	Customer base continues to grow at a good pace,
Bank Customer Acquisition	64,500	197,900		also thanks to promotional initiatives
Family Bankers	6,491	6,415	+1%	FB network development continues as we train
o/w Private Bankers & Wealth Advisors	899	906	-1%	professionals from other sectors & traditional banks. 421 Banker Consultants actively support Family
AUM - Private Bankers & Wealth Advisors	€ 40.95 bn	€ 41.33 bn	-1%	Bankers as at end of March
IIS – Money market AUM	€ 3.60 bn	€ 2.87 bn	+26%	Automatic investment services explain consistency of
Double Chance – Assets in deposit accounts	€ 0.93 bn	€ 1.02 bn	-9%	net inflows into managed assets & support the increase of recurring fees over time.
Instalment Plans – Annualised yearly flows	€ 1.93 bn	€ 1.69 bn	+14%	IIS currently the main gateway to equity investments

IIS - Intelligent Investment Strategy shifts from money market to equity over 3-5 yrs. Double Chance shifts from deposit accounts to equity over 3-24 months Instalment plans shifts from current accounts to equity on a monthly basis

7 Q1 2025 Capital Adequacy & Balance Sheet Highlights Group

Simple & solid balance sheet structure, strong capital generation

	Q1 2025 0	FY 2024
CET1 Ratio	22.5%	23.7%	CET1 Ratio remained extremely robust after implementation of final terms of Basel III
MREL TREA	24.5%	25.9%	Well above the 21.1% requirement
Risk-weighted assets (€ bn)	15.10	14.11	RWAs increased due to regulatory change: main impact on operational risks, also because of record-breaking revenues from commissions in 2024
Leverage Ratio	7.8%	7.8%	Leverage Ratio stable & well above regulatory requirements
Retail Loan/Deposit Ratio	59.0%	62.1%	Growth in deposits driven by customer acquisition & success of promo offers focused on increasing share of wallet of existing customers
NSFR	180%*	180%	Easily surpassing the requirements for long & short-term liquidity
LCR	465%	387%	obligations

Total Capital Ratio: 22.5%. SREP Req. on Total Capital Ratio: 12.8% for 2025 including P2G. Leverage Ratio = CET1 / Banking Group Assets. * NSFR available as at FY 2024

8

	Q1 2025	Q1 2024	Change
Entry fees	16.9	13.0	+30%
Management fees	343.6	303.3	+13%
Investment Management fees	66.9	60.1	+11%
Net insurance result	56.4	48.0	+18%
Banking service fees	48.5	51.2	-5%
Other fees	13.8	12.5	+10%
Gross Commission Income	546.1	488.0	+12%
Acquisition costs	(186.9)	(158.9)	+18%
Other commission expenses	(42.9)	(38.6)	+11%
Net Commission Income	316.2	290.5	+9%
Net interest income	180.0	220.0	-18%
Net income on other investments	(0.3)	2.1	n.s.
LLP (Impairment on loans )	(1.4)	(8.8)	-84%
Other revenues & expenses	0.6	0.3	+126%
Contribution Margin	495.1	504.0	-2%
G&A expenses	(185.4)	(176.1)	+5%
Contributions to banking & insurance industries	(4.6)	(22.1)	-79%
Depreciation & Amortization	(7.7)	(9.0)	-14%
Provisions for risk & charges	(18.2)	(13.7)	+32%
Operating Margin	279.1	283.1	-1%
Market effects	52.0	25.3	+106%
- o/w Performance fees	39.2	29.6	+32%
- o/w Net income on investments at fair value	12.8	(4.3)	n.s.
Extraordinary items	(1.1)	(10.8)	-90%
PROFIT BEFORE TAX	330.0	297.5	+11%
Income tax	(86.7)	(77.0)	+13%
NET INCOME	243.3	220.5	+10%

