Labour relations

The Group is careful to guarantee trade union freedoms and the right of association in representative bodies of workers, adopt complementary protection measures and recognise that all people have the opportunity to express their individuality and creativity in their work, enhancing the diversity and specificity of each individual, as a driver for innovation and an essential contribution to the Group's growth.

In line with the commitment enshrined in the Code of Ethics, the management model is based on agreements relating to national and second-level bargaining. Compliance with these rules, together with the regulatory and jurisprudential system of reference, is functional to the improvement of the working climate in a process of constant growth in the quality of relations between the Group and people.

The discussion and search with the trade unions for shared solutions - which protect the personnel involved, from an employment, professional and economic-regulatory point of view - constantly accompany the moments of reorganization and development of the operational and corporate structures of our Group.

As of December 31, 2025, a total of 89% of the Group's employees are covered by applicable National Collective Labor Agreements (CCNL), of which 100% are in Italy. In countries where collective bargaining agreement is not covered, the Group regulates its relations with employees in constant compliance with the provisions of local labour legislation.

With reference to the Italian perimeter,  in 2025 75% of employees are members of a trade union.

Since its inception, the Group has been characterized by an articulated welfare system developed also through dialogue with the trade unions; the Group-level institutions, which find their synthesis in the Second Level Collective Agreement – renewed on 24 December 2025, are integrated with those regulated by the national collective bargaining agreement by offering colleagues:

• a system of guarantees – through supplementary pension funds and supplementary health care
• flexibility to reconcile life and work – through leave, leave, flexitime, part-time, etc.
• Subsidies and economic contributions - Provisions for family members with need of intensive support, non-occupational accident policies, loans, mortgages, meal tickets, scholarships
• "Youth Package" (dedicated to the under 35) which includes an increase in the employer's contribution to supplementary pension , a "first home bonus"  payable within the first 10 years of hiring.

Since 2015, flexible working has been the smart working model of the Intesa Sanpaolo Group. From the experimental phase to today, an ever-increasing number of people have gradually been involved, until the availability of the following has been established:

• an annual ceiling of flexible working days from home equal to 120 (extendable to 140 in specific cases)
• the possibility of working in specially set up company spaces, other than one's own office ("company hubs") and/or the customer.

Starting from 2023, thanks to an agreement signed with the trade unions, the possibility has been introduced in Intesa Sanpaolo to use the so-called short week (4x9) which allows its employees to work between Monday and Friday over 4 days for 9 hours for the same pay, and on a voluntary basis, compatibly with the company organization and technical and production needs.

Leveraging the experience gained during the emergency period and with the contribution of internal surveys, the banks within the scope of the International Banks Division (IBD) have launched new projects and flexible working models, in line with the provisions of local laws. Common elements of these initiatives are the identification of a number of days foreseen for flexible work, the revision of the layout of the spaces of the company offices based on new needs and the extension of flexible work to a wider population. In 2025, all banks in the Division continued to implement a flexible working model for their head offices, extending it in some cases to branches as well. In particular, VUB, following the 2024 pilot phase, extended the flexible working model to all remaining branches.

The CCNL of Credit provides for different forms of part-time work, with several ways of distributing working hours: vertical, horizontal, mixed, cyclical, both fixed-term and open-ended, with weekly hours ranging from a minimum of 15 hours to a maximum of 32 and a half hours. In addition to the provisions of the law and the sector's collective agreement, the Group's second-level bargaining has over time defined priority criteria in accepting requests related to personal and/or family needs with a view to sustainability.

Working hours and overtime. With the renewal of the National Contract, the working week has been reduced to 37 hours per week, starting in July 2024. The effective daily working hours remain, as a rule, set at 7 hours and 30 minutes, and overtime is permitted only in specific and justified cases, approved by the head of each office.The Group regularly applies monitoring systems in order to guarantee in all countries the proper application of the internal rules  in different matters such as Overtime work, Annual leave, etc.

According to the legislation in force in Italy, overtime can be worked up to a maximum of 2 hours per day and 10 hours per week, and according to the sector's contractual regulations the annual limit is 100 hours.

For professional areas, the flexibility tool of the time bank is contractually provided, into which the first hours of additional service are transferred for subsequent recovery, up to a maximum of 100 hours in total. Hours after the 50th can be paid on the basis of an annual option as overtime.

The Group ensures the correct application of internal regulations in all countries regarding various issues such as overtime, annual holidays, etc.

The Group's second-level collective agreement provides for additional tools to support parenthood, which complement what is already provided for at the legislative and national bargaining level in Italy.

