Banca Mediolanum

Investor Presentation • Jul 31, 2025

H1 2025 Results & Business Update

Table of content and colour key

3

4 Economic & Financial Highlights H1 2025

Group

Resilient and disciplined delivery of strong financial results

€ mn	H1 2025	H1 2024	Change
Net Commission Income	644.4	588.1	+10%
Net Interest Income	366.8	418.0	-12%
Contribution Margin	1,021.2	1,004.9	+2%
Operating Margin	570.6	566.1	+1%
Market Effects	67.9	41.0	+65%
Net Income	477.3	449.9	+6%

Key ratios	H1 2025	FY 2024
Cost/Income Ratio*	39.1%	39.0%
Acquisition costs/Gross commission income Ratio	34.3%	34.1%
Cost of risk (bps – rolling-12M)	15	18

Strong progression in fees driven by extremely robust inflows into managed assets

NII decline due to drop in rates vs H1 last year. Customer cost of funding impacted by the success of time deposit promo offers. FY objective of around -3% YoY

Resilience & diversification of business model allowed for stability in the Operating Margin

Contribution of perf. fees from Italy-based funds in January & February

Bottom line keeps delivering thanks to comprehensiveness of BMED business model

C/I ratio consistently at around 40% & stable payout ratio demonstrates disciplined & flexible approach to costs

Payout to Family Bankers substantially stable across quarters

CoR in line with historical average and well below market average

Average Recurring Fee (bps) 0 212 215

Consistency in execution, excellence in outcomes

€ bn	H1 2025	H1 2024	Change	FY 2024	Change
Total Net Inflows	6.11	5.66	+8%			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	4.54	3.09	+47%			Outpacing our greatest year ever with quality inflows into managed assets. Target of 8 to 8.5 bn for 2025
Total AUA/AUM	144.42	129.50	+12%	138.49	+4%	Total financial assets fueled by net inflows into managed assets & growth of deposits. Positive market effects YTD neutralised by a weaker USD
Loans Granted	1.86	1.25	+48%			Strong pick-up in mortgage volumes also favoured by easing of rate environment and residential RE market normalisation
Credit Book	18.14	16.95	+7%	17.62	+3%	Credit book increased w/ extremely high quality thanks to prudent approach to the business
General Insurance Gross Premiums (€ mn)	114.00	92.74	+23%			Healthy growth of premiums attributable to both stand-alone & loan protection policies

6 Growth & Resilience Drivers

Success of our initiatives drives customer acquisition Automatic investment services anticipates strong & visible future inflows

	30/06/2025	31/12/2024	Change
Bank Customers	1,983,800	1,918,600	+3%	Customer base continues to grow at a good pace,
Bank Customer Acquisition	106,100	197,900		also thanks to promotional initiatives
Family Bankers	6,604	6,415	+3%	FB network development continues as we train
o/w Private Bankers & Wealth Advisors	980	906	+8%	professionals from other sectors & traditional banks. 499 Banker Consultants actively support Family
AUM - Private Bankers & Wealth Advisors	€ 46.58 bn	€ 43.05 bn	+8%	Bankers as at end of June
IIS – Money market AUM	€ 4.03 bn	€ 2.87 bn	+41%	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	€ 2.04 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 H1 2025 Capital Adequacy & Balance Sheet Highlights Group

Simple & solid balance sheet structure, strong capital generation

	H1 2025 0	FY 2024
CET1 Ratio	22.4%	23.7%	CET1 Ratio remained extremely robust after implementation of final terms of Basel III
MREL TREA	24.4%	25.9%	Well above the 21.4% requirement
Risk-weighted assets (€ bn)	15.36	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	8.4%	7.8%	Leverage Ratio stable & well above regulatory requirements
Retail Loan/Deposit Ratio	61.4%	62.1%	Growth in deposits driven by customer acquisition & success of promo offers focused on increasing share of wallet of existing customers
NSFR	189%	180%	Easily surpassing the requirements for long & short-term liquidity
LCR	422%	387%	obligations

Total Capital Ratio: 22.4%. SREP Req. on Total Capital Ratio: 13.2% for 2025 including P2G. Leverage Ratio = CET1 / Banking Group Assets. Preliminary data subject to change

