Banca Generali S p A : 1Q 2023 Investor Presentations

Investor Presentation

1Q23 RESULTS

11 May 2023

To be the No. 1 private bank, unique by value of service, innovation and sustainability

1Q 2023 Financial Results

Balance Sheet & Capital Ratios

Net Inflows, Assets and Recruiting

Business Update and Closing Remarks

Annex

1Q 2023 RESULTS: EXECUTIVE SUMMARY

Client assets reached new highs despite financial markets' turmoil. Commercial activity proved solid in terms of volumes, highlighting a strong contribution from existing FAs

Best quarter ever for the bank in terms of recurring net profit (+45% YoY) thanks primarily to buoyant net financial income, sticky recurring revenues and tight cost discipline

Capital position further strengthened coupled with a superior liquidity position while maintaining a generous dividend pay-out

2022-2024financial targets confirmed while steadily progressing on all three strategic pillars: value of service to clients and FAs, data-driven bank and sustainability

3

NET PROFIT

STRONG START TO 2023 WITH AN ACCELERATION OF THE RECURRING COMPONENT

Net Profit	68.3	63.0	24.1	57.6	83.1
€m

Strong 1Q23 net profit at €83.1m (+22% YoY)

Recurring Net Profit1

€m

53.2 54.7

+45%

+34%

55.6 57.6

77.0

Recurring net profit at

€77m (+45% YoY), doubled in the last two years

The results bear the fruits of favorable interest rates conditions, proactive distribution and diversified

1Q22 2Q22 3Q22 4Q22 1Q23

Variable Net Profit	15.1	8.3					6.1
€m					0.0
			3.8
	Tax one-off			-35.3
	Other variable
		-31.5
	components
	1Q22	2Q22	3Q22	4Q22	1Q23

offer supported by ongoing product innovation and tight cost management

Variable net profit at €6.1m, thanks to excellent performance of in-houseflexible solutions

4 NOTE: 1) Recurring net profit computed net of variable fees, trading gains and one-offs

NET FINANCIAL INCOME

EXCELLENT RESULTS THANKS TO HIGH EXPOSURE TO LIQUID AND VARIABLE ASSETS

Net Financial Income (NFI) €m

									+176%							75.0
																	+26%
													59.6		4.0
															2.5
					40.3		41.2
	27.2						5.2								71.0
			11.0		57.1
		4.6						36.0
	22.5	29.3
	1Q22		2Q22	3Q22		4Q22	1Q23
						Net Interest Income (NII)		Trading gains
Total NFI Yield1	0.72%	1.04%	1.02%		1.48%	1.93%

Total NII Yield1

0.60%

0.75%

0.89%

1.42%

1.82%

NFI almost tripled (+176% YoY) in the period driven by:

• Net Interest Income (NII) up by 215% YoY reflecting the sharp increase in interest spread to 1.82% (+122bps YoY, +40bps YTD) following the normalization of monetary policy in last 12 months
• 1Q23 NII is net of TLTRO assets (€700m) reimbursed in November 2022

Trading gains broadly in line with last year mainly for gains

on the bond portfolio and forex

5 NOTE: 1) Calculated on average Interest-bearing Assets/Liabilities