FinecoBank

Investor Presentation • May 7, 2025

1Q25 Results

Alessandro Foti CEO and General Manager

FINECO. SIMPLIFYING BANKING.

Milan, May 7 th 2025

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), Erick Vecchi, in his capacity as manager responsible for the preparation of FinecoBank S.p.A. (the "Bank")'s financial reports, declares that accounting information contained in this Presentation reflects the Bank'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 Bank. 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 Bank 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, the Bank is not bound to prepare similar presentations in the future, unless where provided by law. No guarantee, express or implicit, is given by the Bank with reference to the reliability, accuracy or completeness of information or opinions contained in this Presentation. Neither the Bank 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 Bank and the partial or total publication, duplication and/or transmission of the same are forbidden without the prior written consent of the Bank. 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: further acceleration in our expected growth

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

Strong net profit and operating leverage

◼ 1Q25 Net Profit is 164.2 mln, +11.7% y/y

4

• ◼ 1Q25 Revenues at 329.3 mln, +0.7% y/y supported by non-financial income (Investing +11.3% y/y, Brokerage +21.7% y/y), which offset lower interest rates (NII at -10.8% y/y)
• ◼ Operating Costs well under control at -87.2 mln, +10.0% y/y (+7.0% y/y excluding costs related to the acceleration of the growth of the business(1) ). Strong operating leverage confirmed a key strength of the Bank. C/I ratio at 26.5%

Higher y/y AUM and deposits exp. in 2025 as growth is accelerating

• ◼ Higher y/y AUM and deposits net sales expected in 2025 thanks to combined effect of reinforcing positive tailwinds from the structural trends coupled with a more efficient marketing activity. We are clearly experiencing this step-up:
  • ➢ Strong acceleration in new clients' acquisition (+39.8% y/y in 1Q25). April: 15,126 new clients (+31% y/y)
  • ➢ Net sales in 1Q25 at 3.2 bn (+44% y/y), o/w AUM at 1.1 bn (+127% y/y). TFA at 142.3 bn with AuM at 66.3 bn. April recorded a further acceleration of total net sales at 1.250 bn, up by a strong +48% y/y o/w AUM at 296 mln (+51% y/y) confirming the acceleration in the growth (FAM retail net sales at 199 mln); deposits at 148 mln, and AUC at 804 mln with brokerage clients very active with Brokerage revenues estimated at ~22.5 mln (>20% y/y)

Solid capital and liquidity position

• ◼ CET1 ratio(2) at 24.1%, TCR at 33.1% (2) , Leverage ratio at 5.34% (2)
• ◼ LCR at 888%(3) , NSFR at 390%

2025 Guidance

Despite the market correction YTD, our diversified business model allows for an unchanged outlook of our non-financial income, only with a different mix.

• ◼ Investing revenues: every 1 billion change of AUM, generates around 4.5 million of revenues from May 1 st until year end
• ◼ Banking fees expected with a slight decrease in FY25 due to new regulation on instant payments
• ◼ Brokerage: revenues expected to remain strong with a continuously growing floor thanks to the enlargement of our active investors. For 2025 we expect a record year for brokerage revenues
• ◼ Operating costs expected in FY25 at around +6% y/y, not including few millions of additional costs for growth initiatives in a range 5/10 mln (mainly: marketing, FAM and AI)
• ◼ Payout: for FY25 we expect a payout ratio in a range 70/80%

Delivering strong Net Profit in every market condition

Net Profit at 164.2 mln. Results supported by sound acceleration of Investing and Brokerage, confirming the effectiveness of our initiatives, and offsetting the decline of interest rates. Strong operating leverage confirmed

mln	1Q24	1Q25	1Q25 /1Q24	Revenues
Net financial income	180 8	161 3	-10 8%
o/w Net interest income	179 0	161 2	-9 9%
o/w Profit from treasury	1 8	0 1	n.s.
Net commissions	128 6	140 4	9 2%
Trading profit	17 5	27 3	56 3%
Other expenses/income	0 2	0 2	29 1%
Total revenues	327 0	329 3	0 7%
Staff expenses	-33 4	-36 4	8 9%
Other admin .expenses	-39 5	-44 4	12 3%
D&A	-6 4	-6 5	1 6%
Operating expenses	-79 3	-87 2	10 0%	Costs
Gross operating profit	247 7	242 0	-2 3%
Provisions	-38 1	-3 8	-90 0%	business, related
LLP	-0 3	-0 9	236 8%
Profit from investments	0 4	-1 0	n.s.
Profit before taxes	209 7	236 4	12 7%
Income taxes	-62 7	-72 2	15 1%
Net profit	147 0	164 2	11 7%
(1) ROE	22%	26%		Net profit
Cost/Income	24%	26%
				+11.7% y/y