Income Statement by Quarter € mn

Q1 2025
Group

	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Entry fees	13.0	15.6	13.8	18.2	16.9
Management fees	303.3	316.9	323.5	340.2	343.6
Investment Management fees	60.1	62.4	63.6	66.8	66.9
Net insurance result	48.0	48.9	52.6	49.9	56.4
Banking service fees	51.2	46.8	43.1	45.9	48.5
Other fees	12.5	12.8	12.4	14.0	13.8
Gross Commission Income	488.0	503.3	509.0	535.0	546.1
Acquisition costs	(158.9)	(165.2)	(176.3)	(192.8)	(186.9)
Other commission expenses	(38.6)	(40.4)	(46.0)	(48.9)	(42.9)
Net Commission Income	290.5	297.6	286.8	293.2	316.2
Net interest income	220.0	198.0	195.4	197.7	180.0
Net income on other investments	2.1	16.4	(0.3)	15.6	(0.3)
LLP (Impairment on loans)	(8.8)	(9.6)	(4.9)	(9.3)	(1.4)
Other revenues & expenses	0.3	(1.5)	0.0	(2.5)	0.6
Contribution Margin	504.0	500.9	477.0	494.7	495.1
G&A expenses	(176.1)	(190.0)	(169.6)	(200.6)	(185.4)
Contributions to banking & insurance industries	(22.1)	(5.6)	(4.3)	(3.6)	(4.6)
Depreciation & Amortization	(9.0)	(9.4)	(9.5)	(14.0)	(7.7)
Provisions for risk & charges	(13.7)	(12.9)	(11.9)	(30.7)	(18.2)
Operating Margin	283.1	283.0	281.8	245.7	279.1
Market effects	25.3	15.7	20.1	332.2	52.0
- o/w Performance fees	29.6	11.7	9.6	325.8	39.2
- o/w Net income on investments at fair value	(4.3)	4.0	10.6	6.4	12.8
Extraordinary items	(10.8)	(0.8)	0.4	(20.9)	(1.1)
PROFIT BEFORE TAX	297.5	298.0	302.3	557.0	330.0
Income tax	(77.0)	(68.6)	(77.9)	(111.7)	(86.7)
NET INCOME	220.5	229.4	224.4	445.3	243.3

	Q1 2025	Q1 2024	Change
Total commissions	149.5	130.5	+15%
One-time commissions	19.9	17.4	+14%
Ongoing commissions	129.7	113.1	+15%

Total incentives & bonuses	28.2	18.9	+49%
Incentives on individual net inflows	16.2	11.8	+37%
Contest & bonuses	10.9	6.0	+83%
Reimbursement of costs for customers events	1.1	1.2	-1%

Costs related to the agency agreement	8.4	8.7	-3%

	Prexta agent commissions	0.8	0.9	-5%
--	-----------------------------	-----	-----	-----

TOTAL ACQUISITION COSTS	186.9	158.9	+18%
-------------------------	-------	-------	------

	Q1 2025	Q1 2024
GROUP TOTAL NET INFLOWS	+3,765	+3,064
Managed Assets	+2,014	+1,180
- o/w Mutual Funds, U/L & Managed Accounts	+2,123	+966
Administered Assets	+1,752	+1,885

Italy - Banca Mediolanum Total Net Inlows	+3,063	+2,766
Managed Assets	+1,566	+927
- o/w Mutual Funds, U/L & Managed Accounts	+1,674	+730
Administered Assets	+1,497	+1,839

Spain - Banco Mediolanum Total Net Inflows	+705	+306
Managed Assets	+451	+261
- o/w Mutual Funds & U/L	+452	+244
Administered Assets	+254	+45

Germany	-3	-8
Managed Assets	-3	-8
- o/w Mutual Funds & U/L	-3	-8

14 Assets under Administration/Management € mn

	31/03/2025	31/12/2024	Change	31/03/2024	Change
Italy - Banca Mediolanum	126,499	125,092	+1%	114,222	+11%
Mutual Funds & U-L Policies	84,827	85,243	-0%	75,895	+12%
Other Life Insurance Reserves	2,067	2,010	+3%	1,966	+5%
Banking	39,604	37,839	+5%	36,361	+9%

