BOD - 3M RESULTS FOR PERIOD ENDED 31/3/26

Revenues growing, costs decreasing
GOP €552m (up 14% QoQ¹, up 4% YoY²)
Net profit €323m
ROTE 13.5%

Sound Investment Banking and Lending business, WM resilient

CIB: resuming growth, with robust pipeline despite uncertain scenario

CF: record new loans (€2.6bn, up 10% YoY), profitability at high levels

WM: TFAs €113bn (up 4% YoY, down 2% QoQ), AUM €53bn (up 7% YoY, down 2% QoQ)

Quarterly results reflect sound progress:

GOP increasing to €552m (up 14% QoQ, up 4% YoY)

Revenues growing to €939m (up 3% YoY, up 5% QoQ):

Recovery in CIB (down 2% YoY, up 17% QoQ, to €220m)
Progress in CF (up 5% YoY, up 1% QoQ at €334m)
High contribution from INS (up 20% YoY, down 3% QoQ to €138m)
Slowdown in WM (down 8% YoY, down 10% QoQ to €219m) due to lower performance/upfront fees

All revenue sources improving in 1Q:

Net interest income up 3%¹ to €488m, due to increasing contributions from CF and HF
Fee income up 6%¹ to €223m on higher CIB fees (up 34%¹)
Other income up 8%,¹ driven by growth in trading income

Costs decreasing, cost/income ratio 41% (down 5pp QoQ, stable YoY):
Labour costs down 10%¹ to €216m, administrative expenses down 1%¹ to €142m

Cost of risk 53 bps (€158m in residual overlays, with €7m used in 3M)

Net profit €323m (down 3% YoY) despite higher tax rate and non-recurring items (-€23m)

ROTE 13.5%

CET1³ 15.7% (down 75 bps QoQ, due to higher volumes, equity investments, 100% payout)