Revenues

• ➢ Net Financial Income (-10.8% y/y) driven by lower interest rates
• ➢ Net commissions up by +9.2% y/y driven by Investing (+11.4% y/y), on the back of higher volumes and higher control of the value chain by Fineco Asset Management, and Brokerage (+12.6% y/y), thanks to the enlargement our active investors and to higher market volumes
• ➢ Trading profit +56.3% y/y mainly thanks to higher brokerage activity

Costs

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

• Marketing expenses, as we are catching the acceleration of structural trends
• FAM as it is increasing the efficiency of the value chain
• A.I., as we are launching projects to further boost our PFAs' productivity

Net of these items, 1Q25(2): +7.0% y/y

Net profit

+11.7% y/y

(1) ROE is calculated as adj.net profit divided by EOP book equity for the period (excl. valuation reserves)

(2) Excluding costs strictly related to the growth of the business, mainly marketing (-1.8 mln y/y), FAM (-0.3 mln y/y) and A.I. (-0.2 mln y/y)

Our priority: accelerating on Investing

Growing AUM thanks to our best-in-class market positioning, coupled with higher efficiency on the value chain through FAM

6

Combining growth potential from FAM and emerging advisory trend

FAM key to sustain AUM margins thanks to more efficient value chain, Fineco best placed to catch clients demand for efficient and fair solutions

Fineco best placed to catch the fast growing, clients-driven trend of advanced financial advisory

Brokerage: a new structural growth under way

A clear step-up in our active investors: Fineco clearly the platform of choice for strong clients' appetite in govies and ETFs

Active investors: a new structural growth thanks to our initiatives and incoming govies/ETF demand

Wider active investors leading to continuously growing floor of revenues

+18.8% vs 2020, the Covid year

Confirming the structurally higher floor of revenues and much healthier dynamics, driven by the enlargement of our quality-active investors and not by macro-events like the pandemic with strict lockdown

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 25.1 mln with a coverage ratio at 84.2%, NPE ratio at 0.49%
• ◼ LLP equal to -0.9 mln in 1Q25

9

Solvency, liquidity ratios

Capital position well above requirements

emarket sdir storage
CERTIFIED

		Mar 24	Dec 24	Mar 25	Current Requirements
Y C	CET1 Ratio	25 29%	25 91%	(1) 24 10%	8 47%
N E V L O	Total Capital Ratio	35 94%	35 78%	(1) 33 08%	12 84%
S	Leverage Ratio	5 16%	5 22%	(1) 5 34%	3 00%
(2) LCR Y T DI NSFR UI Q LI HQLA/Deposits (2)		864%	909%	888%	100%
		369%	382%	390%	100%
		71%	77%	78%

(€/bn)	Mar.24	Dec.24	Mar.25
CET1 Capital	1.19	1.31	1.34
Tier1 Capital	1.69	1.81	1.84
Total Capital	1.69	1.81	1.84
RWA	4.69	5.06	5.57
o/w credit	3.02	3.07	2.80
o/w market	0.06	0.10	0.10
o/w operational	1.61	1.89	2.67
HQLA (2)	19.83	21.55	22.12

❑ Fineco Financial Results

❑ Next steps

❑ Key messages

(1)

5.1% 5.4%

Clients' profile and focus on Private Banking

Outperforming the system in Private Banking growth

^{776 806 778 884 932} 1,037 ⁹⁹⁴ 1,101 1,257 +62.0%

4.1%

4.7%

4.6%

Improving the quality of our client base

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

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

2025 Guidance

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

Despite the market correction YTD, our diversified business model allows for an unchanged outlook of our non-financial income, only with a different mix:

