Results for six months ended 31 December 2024 approved

RECORD 6M RESULTS:
REVENUES €1.8BN, NET PROFIT €660M, ROTE 14%

ACCELERATION IN 2Q RESULTS,
ON OUTSTANDING PERFORMANCE IN REVENUES (~€1BN)
AND OPERATING INCOME DRIVEN BY WM AND CIB

TARGETS FOR 2026 REVISED UPWARDS:
REVENUES: ~€4BN (FROM €3.8BN)
NET PROFIT: >€1.4BN
3Y CUMULATIVE DISTRIBUTION 2024-26*: >€4BN (VS €3.7BN)

BEST-EVER RESULTS CONFIRM FURTHER GROWTH TRAJECTORY
In 6M:
Group revenues totalled €1,848m in 6M (up 7%¹), with impressive growth in all businesses:
WM up 5%¹ (to €480m), CIB up 32%¹ (to €451m), CF up 8%¹ (to €629m), INS up 9%¹ (to €243m)
Cost/income ratio 42%
Cost of risk declining to 50 bps (down 1pp)¹
6M net profit  €660m (up 8%¹), EPS 6M €0.79 (up 10%¹), ROTE 14% (up 60 bps¹)

In 3M: STRONG ACCELERATION
Group revenues totalled €983m in 2Q (up 14%²), driven by WM and CIB
WM up 10%² (to €252m), CIB up 46%² (to €268m), CF up 3%² (to €319m), INS up 11%² (to €128m)
NII back to growth (€494m in 2Q, up 2%²),
helped by the recovery in volumes and resilience of asset yields
Record performance in fee income (€316m in 2Q, up 36%²),
following excellent results in IB advisory business and growth in WM
Cost of risk decreasing in CF (175 bps)

HIGH CAPITAL GENERATION AND SHAREHOLDER REMUNERATION
CET1 ratio 15.2%³
Interim dividend (May + Nov.) + €385m SBB  under execution (61% already completed)

DIVISIONS POSITIONED TOP IN THEIR RESPECTIVE MARKETS
WM: NNM⁵ of €4.8bn in 6M, ranked in top 5 in Italy⁶, leadership position in PIB
(NNM equal to 10% of TFAs annualized)
CIB: ranked first in IB league tables in Italy⁷ and market leader in Southern Europe
(2Q fee income €150m)
CF: €4.3bn new loans in 6M (up 11%¹), profitable and above-sector average growth
(2Q NIII €282m)

FY 2024-25 GUIDANCE CONFIRMED
Growth in TFAs: €9-10bn in NNM
Net interest income resilient
Growth in fee income (low double-digit)
Earnings per share (EPS) up 6-8%⁸ YoY
High distribution with low execution risk: cash payout at 70% + share buyback⁹

TARGETS FOR 2026 REVISED UPWARDS
Revenues up from €3.8bn to ~€4bn (FY 2025-26)
Net profit: >€1.4bn (FY 2025-26)
Pay-out: ~100% (FY 2025-26)
Total 3Y cumulative distribution 2024-26: > €4bn (vs €3.7bn)
Cash + share buyback⁹

^{1  YoY chg.: 6M to end-December 2024 vs 6M to end-December 2023.
2  QoQ chg.: 3M to end-December 2024 vs 3M to end-September 2024. 
(*) FY 2023-24, FY 2024-25 and FY 2025-26
3  CET1 fully loaded, pro forma, considering the Danish Compromise as permanent (benefit of ~100 bps) and including approx. 50 bps of retained earnings for 6M, net of the dividend payout of 70%. CET1 Corep 14.8% without earnings, in line with ECB indication for banks when distribution policies with share buybacks are in progress, with amounts not fully defined.
4  Approved by ECB and by shareholders at the October 2024 AGM for a maximum amount of €385m, launched on 12 November 2024.
5  NNM: Net New Money, net inflows of customer TFAs.
6  MBWM positioning in Assoreti ranking in Jan-Dec. 2024 period.7
7  Source: Dealogic (Jan. 2025): M&A deals announced by investment banks, excluding self-originated deals.
8  Includes cancellation of the shares to be acquired as part of the €385m buyback to be implemented in FY 2024-25.
9  Amount set at end of financial year in accordance with the regulations in force; cumulative distribution amount for FY 2023-24, FY 2024-25, FY 2025-26.}