With the contract renewal in December 2025, this commitment was further strengthened through the definition, together with the Trade Unions, of a specific agreement dedicated to parenthood.

The new parenting measures introduced in 2026 aim to support young families. In particular, the contract provides:

• a birth bonus of 1,200 euros for all newborns
• on an experimental basis, the possibility for the parent, after the first year of the child's life, after the use of the so-called "Child Studies". "breastfeeding leave" (during the first year of the child's life, in Italy the working father/mother is entitled, on request, to two daily rest periods of one hour each) and up to the child's 3 years of age, to access additional paid leave of up to 12 hours per week or, alternatively, to a so-called "breastfeeding leave". "very short" of 4 days with hours up to 7.5 hours, keeping the salary unchanged.

The Group strengthens its support for parents with paid leave to participate in childbirth preparation courses, to place their children in nursery or kindergarten, to accompany them to the emergency room, to medical examinations and additional days of unpaid leave aimed at caring for minor children and specific leave for single-parent families.

The possibility of using paid leave to undertake a Medically Assisted Procreation course (up to 2 days per cycle) has also been introduced.

For fathers, specific additional paid leave is available for the birth of their children, and the recognition of an economic supplement of 10% of the paid portion provided for by law for parental leave, as well as the possibility of taking an additional 10 days of parental leave.

For each fiscally dependent child up to the age of twenty-four, a welfare contribution is confirmed, provided for from 2023, as a payment on the supplementary pension position in the name of the same, with the possibility of using the amount in reimbursement form through the "Social Account". The same contribution is also recognized in cases of entry into the family of the child in foster care.

Collective bargaining with a view to inclusion and equal opportunities has extended the protections of parenthood over time to civil unions, de facto cohabitation and children of the spouse. Since 2022, extraordinary paid leave for birth or entry into the family, optional extraordinary leave for the care of the children of the spouse, the civil partner or the cohabiting partner have been provided.

To summarize, therefore, with reference to parenting support:

• The mother has extensive protections provided for by Italian legislation and enshrined primarily in the Consolidated Law on the protection and support of maternity and paternity (Legislative Decree 151/2001):
  • 5 months of compulsory maternity leave, provided for by the aforementioned law, are paid at 100% thanks to the 20% integration provided for by the National Collective Labor Agreement.
  • up to 6 months of parental leave available up to the child's 12th birthday (30% of salary). From 2025 up to 80% of the salary for a maximum of three months, to be taken within 6 years of the child's life (in the case of compulsory maternity leave or compulsory and/or alternative paternity leave taken after 31 December 2024 - ref. 2025 and 2026 Budget Law).
  • from the early stages of pregnancy, the Group's new mothers can also benefit from paid leave for prenatal examinations and for participation in the childbirth preparation course and subsequently from tools, with different time extensions, to deal with the arrival of the child, support its growth and take care of it in case of illness. The reconciliation of life and work times for new mothers is also favored by preferential access to the institution of "part-time"
  • from 2026, the Group will provide specific paid leave to undertake a medically assisted procreation process
  • during the first year of the child's life, the working mother is entitled, on request, to two paid daily rest periods of one hour each, if the daily working time is equal to or greater than 6 hours, even cumulative; if, on the other hand, the daily working time is less than 6 hours, only one hour of rest is due
  • after the first year of the child's life and up to 3 years, following the use of daily rest periods, in the Group it is possible to use additional paid leave of up to 12 hours per week or, alternatively, a so-called "very short" working week of 4 days with hours of up to 7.5 hours, maintaining the same salary
• The father, on the occasion of the birth of children, has 16 fully paid working days available:
  • 10 working days of compulsory paternity leave provided for by Italian legislation
  • 6 working days of paid leave granted by the Bank
  • During the child's first year of life, the working father is entitled, upon request, to two paid one-hour breaks per day, as an alternative to the mother, if the daily working hours are 6 hours or more, which may be cumulated; if the daily working hours are less than 6 hours, only one hour of rest is due.
    After the child's first year of life and up to 3 years of age, after the daily rest periods have been taken, the Group may take additional paid leave of up to 12 hours per week or, alternatively, a so-called "very short" workweek of 4 days with up to 7.5 hours, while maintaining the same pay.
  • up to 6 months of parental leave available up to the child's 12th birthday (30% of salary).  From 2025 up to 80% of the salary for a maximum of three months, to be taken within 6 years of the child's life (in the case of compulsory maternity leave or compulsory and/or alternative paternity leave taken after 31 December 2024 - ref. 2025 and 2026 Budget Law).
  • To support greater use of the tool by fathers, the bank has provided for an economic supplement of 10% of the paid portion required by law for parental leave.