• ➢ o/w INVESTING REVENUES: every 1 billion change of Asset Under Management on May 1st, generates around 4.5 million of revenues from May 1st until year end
• ➢ o/w BANKING FEES: expected with a slight decrease in FY25 due to the new regulation on instant payments
• ➢ o/w BROKERAGE REVENUES: expected to remain strong with a continuously growing floor thanks to the enlargement of our active investors. For 2025 we expect a record year for brokerage revenues

Costs and provisions

• ➢ OPERATING COSTS: expected growth of around 6% y/y in FY25, not including few millions of additional costs for growth initiatives in a range 5/10 mln (mainly: marketing, FAM, AI)
• ➢ COST / INCOME: in FY25 comfortably below 30% thanks to the scalability of our platform and strong operating gearing
• ➢ COST OF RISK: in a range 5-10 bps in FY25 thanks to the quality of our portfolio

Capital

➢ PAYOUT & CAPITAL RATIOS: for FY25 we expect a payout ratio in a range 70/80%. On Leverage Ratio our goal is to remain above 4.5%

Commercial performance

• ➢ NET SALES: robust, high quality with increasing AUM and deposits net sales
• ➢ CLIENTS ACQUISITION: continued strong growth expected

A unique positioning for a long-term growth story

Huge potential to gain additional market share of Italian households' wealth

Stepping-up our growth trajectory thanks to strong clients' acquisition

Solid improvement in the quality our new clients, coupled with an unprecedented opportunity for our Investing

Innovation and Simplification Project

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

✓Further evolution of FinecoX

✓Brokerage-only Account now live, already 27,500 new clients

✓Access to Nordic markets

Fixed Leverage Certificates on Bitcoin COMING SOON

• ✓Fineco Asset Management building up on its ETF strategy: after the launch of the first family of passive ETFs in 2022, FAM is going to deliver a new set of active ETFs
  • ✓Several upgrades in our Advanced Advisory platform: diagnosis of third-party portfolios; more comprehensive rebalancing tool and detailed financial analysis.

BANKING

✓New faster onboarding

✓New banking account for under-18 years old. Portfolio sharing: parents having control of investments can share the portfolio with their sons to let them familiarize with investing

AI: a strong boost to PFA productivity

Integrating a Copilot on our PFA platform X-Net:

COMING SOON

➢ Search tool: a faster info-search process for internal memo/communication

➢ Portfolio builder integrates analysis on funds and ETFs: 1) personalized proposals and diagnostics; 2) detailed reporting with customizable portfolio analysis

COMING SOON

➢ CRM for PFAs: fully integrated with clients' data, it will help PFAs to find the most efficient solutions to manage customers.

Business abroad

COMING SOON

We have received the greenlight by the Italian tax authority and we are now assessing the opportunities on the table to expand our business abroad and prepare a business plan

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

Long term sustainability at the heart of Fineco business model

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: "to support customers in taking a responsible approach to their financial lives 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

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

23 (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; 1Q24: -35mln gross, -23.4 mln net; 2Q24: -0.3mln gross, -0.2 mln net; 4Q24 -1.2 gross; -0.8 net).

ESG Multi-Year Plan 2024-2026 fully integrated within Banks' strategy

Combining business growth and financial strength with the principles of social and environmental sustainability, in order to create long-term value for all Stakeholders

• ❑ New strategy focuses on challenging ESG objectives(1) within 7 areas:
• Financial Education and advice Customer satisfaction Environment and Supply Chain Diversity & Inclusion Responsible Finance ESG Governance Charitable donations, partnerships and relations with the territory
• ❑ Net-Zero emissions to be achieved by 2050 and with intermediate targets
• ❑ ESG targets included in the 2024-2026 Long-Term Incentive Plan for key resources, included the CEO/GM and other Identified Staff and in the 2024 Short-Term Incentive Plan for both employees and Personal Financial Advisors Identified Staff
• ❑ Environmental Management System of the Bank certified in line with the EU Eco-Management and Audit Scheme
• ❑ Certification on Gender Equality pursuant to UNI 125/2022 reference practice Scheme
• ❑ Contribution for the PFA Network to be borne by the Bank for obtaining EFPA ESG certification
• ❑ 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