Spain - Banco Mediolanum	13,446	13,026	+3%	11,303	+19%
Mutual Funds & U-L Policies	9,669	9,549	+1%	7,829	+24%
Other Life Insurance Reserves	119	114	+4%	168	-29%
Banking	3,657	3,363	+9%	3,306	+11%

Germany	356	374	-5%	377	-6%
Mutual Funds & U-L Policies	356	374	-5%	377	-6%

TOTAL AUA/AUM	140,300	138,493	+1%	125,902	+11%
---------------	---------	---------	-----	---------	------

Certificates not included. Cash: liquidity not invested. Other: may include hedging derivatives (shown as negative).

	Q1 2025	Q1 2024	Change
Mortgages	452	250	+81%
Personal Loans	247	164	+51%
Salary-backed Loans (Prexta) 1	149	146	+2%
TOTAL	849	561	+51%
3rd-party Loans	5	4	+12%

	31/03/2025	31/12/2024	Change	31/03/2024	Change
Mortgages	12,639	12,512	+1%	12,061	+5%
Personal Loans	2,474	2,437	+2%	2,379	+4%
Lines of Credit	522	557	-6%	531	-2%
Salary-backed loans (Prexta)1	2,144	2,112	+2%	1,934	+11%
TOTAL	17,780	17,618	+1%	16,906	+5%

	31/03/2025	Italian Banks
Gross NPE	1.45%	2 2.8%
Net NPE	0.77%	3 1.4%
Cost of risk2 Annualised	0.13%

1 Includes Prexta unsecured loans

2 Bank of Italy – 'Banks and Financial Institutions: Credit Conditions and Risk by Sector and Geographical Area – Q1 2025'

3 Bank of Italy - ''Financial Stability Report No. 2 2024'

19 General Insurance Gross Premiums € mn

	Q1 2025	Q1 2024	Change
Stand-alone policies	43.1	36.5	+18%
New business	7.9	7.2	+9%
In-force business	35.2	29.3	+20%

Loan protection policies	10.1	5.8	+73%
Group health policies	0.1	0.0	n.s.
GROSS PREMIUMS	53.3	42.4	+26%

20 Balance Sheet Structure – Banking Group Q1 2025

as at 31/03/2025

Straight-forward & solid balance sheet structure

Group

21

Italy

23 Mutual Funds - Assets under Management € mn

	31/03/2025	31/12/2024	Change	31/03/2024	Change
'Best Brands' funds on funds (IRL)	29,440	30,086	-2%	28,202	+4%
'Challenge' mutual funds (IRL)	28,101	28,231	-0%	23,786	+18%
Funds of Hedge Funds (IRL)	30	36	-16%	35	-14%
'Fondi Italia' mutual funds (ITA)	8,650	8,292	+4%	7,600	+14%
'Real estate' fund (ITA)	153	155	-1%	186	-18%
3rd-party stand-alone funds	5,580	5,511	+1%	4,665	+20%
Other	3,776	3,738	+1%	3,340	+13%
Adj. for own mutual funds in FoFs & Managed accts	(547)	(554)	-1%	(572)	-4%
MyLife' U-L policy	17,723	17,650	+0%	15,163	+17%
Other U-L policies	22,215	22,833	-3%	20,966	+6%
Adj. for own mutual funds in U-L policies	(30,295)	(30,736)	-1%	(27,476)	+10%
ASSETS IN MUTUAL FUNDS & U-L	84,827	85,243	-0%	75,895	+12%

Q1 2025 Italy

24 Mutual Funds - Assets by A.M. Company

as at 31/03/2025 - including U-L assets

Q1 2025

Italy

25 Banking - Assets under Administration € mn

	31/03/2025	31/12/2024	Change	31/03/2024	Change
Cash deposits	26,584	25,211	+5%	24,645	+8%
Repurchase agreements	4	4	+7%	3	+66%
3rd-party structured bonds	3,670	3,520	+4%	3,300	+11%
Other securities	9,346	9,104	+3%	8,413	+11%
BANKING ADMINISTERED ASSETS	39,604	37,839	+5%	36,361	+9%