8

	H1 2025	H1 2024	Change
Entry fees	32.0	28.5	+12%
Management fees	681.1	620.2	+10%
Investment Management fees	130.7	122.5	+7%
Net insurance result	110.8	96.9	+14%
Banking service fees	122.7	97.9	+25%
Other fees	27.6	25.3	+9%
Gross Commission Income	1,104.7	991.3	+11%
Acquisition costs	(379.3)	(324.2)	+17%
Other commission expenses	(81.0)	(79.0)	+2%
Net Commission Income	644.4	588.1	+10%
Net interest income	366.8	418.0	-12%
Net income on other investments	24.2	18.5	+30%
LLP (Impairment on loans )	(14.0)	(18.5)	-24%
Other revenues & expenses	(0.1)	(1.3)	-93%
Contribution Margin	1,021.2	1,004.9	+2%
G&A expenses	(390.7)	(366.0)	+7%
Contributions to banking & insurance industries	(8.9)	(27.6)	-68%
Depreciation & Amortization	(16.9)	(18.4)	-8%
Provisions for risk & charges	(34.2)	(26.7)	+28%
Operating Margin	570.6	566.1	+1%
Market effects	67.9	41.0	+65%
- o/w Performance fees	48.8	41.3	+18%
- o/w Net income on investments at fair value	19.1	(0.3)	n.s.
Extraordinary items	(1.1)	(11.6)	-90%
PROFIT BEFORE TAX	637.3	595.6	+7%
Income tax	(160.0)	(145.7)	+10%
NET INCOME	477.3	449.9	+6%

Income Statement by Quarter € mn

H1 2025
Group

	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Entry fees	13.0	15.6	13.8	18.2	16.9	15.1
Management fees	303.3	316.9	323.5	340.2	343.6	337.4
Investment Management fees	60.1	62.4	63.6	66.8	66.9	63.8
Net insurance result	48.0	48.9	52.6	49.9	56.4	54.4
Banking service fees	51.2	46.8	43.1	45.9	48.5	74.1
Other fees	12.5	12.8	12.4	14.0	13.8	13.8
Gross Commission Income	488.0	503.3	509.0	535.0	546.1	558.6
Acquisition costs	(158.9)	(165.2)	(176.3)	(192.8)	(186.9)	(192.4)
Other commission expenses	(38.6)	(40.4)	(46.0)	(48.9)	(42.9)	(38.0)
Net Commission Income	290.5	297.6	286.8	293.2	316.2	328.2
Net interest income	220.0	198.0	195.4	197.7	180.0	186.8
Net income on other investments	2.1	16.4	(0.3)	15.6	(0.3)	24.5
LLP (Impairment on loans)	(8.8)	(9.6)	(4.9)	(9.3)	(1.4)	(12.7)
Other revenues & expenses	0.3	(1.5)	0.0	(2.5)	0.6	(0.7)
Contribution Margin	504.0	500.9	477.0	494.7	495.1	526.1
G&A expenses	(176.1)	(190.0)	(169.6)	(200.6)	(185.4)	(205.2)
Contributions to banking & insurance industries	(22.1)	(5.6)	(4.3)	(3.6)	(4.6)	(4.3)
Depreciation & Amortization	(9.0)	(9.4)	(9.5)	(14.0)	(7.7)	(9.1)
Provisions for risk & charges	(13.7)	(12.9)	(11.9)	(30.7)	(18.2)	(16.1)
Operating Margin	283.1	283.0	281.8	245.7	279.1	291.4
Market effects	25.3	15.7	20.1	332.2	52.0	15.9
- o/w Performance fees	29.6	11.7	9.6	325.8	39.2	9.6
- o/w Net income on investments at fair value	(4.3)	4.0	10.6	6.4	12.8	6.3
Extraordinary items	(10.8)	(0.8)	0.4	(20.9)	(1.1)	0
PROFIT BEFORE TAX	297.5	298.0	302.3	557.0	330.0	307.3
Income tax	(77.0)	(68.6)	(77.9)	(111.7)	(86.7)	(73.3)
NET INCOME	220.5	229.4	224.4	445.3	243.3	234.0

H1 2025 Group

H1 2025 Group

	H1 2025	H1 2024	Change
Total commissions	300.5	264.6	+14%
One-time commissions	42.0	35.5	+18%
Ongoing commissions	258.5	229.1	+13%

Total incentives & bonuses	60.3	43.4	+39%
Incentives on individual net inflows	38.8	27.6	+41%
Contest & bonuses	19.1	13.3	+43%
Reimbursement of costs for customers events	2.4	2.4	-2%

Costs related to the agency agreement	16.9	14.5	+16%

	Prexta agent commissions	1.6	1.6	-4%
--	-----------------------------	-----	-----	-----

TOTAL ACQUISITION COSTS	379.3	324.2	+17%
-------------------------	-------	-------	------

	H1 2025	H1 2024
GROUP TOTAL NET INFLOWS	+6,105	+5,662
Managed Assets	+4,543	+3,089
- o/w Mutual Funds, U/L & Managed Accounts	+4,771	+2,815
Administered Assets	+1,562	+2,573