25

P&L condensed

26

	P&L condensed(1)
mln	1Q24	2Q24	3Q24	4Q24	FY24	1Q25
Net financial income	180 8	182 5	177 6	170 3	711 2	161 3
o/w Net Interest Income	179 0	182 5	178 5	170 4	710 5	161 2
o/w Profit from treasury management	1 8	0 0	-1 0	-0 1	0 7	0 1
Dividends	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	128 6	128 6	130 0	139 9	527 0	140 4
Trading profit	17 5	20 2	18 4	23 0	79 0	27 3
Other expenses/income	0 2	0 0	-0 2	-0 7	-0 8	0 2
Total revenues	327 0	331 3	325 8	332 4	1316 5	329 3
Staff expenses	-33 4	-33 6	-35 1	-35 7	-137 8	-36 4
Other admin of recoveries net .exp.	-39 5	-41 2	-37 3	-50 4	-168 4	-44 4
D&A	-6 4	-6 2	-6 4	-6 7	-25 8	-6 5
Operating expenses	-79 3	-81 1	-78 8	-92 9	-332 0	-87 2
Gross operating profit	247 7	250 2	247 0	239 5	984 5	242 0
Provisions	-38 1	0 5	-3 5	-3 7	-44 9	-3 8
LLP	-0 3	-1 4	-1 0	0 6	-2 1	-0 9
Profit from investments	0 4	0 6	0 8	0 0	1 8	-1 0
Profit before taxes	209 7	249 9	243 3	236 4	939 3	236 4
Income taxes	-62 7	-76 5	-73 6	-74 1	-287 0	-72 2
Net profit for the period	147 0	173 3	169 7	162 3	652 3	164 2
(2) Net profit adjusted	147 0	173 3	169 7	162 3	652 3	164 2

1Q25 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
Net financial income	0 2	161.2	161.3
Dividends	0 0	0.0	0.0
Net commissions	44 0	96.4	140.4
Trading profit	0 0	27.4	27.3
Other expenses/income	-0 4	0.7	0.2
Total revenues	43 7	285.6	329.3
Staff expenses	-3 6	-32.7	-36.4
Other of admin recoveries net .exp.	-2 4	-42.0	-44.4
D&A	-0 1	-6.4	-6.5
Operating expenses	-6 2	-81.1	-87.2
profit Gross operating	5 37	204.5	242.0
Provisions	0 0	-3.8	-3.8
LLP	0 0	-0.9	-0.9
Profit Investments on	0 0	-1.0	-1.0
Profit before taxes	37 5	198.9	236.4
Income taxes	-5 6	-66.5	-72.2
Net profit for the period	31 9	132.3	164.2

Details on Net Interest Income

emarket sdir scorage
CERTIFIED

mln	1Q24	Volumes & Margins	2Q24	Volumes & Margins	3Q24	Volumes & Margins	4Q24	Volumes & Margins	FY24	Volumes & Margins	1Q25	Volumes & Margins
Financial Investments	109 6	24 695 ,	113 9	25 177 ,	113 0	25 281 ,	112 0	26 102 ,	448 4	25 314 ,	106 7	26 768 ,
Net Margin		1 78%		1 82%		1 78%		1 71%		1 77%		1 62%
Gross margin	122 6	2 00%	128 4	2 05%	128 5	2 02%	129 8	1 98%	509 3	2 01%	119 2	1 81%
Leverage - Long	4 6	151	5 0	164	4 5	145	4 4	147	18 4	152	4 1	146
Net Margin		12 31%		12 21%		12 24%		11 91%		12 17%		11 42%
Tax Credit	10 2	1 613 ,	10 6	1 520 ,	10 2	1 308 ,	9 7	1 313 ,	40 7	1 438 ,	9 2	1 216 ,
Net Margin		2 55%		2 81%		3 10%		2 93%		2 83%		3 08%
Lending	54 7	5 074 ,	53 0	4 923 ,	50 8	4 838 ,	46 8	4 787 ,	205 4	4 906 ,	41 5	4 783 ,
Net Margin		4 34%		4 33%		4 18%		3 89%		4 19%		3 52%
Other	-0 1		0 0		0 1		-2 4		-2 5		-0 3
Total	179 0		5 182		5 178		170 4		5 710		161 2
Gross Margin		2 45%		2 49%		2 44%		2 34%		2 43%		2 14%
Cost of Deposits		-0 17%		-0 18%		-0 20%		-0 22%		-0 19%		-0 15%
(avg) 3M EUR		3 92%		3 83%		3 56%		3 00%		3 58%		2 56%

