FinecoBank — Investor Presentation 2024

Feb 6, 2024

4Q23 Results

Alessandro Foti CEO and General Manager

FINECO. SIMPLIFYING BANKING.

Milan, February 6 th 2024

Disclaimer

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

Agenda

✓Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

Executive Summary

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

Strong net profit and operating leverage

• ◼ FY23 adj. Net Profit at 609.1mln, +42.0% y/y(1) (+54% y/y excluding FY22 Profits from Treasury management)
• ◼ FY23 adj. Revenues at 1,237.6mln, +30.5% y/y(1) mainly supported by Net Financial Income (+75.4% y/y, o/w NII +100.6%) and Investing (+6.8% y/y). Brokerage confirmed a structurally higher floor vs pre-pandemic levels
• ◼ Operating Costs well under control at -298.3 mln, +6.2% y/y (+4.7% y/y excluding costs related to the acceleration of the growth of the business(2) ). Strong operating leverage confirmed a key strength of the Bank. Adj. C/I ratio at 24.1%

Outstanding commercial dynamics driven by organic growth

• ◼ Strong acceleration in new clients' acquisition (+22.5% y/y in FY23), with no change in our marketing strategy nor short term aggressive commercial offer. 119,179 new clients in FY23, the highest yearly level on record for the Bank. In January second best month ever in terms of new clients (14,229)
• ◼ Net sales in FY23 at 8.8 bn, o/w AUM at 2.7 bn. TFA at 122.6 bn with AuM at 58.0 bn. January: Strong net sales at 580 mln, o/w Deposits at -374 mln as short-term traders bought both fixed-income and equity, resulting in a very solid Brokerage with revenues at 16 mln (+40% vs avg revenues in 2017/19). AUM at 79 mln despite outflows from insurance products (€ -106 mln), AUC at 875 mln
• ◼ Leading PFA productivity vs peers thanks to organic growth

4

• ◼ CET1 ratio at 24.3%,TCR at 34.9%, Leverage ratio at 4.95%
• ◼ LCR at 823%(3) , NSFR at 378%
• ◼ 2023 Dividend proposal: € 0.69 per share (+41% y/y)

2024 Guidance: outlook confirmed with better mix

• ◼ Revenues are expected to consolidate in FY24 around the record level of FY23, with an improvement of the mix in favour of commissions thanks to:
  • ➢ Investing revenues expected to increase low double digit vs FY23
  • ➢ Banking fees expected stable vs FY23
  • ➢ Brokerage: revenues expected to remain strong with a floor - in relative terms with respect to the market context - definitely higher vs pre-Covid period
• ◼ Operating costs expected in FY24 at around +6% y/y, not including additional costs for: FAM and marketing expenses
• ◼ Cost of Risk: in a range 5/10 bps in 2024
• ◼ In FY24 growing CET1 ratio and Leverage ratio y/y

Solid capital and liquidity position

Delivering strong Net Profit in every market condition

Adj. Net Profit at 609.1, +42.0% y/y boosted by strong acceleration of Investing, confirming the effectiveness of our initiatives, and Net Financial Income. Strong operating leverage confirmed

mln	FY22 Adj. (1)	FY23 Adj. (1)	FY23/ FY22
Net financial income	392.2	688.0	75.4%
o/w Net interest income	342.8	687.7	100.6%
o/w Profit from treasury	49.4	0.2	-99.6%
Net commissions	465.6	489.9	5.2%
Trading profit	90.4	60.4	-33.2%
Other expenses/income	0.2	-0.6	-462.9%
Total revenues	948.1	1237.6	30.5%
Staff expenses	-117.3	-126.9	8.2%
Other admin.expenses	-136.7	-144.3	5.6%
D&A	-26.9	-27.1	1.0%
Operating expenses	-280.8	-298.3	6.2%
Gross operating profit	667.2	939.3	40.8%
Provisions	-57.8	-63.6	10.1%
LLP	-3.1	-3.6	15.5%
Profit from investments	-1.6	0.1	-107.2%
Profit before taxes	604.8	872.2	44.2%
Income taxes	-176.0	-263.1	49.5%
Net profit	428.8	609.1	42.0%
ROE (2)	24%	30%
Cost/Income (2)	30%	24%

Revenues

• ➢ Strong growth in Net Financial Income (+75.4% y/y, with NII at +100.6% y/y) mainly thanks to our capital light NII (71% ex. lending) driven by our clients' valuable transactional liquidity and not by lending (not affected by additional costs and provisions due to NPL)
• ➢ Net commissions growing by +5.2% y/y driven by Investing (+6.8% y/y)
• ➢ Trading profit excluding the effects from ineffectiveness of the hedging derivatives(3) : -13.6% y/y mainly due to lower brokerage activity

Costs

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

• FAM as it is increasing the efficiency of the value chain
• Marketing expenses

Net of these items, FY23(4): +4.7% y/y

Net profit

+54% y/y excluding FY22 Profits from Treasury management

(1) 2022 non recurring items: -0.5 mln gross (-0.3 mln net) due to Voluntary Scheme

(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE is calculated as adj.net profit divided by average book equity for the period (excl. valuation reserves)

(3) The ineffectiveness of the hedging derivatives was equal to +12.2 mln in FY22 and -7.2 mln in FY23. The value depends on the application of accounting standards IFRS9, and is influenced both by the spread between the ESTR and the Euribor and by the

amount of the fair value of the derivatives 5

(4) Excluding costs strictly related to the growth of the business, mainly FAM (-1.7 mln y/y) and marketing (-2.8 mln y/y)