Italy - Banca Mediolanum Total Net Inlows	+4,866	+5,030
Managed Assets	+3,675	+2,508
- o/w Mutual Funds, U/L & Managed Accounts	+3,913	+2,250
Administered Assets	+1,191	+2,521

Spain - Banco Mediolanum Total Net Inflows	+1,248	+655
Managed Assets	+877	+604
- o/w Mutual Funds & U/L	+868	+587
Administered Assets	+371	+51

Germany	-9	-23
Managed Assets	-9	-23
- o/w Mutual Funds & U/L	-9	-23

14 Assets under Administration/Management € mn

	30/06/2025	31/12/2024	Change	30/06/2024	Change
Italy - Banca Mediolanum	129,898	125,092	+4%	117,318	+11%
Mutual Funds & U-L Policies	88,442	85,243	+4%	78,247	+13%
Other Life Insurance Reserves	2,045	2,010	+2%	2,098	-3%
Banking	39,411	37,839	+4%	36,973	+7%

Spain - Banco Mediolanum	14,171	13,026	+9%	11,815	+20%
Mutual Funds & U-L Policies	10,214	9,549	+7%	8,309	+23%
Other Life Insurance Reserves	129	114	+13%	170	-24%
Banking	3,828	3,363	+14%	3,335	+15%

Germany	353	374	-6%	368	-4%
Mutual Funds & U-L Policies	353	374	-6%	368	-4%

TOTAL AUA/AUM	144,422	138,493	+4%	129,501	+12%
---------------	---------	---------	-----	---------	------

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

H1 2025
Group

	H1 2025	H1 2024	Change
Mortgages	1,008	577	+75%
Personal Loans	529	363	+46%
Salary-backed Loans (Prexta) 1	323	312	+4%
TOTAL	1,860	1,253	+48%
3rd-party Loans	11	11	+2%

H1 2025 Group

	30/06/2025	31/12/2024	Change	30/06/2024	Change
Mortgages	12,856	12,512	+3%	12,057	+7%
Personal Loans	2,554	2,437	+5%	2,370	+8%
Lines of Credit	541	557	-3%	518	+4%
Salary-backed loans (Prexta)1	2,186	2,112	+4%	2,009	+9%
TOTAL	18,137	17,618	+3%	16,954	+7%

	30/06/2025	Italian Banks
Gross NPE	1.55%	2 3.0%
Net NPE	0.82%	3 1.5%
12m-rolling Cost of risk	0.15%

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'

H1 2025 Group

19 General Insurance Gross Premiums € mn

	H1 2025	H1 2024	Change
Stand-alone policies	92.1	79.6	+16%
New business	15.7	15.9	-1%
In-force business	76.5	63.8	+20%

Loan protection policies	22.2	13.0	+71%
Group health policies	0.1	0.1	-1%
GROSS PREMIUMS	114.4	92.7	+23%

20 Balance Sheet Structure – Banking Group H1 2025

as at 30/06/2025

Straight-forward & solid balance sheet structure

Group

21

Italy

23 Mutual Funds - Assets under Management € mn

	30/06/2025	31/12/2024	Change	30/06/2024	Change
'Best Brands' funds on funds (IRL)	29,468	30,086	-2%	28,794	+2%
'Challenge' mutual funds (IRL)	29,747	28,231	+5%	25,108	+18%
Funds of Hedge Funds (IRL)	29	36	-21%	36	-19%
'Fondi Italia' mutual funds (ITA)	9,214	8,292	+11%	7,678	+20%
'Real estate' fund (ITA)	153	155	-1%	155	-1%
3rd-party stand-alone funds	5,969	5,511	+8%	4,863	+23%
Other	3,951	3,738	+6%	3,462	+14%
Adj. for own mutual funds in FoFs & Managed accts	(593)	(554)	+7%	(566)	+5%
MyLife' U-L policy	18,653	17,650	+6%	15,850	+18%
Other U-L policies	23,048	22,833	+1%	21,400	+8%
Adj. for own mutual funds in U-L policies	(31,196)	(30,736)	+1%	(28,531)	+9%
ASSETS IN MUTUAL FUNDS & U-L	88,442	85,243	+4%	78,247	+13%

H1 2025 Italy

24 Mutual Funds - Assets by A.M. Company

as at 30/06/2025 - including U-L assets

H1 2025 Italy

25 Banking - Assets under Administration € mn

	30/06/2025	31/12/2024	Change	30/06/2024	Change
Cash deposits	26,033	25,211	+3%	24,888	+5%
Repurchase agreements	6	4	+42%	3	+105%
3rd-party structured bonds	3,639	3,520	+3%	3,338	+9%
Other securities	9,733	9,104	+7%	8,745	+11%
BANKING ADMINISTERED ASSETS	39,411	37,839	+4%	36,973	+7%

