A bank of excellence in support of the real economy

Figures as at 30 June 2025

The results for the first half of 2025 highlight that Intesa Sanpaolo is able to generate solid sustainable profitability, with a net income of €5.2bn. The net income outlook for 2025 is upgraded to well above €9 billion including managerial actions in the fourth quarter of 2025 to further strengthen the future sustainability of the Group’s results.

Intesa Sanpaolo is fully equipped to continue operating successfully in any scenario thanks to the Group’s key strengths, notably:

• resilient profitability also due to the integrated management of revenues to create value; specifically, in H1 2025 - with respect to H1 2024 - this translated in growth in profits on financial assets and liabilities at fair value that largely offset the decrease in net interest income;
• a solid capital position, with the Common Equity Tier 1 ratio up by 65 basis points in H1 2025 to 13.5%⁽¹⁾, and the zero-NPL bank status;
• significant investment in technology and high flexibility in managing operating costs, also due to the acceleration in technological transformation (63% of applications already cloud-based); 9,000 people leaving the Group by 2027 (around €500m savings in personnel expenses on a fully operational basis starting from 2028) with:
  • trade union agreement relating to Italy for 4,000 voluntary exits by 2027 of people close to retirement age, 2,350 of which by 2025 (already around 1,950 exits in H1 2025), and 3,500 new hires of young people by the first half of 2028 (already around 390 hires in H1 2025), 1,500 of which as Global Advisors for the Network commercial activities, specifically in Wealth Management & Protection (already around 240 hires in H1 2025);
  • by 2027, through natural turnover of people, 3,000 exits in Italy, 1,000 of which by 2025 (already around 400 exits in H1 2025), and 2,000 net exits in international subsidiaries, 500 of which by 2025 (already around 350 net exits in H1 2025);
• its leadership in Wealth Management, Protection & Advisory with over €900bn in customers’ direct deposits and assets under administration to fuel growth in assets under management.

As regards technology, generating additional contribution to 2025 gross income of around €500m not envisaged in the 2022-2025 Business Plan⁽²⁾:

• new cloud-native technological platform (isytech), already available to mass market retail customers with the new digital bank, Isybank, and to be progressively extended to the entire Group: €4.6bn in IT investments already deployed and around 2,350 IT specialists already hired, with an additional contribution to 2025 gross income of around €150m not envisaged in the Business Plan;
• new digital channels:
  • Isybank, the Group’s digital bank with a lower-than-30% cost/income business model and around one million new customers by 2025 - with an additional contribution to gross income of around €200m by 2025 - not envisaged in the Business Plan: over 740,000 accounts already opened by new customers;
  • Fideuram Direct, the digital Wealth Management platform for Private Banking, with around 150,000 customers in 2025 (around 20% of the current customer base of Fideuram): already around 79,000 customers and €3.1bn in customer financial assets as at 30 June 2025; collaboration with BlackRock to extend the platform to European Private and Affluent customers, starting with Belgium and Luxembourg;
• artificial intelligence, with around 150 Apps and 300 specialists in 2025 (already 111 Apps and around 230 specialists as at 30 June 2025) and an additional contribution to 2025 gross income of around €100m not envisaged in the Business Plan, not including further potential upside from the adoption of Generative AI solutions.

As regards the leadership in Wealth Management, Protection & Advisory, Intesa Sanpaolo can leverage on a unique set of enablers for revenue growth deriving from this business:

• top-notch digital tools;
• distinctive advisory networks, with around 17,000 people dedicated⁽³⁾ expected to grow to around 20,000 by 2027;
• fully owned insurance and asset management product factories;
• around €1,400bn in the Group’s customer financial assets;
• customer financial assets, managed through the 360-degree advisory services provided by the Banca dei Territori Division and the Private Banking Division, which amounted to €152bn as at 30 June 2025 and increased by €24bn compared with 30 June 2024;
• the organisational set-up overseeing the growth of revenues from commissions of the Group, specifically through the Wealth Management Divisions structure and the “Fees & Commissions” Control Room.

The solid performance of income statement and balance sheet in the first half of the year translated into significant value creation for all stakeholders, which is also grounded in the Group’s strong ESG commitment. Specifically:

• significant cash return to shareholders: around €3.7bn of dividends accrued in H1 2025 (of which around €3.2 billion envisaged as interim dividends to be distributed in November 2025), in addition to the buyback of €2bn launched in June 2025;
• €3.2bn taxes generated;
• expansion of the food and shelter programme for people in need (60.3 million interventions in the period 2022 - H1 2025);
• enhancement of initiatives to fight inequalities and foster financial, social, educational and cultural inclusion (€23.4bn of social lending and urban regeneration in the period 2022 - H1 2025);
• an amount equal to around €1.5bn total costs to be contributed in the five-year period 2023-2027 to support initiatives addressing social needs (€0.8bn of which already included in the results for 2023, 2024 and H1 2025, and the remaining portion included, on a pro-rata basis, in the outlook for full-year 2025 net income), with around 1,000 people devoted to supporting these initiatives.

