Banca Monte dei Paschi di Siena S p A : Presentazione Analisti 3° TRIM / 9M Esercizio 2023

A Clear and Simple Commercial Bank

3Q 23 & 9M 23 Results

Siena, 8th November 2023

Disclaimer

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This document was prepared by the Company solely for information purposes and for use in presentations of the Group's strategies and financials. The information contained herein provides a summary of the Group's 3Q 2023 financial statements and is not complete. 3Q 2023 complete interim financial statements will be available on the Company's website at www.gruppomps.it .

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Pursuant to paragraph 2, article 154-bis of the Consolidated Finance Act, the Financial Reporting Officer, Mr. Nicola Massimo Clarelli, declares that the accounting information contained in this document corresponds to the document results, books and accounting records.

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3Q23 & 9M23 Executive Summary

• 9M23 net profit at EUR 929mln (vs EUR -334mln in 9M22), with a contribution of 3Q23 of EUR 310mln, confirming the Bank's capability to generate sustainable profit (ROTE at 15.1%)
• 9M23 gross operating profit at EUR 1,446mln (EUR 509mln in 3Q23), more than 2x vs 9M22, thanks to higher operating income (+22.9% y/y) driven by NII increase and operating costs down -15.2% y/y
• Resilient core revenues in 3Q23, with NII increase, reaching EUR 1,688mln after 9 months (+62.7% y/y), more than compensating the dynamic in fees income (-6.5% y/y), affected in 3Q by the reduction of C/A fees and usual seasonality
• Gross NPE ratio proforma at 4.1%, with NPE proforma coverage at 49.1% (+1 p.p. vs Dec-22). Cost of risk at 52bps, in line with 2023 guidance
• CET1 FL proforma at 16.7%, >80bps q/q, thanks to organic capital generation, with ample buffers on all capital requirements
• Total commercial savings(1) keep growing also in 3Q23 thanks to deposits, with +2.9% YTD dynamic, while total loans fairly stable, in line with the market after 9 months
• Sound liquidity position, with LCR above 160% (after additional EUR 3bn TLTRO reimbursement in September) and NSFR above 130%; ongoing reduction of reliance on ECB funding
• EUR 1.2bn of legal risk petitum downgraded to risk "remote"
• No impact of the windfall tax in 2023 P&L is assumed as the Bank will propose to the General Meeting of Shareholders the option to allocate not less than EUR 312.7mln at Group level (2.5x of the tax amount) to non distributable reserves
• 1. Direct and indirect funding

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Net profit

929

383

310

236

-334

9M229M23

• 3Q23 net profit at EUR 310mln, after EUR -75mln charge to DGS scheme, confirming MPS's capability to deliver sustainable profitability
• 9M23 net profit at EUR 929mln, driven by strong operating performance supported by NII growth and structural costs reduction relating mainly to last year's 4k voluntary early retirements, with related restructuring costs impacting 9M22 result (EUR -334mln)

Gross operating profit

quarterly evolution

• 3Q23 gross operating profit at EUR 509mln, driven by commercial core revenues, confirmed at the level of the previous quarter despite seasonality and reduction of C/A fees, and by further reduction of operating costs (-1.2% q/q)
• Cost/income confirmed at 47%

Gross operating profit

yearly evolution

• 9M23 operating profit more than double vs 9M22, thanks to higher operating income, driven by NII and lower operating costs (-15.2% y/y) mainly thanks to structural 4k FTE reduction completed on 1st December 2022 and persisting cost control
• 9M23 cost income at 48% vs 70% in 9M22, well advanced vs 2026 Business Plan target

Net interest income

• NII up also in this quarter +4.6% leading to the growth of +62.7% y/y after 9 months, driven by additional improvement of the spread to 3.40% (+162bps) thanks to increasing lending rate and consciously managed deposit pass through

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Net customer loans

• Resilient net loans stock, in a high interest rates environment, which led to a lower credit demand

Loans presented net of repos and NPEs

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Indirect funding(1)

• Total indirect funding up by +5.7% since the beginning of the year, despite some market impact in the quarter
• In 9M2023 MPS confirms 1st rank in 2023 Assogestioni classification for net inflows from portfolio management (Gestioni Patrimoniali), which reflects the commercial strength of the network
• 1. Commercial Indirect Funding, not including certain institutional assets under custody, as per business