FinecoBank S p A : Consolidated First Half Financial Report as at June 30, 2024

Consolidated First Half Financial Report as at June 30, 2024

Index

Board of Directors, Board of Statutory Auditors and External Auditors	5
Introduction to the Consolidated First Half Financial Report	7
Consolidated First Half Financial Report	9
Consolidated interim report on operations	9
Summary data	9
Business performance	26
FinecoBank shares	33
Results achieved in the main areas of activity	34
The network of personal financial advisors	39
Human resources	42
Technology infrastructure	47
Internal control system	48
Main risks and uncertainties	49
Organisational structure	50
Main balance sheet aggregates	53
Income statement figures	69
Consolidated Own funds and capital ratios	78
Results of the parent and the subsidiary	80
Related-Party Transactions	91
Subsequent events and outlook	93
Consolidated financial statements	95
Consolidated Balance Sheet	95
Consolidated Income Statement	97
Consolidated statement of comprehensive income	98
Statement of changes in consolidated shareholders' equity	99
Consolidated cash flow statement	100
Notes to the consolidated accounts	103
Part A - Accounting policies	103
Part B - Consolidated Balance Sheet	120
Part C - Consolidated Income Statement	152
Part E - Information on Risks and relating hedging policies	170
Part F - Consolidated shareholders' equity	207
Part H - Related-party transactions	210
Part L - Segment reporting	213
Part M - Leasing	214
Annexes	219
Certification of consolidated interim Financial Statements pursuant to article	81-ter of Consob regulation no. 11971 of May 14, 1999 and
subsequent amendments	223
Report of the External Auditors	225
Glossary	229

FinecoBank · Consolidated First Half Financial Report as at June 30, 2024 3

Board of Directors, Board of Statutory Auditors and External Auditors

Board of Directors, Board of Statutory Auditors and External Auditors	Board of Directors
Marco Mangiagalli	Chairman
Gianmarco Montanari	Vice Chairman
Alessandro Foti	Chief Executive Officer and General Manager
Arturo Patarnello	Directors
Elena Biffi
Giancarla Branda
Maria Alessandra Zunino De Pignier
Maria Lucia Candida
Marin Gueorguiev
Paola Generali
Patrizia Albano

	Board of Statutory Auditors
Luisa Marina Pasotti	Chairman
Giacomo Ramenghi	Standing Auditors
Massimo Gatto
Lucia Montecamozzo	Alternate Auditors
Marco Salvatore
KPMG S.p.A.	External Auditors
Lorena Pelliciari	Nominated Official in charge of drawing up
	Company Accounts

The Board of Directors was appointed by the Ordinary Shareholders' Meeting of FinecoBank of April 27th, 2023 and will remain in office until the approval of the annual Financial Statements as at December 31st, 2025.

Registered office

Piazza Durante 11, 20131 Milan, Italy

"FinecoBank Banca Fineco S.p.A."

in abbreviated form "FinecoBank S.p.A.", or "Banca Fineco S.p.A." or "Fineco Banca S.p.A.".

Bank enrolled in the Register of Banks and Parent Company of the FinecoBank Banking Group - enrolled in the Register of Banking Groups at No. 3015, Member of the National Guarantee Fund and National Interbank Deposit Guarantee Fund.

Tax Code and Milan-Monza-Brianza-Lodi Companies Register no. 01392970404 - R.E.A. (Economic and Administrative Index) no. 1598155, VAT No. 12962340159

FinecoBank · Consolidated First Half Financial Report as at June 30, 2024 5

Introduction to the Consolidated First Half Financial Report

Introduction to the Consolidated First Half Financial Report

This Consolidated first half financial report as at June 30th, 2024 of FinecoBank Group (hereinafter Group) - prepared in accordance with Article 154- ter, paragraph 2 of Legislative Decree No.58 of February 24th, 1998 - consists of the Consolidated Interim Financial Statements, including the Consolidated Financial Statements and related Notes to the Accounts, and the Consolidated interim report on operations.

In implementation of Legislative Decree no. 38 of February 28th, 2005, this Consolidated Interim Financial Statements, which has been prepared in accordance with the IAS/IFRS issued by the International Accounting Standards Board (IASB), including the SIC and IFRIC interpretation documents, as endorsed by the European Commission, pursuant to EU Regulation 1606/2002 of July 19th, 2002 and applicable to financial reports for the periods starting on January 1st, 2024. In particular, it complies with the international accounting standard applicable for interim financial reporting (IAS 34). Based on paragraph 10 of this standard, FinecoBank Banca Fineco S.p.A. (hereinafter FinecoBank or Fineco or Bank or Parent Company) availed itself of the option to draw up the half-year consolidated financial statements in the abbreviated version. It includes:

• the Consolidated Interim Financial Statements comprise the Consolidated Balance Sheet, the Consolidated Income Statement, the
  Statement of Consolidated Comprehensive Income, the Statement of Changes in Consolidated Shareholders' Equity, the Consolidated Cash Flow Statement, presented with a comparison to the corresponding financial statements of 2023. As envisaged by IAS 34, the balance sheet figures have been compared with those as at December 31st, 2023, while the income statement, statement of comprehensive income, statement of changes in shareholders' equity and cash flow statement have been compared with the corresponding figures for the first half of the previous year reported in the Consolidated first half financial report as at June 30th, 2023;
• the Notes to the Accounts, which in addition to the detailed information required by IAS 34, reported using the same tables as in the annual financial statements and those that are deemed useful to provide a true representation of the company situation.

The Condensed Financial Statements, main results of the various business areas, and comments on the results for the first half of 2024 were provided in the Consolidated Interim Report on Operations. In support of the comments on the results for the half-year, the Condensed Income Statement and Balance Sheet tables are presented and illustrated in the Consolidated Interim Report on Operations, the reconciliation of which with the consolidated Financial Statements is shown in the Annexes (in line with Consob Communication No.6064293 of July 28th, 2006), and also other Alternative Performance Measures ("APMs") are used, the explanatory description of which regarding the content and, if applicable, the calculation methods used are shown in the Glossary (in line with the guidelines published on October 5th, 2015 by the European Securities and Markets Authority (ESMA/2015/1415)).

The Consolidated first-halffinancial report also includes the Certification of the Consolidated condensed half-year financial statements pursuant to Article 81-ter of Consob Regulation no. 11971 of May 14th, 1999 and subsequent amendments, and is accompanied by the Report on review of condensed interim consolidated financial statements issued by the External Auditors.

Any lack of correspondence between the figures shown in the Consolidated Interim Report on Operations and the Consolidated Interim Financial Statements is solely due to roundings.

The Consolidated Interim Financial Statements as at June 30st, 2024 were prepared by referring to the instructions on the financial statements of the banks pursuant to Circular 262 of December 22nd, 2005 "Banking financial statements: formats and compilation rules" and subsequent updates by the Bank of Italy.

FinecoBank · Consolidated First Half Financial Report as at June 30, 2024 7