Q1 2025 Italy

Total Book

Customer Book

Q1 2025
Italy

	Liabilities	Assets
Customers	26,657	16,231

Treasury	5,649	17,972
Interbank / intra-group deposits & repos	801	710
ECB refinancing	0	437
MTS refinancing	4,548	0
Securities (bonds)	300	16,826

Other liabilities / assets	5,867	3,969
-------------------------------	-------	-------

TOTAL	38,172	38,172

Operating Liquidity (24hr): 13,318

Q1 2025 Italy

Family Banker Network - Italy

28

Change in headcount & Split by Average Portfolio Year 2025

Average portfolio calculated on Family Bankers only

'Private Bankers' & 'Wealth Advisors'* - Italy

as at 31/03/2025

Q1 2025 Italy

* 'Private Bankers' & 'Wealth Advisors' are a subset of Family Bankers who mainly deal with affluent & HNW customers

30

	Q1 2025	Q1 2024	Change	vs. FY
Operating Margin	15.7	23.2	-32%
Net Income	14.2	18.9	-25%	-0.8

Total Assets	13,446	11,303	+19%	+3%
Managed Assets	9,788	7,998	+22%	+1%
Administered Assets	3,657	3,306	+11%	+9%

Total Net Inflows	705	306	+130%
Net Inflows into Managed Assets	451	261	+73%
Net Inflows into Administered Assets	254	45	+461%

Credit Book	1,549	1,361	+14%	+4%

Family Bankers	1,632	1,617	+1%	+1%

Customers	265,530	237,845	+12%	+4%

32

33 Italian FA Networks - Ranking by Net Inflows Business

€ mn – totals by Group

		Q1 2025
	Managed Assets	Managed Assets & Admin. Assets w/ Advisory fee	Total Net Inflows
Banca Mediolanum	1,677	1,688	3,001
Gruppo Fideuram/Intesa	1,315	1,539	2,713
Allianz Bank	1,266	1,269	1,821
Mediobanca Premier	846	917	1,282
Finecobank	808	1,053	2,339
Credem	496	506	700
Banca Generali	485	452	1,452
Zurich Italy Bank	263	408	538
BNL - BNP Paribas	233	367	499
Banca Widiba	98	158	237

* including Unit-Linked policies & Managed Accounts Source: Assoreti

Business

	Apr 2025	YTD 2025	YTD 2024
GROUP TOTAL NET INFLOWS	1,126	4,892	4,089
Managed Assets	1,135	3,148	1,801
- o/w Mutual Funds, U-L & Managed Accounts	1,183	3,306	1,536
Administered Assets	-8	1,743	2,289

GROUP LOANS GRANTED	308	1,157	764
GENERAL INSURANCE PREMIUMS	19	72	58

• Promotions on time deposits have been extremely effective in acquiring new liquidity from both new and existing customers
• Proven track-record of transforming deposits into managed assets thanks to the advice of Family Bankers in implementing the correct asset allocation
• Short duration (6M) & full flexibility to adjust cost of funding with each edition according to rate environment

Edition	Annual Interest Rate (6 months)	Inflows	# Customers	o/w New customers	Time deposits transformed into managed assets (Target: 70%)
Q1 2023	4%	€ 1.9 bn	32,000	23%
Q3 2023	4%	€ 0.5 bn	13,700	14%
Q1 2024	5%	€ 2.2 bn	44,300	21%
Q3 2024	5%	€ 1.9 bn	36,600	21%	43% as at Apr. 30
Q1 2025	4%	€ 1.8 bn	37,400	21%	In progress

37 Creating the NEXT Generation of the Network

Pairing high potential new graduates to work as junior assistants ('Banker Consultant') with senior Private Bankers & Wealth Advisors

