The year 2025 unfolded within an international context marked by high complexity, shaped by the inauguration of the new U.S. Administration, the conflicts in the Middle East, and the ongoing war between Russia and Ukraine. After an initial phase of pronounced volatility in the financial markets—mainly driven by trade-related tensions—the gradual easing of concerns over the resilience of the global economy supported a recovery in equity markets both in Europe and in the United States.

However, the macroeconomic environment was characterized by divergent monetary policies across the major regions, leading to a gradual rebalancing in bond yield movements as well as significant fluctuations in foreign exchange rates. Against this backdrop, Banca Generali continued its growth path with consistency, demonstrating persistent strength in its business despite the extraordinary circumstances arising from the public exchange offer it was subject to during the spring and summer months, prior to its suspension at the end of August. Notwithstanding the uncertainties generated by the transaction, the Bank remained firmly committed to its strategic course, supported by the distinctive nature of its business model and by the strong trust of its stakeholders.

From a financial standpoint, the year closed with outstanding results, confirming the effectiveness of the offering and the quality of the organization—first and foremost of its people, embodied by our financial advisors—as well as the excellence of the service provided to clients. Total assets under management and administration further increased, approaching €114 billion, while net inflows remained at elevated levels, supported by the progressive improvement in the product mix toward managed and insurance solutions. Profitability also reached record levels, with net profit attaining its highest level ever at €446 million, driven by the growth of the recurring component and therefore increasingly sustainable over time. The Group’s capital strength once again proved to be a key asset, with capital ratios comfortably above regulatory requirements. In line with these results and with the Bank’s longstanding focus on shareholder remuneration, the Board of Directors proposed the distribution of total dividends amounting to €339 million, reaffirming its commitment to meaningful shareholder returns without compromising the ability to support future growth.

2025 represented a year of strategic consolidation, following the conclusion of the 2022–2024 Plan, during which the foundations were laid for a new phase of development focused on sustainable and inclusive growth. In this context, the acquisition of Intermonte—a historic independent Italian investment bank—was completed swiftly at the beginning of the year with strong shareholder approval. Its integration strengthens the value proposition of the Banca Generali Group in its relationships with entrepreneurial clients and with the ecosystem of small and medium-sized enterprises.

In the fourth quarter, a partnership was launched with Alleanza Assicurazioni aimed at developing an insur-banking model and expanding the offering to the company’s affluent client base, laying the groundwork for an additional and significant growth engine. At the same time, the Bank continued to invest in innovation and digital transformation, now firmly embedded in its corporate culture and among its people, further enhancing its positioning as a data-driven bank and initiating increasingly advanced applications of Artificial Intelligence to support advisory services, operational efficiency, and service quality.

Sustainability remains a central pillar of Banca Generali’s strategy. The 2025 Integrated Annual Report includes the Sustainability Report prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) and ESRS standards, confirming the structured and rigorous approach adopted by the Group. The double materiality assessment reaffirmed the relevance of key issues such as climate change mitigation, human capital development, cybersecurity, client protection, and governance quality. During the year, implementation of the Climate Transition Plan continued, defining clear and measurable targets for reducing greenhouse gas emissions across both operational activities and the investment portfolio, with a pathway toward Net Zero by 2040. At the same time, the integration of ESG factors into investment processes, dedicated client solutions, and incentive systems was further strengthened, underscoring the commitment to combining financial performance with environmental and social responsibility. On the governance front, the Bank further reinforced its control, risk management, and compliance frameworks, also in light of new European regulations on digital operational resilience and sustainability.