Focus on Bond portfolio

(1) "Other" includes: 1.7bn France, 1.0bn Austria, 0.9bn Belgium, 0.9bn Ireland, 0.7bn 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

29

(4) Almost the entire bond portfolio not at fixed rate is swapped

Details on Net Commissions

emarket sdir storage
CERTIFIED

Net commissions by product area
mln	4Q23	1Q24	2Q24	3Q24	4Q24	FY24	1Q25
Banking	13	12	12	13	12	50	11
	2	0	0	5	9	4	1
Brokerage	27	33	28	24	29	116	37
	0	0	9	7	6	1	1
o/w
Equity	17	23	20	19	24	87	28
	3	2	8	0	2	1	5
Bond	5	6	4	1	2	14	5
	6	2	4	9	4	9	8
Derivatives	2	2	2	2	2	11	3
	5	8	8	7	9	3	1
Other commissions	1 5	0 8	0 8	1 1	0 1	2 9	-0 2
Investing	88	85	90	94	99	5	94
	7	2	1	3	9	369	9
o/w
Placement fees	0 9	1 3	1 9	1 4	1 7	6 3	2 3
Management fees	99 4	103 6	106 2	108 2	113 3	431 3	114 9
PFA's:	-8	4	-8	-7	-9	-32	-8
incentives	3	-7	3	5	3	5	6
to
PFA's:	-0	-0	-0	-0	-0	-1	-0
LTI	6	7	3	4	6	9	5
to
Other	-7	-11	-9	-7	-8	-37	-13
PFA	0	7	4	4	5	0	3
costs
Other commissions	4 2	0 0	0 0	0 0	3 4	3 4	0 0
Other	-1	-1	-2	-2	-2	-9	-2
(Corporate	2	6	4	5	6	0	7
Center)
Total	127	128	128	130	139	527	140
	7	6	6	0	9	0	4

Managerial Data

50%

21%

29%

Revenues breakdown by Product Area

mln	1Q24	2Q24	3Q24	4Q24	FY24	1Q25
Net financial income	171 5	172 2	167 6	160 2	671 5	151 9
o/w Net interest income	169 8	172 2	168 6	160 3	670 8	151 8
o/w Profit from Treasury Management	1 8	0 0	-1 0	-0 1	0 7	0 1
Net commissions	12 0	12 0	13 5	12 9	50 4	11 1
Trading profit	-1 4	0 0	-1 0	0 2	-2 2	-0 3
Other	0 1	0 1	0 1	0 1	0 3	0 1
Total Banking	182 2	184 3	180 1	173 4	720 0	162 8
Net interest income	5 7	5 8	5 0	4 9	21 5	4 5
Net commissions	33 0	28 9	24 7	29 6	116 1	37 1
Trading profit	18 0	20 3	19 1	22 0	79 5	27 3
Other	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	56 7	55 0	48 8	56 6	217 1	69 0
Net interest income	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	85 2	90 1	94 3	99 9	369 5	94 9
Trading profit	0 0	0 0	0 0	0 0	0 0	0 0
Other	-0 3	-0 2	-0 4	-1 1	-2 0	-0 4
Total Investing	84 9	89 8	93 9	98 8	367 5	94 5

Weight on total revenues for each product area

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	Jun	Sep	Dec	Mar
	24	24	24	24	25
AUM	60	61	63	66	66
	425	645	808	383	295
	,	,	,	,	,
Funds	40	41	43	45	45
and	708	557	557	645	596
Sicav	,	,	,	,	,
Insurance	13	13	12	12	12
	579	242	982	944	744
	,	,	,	,	,
AUC	5	6	6	7	7
under	756	423	832	360	500
advisory	,	,	,	,	,
Other	383	422	437	433	455
AUC	40	053	43	715	46
	082	42	270	44	841
	,	,	,	,	,
Equity	20	21	22	24	24
	591	455	236	189	903
	,	,	,	,	,
Bond	18	19	20	20	21
	784	966	506	165	649
	,	,	,	,	,
Third-party deposit current accounts	605	534	434	304	235
Other	102	98	94	58	55
Direct Deposits	27 676 ,	27 576 ,	28 189 ,	29 668 ,	29 119 ,
Total	128	131	135	140	142
	183	274	267	766	255
	,	,	,	,	,