• 'Banker Consultants' initially receive dedicated training programme (Executive Master's) provided by Mediolanum Corporate University & supported with a scholarship
• Once fully licensed, the 'BCs' work alongside their senior PB/WA with extensive on-the-job training, managing day-to-day duties & operations as well as smaller customers
• The 'BCs' free up time for the senior PBs/WAs to focus on larger customers & new business development
• As remuneration they receive a percentage of the senior PBs/WAs commission, with a 3-year minimum monthly compensation
• This project assures an increase in productivity in the Network, organic growth and generational renewal
• 459 'BCs' are already working with their senior PB/WA as licensed FA as at end of April 2025
• 173 'BCs' currently training

38 Automatic Investment Services Business

Investment services featuring automatic gradual switch into equity funds allowing customers to take advantage of dollar-cost averaging

● Big Chance (2001)

• Capital is initially invested in money market fund
• A portion of the assets is switched twice monthly into equity funds, investing the entire amount over 3/12-month period

● Double Chance (2008)

• Capital is initially parked in a highly-remunerated deposit account
• Allows customer gradual entry into equity & fixed-income funds, investing the entire amount over 3/24-month period

● Intelligent Investment Strategy (2016)

• Capital is initially invested in money market fund
• A portion of the assets is switched once or twice monthly into equity funds or U-L policy, investing the entire amount over 3/5 year period
• Instalment amount automatically increases if equity fund value drops. Capital gains on equity >10% are switched back into money market fund to be reinvested over time

● Intelligent Accumulation Plan (2020)

• Long-term instalment plan that shifts small amount of savings from current account to mutual funds monthly
• Allows customers to gradually enter BMED equity & fixed-income funds

• Instalment amount automatically doubled each month the fund unit price is 5% below the avg unit price of a customer

• ^Along-term investment strategy/service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating the effects of volatility & taking advantage of dollar-cost-averaging

• Capital is initially parked in a highly-remunerated deposit account (rates currently offered: up to 3.00% annual according to selected duration & asset class)
• Allows customer gradual investment into equity or highyield funds over 3/24-month period, automatically transferring the established amount 2 or 4 times a month
• Interests of the deposit account automatically credited to the customer's checking account

Business Update

40 Business Launched June 2016 The 'Intelligent Investment Strategy' Service (IIS)

• ^Along-term investment strategy/service (10+ yrs, € 30k+) that allows our customers to gradually enter the equity markets in order to take advantage of the overall growth of the world economy
• Designed to remove emotional barriers associated with equity investments by making rational choices at the beginning of the plan rather than during crises or volatile markets
• The amount invested is first put into a money market fund, and then fully converted into Mediolanum equity funds or MyLife U-L wrap account over 3-4-5 years, through automatic transfers 1-2 times per month
• Thanks to the Automatic Step-In/Step-Out feature, when the unit price of equity funds has a strong decrease* the transferred amount is multiplied accordingly. Vice versa, in case of an extraordinary increase (+10% or 20%), the capital gains are shifted back into the money market fund
  • * versus each customer's average purchase price

Update

Equity Fund Unit Price	Installment amount
5% to 10% decrease	X2
10% to 15% decrease	X3
15% to 20% decrease	X4
20% or more decrease	X5

'Market crises are buying opportunities': not just a slogan

Step ins & step outs reduce avg unit price on investments, allowing customers to benefit from market volatility. € 4.9 bn of money market managed assets were automatically invested in equity through planned instalments & step-ins between 2022 & 2024, supporting a strong increase in avg. recurring revenues. € 2.87 bn more to be transferred from monetary funds over the next 3-5 years.

42 Group Customer Base as at 31/03/2025

Total Customers 1,963k

End Goal: to be the Customer's Primary Bank

1,385k hold a bank account

• 68% use BMED as Primary Bank (internal data analytics)
• 39% use BMED as the Only Bank (2024 survey)

43

44 Mediolanum Facts as at 31/03/2025 BMED Shareholders & Group Structure

45 Mediolanum Banca Mediolanum's Integrated Business Model

• We and our Family Bankers view the company as a single entity, providing solutions that best fit the needs of the customer, whether it be in the form of a mutual fund, an insurance policy or a bank product
• The Bank (est. 1997) has a special role as the place where customer savings are naturally built
• It is also where service quality is more readily appreciated & compared
• Therefore, it represents the mandatory point of entry for all new customers