Our priority: accelerating on Investing

Improving margins thanks to the higher control on the Investing value chain through FAM. 4Q23 management fees slightly down due to negative market effect

Increasing Investing revenues thanks to FAM

4Q22	3Q23	4Q23	FY22	FY23
80	84	88	308	329
4	4	5	1	1
1	0	0	2	3
0	8	9	5	4
92	100	99	372	393
6	8	4	1	1
-9	-9	-8	-35	-34
2	3	3	1	3
-0	-0	-0	-2	-2
8	5	6	7	6
-7	-7	-7	-35	-34
2	1	0	2	0
4	0	4	4	4
6	0	2	6	2
-0	-0	-0	-0	-0
6	3	2	9	8

Quarterly ManFee dynamics affected by lower avg AUM due to negative market performance in 3Q23

Focus on FAM: delivering on the strategic discontinuity

Key to sustain AUM margins thanks to its strong operating leverage and to a more efficient value chain

FAM retail net sales: outstanding results both in absolute and relative terms

(1) Source for peers: Assogestioni figures as of December 2023 (reported figures are the ones comparable vs FAM retail net sales: opened funds and retail discretionary portfolio management). Peers are: Allianz, Amundi, Anima, BNPP Group, Credem, Deutsche Bank Group, Generali Group, Intesa SanPaolo Group, Mediobanca Group, Mediolanum Group, Poste Italiane, UBS

7

Brokerage: higher floor as the structure of the market is changing

Increased interest in financial markets by clients and big jump into a more digitalized society

Structural growth in revenues: the floor has gone up in a clear way in any market environment

Brokerage: focus on revenues generation vs peers

More resilient revenues generation vs peers thanks to better quality target market

Brokerage revenues: FBK best performing in challenging market environment

MORE SOLID RESULTS THANKS TO:

Wide product range and strong attention to platforms and tools' development. Most recent initiatives:

• ➢ FinecoX: new generation trading platform
• ➢ New brokerage current account already live
• ➢ New web pages with a better usability. Coming soon: new App pages
• ➢ Dedicated offer for young clients with better pricing
• ➢ Zero fee on >1,600 ETFs by the main issuers

Positioning, brand and marketing always targeting a wide investor base and not small traders' niche. Result: a better quality and stickier client base using the whole one-stop-solution

Active Investors' Profile

➢ 4 avg executed orders per month

➢ Avg age: 50 years old

➢ Mostly linked to a PFA to manage their savings, and with Avg TFA > €200k

9

1

2

High quality lending

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

Cost of Risk on commercial loans (2)

• ◼ Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
• ◼ We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
• ◼ NPE at 24 mln with a coverage ratio at 84%, NPE ratio at 0.43%
• ◼ LLP equal to 3.6 mln in FY23

10

Solvency, liquidity ratios

Capital position well above requirements

EMARKET SDIR
CERTIFIED

		Dec 22	Sept 23	Dec 23	Current Requirement
Y C N E V L O S	CET1 Ratio	20 82%	24 73%	24 34%	(2) 8 23%
	Capital Total Ratio	31 37%	35 90%	34 91%	(2) 12 60%
	Ratio Leverage	4 03%	4 96%	4 95%	3 00%
Y T DI UI Q LI	(1) LCR	729%	808%	823%	100%
	NSFR	353%	389%	378%	100%
	HQLA/Deposits	64%	66%	68%

(€/bn)	Dec 22	Sept 23	Dec 23
CET1 Capital	0 99	1 11	1 15
Tier1 Capital	1 49	1 61	1 65
Capital Total	1 49	1 61	1 65
RWA	4 74	4 48	4 73
o/w credit	3 31	3 04	3 07
o/w market	0 04	0 06	0 05
o/w operational	1 38	1 38	1 61
HQLA	19 47	19 38	19 46

LCR

Very strong liquidity ratios

HQLA/Deposits

Fineco as of 31.12.2023. HQLA/Deposits based on Pillar III "EU LIQ1 Template" as of 30 September 2023: HQLA 12-month average weighted value; Deposits calculated as retail deposits and deposits from small business customers plus operational and non operational deposits, total unweighted value, 12-month average. Peers are: BBVA, B.BPM, BNP Paribas, BPER, CABK, Commerzbank, Credem, Credit Agricole, Danske, Deutsche Bank, HSBC, ISP, Lloyds, Mediobanca, Santander, SocGen, UBS, UCG.

❑ Fineco Financial Results

❑ Next steps

❑ Key messages

Clients' acquisition: 2023 a record year thanks to our organic growth

Keeping on enjoying the secular growth trends and improving the marketing efficiency thanks to Big Data Analytics

(2) November 2022 clients have been recasted due to a minor change

Clients' profile and focus on Private Banking

(1) Private Banking clients are clients with more than € 0.5mln TFA with the Bank

(2) AIPB (Associazione Italiana Private Banking) figures as of 3Q23

15

TFA and Net Sales evolution

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

Net sales organically driven key in our strategy of growth

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

Best PFAs productivity among main asset gatherers

Fineco confirms to be the perfect partner for professionals looking to grow in a sustainable way

Source for peers: latest Assoreti figures as of December 2023. Peers: B.Generali, B.Mediolanum, Fideuram Group. Fineco and Peer3 AUM figures also include AUC under advisory

18

Deep dive on our transactional liquidity

Our business model has fully fledged banking platform used by all our clients for their daily activities

Granular and retail deposit base, very sticky thanks to the quality of our customer experience

Focus on liquidity transformation

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

2024 Guidance: outlook confirmed with better mix

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

Revenues

➢ REVENUES expected to consolidate in FY24 around the record level of FY23, with an improvement of the mix in favour of commissions thanks to:

• ➢ o/w INVESTING REVENUES: expected to increase low double digit vs FY23 (with neutral market effect)
• ➢ o/w BANKING FEES: expected stable vs FY23
• ➢ o/w BROKERAGE REVENUES: expected to remain strong with a floor - in relative terms with respect to the market context definitely higher than in the pre-Covid period

Costs and provisions

• ➢ OPERATING COSTS: expected growth of around 6% vs FY23, not including additional costs for: FAM and marketing expenses
• ➢ COST / INCOME: in FY24 comfortably below 30% thanks to the scalability of our platform and strong operating gearing
• ➢ SYSTEMIC CHARGES: around -40 mln of DGS+SRF(1) in FY24, which will be accounted in 1Q24
• ➢ COST OF RISK: in a range 5-10 bps in FY24 thanks to the quality of our portfolio

Capital

• ➢ CAPITAL RATIOS: in FY24 growing CET1 and Leverage Ratio. On Leverage Ratio our goal is to remain above 4.5%
• ➢ DPS: for FY24 we expect an increasing dividend per share

Commercial performance

• ➢ NET SALES: robust, high quality and with a priority on AUM
• ➢ CLIENTS ACQUISITION: continued strong growth expected

Innovation and Simplification Project

Further simplifying clients' user experience thank to easy-to-use new tools and a more efficient marketing engine

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

Long term sustainability at the heart of Fineco business model (1/2)

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

Fineco corporate purpose: support clients in the responsible management of their savings in order to create the conditions for a more prosperous and fairer society

TRANSPARENCY

Fairness and respect for all our stakeholders ✓ FAM as a champion of ESG: PERFORMANCE FEES FREE trademark

✓ FAIR PRICING

✓ LOW UPFRONT FEES

EFFICIENCY

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

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

INNOVATION Quality offer for highly SATISFIED CLIENTS

✓ NO short-term AGGRESSIVE COMMERCIAL OFFERS and ZERO REMUNERATION on current accounts

✓ Focus on ORGANIC GROWTH

Long term sustainability at the heart of Fineco business model (2/2)

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

Strategy & Goals Initiatives & KPIs

• ✓ FOCUS on Cyber-Security and ESG risks leveraging on FINTECH DNA
• ✓ Set of ESG objectives to be pursued by 2023 within 6 business areas:

- Responsible Finance Human Resources Environment

• Financial Education & Community Support Supply Chain Relations with
  -

Shareholders

• ✓ Net-Zero emissions to be achieved by 2050
• ✓ ESG target included in the Identified Staff Scorecard since 2016, related to STI.
• ✓ ESG targets included in the 2021-2023 Long Term Incentive Plan of the CEO and Identified Staff within the "Stakeholder Value" goal:

KPI	TARGET	MEASUREMENT CRITERIA
Customer satisfaction	Average 2021-2023	TRI*M Index(1)
People engagement	Average 2021-2023	People Survey
funds(2) ESG rating for all new	EOY 2023	% of new funds with ESG evaluation

(1) Which captures the strength of the relationship with the customer defined as performance but also as the degree of preference towards the brand

(2) Excluding UK, which represents a new market for Fineco

25 (3) As of December 31st, 2023 (4) Regulation EU 2019/2088 - Sustainable Finance Disclosure Regulation

• ✓ Broad offer of products with ESG features(3) both on:
  • Investing (i.e., 87% of funds have ESG rating; 62% of funds distributed are classified under Art. 8 SFDR(4) and 5% of funds distributed are classified under Art. 9 SFDR.
    • Regarding Fineco AM: 48% of FAM funds are classified under Art. 8 SFDR are 2% classified under Art. 9 SFDR
  • and Banking & Credit (NEW "Green Loan", "Green mortgages", zero-fee account until age 30).
• ✓ FinecoBank is signatory of UN Principles for Responsible Banking and participant of UN Global Compact

• ✓ Fineco AM is signatory of UN Principles for Responsible Investing and participant of UN Global Compact
• ✓ Contribution for the PFA Network to be borne by the Bank for obtaining EFPA ESG certification

✓ Environmental Management System certified

in line with the EU Eco-Management and Audit Scheme (EMAS)

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

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

Healthy and sustainable growth with a long term horizon

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

27 (1) Figures adjusted by non recurring items and Net Profit adjusted net of systemic charges (FY15: -3.1mln net, FY16: -7.1mln net, FY17: -7.1mln net, FY18: -9.6mln net, FY19: -12.1 mln net, 1Q20: -0.3mln gross, -0.2mln net, 2Q20: -0.7mln gross, -0.4mln net; 3Q20: - 28.0mln gross, -18.7mln net; 4Q20: +2.1mln gross, +1.4mln net; 1Q21: -5.8mln gross, -3.9mln net; 2Q21: -1.9mln gross, -1.3 mln net; 3Q21: -30.0mln gross, -20.1mln net; 4Q21: -2.3mln gross, -1.6mln net; 1Q22: -7.7mln gross, -5.2mln net; 3Q22: -39.0 mln gross, - 26.1 mln net, 4Q22: -1.0mln gross, -0.7mln net); 1Q23: -6.6mln gross, -4.4 mln net; 3Q23: -37.0mln gross, -24.8mln net; 4Q23: 2.0mln gross, 1.3mln net.