Voluntary suspension

It allows the use of up to 20 days per year of suspension of work that can be used without having to justify their use, guaranteeing a salary of 35%, with payment of the corresponding social security contributions. It is also allowed to exceed the measure of 20 days per year for caregiving needs. 
Parents with children up to the age of 6 will receive 50% of their paid leave, rather than 35%, for these days of leave once parental leave has been used up.

Time Bank

• A reserve of time made available by the company and the Group's employees to support those experiencing difficulties, even for short periods, and to give them the opportunity to have extra time. 
• The Time Bank is established annually with a limit increased to 80,000 hours from 2026. Each employee has the opportunity to donate some of their leave or vacation time, which the company then uses with an equal amount of time, up to a maximum of 120,000 hours overall.
• The Time Bank's leave hours totaled approximately 160,000. In 2025, over 35,000 hours were donated by Group employees, in addition to the hours made available by the company, for a total of approximately 160,000 hours, including hours made available for unused leave by employees who left their positions under company agreements for voluntary redundancies. 
• During 2025, as part of the Time Bank initiative, numerous corporate volunteering activities were launched, allowing over 400 people to volunteer during workdays at external associations and organizations selected by the Group throughout Italy. 
• The time bank has been expanded as part of the renewal of second-level bargaining, providing for the possibility of using it to support family members and relatives within the first degree, elderly (over 75 years of age) or non-self-sufficient individuals, starting in 2021. A new ceiling has been introduced for assisting spouses, family members and relatives within the second degree during surgical procedures, increased from 2 to 4 days from 2026

For Italian companies with a national collective bargaining agreement for the credit sector, discussions with trade unions are governed not only by industry provisions but also by the Industrial Relations Protocol, renewed in July 2025, which enables the implementation of a specific industrial relations model within the Group. Dialogue with trade unions on company projects is ongoing, timely, and aimed at identifying shared solutions to the different needs presented to the parties. This is also consistent with the trade union representation in Italy (75% of current employees), which is in line with the national sector representation.

Second-level collective bargaining agreement: December 2025 update to support parenting, well-being, and work-life balance.

In line with the commitments explained in the Group's Code of Ethics and industrial relations model, on December 24, 2025, Intesa Sanpaolo and the Group's trade union delegations renewed the Group's second-level collective bargaining agreement, defining the regulatory framework applicable to Group employees from January 1, 2026, to December 31, 2029.
The agreement confirms the comprehensive system of measures already in place for the benefit of Group employees and their families and introduces important new measures focused on well-being, work-life balance, and inclusion, with particular attention to the needs of parents and caregivers, in line with national and international human rights standards (e.g., the ILO Declaration on Fundamental Principles and Rights at Work).
The main areas of intervention of the December agreement are:

• integrated well-being and parental protection: a new agreement dedicated to the protection of parenthood and young people joining the Group; 
• work-life balance – inclusion: measures to make the organization more flexible and ensure inclusive access to benefits, supporting caregivers, and promoting intergenerational cohesion and solidarity; 
• supplementary pensions: strengthening supplementary pension systems; 
• economic benefits: increasing the value of meal vouchers.

Approximately 30 agreements were signed in 2025. Focus continued on the integrated welfare system, with particular attention to supplementary pensions and healthcare.
The Group's welfare system was enhanced in 2023 with the establishment of a new third-sector organization, the Mutual Aid Society, which promotes mutualistic values ​​and social solidarity. Among the organization's primary objectives are support for members experiencing disadvantage or hardship, long-term care insurance coverage for family members not covered by the Supplementary Healthcare Fund, and support for disabled children of Group employees who are not self-sufficient.
The agreements reached allow us to further enhance and expand the welfare tools for the benefit of Intesa Sanpaolo employees and their families, improve the effectiveness of the company organization, and define sustainable and differentiated labor policies, including at different stages of working life, thus fostering cohesion and solidarity among the different generations within the Group. The Welfare, Safety and Sustainable Development Committee, established by the Industrial Relations Protocol, played a fundamental role and carried out its work throughout 2025. This bilateral body, composed of adequate company representation and trade unions, is supplemented from time to time by technical members offering specific expertise on the topic at hand.