Facts

46 Mediolanum Banca Mediolanum's Multi-channel Model

Facts

• Self-employed tied agents with entrepreneurial approach
• Extensively trained to tackle every household financial need
  • Share Mediolanum's view that banking services are an effective acquisition & retention tool
• Compensated even for operations performed by customers through direct channels
• Willing to provide advice anytime, anywhere
• Equally competent across all product lines
• Unlike the typical FA, offer assistance also with everyday banking needs
• Synergy, not competition, between human and direct channels

Customers: freedom in banking

Top-quality and valuable direct banking services associated with a human relationship

48 Italian Household Financial Assets Mediolanum

Over the last few years asset gatherers have increased market share to the detriment of traditional banks

Total HH Assets as at Dec. '24: € 5.98 trillion

Asset gatherers growing mainly thanks to:

• Demand for specialised advice
• Products & services tailored on customer needs
• Better product performance
• Recruiting of traditional bank professionals

(*) Includes deposits, administered & managed assets. Does not include real estate, shares of unlisted companies, TFR (end-of-service pay)& cash, as these assets are a nonaddressable market for financial institutions. Total wealth of Italian households – all items included - is equal to € 5.98 trn in 2024. Source: BMED & Prometeia

2008 & 2010: adjusted net income excluding effects of 'Lehman Brothers' operation

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

2019 dividend balance & 2020 dividend paid in Oct. 2021 due to Covid-19 ECB ban

Total Net Inflows Net Inflows into Managed Assets

52 BMED: 24 Years of Consistent Net Inflows

Anti-cyclical flows mean better performance for customers thanks to dollar-cost-averaging

Mediolanum

Facts

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Net Inflows into Managed Assets

Primary Bank Account Holders

57

Facts

1,451

Facts

61 Spain – Family Banker Network Mediolanum

62 Banking Book Composition Mediolanum

€ bn – nominal value – as at 31/03/2025

Banking Book: € 17.8 bn (nom. values)

Mediolanum

63 Facts Investment Advisory Strategy

Our investment strategy explains the consistency of our inflows & transfers 'technical performance' into 'customer performance'

• We advise our customers proposing products & services that correspond to each of their specific needs
• Investor needs remain fundamentally the same, they are not influenced by market crises
• We do not engage in stock-picking, tactical asset allocation decisions, or market-timing
• We recommend a series of diversification criteria, the most important being time horizon (5D Strategy)
• Equity investments are only considered for the long term (>10 yrs) and are diversified across the global economy to further reduce risk
• We strongly advise investors who have a long-term outlook to view market crises as buying opportunities

Mediolanum Facts

CSM is the new key metric showing size and stability of revenues ready to be recognised in future years

Greater visibility on future earnings from insurance business

• with a resource for life-long education
• Develops financial education programs dedicated to our customers & the community
• universities, professors and individuals who are experts in the field ● Provides our Family Bankers & employees
• Inaugurated March 2009 ● Centralises our training know-how, in coordination with top

Facts

Mediolanum Facts

A proprietary state-of-the-art tool established in 1989

Online programs to train, motivate & communicate with our Family Bankers

• Financial news commented by top company executives
• Company news & product information
• Online training course support
• Inspirational thoughts for personal motivation & sales techniques

Daily specials dedicated to crisis-related topics were added to the ongoing programming in 2008, 2009, 2011, 2020 & 2022

⁶⁷ Mediolanum Marketing Events Facts

• 9 nation-wide in-person events, with over 60,000 between attendees & digital viewers in 2024
• Over 2,000 digital/in-person events organised by Family Bankers: over 145,000 attendees

Results are measurable:

• Net inflows into managed assets of invited customers in the 3 months post-events
• Expenses are reimbursed to Family Bankers only if set commercial target is met
• Average commercial value of media coverage is also regularly tracked