P&L pro-forma

P&L pro-forma(1)

mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	3Q23	4Q23	FY23
Net financial income	107 5	68 9	84 2	131 6	392 2	157 4	170 8	180 2	179 5	688 0
o/w Net Interest Income	59 3	67 6	84 3	131 6	342 8	157 4	170 8	180 0	179 5	687 7
o/w Profit from treasury management	48 1	1 3	0 0	0 0	49 4	0 0	0 1	0 1	0 0	0 2
Dividends	0 0	-0 1	0 0	-0 1	-0 3	0 0	0 0	0 0	0 0	-0 1
Net commissions	118 6	113 9	114 1	119 0	465 6	120 9	121 3	120 1	127 7	489 9
Trading profit	29 0	25 9	21 2	13 8	89 9	15 1	15 0	16 2	14 1	60 4
Other expenses/income	0 4	0 1	0 1	-0 4	0 2	0 2	0 0	-0 5	-0 3	-0 6
Total revenues	255 4	208 6	219 7	263 9	947 6	293 7	307 0	316 0	320 9	1237 6
Staff expenses	-28 3	-29 2	-29 0	-30 8	-117 3	-29 8	-30 6	-31 1	-35 3	-126 9
Other admin of recoveries net .exp.	-34 0	-31 3	-32 2	-39 1	-136 7	-37 0	-33 9	-33 2	-40 2	-144 3
D&A	-6 6	-6 6	-6 6	0 -7	-26 9	-6 6	-6 6	-6 9	0 -7	-27 1
Operating expenses	-69 0	-67 1	-67 8	-77 0	-280 8	-73 4	-71 1	-71 3	-82 5	-298 3
Gross operating profit	186 4	141 6	151 8	187 0	666 8	220 3	235 9	244 7	238 4	939 3
Provisions	-10 2	-2 3	-41 6	-3 6	-57 8	-9 3	-2 7	-40 0	-11 6	-63 6
LLP	-0 8	-0 4	-0 3	-1 6	-3 1	-0 7	-1 4	0 1	-1 6	-3 6
Profit from investments	-0 6	-0 2	-0 3	-0 5	-1 6	-0 7	0 1	0 7	0 0	0 1
Profit before taxes	174 8	138 7	109 6	181 2	604 4	209 6	231 9	205 5	225 2	872 2
Income taxes	-51 4	-39 8	-29 6	-55 1	-175 9	-62 4	-70 3	-60 2	-70 3	-263 1
Net profit for the period	123 5	98 9	80 0	126 1	428 5	147 3	161 6	145 3	154 9	609 1
(2) Net profit adjusted	123 6	98 9	80 2	126 1	428 8	147 3	161 6	145 3	154 9	609 1
(mln , gross) Non recurring items	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	3Q23	4Q23	FY23
(3) (Trading Profit) Extraord systemic charges	-0 3	0 0	-0 2	0 0	-0 5	0 0	0 0	0 0	0 0	0 0
Total	-0 3	0 0	-0 2	0 0	-0 5	0 0	0 0	0 0	0 0	0 0

(1) P&L pro-forma includes «Profits from treasury management» within «Net financial income» and excludes it from «Trading Profit»

P&L net of non recurring items

EMARKE SDIR
CERTIFIED

mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	3Q23	4Q23	FY23
	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)
	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj
Net	107	68	84	131	392	157	170	180	179	688
financial	5	9	2	6	2	4	8	2	5	0
income
o/w Net interest income	59 3	67 6	84 3	131 6	342 8	157 4	170 8	180 0	179 5	687 7
o/w Profit from treasury	48 1	1 3	0 0	0 0	49 4	0 0	0 1	0 1	0 0	0 2
Dividends	0	-0	0	-0	-0	0	0	0	0	-0
	0	1	0	1	3	0	0	0	0	1
Net commissions	118 6	113 9	114 1	119 0	465 6	120 9	121 3	120 1	127 7	489 9
profit Trading	29 2	25 9	21 4	13 8	90 4	15 1	15 0	16 2	14 1	60 4
Other expenses/income	0 4	0 1	0 1	-0 4	0 2	0 2	0 0	-0 5	-0 3	-0 6
Total revenues	255 7	208 6	219 8	263 9	948 1	293 7	307 0	316 0	320 9	1237 6
Staff expenses	-28 3	-29 2	-29 0	-30 8	-117 3	-29 8	-30 6	-31 1	-35 3	-126 9
Other	-34	-31	-32	-39	-136	-37	-33	-33	-40	-144
admin	0	3	2	1	7	0	9	2	2	3
.expenses
D&A	-6	-6	-6	-7	-26	-6	-6	-6	-7	-27
	6	6	6	0	9	6	6	9	0	1
Operating expenses	-69 0	-67 1	-67 8	-77 0	-280 8	-73 4	-71 1	-71 3	-82 5	-298 3
Gross	186	141	152	187	667	220	235	244	238	939
operating	7	6	0	0	2	3	9	7	4	3
profit
Provisions	-10	-2	-41	-3	-57	-9	-2	-40	-11	-63
	2	3	6	6	8	3	7	0	6	6
LLP	-0	-0	-0	-1	-3	-0	-1	0	-1	-3
	8	4	3	6	1	7	4	1	6	6
Profit	-0	-0	-0	-0	-1	-0	0	0	0	0
from	6	2	3	5	6	7	1	7	0	1
investments
Profit	175	138	109	181	604	209	231	205	225	872
before	1	7	8	2	8	6	9	5	2	2
taxes
Income taxes	-51 5	-39 8	-29 6	-55 1	-176 0	-62 4	-70 3	-60 2	-70 3	-263 1
(1) Net profit adjusted	123 6	98 9	80 2	126 1	428 8	147 3	161 6	145 3	154 9	609 1