The Board of Directors and its internal committees play an active role in defining and monitoring strategy, ensuring responsible, transparent management oriented toward the Group’s sustainable success. Among the key initiatives, the completion of alignment with the EU DORA Regulation is worth noting, through the strengthening of operational resilience, ICT and cyber risk management, and Business Continuity and Crisis Management processes. Moreover, 2025 marked an evolution in the People Strategy, with strong investments in training, skills development, inclusion, and organizational well-being. Confirming this focus, Banca Generali is particularly proud of the results of the 2025 Pulse Survey, which recorded an exceptionally high participation rate (96%) and an engagement score of 87%, highlighting a strong sense of belonging and identification with the Group. In 2025, the Group also reinforced its focus on young professionals, talent, and generational transition within its workforce of 1,313 employees. Recruitment policies strongly supported generational renewal, with 72% of new hires under the age of 35, confirming the Bank’s attractiveness to younger generations and its commitment to rejuvenating key competencies. In parallel, investments in professional development resulted in over 75,000 hours of training delivered to employees, averaging approximately 56 hours per employee, with a focus on digital skills, artificial intelligence, sustainability, and managerial development.

In 2025, the UNI/PdR 125:2022 Gender Equality Certification was also reconfirmed, reflecting Banca Generali’s commitment to fostering an inclusive culture that ensures equal opportunities and governance attentive to diversity.

The network of financial advisors reached 2,405 professionals, recording annual growth of approximately +2% and the onboarding of 105 experienced advisors, supporting the qualitative strengthening of the network. With regard to development, over 163,000 hours of training were delivered to the advisor network, averaging approximately 70 hours per advisor, with a focus on advanced advisory services, ESG expertise, and the use of digital tools. Significant attention was devoted to the development of the team-based model, which has so far involved over 400 advisors managing more than €20 billion in assets. This approach fosters collaboration among advisors with complementary skills as well as intergenerational cooperation between senior and junior professionals, strengthening client relationships, supporting generational transition, and contributing to the long-term resilience of the network.

The quality of the results and growth has not gone unnoticed by the financial community. Also in 2025, the Bank received numerous awards and recognitions, particularly for service quality, the excellence of its advisory network, and its positioning in the Italian private banking market. These accolades, granted by authoritative and independent organizations, further confirm Banca Generali’s distinctiveness and strong appreciation by clients and the market, reinforcing its outstanding reputation

In conclusion, we wish to express our sincere gratitude to all those who contributed to writing another successful chapter in the history of our Bank. Despite the challenges and the weight of external factors—not least the impact of extraordinary transactions—everyone contributed through their work to an outstanding result. Our heartfelt thanks therefore go to all Financial Advisors, Employees, the Chief Executive Officer, and the management team for their commitment, professionalism, and passion in facing these challenges and in contributing every day to the success of the Group. Special thanks also go to fellow members of the Board of Directors and the Board of Statutory Auditors for their continued support and for the expertise and strategic vision that consistently enrich discussion, dialogue, and the most important decisions for the future of our Bank.

With confidence and responsibility, we continue on our path of sustainable growth, with the goal of creating lasting value for all our stakeholders.

We are extremely satisfied with the results achieved: profits and assets have reached unprecedented levels, and the double-digit growth in fee income confirms the strength and sustainability of the path we have undertaken. Despite the impact of extraordinary transactions, the Bank and its people have maintained a clear focus on strategic objectives, advancing highly significant projects such as the integration of Intermonte, the launch of the insur-banking initiative with Alleanza, and the development of artificial intelligence platforms to support bankers—key pillars for the Institute’s future growth.

More broadly, a renewed sense of energy can be felt across the Bank, following the definitive overcoming of a phase marked by significant uncertainty and the beginning of a period full of exciting growth prospects. We believe this to be the most meaningful message for all our stakeholders—first and foremost employees, financial advisors, and clients, as well as institutions and the markets.

In particular, we believe it is essential to send a strong and clear signal of attention to our shareholders, through a proposal for steadily increasing dividend distributions and a risk and business management approach focused on creating sustainable long-term value.

We have begun this new financial year on the right footing and face it with confidence and ambition, fully aware of a context characterized by growing uncertainties and volatility, yet buoyed by the opportunities available to further strengthen the distinctiveness of our business model and our ongoing development journey.