Significant ESG commitment, with a world-class position in social impact and a strong focus on climate.

Intesa Sanpaolo is the only Italian bank listed in the Dow Jones Best-in-Class Indices⁽⁴⁾ and in the CDP Climate A List, and the only Italian bank, the first bank in Europe and the second worldwide in the 2025 Corporate Knights “Global 100 Most Sustainable Corporations in the World Index” and ranks first among the banks of the peer group by Sustainalytics. Furthermore, Intesa Sanpaolo:

• has been recognized in the FTSE Diversity & Inclusion Index - Top 100 as first bank and seventh company in the world and the only bank in Italy among the 100 most inclusive and diversity-conscious workplaces;
• in March 2025, was included in the Equileap Top Ranking 2025 among the 100 best companies in the world for gender equality;
• has been the first major Italian banking group to obtain the certification for gender parity “Prassi di Riferimento (PDR) 125:2022” envisaged by the National Recovery and Resilience Plan, thanks to its commitment to diversity and inclusion.

As a result of the strategic decisions taken, Intesa Sanpaolo has maintained its position as one of the most solid international banking Groups. In addition to the above, the Group’s key strengths are also: robust liquidity, strong funding capability and low leverage.

Specifically, with regard to the components of the Group’s liquidity:

• the high level of available unencumbered liquid assets (including eligible assets with Central Banks received as collateral and excluding eligible assets currently used as collateral) amounted to €209bn at end of June 2025;
• the high level of liquid assets (comprising available unencumbered liquid assets, excluding eligible assets received as collateral, and eligible assets currently used as collateral) amounted to €285bn at end of June 2025;
• liquidity indicators well above regulatory requirements: Liquidity Coverage Ratio at 145%⁽⁵⁾ and Net Stable Funding Ratio at 121%⁽⁶⁾;
• the sources of funding were stable and well diversified, with retail funding representing 77% of direct deposits from banking business (including securities issued);
• medium/long-term wholesale funding was €2.6bn in H1 2025 and included benchmark transactions of Additional Tier 1 of €1bn, Tier 2 of €0.5bn by Intesa Sanpaolo Assicurazioni and covered bonds of €0.5bn by VUB Banka (86% was placed with foreign investors⁽⁷⁾).

The MREL ratio as at 30 June 2025⁽⁶⁾, calculated on risk-weighted assets, was 36.9% for the total and 22.6% for the subordination component (36.4% and 22.1%, respectively, not including in capital any H1 2025 net income) compared with requirements of 25.5% and 18%, respectively, comprising a Combined Buffer Requirement of 4.5%.

The Group’s leverage ratio as at 30 June 2025 (which includes exposures to the European Central Bank) was 6% (5.8% not including in capital any H1 2025 net income), best in class among major European banking groups.

Intesa Sanpaolo continues to operate as a growth accelerator in the real economy: with around €42bn of medium/long-term new lending in H1 2025 (+33% versus H1 2024). Loans amounting to around €29bn were granted in Italy (+44% versus H1 2024), of which around €25bn was granted to households and SMEs (+41% versus H1 2024). In H1 2025, the Group facilitated the return from non-performing to performing status of around 1,260 Italian companies thus safeguarding around 6,300 jobs. This brought the total to around 145,000 companies since 2014, thus safeguarding around 726,000 jobs over the same period.

⁽¹⁾ Compared with 12.8% at end of 2024 pro-forma deducting the negative impact of Basel 4
⁽²⁾ Additional contribution to 2025 gross income from isytech, Isybank, Fideuram Direct and Artificial Intelligence, which offsets the impact from higher inflation and the renewal of the labour contract
⁽³⁾ Financial advisors, Private Bankers, Global Advisors (with hybrid contract, employed with part-time indefinite-term contract and on a self-employed basis), relationship managers for Exclusive customers, relationship managers for Affluent customers and Digital Branch relationship managers
⁽⁴⁾ Previously named Dow Jones Sustainability Indices
⁽⁵⁾ Average for the last twelve months
⁽⁶⁾ Preliminary management figures
⁽⁷⁾ Not taking into account €0.5bn of covered bonds issued by VUB Banka