H1 2025 Italy

26 Banking - Interest Spread H1 2025

Total Book

H1 2025
Italy

	Liabilities	Assets
Customers	26,092	16,521

Treasury	4,412	15,983
Interbank / intra-group deposits & repos	737	592
ECB refinancing	0	382
MTS refinancing	3,375	0
Securities (bonds)	300	15,009

Other liabilities / assets	6,084	4,083

TOTAL	36,587	36,587
-------	--------	--------

Operating Liquidity (24hr): 12,611

H1 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 30/06/2025

H1 2025 Italy

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

30

	H1 2025	H1 2024	Change	vs. FY
Operating Margin	27.8	43.2	-36%
Net Income	24.5	36.0	-32%	-0.6

Total Assets	14,172	11,815	+20%	+9%
Managed Assets	10,344	8,480	+22%	+7%
Administered Assets	3,828	3,335	+15%	+14%

Total Net Inflows	1,248	655	+90%
Net Inflows into Managed Assets	877	604	+45%
Net Inflows into Administered Assets	371	51	n.s.

	Credit Book	1,616	1,397	+16%	+8%
--	-------------	-------	-------	------	-----

Family Bankers	1,629	1,620	+1%	+1%

Customers	270,750	242,775	+12%	+6%

32

33 Italian FA Networks - Ranking by Net Inflows Business

€ mn – totals by Group

		H1 2025
	Managed Assets	Managed Assets & Admin. Assets w/ Advisory fee	Total Net Inflows
Banca Mediolanum	3,923	3,923	4,721
Gruppo Fideuram/Intesa	3,296	4,036	4,852
Allianz Bank	2,686	2,694	3,367
Finecobank	1,969	2,592	4,967
Mediobanca Premier	1,649	1,711	2,743
Banca Generali	1,491	1,598	2,931
Credem	1,012	1,112	1,575
Zurich Italy Bank	476	651	1,009
BNL - BNP Paribas	403	571	961
Banca Widiba	165	276	417

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

• 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%	65% as at July 23
Q1 2025	4%	€ 1.8 bn	37,400	21%	37% as at July 23

36 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
• 527 'BCs' are already working with their senior PB/WA as licensed FA as at end of July ²⁰²⁵
• 152 'BCs' currently training

37 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

38 The 'Double Chance' Service Launched June 2008

• ^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 2.50% 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

39 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 bn of money market managed assets are bound to be transferred from monetary funds into equity through planned instalments & step-ins over the next 3-5 years, supporting avgerage recurring revenues.

41 Group Customer Base as at 30/06/2025

Total Customers 1,984k

End Goal: to be the Customer's Primary Bank

1,402k hold a bank account

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

42

43 Mediolanum as at 03/07/2025 BMED Shareholders & Group Structure

44 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

45 Mediolanum Banca Mediolanum's Multi-channel Model

• 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

Mediolanum

• 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

47 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

Mediolanum

Facts

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

Facts

Total Net Inflows Net Inflows into Managed Assets

51 BMED: 25 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 2025

Source: Assoreti

Net Inflows into Managed Assets

25

Banker Consultants are excluded

25

Primary Bank Account Holders

56

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 H1

-6.3

25

Spain – Family Banker Network Mediolanum

61 Banking Book Composition Mediolanum

€ bn – nominal value – as at 30/06/2025

Banking Book: € 15.7 bn (nom. values)

Mediolanum

62 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

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

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

Mediolanum

Facts

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

⁶⁶ 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

67 Top Performer in Customer Experience Mediolanum

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

70 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'
• 138,800 digital customers as at 30/06/2025. Another 38,500 already upgraded to the Family Banker model
• Cross-selling activity growing according to expectations

Source: BMED based on Bloomberg data

72 * Total Return Index includes dividend reinvestments, June 3, 1996 – July 15, 2025 Source: Datastream 0% 500% 1000% 1500% 2000% 2500% 3000% 3500% Price Return Reinvested Total Return Mediolanum Facts MED.MI / BMED.MI Price Return & Total Return Index*

73 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.

74 Investor Relations Contacts

● Alessandra Lanzone

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

● Lisa Maxon +39-02-9049.2997

lisa.maxon@mediolanum.it

Banca Mediolanum S.p.A.

Via Ennio Doris 20080 Basiglio MI – Italy

http://www.bancamediolanum.it

● Luca Pugliese

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