P&L pro-forma(1) net of non recurring items

FY23 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
financial Net income	1 3	686 7	688 0
Dividends	0 0	113 6	-0 1
Net commissions	155 7	334 2	489 9
profit Trading	0 1	60 3	60 4
Other expenses/income	-0 8	0 5	-0 6
Total revenues	156 2	1195 4	1237 6
Staff expenses	-11 6	-115 3	-126 9
Other admin of recoveries net .exp.	-8 7	-135 9	-144 3
D&A	-0 6	-26 5	-27 1
Operating expenses	-20 9	-277 7	-298 3
Gross operating profit	135 3	917 7	939 3
Provisions	0 0	-63 6	-63 6
LLP	0 0	-3 6	-3 6
Profit Investments on	0 0	0 1	0 1
Profit before taxes	135 3	850 6	872 2
Income taxes	-17 0	-246 1	-263 1
profit for Net the period	118 3	604 5	609 1

Details on Net Interest Income

mln	1Q22	Volumes & Margins	2Q22	Volumes & Margins	3Q22	Volumes & Margins	4Q22	Volumes & Margins	FY22	Volumes & Margins	1Q23	Volumes & Margins	2Q23	Volumes & Margins	3Q23	Volumes & Margins	4Q23	Volumes & Margins	FY23	Volumes & Margins
Financial Investments	40.5	27,303	47.2	28,790	60.5	28,604	94.7	28,464	242.8	28,290	108.7	27,846	111.0	26,545	113.2	25,610	110.0	24,526	442.9	26,132
Net Margin		0.60%		0.66%		0.84%		1.32%		0.86%		1.58%		1.68%		1.75%		1.78%		1.69%
Gross margin	40.6	0.60%	47.6	0.66%	62.3	0.86%	97.2	1.36%	247.7	0.88%	112.3	1.64%	115.2	1.74%	118.3	1.83%	116.1	1.88%	461.9	1.77%
Leverage - Long	3.4	172	3.0	149	2.8	133	2.7	117	11.8	143	3.4	134	4.4	158	4.7	158	4.5	146	17.0	149
Net Margin		7.98%		7.94%		8.25%		9.08%		8.25%		10.43%		11.15%		11.84%		12.17%		11.43%
Tax Credit	2.2	541	3.1	696	4.1	846	4.5	983	13.7	766	5.7	1,200	7.3	1,409	8.7	1,395	9.4	1,553	31.1	1,389
Net Margin		1.62%		1.76%		1.90%		1.80%		1.79%		1.93%		2.07%		2.47%		2.41%		2.24%
Lending	13.6	5,189	14.7	5,343	17.2	5,499	30.4	5,568	76.0	5,400	40.5	5,549	49.1	5,454	54.1	5,326	56.1	5,207	199.8	5,384
Net Margin		1.07%		1.11%		1.24%		2.17%		1.41%		2.96%		3.61%		4.03%		4.28%		3.71%
Other	-0.3		-0.3		-0.3		-0.6		-1.6		-0.9		-1.0		-0.7		-0.6		-3.1
Total	59.3		67.6		84.3		131.6		342.8		157.4		170.8		180.0		179.5		687.7
Gross Margin Cost of Deposits 3M EUR (avg)		0.73% 0.00% -0.53%		0.78% -0.01% -0.35%		0.98% -0.02% 0.44%		1.52% -0.03% 1.74%		1.01% -0.01% 0.33%		1.89% -0.04% 2.63%		2.10% -0.05% 3.36%		2.27% -0.06% 3.78%		2.35% -0.08% 3.96%		2.15% -0.06% 3.43%

Net financial income: focus on financial investments

Transactional liquidity invested in a diversified portfolio

(1) "Other" includes: 1.5bn France, 1.0bn Ireland, 0.7bn Belgium, 0.7bn Austria, 0.6bn USA, 0.3bn Portugal, 0.2bn Germany, 0.2bn Chile, 0.2bn China, 0.1bn Saudi Arabia, 0.1bn other

(2) Sovereign Supranational Agencies and Local Authority

(3) Calculated considering hedging bonds

33

Focus on Bond portfolio

Details on Net Commissions

Net commissions by product area

mln	4Q21	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	3Q23	4Q23	FY23
Banking	13	12	13	14	15	56	14	15	12	13	55
	5	5	8	5	3	2	6	6	0	2	3
Brokerage	30	32	24	20	22	100	31	24	23	27	105
	6	6	2	9	7	5	3	2	5	0	9
o/w
Equity	26	28	18	16	16	79	22	16	17	17	73
	2	1	3	1	5	0	8	1	6	3	8
Bond	1	0	3	0	2	2	3	1	2	6	16
	2	6	0	9	7	7	9	5	1	5	7
Derivatives	2	3	2	2	2	12	3	2	2	2	10
	8	5	8	9	9	0	2	4	6	5	7
Other commissions	0 4	0 4	0 1	1 0	0 7	2 3	1 4	0 6	1 2	1 5	4 7
Investing	82	73	75	78	80	309	75	81	84	88	329
	3	5	8	7	9	0	0	5	6	7	8
o/w
Placement fees	1 9	1 7	1 3	1 2	1 0	5 2	0 9	0 8	0 8	0 9	3 4
Management fees	91 9	93 2	91 8	94 6	92 6	372 1	94 8	98 1	100 8	99 4	393 1
PFA's:	-7	-8	-8	-9	-9	-35	-8	-8	-9	-8	-34
incentives	7	7	0	3	2	1	1	6	3	3	3
to
PFA's:	-1	-1	-0	-0	-0	-2	-0	-0	-0	-0	-2
LTI	0	0	8	1	8	7	8	7	5	6	6
to
Other	0	-11	-8	-7	2	-35	-11	-8	1	0	-34
PFA	-7	8	5	7	-7	2	9	0	-7	-7	0
costs
Other commissions	4 2	0 0	0 0	0 0	4 6	4 6	0 0	0 0	0 0	4 2	4 2
(Corporate	0	0	0	0	0	0	0	0	0	-1	-1
Center)	0	0	0	0	0	0	0	0	0	2	2
Other
Total	126	118	113	114	119	465	120	121	120	127	489
	4	6	9	1	0	6	9	3	1	7	9