In order to enhance the commitment and involvement of all the Group's people in achieving the economic, equity and sustainability objectives of the 2026-2029 Business Plan, the Group has confirmed the use of long-term Incentive Systems aligned with the time horizon of the Plan itself and differentiated by purpose, instrument and population cluster. Specifically, two new long-term Incentive Plans have been launched for the entire population:

• the 2026-2029 Performance Share Plan (PSP) intended for Management (including the Managing Director and CEO, the remaining Top Management Risk Takers of the Group and the other Group Risk Takers) and aimed at supporting the achievement of the objectives of the 2026-2029 Business Plan. The PSP 2026-2029 is based on actions recognised in the long term against the achievement of performance objectives;
• the Leveraged Employee Co-Investment Plan (LECOIP) 2026-2029 intended for Professionals in the Italian perimeter and aimed at recognizing all staff for their fundamental contribution to the achievement of the economic, equity and sustainability objectives of the Business Plan. The LECOIP 2026-2029 is based on Certificates with Intesa Sanpaolo shares as their underlying.

In continuity with previous editions, the Plan has been the subject of an agreement with the Trade Unions. These agreements established the recognition of an advance of both the 2026 Variable Performance Bonus and the 2026 Additional Variable Bonus reserved for employees of the Insurance Division, which can be voluntarily converted by employees into Intesa Sanpaolo shares to be allocated to the 2026-2029 LECOIP, allowing them to participate in the growth in value expected with the implementation of the Business Plan.
Employees who join the LECOIP 2026-2029 will receive payment of the relevant net value by May 2030.

These Plans, albeit according to different mechanisms depending on the population to which each one is addressed, include the ESG – Environmental, Social and Governance perspective.

Since 2015, the Group and the trade unions, on the basis of collective bargaining provisions and specific trade union agreements, have agreed on the introduction of a Variable Performance Bonus (PVR) which integrates the component relating to the productivity of staff as a whole with incentive systems aimed at enhancing excellent performance in a single bonus.  providing for increasing recognition for the achievement of the objectives envisaged.

For all Group people, with the exception of Risk Takers and Middle Management, for whom specific incentive systems are envisaged, a trade union agreement was signed on 30 April 2026 for the disbursement of the 2026 PVR for both distribution-participatory purposes, aimed at enhancing the collective contribution to the achievement of the year's results and the achievement of the objectives of the 2026-2029 Business Plan,  and incentivising, in order to reward merit and team performance.  

In a redistributive logic that aims to enhance the Group's people, Intesa Sanpaolo will increase the total amount of the 2026 PVR to 177 million euro, of which 60 million will be allocated to excellence.

The 2026 consists of two tranches:

• Basic bonus, recognized according to the professional figure, consisting of a fixed fee for all employees and an additional fee for incomes up to 40 thousand euros. The Basic Prize, exceptionally for the current year, includes the advance of the PVR 2026 (so-called "S.p.A. Welcome Bonus) of 1,500 euros that the employee can choose whether to receive in moneyor in shares to be compulsorily contributed to the LECOIP 2026-2029 Incentive Plan;
• Award of Excellence, recognized on the basis of distinctive individual performance and team objectives, with specific members dedicated to the staff of the Network of the Banca dei Territori Division.

The amount of the Basic Premium awarded ranges from a minimum of €1,400 to a maximum of €3,200. In addition, in order to encourage the use of welfare measures, an "additional welfare fee" has been provided for those who allocate the entire basic bonus to the use of welfare services.

Also for 2026, the possibility of participating in the Award has been provided for people who have been absent for long periods, with particular attention to the protection of absences for parental leave.

To confirm that assistance, services for families and the reconciliation of life and work are issues at the centre of the Group's policies, the possibility has been provided to request the recognition of the PVR, in whole or in part, with welfare services, seizing the opportunities that, year after year, the tax legislation on remuneration and labour productivity recognises to collaborators.

Adherence to collective agreements for Group employees ensures an adequate salary at national level and in line with regulatory requirements. The agreement of 23 November 2023 jointly signed by Intesa Sanpaolo, ABI and the National Secretariats of the OO.SS.  provided for an average salary increase of €435 per month with effect from €250 from 1 July 2023, €100 from 1 September 2024, €50 from 1 June 2025 and €35 from 1 March 2026, respectively.

The company cooperates with the Trade Unions to define corporate training plans aimed not only at obtaining professional skills and complying with legal regulations, but also at enhancing the value of human resources.

The training activities’ targets include providing guidance and promoting individuals, as a growth factor of the company community.

These corporate training plans are frequently the subject of evaluation by the Welfare, security and Sustainable Development Committee, followed by specific arrangements with the trade unions aimed at seizing the financing opportunities offered by the Fondo Banche e Assicurazioni.

The renewal of the second-level collective bargaining agreement in December 2025 confirmed the importance of inclusion in a cross-cutting perspective of work-life balance and sustainability.