68 Top Performer in Customer Experience Mediolanum

Facts

BVA Doxa Survey – Customer Satisfaction 2024

Solid customer relationship is built on best-in-class service delivery both human & digital

Overall Satisfaction	Perceived Value	Digital Platform	Financial Advisor Interaction
Customer Satisfaction	Comprehensiveness of Offer	Mobile App Satisfaction	Overall Satisfaction
95% Market Avg: 90%	85.7 Market Avg: 74.2	83% Market Avg: 66%	89% Market Avg: 60%
Net Promoter Score	Value for Money	App Store Rating	Availability
66.2 1 st Bank in Italy Market Avg: 11.2	76.8 Market Avg: 68	4.8 4.5	In 2024, Family Bankers had 9 contacts on average with their customers
Customer Retention	Focus on Sustainability
96%	83.8

Market Avg: 67.8 Source: BMED; BVA Doxa Survey Customer Satisfaction 2024; Play Store & Apple Store

source: GfK – an NIQ company

71 The development of the digital customer:

A totally digital Bank account addressing the needs of 'digital young adults'

• For those who require a full-service account, but aren't in the market for advice like the typical BMED customer
• Not only an account but a comprehensive offer of banking services
• Credit, managed assets & general insurance products available
• Able to be managed on a 'do-it-yourself' basis, 'à la carte'
• 138,300 digital customers as at 31/03/2025. Another 37,500 already upgraded to the Family Banker model
• Cross-selling activity growing according to expectations

Source: BMED based on Bloomberg data

Facts

73 0% 500% 1000% 1500% 2000% 2500% 3000% 3500% Price Return Reinvested Total Return Mediolanum Facts MED.MI / BMED.MI Price Return & Total Return Index*

* Total Return Index includes dividend reinvestments, June 3, 1996 – April 30, 2025 Source: Datastream

74 Disclaimer

This document has been prepared by Banca Mediolanum S.p.A. for the sole purpose of providing information and presenting the Group's strategies.

The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be altered at any time without notice.

No guarantee, express or implicit, is given by Banca Mediolanum S.p.A. or by any of the Mediolanum Group companies as to the reliability, completeness or accuracy of the information or opinions in the present document.

Publication, communication to others, and reproduction of all or any of this document's contents are forbidden, except with the express written consent of Banca Mediolanum S.p.A.

Neither Banca Mediolanum S.p.A., nor the companies belonging to the Mediolanum Group, nor their representatives, managers or employees accept liability for any losses directly or indirectly resulting in any manner whatsoever from use of the present document or of information in any way attributable thereto.

Forecasts in this document has been prepared with the greatest care, but is nevertheless based on assumptions which could prove wrong because of risk factors outside the control of Banca Mediolanum S.p.A. and the Mediolanum Group companies. There is no guarantee that present forecasts will match future performance.

This document is not a recommendation to invest in any financial instrument, nor an invitation to subscribe or purchase shares, nor is any part thereof intended to serve as a basis or reference source for any contract or undertaking whatsoever on the part of Banca Mediolanum S.p.A. or any of the companies belonging to the Mediolanum Group.

Receipt of this document implies acceptance of its limitations as described above.

DECLARATION BY THE SENIOR MANAGER IN CHARGE OF DRAWING UP COMPANY ACCOUNTS

The undersigned, Mr. Angelo Lietti, declares, pursuant to Section 154 bis (2) of Legislative Decree 58/98 "Testo Unico della Finanza", that the accounting data set out in this presentation agree with the documentary records, books and accounting entries.

The senior manager in charge of drawing up Company Accounts

Angelo Lietti

Figures contained in this document are rounded for presentation purposes.

75 Investor Relations Contacts

● Alessandra Lanzone

+39-02-9049.2039 alessandra.lanzone@mediolanum.it

● Lisa Maxon +39-02-9049.2997

lisa.maxon@mediolanum.it

● Luca Pugliese

+39-02-9049.2721 luca.pugliese@mediolanum.it

Banca Mediolanum S.p.A.

Via Ennio Doris 20080 Basiglio MI – Italy

http://www.bancamediolanum.it