Revenues breakdown by Product Area

Revenues by product area

mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	3Q23	4Q23	FY23
Net financial income	104.4	66.3	81.8	129.5	382.0	154.9	167.5	176.1	175.1	673.5
o/w Net interest income	56.3	65.0	81.8	129.5	332.6	154.9	167.4	176.0	175.1	673.3
o/w Profit from Treasury Management	48.1	1.3	0.0	0.0	49.4	0.0	0.1	0.1	0.0	0.2
Net commissions	12.5	13.8	14.5	15.3	56.2	14.6	15.6	12.0	13.2	55.3
Trading profit	5.1	6.6	2.9	-2.4	12.2	-4.3	-0.8	0.3	-2.3	-7.2
Other	0.1	0.0	0.1	0.2	0.4	0.1	0.0	0.2	0.1	0.3	58%
Total Banking	122.1	86.7	99.3	142.6	450.7	165.3	182.2	188.5	186.0	722.0
Net interest income	3.5	3.1	2.8	2.4	11.7	2.9	3.6	4.0	3.6	14.2
Net commissions	32.6	24.2	20.9	22.7	100.5	31.3	24.2	23.5	27.0	105.9
Trading profit	23.7	20.0	18.3	16.2	78.2	19.0	15.3	16.2	15.7	66.3
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Brokerage	59.7	47.3	42.0	41.3	190.4	53.2	43.1	43.7	46.3	186.4	15%
Net interest income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net commissions	73.5	75.8	78.7	80.9	309.0	75.0	81.5	84.6	88.7	329.8
Trading profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other	-0.1	-0.1	-0.1	-0.6	-0.9	-0.2	-0.1	-0.3	-0.2	-0.8
Total Investing	73.4	75.7	78.6	80.4	308.1	74.8	81.4	84.4	88.5	329.1	27%

FY23 weight on total revenues for each product area

36 Managerial Data. Revenues attributable to single each product area, generated by products / services offered to customers according to the link between products and product area. Banking includes revenues generated by deposits, treasury and credit products. Investing includes revenues generated by asset under management products; Brokerage includes revenues from trading activity.

Breakdown Total Financial Assets

mln	Mar 22	Jun 22	Sep 22	Dec 22	Mar 23	Jun 23	Sep 23	Dec 23
AUM	53 651 ,	50 789 ,	50 708 ,	52 073 ,	54 132 ,	55 803 ,	55 400 ,	58 016 ,
o/w Founds and Sicav	35 985 ,	33 182 ,	32 806 ,	33 827 ,	35 962 ,	37 373 ,	36 807 ,	38 839 ,
o/w Insurance	15 354 ,	15 421 ,	15 643 ,	15 595 ,	15 052 ,	14 708 ,	14 359 ,	13 760 ,
o/w GPM	326	308	303	318	331	346	341	365
o/w Auc deposits under advisory +	1 986 ,	1 878 ,	1 956 ,	2 332 ,	2 787 ,	3 377 ,	3 893 ,	5 052 ,
AUC	22 804 ,	21 497 ,	21 547 ,	23 915 ,	28 505 ,	31 567 ,	33 200 ,	36 099 ,
Equity	16 853 ,	15 109 ,	14 946 ,	15 448 ,	17 235 ,	17 894 ,	17 676 ,	18 602 ,
Bond	5 777 ,	6 167 ,	6 340 ,	989 7 ,	10 643 ,	12 984 ,	14 767 ,	16 748 ,
Third-party deposit advisory current	114	143	166	361	505	564	650	630
Other	60	78	95	117	122	126	107	118
Direct Deposits	30 362 ,	30 518 ,	30 658 ,	30 570 ,	29 340 ,	28 510 ,	27 690 ,	28 442 ,
Total	106 817 ,	102 804 ,	102 914 ,	106 558 ,	111 977 ,	115 881 ,	116 289 ,	122 557 ,

o/w TFA FAM retail	15 249 ,	14 627 ,	14 765 ,	15 772 ,	17 416 ,	18 635 ,	18 560 ,	20 003 ,
o/w TFA Private Banking	47 133 ,	43 304 ,	43 153 ,	45 252 ,	48 932 ,	51 614 ,	51 643 ,	55 960 ,

The item "Other" within AUC has been reclassified, and now excludes assets within Third-party deposit current accounts