o/w TFA FAM retail	21 114 ,	21 792 ,	23 326 ,	25 042 ,	25 353 ,
o/w TFA Private Banking	59 979 ,	61 839 ,	64 780 ,	68 426 ,	68 743 ,
o/w Advanced Advisory Service	29 870 ,	175 31 ,	32 682 ,	520 34 ,	34 498 ,

Increasing quality and productivity of the Network

Balance Sheet

34

mln	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25
(1) Due from Banks	3 808 ,	3 222 ,	3 293 ,	2 334 ,	2 188 ,
Customer Loans	6 098 ,	6 116 ,	6 051 ,	6 236 ,	6 132 ,
Financial Assets	20 426 ,	20 750 ,	21 532 ,	23 454 ,	23 734 ,
Tangible and Intangible Assets	266	266	265	271	269
Derivatives	705	738	563	527	510
Tax credit acquired	1 622 ,	1 299 ,	1 317 ,	1 259 ,	1 171 ,
Other Assets	342	391	397	608	417
Total Assets	33 268 ,	32 782 ,	33 416 ,	34 689 ,	34 421 ,
Customer Deposits	28 070 ,	28 005 ,	28 581 ,	29 989 ,	29 531 ,
Due Banks to	1 033 ,	1 172 ,	925	851	893
Debt securities	800	804	808	810	801
Derivatives	6	- 1	39	45	30
Funds and other Liabilities	690	587	689	604	623
Equity	2 670 ,	2 215 ,	2 374 ,	2 389 ,	2 543 ,
Total Liabilities and Equity	33 268 ,	32 782 ,	33 416 ,	34 689 ,	34 421 ,

Safe Balance Sheet: simple, highly liquid

• ◼ Investment strategy based on a diversified blend of EU government bonds, supranational and agencies
• ◼ 99% 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 3.9 years. Overall portfolio duration: 2.4 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 1.5bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Mar.2025
• (3) Preliminary, CRR III transitional capital ratios

(4) LCR 12 month avg

35

Leverage Ratio comfortably under control

Leverage Ratio Sensitivity: multi-year view

Delta Retained earnings = Tier 1 Capital (mln)

		0	150	300	400	450	500	550	600	650
	-2 000 ,		97% 5	6 39%	6 68%	6 82%	6 96%	10% 7	24% 7	37% 7
	-1 500 ,		5 88%	6 30%	6 58%	6 71%	6 85%	6 99%	7 13%	7 27%
Starting point for	-1 000 ,		5 79%	6 20%	6 48%	6 62%	6 75%	6 89%	7 02%	7 16%
simulations on multi-year view: LR on Dec.31st, 2024	-500		71% 5	6 12%	6 39%	6 52%	6 66%	6 79%	6 92%	06% 7
	0	5 22%	5 62%	6 03%	6 30%	6 43%	6 56%	6 69%	6 83%	6 96%
	1 000 ,		5 47%	5 86%	6 12%	6 25%	6 38%	6 51%	6 64%	6 77%
	2 000 ,		32% 5	70% 5	96% 5	6 08%	6 21%	6 33%	6 46%	6 59%
n)	3 000 ,		5 18%	5 55%	5 80%	5 92%	6 05%	6 17%	6 29%	6 41%
ml	4 000 ,		5 05%	5 41%	5 65%	5 77%	5 89%	6 01%	6 13%	6 25%
s (	5 000 ,		4 92%	5 27%	5 51%	5 63%	5 75%	5 86%	5 98%	6 10%
e r u	6 000 ,		4 80%	15% 5	38% 5	49% 5	61% 5	72% 5	83% 5	95% 5
s	7 000 ,		4 68%	5 02%	5 25%	5 36%	5 47%	5 59%	5 70%	5 81%
o p	8 000 ,		4 57%	4 91%	5 13%	5 24%	5 35%	5 46%	5 57%	5 67%
x E	9 000 ,		4 47%	4 80%	01% 5	12% 5	23% 5	33% 5	44% 5	55% 5
al ot T a	10 000 ,		4 37%	4 69%	4 90%	5 01%	5 11%	5 22%	5 32%	5 42%
	11 000 ,		4 28%	4 59%	4 79%	4 90%	5 00%	5 10%	5 21%	5 31%
	12 000 ,		4 18%	4 49%	4 69%	4 79%	4 89%	4 99%	10% 5	20% 5
elt	13 000 ,		4 10%	4 40%	4 60%	4 69%	4 79%	4 89%	4 99%	09% 5
D	14 000 ,		4 01%	4 31%	4 50%	4 60%	4 70%	4 79%	4 89%	4 99%
	15 000 ,		3 93%	4 22%	4 41%	4 51%	4 60%	4 70%	4 79%	4 89%

