A bank of excellence in support of the real economy

Figures as at 31 December 2025

The results for 2025 are fully in line with the guidance for the year disclosed to the market and exceed the targets of the 2022-2025 Business Plan. Intesa Sanpaolo is Europe’s most resilient bank (as shown in the EBA stress test), fully equipped to succeed in any scenario and deliver strong and sustainable value creation and distribution.

In 2025, Intesa Sanpaolo confirmed its ability to generate solid sustainable profitability, with a net income of €9.3bn against over €1bn allocated out of the 2025 pre-tax profit 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, as highlighted in particular in the recent EBA stress test;
• a solid capital position, with the Common Equity Tier 1 ratio up by around 110bps in 2025⁽¹⁾ to 13.9% before the impact of the buyback to be launched in July 2026, and the zero-NPL bank status;
• high flexibility in managing operating costs, also due to the acceleration in technological transformation (64% of applications already cloud-based);
• its leadership in Wealth Management, Protection & Advisory with €883bn in customers’ direct deposits and assets under administration to fuel growth in assets under management.

As regards technology:

• 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: €5.6bn in IT investments already deployed and around 2,430 IT specialists already hired;
• new digital channels;
  • Isybank, the Group’s digital bank with around 900,000 accounts already opened by new customers;
  • Fideuram Direct, the digital Wealth Management platform for Private Banking, with around 81,000 customers and €3.5bn in customer financial assets as at 31 December 2025; collaboration with BlackRock to extend the platform to European Private and Affluent customers, starting with Belgium and Luxembourg;
• artificial intelligence, with 153 Apps and around 300 specialists in 2025.

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 18,550 people dedicated⁽²⁾;
• fully owned insurance and asset management product factories;
• around €1,500bn in the Group’s customer financial assets.

The solid performance of income statement and balance sheet in 2025 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: proposal to be submitted to the Shareholders’ Meeting for total dividends of €6.5bn (€3.2bn interim dividends for 2025 paid in November 2025 and €3.3bn proposed remaining dividends for 2025 to be paid in May 2026) and for a buyback of €2.3bn to be launched in July 2026 (authorised by the ECB);
• €4.9bn taxes generated, €5.5bn considering €0.6bn of one-off levy on the “excess profits reserve” charged to capital;
• expansion of the food and shelter programme for people in need (68.2 million interventions enabled in the period 2022-2025);
• enhancement of initiatives to fight inequalities and foster financial, social, educational and cultural inclusion (€26.7bn of social lending and urban regeneration in the period 2022-2025);
• €1bn already deployed in the period 2023-2025 to fight poverty and reduce inequalities.

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 and in the CDP Climate A List and ranks first among the banks of the peer group by Sustainalytics. Furthermore, Intesa Sanpaolo:

• is the only bank in Italy among the 100 most inclusive and diversity-conscious workplaces in the 2025 FTSE Diversity & Inclusion Index;
• is 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”, which was renewed in 2025.

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 €214bn at end of December 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 €295bn at end of December 2025;
• liquidity indicators well above regulatory requirements: Liquidity Coverage Ratio at 140%⁽³⁾ and Net Stable Funding Ratio at 122%⁽⁴⁾;
• the sources of funding were stable and well diversified, with retail funding representing 76% of direct deposits from banking business (including securities issued);
• medium/long-term wholesale funding was €3.5bn in 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⁽⁵⁾).

The MREL ratio as at 31 December 2025⁽⁴⁾, calculated on risk-weighted assets, was 38.1% for the total and 22.5% for the subordination component excluding the impact of the buyback to be launched in July 2026, and 37.3% and 21.7%, including the buyback, compared with requirements of 25.5% and 18%, respectively, comprising a Combined Buffer Requirement of 4.5%.

The Group’s leverage ratio as at 31 December 2025 (which includes exposures to the European Central Bank) was 6.1% excluding the impact of the buyback to be launched in July 2026 and 5.8% including the buyback, best in class among major European banking groups.

Intesa Sanpaolo continues to operate as a growth accelerator in the real economy: €86bn of medium/long-term new lending in 2025 (+23% versus 2024). Loans amounting to around €56bn were disbursed in Italy (+30% versus 2024), of which around €48bn was disbursed to households and SMEs (+27% versus 2024). In 2025, the Group facilitated the return from non-performing to performing status of around 2,850 Italian companies thus safeguarding around 14,250 jobs. This brought the total to around 146,800 companies since 2014, thus safeguarding around 734,000 jobs over the same period.

⁽¹⁾ Compared with 12.8% at end of 2024 pro-forma deducting the negative impact of Basel 4
⁽²⁾ 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  
⁽³⁾ Average for the last twelve months
⁽⁴⁾ Preliminary management figures
⁽⁵⁾ Not taking into account €0.5bn of covered bonds issued by VUB Banka