Increasing quality and productivity of the Network

Balance Sheet

EMARKET SDIR
CERTIFIED

mln	Mar.22	Jun.22	Sep.22	Dec.22	Mar.23	Jun.23	Sep.23	Dec.23
(1) Due from Banks	2,132	1,943	2,139	1,896	1,860	1,934	2,224	2,643
Customer Loans	6,088	6,311	6,318	6,446	6,312	6,184	6,058	6,199
Financial Assets	25,389	25,315	25,091	24,651	24,366	22,630	21,648	21,417
Tangible and Intangible Assets	276	274	270	273	268	269	266	271
Derivatives	466	949	1,390	1,425	1,300	1,029	1,028	707
Tax credit acquired	601	827	902	1,093	1,314	1,342	1,457	1,618
Other Assets	446	460	440	485	461	427	406	461
Total Assets	35,399	36,078	36,551	36,269	35,881	33,816	33,087	33,316
Customer Deposits	30,736	30,828	30,945	31,696	30,878	29,188	28,213	28,758
Due to Banks	1,808	2,333	2,791	1,677	1,606	1,300	1,385	867
Debt securities	498	499	500	498	799	803	807	809
Derivatives	-1	3	-4	-3	-8	-13	-16	29
Funds and other Liabilities	503	706	525	491	548	628	642	658
Equity	1,855	1,709	1,793	1,910	2,058	1,911	2,056	2,195
Total Liabilities and Equity	35,399	36,078	36,551	36,269	35,881	33,816	33,087	33,316

(1) Due from banks includes cash deposited at Bank of Italy (1.9 bn as of Dec.23, 1.5 bn as of Sept.23, 1.2 bn as of Jun.23, 1.2 bn as of Mar.23, 1.2 bn as of Dec.22, 1.4 bn as of Sept.22, 1.3 bn as of Jun.22, 1.5bn as of Mar.22) and bank current accounts (0.3 bn as of Dec.23, 0.3 bn as of Sept.23, 0.3 bn as of Jun.23, 0.2 bn as of Mar.23, 0.3 bn as of Dec.22, 0.3 bn as of Sept.22. 0.3 bn as of Jun.22, 0.3bn as of Mar.2022)

Safe Balance Sheet: simple, highly liquid

• ◼ Investment strategy based on a diversified blend of EU government bonds, supranational and agencies
• ◼ 99.9% not exposed to volatility with no impact in our P&L and BS by the widening of spreads. HTC classification since November 2016
• ◼ Avg maturity at ~ 5 years. Overall portfolio duration: 2.8 years
• ◼ Sticky deposits: mostly 'transactional liquidity' gathered for the quality of our services and without aggressive commercial offers. Cost of funding at zero

High-quality lending growth

• ◼ Lending offered exclusively to our well-known base of clients
• ◼ Low-risk: CoR at 5bps, cautious approach on mortgages
• ◼ Strong competitive advantage leveraging on Big Data Analytics and internal IT culture (resulting in unmatched user experience and high customer satisfaction), continuous in-house innovation (i.e. look-through implementation with significant benefits on CET1 ratio), ownership and control of critical infrastructure

Rock-solid capital and liquidity position

(1) Financial assets as reported in the Balance Sheet include the variation in the fair value of hedged bonds for the portion attributable to the risk hedged with the derivative instrument

(2) Due from banks includes 1.9bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Dec.2023

Leverage Ratio Sensitivity

Leverage Ratio comfortably under control

Retained earnings = Tier 1 Capital (mln)

	70	80	90	100	110	120	130	140	150	200	250	300	350	400	450	500
-5,000	6.06%	6.09%	6.12%	6.16%	6.19%	6.22%	6.25%	6.29%	6.32%	6.48%	6.65%	6.81%	6.97%	7.13%	7.30%	7.46%
-4,500	5.95%	5.98%	6.02%	6.05%	6.08%	6.11%	6.15%	6.18%	6.21%	6.37%	6.53%	6.69%	6.85%	7.01%	7.17%	7.33%
-4,000	5.85%	5.88%	5.91%	5.95%	5.98%	6.01%	6.04%	6.07%	6.11%	6.26%	6.42%	6.58%	6.74%	6.89%	7.05%	7.21%
-3,500	5.75%	5.78%	5.82%	5.85%	5.88%	5.91%	5.94%	5.97%	6.00%	6.16%	6.32%	6.47%	6.63%	6.78%	6.93%	7.09%
-3,000	5.66%	5.69%	5.72%	5.75%	5.78%	5.81%	5.84%	5.87%	5.91%	6.06%	6.21%	6.37%	6.52%	6.67%	6.82%	6.97%
-2,500	5.57%	5.60%	5.63%	5.66%	5.69%	5.72%	5.75%	5.78%	5.81%	5.96%	6.11%	6.26%	6.41%	6.56%	6.71%	6.86%
-2,000	5.48%	5.51%	5.54%	5.57%	5.60%	5.63%	5.66%	5.69%	5.72%	5.87%	6.02%	6.16%	6.31%	6.46%	6.61%	6.75%
-1,500	5.39%	5.42%	5.45%	5.48%	5.51%	5.54%	5.57%	5.60%	5.63%	5.78%	5.92%	6.07%	6.21%	6.36%	6.50%	6.65%
-1,000	5.31%	5.34%	5.37%	5.40%	5.43%	5.45%	5.48%	5.51%	5.54%	5.69%	5.83%	5.98%	6.12%	6.26%	6.41%	6.55%
-500	5.23%	5.26%	5.29%	5.31%	5.34%	5.37%	5.40%	5.43%	5.46%	5.60%	5.74%	5.89%	6.03%	6.17%	6.31%	6.45%
0	5.15%	5.18%	5.21%	5.24%	5.26%	5.29%	5.32%	5.35%	5.38%	5.52%	5.66%	5.80%	5.94%	6.08%	6.22%	6.35%
500	5.07%	5.10%	5.13%	5.16%	5.19%	5.21%	5.24%	5.27%	5.30%	5.44%	5.58%	5.71%	5.85%	5.99%	6.13%	6.26%
1,000	5.00%	5.03%	5.06%	5.08%	5.11%	5.14%	5.17%	5.19%	5.22%	5.36%	5.49%	5.63%	5.77%	5.90%	6.04%	6.17%
1,500	4.93%	4.96%	4.98%	5.01%	5.04%	5.06%	5.09%	5.12%	5.15%	5.28%	5.42%	5.55%	5.69%	5.82%	5.95%	6.09%
2,000	4.86%	4.89%	4.91%	4.94%	4.97%	4.99%	5.02%	5.05%	5.07%	5.21%	5.34%	5.47%	5.61%	5.74%	5.87%	6.00%
2,500	4.79%	4.82%	4.84%	4.87%	4.90%	4.92%	4.95%	4.98%	5.00%	5.14%	5.27%	5.40%	5.53%	5.66%	5.79%	5.92%
3,000	4.73%	4.75%	4.78%	4.80%	4.83%	4.86%	4.88%	4.91%	4.93%	5.06%	5.19%	5.32%	5.45%	5.58%	5.71%	5.84%
4,000	4.60%	4.63%	4.65%	4.68%	4.70%	4.73%	4.75%	4.78%	4.80%	4.93%	5.06%	5.18%	5.31%	5.43%	5.56%	5.68%
5,000	4.48%	4.50%	4.53%	4.55%	4.58%	4.60%	4.63%	4.65%	4.68%	4.80%	4.93%	5.05%	5.17%	5.29%	5.42%	5.54%