OUR PRIORITIES

Thanks to the structural trends that are in place in Italy (demand for advanced advisory, digitalization, inflection point in clients' financial behaviors) and to our new initiatives we can sustain our growth by focusing on the following priorities:

• 1) Maintaining an appropriate level of regulatory capital and Leverage Ratio
• 2) Targeting investments to drive long-term business growth, whilst maintaining good cost discipline
• 3) Distributing a regular, generous ordinary dividend
• 4) Considering annually potential return of surplus capital not required for other priorities

Fineco Asset Management in a nutshell

FAM is active on 7 business lines, 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 lookthrough on daily basis on funds' underlying assets
• ✓ Win-win solution: lower price for clients, higher margins

Preserving our best price/quality ratio

38 (1) Most convenient current accounts. Source: Figures based on publicly available costs for families with average online operations of the main Italian banks (ICC – Indicatore Complessivo dei Costi). The figures relates to the costs of current accounts reported in brackets, and are not taking into account promotions on the fee for the first year.

ESG ratings, Indices and highlights

emarket sdir scorage
CERTIFIED

Our ESG ratings and Indices

RATING AGENCY	EVALUATION SCALE	AS TODAY	ESG INDICES
	(From 0 to 100)	68
	(From D- to A)	C)(1) B (upgraded from previous
	(From 100 to 0)	12.1 Low risk
	(From 0 to 100)	59 Robust
	(From 0 to 100)	82	S&P Global 1200 ESG index S&P Global LargeMidCap ESG Index
	(From CCC to AAA)	AA
	(From F to EEE)	EEE- with Stable Outlook	Standard Ethics Italian Banks Index Standard Ethics Italian Index sustainability

ESG OFFER & BANK's PORTFOLIO

Funds SFDR classification(2):

ex Art. 8

ex Art. 9

73% on total no. ISIN (€ 21.8 bn of AUM)

6% on total no. ISIN (€ 0.9 bn of AUM)

Lending:

• € 0.2 bn of stock of Green Mortgages for the purchase of properties
• Green Loan business is progressing

FBK bond portfolio:

€ 2.3 bn of green, social and sustainable bonds

Achievements and commitments towards Net-Zero emissions by 2050

(1) For the sovereign issuers, the source for mapping Net-Zero targets is: https://www.climatewatchdata.org/. In "Policy Document" and "In law" targets are accepted, while "In Political Pledge" targets are not accepted. For bank issuers, Net-Zero targets on financed emissions are accepted.

Fixed Income

Senior Preferred instruments

➢ €300 mln Senior Preferred (6NC5) issued on February ¹⁶th , 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 is rated BBB+ by S&P
• ➢ €500 mln Senior Preferred (6NC5) issued on October ¹⁴th , 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 is rated BBB+ by S&P

AT1 instrument

➢ €500 mln perpetual AT1 issued on March ¹¹th , 2024 in order to maintain the Leverage Ratio above 4.5%:

• Coupon fixed at 7.5% (initial guidance at 8%) for the initial 5.5 years. First call date: September ¹¹th , 2029 (reset spread 4.889%)
• Public placement, with strong demand (7x, €3.45bn), listed in Euronext Dublin
• Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
• The instrument is rated BB by S&P