Results for 3M ended 30 September 2024 approved

POSITIVE START TO FY 2024-25
NET PROFIT €330M
INVESTMENTS FOR GROWTH ACCELERATED

OUTSTANDING COMMERCIAL RESULTS ACHIEVED IN THE SUMMER QUARTER
NNM of €2.6bn in WM
(10% of TFAs on an annualized basis, at best sector levels and up 2x YoY¹)
€2.1bn in new loans in CF (up 12%¹), solid pipeline in CIB
(revenues up 30%,¹ 27 deals announced in 3M, up 36%²)

ALL BANKING BUSINESSES POSTED GROWTH IN TOP AND BOTTOM LINES
Group revenues totalled €865m, with solid growth in banking businesses:
WM up 5%¹ (to €228m), CIB up 30%¹ (to €183m), and CF up 8%¹ (to €310m)
INS normalized at €115m (down 20%1)
Net profit growing: WM up 6%¹ (to €53m), CIB 19%¹ (to €57m), CF 5%¹ (to €102m)
Fee income up 29%¹ (to ~€230m), driven by WM (up 15%¹) and CIB (up 26%² )
Significant growth in NII in Consumer Finance (up 8%,¹ up 4% QoQ), confirmed as growth driver for NII at Group level
Temporary decrease in Group NII (down 2%¹ to €485m), due to targeted actions to
promote recurring future growth (NNM €2.6bn, with promotional campaign for
 deposits aimed at future conversion), with spreads at their lowest ever levels in corporate/mortgages.
Efficiency maintained (cost/income ratio ~43%) despite ongoing investments
33 hirings in WM, new CIB mid cap branch office in Frankfurt, digital channels enhanced in CF
Asset quality solid: CoR 51 bps, only €7m in overlays used (~€215m remaining)
Net profit €330m; 3M EPS €0.40; ROTE ~13%

HIGH CAPITAL GENERATION AND SHAREHOLDER REMUNERATION
 70 bps capital generated in 3M, with CET1 ratio 15.4%³ (up 20 bps QoQ)
RWAs down to €47bn (down 1% QoQ)
Distribution: 70% cash payout, €385m share buyback⁴  launched on 12/11/24

FY 24-25 GROUP GUIDANCE
Growth in TFAs with €9-10bn of NNM p.a.
with strong enhancement of physical and digital platform
RWAs decreasing slightly with selective profitable loans growth
 offset by optimization
Moderate growth in banking business revenues
with fees up low double-digit in WM and CIB
C/I ratio at 44% on annual basis
 with continuous investments in growth managed efficiently
CoR ratio at ~55bps in part by leveraging overlays
Growth in EPS: up 6/8%¹;⁵
Material capital generation and CET1 in 15.5%-16% range⁶
Growth in shareholders’ remuneration:
cash payout ratio @70% + share buyback⁷

1 YoY chg: 3M to end-September 2024 vs 3M to end-September 2023.
2 YoY on a like-for-like basis (Group: excluding Arma Partners and Revalea; CIB perimeter: excluding Arma Partners).
3 CET1 Fully Loaded, pro forma, considering the Danish Compromise as permanent (benefit of ~100 bps) and including retained earnings for the quarter (~25 bps, including the indirect effects of the Assicurazioni Generali investment deduction) (not subject to authorization pursuant to Article 26 of the CRR) net of the dividend payout of 70%.
4 Share buyback programme approved by shareholders at the Annual General Meeting held on 28 October 2024 and the ECB on 7 October 2024.
5 Including the cancellation of approx. 80% of the shares to be acquired as part of the €385m buyback to be implemented in FY 24-25.
6 Including the 70% dividend payout ratio and prior to additional share buybacks which will be disclosed annually.
7 Approved by ECB and AGM 2024 by €385m, starting on 12 Nov, 2024