OUR PRIORITY

Focus on our Balance Sheet to keep under control the growth of deposits and improve our quality revenues mix. Thanks to our new initiatives at the same time we can:

• 1) sustain our growth
• 2) distribute a growing dividend per share
• 3) keep our Leverage Ratio comfortably above the regulatory requirements and in line with our guidance

Considering our organic capital generation after dividend distribution and payment of AT1 coupon, also in case of extremely adverse market scenario, our Leverage ratio would comfortably remain above regulatory requirements and in line with our guidance

Fineco Asset Management in a nutshell

FAM is active on 6 business lines with the following products (Core Series, FAM Evolution, FAM Series, Passive and Smart Factors funds, FAM Evolution Target family and FAM Series Global Defence / Target family), providing not only the expertise of the best Asset Managers but also solutions managed internally by FAM to deepen further the range of strategies and the flexibility of FAM catalogue of products.

KEY BENEFITS:

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

Preserving our best price/quality ratio

ESG Ratings and Indices

(*) Starting in August 2023, the S&P Global ESG Scores methodology has been updated as follows: i) the S&P Global ESG Score without any modeling approaches is now called S&P Global CSA Scores; ii) the S&P Global ESG Score now includes modeling approaches for all assessed companies. On September 15, 2023, S&P released Fineco's Global ESG Score 2023, which is 68/100. This is a new score that results from combining the CSA Score assessment used to date with an additional assessment, based on public disclosure, on a voluntary basis, of information for which publication under the CSA is not strictly required.

Commitment towards Net-Zero emissions by 2050 RESPONSIBLE FINANCE - Scope 3 emissions from internal investment portfolio ENVIRONMENT - Scope 1, 2 and Scope 3 emissions from operations % exposure in debt securities of sovereign and bank issuers with a Net-Zero target by 2050(1) Exposure in countries, institutions and banks: > 70% of 2021 Total Consolidated Assets 2021 2030 2050 Scope 1 – CO2e from energy consumption of Milan registered office and of the Fineco Centers with utilities in the Bank's name; CO2e from fuel for company car fleet Scope 2 (market-based) - CO2e from energy consumption of Milan registered office and of the Fineco Centers with utilities in the Bank's name Scope 3 - CO2e from paper consumption of all sites; CO2e from energy consumption of Reggio-Emilia Headquarters, of Fineco AM's Dublin office, of the Data Processing Centers and of the Fineco Centers with utilities in the Personal Financial Advisors' name - 55% - 90% and neutralisation of residual emissions 410 tCO2e - 20% - 90% and neutralisation of residual emissions 1,336 tCO2e 64.5% 95% 100% 2026

Funding

EMARKET SDIR
CERTIFIED

Senior Preferred instrument	AT1 instruments
➢ 14th €500 mln Senior Preferred issued on October , 2021 in order to be immediately compliant with the Fully Loaded MREL Requirement on Leverage Ratio Exposure (LRE), which is binding starting from January 1st, 2024. • Annual coupon at 0.50% (5 years Mid Swap Rate plus 70 bps vs initial guidance of plus 100 bps) for the first 5 years, floating rate between the fifth and sixth year • Public placement with a strong demand, more than 4x the offer • The instrument has been rated BBB by S&P	➢ 23rd €200 mln perpetual AT1 issued on January , 2018: • Coupon fixed at 7.363% until June 2028. Call date each six months (June and December) • Private placement, fully subscribed by UniCredit SpA • Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
➢ 16th €300 mln Senior Preferred issued on February , 2023 in order to have an additional buffer above the Fully Loaded MREL Requirement on LRE. • Annual coupon at 4.625% (5 years Mid Swap Rate plus 150 bps vs initial guidance of 175bps) for the first 5 years, floating rate between the fifth and sixth year • Public placement with a strong demand, 4x the offer • The instrument has been rated BBB by S&P	➢ 11th €300 mln perpetual AT1 issued on July , 2019 in order to maintain the Leverage Ratio above 3.5% after the exit from the UniCredit Group: • Coupon fixed at 5.875% (initial guidance at 6.5%) for the initial 5.5 years. First rd call date: December 3 , 2024 (reset spread 6.144%) • Public placement, with strong demand (9x, €2.7bn), listed in Euronext Dublin • Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves • The instrument was assigned a BB- rating by S&P